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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, 2022
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)
| | | | | |
Delaware | 06-1528493 |
(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 | | BKNG | | The NASDAQ Global Select Market |
2.150% Senior Notes Due 2022 | | BKNG 22 | | The NASDAQ Stock Market LLC |
2.375% Senior Notes Due 2024 | | BKNG 24 | | The NASDAQ Stock Market LLC |
0.100% Senior Notes Due 2025 | | BKNG 25 | | The NASDAQ Stock Market LLC |
1.800% Senior Notes Due 2027 | | BKNG 27 | | The NASDAQ Stock Market LLC |
0.500% Senior Notes Due 2028 | | BKNG 28 | | The 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 26, 2022:
| | | | | | | | |
Common Stock, par value $0.008 per share | | 38,789,388 |
(Class) | | (Number of Shares) |
Booking Holdings Inc.
Form 10-Q
For the Three Months Ended September 30, 2022
| | | | | |
PART I - FINANCIAL INFORMATION | |
| |
Item 1. Financial Statements | |
| |
Consolidated Balance Sheets at September 30, 2022 (Unaudited) and December 31, 2021 | |
Consolidated Statements of Operations (Unaudited) For the Three and Nine Months Ended September 30, 2022 and 2021 | |
Consolidated Statements of Comprehensive Income (Unaudited) For the Three and Nine Months Ended September 30, 2022 and 2021 | |
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) For the Three and Nine Months Ended September 30, 2022 and 2021 | |
Consolidated Statements of Cash Flows (Unaudited) For the Nine Months Ended September 30, 2022 and 2021 | |
Notes to Unaudited Consolidated Financial Statements | |
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | |
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Item 3. Quantitative and Qualitative Disclosures About Market Risk | |
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Item 4. Controls and Procedures | |
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PART II - OTHER INFORMATION | |
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Item 1. Legal Proceedings | |
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Item 1A. Risk Factors | |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
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Item 6. Exhibits | |
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SIGNATURES | |
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Booking Holdings Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
| | | | | | | | | | | | | | |
| | September 30, 2022 | | December 31, 2021 |
| | (Unaudited) | | |
ASSETS | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 9,021 | | | $ | 11,127 | |
Short-term investments (Available-for-sale debt securities: Amortized cost of $117 and $25, respectively) | | 116 | | | 25 | |
Accounts receivable, net (Allowance for expected credit losses of $119 and $101, respectively) | | 2,284 | | | 1,358 | |
Prepaid expenses, net (Allowance for expected credit losses of $2 and $29, respectively) | | 612 | | | 404 | |
Other current assets | | 377 | | | 231 | |
Total current assets | | 12,410 | | | 13,145 | |
Property and equipment, net | | 879 | | | 822 | |
Operating lease assets | | 402 | | | 496 | |
Intangible assets, net | | 1,855 | | | 2,057 | |
Goodwill | | 2,808 | | | 2,887 | |
Long-term investments (Includes available-for-sale debt securities: Amortized cost of $617 at September 30, 2022) | | 2,650 | | | 3,175 | |
Other assets, net (Allowance for expected credit losses of $25 and $18, respectively) | | 1,059 | | | 1,059 | |
Total assets | | $ | 22,063 | | | $ | 23,641 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | |
Current liabilities: | | | | |
Accounts payable | | $ | 2,131 | | | $ | 1,586 | |
Accrued expenses and other current liabilities | | 2,925 | | | 1,765 | |
Deferred merchant bookings | | 2,253 | | | 906 | |
Short-term debt | | 1,234 | | | 1,989 | |
Total current liabilities | | 8,543 | | | 6,246 | |
Deferred income taxes | | 723 | | | 905 | |
Operating lease liabilities | | 286 | | | 351 | |
Long-term U.S. transition tax liability | | 711 | | | 825 | |
Other long-term liabilities | | 180 | | | 199 | |
Long-term debt | | 7,950 | | | 8,937 | |
Total liabilities | | 18,393 | | | 17,463 | |
Commitments and contingencies (see Note 13) | | | | |
| | | | |
Stockholders' equity: | | | | |
Common stock, $0.008 par value, Authorized shares: 1,000,000,000 Issued shares: 63,774,398 and 63,584,444, respectively | | — | | | — | |
Treasury stock, 24,685,111 and 22,518,391 shares, respectively | | (28,630) | | | (24,290) | |
Additional paid-in capital | | 6,385 | | | 6,159 | |
Retained earnings | | 26,306 | | | 24,453 | |
Accumulated other comprehensive loss | | (391) | | | (144) | |
Total stockholders' equity | | 3,670 | | | 6,178 | |
Total liabilities and stockholders' equity | | $ | 22,063 | | | $ | 23,641 | |
See Notes to Unaudited Consolidated Financial Statements.
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, |
| | 2022 | | 2021 | | 2022 | | 2021 |
Agency revenues | | $ | 3,203 | | | $ | 2,867 | | | $ | 6,954 | | | $ | 4,912 | |
Merchant revenues | | 2,614 | | | 1,622 | | | 5,413 | | | 2,656 | |
Advertising and other revenues | | 235 | | | 187 | | | 674 | | | 409 | |
Total revenues | | 6,052 | | | 4,676 | | | 13,041 | | | 7,977 | |
Operating expenses: | | | | | | | | |
Marketing expenses | | 1,795 | | | 1,378 | | | 4,679 | | | 2,827 | |
Sales and other expenses | | 540 | | | 302 | | | 1,344 | | | 620 | |
Personnel, including stock-based compensation of $101, $85, $302 and $284, respectively | | 636 | | | 591 | | | 1,867 | | | 1,829 | |
General and administrative | | 262 | | | 179 | | | 627 | | | 432 | |
Information technology | | 129 | | | 109 | | | 400 | | | 289 | |
Depreciation and amortization | | 109 | | | 102 | | | 327 | | | 323 | |
Restructuring, disposal, and other exit costs | | (2) | | | — | | | 40 | | | 9 | |
| | | | | | | | |
Total operating expenses | | 3,469 | | | 2,661 | | | 9,284 | | | 6,329 | |
Operating income | | 2,583 | | | 2,015 | | | 3,757 | | | 1,648 | |
| | | | | | | | |
Interest expense | | (102) | | | (80) | | | (246) | | | (259) | |
Other income (expense), net | | (305) | | | (967) | | | (1,040) | | | (740) | |
| | | | | | | | |
Income before income taxes | | 2,176 | | | 968 | | | 2,471 | | | 649 | |
Income tax expense | | 510 | | | 199 | | | 648 | | | 102 | |
Net income | | $ | 1,666 | | | $ | 769 | | | $ | 1,823 | | | $ | 547 | |
Net income applicable to common stockholders per basic common share | | $ | 42.10 | | | $ | 18.73 | | | $ | 45.20 | | | $ | 13.33 | |
Weighted-average number of basic common shares outstanding (in 000's) | | 39,564 | | | 41,068 | | | 40,326 | | | 41,032 | |
Net income applicable to common stockholders per diluted common share | | $ | 41.98 | | | $ | 18.60 | | | $ | 45.00 | | | $ | 13.22 | |
Weighted-average number of diluted common shares outstanding (in 000's) | | 39,671 | | | 41,342 | | | 40,504 | | | 41,359 | |
| | | | | | | | |
See Notes to Unaudited Consolidated Financial Statements.
Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2022 | | 2021 | | 2022 | | 2021 |
Net income | | $ | 1,666 | | | $ | 769 | | | $ | 1,823 | | | $ | 547 | |
Other comprehensive (loss) income, net of tax | | | | | | | | |
Foreign currency translation adjustments | | (127) | | | (30) | | | (235) | | | (52) | |
| | | | | | | | |
Net unrealized (losses) gains on available-for-sale securities | | (12) | | | 1 | | | (12) | | | 98 | |
Total other comprehensive (loss) income, net of tax | | (139) | | | (29) | | | (247) | | | 46 | |
Comprehensive income | | $ | 1,527 | | | $ | 740 | | | $ | 1,576 | | | $ | 593 | |
See Notes to Unaudited Consolidated Financial Statements.
Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 and 2021
(In millions, except share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total |
| | Shares (in 000's) | | Amount | | Shares (in 000's) | | Amount | | | | |
Balance, June 30, 2022 | | 63,766 | | | $ | — | | | (23,618) | | | $ | (26,664) | | | $ | 6,278 | | | $ | 24,640 | | | $ | (252) | | | $ | 4,002 | |
| | | | | | | | | | | | | | | | |
Net income | | — | | | — | | | — | | | — | | | — | | | 1,666 | | | — | | | 1,666 | |
Foreign currency translation adjustments, net of tax | | — | | | — | | | — | | | — | | | — | | | — | | | (127) | | | (127) | |
| | | | | | | | | | | | | | | | |
Net unrealized losses on available-for-sale securities, net of tax | | — | | | — | | | — | | | — | | | — | | | — | | | (12) | | | (12) | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Exercise of stock options and vesting of restricted stock units and performance share units | | 8 | | | — | | | — | | | — | | | 2 | | | — | | | — | | | 2 | |
Repurchase of common stock | | — | | | — | | | (1,067) | | | (1,966) | | | — | | | — | | | — | | | (1,966) | |
Stock-based compensation and other stock-based payments | | — | | | — | | | — | | | — | | | 105 | | | — | | | — | | | 105 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Balance, September 30, 2022 | | 63,774 | | | $ | — | | | (24,685) | | | $ | (28,630) | | | $ | 6,385 | | | $ | 26,306 | | | $ | (391) | | | $ | 3,670 | |
| | | | | | | | | | | | | | | | |
| | Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | |
| | Shares (in 000's) | | Amount | | Shares (in 000's) | | Amount | | | | | Total |
Balance, December 31, 2021 | | 63,584 | | | $ | — | | | (22,518) | | | $ | (24,290) | | | $ | 6,159 | | | $ | 24,453 | | | $ | (144) | | | $ | 6,178 | |
Cumulative effect of adoption of accounting standards update | | — | | | — | | | — | | | — | | | (96) | | | 30 | | | — | | | (66) | |
Net income | | — | | | — | | | — | | | — | | | — | | | 1,823 | | | — | | | 1,823 | |
Foreign currency translation adjustments, net of tax | | — | | | — | | | — | | | — | | | — | | | — | | | (235) | | | (235) | |
| | | | | | | | | | | | | | | | |
Net unrealized losses on available-for-sale securities, net of tax | | — | | | — | | | — | | | — | | | — | | | — | | | (12) | | | (12) | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Exercise of stock options and vesting of restricted stock units and performance share units | | 190 | | | — | | | — | | | — | | | 7 | | | — | | | — | | | 7 | |
Repurchase of common stock | | — | | | — | | | (2,167) | | | (4,340) | | | — | | | — | | | — | | | (4,340) | |
Stock-based compensation and other stock-based payments | | — | | | — | | | — | | | — | | | 315 | | | — | | | — | | | 315 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Balance, September 30, 2022 | | 63,774 | | | $ | — | | | (24,685) | | | $ | (28,630) | | | $ | 6,385 | | | $ | 26,306 | | | $ | (391) | | | $ | 3,670 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total |
| | Shares (in 000's) | | Amount | | Shares (in 000's) | | Amount | | | | |
Balance, June 30, 2021 | | 63,575 | | | $ | — | | | (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 units | | 5 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Repurchase of common stock | | — | | | — | | | (2) | | | (3) | | | — | | | — | | | — | | | (3) | |
Stock-based compensation and other stock-based payments | | — | | | — | | | — | | | — | | | 90 | | | — | | | — | | | 90 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Balance, September 30, 2021 | | 63,580 | | | $ | — | | | (22,517) | | | $ | (24,286) | | | $ | 6,068 | | | $ | 23,835 | | | $ | (72) | | | $ | 5,545 | |
| | | | | | | | | | | | | | | | |
| | Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | |
| | Shares (in 000's) | | Amount | | Shares (in 000's) | | Amount | | | | | Total |
Balance, December 31, 2020 | | 63,406 | | | $ | — | | | (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 units | | 174 | | | — | | | — | | | — | | | 4 | | | — | | | — | | | 4 | |
Repurchase of common stock | | — | | | — | | | (70) | | | (158) | | | — | | | — | | | — | | | (158) | |
Stock-based compensation and other stock-based payments | | — | | | — | | | — | | | — | | | 299 | | | — | | | — | | | 299 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Balance, September 30, 2021 | | 63,580 | | | $ | — | | | (22,517) | | | $ | (24,286) | | | $ | 6,068 | | | $ | 23,835 | | | $ | (72) | | | $ | 5,545 | |
See Notes to Unaudited Consolidated Financial Statements.
Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2022 | | 2021 |
OPERATING ACTIVITIES: | | | | |
Net income | | $ | 1,823 | | | $ | 547 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation and amortization | | 327 | | | 323 | |
Provision for expected credit losses and chargebacks | | 179 | | | 88 | |
Deferred income tax benefit | | (246) | | | (343) | |
Net losses on equity securities | | 1,142 | | | 589 | |
Stock-based compensation expense and other stock-based payments | | 302 | | | 290 | |
Operating lease amortization | | 117 | | | 135 | |
| | | | |
Unrealized foreign currency transaction gains related to Euro-denominated debt | | (70) | | | (108) | |
| | | | |
| | | | |
Loss on early extinguishment of debt | | — | | | 242 | |
Other | | 40 | | | 61 | |
Changes in assets and liabilities: | | | | |
Accounts receivable | | (1,358) | | | (1,172) | |
Prepaid expenses and other current assets | | (424) | | | (35) | |
Deferred merchant bookings and other current liabilities | | 3,591 | | | 2,083 | |
| | | | |
Long-term assets and liabilities | | (1,042) | | | (159) | |
Net cash provided by operating activities | | 4,381 | | | 2,541 | |
INVESTING ACTIVITIES: | | | | |
Purchase of investments | | (751) | | | (15) | |
Proceeds from sale and maturity of investments | | 30 | | | 8 | |
Additions to property and equipment | | (293) | | | (203) | |
Other investing activities | | (14) | | | (5) | |
Net cash used in investing activities | | (1,028) | | | (215) | |
FINANCING ACTIVITIES: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Proceeds from the issuance of long-term debt | | — | | | 2,015 | |
| | | | |
Payments on maturity and redemption of debt | | (1,102) | | | (3,068) | |
Payments for repurchase of common stock | | (4,278) | | | (159) | |
| | | | |
Other financing activities | | 4 | | | (22) | |
Net cash used in financing activities | | (5,376) | | | (1,234) | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | | (83) | | | (11) | |
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents | | (2,106) | | | 1,081 | |
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period | | 11,152 | | | 10,582 | |
Total cash and cash equivalents and restricted cash and cash equivalents, end of period | | $ | 9,046 | | | $ | 11,663 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | | | | |
Cash paid during the period for income taxes (see Note 18) | | $ | 501 | | | $ | 420 | |
Cash paid during the period for interest | | $ | 240 | | | $ | 231 | |
See Notes to Unaudited Consolidated Financial Statements.
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, 2021.
The Unaudited Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, including acquired businesses from the dates of acquisition. All intercompany accounts 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.
Impact of COVID-19
In response to the outbreak of COVID-19 (the "COVID-19 pandemic"), as well as subsequent outbreaks driven by new variants of COVID-19, governments and businesses around the world have implemented a variety of restrictive measures to reduce the spread of COVID-19. These measures 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 operations, employees, and consumers. The COVID-19 pandemic and the resulting implementation of restrictive measures resulted in a significant decline in travel activities and consumer demand for related services, in 2020 in particular. The Company's financial results and prospects are almost entirely dependent on the sale of travel-related services. The spread of new variants of COVID-19 has caused uncertainty as to when restrictions will be lifted, if additional restrictions may be initiated or reimposed, if there will be permanent changes to travel behavior patterns, and the timing of distribution and administration of COVID-19 vaccines and other medical interventions globally. See Note 2 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 for further information.
Even though there have been improvements in the economic and operating conditions for the Company's business since the outset of the COVID-19 pandemic, the Company cannot predict the long-term effects of the pandemic on its business or the travel and restaurant industries as a whole.
Reclassification
Certain amounts from prior periods have been reclassified to conform to the current period presentation.
Recent Accounting Pronouncements
Accounting for Convertible Instruments and Contracts in an Entity's Own Equity
On January 1, 2022, the Company adopted the new accounting standards update relating to convertible instruments and contracts in an entity's own equity. Compared to legacy U.S. GAAP, the accounting standards update reduces the number of accounting models for convertible debt instruments, requires fewer embedded conversion features to be separately recognized from the host contract, and amends certain guidance to reduce form-over-substance-based accounting conclusions. Under the updated guidance, upon the initial recognition of convertible debt, the Company presents the entire amount attributable to the debt as a liability. The initial carrying amount of the convertible debt liability is reduced by any direct and
incremental issuance costs paid to third parties that are associated with the convertible debt issuance. No amount attributable to the debt is initially recognized within equity unless the instrument is issued at a substantial premium. In calculating diluted earnings per share, the accounting standards update also requires the use of the if-converted method for the Company's convertible debt.
The Company adopted the accounting standards update on a modified retrospective basis applied to the 0.75% convertible senior notes due May 2025 (see Note 9) resulting in an increase of $30 million to "Retained earnings" as of January 1, 2022. The significant corresponding balance sheet changes as of that date were an increase of $86 million to "Long-term debt" and decreases of $96 million to "Additional paid-in capital" and $21 million to "Deferred income taxes". For the Company’s convertible debt, interest expense for the periods beginning after January 1, 2022 is reflected in the financial statements using interest rates that are closer to the coupon interest rate of the debt rather than the higher imputed interest expense that resulted from the separation of conversion features required by legacy U.S. GAAP. See Note 4 for additional information on net income per share calculations.
Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
In June 2022, the Financial Accounting Standards Board ("FASB") issued an accounting standards update with guidance on the fair value measurement of equity securities subject to contractual sale restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Company beginning January 1, 2024. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company does not expect the adoption of the accounting standards update to have a material impact on its Consolidated Financial Statements.
Disclosure of Supplier Finance Program Obligations
In September 2022, the FASB issued an accounting standards update to enhance the disclosure of supplier finance programs. The update requires that a company that uses a supplier finance program in connection with the purchase of goods or services to disclose sufficient qualitative and quantitative information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The amendments in this update are effective for the Company beginning January 1, 2023. Early adoption is permitted. The Company is currently evaluating the impact of the accounting standards update on its Consolidated Financial Statements.
2. REVENUE
Disaggregation of Revenue
Geographic Information
The Company's revenue from its businesses outside of the U.S. consists of the results of Booking.com, agoda, and Rentalcars.com in their entirety and the results of the KAYAK and OpenTable businesses located outside of the U.S. This classification is independent of where the consumer resides, where the consumer is physically located while using the Company's services, or the location of the travel service provider or restaurant. For example, a reservation made through Booking.com (which is domiciled in the Netherlands) at a hotel in New York by a consumer in the United States is part of the results of the Company's businesses outside of the U.S. The Company's geographic information is as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Outside of the U.S. | | |
| | United States | | The Netherlands | | Other | | Total |
Total revenues for the three months ended September 30, | | | | | | | | |
2022 | | $ | 606 | | | $ | 4,991 | | | $ | 455 | | | $ | 6,052 | |
2021 | | $ | 444 | | | $ | 3,955 | | | $ | 277 | | | $ | 4,676 | |
| | | | | | | | |
Total revenues for the nine months ended September 30, | | | | | | | | |
2022 | | $ | 1,675 | | | $ | 10,300 | | | $ | 1,066 | | | $ | 13,041 | |
2021 | | $ | 1,034 | | | $ | 6,367 | | | $ | 576 | | | $ | 7,977 | |
Revenue by Type of Service
Approximately 90% and 88% of the Company's revenues for the three and nine months ended September 30, 2022, respectively, and 89% and 87% of the Company's revenues for the three and nine months ended September 30, 2021, respectively, relate to online accommodation reservation services. Revenue from all other sources of online travel reservation services and advertising and other revenues each individually represent less than 10% of the Company's total revenues for each period.
Deferred Merchant Bookings
Cash payments received from travelers in advance of the Company completing its performance obligations are included in "Deferred merchant bookings" in the Company's Consolidated Balance Sheets and are comprised principally of amounts estimated to be payable to travel service providers as well as the Company's estimated future revenue for its commission or margin and fees. The amounts are subject to refunds for cancellations. The Company expects to complete its performance obligations generally within one year from the reservation date.
Incentive Programs
The Company provides various incentive programs such as referral bonuses, rebates, credits, and discounts. In addition, the Company offers loyalty programs where participating consumers may be awarded loyalty points on current transactions that can be redeemed in the future. The estimated value of the incentives granted and the loyalty points expected to be redeemed is generally recognized as a reduction of revenue at the time they are granted. At September 30, 2022 and December 31, 2021, liabilities of $121 million and $71 million, respectively, were included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets for incentives granted and loyalty programs.
3. STOCK-BASED COMPENSATION
The Company maintains equity incentive plans that include broad-based grants of restricted stock units, performance share units granted to officers and certain other employees, and stock options granted to certain employees.
Restricted stock units and performance share units granted by the Company during the three and nine months ended September 30, 2022 had an aggregate grant-date fair value of $14 million and $477 million, respectively. Restricted stock units and performance share units that vested during the three and nine months ended September 30, 2022 had an aggregate fair value at vesting of $13 million and $388 million, respectively. At September 30, 2022, there was $618 million of estimated total future stock-based compensation expense related to unvested restricted stock units and performance share units to be recognized over a weighted-average period of 2.0 years, and $8 million of estimated total future stock-based compensation expense related to unvested stock options to be recognized over a weighted-average period of 0.4 year.
The following table summarizes the activity in restricted stock units for employees and non-employee directors during the nine months ended September 30, 2022:
| | | | | | | | | | | | | | | | | | | | |
Restricted Stock Units | | Shares | | Weighted-average Grant-date Fair Value |
Unvested at December 31, 2021 | | 281,924 | | | | $ | 1,914 | | |
| | | | | | |
Granted | | 173,915 | | | | $ | 2,101 | | |
Vested | | (141,071) | | | | $ | 1,790 | | |
Forfeited | | (29,717) | | | | $ | 2,056 | | |
Unvested at September 30, 2022 | | |