Booking Holdings Inc (BKNG)

[abrooklyn]

https://s201.q4cdn.com/865305287/files/doc_financials/2023/q4/BKNG-Earnings-Release-Final.pdf

Booking Holdings Reports Financial Results for 4th Quarter and Full Year 2023 and Announces Initiation of a Quarterly Dividend
NORWALK, CT – February 22, 2024. . . Booking Holdings Inc. (NASDAQ: BKNG) (the today reported its fourth quarter and full year 2023 financ
quarterly dividend:
Fourth Quarter 2023
•
16%
• Room nights booked increased 9% from the prior-year quarter.
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travel services booked by our customers, net of cancellations, for the
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from the prior-year quarter.
• Total revenues were $4.8 billion, an increase of 18% from the prior-year quarter.
• Net income was $222 million, a decrease of 82% from the prior-year quarter.
• Net income per diluted common share was $6.28, a decrease of 80% from the prior-year quarter.
• Non-GAAP net income was $1.1 billion, an increase of 18% from the prior-year quarter.
• Non-GAAP net income per diluted common share was $32.00, an increase of 29% from the prior-year quarter.
• Adjusted EBITDA was $1.5 billion, an increase of 18% from the prior-year quarter.
Full Year 2023
• Gross travel bookings for the full year 2023 were $150.6 billion, an increase of 24% from the prior year.
• Room nights booked increased 17% from the prior year.
• Total revenues were $21.4 billion, an increase of 25% from the prior year.
• Net income was $4.3 billion, an increase of 40% from the prior year.
• Net income per diluted common share was $117.40, an increase of 54% from the prior year.
• Non-GAAP net income was $5.6 billion, an increase of 39% from the prior year.
• Non-GAAP net income per diluted common share was $152.22, an increase of 52% from the prior year.
• Adjusted EBITDA was $7.1 billion, an increase of 34% from the prior year.
During the fourth quarter and full year 2023, the Company accrued a loss of $276 million related to the Netherlands pension fund matter and a loss of $530 million related to a draft decision by the Spanish competition authority, both of which have been excluded from Non-GAAP net income and Adjusted EBITDA. For more information regarding these matters, see Note 16 to the Consolidated Financial Statements to be filed with the Annual Report on Form 10- K for the year ended December 31, 2023.
ial results and announced the initiation of a
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Gross travel bookings, which refers to the total dollar value, generally inclusive of taxes and fees, of all
$31.7 billion
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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, and the attached financial and statistical supplement reconciles non-GAAP financial results with Booking Holdings' financial results under GAAP.
"We are pleased to report a strong close to 2023 with fourth quarter room nights growing 9% year-over-year or 11% when excluding business associated with Israel, which was significantly impacted by the war. For the full year, we reached a significant milestone with over 1 billion room nights booked on our platforms, and we achieved record levels of gross bookings, revenue, and operating income," said Glenn Fogel, Chief Executive Officer of Booking Holdings. "We are confident in the long-term growth of leisure travel and in the opportunities ahead for our company as we continue our work to deliver a better offering and experience for our supply partners and our travelers."
Initiation of a Quarterly Dividend
Our Board of Directors declared a quarterly cash dividend of $8.75 per share, payable on March 28, 2024 to stockholders of record as of the close of business on March 8, 2024. We expect to pay a cash dividend on a quarterly basis going forward, subject to our Board’s consideration of, among other things, market conditions and our financial performance and cash flows