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Booking reports a net loss of $55 million but a 62% increase in air tickets

05/06/2021| 8:19:58 AM| 中文

Total revenues for the quarter dropped by 50% year-on-year.

Booking Holdings reported its 1st quarter 2021 financial results. First quarter gross travel bookings, net of cancellations, were $11.9 billion, a decrease of 4% from the prior year (approximately a 6% decrease on a constant-currency basis). Room nights booked in the 1st quarter decreased 20% from the prior year. The Company's results for the 1st quarter of 2021 and 2020 have been significantly and negatively impacted due to the COVID-19 pandemic and the resulting economic conditions and government restrictions.

Booking Holdings' total revenues for the 1st quarter of 2021 were $1.1 billion, a 50% decrease from the prior year (approximately a 51% decrease on a constant-currency basis). The Company reported a net loss of $55 million in the 1st quarter of 2021, compared with a net loss of $699 million in the 1st quarter of 2020. The results for the 1st quarter of 2021 include net gains on marketable equity securities of $32 million while the results for the 1st quarter of 2020 include net losses on marketable equity securities of $307 million. Additionally, in the 1st quarter of 2020, the Company recorded an impairment charge of $489 million related to OpenTable and KAYAK goodwill and $100 million related to an investment in equity securities. Net loss in the 1st quarter of 2021 was $1.34 per diluted common share, compared with net loss per diluted common share of $17.01 in the 1st quarter of 2020. Non-GAAP net loss in the 1st quarter of 2021 was $215 million, compared with non-GAAP net income in the 1st quarter of 2020 of $156 million. Non-GAAP net loss in the 1st quarter of 2021 was $5.26 per diluted common share, compared with non-GAAP net income of $3.77 per diluted common share in the 1st quarter of 2020.

Non-GAAP net (loss) income includes adjustments to exclude net gains or losses on marketable equity securities and foreign currency transaction gains on the remeasurement of Euro-denominated debt that was not designated as a hedging instrument, in both periods, and the goodwill and investment impairments in the 1st quarter of 2020. Adjusted EBITDA for the 1st quarter of 2021 was a loss of $195 million, compared with adjusted EBITDA of $290 million in the 1st quarter of 2020. 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.

"We saw encouraging signs of improving booking trends in the first quarter that continued into April with notable strength in the U.S.," said Glenn Fogel, Chief Executive Officer of Booking Holdings. "While we expect there will be continued volatility in the recovery of global travel demand, our teams across Booking Holdings will continue their hard work to strengthen the positioning of our company and execute against our key strategic priorities.

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TAGS: Booking Holdings | Booking.com | Financial report | OTA
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