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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) 
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
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 26, 2022:
Common Stock, par value $0.008 per share38,789,388
(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
  
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
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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 assets377 231 
Total current assets12,410 13,145 
Property and equipment, net879 822 
Operating lease assets402 496 
Intangible assets, net1,855 2,057 
Goodwill2,808 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 liabilities2,925 1,765 
Deferred merchant bookings2,253 906 
Short-term debt1,234 1,989 
Total current liabilities8,543 6,246 
Deferred income taxes723 905 
Operating lease liabilities286 351 
Long-term U.S. transition tax liability711 825 
Other long-term liabilities180 199 
Long-term debt 7,950 8,937 
  Total liabilities18,393 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 capital6,385 6,159 
Retained earnings26,306 24,453 
Accumulated other comprehensive loss(391)(144)
  Total stockholders' equity3,670 6,178 
Total liabilities and stockholders' equity$22,063 $23,641 

See Notes to Unaudited Consolidated Financial Statements.
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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,
 2022202120222021
Agency revenues$3,203 $2,867 $6,954 $4,912 
Merchant revenues2,614 1,622 5,413 2,656 
Advertising and other revenues235 187 674 409 
Total revenues6,052 4,676 13,041 7,977 
Operating expenses:  
Marketing expenses1,795 1,378 4,679 2,827 
Sales and other expenses540 302 1,344 620 
Personnel, including stock-based compensation of $101, $85, $302 and $284, respectively
636 591 1,867 1,829 
General and administrative262 179 627 432 
Information technology129 109 400 289 
Depreciation and amortization109 102 327 323 
Restructuring, disposal, and other exit costs(2)— 40 9 
Total operating expenses3,469 2,661 9,284 6,329 
Operating income2,583 2,015 3,757 1,648 
Interest expense(102)(80)(246)(259)
Other income (expense), net(305)(967)(1,040)(740)
Income before income taxes2,176 968 2,471 649 
Income tax expense510 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.

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Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
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.
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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 StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
(in 000's)		AmountShares
(in 000's)		Amount
Balance, June 30, 202263,766 $— (23,618)$(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 units8 — — — 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, 202263,774 $— (24,685)$(28,630)$6,385 $26,306 $(391)$3,670 
 Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Loss 
 Shares
(in 000's)		AmountShares
(in 000's)		AmountTotal
Balance, December 31, 202163,584 $— (22,518)$(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 units190 — — — 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, 202263,774 $— (24,685)$(28,630)$6,385 $26,306 $(391)$3,670 

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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 

See Notes to Unaudited Consolidated Financial Statements.

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Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 Nine Months Ended
September 30,
 20222021
OPERATING ACTIVITIES:
Net income$1,823 $547 
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation and amortization327 323 
Provision for expected credit losses and chargebacks179 88 
Deferred income tax benefit(246)(343)
Net losses on equity securities1,142 589 
Stock-based compensation expense and other stock-based payments302 290 
Operating lease amortization117 135 
Unrealized foreign currency transaction gains related to Euro-denominated debt(70)(108)
Loss on early extinguishment of debt— 242 
Other40 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 liabilities3,591 2,083 
Long-term assets and liabilities (1,042)(159)
Net cash provided by operating activities4,381 2,541 
INVESTING ACTIVITIES: 
Purchase of investments(751)(15)
Proceeds from sale and maturity of investments30 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 activities4 (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.
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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
9

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 StatesThe NetherlandsOtherTotal
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 
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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 UnitsSharesWeighted-average Grant-date Fair Value
Unvested at December 31, 2021281,924 $1,914 
Granted173,915 $2,101 
Vested(141,071)$1,790 
Forfeited(29,717)$2,056 
Unvested at September 30, 2022