Booking Holdings Inc. (formerly The Priceline Group Inc.) today reported its 4th quarter and full-year 2017 financial results.
Gross travel bookings were $18.0 billion, an increase of 19% over a year ago (approximately 14% on a constant-currency basis).
Gross profit was $2.8 billion, a 22% increase from the prior year (approximately 17% on a constant-currency basis). International operations contributed gross profit in the 4th quarter of $2.4 billion, a 23% increase versus a year ago (approximately 17% on a constant-currency basis). Net loss in the 4th quarter was $555 million, or $11.41 per share, including $1.3 billion of provisional net income tax expense recorded pursuant to the U.S. Tax Cuts and Jobs Act.
Non-GAAP net income in the 4th quarter, which excludes the impact of the Tax Act, was $836 million, an 18% increase versus the prior year. Adjusted EBITDA for the 4th quarter 2017 was $1.1 billion, a 23% increase versus a year ago.
"Booking Holdings finished 2017 with a strong 4th quarter, reporting year-over-year growth in room nights booked of 17% and Adjusted EBITDA growth of 23%," said Glenn Fogel, Chief Executive Officer of Booking Holdings. "We are pleased with the solid execution across all of our brands in 2017 as we moved ahead on important investments in the year while driving strong top-line growth." 2 Looking forward to 2018, Mr. Fogel said, "We intend to continue to strategically invest in our business by growing our supply base to drive customer choice, innovating around the customer and supplier experience and investing in marketing that builds consumer awareness for our brands and delivers profitable top-line growth."
Guidance for the 1st Quarter 2018 under the New Revenue Accounting Standard is as follows:
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