10-Q 1 bkng-20210930.htm 10-Q bkng-20210930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended September 30, 2021
OR
☐         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the transition period from to
Commission File Number: 1-36691
Booking Holdings Inc.
(Exact name of registrant as specified in its charter) 
Delaware06-1528493
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
800 Connecticut Avenue
Norwalk, Connecticut 06854
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 299-8000
Former name, former address and former fiscal year, if changed, since last report: N/A
 _____________________________________________________________________________________________
 Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class: Trading Symbol(s)Name of each exchange on which registered:
Common Stock par value $0.008 per share BKNGThe NASDAQ Global Select Market
0.800% Senior Notes Due 2022BKNG 22AThe NASDAQ Stock Market LLC
2.150% Senior Notes Due 2022BKNG 22The NASDAQ Stock Market LLC
2.375% Senior Notes Due 2024BKNG 24The NASDAQ Stock Market LLC
0.100% Senior Notes Due 2025BKNG 25The NASDAQ Stock Market LLC
1.800% Senior Notes Due 2027BKNG 27The NASDAQ Stock Market LLC
0.500% Senior Notes Due 2028BKNG 28The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒ No ☐.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒ No ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
☒
Accelerated filer ☐Non-accelerated filer ☐
Smaller reporting company
☐
Emerging growth company ☐
 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ☐ No ☒
Number of shares of Common Stock outstanding at October 27, 2021:
Common Stock, par value $0.008 per share41,063,485
(Class)(Number of Shares)


Booking Holdings Inc.
Form 10-Q
 
For the Three Months Ended September 30, 2021
 
PART I - FINANCIAL INFORMATION 
  
Item 1. Financial Statements
  
Consolidated Balance Sheets at September 30, 2021 (Unaudited) and December 31, 2020
Consolidated Statements of Operations (Unaudited) For the Three and Nine Months Ended September 30, 2021 and 2020
Consolidated Statements of Comprehensive Income (Unaudited) For the Three and Nine Months Ended September 30, 2021 and 2020
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) For the Three and Nine Months Ended September 30, 2021 and 2020
Consolidated Statements of Cash Flows (Unaudited) For the Nine Months Ended September 30, 2021 and 2020
Notes to Unaudited Consolidated Financial Statements
  
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
Item 4. Controls and Procedures
  
PART II - OTHER INFORMATION 
  
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
  
SIGNATURES
2

PART I — FINANCIAL INFORMATION
Item 1.  Financial Statements

Booking Holdings Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
 September 30,
2021		December 31,
2020
(Unaudited)
ASSETS  
Current assets:  
Cash and cash equivalents$11,643 $10,562 
Short-term investments (Available-for-sale debt securities:
Amortized cost of $525 and $500, respectively)
522 501 
Accounts receivable, net (Allowance for expected credit losses of $110 and $166, respectively)
1,555 529 
Prepaid expenses, net (Allowance for expected credit losses of $15 and $22, respectively)
394 337 
Other current assets238 277 
Total current assets14,352 12,206 
Property and equipment, net762 756 
Operating lease assets445 529 
Intangible assets, net1,677 1,812 
Goodwill1,872 1,895 
Long-term investments (Includes available-for-sale debt securities:
Amortized cost of $200 and $225, respectively)
3,283 3,759 
Other assets, net (Allowance for expected credit losses of $35 and $33, respectively)
950 917 
Total assets$23,341 $21,874 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:  
Accounts payable$1,466 $735 
Accrued expenses and other current liabilities2,069 1,382 
Deferred merchant bookings1,086 323 
Short-term debt1,158 985 
Total current liabilities5,779 3,425 
Deferred income taxes906 1,127 
Operating lease liabilities295 366 
Long-term U.S. transition tax liability824 923 
Other long-term liabilities116 111 
Long-term debt 9,876 11,029 
  Total liabilities17,796 16,981 
Commitments and contingencies (see Note 13)
Stockholders' equity:  
Common stock, $0.008 par value,
Authorized shares: 1,000,000,000
Issued shares: 63,580,079 and 63,406,451, respectively
— — 
Treasury stock, 22,516,608 and 22,446,897 shares, respectively
(24,286)(24,128)
Additional paid-in capital6,068 5,851 
Retained earnings23,835 23,288 
Accumulated other comprehensive loss(72)(118)
  Total stockholders' equity5,545 4,893 
Total liabilities and stockholders' equity$23,341 $21,874 

See Notes to Unaudited Consolidated Financial Statements.
3

Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2021202020212020
Agency revenues$2,867 $1,723 $4,912 $3,504 
Merchant revenues1,622 837 2,656 1,741 
Advertising and other revenues187 80 409 313 
Total revenues4,676 2,640 7,977 5,558 
Operating expenses:  
Marketing expenses1,378 731 2,827 1,793 
Sales and other expenses302 129 620 637 
Personnel, including stock-based compensation of $85, $80, $284 and $163, respectively
591 517 1,829 1,453 
General and administrative179 148 432 453 
Information technology109 71 289 219 
Depreciation and amortization102 115 323 344 
Restructuring and other exit costs— 41 9 75 
Impairment of goodwill— 573 — 1,062 
Total operating expenses2,661 2,325 6,329 6,036 
Operating income (loss)2,015 315 1,648 (478)
Interest expense(80)(98)(259)(258)
Other income (expense), net(967)618 (740)1,058 
Income before income taxes968 835 649 322 
Income tax expense199 34 102 98 
Net income$769 $801 $547 $224 
Net income applicable to common stockholders per basic common share$18.73 $19.56 $13.33 $5.46 
Weighted-average number of basic common shares outstanding (in 000's)41,068 40,935 41,032 40,983 
Net income applicable to common stockholders per diluted common share$18.60 $19.49 $13.22 $5.44 
Weighted-average number of diluted common shares outstanding (in 000's)41,342 41,081 41,359 41,142 

See Notes to Unaudited Consolidated Financial Statements.

4

Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Net income$769 $801 $547 $224 
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments(30)42 (52)(3)
Net unrealized gains (losses) on available-for-sale securities1 (5)98 (2)
Total other comprehensive (loss) income, net of tax(29)37 46 (5)
Comprehensive income$740 $838 $593 $219 


See Notes to Unaudited Consolidated Financial Statements.
5

Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 and 2020
(In millions, except share data)
 
Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
(in 000's)		AmountShares
(in 000's)		Amount
Balance, June 30, 202163,575 $— (22,515)$(24,283)$6,059 $23,066 $(43)$4,799 
Net income— — — — — 769 — 769 
Foreign currency translation adjustments, net of tax— — — — — — (30)(30)
Net unrealized gains on available-for-sale securities, net of tax— — — — — — 1 1 
Conversion of debt— — — — (81)— — (81)
Exercise of stock options and vesting of restricted stock units and performance share units5 — — — — — — — 
Repurchase of common stock— — (2)(3)— — — (3)
Stock-based compensation and other stock-based payments— — — — 90 — — 90 
Balance, September 30, 202163,580 $— (22,517)$(24,286)$6,068 $23,835 $(72)$5,545 
 Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Loss 
 Shares
(in 000's)		AmountShares
(in 000's)		AmountTotal
Balance, December 31, 202063,406 $— (22,447)$(24,128)$5,851 $23,288 $(118)$4,893 
Net income— — — — — 547 — 547 
Foreign currency translation adjustments, net of tax— — — — — — (52)(52)
Net unrealized gains on available-for-sale securities, net of tax— — — — — — 98 98 
Conversion of debt— — — — (86)— — (86)
Exercise of stock options and vesting of restricted stock units and performance share units174 — — — 4 — — 4 
Repurchase of common stock— — (70)(158)— — — (158)
Stock-based compensation and other stock-based payments— — — — 299 — — 299 
Balance, September 30, 202163,580 $— (22,517)$(24,286)$6,068 $23,835 $(72)$5,545 

6

Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
(in 000's)		AmountShares
(in 000's)		Amount
Balance, June 30, 202063,391 $— (22,442)$(24,119)$5,699 $22,652 $(233)$3,999 
Net income— — — — — 801 — 801 
Foreign currency translation adjustments, net of tax— — — — — — 42 42 
Net unrealized losses on available-for-sale securities, net of tax— — — — — — (5)(5)
Exercise of stock options and vesting of restricted stock units and performance share units8 — — — — — — — 
Repurchase of common stock— — (2)(4)— — — (4)
Stock-based compensation and other stock-based payments— — — — 80 — — 80 
Balance, September 30, 202063,399 $— (22,444)$(24,123)$5,779 $23,453 $(196)$4,913 
 Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Loss 
 Shares
(in 000's)		AmountShares
(in 000's)		AmountTotal
Balance, December 31, 201963,179 $— (21,762)$(22,864)$5,756 $23,232 $(191)$5,933 
Cumulative effect of adoption of accounting standards update— — — — — (3)— (3)
Net income— — — — — 224 — 224 
Foreign currency translation adjustments, net of tax— — — — — — (3)(3)
Net unrealized losses on available-for-sale securities, net of tax— — — — — — (2)(2)
Issuance of convertible senior notes— — — — 96 — — 96 
Conversion of debt— — — — (245)— — (245)
Exercise of stock options and vesting of restricted stock units and performance share units220 — — — 6 — — 6 
Repurchase of common stock— — (682)(1,259)— — — (1,259)
Stock-based compensation and other stock-based payments— — — — 166 — — 166 
Balance, September 30, 202063,399 $— (22,444)$(24,123)$5,779 $23,453 $(196)$4,913 

See Notes to Unaudited Consolidated Financial Statements.

7

Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 Nine Months Ended
September 30,
 20212020
OPERATING ACTIVITIES:
Net income$547 $224 
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation and amortization323 344 
Provision for expected credit losses and chargebacks88 307 
Deferred income tax (benefit) expense(343)101 
Net losses (gains) on equity securities589 (1,261)
Stock-based compensation expense and other stock-based payments290 179 
Operating lease amortization135 137 
Amortization of debt discount and debt issuance costs44 48 
Unrealized foreign currency transaction (gains) losses on Euro-denominated debt(108)139 
Impairment of goodwill— 1,062 
Impairment of investment— 100 
Loss on early extinguishment of debt242 — 
Other17 3 
Changes in assets and liabilities: 
Accounts receivable(1,172)554 
Prepaid expenses and other current assets(35)230 
Deferred merchant bookings and other current liabilities2,083 (1,593)
Other long-term assets and liabilities (159)88 
Net cash provided by operating activities2,541 662 
INVESTING ACTIVITIES: 
Purchase of investments(15)(72)
Proceeds from sale and maturity of investments8 2,997 
Additions to property and equipment(203)(222)
Other investing activities(5)— 
Net cash (used in) provided by investing activities(215)2,703 
FINANCING ACTIVITIES:
Proceeds from the issuance of long-term debt2,015 4,108 
Payments of debt issuance costs(10)(38)
Payments for redemption and conversion of debt(3,068)(1,244)
Payments for repurchase of common stock (159)(1,299)
Other financing activities(12)5 
Net cash (used in) provided by financing activities(1,234)1,532 
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents(11)(12)
Net increase in cash and cash equivalents and restricted cash and cash equivalents1,081 4,885 
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period 10,582 6,332 
Total cash and cash equivalents and restricted cash and cash equivalents, end of period $11,663 $11,217 
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for income taxes (see Note 17)$420 $152 
Cash paid during the period for interest$231 $158 

See Notes to Unaudited Consolidated Financial Statements.
8

Booking Holdings Inc.
Notes to Unaudited Consolidated Financial Statements
 
1.                                      BASIS OF PRESENTATION
 
Management of Booking Holdings Inc. (the "Company") is responsible for the Unaudited Consolidated Financial Statements included in this document. The Unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results. The Company prepared the Unaudited Consolidated Financial Statements following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, the Company condensed or omitted certain footnotes or other financial information that are normally required by U.S. GAAP for annual financial statements. These statements should be read in combination with the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.
 
The Unaudited Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The functional currency of the Company's subsidiaries is generally the respective local currency. For international operations, assets and liabilities are translated into U.S. Dollars at the rate of exchange existing at the balance sheet date. Income statement amounts are translated at monthly average exchange rates applicable for the period. Translation gains and losses are included as a component of "Accumulated other comprehensive loss" in the accompanying Consolidated Balance Sheets. Foreign currency transaction gains and losses are included in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations.
 
Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for any subsequent quarter or the full year, especially during the periods that are impacted by the COVID-19 pandemic.

Impact of COVID-19

The ongoing outbreak of the novel strain of the coronavirus COVID-19 (the "COVID-19 pandemic"), as well as subsequent outbreaks driven by new variants of COVID-19, and the resulting economic conditions and government restrictions resulted in a material decrease in consumer spending and a significant decline in travel and restaurant activities and consumer demand for related services as compared to 2019 levels. See Note 2 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for further information. The Company’s financial results and prospects are almost entirely dependent on the sale of travel-related services. Governments around the world continue to implement a variety of measures to reduce the spread of COVID-19, including travel restrictions, bans and advisories, instructions to practice social distancing, curfews, quarantine advisories, including quarantine restrictions after travel in certain locations, shelter-in-place orders, required closures of non-essential businesses, vaccination mandates or requirements for businesses to confirm employees' vaccination status, and other restrictions. These government mandates have had a significant adverse effect on many of the customers on whom the Company’s business relies, including hotels and other accommodation providers, airlines and restaurants, as well as the Company's workforce, operations and consumers. Though some governments have started to relax COVID-19-related restrictions and vaccine distributions are well underway in some countries, there remains uncertainty around the impact of the new variants of COVID-19, when remaining restrictions will be lifted, if additional restrictions may be initiated or reimposed, if there will be changes to travel behavior patterns when government restrictions are fully lifted, and the timing of distribution and administration of COVID-19 vaccines globally.

In 2020, given the severe downturn in the global travel industry and the financial difficulties faced by many of the Company's travel service provider and restaurant customers and marketing affiliates, the Company increased its provision for expected credit losses (also referred to as provision for bad debt or provision for uncollectible accounts) on receivables from and prepayments to its travel service provider and restaurant customers and marketing affiliates (see Note 7). Moreover, due to the high level of cancellations of existing reservations, the Company incurred higher than normal cash outlays to refund consumers for prepaid reservations, including certain situations where the Company had already transferred the prepayment to the travel service provider (see Note 2). In 2021, based on its review of recent historical credit loss experience and stability in the economic conditions in certain markets, the Company revised its estimates of expected credit losses (see Note 7). Any significant increase in the Company's provision for expected credit losses and any significant increase in cash outlays to refund consumers would have a corresponding adverse effect on the Company's results of operations and related cash flows.

As a result of the deterioration of the Company’s business due to the COVID-19 pandemic, the Company recorded significant goodwill impairment charges in 2020 (see Note 8). In addition, the Company recorded a significant impairment
9

charge in 2020 for one of the Company's long-term investments (see Notes 5 and 6). Even though no additional impairment indicators were identified as of September 30, 2021 for these assets, it is possible that the Company may have to record additional significant impairment charges in future periods.

See Note 9 for additional information about the Company’s existing debt arrangements, including 1.7 billion Euros of debt issued in March 2021, payment of $2.0 billion in April 2021 to redeem certain Senior Notes issued in April 2020 and payment of $1.1 billion to satisfy the aggregate principal amount and the conversion premium in excess of the principal amount of the Senior Convertible Notes due September 2021. The Company’s continued access to sources of liquidity depends on multiple factors, including global economic conditions, the condition of global financial markets, the availability of sufficient amounts of financing, the Company’s ability to meet debt covenant requirements, the Company’s operating performance and the Company's credit ratings.

While there have been some signs of a recovery in travel demand in many parts of the world including the United States and Europe as well as more recently in Asia, the Company continues to expect that its business will be adversely impacted by surges of COVID-19 case counts, including those driven by variants of COVID-19, as well as any government-imposed travel restrictions in reaction to COVID-19 outbreaks, which could remain a risk for an extended period of time. The extent of the effects of the COVID-19 pandemic on the Company’s business, results of operations, cash flows and growth prospects is highly uncertain and will ultimately depend on future developments. These include, but are not limited to, the severity, extent and duration of the COVID-19 pandemic, including as a result of any new variants of COVID-19 and any resurgences of the pandemic, the global distribution of the vaccines and their efficacy against existing and any future variants of COVID-19, and their impacts on the travel and restaurant industries and consumer spending more broadly. While vaccinations continue to advance throughout the world, many countries in Asia, Africa, South America, and other parts of the world have made slower progress. Additionally, the highly-transmissible Delta variant of COVID-19 has caused authorities in various countries to reimpose restrictions such as mask mandates, curfews