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: 2016 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 27, 2017) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Agency revenues | $ 7,982,116 | 6,527,898 | 5,845,802 |
| Merchant revenues | 2,048,005 | 2,082,973 | 2,186,054 |
| Advertising and other revenues | 712,885 | 613,116 | 410,115 |
| Total revenues | 10,743,006 | 9,223,987 | 8,441,971 |
| Cost of revenues | 428,314 | 632,180 | 857,841 |
| Gross profit | 10,314,692 | 8,591,807 | 7,584,130 |
| Operating expenses: | |||
| Performance advertising | 3,479,287 | 2,738,218 | 2,334,453 |
| Brand advertising | 295,698 | 273,704 | 257,077 |
| Sales and marketing | 435,225 | 353,221 | 310,910 |
| Personnel, including stock-based compensation of $249,574, $247,395, and $186,425, respectively | 1,350,032 | 1,166,226 | 950,191 |
| General and administrative | 455,909 | 415,420 | 352,869 |
| Information technology | 142,393 | 113,617 | 97,498 |
| Depreciation and amortization | 309,135 | 272,494 | 207,820 |
| Impairment of goodwill | 940,700 | 0 | 0 |
| Total operating expenses | 7,408,379 | 5,332,900 | 4,510,818 |
| Operating income | 2,906,313 | 3,258,907 | 3,073,312 |
| Other income (expense): | |||
| Interest income | 94,946 | 55,729 | 13,933 |
| Interest expense | (207,900) | (160,229) | (88,353) |
| Foreign currency transactions and other | (16,913) | (26,087) | (9,444) |
| Impairment of cost-method investments | (63,208) | 0 | 0 |
| Total other expense | (193,075) | (130,587) | (83,864) |
| Earnings before income taxes | 2,713,238 | 3,128,320 | 2,989,448 |
| Income tax expense | 578,251 | 576,960 | 567,695 |
| Net income | 2,134,987 | 2,551,360 | 2,421,753 |
| Net income applicable to common stockholders per basic common share | 43.14 | 50.09 | 46.30 |
| Weighted-average number of basic common shares outstanding | 49,491 | 50,940 | 52,301 |
| Net income applicable to common stockholders per diluted common share | 42.65 | 49.45 | 45.67 |
| Weighted-average number of diluted common shares outstanding | 50,063 | 51,593 | 53,023 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BOOKING HOLDINGS INC. | |||
Ticker: BKNG Fiscal Year: 2016 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 27, 2017) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Net income | $ 2,134,987 | 2,551,360 | 2,421,753 |
| Other comprehensive income (loss), net of tax | |||
| Foreign currency translation adjustments | (93,984) [1] | (114,505) | (187,356) |
| Unrealized gain (loss) on marketable securities | (285,552) | 619,259 | (157,275) [2] |
| Comprehensive income | 1,755,451 | 3,056,114 | 2,077,122 |
| Currency translation adjustment, tax (benefit) | 34,268 | 60,418 | 55,597 |
| Unrealized gain (loss) on marketable securities, tax (benefit) | 15,313 | 1,551 | (7,621) |
| [1] Foreign currency translation adjustments includes a tax charge of $34,268, $60,418 and $55,597 for the years ended December 31, 2016, 2015 and 2014, respectively, associated with net investment hedges (See Note 12). The remaining balance in foreign currency translation adjustments excludes income taxes as a result of the Company's intention to indefinitely reinvest the earnings of its international subsidiaries outside of the United States (See Note 13). | |||
| [2] Net of a tax charge of $15,313 and $1,551 for the years ended December 31, 2016 and 2015, respectively, and net of a tax benefit of $7,621 for the year ended December 31, 2014. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BOOKING HOLDINGS INC. | |||
Ticker: BKNG Fiscal Year: 2016 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 27, 2017) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| OPERATING ACTIVITIES: | |||
| Net income | $ 2,134,987 | 2,551,360 | 2,421,753 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 140,059 | 101,517 | 78,241 |
| Amortization | 169,076 | 170,977 | 129,579 |
| Provision for uncollectible accounts, net | 46,241 | 24,324 | 22,990 |
| Deferred income tax expense (benefit) | (111,905) | (61,335) | 31,707 |
| Stock-based compensation expense and other stock-based payments | 249,726 | 249,133 | 189,292 |
| Amortization of debt issuance costs | 7,758 | 7,578 | 5,229 |
| Amortization of debt discount | 68,974 | 66,687 | 54,731 |
| Loss on early extinguishment of debt | 0 | 3 | 6,270 |
| Impairment of goodwill | 940,700 | 0 | 0 |
| Impairment of cost-method investments | 63,208 | 0 | 0 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (284,221) | (68,694) | (182,209) |
| Prepaid expenses and other current assets | 5,495 | (81,611) | (48,932) |
| Accounts payable, accrued expenses and other current liabilities | 516,356 | 166,201 | 203,870 |
| Other | (21,757) | (23,909) | 1,876 |
| Net cash provided by operating activities | 3,924,697 | 3,102,231 | 2,914,397 |
| INVESTING ACTIVITIES: | |||
| Purchase of investments | (6,741,202) | (8,669,690) | (10,552,214) |
| Proceeds from sale of investments | 3,684,103 | 5,084,238 | 10,902,500 |
| Additions to property and equipment | (219,889) | (173,915) | (131,504) |
| Acquisitions and other investments, net of cash acquired | (7,813) | (140,338) | (2,496,366) |
| Acquisition of land use rights | (48,494) | 0 | 0 |
| Proceeds from foreign currency contracts | 0 | 453,818 | 14,354 |
| Payments on foreign currency contracts | 0 | (448,640) | (94,661) |
| Net cash used in investing activities | (3,333,295) | (3,894,527) | (2,357,891) |
| FINANCING ACTIVITIES: | |||
| Proceeds from revolving credit facility | 0 | 225,000 | 995,000 |
| Payments related to revolving credit facility | 0 | (225,000) | (995,000) |
| Proceeds from the issuance of long-term debt | 994,705 | 2,399,034 | 2,264,753 |
| Payment of debt issuance costs - revolving credit facility | 0 | (4,005) | 0 |
| Payments related to conversion of senior notes | 0 | (147,629) | (125,136) |
| Repurchase of common stock | (1,013,526) | (3,089,055) | (750,378) |
| Payments of contingent consideration | 0 | (10,700) | 0 |
| Proceeds from exercise of stock options | 15,572 | 20,851 | 16,389 |
| Excess tax benefits on stock-based awards and other equity deductions | 60,986 | 101,508 | 23,366 |
| Net cash provided by (used in) financing activities | 57,737 | (729,996) | 1,428,994 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (45,203) | (149,131) | (136,476) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 603,936 | (1,671,423) | 1,849,024 |
| Cash, cash equivalents and restricted cash, beginning of period | 1,478,071 | 3,149,494 | |
| Cash, cash equivalents and restricted cash, end of period | 2,082,007 | 1,478,071 | 3,149,494 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Cash paid during the period for income taxes | 636,550 | 534,105 | 491,530 |
| Cash paid during the period for interest | 125,912 | 54,299 | 16,950 |
| Non-cash investing activity for contingent consideration | 0 | 9,170 | 10,700 |
| Non-cash financing activity for acquisitions | 0 | 0 | 13,751 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BOOKING HOLDINGS INC. | ||
Ticker: BKNG Fiscal Year: 2016 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Dec 31, 2016 10-K (Filed: Feb 27, 2017) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2016 | Dec 31, 2015 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 2,081,075 | 1,477,265 |
| Short-term investments | 2,218,880 | 1,171,246 |
| Accounts receivable, net of allowance for doubtful accounts of $25,565 and $15,014, respectively | 860,115 | 645,169 |
| Prepaid expenses and other current assets | 241,449 | 259,557 |
| Total current assets | 5,401,519 | 3,553,237 |
| Property and equipment, net | 347,017 | 274,786 |
| Intangible assets, net | 1,993,885 | 2,167,533 |
| Goodwill | 2,396,906 | 3,375,000 |
| Long-term investments | 9,591,067 | 7,931,363 |
| Other assets | 108,579 | 118,656 |
| Total assets | 19,838,973 | 17,420,575 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 419,108 | 322,842 |
| Accrued expenses and other current liabilities | 857,467 | 681,587 |
| Deferred merchant bookings | 614,361 | 434,881 |
| Convertible debt | 967,734 | 0 |
| Total current liabilities | 2,858,670 | 1,439,310 |
| Deferred income taxes | 822,334 | 892,576 |
| Other long-term liabilities | 138,767 | 134,777 |
| Long-term debt | 6,170,522 | 6,158,443 |
| Total liabilities | 9,990,293 | 8,625,106 |
| Commitments and Contingencies (See Note 14) | ||
| Convertible debt | 28,538 | 0 |
| Stockholders' equity: | ||
| Common stock, $0.008 par value, authorized 1,000,000,000 shares, 62,379,247 and 62,039,516 shares issued, respectively | 485 | 482 |
| Treasury stock, 13,190,929 and 12,427,945 shares, respectively | (6,855,164) | (5,826,640) |
| Additional paid-in capital | 5,482,653 | 5,184,910 |
| Retained earnings | 11,326,852 | 9,191,865 |
| Accumulated other comprehensive income (loss) | (134,684) | 244,852 |
| Total stockholders' equity | 9,820,142 | 8,795,469 |
| Total liabilities and stockholders' equity | 19,838,973 | 17,420,575 |
| External Links | |
| BOOKING HOLDINGS INC. (BKNG) Fiscal Year 2016 | |
| 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 |