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: 2018 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Agency revenues | $ 10,480 | ||
| Agency revenues | 9,714 | 7,982 | |
| Merchant revenues | 2,987 | ||
| Merchant revenues | 2,133 | 2,048 | |
| Advertising and other revenues | 1,060 | 834 | 713 |
| Total revenues | 14,527 | 12,681 | 10,743 |
| Cost of revenues | 242 | 415 | |
| Gross profit | 12,439 | 10,328 | |
| Operating expenses: | |||
| Performance marketing | 4,447 | 4,161 | 3,479 |
| Brand marketing | 509 | 435 | 327 |
| Sales and other expenses | 830 | 517 | 422 |
| Personnel, including stock-based compensation of $317, $261 and $250, respectively | 2,042 | 1,660 | 1,350 |
| General and administrative | 699 | 576 | 452 |
| Information technology | 233 | 189 | 142 |
| Depreciation and amortization | 426 | 363 | 309 |
| Impairment of goodwill | 0 | 0 | 941 |
| Total operating expenses | 9,186 | 7,901 | 7,422 |
| Operating income | 5,341 | 4,538 | 2,906 |
| Other (expense) income: | |||
| Interest income | 187 | 157 | 95 |
| Interest expense | (269) | (254) | (208) |
| Net unrealized losses on marketable equity securities | (367) | 0 | 0 |
| Impairment of investments | 0 | ||
| Impairment of investments | (8) | (63) | |
| Foreign currency transactions and other | (57) | (34) | (17) |
| Total other expense | (506) | (139) | (193) |
| Earnings before income taxes | 4,835 | 4,399 | 2,713 |
| Income tax expense | 837 | 2,058 | 578 |
| Net income | 3,998 | 2,341 [1] | 2,135 |
| Net income applicable to common stockholders per basic common share | 84.26 | 47.78 | 43.14 |
| Weighted-average number of basic common shares outstanding (in 000's) | 47,446 | 48,994 | 49,491 |
| Net income applicable to common stockholders per diluted common share | 83.26 | 46.86 | 42.65 |
| Weighted-average number of diluted common shares outstanding (in 000's) | 48,017 | 49,954 | 50,063 |
| [1] The Company realized net gains of $1 million related to investments in debt securities sold for both years ended December 31, 2017 and 2016. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BOOKING HOLDINGS INC. | |||
Ticker: BKNG Fiscal Year: 2018 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Other comprehensive income (loss), net of tax | |||
| Net income | $ 3,998 | 2,341 [1] | 2,135 |
| Foreign currency translation adjustments | (114) [2] | 297 | (95) |
| Net unrealized gain (loss) on marketable securities | (199) [3] | 76 | (285) |
| Comprehensive income | 3,685 | 2,714 | 1,755 |
| Other Comprehensive Income (Loss), Equity Securities, Reclassification Adjustments to Retained Earnings (ASU 2016-01), Tax | 58 | 0 | 0 |
| Net realized gains related to investments | 1 | 1 | |
| Tax (benefit) associated with gain (loss) on foreign currency translation | 12 | ||
| Net unrealized gain (loss) on marketable securities which are non-taxable in the Netherlands | (190) | 86 | (332) |
| Other Comprehensive Income (Loss), Available-for-sale Securities, Taxable | (7) | 71 | 62 |
| Tax (benefit) associated with gain (loss) on marketable securities | (2) | 81 | 15 |
| Location in foreign currency translation adjustments | |||
| Currency translation adjustment on deemed repatriation tax liability | |||
| Tax (benefit) associated with gain (loss) on foreign currency translation | (41) | ||
| Net Investment Hedging | |||
| Tax (benefit) associated with gain (loss) on foreign currency translation | 53 | (175) | 34 |
| Income Tax Authority | |||
| The Netherlands | |||
| Tax (benefit) associated with gain (loss) on marketable securities | (2) | 18 | 15 |
| Domestic Tax Authority | |||
| Tax (benefit) associated with gain (loss) on marketable securities | 63 | ||
| [1] The Company realized net gains of $1 million related to investments in debt securities sold for both years ended December 31, 2017 and 2016. | |||
| [2] Foreign currency translation adjustments result from currency fluctuations on the translation of the Company's non-U.S. Dollar denominated net assets, net of the impact of net investment hedges. During the year ended December 31, 2018, the Company recorded a tax benefit of $41 million related to foreign currency translation adjustments to its one-time deemed repatriation tax liability recorded at December 31, 2017 and current year foreign earnings subject to U.S. federal and state income tax, resulting from | |||
| [3] For periods beginning after December 31, 2017, marketable equity securities are reported at estimated fair value with changes in fair value recognized in net income rather than accumulated other comprehensive income within stockholders' equity, pursuant to the adoption of the accounting update on financial instruments in 2018 (see Note 2). | Net unrealized losses before tax on marketable securities of $190 million, net unrealized gains of $86 million and net unrealized losses of $332 million for the years e | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BOOKING HOLDINGS INC. | |||
Ticker: BKNG Fiscal Year: 2018 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net income | $ 3,998 | 2,341 [1] | 2,135 |
| OPERATING ACTIVITIES: | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 248 | 187 | 140 |
| Amortization | 178 | 176 | 169 |
| Provision for uncollectible accounts | 163 | 62 | 46 |
| Deferred income tax benefit | (150) | (32) | (112) |
| Net unrealized losses on marketable equity securities | 367 | 0 | 0 |
| Stock-based compensation expense and other stock-based payments | 331 | 261 | 250 |
| Amortization of debt issuance costs | 7 | 9 | 8 |
| Amortization of debt discount | 52 | 70 | 69 |
| Loss on early extinguishment of debt | 0 | 2 | 0 |
| Impairment of goodwill | 0 | 0 | 941 |
| Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | 0 | ||
| Impairment of investments | 8 | 63 | |
| Excess tax benefits on stock-based awards and other equity deductions | 0 | 0 | 61 |
| Contingent consideration fair value adjustment | 19 | 0 | 0 |
| Changes in assets and liabilities, net of effects of acquisitions: | |||
| Accounts receivable | (319) | (270) | (284) |
| Prepaid expenses and other current assets | (201) | (124) | 5 |
| Accounts payable, accrued expenses and other current liabilities | 635 | 687 | 514 |
| Long-term U.S. transition tax liability | 40 | 1,251 | 0 |
| Other long-term assets and liabilities | (30) | 34 | (21) |
| Net cash provided by operating activities | 5,338 | 4,662 | 3,984 |
| INVESTING ACTIVITIES: | |||
| Purchase of investments | (2,686) | (6,941) | (6,748) |
| Proceeds from sale of investments | 5,616 | 3,580 | 3,684 |
| Additions to property and equipment | (442) | (288) | (220) |
| Acquisitions and other investments, net of cash acquired | (273) | (553) | (1) |
| Acquisition of land-use rights | 0 | 0 | (48) |
| Net cash provided by (used in) investing activities | 2,215 | (4,202) | (3,333) |
| FINANCING ACTIVITIES: | |||
| Proceeds from short-term borrowing | 25 | 0 | 0 |
| Proceeds from the issuance of long-term debt | 0 | 2,045 | 995 |
| Payments for conversion of senior notes | (1,487) | (286) | 0 |
| Repayment of debt | 0 | (15) | 0 |
| Payments for repurchase of common stock | (5,971) | (1,828) | (1,012) |
| Proceeds from exercise of stock options | 2 | 5 | 16 |
| Net cash used in financing activities | (7,431) | (79) | (1) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | (40) | 100 | (46) |
| Net increase in cash, cash equivalents and restricted cash and cash equivalents | 82 | 481 | 604 |
| Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 2,563 | 2,082 | |
| Total cash and cash equivalents and restricted cash and cash equivalent, end of period | 2,645 | 2,563 | 2,082 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Cash paid during the period for income taxes | 1,169 | 702 | 637 |
| Cash paid during the period for interest | 219 | 155 | 126 |
| Non-cash operating and financing activity for an acquisition (See Note 18) | 51 | 0 | 0 |
| Non-cash investing and financing activity for an acquisition (See Note 18) | 59 | 0 | 0 |
| [1] The Company realized net gains of $1 million related to investments in debt securities sold for both years ended December 31, 2017 and 2016. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BOOKING HOLDINGS INC. | ||
Ticker: BKNG Fiscal Year: 2018 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 2,624 | 2,542 |
| Short-term investments in marketable securities | 3,660 | 4,860 |
| Accounts receivable, net of allowance for doubtful accounts of $61 and $39, respectively | 1,523 | 1,218 |
| Prepaid expenses and other current assets | 600 | 415 |
| Total current assets | 8,407 | 9,035 |
| Property and equipment, net | 656 | 480 |
| Intangible assets, net | 2,125 | 2,177 |
| Goodwill | 2,910 | 2,738 |
| Long-term investments | 8,408 | 10,873 |
| Other assets | 181 | 148 |
| Total assets | 22,687 | 25,451 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 1,134 | 668 |
| Accrued expenses and other current liabilities | 1,399 | 1,139 |
| Deferred merchant bookings | 1,022 | 980 |
| Convertible debt | 0 | 711 |
| Total current liabilities | 3,555 | 3,498 |
| Deferred income taxes | 370 | 481 |
| Long-term U.S. transition tax liability | 1,166 | 1,251 |
| Other long-term liabilities | 162 | 147 |
| Long-term debt | 8,649 | 8,810 |
| Total liabilities | 13,902 | 14,187 |
| Commitments and Contingencies (See Note 14) | ||
| Convertible debt | 0 | 3 |
| Stockholders' equity: | ||
| Common stock, $0.008 par value, authorized 1,000,000,000 shares, 62,948,762 and 62,689,097 shares issued, respectively | 0 | 0 |
| Treasury stock, 17,317,126 and 14,216,819 shares, respectively | (14,711) | (8,699) |
| Additional paid-in capital | 5,445 | 5,783 |
| Retained earnings | 18,367 | 13,939 |
| Accumulated other comprehensive income (loss) | (316) | 238 |
| Total stockholders' equity | 8,785 | 11,261 |
| Total liabilities and stockholders' equity | 22,687 | 25,451 |
| External Links | |
| BOOKING HOLDINGS INC. (BKNG) Fiscal Year 2018 | |
| 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 |