Booking Holdings Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Booking Holdings Inc. filed its 2023 10-K, detailing financial performance and capital structure.</b>

AI Summary

Booking Holdings Inc. (BKNG) filed a Annual Report (10-K) with the SEC on February 22, 2024. Booking Holdings Inc. reported its 2023 fiscal year results on February 22, 2024. The company's filing includes detailed financial statements for the fiscal years ending December 31, 2023, 2022, and 2021. Key financial data such as revenue, net income, and EPS are presented for the reporting periods. The filing details various senior notes with maturity dates ranging from September 2024 to November 2034. Information on common stock, treasury stock, and retained earnings is provided as of December 31, 2023, and prior years.

Why It Matters

For investors and stakeholders tracking Booking Holdings Inc., this filing contains several important signals. This 10-K provides a comprehensive overview of Booking Holdings' financial health and operational results for the fiscal year 2023, crucial for investors assessing the company's stability and growth prospects. The detailed breakdown of revenue segments and outstanding debt obligations offers insights into the company's business model and its ability to manage financial commitments.

Risk Assessment

Risk Level: medium — Booking Holdings Inc. shows moderate risk based on this filing. The company's financial performance is subject to market fluctuations and competitive pressures inherent in the online travel industry, as indicated by the detailed revenue segment reporting.

Analyst Insight

Investors should analyze the revenue growth trends across different segments (merchant, agency, advertising) and compare them to industry benchmarks to gauge future performance.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-22 — Filing Date (FILED AS OF DATE)
• 137 — Public Document Count (CONFORMED DOCUMENT COUNT)

Key Players & Entities

• Booking Holdings Inc. (company) — CONFORMED NAME
• Priceline Group Inc. (company) — FORMER COMPANY
• PRICELINE COM INC (company) — FORMER CONFORMED NAME
• DE (company) — STATE OF INCORPORATION
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-22 (date) — FILED AS OF DATE

FAQ

Risk Factors

• Market Competition [medium — market]: The online travel market is highly competitive, with numerous players and constant innovation impacting market share and pricing.
• Technology Dependence [medium — operational]: The company relies heavily on its technology platforms for booking, customer service, and operational efficiency, making it vulnerable to system failures or cyber threats.
• Debt Obligations [medium — financial]: The company has significant outstanding senior notes, requiring substantial interest payments and principal repayment, which could impact financial flexibility.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 2023 financial statements.
• 2024-02-22: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.008 — ich Registered: Common Stock par value $0.008 per share BKNG The NASDAQ Global Select
• $21.4 b — d December 31, 2023, we had revenues of $21.4 billion, which we classify as "merchant"

Filing Documents

• bkng-20231231.htm (10-K) — 2715KB
• bkng12312310kex445.htm (EX-4.45) — 129KB
• bkng12312310kex446.htm (EX-4.46) — 129KB
• bkng12312310kex21.htm (EX-21) — 13KB
• bkng12312310kex231.htm (EX-23.1) — 4KB
• bkng123123ex311.htm (EX-31.1) — 15KB
• bkng123123ex312.htm (EX-31.2) — 15KB
• bkng123123ex321.htm (EX-32.1) — 7KB
• bkng123123ex322.htm (EX-32.2) — 7KB
• bkng12312310kex971.htm (EX-97.1) — 35KB
• bkng-20231231_g1.jpg (GRAPHIC) — 18KB
• bkng-20231231_g2.jpg (GRAPHIC) — 22KB
• bkng-20231231_g3.jpg (GRAPHIC) — 20KB
• bkng-20231231_g4.jpg (GRAPHIC) — 54KB
• bkng-20231231_g5.jpg (GRAPHIC) — 29KB
• bkng-20231231_g6.jpg (GRAPHIC) — 32KB
• bkng-20231231_g7.jpg (GRAPHIC) — 30KB
• 0001075531-24-000014.txt (&nbsp;) — 15622KB
• bkng-20231231.xsd (EX-101.SCH) — 90KB
• bkng-20231231_cal.xml (EX-101.CAL) — 155KB
• bkng-20231231_def.xml (EX-101.DEF) — 552KB
• bkng-20231231_lab.xml (EX-101.LAB) — 1092KB
• bkng-20231231_pre.xml (EX-101.PRE) — 802KB
• bkng-20231231_htm.xml (XML) — 2605KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 PART II 30 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. [Reserved] 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 56 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 57 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 57 Item 9A.

Controls and Procedures

Controls and Procedures 57 Item 9B. Other Information 60 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 60 PART III 60 Item 10. Directors, Executive Officers and Corporate Governance 60 Item 11.

Executive Compensation

Executive Compensation 60 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 60 Item 13. Certain Relationships and Related Transactions, and Director Independence 60 Item 14. Principal Accountant Fees and Services PART IV 60 Item 15. Exhibits and Financial Statement Schedules 60 Item 16. Form 10-K Summary 65

Signatures

Signatures 66 Consolidated Financial Statements 68 Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K, including "Management's Discussion and Analysis of Financial Condition and Results of Operation" in Part II, Item 7, and the documents incorporated by reference contain forward-looking statements. These statements reflect our views regarding current expectations and projections about future events and conditions and are based on currently available information. They are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict, including the Risk Factors identified in Part I, Item 1A of this Annual Report. Our actual results could differ materially from those expressed or implied in any such statements. Expressions of future goals and expectations and similar expressions, including "may," "will," "should," "could," "aims," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," and "continue," reflecting something other than historical fact are intended to identify forward-looking statements. Unless required by law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. However, readers should carefully review the reports and documents we file or furnish from time to time with the Securities and Exchange Commission (the "SEC" or the "Commission"). PART I

Business

Item 1. Business Our mission is to make it easier for everyone to experience the world. We aim to provide consumers with a best-in-class experience offering the travel choices they want, with tailored language, payment, and other options, seamlessly connecting them with our travel service provider partners. We offer these services through five primary consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable: We are proud that, despite challenges to our global community such as the wars in Ukraine and the Middle East and the impact of inflation, we continued our efforts to make our brands the most trusted and convenient platforms for consumers and partners, including: achieving record annual room nights in 2023; continuing to increase room nights and brand awareness in key markets such as the U.S.; strongly growing our alternative accommodations offering; improving our loyalty programs, particularly the Genius program at Booking.com, and increasing our focus on value for our consumers; further integrating artificial intelligence ("AI") technology into our offerings; improving and expanding our flight offering at Booking.com and extending our partnership with Etraveli Group through at least 2028; and increasing adoption of our payments platform and capabilities. Our common stock is listed on the NASDAQ Global Select Market under the symbol "BKNG." We refer to our company and all of our subsidiaries and brands collectively as "Booking Holdings," the "Company," "we," "our," or "us." 1 Our Business Model We derive substantially all of our revenues from providing online travel reservation services, which facilitate online travel purchases between travel service providers and travelers (which we generally refer to as "partners" and "consumers," respectively). We also earn revenues from advertising services, restaurant reservations, and various other services, such as travel-related insurance and restaurant management services. For th

View Full Filing

View this 10-K filing on SEC EDGAR