Booking Holdings Inc (BKNG, Financial) released its third quarter 2023 financial results on November 2, 2023. The company reported gross travel bookings of $39.8 billion, a 24% increase from the prior-year quarter. Room nights booked increased by 15% from the prior-year quarter. Total revenues were $7.3 billion, an increase of 21% from the prior-year quarter. Net income was $2.5 billion, a 51% increase from the prior-year quarter.
Financial Highlights
Booking Holdings Inc (BKNG, Financial) reported a net income per diluted common share of $69.80, an increase of 66% from the prior-year quarter. Non-GAAP net income was $2.6 billion, an increase of 24% from the prior-year quarter. Non-GAAP net income per diluted common share was $72.32, an increase of 36% from the prior-year quarter. Adjusted EBITDA was $3.3 billion, an increase of 24% from the prior-year quarter.
We are pleased to report record quarterly room nights, gross bookings, revenue, and net income driven by a strong summer travel season," said Glenn Fogel, Chief Executive Officer of Booking Holdings. "We are encouraged by the resilience of leisure travel demand, and we remain focused on executing against our key strategic priorities, which helps position our business well for the long term."
Balance Sheet and Cash Flow Statement Summary
As of September 30, 2023, Booking Holdings Inc (BKNG, Financial) had cash and cash equivalents of $13.3 billion. The company's total current assets were $18.5 billion, and total assets were $25.6 billion. Total current liabilities were $12.8 billion, and total liabilities were $26.3 billion. The company's total stockholders' equity was negative $625 million.
For the nine months ended September 30, 2023, net cash provided by operating activities was $6 billion. After accounting for additions to property and equipment, the company's free cash flow was $5.7 billion.
Non-GAAP Financial Measures
Booking Holdings Inc (BKNG, Financial) uses non-GAAP financial measures such as adjusted EBITDA, non-GAAP net income (loss), non-GAAP net income (loss) per diluted common share, and free cash flow to supplement its Unaudited Consolidated Financial Statements. The company believes that these non-GAAP financial measures are useful for analysts and investors to evaluate its ongoing operating performance.
However, these non-GAAP financial measures 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 attached financial and statistical supplement reconciles non-GAAP financial results with Booking Holdings' financial results under GAAP.
Explore the complete 8-K earnings release (here) from Booking Holdings Inc for further details.
