Delaware
|
|
1-36691
|
|
06-1528493
|
(State or other Jurisdiction of
Incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
800 Connecticut Avenue
|
Norwalk
|
Connecticut
|
|
06854
|
(Address of principal offices)
|
|
(Zip Code)
|
Title of Each Class:
|
|
Trading Symbol
|
|
Name of Each Exchange on which Registered:
|
|
Common Stock par value $0.008 per share
|
|
BKNG
|
|
The NASDAQ Global Select Market
|
|
0.800% Senior Notes Due 2022
|
|
BKNG 22A
|
|
The NASDAQ Stock Market LLC
|
|
2.150% Senior Notes Due 2022
|
|
BKNG 22
|
|
The NASDAQ Stock Market LLC
|
|
2.375% Senior Notes Due 2024
|
|
BKNG 24
|
|
The NASDAQ Stock Market LLC
|
|
1.800% Senior Notes Due 2027
|
|
BKNG 27
|
|
The NASDAQ Stock Market LLC
|
Exhibit
Number |
Description
|
|
|
Press release (which includes a financial and statistical supplement and related information) issued by Booking Holdings on May 7, 2020 relating to, among other things, its first quarter 2020 earnings. The unaudited consolidated balance sheet at March 31, 2020 and unaudited consolidated statement of operations for the three months ended March 31, 2020 and unaudited consolidated statement of cash flows for the three months ended March 31, 2020 shall be treated as "filed" for purposes of the Securities and Exchange Act of 1934, as amended, and the remaining information shall be treated as "furnished."
|
|
104
|
Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
BOOKING HOLDINGS INC.
|
||
|
|
||
|
|
|
|
|
By:
|
/s/ Peter J. Millones
|
|
|
|
Name:
|
Peter J. Millones
|
|
|
Title:
|
Executive Vice President and General Counsel
|
•
|
excludes an adjustment to merchant revenues related to prior periods due to a correction in the timing of revenue recognition on a component of merchant revenue in the 1st quarter of 2019, which was reversed in the 2nd quarter of 2019,
|
•
|
excludes charges, if any, to correct an error related to the nonpayment of prior-period wage-related tax on compensation paid to certain highly-compensated former employees in the year of separation,
|
•
|
excludes amortization expense of intangible assets,
|
•
|
excludes the impact, if any, of impairment of goodwill,
|
•
|
excludes non-cash interest expense related to the amortization of debt discount and gains or losses on
|
•
|
excludes the impact, if any, of significant gains or losses on the sale of cost-method investments and
|
•
|
excludes unrealized gains and losses on marketable equity securities,
|
•
|
excludes foreign currency transaction gains or losses on Euro-denominated debt that is not designated as a hedging instrument for accounting purposes,
|
•
|
excludes income taxes, if any, related to convertible notes held for investment that matured, and were reclassified from accumulated other comprehensive loss to income tax expense,
|
•
|
excludes the income tax impact, if any, related to one-time adjustments as a result of the U.S. Tax Cuts and Jobs Act ("Tax Act") enacted in December 2017, if any, and
|
•
|
the income tax impact of the non-GAAP adjustments mentioned above.
|
Booking Holdings Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
|
||||||||
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
|
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
6,363
|
|
|
$
|
6,312
|
|
Short-term investments (Includes available-for-sale debt securities:
Amortized cost of $414 and $998, respectively) |
|
826
|
|
|
998
|
|
||
Accounts receivable, net (Allowance for credit losses of $245 and $49, respectively)
|
|
667
|
|
|
1,680
|
|
||
Prepaid expenses and other current assets, net (Allowance for credit losses of $5 and $6, respectively)
|
|
1,404
|
|
|
843
|
|
||
Total current assets
|
|
9,260
|
|
|
9,833
|
|
||
Property and equipment, net
|
|
720
|
|
|
738
|
|
||
Operating lease assets
|
|
596
|
|
|
620
|
|
||
Intangible assets, net
|
|
1,897
|
|
|
1,954
|
|
||
Goodwill
|
|
2,391
|
|
|
2,913
|
|
||
Long-term investments (Includes available-for-sale debt securities:
Amortized cost of $775 and $2,192, respectively) |
|
2,056
|
|
|
4,477
|
|
||
Other assets, net (Allowance for credit losses of $49 and $0, respectively)
|
|
942
|
|
|
867
|
|
||
Total assets
|
|
$
|
17,862
|
|
|
$
|
21,402
|
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
926
|
|
|
$
|
1,239
|
|
Accrued expenses and other current liabilities
|
|
1,255
|
|
|
1,578
|
|
||
Deferred merchant bookings
|
|
960
|
|
|
1,561
|
|
||
Convertible debt
|
|
995
|
|
|
988
|
|
||
Total current liabilities
|
|
4,136
|
|
|
5,366
|
|
||
Deferred income taxes
|
|
786
|
|
|
876
|
|
||
Operating lease liabilities
|
|
438
|
|
|
462
|
|
||
Long-term U.S. transition tax liability
|
|
1,021
|
|
|
1,021
|
|
||
Other long-term liabilities
|
|
93
|
|
|
104
|
|
||
Long-term debt
|
|
7,553
|
|
|
7,640
|
|
||
Total liabilities
|
|
14,027
|
|
|
15,469
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
||||
Convertible debt
|
|
4
|
|
|
—
|
|
||
|
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
|
|
|
||
Common stock, $0.008 par value,
Authorized shares: 1,000,000,000 Issued shares: 63,369,751 and 63,179,471, respectively |
|
—
|
|
|
—
|
|
||
Treasury stock, 22,439,549 and 21,762,070 shares, respectively
|
|
(24,115
|
)
|
|
(22,864
|
)
|
||
Additional paid-in capital
|
|
5,758
|
|
|
5,756
|
|
||
Retained earnings
|
|
22,530
|
|
|
23,232
|
|
||
Accumulated other comprehensive loss
|
|
(342
|
)
|
|
(191
|
)
|
||
Total stockholders' equity
|
|
3,831
|
|
|
5,933
|
|
||
Total liabilities and stockholders' equity
|
|
$
|
17,862
|
|
|
$
|
21,402
|
|
Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
|
||||||||
|
|
Three Months Ended
March 31, |
||||||
|
|
2020
|
|
2019
|
||||
Agency revenues
|
|
$
|
1,424
|
|
|
$
|
1,949
|
|
Merchant revenues
|
|
659
|
|
|
603
|
|
||
Advertising and other revenues
|
|
205
|
|
|
285
|
|
||
Total revenues
|
|
2,288
|
|
|
2,837
|
|
||
Operating expenses:
|
|
|
|
|
|
|
||
Marketing expenses
|
|
851
|
|
|
1,193
|
|
||
Sales and other expenses
|
|
377
|
|
|
215
|
|
||
Personnel, including stock-based compensation of $6 and $74, respectively
|
|
484
|
|
|
501
|
|
||
General and administrative
|
|
201
|
|
|
191
|
|
||
Information technology
|
|
78
|
|
|
65
|
|
||
Depreciation and amortization
|
|
117
|
|
|
116
|
|
||
Impairment of goodwill
|
|
489
|
|
|
—
|
|
||
Total operating expenses
|
|
2,597
|
|
|
2,281
|
|
||
Operating (loss) income
|
|
(309
|
)
|
|
556
|
|
||
Other income (expense):
|
|
|
|
|
|
|
||
Interest income
|
|
32
|
|
|
35
|
|
||
Interest expense
|
|
(64
|
)
|
|
(66
|
)
|
||
Net (losses) gains on marketable equity securities
|
|
(307
|
)
|
|
451
|
|
||
Impairment of investment
|
|
(100
|
)
|
|
—
|
|
||
Foreign currency transactions and other
|
|
26
|
|
|
(8
|
)
|
||
Total other (expense) income
|
|
(413
|
)
|
|
412
|
|
||
(Loss) income before income taxes
|
|
(722
|
)
|
|
968
|
|
||
Income tax (benefit) expense
|
|
(23
|
)
|
|
203
|
|
||
Net (loss) income
|
|
$
|
(699
|
)
|
|
$
|
765
|
|
Net (loss) income applicable to common stockholders per basic common share
|
|
$
|
(17.01
|
)
|
|
$
|
17.01
|
|
Weighted-average number of basic common shares outstanding (in 000's)
|
|
41,093
|
|
|
45,007
|
|
||
Net (loss) income applicable to common stockholders per diluted common share
|
|
$
|
(17.01
|
)
|
|
$
|
16.85
|
|
Weighted-average number of diluted common shares outstanding (in 000's)
|
|
41,093
|
|
|
45,436
|
|
Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
|
||||||||
|
|
Three Months Ended
March 31, |
||||||
|
|
2020
|
|
2019
|
||||
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
||
Net (loss) income
|
|
$
|
(699
|
)
|
|
$
|
765
|
|
Adjustments to reconcile net (loss) income to net cash (used in) provided by
operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization
|
|
117
|
|
|
116
|
|
||
Provision for expected credit losses and chargebacks
|
|
262
|
|
|
40
|
|
||
Deferred income tax (benefit) expense
|
|
(97
|
)
|
|
89
|
|
||
Net losses (gains) on marketable equity securities
|
|
307
|
|
|
(451
|
)
|
||
Stock-based compensation expense and other stock-based payments
|
|
11
|
|
|
78
|
|
||
Operating lease amortization
|
|
46
|
|
|
42
|
|
||
Amortization of debt discount and debt issuance costs
|
|
14
|
|
|
14
|
|
||
Unrealized foreign currency transaction gains on Euro-denominated debt
|
|
(33
|
)
|
|
—
|
|
||
Impairment of goodwill
|
|
489
|
|
|
—
|
|
||
Impairment of investment
|
|
100
|
|
|
—
|
|
||
Other
|
|
2
|
|
|
7
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
|
||
Accounts receivable
|
|
760
|
|
|
(24
|
)
|
||
Prepaid expenses and other current assets
|
|
(445
|
)
|
|
(669
|
)
|
||
Deferred merchant bookings and other current liabilities
|
|
(1,135
|
)
|
|
561
|
|
||
Other long-term assets and liabilities
|
|
(79
|
)
|
|
(418
|
)
|
||
Net cash (used in) provided by operating activities
|
|
(380
|
)
|
|
150
|
|
||
|
|
|
|
|
||||
INVESTING ACTIVITIES:
|
|
|
|
|
||||
Purchase of investments
|
|
(72
|
)
|
|
(445
|
)
|
||
Proceeds from sale and maturity of investments
|
|
1,885
|
|
|
2,665
|
|
||
Additions to property and equipment
|
|
(80
|
)
|
|
(111
|
)
|
||
Net cash provided by investing activities
|
|
1,733
|
|
|
2,109
|
|
||
|
|
|
|
|
||||
FINANCING ACTIVITIES:
|
|
|
|
|
||||
Proceeds from revolving credit facility and short-term borrowings
|
|
—
|
|
|
250
|
|
||
Repayments of short-term borrowings
|
|
—
|
|
|
(25
|
)
|
||
Payments for repurchase of common stock
|
|
(1,281
|
)
|
|
(2,773
|
)
|
||
Net cash used in financing activities
|
|
(1,281
|
)
|
|
(2,548
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents
|
|
(21
|
)
|
|
(2
|
)
|
||
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents
|
|
51
|
|
|
(291
|
)
|
||
Total cash and cash equivalents and restricted cash and cash equivalents,
beginning of period |
|
6,332
|
|
|
2,645
|
|
||
Total cash and cash equivalents and restricted cash and cash equivalents,
end of period |
|
$
|
6,383
|
|
|
$
|
2,354
|
|
|
|
|
|
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
|
||||
Cash paid during the period for income taxes
|
|
$
|
762
|
|
|
$
|
816
|
|
Cash paid during the period for interest
|
|
$
|
68
|
|
|
$
|
68
|
|
RECONCILIATION OF TOTAL REVENUES TO NON-GAAP TOTAL REVENUES
|
|
Three Months Ended
March 31, |
|||||||
|
|
2020
|
|
2019
|
|||||
|
Total Revenues
|
|
$
|
2,288
|
|
|
$
|
2,837
|
|
|
|
|
|
|
|
||||
(a)
|
Adjustment to merchant revenue
|
|
—
|
|
|
53
|
|
||
|
Non-GAAP Total Revenues
|
|
$
|
2,288
|
|
|
$
|
2,890
|
|
|
|||||||||
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA
|
|
Three Months Ended
March 31, |
|||||||
|
|
2020
|
|
2019
|
|||||
|
Net (loss) income
|
|
$
|
(699
|
)
|
|
$
|
765
|
|
|
|
|
|
|
|
||||
(a)
|
Adjustment to merchant revenue
|
|
—
|
|
|
53
|
|
||
(b)
|
Depreciation and amortization
|
|
117
|
|
|
116
|
|
||
(c)
|
Impairment of goodwill
|
|
489
|
|
|
—
|
|
||
(b)
|
Interest income
|
|
(32
|
)
|
|
(35
|
)
|
||
(b)
|
Interest expense
|
|
64
|
|
|
66
|
|
||
(d)
|
Net unrealized losses (gains) on marketable equity securities
|
|
307
|
|
|
(451
|
)
|
||
(e)
|
Impairment of investment
|
|
100
|
|
|
—
|
|
||
(f)
|
Remeasurement (gains) losses on certain Euro-denominated debt
|
|
(33
|
)
|
|
—
|
|
||
(b)
|
Income tax (benefit) expense
|
|
(23
|
)
|
|
203
|
|
||
|
|
|
|
|
|
||||
|
Adjusted EBITDA
|
|
$
|
290
|
|
|
$
|
718
|
|
|
|
|
|
|
|
|
|
||
|
Adjusted EBITDA as a % of Non-GAAP Total Revenues
|
|
12.7
|
%
|
|
24.9
|
%
|
RECONCILIATION OF NET (LOSS) INCOME TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER DILUTED COMMON SHARE
|
|
Three Months Ended
March 31, |
|||||||
|
|
2020
|
|
2019
|
|||||
|
Net (loss) income
|
|
$
|
(699
|
)
|
|
$
|
765
|
|
|
|
|
|
|
|
||||
(a)
|
Adjustment to merchant revenue
|
|
—
|
|
|
53
|
|
||
(c)
|
Impairment of goodwill
|
|
489
|
|
|
—
|
|
||
(d)
|
Net unrealized losses (gains) on marketable equity securities
|
|
307
|
|
|
(451
|
)
|
||
(e)
|
Impairment of investment
|
|
100
|
|
|
—
|
|
||
(f)
|
Remeasurement (gains) losses on certain Euro-denominated debt
|
|
(33
|
)
|
|
—
|
|
||
(g)
|
Amortization of intangible assets
|
|
43
|
|
|
45
|
|
||
(h)
|
Debt discount amortization related to convertible debt
|
|
12
|
|
|
11
|
|
||
(i)
|
Tax impact of Non-GAAP adjustments
|
|
(62
|
)
|
|
85
|
|
||
|
|
|
|
|
|
||||
|
Non-GAAP Net income
|
|
$
|
156
|
|
|
$
|
508
|
|
|
|
|
|
|
|
||||
|
Weighted-average number of diluted common shares outstanding (in 000's)
|
|
41,352
|
|
|
45,436
|
|
||
|
|
|
|
|
|
||||
|
Non-GAAP Net income per diluted common share
|
|
$
|
3.77
|
|
|
$
|
11.17
|
|
RECONCILIATION OF CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
|
|
Three Months Ended
March 31, |
|||||||
|
|
|
2020
|
|
2019
|
||||
|
Net cash (used in) provided by operating activities
|
|
$
|
(380
|
)
|
|
$
|
150
|
|
|
|
|
|
|
|
||||
(k)
|
Additions to property and equipment
|
|
(80
|
)
|
|
(111
|
)
|
||
|
|
|
|
|
|
||||
|
Free cash flow
|
|
$
|
(460
|
)
|
|
$
|
39
|
|
|
|
|
|
|
|
||||
|
Free cash flow as a % of Non-GAAP Total Revenues
|
|
(20.1
|
)%
|
|
1.4
|
%
|
RECONCILIATION OF CONSTANT CURRENCY YEAR-OVER-YEAR GROWTH RATES FOR THE THREE MONTHS ENDED MARCH 31, 2020 VERSUS 2019
|
|
|
|||||
|
|
|
Gross Travel Bookings
|
|
Revenues
|
||
|
Year-over-year decline, as reported
|
|
(51
|
)%
|
|
(19
|
)%
|
|
|
|
|
|
|
||
|
Impact of currency fluctuations
|
|
1
|
%
|
|
2
|
%
|
|
|
|
|
|
|
||
|
Constant currency decline
|
|
(50
|
)%
|
|
(17
|
)%
|
|
|
|
|
|
|
|
Notes:
|
(a)
|
An immaterial adjustment to merchant revenues related to prior periods due to a correction in the timing of revenue recognition on a component of merchant revenue.
|
(b)
|
Amounts are excluded from Net income to calculate Adjusted EBITDA.
|
(c)
|
Impairment of goodwill related to our OpenTable and KAYAK reporting unit is recorded in Operating expenses.
|
(d)
|
Net unrealized gains or losses on marketable equity securities are excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
|
(e)
|
Impairment of investment in Didi Chuxing equity securities.
|
(f)
|
Adjustment for foreign currency transaction gains or losses on our Euro-denominated debt that is not designated as a hedging instrument for accounting purposes is recorded in Foreign currency transactions and other.
|
(g)
|
Amortization of intangible assets is recorded in Depreciation and amortization and excluded from Net income to calculate Non-GAAP Net income.
|
(h)
|
Non-cash interest expense related to the amortization of debt discount is recorded in Interest expense and is excluded from Net income to calculate Non-GAAP Net income.
|
(i)
|
Reflects the tax impact of Non-GAAP adjustments and is excluded from Net income to calculate Non-GAAP Net income.
|
(j)
|
Reflects shares that are excluded from the GAAP weighted-average diluted common shares, as these shares would be anti-dilutive given the GAAP net loss.
|
(k)
|
Additions to property and equipment are included in the calculation of Free cash flow.
|
|
|
|
For a more detailed discussion of the adjustments described above, please see the section in our press release entitled "Non-GAAP Financial Measures" which provides a definition and information about the use of non-GAAP financial measures.
|
Units Sold
|
|
1Q18
|
|
2Q18
|
|
3Q18
|
|
4Q18
|
|
1Q19
|
|
2Q19
|
|
3Q19
|
|
4Q19
|
|
1Q20
|
||||||||||||||||||
Room Nights
|
|
197
|
|
|
191
|
|
|
201
|
|
|
171
|
|
|
217
|
|
|
213
|
|
|
223
|
|
|
191
|
|
|
124
|
|
|||||||||
Year/Year Growth/(Decline)
|
|
13.2
|
%
|
|
12.0
|
%
|
|
13.4
|
%
|
|
13.0
|
%
|
|
10.3
|
%
|
|
11.8
|
%
|
|
11.0
|
%
|
|
11.8
|
%
|
|
(42.8
|
)%
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Rental Car Days
|
|
19
|
|
|
21
|
|
|
19
|
|
|
15
|
|
|
18
|
|
|
21
|
|
|
21
|
|
|
16
|
|
|
12
|
|
|||||||||
Year/Year Growth/(Decline)
|
|
0.6
|
%
|
|
1.0
|
%
|
|
(0.1
|
)%
|
|
(0.6
|
)%
|
|
(1.3
|
)%
|
|
1.2
|
%
|
|
8.5
|
%
|
|
11.9
|
%
|
|
(36.4
|
)%
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Airline Tickets
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|||||||||
Year/Year Growth/(Decline)
|
|
1.9
|
%
|
|
5.3
|
%
|
|
9.2
|
%
|
|
(1.3
|
)%
|
|
4.4
|
%
|
|
2.4
|
%
|
|
(2.5
|
)%
|
|
11.3
|
%
|
|
(8.0
|
)%
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Gross Bookings(2)
|
|
1Q18
|
|
2Q18
|
|
3Q18
|
|
4Q18
|
|
1Q19
|
|
2Q19
|
|
3Q19
|
|
4Q19
|
|
1Q20
|
||||||||||||||||||
Agency
|
|
$
|
20,576
|
|
|
$
|
19,090
|
|
|
$
|
19,024
|
|
|
$
|
15,230
|
|
|
$
|
19,678
|
|
|
$
|
18,638
|
|
|
$
|
18,118
|
|
|
$
|
14,218
|
|
|
$
|
8,320
|
|
Merchant
|
|
4,434
|
|
|
4,807
|
|
|
5,250
|
|
|
4,322
|
|
|
5,732
|
|
|
6,401
|
|
|
7,163
|
|
|
6,495
|
|
|
4,073
|
|
|||||||||
Total
|
|
$
|
25,009
|
|
|
$
|
23,896
|
|
|
$
|
24,274
|
|
|
$
|
19,552
|
|
|
$
|
25,410
|
|
|
$
|
25,039
|
|
|
$
|
25,281
|
|
|
$
|
20,713
|
|
|
$
|
12,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Gross Bookings Year/Year Growth (Decline)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Agency
|
|
13.4
|
%
|
|
6.4
|
%
|
|
2.3
|
%
|
|
1.4
|
%
|
|
(4.4
|
)%
|
|
(2.4
|
)%
|
|
(4.8
|
)%
|
|
(6.6
|
)%
|
|
(57.7
|
)%
|
|||||||||
Merchant
|
|
74.1
|
%
|
|
68.6
|
%
|
|
65.7
|
%
|
|
45.8
|
%
|
|
29.3
|
%
|
|
33.2
|
%
|
|
36.5
|
%
|
|
50.3
|
%
|
|
(28.9
|
)%
|
|||||||||
Total
|
|
20.9
|
%
|
|
14.9
|
%
|
|
11.5
|
%
|
|
8.7
|
%
|
|
1.6
|
%
|
|
4.8
|
%
|
|
4.1
|
%
|
|
5.9
|
%
|
|
(51.2
|
)%
|
|||||||||
Constant Currency
|
|
12
|
%
|
|
11
|
%
|
|
14
|
%
|
|
13
|
%
|
|
8
|
%
|
|
10
|
%
|
|
7
|
%
|
|
7
|
%
|
|
(50
|
)%
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
1Q18
|
|
2Q18
|
|
3Q18
|
|
4Q18
|
|
1Q19
|
|
2Q19
|
|
3Q19
|
|
4Q19
|
|
1Q20
|
||||||||||||||||||
Total Revenues
|
|
$
|
2,928
|
|
|
$
|
3,537
|
|
|
$
|
4,849
|
|
|
$
|
3,213
|
|
|
$
|
2,837
|
|
|
$
|
3,850
|
|
|
$
|
5,040
|
|
|
$
|
3,339
|
|
|
$
|
2,288
|
|
Year/Year Growth/(Decline)
|
|
25.2
|
%
|
|
19.6
|
%
|
|
10.7
|
%
|
|
16.3
|
%
|
|
(3.1
|
)%
|
|
8.9
|
%
|
|
3.9
|
%
|
|
3.9
|
%
|
|
(19.3
|
)%
|
|||||||||
Constant Currency
|
|
18
|
%
|
|
16
|
%
|
|
13
|
%
|
|
21
|
%
|
|
3
|
%
|
|
14
|
%
|
|
7
|
%
|
|
5
|
%
|
|
(17
|
)%
|