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10-K.Info (Beta Test)
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BOOKING HOLDINGS INC.

Ticker: BKNG   Fiscal Year: 2014

CONSOLIDATED STATEMENTS OF OPERATIONS

Period Ending Dec 31, 2014 10-K (Filed: Feb 19, 2015)

(In Thousands)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2014Dec 31, 2013Dec 31, 2012
Agency revenues
$
5,845,802
4,410,6893,142,815
Merchant revenues2,186,0542,211,4742,104,752
Advertising and other revenues410,115171,14313,389
Total revenues8,441,9716,793,3065,260,956
 
Cost of revenues857,8411,077,4201,177,275
Gross profit7,584,1305,715,8864,083,681
 
Operating expenses:
Advertising Online2,360,2211,798,6451,273,637
Advertising Offline231,309127,45935,492
Sales and marketing310,910235,817195,934
Personnel, including stock-based compensation of $186,425, $140,526 and $71,565, respectively950,191698,692466,828
General and administrative352,869252,994173,171
Information technology97,49871,89043,685
Depreciation and amortization207,820117,97565,141
Total operating expenses4,510,8183,303,4722,253,888
 
Operating income3,073,3122,412,4141,829,793
 
Other income (expense):
Interest income13,9334,1673,860
Interest expense(88,353)(83,289)(62,064)
Foreign currency transactions and other(9,444)(36,755)(9,720)
Total other income (expense)(83,864)(115,877)(67,924)
 
Earnings before income taxes2,989,4482,296,5371,761,869
 
Income tax expense567,695403,739337,832
Net income2,421,7531,892,7981,424,037
 
Less: net income attributable to noncontrolling interests01354,471
Net income applicable to common stockholders2,421,7531,892,6631,419,566
 
Net income applicable to common stockholders per basic common share46.3037.1728.48
Weighted average number of basic common shares outstanding52,30150,92449,840
Net income applicable to common stockholders per diluted common share45.6736.1127.66
Weighted average number of diluted common shares outstanding53,02352,41351,326
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BOOKING HOLDINGS INC.

Ticker: BKNG   Fiscal Year: 2014

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Period Ending Dec 31, 2014 10-K (Filed: Feb 19, 2015)

(In Thousands, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2014Dec 31, 2013Dec 31, 2012
Net income
$
2,421,753
1,892,7981,424,037
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments(187,356)97,970 [1]69,683
Unrealized gain (loss) on marketable securities(157,275)21(620) [2]
Comprehensive income2,077,1221,990,7891,493,100
 
Less: Comprehensive income (loss) attributable to redeemable noncontrolling interests0(10,279)9,628
Comprehensive income attributable to common stockholders2,077,1222,001,0681,483,472
 
Foreign currency translation adjustment for net investment hedges arising during the period, tax (tax benefit)55,597(55,001)(18,001)
Unrealized gain (loss) on marketable securities arising during period, tax (tax benefit)(7,621)(43)(158)
[1] Foreign currency translation adjustments includes a tax of $55,597 for the year ended December 31, 2014 and tax benefits of $55,001 and $18,001 for the years ended December 31, 2013 and 2012, respectively, associated with hedges of foreign denominated net assets (See Note 14). The remaining balance in currency translation adjustments excludes income taxes due to the Company's practice and intention to reinvest the earnings of its foreign subsidiaries in those operations (See Note 15).
[2] Net of tax benefits of $7,621, $43 and $158 for the years ended December 31, 2014, 2013 and 2012, respectively.
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BOOKING HOLDINGS INC.

Ticker: BKNG   Fiscal Year: 2014

CONSOLIDATED STATEMENTS OF CASH FLOWS

Period Ending Dec 31, 2014 10-K (Filed: Feb 19, 2015)

(In Thousands, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2014Dec 31, 2013Dec 31, 2012
OPERATING ACTIVITIES:
Net income
$
2,421,753
1,892,7981,424,037
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation78,24148,36532,818
Amortization129,57969,61032,323
Provision for uncollectible accounts, net22,99016,45116,094
Deferred income tax expense (benefit)31,707(11,104)19,596
Stock-based compensation expense and other stock based payments189,292142,09872,035
Amortization of debt issuance costs5,2297,8985,212
Amortization of debt discount54,73155,71839,820
Loss on early extinguishment of debt6,27026,6610
Changes in assets and liabilities:
Accounts receivable(182,209)(111,572)(105,277)
Prepaid expenses and other current assets(48,932)(6,909)(40,793)
Accounts payable, accrued expenses and other current liabilities203,870182,163256,021
Other1,876(10,741)33,864
Net cash provided by operating activities2,914,3972,301,4361,785,750
 
INVESTING ACTIVITIES:
Purchase of investments(10,552,214)(9,955,800)(6,352,495)
Proceeds from sale of investments10,902,5008,291,2834,799,412
Additions to property and equipment(131,504)(84,445)(55,158)
Acquisitions and other equity investments, net of cash acquired(2,496,366)(331,918)(33,861)
Proceeds from foreign currency contracts14,3543,26686,159
Payments on foreign currency contracts(94,661)(81,870)(4,014)
Change in restricted cash9,347(2,783)(2,756)
Net cash used in investing activities(2,348,544)(2,162,267)(1,562,713)
 
FINANCING ACTIVITIES:
Proceeds from revolving credit facility995,00000
Payments related to revolving credit facility(995,000)00
Proceeds from the issuance of long-term debt2,282,217980,0001,000,000
Payment of debt issuance costs(17,464)(1,018)(20,916)
Payments related to conversion of senior notes(125,136)(414,569)(1)
Repurchase of common stock(750,378)(883,515)(257,021)
Payments to purchase subsidiary shares from noncontrolling interests0(192,530)(61,079)
Payments of stock issuance costs0(1,191)0
Proceeds from exercise of stock options16,38991,6072,683
Proceeds from the termination of conversion spread hedges0190
Excess tax benefit from stock-based compensation23,36617,6865,189
Net cash provided by (used in) financing activities1,428,994(403,511)668,855
 
Effect of exchange rate changes on cash and cash equivalents(136,190)17,98711,621
Net increase (decrease) in cash and cash equivalents1,858,657(246,355)903,513
 
Cash and cash equivalents, beginning of period1,289,9941,536,349
Cash and cash equivalents, end of period3,148,6511,289,9941,536,349
 
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for income taxes491,530391,169300,539
Cash paid during the period for interest16,95020,95413,933
Non-cash fair value increase for redeemable noncontrolling interests042,52284,693
Non-cash investing activity for contingent consideration10,70000
Non-cash financing activity for acquisitions13,7511,546,7480
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BOOKING HOLDINGS INC.

Ticker: BKNG   Fiscal Year: 2014

CONSOLIDATED BALANCE SHEETS

Period Ending Dec 31, 2014 10-K (Filed: Feb 19, 2015)

(In Thousands, except shares in actual)
 As ofAs of
 Dec 31, 2014Dec 31, 2013
ASSETS
Current assets:
Cash and cash equivalents
$
3,148,651
1,289,994
Restricted cash84310,476
Short-term investments1,142,1825,462,720
Accounts receivable, net of allowance for doubtful accounts of $14,212 and $14,116, respectively643,894535,962
Prepaid expenses and other current assets178,050107,102
Deferred income taxes153,75474,687
Total current assets5,267,3747,480,941
 
Property and equipment, net198,953135,053
Intangible assets, net2,334,7611,019,985
Goodwill3,326,4741,767,912
Long-term investments3,755,6530
Other assets57,34840,569
Total assets14,940,56310,444,460
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable281,480247,345
Accrued expenses and other current liabilities600,758545,342
Deferred merchant bookings460,558437,127
Convertible debt37,195151,931
Total current liabilities1,379,9911,381,745
 
Deferred income taxes1,040,260326,425
Other long-term liabilities103,53375,981
Long-term debt3,849,7561,742,047
Total liabilities6,373,5403,526,198
 
Commitments and Contingencies (See Note 16)  
Convertible debt3298,533
Stockholders' equity:
Common stock, $0.008 par value, authorized 1,000,000,000 shares, 61,821,097 and 61,265,160 shares issued, respectively480476
Treasury stock, 9,888,024 and 9,256,721, respectively(2,737,585)(1,987,207)
Additional paid-in capital4,923,1964,592,979
Accumulated earnings6,640,5054,218,752
Accumulated other comprehensive income (loss)(259,902)84,729
Total stockholders' equity8,566,6946,909,729
 
Total liabilities and stockholders' equity14,940,56310,444,460
 
External Links 
BOOKING HOLDINGS INC. (BKNG) Fiscal Year 2014
Statements of 10-K in Excel https://www.sec.gov/.../Financial.xlxs
Complete 10-K in HTML https://www.sec.gov/.../10-K.html
Complete 10-K in XBRL https://www.sec.gov/.../10-K-xbrl.zip