Le Lézard
Classified in: Tourism and vacations, Business, Covid-19 virus
Subjects: ERN, ERP

Booking Holdings Reports Financial Results for 2nd Quarter 2022


NORWALK, Conn., Aug. 3, 2022 /PRNewswire/ -- Booking Holdings Inc. (NASDAQ: BKNG) today reported its 2nd quarter 2022 financial results. Second quarter gross travel bookings for Booking Holdings Inc. (the "Company," "Booking Holdings," "we," "our," or "us"), which refers to the total dollar value, generally inclusive of taxes and fees, of all travel services booked by its customers, net of cancellations, were $34.5 billion, an increase of 57% from the prioryear quarter. Room nights booked in the 2nd quarter of 2022 increased 56% from the prior-year quarter.

Booking Holdings' total revenues for the 2nd quarter of 2022 were $4.3 billion, an increase of 99% from the prioryear quarter. Net income for the 2nd quarter of 2022 was $857 million, compared with a net loss of $167 million in the prior-year quarter. Net income per diluted common share in the 2nd quarter of 2022 was $21.07, compared with a net loss per diluted common share of $4.08 in the prior-year quarter.

Non-GAAP net income in the 2nd quarter of 2022 was $776 million, compared with a non-GAAP net loss of $105 million in the prior-year quarter. Non-GAAP net income per diluted common share in the 2nd quarter of 2022 was $19.08, compared with a non-GAAP net loss per diluted common share of $2.55 in the prior-year quarter. NonGAAP net income (loss) for both periods includes adjustments to exclude net gains on equity securities with readily determinable fair values. Additionally, non-GAAP net income (loss) includes an adjustment to exclude an investment-related impairment charge in the 2nd quarter of 2022 and a loss on early extinguishment of debt in the 2nd quarter of 2021. Adjusted EBITDA for the 2nd quarter of 2022 was $1.1 billion, compared with adjusted EBITDA of $48 million in the prior-year quarter. The section below under the heading "Non-GAAP Financial Measures" provides definitions and information about the use of non-GAAP financial measures in this press release, and the attached financial and statistical supplement reconciles non-GAAP financial results with Booking Holdings' financial results under GAAP.

"We reached another milestone in our company's recovery from the impact of the pandemic with room nights for the second quarter surpassing 2019 levels for the first time. We continued to see very strong accommodation ADR growth, which helped drive a 38% increase in gross bookings, or a 48% increase on a constant currency basis, in the second quarter versus the second quarter of 2019," said Glenn Fogel, Chief Executive Officer of Booking Holdings. "Looking forward, we expect record Q3 revenue and are very busy working with our customers and partners to help enable an extremely busy summer travel season."

Non-GAAP Financial Measures

The Unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("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.

To supplement the Unaudited Consolidated Financial Statements, the Company uses the following non-GAAP financial measures: adjusted EBITDA, non-GAAP net income (loss), non-GAAP net income (loss) per diluted common share and free cash flow (net cash provided by (used in) operating activities less capital expenditures). The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

The Company uses non-GAAP financial measures for financial and operational decision-making and as a basis to evaluate performance and set targets for employee compensation programs. The Company believes that these nonGAAP financial measures are useful for analysts and investors to evaluate the Company's ongoing operating performance because they facilitate comparison of the Company's results for the current period and projected nextperiod results to those of prior periods and to those of its competitors (though other companies may calculate similar non-GAAP financial measures differently from those calculated by the Company). These non-GAAP financial measures, in particular adjusted EBITDA, non-GAAP net income (loss) and free cash flow, are not intended to represent funds available for Booking Holdings' discretionary use and are not intended to represent or to be used as a substitute for operating income (loss), net income (loss) or net cash provided by (used in) operating activities as measured under GAAP. The items excluded from these non-GAAP measures, but included in the calculation of their closest GAAP equivalent, are significant components of the Company's consolidated statements of operations and cash flows and must be considered in performing a comprehensive assessment of overall financial performance.

Non-GAAP net income (loss) is net income (loss) with the following adjustments:

In addition to the adjustments listed above regarding non-GAAP net income (loss), adjusted EBITDA excludes depreciation expense, interest and dividend income, and to the extent not included in the adjustments listed above, interest expense and income tax expense (benefit). In the event the Company reports a GAAP net income but a nonGAAP net loss, dilutive shares that are included in the GAAP weighted-average number of diluted common shares outstanding are excluded from the non-GAAP weighted-average number of diluted common shares outstanding. In the event the Company reports a GAAP net loss but a non-GAAP net income, anti-dilutive shares that are excluded from the GAAP weighted-average number of diluted common shares outstanding are included in the non-GAAP weighted-average number of diluted common shares outstanding.

We evaluate certain operating and financial measures on both an as-reported and constant-currency basis. We calculate constant currency by converting our current-year period results for transactions recorded in currencies other than U.S. Dollars using the corresponding prior-year period monthly average exchange rates rather than the current-year period monthly average exchange rates.

The attached financial and statistical supplement includes reconciliations of our financial results under GAAP to non-GAAP financial information for the three and six months ended June 30, 2022 and 2021. We are not able to provide a reconciliation between forward-looking adjusted EBITDA and GAAP net income (loss) because we cannot predict certain components of such reconciliation without unreasonable effort as they arise from events in future periods.

Information About Forward-Looking Statements

This press release contains forward-looking statements, which reflect the views of the Company's management regarding current expectations based on currently available information about future events. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, such as the adverse impact of the COVID-19 pandemic; adverse changes in market conditions for travel services; the Company's ability to attract and retain qualified personnel; adverse changes in relationships with third parties on which the Company depends; the effects of competition; growth and expansion of the business; rapid technological and other market changes; impacts of impairments and changes in accounting estimates; success of the Company's marketing efforts; and other business and industry changes. Other risks and uncertainties relate to cyberattacks and information security; tax, legal, and regulatory risks; increased focus on environmental, social, and governance responsibilities; the Company's facilitation of payments; foreign currency exchange rates; success of the Company's investments and acquisition strategy; and financial risks relating to the Company's debt levels and stock price volatility. For a detailed discussion of these and other risk factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements included in this press release, refer to the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any subsequently filed Quarterly Reports on Form 10-Q. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

About Booking Holdings Inc.

Booking Holdings (NASDAQ: BKNG) is the world's leading provider of online travel and related services, provided to consumers and local partners in more than 220 countries and territories through six primary consumerfacing brands: Booking.com, Priceline, Agoda, Rentalcars.com, KAYAK and OpenTable. The mission of Booking Holdings is to make it easier for everyone to experience the world. For more information, visit BookingHoldings.com and follow us on Twitter @BookingHoldings.

#BKNG_Earnings

                                                                                                                                                                            

                                                                                                                                                                                

Booking Holdings Inc.

CONSOLIDATED BALANCE SHEETS

(In millions, except share and per share data)






 June 30,
2022  

 December 31, 
2021


(Unaudited)


ASSETS





Current assets:





Cash and cash equivalents

$

11,841


$

11,127

Accounts receivable, net (Allowance for expected credit losses of $102 and $101, respectively)


2,249


1,358

Prepaid expenses, net (Allowance for expected credit losses of $30 and $29, respectively)


492


404

Other current assets


342


256

Total current assets


14,924


13,145

Property and equipment, net


858


822

Operating lease assets


445


496

Intangible assets, net


1,925


2,057

Goodwill


2,842


2,887

Long-term investments


2,381


3,175

Other assets, net (Allowance for expected credit losses of $5 and $18, respectively)


1,118


1,059

Total assets

$

24,493


$

23,641

LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable

$

2,240


$

1,586

Accrued expenses and other current liabilities


2,364


1,765

Deferred merchant bookings


4,395


906

Short-term debt


1,283


1,989

Total current liabilities


10,282


6,246

Deferred income taxes


805


905

Operating lease liabilities


323


351

Long-term U.S. transition tax liability


711


825

Other long-term liabilities


180


199

Long-term debt


8,190


8,937

  Total liabilities


20,491


17,463

Commitments and contingencies





Stockholders' equity:





Common stock, $0.008 par value,

Authorized shares: 1,000,000,000

Issued shares: 63,766,460 and 63,584,444, respectively


?


?

Treasury stock, 23,618,459 and 22,518,391 shares, respectively


(26,664)

(24,290)

Additional paid-in capital


6,278

6,159

Retained earnings


24,640

24,453

Accumulated other comprehensive loss


(252)

(144)

  Total stockholders' equity


4,002

6,178

Total liabilities and stockholders' equity

$

24,493

$

23,641

                                                                                                                                   

                                                                                                                                               

 

Booking Holdings Inc.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except share and per share data)





 Three Months Ended 
June 30,
 

Six Months Ended 
June 30,   


2022

2021

2022

2021

Agency revenues

$

2,301

$

1,328

$

3,751

$

2,045

Merchant revenues


1,749


661


2,799


1,034

Advertising and other revenues


244


171


439


222

Total revenues


4,294


2,160


6,989


3,301

Operating expenses:









Marketing expenses


1,737


988


2,884


1,449

Sales and other expenses


465


206


804


318

Personnel, including stock-based compensation of $108, $90, $201 and $199, respectively


635


686


1,231


1,238

General and administrative


207


134


365


253

Information technology


137


93


271


180

Depreciation and amortization


107


108


218


221

Restructuring, disposal, and other exit costs


6


1


42


9

Total operating expenses


3,294


2,216


5,815


3,668

Operating income (loss)


1,000


(56)


1,174


(367)

Interest expense


(76)


(81)


(144)


(179)

Other income (expense), net


220


96


(735)


227

Income (loss) before income taxes


1,144


(41)


295


(319)

Income tax expense (benefit)


287


126


138


(97)

Net income (loss)

$

857

$

(167)

$

157

$

(222)

Net income (loss) applicable to common stockholders per basic common share

$

21.15

$

(4.08)

$

3.86

$

(5.42)

Weighted-average number of basic common shares outstanding (in 000's)


40,512


41,054


40,715


41,014

Net income (loss) applicable to common stockholders per diluted common share

$

21.07

$

(4.08)

$

3.84

$

(5.42)

Weighted-average number of diluted common shares outstanding (in 000's)


40,665


41,054


40,927


41,014

 

Booking Holdings Inc. 

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS  

(In millions)



Six Months Ended June 30, 


2022

2021

OPERATING ACTIVITIES:





Net income (loss)

$

157

$

(222)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:





Depreciation and amortization


218


221

Provision for expected credit losses and chargebacks


113


37

Deferred income tax benefit


(165)


(120)

Net losses (gains) on equity securities


806


(427)

Stock-based compensation expense and other stock-based payments


201


204

Operating lease amortization


81


91

Unrealized foreign currency transaction gains related to Euro-denominated debt


(68)


(54)

Loss on early extinguishment of debt


?


242

Other


40


47

Changes in assets and liabilities:





Accounts receivable


(1,116)


(820)

Prepaid expenses and other current assets


(181)


(173)

Deferred merchant bookings and other current liabilities


4,861


1,973

Long-term assets and liabilities


(568)


(54)

Net cash provided by operating activities


4,379


945

INVESTING ACTIVITIES:





Purchase of investments


(12)


(15)

Additions to property and equipment


(195)


(124)

Other investing activities


(36)


3

Net cash used in investing activities


(243)


(136)

FINANCING ACTIVITIES:





Proceeds from the issuance of long-term debt


?


2,015

Payments on maturity and redemption of debt


(1,102)


(1,982)

Payments for repurchase of common stock


(2,288)


(150)

Other financing activities


13


(21)

Net cash used in financing activities


(3,377)


(138)

Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents


(44)


(1)

Net increase in cash and cash equivalents and restricted cash and cash equivalents


715


670

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

$

11,867

$

11,252

SUPPLEMENTAL CASH FLOW INFORMATION:






Cash paid during the period for income taxes

$

337

$

406

Cash paid during the period for interest

$

145

$

164

  

 

Booking Holdings Inc.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

(In millions, except share and per share data) (1)


RECONCILIATION OF NET INCOME (LOSS) TO 
ADJUSTED EBITDA    

Three Months Ended 
June 30,

 Six Months Ended  
June 30,



2022

2021

2022

2021


Net income (loss)

$

857

$

(167)

$

157

$

(222)











(a)

Depreciation and amortization


107


108


218


221

(b)

Loss on assets classified as held for sale


?


?


36


?

(a)

Interest and dividend income


(24)


(4)


(27)


(8)

(a)

Interest expense


76


81


144


179

(c)

Net (gains) losses on equity securities with readily determinable fair values


(365)


(391)


622


(423)

(d)

Impairment of investment


184


?


184


?

(e)

Foreign currency transaction (gains) losses on the

remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments


(38)


37


(78)


(54)

(a)  

Income tax expense (benefit)


287


126


138


(97)


Adjusted EBITDA

$

1,086

$

48

$

1,396

$

(147)


Adjusted EBITDA as a % of Total Revenues


25.3 %


2.2 %


20.0 %


(4.5) %

 

 

RECONCILIATION OF NET INCOME (LOSS) TO NON-
GAAP NET INCOME (LOSS) AND NON-GAAP NET
INCOME (LOSS) PER DILUTED COMMON SHARE    

Three Months Ended 
June 30, 

Six Months Ended
June 30,


2022

2021

2022

2021

Net income (loss)

$

857

$

(167)

$

157

$

(222)










(b) Loss on assets classified as held for sale


?


?


36


?

(c) Net (gains) losses on equity securities with readily determinable fair values


(365)


(391)


622


(423)

(d) Impairment of investment


184


?


184


?

(e) Foreign currency transaction (gains) losses on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments


(38)


37


(78)


(54)

  (f) Losses on early extinguishment of debt and related reverse treasury lock agreements


?

 


257


?


257

  (g) Amortization of intangible assets 


56


41


112


82

  (h) Debt discount amortization related to convertible debt 


?


10


?


22

  (i) Net unrecognized tax benefits related to Italian tax matters 


?


?


?


16

  (j) Tax impact of Non-GAAP adjustments 


82


107


(97)


2

          Non-GAAP Net income (loss) 

$

776

$

(105)

$

937

$

(320)

          Weighted-average number of diluted common shares outstanding (in 000's) 


40,665


41,054


40,927


41,014

          Non-GAAP Net income (loss) per diluted common share

$

19.08

$

(2.55)

$

22.89

$

(7.80)

 

        

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO
FREE CASH FLOW


Six Months Ended
June 30,


2022               2021

Net cash provided by operating activities

$

4,379          $           945

(k) Additions to property and equipment


(195)                     (124)

Free cash flow

$

4,184          $           821

Free cash flow as a % of Total Revenues


59.9 %            24.9 %


(1) Amounts may not total due to rounding.

Notes:

(a) Amounts are excluded from Net income (loss) to calculate Adjusted EBITDA.

(b) Loss on assets classified as held for sale is recorded in Operating expenses and excluded from Net income (loss) to calculate Non-GAAP Net income (loss) and Adjusted EBITDA.

(c) Net (gains) losses on equity securities with readily determinable fair values are recorded in Other income (expense), net and excluded from Net income (loss) to calculate Non-GAAP Net income (loss) and Adjusted EBITDA.

(d) Impairment of investment in Yanolja Co., Ltd. equity securities is recorded in Other income (expense), net and excluded from Net income (loss) to calculate Non-GAAP Net income (loss) and Adjusted EBITDA.

(e) Foreign currency transaction (gains) losses on the remeasurement of Euro-denominated debt and accrued interest that are not designated as hedging instruments for accounting purposes and debt-related foreign currency derivative instruments used as economic hedges are recorded in Other income (expense), net and excluded from Net income (loss) to calculate Non-GAAP Net income (loss) and Adjusted EBITDA.

(f) Loss of $242 million on early extinguishment of debt and losses of $15 million on related reverse treasury lock agreements which were designated as cash flow hedges are recorded in Other income (expense), net and excluded from Net income (loss) to calculate Non-GAAP Net income (loss) and Adjusted EBITDA.

(g) Amortization of intangible assets is recorded in Depreciation and amortization and excluded from Net income (loss) to calculate Non-GAAP Net income (loss).

(h) Noncash interest expense related to the amortization of debt discount on convertible debt is recorded in Interest expense and excluded from Net income (loss) to calculate Non-GAAP Net income (loss). The Company adopted Financial Accounting Standards Board Accounting Standards Update 2020-06 on January 1, 2022 and such debt discount amortization is not recorded in the financial statements for periods after that date.

(i) Net unrecognized tax benefits related to Italian tax matters is recorded in Income tax expense (benefit) and excluded from Net income (loss) to calculate Non-GAAP Net income (loss).

(j) Reflects the tax impact of Non-GAAP adjustments above and changes in tax estimates which are excluded from Net income (loss) to calculate Non-GAAP Net income (loss).

(k) Cash used for additions to property and equipment is included in the calculation of Free cash flow.

For a more detailed discussion of the adjustments described above, please see the section in this press release under the heading "Non-GAAP Financial Measures" which provides definitions and information about the use of non-GAAP financial measures.

Booking Holdings Inc.

Statistical Data

In millions(1)

(Unaudited)

Units Sold

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

Room Nights

28

127

76

99

157

183

151

198

246

Year/Year (Decline) Growth

(86.7) %

(43.1) %

(60.4) %

(20.1) %

457.5 %

43.9 %

99.9 %

99.7 %

56.3 %











Rental Car Days

2

9

8

10

13

13

11

15

16

Year/Year (Decline) Growth

(90.4) %

(55.6) %

(52.2) %

(15.1) %

558.8 %

44.0 %

35.8 %

53.0 %

22.4 %











Airline Tickets

1

2

2

3

4

4

4

5

6

Year/Year (Decline) Growth

(69.7) %

(9.3) %

4.0 %

62.1 %

626.7 %

154.8 %

108.0 %

69.1 %

31.4 %











Gross Bookings(2)

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

Agency

$ 1,535

$ 9,521

$ 5,098

$ 8,704

$ 15,290

$ 14,872

$ 11,875

$ 16,286

$ 19,448

Merchant

771

3,861

2,215

3,232

6,665

8,812

7,136

11,007

15,097

Total

$ 2,306

$ 13,382

$ 7,313

$ 11,935

$ 21,956

$ 23,684

$ 19,011

$ 27,293

$ 34,545











Gross Bookings Year/ Year (Decline) Growth










Agency

(91.8) %

(47.4) %

(64.1) %

4.6 %

895.6 %

56.2 %

132.9 %

87.1 %

27.2 %

Merchant

(88.0) %

(46.1) %

(65.9) %

(20.7) %

764.4 %

128.2 %

222.2 %

240.6 %

126.5 %

Total

(90.8) %

(47.1) %

(64.7) %

(3.7) %

851.7 %

77.0 %

160.0 %

128.7 %

57.3 %

Constant-currency Basis

(91) %

(48) %

(65) %

(6) %

802 %

75 %

164 %

140 %

73 %



2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

Total Revenues

$      630

$ 2,640

$ 1,238

$ 1,141

$ 2,160

$ 4,676

$ 2,981

$ 2,695

$ 4,294

Year/Year (Decline) Growth

(83.7) %

(47.6) %

(62.9) %

(50.2) %

243.2 %

77.1 %

140.7 %

136.3 %

98.7 %

Constant-currency Basis

(83) %

(49) %

(63) %

(51) %

229 %

76 %

146 %

146 %

116 %

 

(1)Amounts may not total due to rounding.

(2) Gross bookings is an operating and statistical metric that captures the total dollar value, generally inclusive of taxes and fees, of all travel services booked by our customers, net of cancellations.

 

SOURCE Priceline.com


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