Early Access

10-QPeriod: Q3 FY2013

Booking Holdings Inc. Quarterly Report for Q3 Ended Sep 30, 2013

Filed November 7, 2013For Securities:BKNG

Summary

Booking Holdings Inc. (formerly Priceline.com Incorporated) reported strong financial performance for the nine months ended September 30, 2013, driven by significant growth in its international operations, particularly through its Booking.com brand. Total revenues increased by 29.0% to $5.25 billion, with agency revenues showing robust growth of 40.5%. This growth was fueled by a substantial increase in hotel room night reservations, up 37.1%, and rental car days, up 38.4%, indicating strong customer demand in key markets. The company also completed a significant acquisition of KAYAK Software Corporation in May 2013 for approximately $2.1 billion, integrating a leading travel meta-search service to enhance its portfolio. This strategic move, alongside continued investment in marketing and technology, positions Booking Holdings for future growth. Despite considerable legal challenges related to travel transaction taxes, the company maintains a strong liquidity position with $6.6 billion in cash, cash equivalents, and short-term investments as of September 30, 2013.

Financial Highlights

51 data points
Beta

Revenue

$2.27B

0.9% Gross Margin

Net Income

$832.99M

0.4% Net Margin

EPS (Diluted)

$15.72

Total Assets

$10.45B

Cash & Equivalents

$1.10B

Free Cash Flow

$949.99M

Financial Statements
Beta
Revenue$2.27B
Cost of Revenue$280.84M
Gross Profit$1.99B
Operating Expenses$942.17M
Operating Income$1.05B
Interest Expense$24.14M
Net Income$832.99M
EPS (Basic)$16.22
EPS (Diluted)$15.72
Shares Outstanding (Basic)51.36M
Shares Outstanding (Diluted)52.98M

Key Highlights

  • 1Total revenues increased 29.0% to $5.25 billion for the nine months ended September 30, 2013, compared to the same period in 2012.
  • 2Agency revenues grew significantly by 40.5% to $3.41 billion for the nine months ended September 30, 2013.
  • 3Hotel room night reservations increased by 37.1% for the nine months ended September 30, 2013, demonstrating strong demand.
  • 4Acquisition of KAYAK Software Corporation completed in May 2013 for approximately $2.1 billion, significantly expanding the company's offerings.
  • 5Cash, cash equivalents, and short-term investments totaled $6.6 billion as of September 30, 2013, providing a strong liquidity position.
  • 6The company continues to actively repurchase its common stock under authorized programs, demonstrating commitment to shareholder returns.
  • 7Legal proceedings related to travel transaction taxes remain ongoing, with approximately $60 million accrued as of September 30, 2013.

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