Booking Holdings Misses
Booking Holdings (BKNG) reported 1st Quarter March 2020 earnings of $3.77 per share on revenue of $2.3 billion. The consensus earnings estimate was $5.09 per share on revenue of $2.2 billion. The Earnings Whisper number was $5.83 per share. Revenue fell 19.4% compared to the same quarter a year ago.
Booking Holdings Reports Financial Results for 1st Quarter 2020
NORWALK, CT – May 7, 2020. . . Booking Holdings Inc. (NASDAQ: BKNG) today reported its 1st quarter 2020
financial results. First quarter gross travel bookings for Booking Holdings Inc. (the "Company," "Booking
Holdings," "we," "our" or "us"), which refers to the total dollar value, generally inclusive of taxes and fees, of all
travel services booked by its customers, net of cancellations, were $12.4 billion, a decrease of 51% over a year ago
(approximately 50% on a constant-currency basis). Room nights booked in the 1st quarter decreased 43% over a
year ago. The Company's results for the 1st quarter of 2020 have been significantly and negatively impacted due to
the COVID-19 pandemic and the resulting economic conditions and government orders.
Booking Holdings' total revenues for the 1st quarter of 2020 were $2.3 billion, a 19% decrease from the prior year
(approximately 17% on a constant-currency basis). The Company reported a net loss in the 1st quarter of $699
million, compared with net income in the 1st quarter of 2019 of $765 million, which includes an unrealized loss of
$307 million and an unrealized gain of $451 million, respectively, on marketable equity securities. Additionally, the
net loss in the 1st quarter of 2020 includes impairments of $489 million for OpenTable and KAYAK goodwill and
$100 million for an investment in equity securities. The net loss in the 1st quarter of 2020 was $17.01 per diluted
share, compared with net income of $16.85 per diluted share in the prior year.
Non-GAAP net income in the 1st quarter was $156 million, a 69% decrease versus the prior year. Non-GAAP net
income in the 1st quarter was $3.77 per diluted share, a 66% decrease as compared to the prior year. Non-GAAP net
income includes adjustments to exclude net unrealized gains or losses on marketable equity securities in both
periods, goodwill and investment impairments and foreign currency losses on Euro-denominated debt that was not
designated as a hedging instrument in the 1st quarter of 2020. Adjusted EBITDA for the 1st quarter was $290
million, a 60% decrease versus a year ago. The section below entitled "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
"The COVID-19 pandemic has profoundly impacted our Company and the entire travel industry. We have taken
immediate steps to stabilize the Company by reducing costs and bolstering our liquidity position" said Glenn Fogel,
Chief Executive Officer of Booking Holdings. Mr. Fogel continued, "Looking forward, due to the value of our
platform, our highly variable cost structure and strong liquidity, I am confident that we will emerge from this crisis
in a position of strength that will allow us to extend our leadership role in the industry."
For the full press release, please go here