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Published: 2022-11-02 00:00:00 ET
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Exhibit 99.1

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Booking Holdings Reports Financial Results for 3rd Quarter 2022

NORWALK, CT – November 2, 2022. . . Booking Holdings Inc. (NASDAQ: BKNG) today reported its 3rd quarter 2022 financial results. Third 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 $32.1 billion, an increase of 36% from the prior-year quarter (approximately a 52% increase on a constant-currency basis). Room nights booked in the 3rd quarter of 2022 increased 31% from the prior-year quarter.
Booking Holdings' total revenues for the 3rd quarter of 2022 were $6.1 billion, an increase of 29% from the prior-year quarter (approximately a 47% increase on a constant-currency basis). Net income for the 3rd quarter of 2022 was $1.7 billion, an increase of 117% from the prior-year quarter. Net income per diluted common share in the 3rd quarter of 2022 was $41.98, an increase of 126% from the prior-year quarter.
Non-GAAP net income in the 3rd quarter of 2022 was $2.1 billion, an increase of 35% from the prior-year quarter. Non-GAAP net income per diluted common share in the 3rd quarter of 2022 was $53.03, an increase of 41% from the prior-year quarter. Non-GAAP net income for both periods includes adjustments to exclude net losses on equity securities with readily determinable fair values. Adjusted EBITDA for the 3rd quarter of 2022 was $2.7 billion, an increase of 26% from the prior-year quarter. 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.
"I am encouraged by the strong results we are reporting today, including the highest amount of quarterly revenue and Adjusted EBITDA ever for our company. We saw an improvement in room night trends as we moved through the quarter and accommodation ADR growth continued to be strong," said Glenn Fogel, Chief Executive Officer of Booking Holdings. "Despite the rising concern around the macroeconomic environment, we are encouraged by the slight improvement in room night growth we have seen in October and by the level of bookings for travel in early 2023."
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Non-GAAP Financial Measures
The Unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results.
To supplement the Unaudited Consolidated Financial Statements, the Company uses the following non-GAAP financial measures: adjusted EBITDA, non-GAAP net income (loss), non-GAAP net income (loss) per diluted common share and free cash flow (net cash provided by (used in) operating activities less capital expenditures). The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
The Company uses non-GAAP financial measures for financial and operational decision-making and as a basis to evaluate performance and set targets for employee compensation programs. The Company believes that these non-GAAP financial measures are useful for analysts and investors to evaluate the Company's ongoing operating performance because they facilitate comparison of the Company's results for the current period and projected next-period results to those of prior periods and to those of its competitors (though other companies may calculate similar non-GAAP financial measures differently from those calculated by the Company). These non-GAAP financial measures, in particular adjusted EBITDA, non-GAAP net income (loss) and free cash flow, are not intended to represent funds available for Booking Holdings' discretionary use and are not intended to represent or to be used as a substitute for operating income (loss), net income (loss) or net cash provided by (used in) operating activities as measured under GAAP. The items excluded from these non-GAAP measures, but included in the calculation of their closest GAAP equivalent, are significant components of the Company's consolidated statements of operations and cash flows and must be considered in performing a comprehensive assessment of overall financial performance.
Non-GAAP net income (loss) is net income (loss) with the following adjustments:
•     excludes significant losses on assets classified as held for sale,
•excludes gains and losses on equity securities with readily determinable fair values,
•     excludes the impact, if any, of significant gains and losses on the sale of and impairment and credit losses on investments in available-for-sale debt securities and significant gains and losses on the sale of and valuation adjustments on investments in equity securities without readily determinable fair values,
•excludes foreign currency transaction gains and losses on the remeasurement of Euro-denominated debt and accrued interest that are not designated as hedging instruments for accounting purposes and debt-related foreign currency derivative instruments used as economic hedges,
•excludes losses on early extinguishment of debt and related reverse treasury lock agreements which were designated as cash flow hedges,
•excludes amortization expense of intangible assets,
•excludes noncash interest expense related to the amortization of debt discount on our convertible debt, if applicable,
•excludes income taxes, if any, related to the maturity and redemption of convertible notes held for investment, that were reclassified from accumulated other comprehensive income (loss) to income tax expense (benefit),
•excludes the income tax impact, if any, related to one-time adjustments as a result of the U.S. Tax Cuts and Jobs Act enacted in December 2017,
•excludes the impact of net unrecognized tax benefits related to French and Italian tax matters, and
•     the income tax impact of the non-GAAP adjustments mentioned above and changes in tax estimates, as applicable.
In addition to the adjustments listed above regarding non-GAAP net income (loss), adjusted EBITDA excludes depreciation expense, interest and dividend income, and to the extent not included in the adjustments listed above, interest expense and income tax expense (benefit). In the event the Company reports a GAAP net income but a non-GAAP net loss, dilutive shares that are included in the GAAP weighted-average number of diluted common shares outstanding are excluded from the non-GAAP weighted-average number of diluted common shares outstanding. In the event the Company reports a GAAP net loss but a non-GAAP net income, anti-dilutive shares that are excluded
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from the GAAP weighted-average number of diluted common shares outstanding are included in the non-GAAP weighted-average number of diluted common shares outstanding.
We evaluate certain operating and financial measures on both an as-reported and constant-currency basis. We calculate constant currency by converting our current-year period results for transactions recorded in currencies other than U.S. Dollars using the corresponding prior-year period monthly average exchange rates rather than the current-year period monthly average exchange rates.
The attached financial and statistical supplement includes reconciliations of our financial results under GAAP to non-GAAP financial information for the three and nine months ended September 30, 2022 and 2021. We are not able to provide a reconciliation between forward-looking adjusted EBITDA and GAAP net income (loss) because we cannot predict certain components of such reconciliation without unreasonable effort as they arise from events in future periods.

Information About Forward-Looking Statements
This press release contains forward-looking statements, which reflect the views of the Company's management regarding current expectations based on currently available information about future events. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, such as the adverse impact of the COVID-19 pandemic; adverse changes in market conditions for travel services; the Company's ability to attract and retain qualified personnel; adverse changes in relationships with third parties on which the Company depends; the effects of competition; growth and expansion of the business; rapid technological and other market changes; impacts of impairments and changes in accounting estimates; success of the Company's marketing efforts; and other business and industry changes. Other risks and uncertainties relate to cyberattacks and information security; tax, legal, and regulatory risks; increased focus on environmental, social, and governance responsibilities; the Company's facilitation of payments; foreign currency exchange rates; success of the Company's investments and acquisition strategy; and financial risks relating to the Company's debt levels and stock price volatility. For a detailed discussion of these and other risk factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements included in this press release, refer to the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any subsequently filed Quarterly Reports on Form 10-Q. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

About Booking Holdings Inc.
Booking Holdings (NASDAQ: BKNG) is the world’s leading provider of online travel and related services, provided to consumers and local partners in more than 220 countries and territories through six primary consumer-facing brands: Booking.com, Priceline, Agoda, Rentalcars.com, KAYAK and OpenTable. The mission of Booking Holdings is to make it easier for everyone to experience the world. For more information, visit BookingHoldings.com and follow us on Twitter @BookingHoldings.
###
For Press Information: Leslie Cafferty communications@bookingholdings.com
For Investor Relations: John Longstreet ir@bookingholdings.com
#BKNG_Earnings
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Booking Holdings Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
September 30,
2022		December 31,
2021
(Unaudited)
ASSETS  
Current assets:  
Cash and cash equivalents$9,021 $11,127 
Short-term investments (Available-for-sale debt securities:
Amortized cost of $117 and $25, respectively)		116 25 
Accounts receivable, net (Allowance for expected credit losses of $119 and $101, respectively)2,284 1,358 
Prepaid expenses, net (Allowance for expected credit losses of $2 and $29, respectively)612 404 
Other current assets377 231 
Total current assets12,410 13,145 
Property and equipment, net879 822 
Operating lease assets402 496 
Intangible assets, net1,855 2,057 
Goodwill2,808 2,887 
Long-term investments (Includes available-for-sale debt securities:
Amortized cost of $617 at September 30, 2022)		2,650 3,175 
Other assets, net (Allowance for expected credit losses of $25 and $18, respectively)1,059 1,059 
Total assets$22,063 $23,641 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$2,131 $1,586 
Accrued expenses and other current liabilities2,925 1,765 
Deferred merchant bookings2,253 906 
Short-term debt1,234 1,989 
Total current liabilities8,543 6,246 
Deferred income taxes723 905 
Operating lease liabilities286 351 
Long-term U.S. transition tax liability711 825 
Other long-term liabilities180 199 
Long-term debt 7,950 8,937 
  Total liabilities18,393 17,463 
Commitments and contingencies
Stockholders' equity:  
Common stock, $0.008 par value,
Authorized shares: 1,000,000,000
Issued shares: 63,774,398 and 63,584,444, respectively		— — 
Treasury stock, 24,685,111 and 22,518,391 shares, respectively(28,630)(24,290)
Additional paid-in capital6,385 6,159 
Retained earnings26,306 24,453 
Accumulated other comprehensive loss(391)(144)
  Total stockholders' equity3,670 6,178 
Total liabilities and stockholders' equity$22,063 $23,641 

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Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Agency revenues$3,203 $2,867 $6,954 $4,912 
Merchant revenues2,614 1,622 5,413 2,656 
Advertising and other revenues235 187 674 409 
Total revenues6,052 4,676 13,041 7,977 
Operating expenses:    
Marketing expenses1,795 1,378 4,679 2,827 
Sales and other expenses540 302 1,344 620 
Personnel, including stock-based compensation of $101, $85, $302 and $284, respectively636 591 1,867 1,829 
General and administrative262 179 627 432 
Information technology129 109 400 289 
Depreciation and amortization109 102 327 323 
Restructuring, disposal, and other exit costs(2)— 40 9 
Total operating expenses3,469 2,661 9,284 6,329 
Operating income2,583 2,015 3,757 1,648 
Interest expense(102)(80)(246)(259)
Other income (expense), net(305)(967)(1,040)(740)
Income before income taxes2,176 968 2,471 649 
Income tax expense510 199 648 102 
Net income$1,666 $769 $1,823 $547 
Net income applicable to common stockholders per basic common share$42.10 $18.73 $45.20 $13.33 
Weighted-average number of basic common shares outstanding (in 000's)39,564 41,068 40,326 41,032 
Net income applicable to common stockholders per diluted common share$41.98 $18.60 $45.00 $13.22 
Weighted-average number of diluted common shares outstanding (in 000's)39,671 41,342 40,504 41,359 

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Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Nine Months Ended
September 30,
20222021
OPERATING ACTIVITIES:
Net income$1,823 $547 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization327 323 
Provision for expected credit losses and chargebacks179 88 
Deferred income tax benefit(246)(343)
Net losses on equity securities1,142 589 
Stock-based compensation expense and other stock-based payments302 290 
Operating lease amortization117 135 
Unrealized foreign currency transaction gains related to Euro-denominated debt(70)(108)
Loss on early extinguishment of debt— 242 
Other40 61 
Changes in assets and liabilities:
Accounts receivable(1,358)(1,172)
Prepaid expenses and other current assets(424)(35)
Deferred merchant bookings and other current liabilities3,591 2,083 
Long-term assets and liabilities (1,042)(159)
Net cash provided by operating activities4,381 2,541 
INVESTING ACTIVITIES:
Purchase of investments(751)(15)
Proceeds from sale and maturity of investments30 8 
Additions to property and equipment(293)(203)
Other investing activities(14)(5)
Net cash used in investing activities(1,028)(215)
FINANCING ACTIVITIES:
Proceeds from the issuance of long-term debt— 2,015 
Payments on maturity and redemption of debt(1,102)(3,068)
Payments for repurchase of common stock (4,278)(159)
Other financing activities4 (22)
Net cash used in financing activities(5,376)(1,234)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents(83)(11)
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents(2,106)1,081 
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period 11,152 10,582 
Total cash and cash equivalents and restricted cash and cash equivalents,
  end of period 		$9,046 $11,663 
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for income taxes$501 $420 
Cash paid during the period for interest$240 $231 
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Booking Holdings Inc.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In millions, except share and per share data) (1)


RECONCILIATION OF NET INCOME TO ADJUSTED EBITDAThree Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Net income$1,666 $769 $1,823 $547 
(a)Depreciation and amortization109 102 327 323 
(b)Loss on assets classified as held for sale— — 36 — 
(a)Interest and dividend income(61)(4)(88)(12)
(a)Interest expense102 80 246 259 
(c)Net losses on equity securities with readily determinable fair values336 1,018 958 595 
(d)Impairment of investment— — 184 — 
(e)Foreign currency transaction gains on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments(2)(54)(80)(108)
(f)Losses on early extinguishment of debt and related reverse treasury lock agreements— — — 257 
(a)Income tax expense510 199 648 102 
Adjusted EBITDA$2,658 $2,111 $4,054 $1,964 
Adjusted EBITDA as a % of Total Revenues43.9 %45.1 %31.1 %24.6 %

RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER DILUTED COMMON SHAREThree Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Net income$1,666 $769 $1,823 $547 
(b)Loss on assets classified as held for sale— — 36 — 
(c)Net losses on equity securities with readily determinable fair values336 1,018 958 595 
(d)Impairment of investment— — 184 — 
(e)Foreign currency transaction gains on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments(2)(54)(80)(108)
(f)Losses on early extinguishment of debt and related reverse treasury lock agreements— — — 257 
(g)Amortization of intangible assets55 40 167 122 
(h)Debt discount amortization related to convertible debt— 11 — 33 
(i)Net unrecognized tax benefits related to French and Italian tax matters125 — 125 16 
(j)Tax impact of Non-GAAP adjustments(76)(226)(173)(224)
Non-GAAP Net income$2,104 $1,559 $3,041 $1,239 
Weighted-average number of diluted common shares outstanding (in 000's)39,671 41,342 40,504 41,359 
Non-GAAP Net income per diluted common share$53.03 $37.70 $75.07 $29.95 



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RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOWNine Months Ended
September 30,
20222021
Net cash provided by operating activities$4,381 $2,541 
(k)Additions to property and equipment(293)(203)
Free cash flow$4,089 $2,338 
Free cash flow as a % of Total Revenues31.4 %29.3 %

(1) Amounts may not total due to rounding.

Notes:
(a)Amounts are excluded from Net income to calculate Adjusted EBITDA.
(b)Loss on assets classified as held for sale is recorded in Operating expenses and excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
(c)Net losses on equity securities with readily determinable fair values are recorded in Other income (expense), net and excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
(d)Impairment of investment in Yanolja Co., Ltd. equity securities is recorded in Other income (expense), net and excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
(e)Foreign currency transaction gains on the remeasurement of Euro-denominated debt and accrued interest that are not designated as hedging instruments for accounting purposes and debt-related foreign currency derivative instruments used as economic hedges are recorded in Other income (expense), net and excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
(f)Loss of $242 million on early extinguishment of debt and losses of $15 million on related reverse treasury lock agreements which were designated as cash flow hedges are recorded in Other income (expense), net and excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
(g)Amortization of intangible assets is recorded in Depreciation and amortization and excluded from Net income to calculate Non-GAAP Net income.
(h)Noncash interest expense related to the amortization of debt discount on convertible debt is recorded in Interest expense and excluded from Net income to calculate Non-GAAP Net income. The Company adopted Financial Accounting Standards Board Accounting Standards Update 2020-06 on January 1, 2022 and such debt discount amortization is not recorded in the financial statements for periods after that date.
(i)Net unrecognized tax benefits related to French and Italian tax matters is recorded in Income tax expense and excluded from Net income to calculate Non-GAAP Net income.
(j)Reflects the tax impact of Non-GAAP adjustments above and changes in tax estimates which are excluded from Net income to calculate Non-GAAP Net income.
(k)Cash used for additions to property and equipment is included in the calculation of Free cash flow.
For a more detailed discussion of the adjustments described above, please see the section in this press release under the heading "Non-GAAP Financial Measures" which provides definitions and information about the use of non-GAAP financial measures.
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Booking Holdings Inc.
Statistical Data
In millions(1)
(Unaudited) 
Units Sold3Q204Q201Q212Q213Q214Q211Q222Q223Q22
Room Nights 127 76 99 157 183 151 198 246 240 
Year/Year (Decline) Growth(43.1)%(60.4)%(20.1)%457.5 %43.9 %99.9 %99.7 %56.3 %31.5 %
Rental Car Days9 8 10 13 13 11 15 16 16 
Year/Year (Decline) Growth(55.6)%(52.2)%(15.1)%558.8 %44.0 %35.8 %53.0 %22.4 %24.9 %
Airline Tickets2 2 3 4 4 4 5 6 6 
Year/Year (Decline) Growth(9.3)%4.0 %62.1 %626.7 %154.8 %108.0 %69.1 %31.4 %45.1 %
Gross Bookings(2)
3Q204Q201Q212Q213Q214Q211Q222Q223Q22
Agency$9,521 $5,098 $8,704 $15,290 $14,872 $11,875 $16,286 $19,448 $17,614 
Merchant3,861 2,215 3,232 6,665 8,812 7,136 11,007 15,097 14,506 
Total$13,382 $7,313 $11,935 $21,956 $23,684 $19,011 $27,293 $34,545 $32,120 
Gross Bookings Year/Year (Decline) Growth
Agency(47.4)%(64.1)%4.6 %895.6 %56.2 %132.9 %87.1 %27.2 %18.4 %
Merchant(46.1)%(65.9)%(20.7)%764.4 %128.2 %222.2 %240.6 %126.5 %64.6 %
Total(47.1)%(64.7)%(3.7)%851.7 %77.0 %160.0 %128.7 %57.3 %35.6 %
Constant-currency Basis(48)%(65)%(6)%802 %75 %164 %140 %73 %52 %
3Q204Q201Q212Q213Q214Q211Q222Q223Q22
Total Revenues$2,640 $1,238 $1,141 $2,160 $4,676 $2,981 $2,695 $4,294 $6,052 
Year/Year (Decline) Growth(47.6)%(62.9)%(50.2)%243.2 %77.1 %140.7 %136.3 %98.7 %29.4 %
Constant-currency Basis(49)%(63)%(51)%229 %76 %146 %146 %116 %47 %
 
(1)Amounts may not total due to rounding.

(2) Gross bookings is an operating and statistical metric that captures the total dollar value, generally inclusive of taxes and fees, of all travel services booked by our customers, net of cancellations.



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