10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||||||||||||
| |||||||||||||
|
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BOOKING HOLDINGS INC. | |||
Ticker: BKNG Fiscal Year: 2015 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 17, 2016) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Agency revenues | $ 6,527,898 | 5,845,802 | 4,410,689 |
| Merchant revenues | 2,082,973 | 2,186,054 | 2,211,474 |
| Advertising and other revenues | 613,116 | 410,115 | 171,143 |
| Total revenues | 9,223,987 | 8,441,971 | 6,793,306 |
| Cost of revenues | 632,180 | 857,841 | 1,077,420 |
| Gross profit | 8,591,807 | 7,584,130 | 5,715,886 |
| Operating expenses: | |||
| Advertising Online | 2,797,237 | 2,360,221 | 1,798,645 |
| Advertising Offline | 214,685 | 231,309 | 127,459 |
| Sales and marketing | 353,221 | 310,910 | 235,817 |
| Personnel, including stock-based compensation of $247,395, $186,425 and $140,526, respectively | 1,166,226 | 950,191 | 698,692 |
| General and administrative | 415,420 | 352,869 | 252,994 |
| Information technology | 113,617 | 97,498 | 71,890 |
| Depreciation and amortization | 272,494 | 207,820 | 117,975 |
| Total operating expenses | 5,332,900 | 4,510,818 | 3,303,472 |
| Operating income | 3,258,907 | 3,073,312 | 2,412,414 |
| Other income (expense): | |||
| Interest income | 55,729 | 13,933 | 4,167 |
| Interest expense | (160,229) | (88,353) | (83,289) |
| Foreign currency transactions and other | (26,087) | (9,444) | (36,755) |
| Total other income (expense) | (130,587) | (83,864) | (115,877) |
| Earnings before income taxes | 3,128,320 | 2,989,448 | 2,296,537 |
| Income tax expense | 576,960 | 567,695 | 403,739 |
| Net income | 2,551,360 | 2,421,753 | 1,892,798 |
| Less: net income attributable to noncontrolling interests | 0 | 0 | 135 |
| Net income applicable to common stockholders | 2,551,360 | 2,421,753 | 1,892,663 |
| Net income applicable to common stockholders per basic common share | 50.09 | 46.30 | 37.17 |
| Weighted average number of basic common shares outstanding | 50,940 | 52,301 | 50,924 |
| Net income applicable to common stockholders per diluted common share | 49.45 | 45.67 | 36.11 |
| Weighted average number of diluted common shares outstanding | 51,593 | 53,023 | 52,413 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BOOKING HOLDINGS INC. | |||
Ticker: BKNG Fiscal Year: 2015 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 17, 2016) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Net income | $ 2,551,360 | 2,421,753 | 1,892,798 |
| Other comprehensive income (loss), net of tax | |||
| Foreign currency translation adjustments | (114,505) | (187,356) [1] | 97,970 |
| Unrealized gain (loss) on marketable securities | 619,259 | (157,275) [2] | 21 |
| Comprehensive income | 3,056,114 | 2,077,122 | 1,990,789 |
| Less: Comprehensive loss attributable to redeemable noncontrolling interests | 0 | 0 | (10,279) |
| Comprehensive income attributable to common stockholders | 3,056,114 | 2,077,122 | 2,001,068 |
| Foreign currency translation adjustment for net investment hedges arising during the period, tax (tax benefit) | 60,418 | 55,597 | (55,001) |
| Unrealized gain (loss) on marketable securities arising during period, tax (tax benefit) | 1,551 | (7,621) | (43) |
| [1] Foreign currency translation adjustments includes a tax of $60,418 and $55,597 for the years ended December 31, 2015 and 2014, respectively, and a tax benefit of $55,001 for the year ended December 31, 2013, associated with net investment hedges (See Note 13). The remaining balance in foreign 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 14). | |||
| [2] Net of tax of $1,551 for the year ended December 31, 2015 and net of tax benefits of $7,621 and $43 for the years ended December 31, 2014 and 2013, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BOOKING HOLDINGS INC. | |||
Ticker: BKNG Fiscal Year: 2015 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 17, 2016) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| OPERATING ACTIVITIES: | |||
| Net income | $ 2,551,360 | 2,421,753 | 1,892,798 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 101,517 | 78,241 | 48,365 |
| Amortization | 170,977 | 129,579 | 69,610 |
| Provision for uncollectible accounts, net | 24,324 | 22,990 | 16,451 |
| Deferred income tax expense (benefit) | (61,335) | 31,707 | (11,104) |
| Stock-based compensation expense and other stock-based payments | 249,133 | 189,292 | 142,098 |
| Amortization of debt issuance costs | 7,578 | 5,229 | 7,898 |
| Amortization of debt discount | 66,687 | 54,731 | 55,718 |
| Loss on early extinguishment of debt | 3 | 6,270 | 26,661 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (68,694) | (182,209) | (111,572) |
| Prepaid expenses and other current assets | (81,611) | (48,932) | (6,909) |
| Accounts payable, accrued expenses and other current liabilities | 166,201 | 203,870 | 182,163 |
| Other | (23,909) | 1,876 | (10,741) |
| Net cash provided by operating activities | 3,102,231 | 2,914,397 | 2,301,436 |
| INVESTING ACTIVITIES: | |||
| Purchase of investments | 8,669,690 | 10,552,214 | 9,955,800 |
| Proceeds from sale of investments | 5,084,238 | 10,902,500 | 8,291,283 |
| Additions to property and equipment | (173,915) | (131,504) | (84,445) |
| Acquisitions and other equity investments, net of cash acquired | (140,338) | (2,496,366) | (331,918) |
| Proceeds from foreign currency contracts | 453,818 | 14,354 | 3,266 |
| Payments on foreign currency contracts | (448,640) | (94,661) | (81,870) |
| Change in restricted cash | 9 | 9,347 | (2,783) |
| Net cash used in investing activities | (3,894,518) | (2,348,544) | (2,162,267) |
| FINANCING ACTIVITIES: | |||
| Proceeds from revolving credit facility | 225,000 | 995,000 | 0 |
| Payments related to revolving credit facility | (225,000) | (995,000) | 0 |
| Proceeds from the issuance of long-term debt | 2,399,034 | 2,264,753 | 978,982 |
| Payment of debt issuance costs - revolving credit facility | (4,005) | 0 | 0 |
| Payments related to conversion of senior notes | (147,629) | (125,136) | (414,569) |
| Repurchase of common stock | (3,089,055) | (750,378) | (883,515) |
| Payments of contingent consideration | (10,700) | 0 | 0 |
| Payments to purchase subsidiary shares from noncontrolling interests | 0 | 0 | (192,530) |
| Payments of stock issuance costs | 0 | 0 | (1,191) |
| Proceeds from exercise of stock options | 20,851 | 16,389 | 91,607 |
| Proceeds from the termination of conversion spread hedges | 0 | 0 | 19 |
| Excess tax benefits on stock-based awards | 101,508 | 23,366 | 17,686 |
| Net cash (used in) provided by financing activities | (729,996) | 1,428,994 | (403,511) |
| Effect of exchange rate changes on cash and cash equivalents | (149,103) | (136,190) | 17,987 |
| Net (decrease) increase in cash and cash equivalents | (1,671,386) | 1,858,657 | (246,355) |
| Cash and cash equivalents, beginning of period | 3,148,651 | 1,289,994 | |
| Cash and cash equivalents, end of period | 1,477,265 | 3,148,651 | 1,289,994 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Cash paid during the period for income taxes | 534,105 | 491,530 | 391,169 |
| Cash paid during the period for interest | 54,299 | 16,950 | 20,954 |
| Non-cash fair value increase for redeemable noncontrolling interests | 0 | 42,522 | |
| Non-cash investing activity for contingent consideration | 9,170 | 10,700 | 0 |
| Non-cash financing activity for acquisitions | 0 | 13,751 | 1,546,748 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BOOKING HOLDINGS INC. | ||
Ticker: BKNG Fiscal Year: 2015 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Dec 31, 2015 10-K (Filed: Feb 17, 2016) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2015 | Dec 31, 2014 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,477,265 | 3,148,651 |
| Restricted cash | 806 | 843 |
| Short-term investments | 1,171,246 | 1,142,182 |
| Accounts receivable, net of allowance for doubtful accounts of $15,014 and $14,212, respectively | 645,169 | 643,894 |
| Prepaid expenses and other current assets | 258,751 | 178,050 |
| Total current assets | 3,553,237 | 5,113,620 |
| Property and equipment, net | 274,786 | 198,953 |
| Intangible assets, net | 2,167,533 | 2,334,761 |
| Goodwill | 3,375,000 | 3,326,474 |
| Long-term investments | 7,931,363 | 3,755,653 |
| Other assets | 118,656 | 41,516 |
| Total assets | 17,420,575 | 14,770,977 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 322,842 | 281,480 |
| Accrued expenses and other current liabilities | 681,587 | 599,515 |
| Deferred merchant bookings | 434,881 | 460,558 |
| Convertible debt | 0 | 37,150 |
| Total current liabilities | 1,439,310 | 1,378,703 |
| Deferred income taxes | 892,576 | 897,848 |
| Other long-term liabilities | 134,777 | 103,533 |
| Long-term debt | 6,158,443 | 3,823,870 |
| Total liabilities | 8,625,106 | 6,203,954 |
| Commitments and Contingencies (See Note 15) | ||
| Convertible debt | 0 | 329 |
| Stockholders' equity: | ||
| Common stock, $0.008 par value, authorized 1,000,000,000 shares, 62,039,516 and 61,821,097 shares issued, respectively | 482 | 480 |
| Treasury stock, 12,427,945 and 9,888,024, respectively | (5,826,640) | (2,737,585) |
| Additional paid-in capital | 5,184,910 | 4,923,196 |
| Accumulated earnings | 9,191,865 | 6,640,505 |
| Accumulated other comprehensive income (loss) | 244,852 | (259,902) |
| Total stockholders' equity | 8,795,469 | 8,566,694 |
| Total liabilities and stockholders' equity | 17,420,575 | 14,770,977 |
| External Links | |
| BOOKING HOLDINGS INC. (BKNG) Fiscal Year 2015 | |
| 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 |