BOOKING HOLDINGS INC. Gross travel bookings, which refers to the total dollar value, generally inclusive of taxes and fees, of all
travel services booked by our customers, net of cancellations, were
Room nights booked increased 9% from the prior-year quarter.
Total revenues were
Net income was
Net income per diluted common share (EPS) was
Adjusted Net income was
Adjusted Net income per diluted common share (Adjusted EPS) was
Adjusted EBITDA was
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, including Adjusted Net income, Adjusted EPS and Adjusted EBITDA, and the attached financial and statistical supplement reconciles non-GAAP financial results with
'We are pleased to report a strong start to 2024 with first quarter year-over-year growth in room nights of 9%,revenue of 17%, and operating income of 76%, all of which were ahead of our prior expectations,' said
Second Quarter Dividend
Our Board of Directors declared a cash dividend of
Non-GAAP Financial Measures
The Unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in
To supplement the Unaudited Consolidated Financial Statements, the Company uses the following non-GAAP financial measures: Adjusted Net income (loss), Adjusted EPS, Adjusted EBITDA 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 nonGAAP 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 nextperiod 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 Net income (loss), Adjusted EBITDA and Free cash flow, are not intended to represent funds available for
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.
Adjusted Net income (loss) is Net income (loss) with the following adjustments: excludes accruals related to
excludes accruals related to a draft decision by the Spanish competition authority, excludes accruals related to settlements of certain indirect tax matters, excludes the termination fee related to an acquisition agreement, 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 impairment and other 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 debtrelated foreign currency derivative instruments used as economic hedges, excludes amortization expense of intangible assets, excludes interest received on tax payments refunded pursuant to settlement with authorities, excludes the impact of net unrecognized tax benefits related to certain income tax matters, and the income tax impact of the non-GAAP adjustments mentioned above and changes in tax estimates, as applicable.
In the event the Company reports a GAAP Net income but an Adjusted 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 an Adjusted Net income, anti-dilutive shares that are excluded 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.
In addition to the adjustments listed above regarding Adjusted Net income (loss), Adjusted EBITDA excludes depreciation expense, interest expense, and to the extent not included in the adjustments listed above, interest and dividend income, and income tax expense (benefit).
We evaluate certain operating and financial measures on both an as-reported and constant-currency basis. We calculate constant currency based on the predominant transactional currency in each country, converting our current-year period results in currencies other than
The attached financial and statistical supplement includes reconciliations of our financial results under GAAP to non-GAAP financial information for the three months ended
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: adverse changes in market conditions for travel services; the effects of competition; the Company's ability to manage growth and expand; adverse changes in relationships with third parties on which the Company depends; success of the Company's marketing efforts; rapid technological and other market changes; the Company's ability to attract and retain qualified personnel; impacts of impairments and changes in accounting estimates; and other business and industry changes. Other risks and uncertainties relate to cyberattacks and information security; taxes; laws and regulations; the Company's facilitation of payments; foreign currency exchange rates; the Company's debt levels
and stock price volatility; and the success of the Company's investments and acquisition strategy. 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
We will be posting our prepared remarks to the
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