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 under GAAP.

"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."

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