Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Booking Holdings Inc., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Goodwill	2,826)	2,807)	2,887)	1,895)	2,913)
Trade names	1,812)	1,806)	1,814)	1,824)	1,811)
Supply and distribution agreements	1,402)	1,386)	1,407)	1,136)	1,100)
Other intangible assets	330)	330)	340)	220)	212)
Intangible assets, gross carrying amount	3,544)	3,522)	3,561)	3,180)	3,123)
Accumulated amortization	(1,931)	(1,693)	(1,504)	(1,368)	(1,169)
Intangible assets, net carrying amount	1,613)	1,829)	2,057)	1,812)	1,954)
Goodwill and intangible assets	4,439)	4,636)	4,944)	3,707)	4,867)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Booking Holdings Inc. goodwill decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Intangible assets, net carrying amount	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Booking Holdings Inc. intangible assets, net carrying amount decreased from 2021 to 2022 and from 2022 to 2023.
Goodwill and intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Booking Holdings Inc. goodwill and intangible assets decreased from 2021 to 2022 and from 2022 to 2023.

Booking Holdings Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	24,342)	25,361)	23,641)	21,874)	21,402)
Less: Goodwill	2,826)	2,807)	2,887)	1,895)	2,913)
Total assets (adjusted)	21,516)	22,554)	20,754)	19,979)	18,489)
Adjustment to Stockholders’ Equity (deficit)
Stockholders’ equity (deficit) (as reported)	(2,744)	2,782)	6,178)	4,893)	5,933)
Less: Goodwill	2,826)	2,807)	2,887)	1,895)	2,913)
Stockholders’ equity (deficit) (adjusted)	(5,570)	(25)	3,291)	2,998)	3,020)
Adjustment to Net Income
Net income (as reported)	4,289)	3,058)	1,165)	59)	4,865)
Add: Impairment of goodwill	—)	—)	—)	1,062)	—)
Net income (adjusted)	4,289)	3,058)	1,165)	1,121)	4,865)

Based on: 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), 10-K (reporting date: 2019-12-31).

Booking Holdings Inc., Financial Data: Reported vs. Adjusted

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Booking Holdings Inc., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	20.07%	17.89%	10.63%	0.87%	32.29%
Adjusted net profit margin	20.07%	17.89%	10.63%	16.49%	32.29%
Total Asset Turnover
Reported total asset turnover	0.88	0.67	0.46	0.31	0.70
Adjusted total asset turnover	0.99	0.76	0.53	0.34	0.81
Financial Leverage
Reported financial leverage	—	9.12	3.83	4.47	3.61
Adjusted financial leverage	—	—	6.31	6.66	6.12
Return on Equity (ROE)
Reported ROE	—	109.92%	18.86%	1.21%	82.00%
Adjusted ROE	—	—	35.40%	37.39%	161.09%
Return on Assets (ROA)
Reported ROA	17.62%	12.06%	4.93%	0.27%	22.73%
Adjusted ROA	19.93%	13.56%	5.61%	5.61%	26.31%

Based on: 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), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Booking Holdings Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Booking Holdings Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Booking Holdings Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Booking Holdings Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	4,289)	3,058)	1,165)	59)	4,865)
Revenues	21,365)	17,090)	10,958)	6,796)	15,066)
Profitability Ratio
Net profit margin¹	20.07%	17.89%	10.63%	0.87%	32.29%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income	4,289)	3,058)	1,165)	1,121)	4,865)
Revenues	21,365)	17,090)	10,958)	6,796)	15,066)
Profitability Ratio
Adjusted net profit margin²	20.07%	17.89%	10.63%	16.49%	32.29%

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Net profit margin = 100 × Net income ÷ Revenues
= 100 × 4,289 ÷ 21,365 = 20.07%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 4,289 ÷ 21,365 = 20.07%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Booking Holdings Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenues	21,365)	17,090)	10,958)	6,796)	15,066)
Total assets	24,342)	25,361)	23,641)	21,874)	21,402)
Activity Ratio
Total asset turnover¹	0.88	0.67	0.46	0.31	0.70
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenues	21,365)	17,090)	10,958)	6,796)	15,066)
Adjusted total assets	21,516)	22,554)	20,754)	19,979)	18,489)
Activity Ratio
Adjusted total asset turnover²	0.99	0.76	0.53	0.34	0.81

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 21,365 ÷ 24,342 = 0.88

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 21,365 ÷ 21,516 = 0.99

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Booking Holdings Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	24,342)	25,361)	23,641)	21,874)	21,402)
Stockholders’ equity (deficit)	(2,744)	2,782)	6,178)	4,893)	5,933)
Solvency Ratio
Financial leverage¹	—	9.12	3.83	4.47	3.61
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	21,516)	22,554)	20,754)	19,979)	18,489)
Adjusted stockholders’ equity (deficit)	(5,570)	(25)	3,291)	2,998)	3,020)
Solvency Ratio
Adjusted financial leverage²	—	—	6.31	6.66	6.12

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 24,342 ÷ -2,744 = —

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity (deficit)
= 21,516 ÷ -5,570 = —

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	4,289)	3,058)	1,165)	59)	4,865)
Stockholders’ equity (deficit)	(2,744)	2,782)	6,178)	4,893)	5,933)
Profitability Ratio
ROE¹	—	109.92%	18.86%	1.21%	82.00%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income	4,289)	3,058)	1,165)	1,121)	4,865)
Adjusted stockholders’ equity (deficit)	(5,570)	(25)	3,291)	2,998)	3,020)
Profitability Ratio
Adjusted ROE²	—	—	35.40%	37.39%	161.09%

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity (deficit)
= 100 × 4,289 ÷ -2,744 = —

² Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity (deficit)
= 100 × 4,289 ÷ -5,570 = —

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	4,289)	3,058)	1,165)	59)	4,865)
Total assets	24,342)	25,361)	23,641)	21,874)	21,402)
Profitability Ratio
ROA¹	17.62%	12.06%	4.93%	0.27%	22.73%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income	4,289)	3,058)	1,165)	1,121)	4,865)
Adjusted total assets	21,516)	22,554)	20,754)	19,979)	18,489)
Profitability Ratio
Adjusted ROA²	19.93%	13.56%	5.61%	5.61%	26.31%

Based on: 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), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 4,289 ÷ 24,342 = 17.62%

² Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 4,289 ÷ 21,516 = 19.93%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Booking Holdings Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Booking Holdings Inc. (NASDAQ:BKNG)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Booking Holdings Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Booking Holdings Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)