Delaware | 1-36691 | 06-1528493 | ||||||||||||
(State or other Jurisdiction of Incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
800 Connecticut Avenue | Norwalk | Connecticut | 06854 | |||||||||||
(Address of principal executive offices) | (zip code) |
Title of Each Class: | Trading Symbol | Name of Each Exchange on which Registered: | |||||||||||||||
Common Stock par value $0.008 per share | BKNG | The NASDAQ Global Select Market | |||||||||||||||
0.100% Senior Notes Due 2025 | BKNG 25 | The NASDAQ Stock Market LLC | |||||||||||||||
4.000% Senior Notes Due 2026 | BKNG 26 | The NASDAQ Stock Market LLC | |||||||||||||||
1.800% Senior Notes Due 2027 | BKNG 27 | The NASDAQ Stock Market LLC | |||||||||||||||
0.500% Senior Notes Due 2028 | BKNG 28 | The NASDAQ Stock Market LLC | |||||||||||||||
3.625% Senior Notes Due 2028 | BKNG 28A | The NASDAQ Stock Market LLC | |||||||||||||||
4.250% Senior Notes Due 2029 | BKNG 29 | The NASDAQ Stock Market LLC | |||||||||||||||
3.500% Senior Notes Due 2029 | BKNG 29A | The NASDAQ Stock Market LLC | |||||||||||||||
4.500% Senior Notes Due 2031 | BKNG 31 | The NASDAQ Stock Market LLC | |||||||||||||||
3.625% Senior Notes Due 2032 | BKNG 32 | The NASDAQ Stock Market LLC | |||||||||||||||
4.125% Senior Notes Due 2033 | BKNG 33 | The NASDAQ Stock Market LLC | |||||||||||||||
4.750% Senior Notes Due 2034 | BKNG 34 | The NASDAQ Stock Market LLC | |||||||||||||||
3.750% Senior Notes Due 2036 | BKNG 36 | The NASDAQ Stock Market LLC | |||||||||||||||
4.000% Senior Notes Due 2044 | BKNG 44 | The NASDAQ Stock Market LLC |
Exhibit Number |
Description | ||||
Press release (which includes a financial and statistical supplement and related information) issued by Booking Holdings Inc. on October 30, 2024 relating to, among other things, its third quarter 2024 earnings. |
|||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
BOOKING HOLDINGS INC. | |||||||||||
By: | /s/ Ewout L. Steenbergen | ||||||||||
Name: | Ewout L. Steenbergen | ||||||||||
Title: | Executive Vice President and Chief Financial Officer |
September 30, 2024 |
December 31, 2023 |
|||||||||||||
(Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 15,775 | $ | 12,107 | ||||||||||
Short-term investments (Available-for-sale debt securities: Amortized cost of $580 at December 31, 2023) |
— | 576 | ||||||||||||
Accounts receivable, net (Allowance for expected credit losses of $131 and $137, respectively) | 3,649 | 3,253 | ||||||||||||
Prepaid expenses, net | 490 | 644 | ||||||||||||
Other current assets | 615 | 454 | ||||||||||||
Total current assets | 20,529 | 17,034 | ||||||||||||
Property and equipment, net | 882 | 784 | ||||||||||||
Operating lease assets | 600 | 705 | ||||||||||||
Intangible assets, net | 1,450 | 1,613 | ||||||||||||
Goodwill | 2,838 | 2,826 | ||||||||||||
Long-term investments | 500 | 440 | ||||||||||||
Other assets, net | 1,179 | 940 | ||||||||||||
Total assets | $ | 27,978 | $ | 24,342 | ||||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 4,065 | $ | 3,480 | ||||||||||
Accrued expenses and other current liabilities | 5,287 | 4,635 | ||||||||||||
Deferred merchant bookings | 4,907 | 3,254 | ||||||||||||
Short-term debt | 2,419 | 1,961 | ||||||||||||
Total current liabilities | 16,678 | 13,330 | ||||||||||||
Deferred income taxes | 191 | 258 | ||||||||||||
Operating lease liabilities | 508 | 599 | ||||||||||||
Long-term U.S. transition tax liability | 257 | 515 | ||||||||||||
Other long-term liabilities | 204 | 161 | ||||||||||||
Long-term debt | 13,793 | 12,223 | ||||||||||||
Total liabilities | 31,631 | 27,086 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders' deficit: | ||||||||||||||
Common stock, $0.008 par value,
Authorized shares: 1,000,000,000
Issued shares: 64,265,798 and 64,048,000, respectively
|
— | — | ||||||||||||
Treasury stock: 31,089,462 and 29,650,351 shares, respectively |
(46,734) | (41,426) | ||||||||||||
Additional paid-in capital | 7,635 | 7,175 | ||||||||||||
Retained earnings | 35,749 | 31,830 | ||||||||||||
Accumulated other comprehensive loss | (303) | (323) | ||||||||||||
Total stockholders' deficit | (3,653) | (2,744) | ||||||||||||
Total liabilities and stockholders' deficit | $ | 27,978 | $ | 24,342 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Merchant revenues | $ | 4,972 | $ | 3,945 | $ | 10,806 | $ | 8,467 | ||||||||||||||||||
Agency revenues | 2,753 | 3,135 | 6,660 | 7,346 | ||||||||||||||||||||||
Advertising and other revenues | 269 | 261 | 802 | 768 | ||||||||||||||||||||||
Total revenues | 7,994 | 7,341 | 18,268 | 16,581 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Marketing expenses | 2,151 | 2,022 | 5,700 | 5,340 | ||||||||||||||||||||||
Sales and other expenses | 872 | 807 | 2,370 | 2,094 | ||||||||||||||||||||||
Personnel, including stock-based compensation of $148, $128, $432, and $369, respectively |
868 | 788 | 2,501 | 2,262 | ||||||||||||||||||||||
General and administrative | 575 | 305 | 873 | 821 | ||||||||||||||||||||||
Information technology | 194 | 187 | 564 | 468 | ||||||||||||||||||||||
Depreciation and amortization | 155 | 129 | 434 | 370 | ||||||||||||||||||||||
Total operating expenses | 4,815 | 4,238 | 12,442 | 11,355 | ||||||||||||||||||||||
Operating income | 3,179 | 3,103 | 5,826 | 5,226 | ||||||||||||||||||||||
Interest expense | (305) | (254) | (788) | (689) | ||||||||||||||||||||||
Interest and dividend income | 327 | 289 | 863 | 783 | ||||||||||||||||||||||
Other income (expense), net | (332) | 11 | (173) | (250) | ||||||||||||||||||||||
Income before income taxes | 2,869 | 3,149 | 5,728 | 5,070 | ||||||||||||||||||||||
Income tax expense | 352 | 638 | 914 | 1,003 | ||||||||||||||||||||||
Net income | $ | 2,517 | $ | 2,511 | $ | 4,814 | $ | 4,067 | ||||||||||||||||||
Net income applicable to common stockholders per basic common share | $ | 75.37 | $ | 70.62 | $ | 142.38 | $ | 111.09 | ||||||||||||||||||
Weighted-average number of basic common shares outstanding (in 000's) | 33,401 | 35,570 | 33,814 | 36,615 | ||||||||||||||||||||||
Net income applicable to common stockholders per diluted common share | $ | 74.34 | $ | 69.80 | $ | 140.45 | $ | 110.02 | ||||||||||||||||||
Weighted-average number of diluted common shares outstanding (in 000's) | 33,864 | 35,987 | 34,278 | 36,971 |
Nine Months Ended September 30, |
||||||||||||||
2024 | 2023 | |||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||
Net income | $ | 4,814 | $ | 4,067 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 434 | 370 | ||||||||||||
Provision for expected credit losses and chargebacks | 292 | 224 | ||||||||||||
Deferred income tax benefit | (75) | (409) | ||||||||||||
Net (gains) losses on equity securities | (27) | 151 | ||||||||||||
Stock-based compensation expense | 432 | 369 | ||||||||||||
Operating lease amortization | 114 | 120 | ||||||||||||
Unrealized foreign currency transaction losses (gains) related to Euro-denominated debt | 108 | (2) | ||||||||||||
Other | — | 3 | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable | (651) | (1,506) | ||||||||||||
Prepaid expenses and other current assets | 12 | 96 | ||||||||||||
Deferred merchant bookings and other current liabilities | 2,308 | 2,644 | ||||||||||||
Other | (159) | (129) | ||||||||||||
Net cash provided by operating activities | 7,602 | 5,998 | ||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||
Proceeds from sale and maturity of investments | 590 | 1,785 | ||||||||||||
Additions to property and equipment | (353) | (251) | ||||||||||||
Other investing activities | (33) | (9) | ||||||||||||
Net cash provided by investing activities | 204 | 1,525 | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||
Proceeds from the issuance of long-term debt | 2,959 | 1,893 | ||||||||||||
Payment on maturity of debt | (1,114) | (500) | ||||||||||||
Payments for repurchase of common stock | (5,282) | (7,889) | ||||||||||||
Dividends paid | (885) | — | ||||||||||||
Proceeds from exercise of stock options | 11 | 122 | ||||||||||||
Other financing activities | (36) | (45) | ||||||||||||
Net cash used in financing activities | (4,347) | (6,419) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | 214 | (29) | ||||||||||||
Net increase in cash and cash equivalents and restricted cash and cash equivalents | 3,673 | 1,075 | ||||||||||||
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 12,135 | 12,251 | ||||||||||||
Total cash and cash equivalents and restricted cash and cash equivalents, end of period | $ | 15,808 | $ | 13,326 | ||||||||||
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED EPS | Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
Net income | $ | 2,517 | $ | 2,511 | $ | 4,814 | $ | 4,067 | |||||||||||||||||||||
(a) | Adjustment to accruals related to the fine imposed by the Spanish competition authority | — | — | (78) | — | ||||||||||||||||||||||||
(b) | Accruals related to settlements of indirect tax matters | 365 | — | 365 | 62 | ||||||||||||||||||||||||
(c) | Termination fee related to an acquisition agreement | — | 90 | — | 90 | ||||||||||||||||||||||||
(d) | Amortization of intangible assets | 55 | 55 | 166 | 166 | ||||||||||||||||||||||||
(e) | Net (gains) losses on equity securities | (32) | (16) | (27) | 151 | ||||||||||||||||||||||||
(f) | Foreign currency transaction losses (gains) on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments | 329 | (36) | 94 | (2) | ||||||||||||||||||||||||
(g) | Adjustment to one-time deemed repatriation income tax liability resulting from the Tax Act and related net unrecognized tax benefit | (250) | — | (250) | — | ||||||||||||||||||||||||
(h) | Other | — | — | 17 | (31) | ||||||||||||||||||||||||
(i) | Tax impact of Non-GAAP adjustments | (144) | (4) | (117) | (71) | ||||||||||||||||||||||||
Adjusted Net income | $ | 2,841 | $ | 2,602 | $ | 4,985 | $ | 4,433 | |||||||||||||||||||||
GAAP and Non-GAAP weighted-average number of diluted common shares outstanding (in 000's) | 33,864 | 35,987 | 34,278 | 36,971 | |||||||||||||||||||||||||
Net income applicable to common stockholders per diluted common share (EPS) | $ | 74.34 | $ | 69.80 | $ | 140.45 | $ | 110.02 | |||||||||||||||||||||
Adjusted Net income applicable to common stockholders per diluted common share (Adjusted EPS) | $ | 83.89 | $ | 72.32 | $ | 145.42 | $ | 119.92 |
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA | Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
Net income | $ | 2,517 | $ | 2,511 | $ | 4,814 | $ | 4,067 | |||||||||||||||||||||
(a) | Adjustment to accruals related to the fine imposed by the Spanish competition authority | — | — | (78) | — | ||||||||||||||||||||||||
(b) | Accruals related to settlements of indirect tax matters | 365 | — | 365 | 62 | ||||||||||||||||||||||||
(c) | Termination fee related to an acquisition agreement |
— | 90 | — | 90 | ||||||||||||||||||||||||
(j) | Depreciation and amortization | 155 | 129 | 434 | 370 | ||||||||||||||||||||||||
(j) | Interest and dividend income | (327) | (289) | (863) | (783) | ||||||||||||||||||||||||
(j) | Interest expense | 305 | 254 | 788 | 689 | ||||||||||||||||||||||||
(e) | Net (gains) losses on equity securities | (32) | (16) | (27) | 151 | ||||||||||||||||||||||||
(f) | Foreign currency transaction losses (gains) on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments | 329 | (36) | 94 | (2) | ||||||||||||||||||||||||
(h) | Other | — | — | 17 | — | ||||||||||||||||||||||||
(j) | Income tax expense | 352 | 638 | 914 | 1,003 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 3,665 | $ | 3,284 | $ | 6,458 | $ | 5,648 | |||||||||||||||||||||
Net income as a % of Total Revenues | 31.5 | % | 34.2 | % | 26.4 | % | 24.5 | % | |||||||||||||||||||||
Adjusted EBITDA as a % of Total Revenues | 45.8 | % | 44.7 | % | 35.4 | % | 34.1 | % |
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW | Nine Months Ended September 30, |
||||||||||||||||
2024 | 2023 | ||||||||||||||||
Net cash provided by operating activities | $ | 7,602 | $ | 5,998 | |||||||||||||
(k) | Additions to property and equipment | (353) | (251) | ||||||||||||||
Free cash flow | $ | 7,249 | $ | 5,746 | |||||||||||||
Net cash provided by operating activities as a % of Total Revenues | 41.6 | % | 36.2 | % | |||||||||||||
Free cash flow as a % of Total Revenues | 39.7 | % | 34.7 | % |
Notes: | |||||
(a) | Adjustment to accruals related to the fine imposed by the Spanish competition authority are recorded in General and administrative expenses and excluded from Net income to calculate Adjusted Net income and Adjusted EBITDA. | ||||
(b) | Accruals related to settlements of certain indirect tax matters are recorded in General and administrative expenses and excluded from Net income to calculate Adjusted Net income and Adjusted EBITDA. During the quarter, the Company recorded a $365 million accrual related to the proposed settlement of certain Italian indirect tax matters. | ||||
(c) | Termination fee related to the acquisition agreement for the Etraveli Group is recorded in General and administrative expenses and excluded from Net income to calculate Adjusted Net income and Adjusted EBITDA. | ||||
(d) | Amortization of intangible assets is recorded in Depreciation and amortization expenses and excluded from Net income to calculate Adjusted Net income. | ||||
(e) | Net (gains) losses on equity securities with readily determinable fair values and impairments of investments in equity securities are recorded in Other income (expense), net and excluded from Net income to calculate Adjusted Net income and Adjusted EBITDA. | ||||
(f) | Foreign currency transaction losses (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 Adjusted Net income and Adjusted EBITDA. | ||||
(g) | Adjustment to one-time deemed repatriation income tax liability resulting from the Tax Act and related net unrecognized tax benefit are recorded in Income tax expense and excluded from Net income to calculate Adjusted Net income. During the quarter, the Company recorded a reduction of $250 million to income tax expense based upon a recent U.S. Tax Court decision. | ||||
(h) | For the nine months ended September 30, 2024, includes an accrual related to the Canadian digital services taxes for the years ended December 31, 2022 and 2023 enacted in June 2024 with retrospective effect, which is recorded in Sales and other expenses. For the nine months ended September 30, 2023, includes interest received on tax payments refunded pursuant to a settlement with authorities, which is recorded in Interest and dividend income and Income tax expense, as applicable. | ||||
(i) | Reflects the tax impact of Non-GAAP adjustments above and changes in tax estimates which are excluded from Net income to calculate Adjusted Net income. | ||||
(j) | Amounts are excluded from Net income to calculate Adjusted EBITDA. | ||||
(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. Additional information on the impact of the adjustments above on Sales and other expenses, General and administrative expenses, Depreciation and amortization expenses, Interest and dividend income, Other income (expense), net, and Income tax expense, as applicable, are presented in the following pages. The reconciliation of Total operating expenses to Adjusted fixed operating expenses is also provided. |
Sales and other expenses: | Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
Sales and other expenses | $ | 872 | $ | 807 | $ | 2,370 | $ | 2,094 | |||||||||||||||||||||
Accruals related to prior-period Canadian digital services taxes | — | — | (17) | — | |||||||||||||||||||||||||
Adjusted Sales and other expenses | $ | 872 | $ | 807 | $ | 2,353 | $ | 2,094 | |||||||||||||||||||||
General and administrative expenses: | Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
General and administrative expenses | $ | 575 | $ | 305 | $ | 873 | $ | 821 | |||||||||||||||||||||
Adjustment to accruals related to the fine imposed by the Spanish competition authority | — | — | 78 | — | |||||||||||||||||||||||||
Accruals related to settlements of indirect tax matters | (365) | — | (365) | (62) | |||||||||||||||||||||||||
Termination fee related to an acquisition agreement | — | (90) | — | (90) | |||||||||||||||||||||||||
Adjusted General and administrative expenses | $ | 210 | $ | 215 | $ | 586 | $ | 669 | |||||||||||||||||||||
Depreciation and amortization expenses: | Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
Depreciation and amortization expenses | $ | 155 | $ | 129 | $ | 434 | $ | 370 | |||||||||||||||||||||
Amortization of intangible assets | (55) | (55) | (166) | (166) | |||||||||||||||||||||||||
Depreciation expenses | $ | 100 | $ | 74 | $ | 268 | $ | 204 | |||||||||||||||||||||
Interest and dividend income: | Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
Interest and dividend income | $ | 327 | $ | 289 | $ | 863 | $ | 783 | |||||||||||||||||||||
Interest received on refunded tax payments | — | — | — | (24) | |||||||||||||||||||||||||
Adjusted Interest and dividend income | $ | 327 | $ | 289 | $ | 863 | $ | 759 | |||||||||||||||||||||
Other income (expense), net: | Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
Other income (expense), net | $ | (332) | $ | 11 | $ | (173) | $ | (250) | |||||||||||||||||||||
Net (gains) losses on equity securities | (32) | (16) | (27) | 151 | |||||||||||||||||||||||||
Foreign currency transaction losses (gains) on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments | 329 | (36) | 94 | (2) | |||||||||||||||||||||||||
Adjusted Other income (expense), net | $ | (35) | $ | (41) | $ | (106) | $ | (101) |
Income tax expense: | Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
Income tax expense | $ | 352 | $ | 638 | $ | 914 | $ | 1,003 | |||||||||||||||||||||
Adjustment to one-time deemed repatriation income tax liability resulting from the Tax Act and related net unrecognized tax benefit | 250 | — | 250 | — | |||||||||||||||||||||||||
Interest received on refunded tax payments | — | — | — | 7 | |||||||||||||||||||||||||
Tax impact of Non-GAAP adjustments | 144 | 4 | 117 | 71 | |||||||||||||||||||||||||
Adjusted Income tax expense | $ | 746 | $ | 642 | $ | 1,281 | $ | 1,081 | |||||||||||||||||||||
RECONCILIATION OF TOTAL OPERATING EXPENSES TO ADJUSTED FIXED OPERATING EXPENSES | Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
Total operating expenses | $ | 4,815 | $ | 4,238 | $ | 12,442 | $ | 11,355 | |||||||||||||||||||||
Marketing expenses | (2,151) | (2,022) | (5,700) | (5,340) | |||||||||||||||||||||||||
Sales and other expenses | (872) | (807) | (2,370) | (2,094) | |||||||||||||||||||||||||
Depreciation and amortization | (155) | (129) | (434) | (370) | |||||||||||||||||||||||||
Adjustment to accruals related to the fine imposed by the Spanish competition authority | — | — | 78 | — | |||||||||||||||||||||||||
Accruals related to settlements of indirect tax matters | (365) | — | (365) | (62) | |||||||||||||||||||||||||
Termination fee related to an acquisition agreement | — | (90) | — | (90) | |||||||||||||||||||||||||
Other | — | (2) | — | (4) | |||||||||||||||||||||||||
Adjusted fixed operating expenses | $ | 1,272 | $ | 1,188 | $ | 3,651 | $ | 3,395 |
Units Sold | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | |||||||||||||||||||||||||||||||||||||||||||||||
Room Nights | 240 | 211 | 274 | 268 | 276 | 231 | 297 | 287 | 299 | |||||||||||||||||||||||||||||||||||||||||||||||
Year/Year Growth | 31.5 | % | 39.5 | % | 38.3 | % | 8.8 | % | 14.9 | % | 9.2 | % | 8.5 | % | 7.1 | % | 8.1 | % | ||||||||||||||||||||||||||||||||||||||
Rental Car Days | 16 | 14 | 19 | 20 | 20 | 15 | 21 | 22 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||
Year/Year Growth | 24.9 | % | 27.6 | % | 22.7 | % | 24.0 | % | 20.0 | % | 10.7 | % | 10.7 | % | 10.0 | % | 16.2 | % | ||||||||||||||||||||||||||||||||||||||
Airline Tickets | 6 | 6 | 8 | 9 | 9 | 9 | 11 | 11 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||
Year/Year Growth | 45.1 | % | 61.5 | % | 73.3 | % | 58.3 | % | 56.6 | % | 45.8 | % | 33.1 | % | 27.7 | % | 38.7 | % | ||||||||||||||||||||||||||||||||||||||
Gross Bookings(2) |
3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | |||||||||||||||||||||||||||||||||||||||||||||||
Merchant | $ | 14.5 | $ | 13.3 | $ | 19.9 | $ | 21.1 | $ | 22.3 | $ | 18.4 | $ | 25.8 | $ | 25.8 | $ | 28.4 | ||||||||||||||||||||||||||||||||||||||
Agency | 17.6 | 14.0 | 19.5 | 18.6 | 17.5 | 13.3 | 17.8 | 15.6 | 15.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 32.1 | $ | 27.3 | $ | 39.4 | $ | 39.7 | $ | 39.8 | $ | 31.7 | $ | 43.5 | $ | 41.4 | $ | 43.4 | ||||||||||||||||||||||||||||||||||||||
Gross Bookings Year/Year Growth (Decline) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merchant | 64.6 | % | 85.9 | % | 81.0 | % | 39.9 | % | 53.5 | % | 38.7 | % | 29.3 | % | 22.3 | % | 27.3 | % | ||||||||||||||||||||||||||||||||||||||
Agency | 18.4 | % | 18.2 | % | 19.7 | % | (4.5) | % | (0.4) | % | (5.3) | % | (8.9) | % | (16.0) | % | (14.0) | % | ||||||||||||||||||||||||||||||||||||||
Total | 35.6 | % | 43.6 | % | 44.5 | % | 14.9 | % | 24.0 | % | 16.1 | % | 10.4 | % | 4.4 | % | 9.1 | % | ||||||||||||||||||||||||||||||||||||||
Constant-currency Basis | 50 | % | 56 | % | 51 | % | 15 | % | 20 | % | 13 | % | 10 | % | 6 | % | 9 | % | ||||||||||||||||||||||||||||||||||||||
3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 6.1 | $ | 4.0 | $ | 3.8 | $ | 5.5 | $ | 7.3 | $ | 4.8 | $ | 4.4 | $ | 5.9 | $ | 8.0 | ||||||||||||||||||||||||||||||||||||||
Year/Year Growth | 29.4 | % | 35.8 | % | 40.2 | % | 27.2 | % | 21.3 | % | 18.1 | % | 16.9 | % | 7.3 | % | 8.9 | % | ||||||||||||||||||||||||||||||||||||||
Constant-currency Basis | 44 | % | 47 | % | 46 | % | 27 | % | 16 | % | 15 | % | 17 | % | 9 | % | 9 | % | ||||||||||||||||||||||||||||||||||||||