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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported) October 30, 2024
 
Booking Holdings Inc.
(Exact name of registrant as specified in its charter)
 
Delaware1-3669106-1528493
(State or other Jurisdiction of
Incorporation)		(Commission File Number)(IRS Employer Identification No.)
 
800 Connecticut AvenueNorwalkConnecticut06854
(Address of principal executive offices)(zip code)
 
Registrant's telephone number, including area code: (203) 299-8000

N/A 
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐  Soliciting material pursuant to Rule 14a-12  under the Exchange Act (17 CFR 240.14a-12)
 
☐            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class: Trading SymbolName of Each Exchange on which Registered:
Common Stock par value $0.008 per share BKNGThe NASDAQ Global Select Market
0.100% Senior Notes Due 2025BKNG 25The NASDAQ Stock Market LLC
4.000% Senior Notes Due 2026BKNG 26The NASDAQ Stock Market LLC
1.800% Senior Notes Due 2027BKNG 27The NASDAQ Stock Market LLC
0.500% Senior Notes Due 2028BKNG 28The NASDAQ Stock Market LLC
3.625% Senior Notes Due 2028BKNG 28AThe NASDAQ Stock Market LLC
4.250% Senior Notes Due 2029BKNG 29The NASDAQ Stock Market LLC
3.500% Senior Notes Due 2029BKNG 29AThe NASDAQ Stock Market LLC
4.500% Senior Notes Due 2031BKNG 31The NASDAQ Stock Market LLC
3.625% Senior Notes Due 2032BKNG 32The NASDAQ Stock Market LLC
4.125% Senior Notes Due 2033BKNG 33The NASDAQ Stock Market LLC
4.750% Senior Notes Due 2034BKNG 34The NASDAQ Stock Market LLC
3.750% Senior Notes Due 2036BKNG 36The NASDAQ Stock Market LLC
4.000% Senior Notes Due 2044BKNG 44The NASDAQ Stock Market LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.              Results of Operations and Financial Condition.
 
On October 30, 2024, Booking Holdings Inc. announced its financial results for the third quarter ended September 30, 2024. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. Copies of Booking Holdings' consolidated balance sheet at September 30, 2024, consolidated statement of operations for the three and nine months ended September 30, 2024, and consolidated statement of cash flows for the nine months ended September 30, 2024, are included in the financial and statistical supplement attached to the press release. 

The information in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.           Financial Statements and Exhibits.
 
(d)    Exhibits
Exhibit
Number		Description
Press release (which includes a financial and statistical supplement and related information) issued by Booking Holdings Inc. on October 30, 2024 relating to, among other things, its third quarter 2024 earnings.
104Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
 





SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 BOOKING HOLDINGS INC.
  
   
 By:/s/ Ewout L. Steenbergen
  Name:Ewout L. Steenbergen
  Title:Executive Vice President and Chief Financial Officer
 
 
Date:  October 30, 2024




Exhibit 99.1

bhi_rgbxinlinexfullcolorxb.jpg

Booking Holdings Reports Financial Results for 3rd Quarter 2024

NORWALK, CT – October 30, 2024. . . Booking Holdings Inc. (NASDAQ: BKNG) (the "Company," "we," "our," or "us") today reported its third quarter 2024 financial results:
•Room nights booked increased 8% from the prior-year quarter.
•Gross travel bookings, which refers to the total dollar value, generally inclusive of taxes and fees, of all travel services booked by our customers, net of cancellations, were $43.4 billion, an increase of 9% from the prior-year quarter.
•Total revenues were $8.0 billion, an increase of 9% from the prior-year quarter.
•Net income was $2.5 billion, which was in line with the prior-year quarter.
•Net income per diluted common share (EPS) was $74.34, an increase of 7% from the prior-year quarter.
•Adjusted Net income was $2.8 billion, an increase of 9% from the prior-year quarter.
•Adjusted Net income per diluted common share (Adjusted EPS) was $83.89, an increase of 16% from the prior-year quarter.
•Adjusted EBITDA was $3.7 billion, an increase of 12% from the prior-year quarter.
During the quarter, the Company recorded a $365 million accrual related to the proposed settlement of certain Italian indirect tax matters, which has been excluded from Adjusted Net income and Adjusted EBITDA. In addition, the Company recorded a reduction of $250 million to income tax expense based upon a recent U.S. Tax Court decision, which has been excluded from Adjusted Net income. For more information regarding these matters, see Notes 11 and 13 to the Unaudited Consolidated Financial Statements to be filed with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.
The section below under the heading "Non-GAAP Financial Measures" provides definitions and information about the use of non-GAAP financial measures in this press release, including Adjusted Net income, Adjusted EPS, and Adjusted EBITDA, and the attached financial and statistical supplement reconciles non-GAAP financial results with Booking Holdings' financial results under GAAP.
"We are pleased to report third quarter room night growth of 8%, which exceeded our prior expectations, driven primarily by stronger performance in Europe," said Glenn Fogel, Chief Executive Officer of Booking Holdings. "We continue to make progress against our strategic initiatives while driving cost efficiency in our business, which I believe will position our company well for the long term."
Fourth Quarter Dividend
Our Board of Directors declared a cash dividend of $8.75 per share, payable on December 31, 2024, to stockholders of record as of the close of business on December 6, 2024.


1

Non-GAAP Financial Measures
The Unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results.
To supplement the Unaudited Consolidated Financial Statements, the Company uses the following non-GAAP financial measures: Adjusted Net income (loss), Adjusted EPS, Adjusted EBITDA, and Free cash flow (Net cash provided by (used in) operating activities less capital expenditures). The Company also uses information on (i) the impact of the adjustments required to compute Adjusted Net income (loss) and Adjusted EBITDA on Sales and other expenses, General and administrative expenses, Depreciation and amortization expenses, Interest and dividend income, Other income (expense), net, and Income tax expense, as reported in the Company's consolidated statements of operations, as applicable, and (ii) Adjusted fixed operating expenses, which is Total operating expenses, as reported in the Company's consolidated statements of operations, adjusted to exclude (a) certain operating expenses which are generally more likely to vary based on changes in business volumes and (b) amounts which are excluded in the computation of Adjusted EBITDA. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
The Company uses non-GAAP financial measures for financial and operational decision-making and as a basis to evaluate performance and set targets for employee compensation programs. The Company believes that these non-GAAP financial measures are useful for analysts and investors to evaluate the Company's ongoing operating performance because they facilitate comparison of the Company's results for the current period and projected next-period results to those of prior periods and to those of its competitors (though other companies may calculate similar non-GAAP financial measures differently from those calculated by the Company). These non-GAAP financial measures, in particular Adjusted Net income (loss), Adjusted EBITDA and Free cash flow, are not intended to represent funds available for Booking Holdings' discretionary use and are not intended to represent or to be used as a substitute for Operating income (loss), Net income (loss) or Net cash provided by (used in) operating activities as measured under GAAP. The items excluded from these non-GAAP measures, but included in the calculation of their closest GAAP equivalent, are significant components of the Company's consolidated statements of operations and cash flows and must be considered in performing a comprehensive assessment of overall financial performance.
Adjusted Net income (loss) is Net income (loss) with the following adjustments:
•excludes accruals related to the Netherlands pension fund matter (recorded during the year ended December 31, 2023),
•excludes accruals related to the fine imposed by the Spanish competition authority,
•excludes accruals related to settlements of certain indirect tax matters,
•excludes the termination fee related to an acquisition agreement,
•excludes amortization expense of intangible assets,
•excludes gains and losses on equity securities with readily determinable fair values,
•     excludes the impact, if any, of significant gains and losses on the sale of and impairment and credit losses on investments in available-for-sale debt securities and significant gains and losses on the sale of and impairment and other valuation adjustments on investments in equity securities without readily determinable fair values,
•excludes foreign currency transaction gains and losses on the remeasurement of Euro-denominated debt and accrued interest that are not designated as hedging instruments for accounting purposes and debt-related foreign currency derivative instruments used as economic hedges,
•excludes accruals related to the Canadian digital services taxes for the years ended December 31, 2022 and 2023 enacted in June 2024 with retrospective effect,
•excludes interest received on tax payments refunded pursuant to settlement with authorities,
•excludes adjustments to the one-time deemed repatriation income tax liability resulting from the U.S. Tax Cuts and Jobs Act ("Tax Act") enacted in December 2017,
•excludes the impact of net unrecognized tax benefits related to certain income tax matters, and
2

•     the income tax impact of the non-GAAP adjustments mentioned above and changes in tax estimates, as applicable.
In the event the Company reports a GAAP Net income but an Adjusted Net loss, dilutive shares that are included in the GAAP weighted-average number of diluted common shares outstanding are excluded from the non-GAAP weighted-average number of diluted common shares outstanding. In the event the Company reports a GAAP Net loss but an Adjusted Net income, anti-dilutive shares that are excluded from the GAAP weighted-average number of diluted common shares outstanding are included in the non-GAAP weighted-average number of diluted common shares outstanding.
In addition to the adjustments listed above regarding Adjusted Net income (loss), Adjusted EBITDA excludes depreciation expense, interest expense, and to the extent not included in the adjustments listed above, interest and dividend income, and income tax expense (benefit).
We evaluate certain operating and financial measures on both an as-reported and constant-currency basis. We calculate constant currency based on the predominant transactional currency in each country, converting our current-year period results in currencies other than U.S. Dollars using the corresponding prior-year period monthly average exchange rates.
The attached financial and statistical supplement includes reconciliations of our financial results under GAAP to non-GAAP financial information for the three and nine months ended September 30, 2024 and 2023. We are not able to provide a reconciliation between forward-looking Adjusted EBITDA and GAAP Net income (loss) because we cannot predict certain components of such reconciliation without unreasonable effort as they arise from events in future periods.

Information About Forward-Looking Statements
This press release contains forward-looking statements, which reflect the views of the Company's management regarding current expectations based on currently available information about future events. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, such as: adverse changes in market conditions for travel services; the effects of competition; the Company's ability to manage growth and expand; adverse changes in relationships with third parties on which the Company depends; success of the Company's marketing efforts; rapid technological and other market changes; the Company's ability to attract and retain qualified personnel; impacts of impairments and changes in accounting estimates; and other business and industry changes. Other risks and uncertainties relate to cyberattacks and information security; taxes; laws and regulations; the Company's facilitation of payments; foreign currency exchange rates; the Company's debt levels and stock price volatility; and the success of the Company's investments and acquisition strategy. For a detailed discussion of these and other risk factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements included in this press release, refer to the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any subsequently filed Quarterly Reports on Form 10-Q. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
We will be posting our prepared remarks and a summary earnings presentation to the Booking Holdings investor relations website after the conclusion of the earnings call.

3

About Booking Holdings Inc.
Booking Holdings (NASDAQ: BKNG) is the world's leading provider of online travel and related services, provided to consumers and local partners in more than 220 countries and territories through five primary consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK and OpenTable. The mission of Booking Holdings is to make it easier for everyone to experience the world. For more information, visit BookingHoldings.com and follow us on X @BookingHoldings.
###
For Press Information: Leslie Cafferty communications@bookingholdings.com
For Investor Relations: John Longstreet ir@bookingholdings.com
#BKNG_Earnings
4


Booking Holdings Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
September 30,
2024		December 31,
2023
(Unaudited)
ASSETS  
Current assets:  
Cash and cash equivalents$15,775 $12,107 
Short-term investments (Available-for-sale debt securities:
Amortized cost of $580 at December 31, 2023)		— 576 
Accounts receivable, net (Allowance for expected credit losses of $131 and $137, respectively)3,649 3,253 
Prepaid expenses, net490 644 
Other current assets615 454 
Total current assets20,529 17,034 
Property and equipment, net882 784 
Operating lease assets600 705 
Intangible assets, net1,450 1,613 
Goodwill2,838 2,826 
Long-term investments500 440 
Other assets, net1,179 940 
Total assets$27,978 $24,342 
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable$4,065 $3,480 
Accrued expenses and other current liabilities5,287 4,635 
Deferred merchant bookings4,907 3,254 
Short-term debt2,419 1,961 
Total current liabilities16,678 13,330 
Deferred income taxes191 258 
Operating lease liabilities508 599 
Long-term U.S. transition tax liability257 515 
Other long-term liabilities204 161 
Long-term debt13,793 12,223 
Total liabilities31,631 27,086 
Commitments and contingencies
Stockholders' deficit:  
Common stock, $0.008 par value,
Authorized shares: 1,000,000,000
Issued shares: 64,265,798 and 64,048,000, respectively
— — 
Treasury stock: 31,089,462 and 29,650,351 shares, respectively
(46,734)(41,426)
Additional paid-in capital7,635 7,175 
Retained earnings35,749 31,830 
Accumulated other comprehensive loss(303)(323)
Total stockholders' deficit(3,653)(2,744)
Total liabilities and stockholders' deficit$27,978 $24,342 
5

Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Merchant revenues$4,972 $3,945 $10,806 $8,467 
Agency revenues2,753 3,135 6,660 7,346 
Advertising and other revenues269 261 802 768 
Total revenues7,994 7,341 18,268 16,581 
Operating expenses:    
Marketing expenses2,151 2,022 5,700 5,340 
Sales and other expenses872 807 2,370 2,094 
Personnel, including stock-based compensation of $148, $128, $432, and $369, respectively
868 788 2,501 2,262 
General and administrative575 305 873 821 
Information technology194 187 564 468 
Depreciation and amortization155 129 434 370 
Total operating expenses4,815 4,238 12,442 11,355 
Operating income3,179 3,103 5,826 5,226 
Interest expense(305)(254)(788)(689)
Interest and dividend income327 289 863 783 
Other income (expense), net(332)11 (173)(250)
Income before income taxes2,869 3,149 5,728 5,070 
Income tax expense352 638 914 1,003 
Net income$2,517 $2,511 $4,814 $4,067 
Net income applicable to common stockholders per basic common share$75.37 $70.62 $142.38 $111.09 
Weighted-average number of basic common shares outstanding (in 000's)33,401 35,570 33,814 36,615 
Net income applicable to common stockholders per diluted common share$74.34 $69.80 $140.45 $110.02 
Weighted-average number of diluted common shares outstanding (in 000's)33,864 35,987 34,278 36,971 


6

Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Nine Months Ended
September 30,
20242023
OPERATING ACTIVITIES:
Net income$4,814 $4,067 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization434 370 
Provision for expected credit losses and chargebacks292 224 
Deferred income tax benefit(75)(409)
Net (gains) losses on equity securities(27)151 
Stock-based compensation expense432 369 
Operating lease amortization114 120 
Unrealized foreign currency transaction losses (gains) related to Euro-denominated debt108 (2)
Other— 3 
Changes in assets and liabilities:
Accounts receivable(651)(1,506)
Prepaid expenses and other current assets12 96 
Deferred merchant bookings and other current liabilities2,308 2,644 
Other(159)(129)
Net cash provided by operating activities7,602 5,998 
INVESTING ACTIVITIES:
Proceeds from sale and maturity of investments590 1,785 
Additions to property and equipment(353)(251)
Other investing activities(33)(9)
Net cash provided by investing activities204 1,525 
FINANCING ACTIVITIES:
Proceeds from the issuance of long-term debt2,959 1,893 
Payment on maturity of debt(1,114)(500)
Payments for repurchase of common stock (5,282)(7,889)
Dividends paid(885)— 
Proceeds from exercise of stock options11 122 
Other financing activities(36)(45)
Net cash used in financing activities(4,347)(6,419)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents214 (29)
Net increase in cash and cash equivalents and restricted cash and cash equivalents3,673 1,075 
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period 12,135 12,251 
Total cash and cash equivalents and restricted cash and cash equivalents, end of period $15,808 $13,326 
7

Booking Holdings Inc.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In millions, except share and per share data) (1)

RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED EPSThree Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net income$2,517 $2,511 $4,814 $4,067 
(a)Adjustment to accruals related to the fine imposed by the Spanish competition authority— — (78)— 
(b)Accruals related to settlements of indirect tax matters365 — 365 62 
(c)Termination fee related to an acquisition agreement— 90 — 90 
(d)Amortization of intangible assets55 55 166 166 
(e)Net (gains) losses on equity securities(32)(16)(27)151 
(f)Foreign currency transaction losses (gains) on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments329 (36)94 (2)
(g)Adjustment to one-time deemed repatriation income tax liability resulting from the Tax Act and related net unrecognized tax benefit(250)— (250)— 
(h)Other— — 17 (31)
(i)Tax impact of Non-GAAP adjustments(144)(4)(117)(71)
Adjusted Net income$2,841 $2,602 $4,985 $4,433 
GAAP and Non-GAAP weighted-average number of diluted common shares outstanding (in 000's)33,864 35,987 34,278 36,971 
Net income applicable to common stockholders per diluted common share (EPS)$74.34 $69.80 $140.45 $110.02 
Adjusted Net income applicable to common stockholders per diluted common share (Adjusted EPS)$83.89 $72.32 $145.42 $119.92 


8

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDAThree Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net income$2,517 $2,511 $4,814 $4,067 
(a)Adjustment to accruals related to the fine imposed by the Spanish competition authority— — (78)— 
(b)Accruals related to settlements of indirect tax matters365 — 365 62 
(c)
Termination fee related to an acquisition agreement
— 90 — 90 
(j)Depreciation and amortization155 129 434 370 
(j)Interest and dividend income(327)(289)(863)(783)
(j)Interest expense305 254 788 689 
(e)Net (gains) losses on equity securities(32)(16)(27)151 
(f)Foreign currency transaction losses (gains) on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments329 (36)94 (2)
(h)Other— — 17 — 
(j)Income tax expense352 638 914 1,003 
Adjusted EBITDA$3,665 $3,284 $6,458 $5,648 
Net income as a % of Total Revenues31.5 %34.2 %26.4 %24.5 %
Adjusted EBITDA as a % of Total Revenues45.8 %44.7 %35.4 %34.1 %



RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOWNine Months Ended
September 30,
20242023
Net cash provided by operating activities$7,602 $5,998 
(k)Additions to property and equipment(353)(251)
Free cash flow$7,249 $5,746 
Net cash provided by operating activities as a % of Total Revenues41.6 %36.2 %
Free cash flow as a % of Total Revenues39.7 %34.7 %

(1) Amounts may not total due to rounding.

9

Notes:
(a)Adjustment to accruals related to the fine imposed by the Spanish competition authority are recorded in General and administrative expenses and excluded from Net income to calculate Adjusted Net income and Adjusted EBITDA.
(b)Accruals related to settlements of certain indirect tax matters are recorded in General and administrative expenses and excluded from Net income to calculate Adjusted Net income and Adjusted EBITDA. During the quarter, the Company recorded a $365 million accrual related to the proposed settlement of certain Italian indirect tax matters.
(c)Termination fee related to the acquisition agreement for the Etraveli Group is recorded in General and administrative expenses and excluded from Net income to calculate Adjusted Net income and Adjusted EBITDA.
(d)Amortization of intangible assets is recorded in Depreciation and amortization expenses and excluded from Net income to calculate Adjusted Net income.
(e)Net (gains) losses on equity securities with readily determinable fair values and impairments of investments in equity securities are recorded in Other income (expense), net and excluded from Net income to calculate Adjusted Net income and Adjusted EBITDA.
(f)Foreign currency transaction losses (gains) on the remeasurement of Euro-denominated debt and accrued interest that are not designated as hedging instruments for accounting purposes and debt-related foreign currency derivative instruments used as economic hedges are recorded in Other income (expense), net and excluded from Net income to calculate Adjusted Net income and Adjusted EBITDA.
(g)Adjustment to one-time deemed repatriation income tax liability resulting from the Tax Act and related net unrecognized tax benefit are recorded in Income tax expense and excluded from Net income to calculate Adjusted Net income. During the quarter, the Company recorded a reduction of $250 million to income tax expense based upon a recent U.S. Tax Court decision.
(h)For the nine months ended September 30, 2024, includes an accrual related to the Canadian digital services taxes for the years ended December 31, 2022 and 2023 enacted in June 2024 with retrospective effect, which is recorded in Sales and other expenses. For the nine months ended September 30, 2023, includes interest received on tax payments refunded pursuant to a settlement with authorities, which is recorded in Interest and dividend income and Income tax expense, as applicable.
(i)Reflects the tax impact of Non-GAAP adjustments above and changes in tax estimates which are excluded from Net income to calculate Adjusted Net income.
(j)Amounts are excluded from Net income to calculate Adjusted EBITDA.
(k)Cash used for additions to property and equipment is included in the calculation of Free cash flow.
For a more detailed discussion of the adjustments described above, please see the section in this press release under the heading "Non-GAAP Financial Measures" which provides definitions and information about the use of non-GAAP financial measures. Additional information on the impact of the adjustments above on Sales and other expenses, General and administrative expenses, Depreciation and amortization expenses, Interest and dividend income, Other income (expense), net, and Income tax expense, as applicable, are presented in the following pages. The reconciliation of Total operating expenses to Adjusted fixed operating expenses is also provided.
10

ADDITIONAL INFORMATION ON THE IMPACT OF NON-GAAP ADJUSTMENTS
(In millions)
Sales and other expenses:Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Sales and other expenses$872 $807 $2,370 $2,094 
Accruals related to prior-period Canadian digital services taxes— — (17)— 
Adjusted Sales and other expenses$872 $807 $2,353 $2,094 
General and administrative expenses:Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
General and administrative expenses$575 $305 $873 $821 
Adjustment to accruals related to the fine imposed by the Spanish competition authority— — 78 — 
Accruals related to settlements of indirect tax matters(365)— (365)(62)
Termination fee related to an acquisition agreement— (90)— (90)
Adjusted General and administrative expenses$210 $215 $586 $669 
Depreciation and amortization expenses:Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Depreciation and amortization expenses$155 $129 $434 $370 
Amortization of intangible assets(55)(55)(166)(166)
Depreciation expenses$100 $74 $268 $204 
Interest and dividend income:Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Interest and dividend income$327 $289 $863 $783 
Interest received on refunded tax payments— — — (24)
Adjusted Interest and dividend income$327 $289 $863 $759 
Other income (expense), net:Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Other income (expense), net$(332)$11 $(173)$(250)
Net (gains) losses on equity securities(32)(16)(27)151 
Foreign currency transaction losses (gains) on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments329 (36)94 (2)
Adjusted Other income (expense), net$(35)$(41)$(106)$(101)

11

ADDITIONAL INFORMATION ON THE IMPACT OF NON-GAAP ADJUSTMENTS
(In millions)
Income tax expense:Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Income tax expense$352 $638 $914 $1,003 
Adjustment to one-time deemed repatriation income tax liability resulting from the Tax Act and related net unrecognized tax benefit250 — 250 — 
Interest received on refunded tax payments— — — 7 
Tax impact of Non-GAAP adjustments144 4 117 71 
Adjusted Income tax expense$746 $642 $1,281 $1,081 
RECONCILIATION OF TOTAL OPERATING EXPENSES TO ADJUSTED FIXED OPERATING EXPENSESThree Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Total operating expenses$4,815 $4,238 $12,442 $11,355 
Marketing expenses(2,151)(2,022)(5,700)(5,340)
Sales and other expenses(872)(807)(2,370)(2,094)
Depreciation and amortization(155)(129)(434)(370)
Adjustment to accruals related to the fine imposed by the Spanish competition authority— — 78 — 
Accruals related to settlements of indirect tax matters(365)— (365)(62)
Termination fee related to an acquisition agreement— (90)— (90)
Other— (2)— (4)
Adjusted fixed operating expenses$1,272 $1,188 $3,651 $3,395 

12

Booking Holdings Inc.
Statistical Data
Units Sold in millions and Gross Bookings and Total Revenues in billions(1)
(Unaudited) 
Units Sold3Q224Q221Q232Q233Q234Q231Q242Q243Q24
Room Nights 240 211 274 268 276 231 297 287 299 
Year/Year Growth31.5 %39.5 %38.3 %8.8 %14.9 %9.2 %8.5 %7.1 %8.1 %
Rental Car Days16 14 19 20 20 15 21 22 23 
Year/Year Growth24.9 %27.6 %22.7 %24.0 %20.0 %10.7 %10.7 %10.0 %16.2 %
Airline Tickets6 6 8 9 9 9 11 11 13 
Year/Year Growth45.1 %61.5 %73.3 %58.3 %56.6 %45.8 %33.1 %27.7 %38.7 %
Gross Bookings(2)
3Q224Q221Q232Q233Q234Q231Q242Q243Q24
Merchant$14.5 $13.3 $19.9 $21.1 $22.3 $18.4 $25.8 $25.8 $28.4 
Agency17.6 14.0 19.5 18.6 17.5 13.3 17.8 15.6 15.1 
Total$32.1 $27.3 $39.4 $39.7 $39.8 $31.7 $43.5 $41.4 $43.4 
Gross Bookings Year/Year Growth (Decline)
Merchant64.6 %85.9 %81.0 %39.9 %53.5 %38.7 %29.3 %22.3 %27.3 %
Agency18.4 %18.2 %19.7 %(4.5)%(0.4)%(5.3)%(8.9)%(16.0)%(14.0)%
Total35.6 %43.6 %44.5 %14.9 %24.0 %16.1 %10.4 %4.4 %9.1 %
Constant-currency Basis50 %56 %51 %15 %20 %13 %10 %6 %9 %
3Q224Q221Q232Q233Q234Q231Q242Q243Q24
Total Revenues$6.1 $4.0 $3.8 $5.5 $7.3 $4.8 $4.4 $5.9 $8.0 
Year/Year Growth29.4 %35.8 %40.2 %27.2 %21.3 %18.1 %16.9 %7.3 %8.9 %
Constant-currency Basis44 %47 %46 %27 %16 %15 %17 %9 %9 %
 
(1)Amounts may not total due to rounding.

(2) Gross bookings is an operating and statistical metric that captures the total dollar value, generally inclusive of taxes and fees, of all travel services booked by our customers, net of cancellations.
13
v3.24.3
Document and Entity Information
Oct. 30, 2024
Entity Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 30, 2024
Entity Registrant Name Booking Holdings Inc.
Entity Central Index Key 0001075531
Entity Incorporation, State or Country Code DE
Entity File Number 1-36691
Entity Tax Identification Number 06-1528493
Entity Address, Address Line One 800 Connecticut Avenue
Entity Address, City or Town Norwalk
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06854
City Area Code 203
Local Phone Number 299-8000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock par value $0.008 per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock par value $0.008 per share
Trading Symbol BKNG
Security Exchange Name NASDAQ
0.100% Senior Notes Due 2025  
Entity Information [Line Items]  
Title of 12(b) Security 0.100% Senior Notes Due 2025
Trading Symbol BKNG 25
Security Exchange Name NASDAQ
4.000% Senior Notes Due 2026  
Entity Information [Line Items]  
Title of 12(b) Security 4.000% Senior Notes Due 2026
Trading Symbol BKNG 26
Security Exchange Name NASDAQ
1.800% Senior Notes Due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 1.800% Senior Notes Due 2027
Trading Symbol BKNG 27
Security Exchange Name NASDAQ
0.500% Senior Notes Due 2028  
Entity Information [Line Items]  
Title of 12(b) Security 0.500% Senior Notes Due 2028
Trading Symbol BKNG 28
Security Exchange Name NASDAQ
3.625% Senior Notes Due 2028  
Entity Information [Line Items]  
Title of 12(b) Security 3.625% Senior Notes Due 2028
Trading Symbol BKNG 28A
Security Exchange Name NASDAQ
4.250% Senior Notes Due 2029  
Entity Information [Line Items]  
Title of 12(b) Security 4.250% Senior Notes Due 2029
Trading Symbol BKNG 29
Security Exchange Name NASDAQ
3.500% Senior Notes Due 2029  
Entity Information [Line Items]  
Title of 12(b) Security 3.500% Senior Notes Due 2029
Trading Symbol BKNG 29A
Security Exchange Name NASDAQ
4.500% Senior Notes Due 2031  
Entity Information [Line Items]  
Title of 12(b) Security 4.500% Senior Notes Due 2031
Trading Symbol BKNG 31
Security Exchange Name NASDAQ
3.625% Senior Notes Due 2032  
Entity Information [Line Items]  
Title of 12(b) Security 3.625% Senior Notes Due 2032
Trading Symbol BKNG 32
Security Exchange Name NASDAQ
4.125% Senior Notes Due 2033  
Entity Information [Line Items]  
Title of 12(b) Security 4.125% Senior Notes Due 2033
Trading Symbol BKNG 33
Security Exchange Name NASDAQ
4.750% Senior Notes Due 2034  
Entity Information [Line Items]  
Title of 12(b) Security 4.750% Senior Notes Due 2034
Trading Symbol BKNG 34
Security Exchange Name NASDAQ
3.750% Senior Notes Due 2036  
Entity Information [Line Items]  
Title of 12(b) Security 3.750% Senior Notes Due 2036
Trading Symbol BKNG 36
Security Exchange Name NASDAQ
4.000% Senior Notes Due 2044  
Entity Information [Line Items]  
Title of 12(b) Security 4.000% Senior Notes Due 2044
Trading Symbol BKNG 44
Security Exchange Name NASDAQ
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