Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Booking Holdings Inc., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Net Income
- There is a consistent and significant upward trend in net income, increasing from 59 million US dollars in 2020 to 5,882 million US dollars in 2024. This reflects strong profitability growth over the five-year period.
- Depreciation and Amortization
- Depreciation and amortization expenses show a gradual increase from 458 million in 2020 to 591 million in 2024, indicating ongoing investment in capital assets.
- Provision for Expected Credit Losses and Chargebacks
- These provisions fluctuate between 109 million and 412 million with an overall upward trend, suggesting some variability in credit risks or chargeback exposures over time.
- Deferred Income Tax Expense (Benefit)
- This item exhibits volatility with negative values in most years but a positive figure in 2024, implying fluctuations in tax positions and possibly changes in deferred tax assets or liabilities.
- Net Gains (Losses) on Equity Securities
- There is a notable swing from a large gain of -1,713 million in 2020 (indicating a loss) to gains in subsequent years, peaking in 2022 at 963 million, but then decreasing again by 2024 to a small loss of -63 million, revealing volatility in equity-related investments.
- Stock-Based Compensation Expense
- This expense has steadily increased each year, from 255 million in 2020 to 599 million in 2024, reflecting potentially growing employee stock incentive programs.
- Operating Lease Amortization
- Operating lease amortization remains relatively stable, fluctuating slightly around the 160 to 180 million range, indicating consistent lease obligations.
- Unrealized Foreign Currency Transaction Gains/Losses
- These foreign currency effects related to Euro-denominated debt show considerable volatility, with gains and losses fluctuating notably, including a significant loss in 2023 and a large gain in 2024, reflecting currency exposure risks.
- Loss Related to Conversion Option on Convertible Senior Notes
- This expense appears only in 2024 at 796 million, representing a one-time notable charge related to convertible debt instruments.
- Impairment of Goodwill
- Recorded only in 2020 at 1,062 million, indicating a significant one-time write-down that did not recur in later years.
- Loss on Early Extinguishment of Debt
- Reported in 2021 at 242 million and absent thereafter, suggesting a past refinancing or debt restructuring cost.
- Gain on Sale and Leaseback Transaction
- A one-time gain appeared in 2022 at 240 million, indicating a disposal and leaseback of assets during that year.
- Accounts Receivable
- Accounts receivable changes are negative in most years from 2021 through 2024, indicating a reduction in receivables which could imply improved collections or sales pattern shifts.
- Prepaid Expenses and Other Current Assets
- This category shows inconsistent changes with both positive and negative movements, reflecting variable management of prepaid items and short-term assets.
- Deferred Merchant Bookings and Other Current Liabilities
- These liabilities have significantly increased from -2,266 million in 2020 to a peak of 3,718 million in 2022, then gradually decreased to 1,361 million by 2024, suggesting changes in merchant booking deferrals and current liability management.
- Changes in Assets and Liabilities
- This line shows substantial positive values from 2021 onward, peaking in 2022, indicating net increases in working capital components or other asset and liability movements impacting cash flows.
- Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
- There is a significant increase in these adjustments, which aligns with the increase in net income, showing higher non-cash expenses or other adjustments for cash flow reconciliation.
- Net Cash Provided by Operating Activities
- This metric has shown strong growth from 85 million in 2020 to 8,323 million in 2024, consistent with the increase in net income and operating performance.
- Investment Activities
- Purchase of investments fluctuates and is generally modest, with a noticeable spike in 2022. Proceeds from sales and maturities of investments vary significantly, with a large inflow in 2020, decreasing afterward but rebounding in 2023. Additions to property and equipment increase slightly over time, indicating steady capital expenditure. There was a notable acquisition outlay in 2021 at 1,185 million. Overall, net cash used in investing activities is negative in most years except for 2023 and 2024, where positive inflows suggest asset disposals or maturities exceeding purchases.
- Financing Activities
- Proceeds from issuance of long-term debt fluctuate but reach a high point in 2024 at 4,836 million, indicating substantial debt financing activity. Payments on maturing debt vary and generally increase after 2022. Share repurchases are significant with a peak in 2023, showing aggressive stock buyback activity, while dividends paid appear only in 2024. Exercise of stock options contributes minor inflows. Overall, net cash used in financing activities is strongly negative from 2021 onwards, reflecting higher debt repayments, large stock repurchases, and dividend payments.
- Effect of Exchange Rate Changes on Cash and Cash Equivalents
- Currency exchange effects are negative from 2021 onward, becoming more substantial in 2024, implying adverse foreign currency impacts on cash balances.
- Cash and Cash Equivalents
- Despite fluctuations, the cash balance shows a substantial increase from 10,582 million in 2020 to 16,193 million in 2024, demonstrating strong liquidity growth over time.