10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BOOKING HOLDINGS INC. | |||
Ticker: BKNG Fiscal Year: 2012 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Dec 31, 2012 10-K (Superseded Filed: Feb 27, 2013) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Agency revenues | $ 3,142,815 | 2,339,253 | 1,380,603 |
| Merchant revenues | 2,104,752 | 2,004,432 | 1,691,640 |
| Other revenues | 13,389 | 11,925 | 12,662 |
| Total revenues | 5,260,956 | 4,355,610 | 3,084,905 |
| Cost of revenues | 1,177,275 | 1,275,730 | 1,175,934 |
| Gross profit | 4,083,681 | 3,079,880 | 1,908,971 |
| Operating expenses: | |||
| Advertising - Online | 1,273,637 | 919,214 | 552,140 |
| Advertising - Offline | 35,492 | 35,470 | 35,714 |
| Sales and marketing | 195,934 | 162,690 | 116,303 |
| Personnel, including stock-based compensation of $71,565, $65,724, and $68,200, respectively | 466,828 | 352,295 | 270,071 |
| General and administrative | 173,171 | 123,652 | 81,185 |
| Information technology | 43,685 | 33,813 | 20,998 |
| Depreciation and amortization | 65,141 | 53,824 | 45,763 |
| Total operating expenses | 2,253,888 | 1,680,958 | 1,122,174 |
| Operating income | 1,829,793 | 1,398,922 | 786,797 |
| Other income (expense): | |||
| Interest income | 3,860 | 8,119 | 3,857 |
| Interest expense | (62,064) | (31,721) | (29,944) |
| Foreign currency transactions and other | (9,720) | (7,526) | (14,427) |
| Total other income (expense) | (67,924) | (31,128) | (40,514) |
| Earnings before income taxes | 1,761,869 | 1,367,794 | 746,283 |
| Income Tax Expense | 337,832 | 308,663 | 218,141 |
| Net income | 1,424,037 | 1,059,131 | 528,142 |
| Less: net income attributable to noncontrolling interests | 4,471 | 2,760 | 601 |
| Net income applicable to common stockholders | 1,419,566 | 1,056,371 | 527,541 |
| Net income applicable to common stockholders per basic common share (in dollars per share) | 28.48 | 21.27 | 11.00 |
| Weighted average number of basic common shares outstanding (in shares) | 49,840 | 49,654 | 47,955 |
| Net income applicable to common stockholders per diluted common share (in dollars per share) | 27.66 | 20.63 | 10.35 |
| Weighted average number of diluted common shares outstanding (in shares) | 51,326 | 51,211 | 50,988 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BOOKING HOLDINGS INC. | |||
Ticker: BKNG Fiscal Year: 2012 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Dec 31, 2012 10-K (Superseded Filed: Feb 27, 2013) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Net income | $ 1,424,037 | 1,059,131 | 528,142 |
| Other comprehensive income (loss), net of tax | |||
| Foreign currency translation adjustments(1) | 69,683 | (55,128) [1] | (26,740) |
| Unrealized gain (loss) on marketable securities, net of tax benefit of $158 in 2012 and tax of $96 and $175 in 2012 and 2010, respectively | (620) | 212 [2] | 294 |
| Other | 0 | 0 | (3,758) |
| Comprehensive income | 1,493,100 | 1,004,215 | 497,938 |
| Less: Comprehensive income attributable to noncontrolling interests | 9,628 | 2,537 | 4,044 |
| Comprehensive income attributable to common stockhoolders | 1,483,472 | 1,001,678 | 493,894 |
| Other Comprehensive Income Foreign Currency Translation Gain (Loss) For Net Investment Hedge Arising During Period BeforeTax | (40,390) | 51,950 | 24,116 |
| Other Comprehensive Income Foreign Currency Translation For Net Investment Hedge Arising During Period, Tax | (18,001) | 21,547 | 11,311 |
| Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | (158) | 96 | 175 |
| [1] Foreign currency translation adjustments includes a net loss of $40,390, net of tax benefits of $18,001, for the year ended December 31, 2012 and net gains of $51,950 and $24,116, net of taxes of $21,547 and $11,311, for the years ended December 31, 2011 and 2010, respectively, associated with hedges of foreign denominated net assets. 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 subsidiarie | |||
| [2] Net of tax benefits of $158 for the year ended December 31, 2012 and taxes of $96 and $175 for the years ended December 31, 2011, and 2010, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BOOKING HOLDINGS INC. | |||
Ticker: BKNG Fiscal Year: 2012 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Dec 31, 2012 10-K (Superseded Filed: Feb 27, 2013) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| OPERATING ACTIVITIES: | |||
| Net income | $ 1,424,037 | 1,059,131 | 528,142 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 32,818 | 20,648 | 16,209 |
| Amortization | 32,323 | 33,176 | 34,255 |
| Provision for uncollectible accounts, net | 16,094 | 9,331 | 7,102 |
| Deferred income tax expense | 19,596 | 44,747 | 37,540 |
| Stock-based compensation and other stock based payments | 72,035 | 66,194 | 68,396 |
| Amortization of debt issuance costs | 5,212 | 2,360 | 3,332 |
| Amortization of debt discount | 39,820 | 21,414 | 20,110 |
| Loss on early extinguishment of debt | 0 | 32 | 11,334 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (105,277) | (125,793) | (29,275) |
| Prepaid expenses and other current assets | (40,793) | 12,213 | (22,373) |
| Accounts payable, accrued expenses and other current liabilities | 256,021 | 210,325 | 84,750 |
| Other | 33,864 | (11,966) | 17,775 |
| Net cash provided by operating activities | 1,785,750 | 1,341,812 | 777,297 |
| INVESTING ACTIVITIES: | |||
| Purchase of investments | (6,352,495) | (3,005,397) | (1,813,032) |
| Proceeds from sale of investments | 4,799,412 | 2,229,563 | 1,071,669 |
| Additions to property and equipment | (55,158) | (46,833) | (22,593) |
| Acquisitions and other equity investments, net of cash acquired | (33,861) | (68,192) | (112,405) |
| Proceeds from foreign currency contracts | 86,159 | 31,045 | 44,564 |
| Payments on foreign currency contracts | (4,014) | (42,032) | (9,561) |
| Change in restricted cash | (2,756) | (2,922) | 260 |
| Net cash used in investing activities | (1,562,713) | (904,768) | (841,098) |
| FINANCING ACTIVITIES: | |||
| Proceeds from the issuance of convertible senior notes | 1,000,000 | 575,000 | |
| Payment of debt issuance costs | (20,916) | (13,334) | |
| Payments related to conversion of senior notes | (1) | (213) | (295,401) |
| Repurchase of common stock | (257,021) | (163,171) | (129,445) |
| Payments to purchase subsidiary shares from noncontrolling interests | (61,079) | (12,986) | 0 |
| Proceeds from the sale of subsidiary shares to noncontrolling interests | 0 | 4,311 | |
| Proceeds from exercise of stock options | 2,683 | 4,302 | 25,751 |
| Proceeds from the termination of conversion spread hedges | 0 | 42,984 | |
| Excess tax benefit from stock-based compensation | 5,189 | 21,041 | 3,091 |
| Net cash provided by (used in) financing activities | 668,855 | (151,027) | 212,957 |
| Effect of exchange rate changes on cash and cash equivalents | 11,621 | (12,148) | 7,670 |
| Net increase in cash and cash equivalents | 903,513 | 273,869 | 156,826 |
| Cash and cash equivalents, beginning of period | 632,836 | 358,967 | |
| Cash and cash equivalents, end of period | 1,536,349 | 632,836 | 358,967 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Cash paid during the period for income taxes | 300,539 | 232,762 | 169,320 |
| Cash paid during the period for interest | 13,933 | 7,573 | 4,901 |
| Non-cash fair value increase for redeemable noncontrolling interests | 84,693 | 91,743 | 7,876 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BOOKING HOLDINGS INC. | ||
Ticker: BKNG Fiscal Year: 2012 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Dec 31, 2012 10-K (Superseded Filed: Feb 27, 2013) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2012 | Dec 31, 2011 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,536,349 | 632,836 |
| Restricted cash | 6,641 | 3,771 |
| Short-term investments | 3,646,845 | 2,024,827 |
| Accounts receivable, net of allowance for doubtful accounts of $10,322 and $6,103, respectively | 367,512 | 264,453 |
| Prepaid expenses and other current assets | 84,290 | 104,202 |
| Deferred income taxes | 40,738 | 36,755 |
| Total current assets | 5,682,375 | 3,066,844 |
| Property and equipment, net | 89,269 | 64,322 |
| Intangible assets, net | 208,113 | 200,151 |
| Goodwill | 522,672 | 504,784 |
| Deferred income taxes | 31,485 | 111,080 |
| Other assets | 35,828 | 23,490 |
| Total assets | 6,569,742 | 3,970,671 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 184,648 | 146,867 |
| Accrued expenses and other current liabilities | 387,911 | 222,134 |
| Deferred merchant bookings | 368,823 | 239,157 |
| Convertible debt (see Note 11) | 520,344 | 497,640 |
| Total current liabilities | 1,461,726 | 1,105,798 |
| Deferred income taxes | 45,159 | 46,990 |
| Other long-term liabilities | 68,944 | 39,183 |
| Convertible debt (See Note 11) | 881,996 | 0 |
| Total liabilities | 2,457,825 | 1,191,971 |
| Commitments and Contingencies (see Note 16) | ||
| Redeemable noncontrolling interests (see Note 13) | 160,287 | 127,045 |
| Convertible debt (see Note 11) | 54,655 | 77,360 |
| Stockholders' equity: | ||
| Common stock, $0.008 par value, authorized 1,000,000,000 shares, 58,055,586 and 57,578,431 shares issued, respectively | 450 | 446 |
| Treasury stock, 8,184,787 and 7,779,645 shares, respectively | (1,060,607) | (803,586) |
| Additional paid-in capital | 2,612,197 | 2,431,279 |
| Accumulated earnings | 2,368,611 | 1,033,738 |
| Accumulated other comprehensive loss | (23,676) | (87,582) |
| Total stockholders' equity | 3,896,975 | 2,574,295 |
| Total liabilities and stockholders' equity | 6,569,742 | 3,970,671 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BOOKING HOLDINGS INC. | |||
Ticker: BKNG Fiscal Year: 2012 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Dec 31, 2012 10-K/A (Amendment Filed: Feb 27, 2013) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Agency revenues | $ 3,142,815 | 2,339,253 | 1,380,603 |
| Merchant revenues | 2,104,752 | 2,004,432 | 1,691,640 |
| Other revenues | 13,389 | 11,925 | 12,662 |
| Total revenues | 5,260,956 | 4,355,610 | 3,084,905 |
| Cost of revenues | 1,177,275 | 1,275,730 | 1,175,934 |
| Gross profit | 4,083,681 | 3,079,880 | 1,908,971 |
| Operating expenses: | |||
| Advertising - Online | 1,273,637 | 919,214 | 552,140 |
| Advertising - Offline | 35,492 | 35,470 | 35,714 |
| Sales and marketing | 195,934 | 162,690 | 116,303 |
| Personnel, including stock-based compensation of $71,565, $65,724, and $68,200, respectively | 466,828 | 352,295 | 270,071 |
| General and administrative | 173,171 | 123,652 | 81,185 |
| Information technology | 43,685 | 33,813 | 20,998 |
| Depreciation and amortization | 65,141 | 53,824 | 45,763 |
| Total operating expenses | 2,253,888 | 1,680,958 | 1,122,174 |
| Operating income | 1,829,793 | 1,398,922 | 786,797 |
| Other income (expense): | |||
| Interest income | 3,860 | 8,119 | 3,857 |
| Interest expense | (62,064) | (31,721) | (29,944) |
| Foreign currency transactions and other | (9,720) | (7,526) | (14,427) |
| Total other income (expense) | (67,924) | (31,128) | (40,514) |
| Earnings before income taxes | 1,761,869 | 1,367,794 | 746,283 |
| Income Tax Expense | 337,832 | 308,663 | 218,141 |
| Net income | 1,424,037 | 1,059,131 | 528,142 |
| Less: net income attributable to noncontrolling interests | 4,471 | 2,760 | 601 |
| Net income applicable to common stockholders | 1,419,566 | 1,056,371 | 527,541 |
| Net income applicable to common stockholders per basic common share (in dollars per share) | 28.48 | 21.27 | 11.00 |
| Weighted average number of basic common shares outstanding (in shares) | 49,840 | 49,654 | 47,955 |
| Net income applicable to common stockholders per diluted common share (in dollars per share) | 27.66 | 20.63 | 10.35 |
| Weighted average number of diluted common shares outstanding (in shares) | 51,326 | 51,211 | 50,988 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BOOKING HOLDINGS INC. | |||
Ticker: BKNG Fiscal Year: 2012 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Dec 31, 2012 10-K/A (Amendment Filed: Feb 27, 2013) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Net income | $ 1,424,037 | 1,059,131 | 528,142 |
| Other comprehensive income (loss), net of tax | |||
| Foreign currency translation adjustments(1) | 69,683 | (55,128) [1] | (26,740) |
| Unrealized gain (loss) on marketable securities, net of tax benefit of $158 in 2012 and tax of $96 and $175 in 2012 and 2010, respectively | (620) | 212 [2] | 294 |
| Other | 0 | 0 | (3,758) |
| Comprehensive income | 1,493,100 | 1,004,215 | 497,938 |
| Less: Comprehensive income attributable to noncontrolling interests | 9,628 | 2,537 | 4,044 |
| Comprehensive income attributable to common stockhoolders | 1,483,472 | 1,001,678 | 493,894 |
| Other Comprehensive Income Foreign Currency Translation Gain (Loss) For Net Investment Hedge Arising During Period BeforeTax | (40,390) | 51,950 | 24,116 |
| Other Comprehensive Income Foreign Currency Translation For Net Investment Hedge Arising During Period, Tax | (18,001) | 21,547 | 11,311 |
| Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | (158) | 96 | 175 |
| [1] Foreign currency translation adjustments includes a net loss of $40,390, net of tax benefits of $18,001, for the year ended December 31, 2012 and net gains of $51,950 and $24,116, net of taxes of $21,547 and $11,311, for the years ended December 31, 2011 and 2010, respectively, associated with hedges of foreign denominated net assets. 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 subsidiarie | |||
| [2] Net of tax benefits of $158 for the year ended December 31, 2012 and taxes of $96 and $175 for the years ended December 31, 2011, and 2010, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BOOKING HOLDINGS INC. | |||
Ticker: BKNG Fiscal Year: 2012 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Dec 31, 2012 10-K/A (Amendment Filed: Feb 27, 2013) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| OPERATING ACTIVITIES: | |||
| Net income | $ 1,424,037 | 1,059,131 | 528,142 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 32,818 | 20,648 | 16,209 |
| Amortization | 32,323 | 33,176 | 34,255 |
| Provision for uncollectible accounts, net | 16,094 | 9,331 | 7,102 |
| Deferred income tax expense | 19,596 | 44,747 | 37,540 |
| Stock-based compensation and other stock based payments | 72,035 | 66,194 | 68,396 |
| Amortization of debt issuance costs | 5,212 | 2,360 | 3,332 |
| Amortization of debt discount | 39,820 | 21,414 | 20,110 |
| Loss on early extinguishment of debt | 0 | 32 | 11,334 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (105,277) | (125,793) | (29,275) |
| Prepaid expenses and other current assets | (40,793) | 12,213 | (22,373) |
| Accounts payable, accrued expenses and other current liabilities | 256,021 | 210,325 | 84,750 |
| Other | 33,864 | (11,966) | 17,775 |
| Net cash provided by operating activities | 1,785,750 | 1,341,812 | 777,297 |
| INVESTING ACTIVITIES: | |||
| Purchase of investments | (6,352,495) | (3,005,397) | (1,813,032) |
| Proceeds from sale of investments | 4,799,412 | 2,229,563 | 1,071,669 |
| Additions to property and equipment | (55,158) | (46,833) | (22,593) |
| Acquisitions and other equity investments, net of cash acquired | (33,861) | (68,192) | (112,405) |
| Proceeds from foreign currency contracts | 86,159 | 31,045 | 44,564 |
| Payments on foreign currency contracts | (4,014) | (42,032) | (9,561) |
| Change in restricted cash | (2,756) | (2,922) | 260 |
| Net cash used in investing activities | (1,562,713) | (904,768) | (841,098) |
| FINANCING ACTIVITIES: | |||
| Proceeds from the issuance of convertible senior notes | 1,000,000 | 575,000 | |
| Payment of debt issuance costs | (20,916) | (13,334) | |
| Payments related to conversion of senior notes | (1) | (213) | (295,401) |
| Repurchase of common stock | (257,021) | (163,171) | (129,445) |
| Payments to purchase subsidiary shares from noncontrolling interests | (61,079) | (12,986) | 0 |
| Proceeds from the sale of subsidiary shares to noncontrolling interests | 0 | 4,311 | |
| Proceeds from exercise of stock options | 2,683 | 4,302 | 25,751 |
| Proceeds from the termination of conversion spread hedges | 0 | 42,984 | |
| Excess tax benefit from stock-based compensation | 5,189 | 21,041 | 3,091 |
| Net cash provided by (used in) financing activities | 668,855 | (151,027) | 212,957 |
| Effect of exchange rate changes on cash and cash equivalents | 11,621 | (12,148) | 7,670 |
| Net increase in cash and cash equivalents | 903,513 | 273,869 | 156,826 |
| Cash and cash equivalents, beginning of period | 632,836 | 358,967 | |
| Cash and cash equivalents, end of period | 1,536,349 | 632,836 | 358,967 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Cash paid during the period for income taxes | 300,539 | 232,762 | 169,320 |
| Cash paid during the period for interest | 13,933 | 7,573 | 4,901 |
| Non-cash fair value increase for redeemable noncontrolling interests | 84,693 | 91,743 | 7,876 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BOOKING HOLDINGS INC. | ||
Ticker: BKNG Fiscal Year: 2012 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Dec 31, 2012 10-K/A (Amendment Filed: Feb 27, 2013) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2012 | Dec 31, 2011 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,536,349 | 632,836 |
| Restricted cash | 6,641 | 3,771 |
| Short-term investments | 3,646,845 | 2,024,827 |
| Accounts receivable, net of allowance for doubtful accounts of $10,322 and $6,103, respectively | 367,512 | 264,453 |
| Prepaid expenses and other current assets | 84,290 | 104,202 |
| Deferred income taxes | 40,738 | 36,755 |
| Total current assets | 5,682,375 | 3,066,844 |
| Property and equipment, net | 89,269 | 64,322 |
| Intangible assets, net | 208,113 | 200,151 |
| Goodwill | 522,672 | 504,784 |
| Deferred income taxes | 31,485 | 111,080 |
| Other assets | 35,828 | 23,490 |
| Total assets | 6,569,742 | 3,970,671 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 184,648 | 146,867 |
| Accrued expenses and other current liabilities | 387,911 | 222,134 |
| Deferred merchant bookings | 368,823 | 239,157 |
| Convertible debt (see Note 11) | 520,344 | 497,640 |
| Total current liabilities | 1,461,726 | 1,105,798 |
| Deferred income taxes | 45,159 | 46,990 |
| Other long-term liabilities | 68,944 | 39,183 |
| Convertible debt (See Note 11) | 881,996 | 0 |
| Total liabilities | 2,457,825 | 1,191,971 |
| Commitments and Contingencies (see Note 16) | ||
| Redeemable noncontrolling interests (see Note 13) | 160,287 | 127,045 |
| Convertible debt (see Note 11) | 54,655 | 77,360 |
| Stockholders' equity: | ||
| Common stock, $0.008 par value, authorized 1,000,000,000 shares, 58,055,586 and 57,578,431 shares issued, respectively | 450 | 446 |
| Treasury stock, 8,184,787 and 7,779,645 shares, respectively | (1,060,607) | (803,586) |
| Additional paid-in capital | 2,612,197 | 2,431,279 |
| Accumulated earnings | 2,368,611 | 1,033,738 |
| Accumulated other comprehensive loss | (23,676) | (87,582) |
| Total stockholders' equity | 3,896,975 | 2,574,295 |
| Total liabilities and stockholders' equity | 6,569,742 | 3,970,671 |
| External Links | |
| BOOKING HOLDINGS INC. (BKNG) Fiscal Year 2012 | |
| Statements of 10-K/A in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K/A in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K/A in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |