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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Booking Holdings Inc.    BKNG


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BOOKING : Costs Associated with Exit or Disposal Activities (form 8-K/A)

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09/10/2020 | 05:11pm EDT

Item 2.05 Costs Associated with Exit or Disposal Activities.

On August 4, 2020, Booking Holdings Inc. (the "Company") filed a Current Report on Form 8-K (the "Original 8-K") with the U.S. Securities and Exchange Commission to announce restructuring actions at Booking.com as a result of the impact of the COVID-19 pandemic on Booking.com and the travel industry. This Current Report on Form 8-K/A amends and supplements the Original 8-K to disclose the Company's estimate of certain additional costs related to the restructuring actions.

On September 3, 2020, the Company approved a plan for Booking.com's reduction in force that impacts approximately 10% of Booking.com's global workforce (the "Approved Plan"), which does not include intended reductions in force in certain other countries (including the Netherlands and the United Kingdom) where Booking.com continues to be engaged in the process of consulting with its works councils, employee representatives and other relevant organizations. Restructuring actions under the Approved Plan commenced on September 7, 2020 and are expected to be substantially completed by December 2020. In connection with the Approved Plan, the Company expects to incur employment termination and related costs in the estimated range of $50 million to $55 million. The Approved Plan does not include actions related to the leased facilities impacted by the reduction in force and other contract terminations or modifications, as the Company's evaluation of various alternative courses of action is still in progress.

As the Company consults with works councils, employee representatives and other organizations regarding its intentions, the Company expects to develop more clarity on the timing, the number of affected employees, financial impact and other aspects of the contemplated cost reduction actions in the remaining countries that are not part of the Approved Plan. Subject to such ongoing consultations, the Company still expects to reduce Booking.com's global workforce by up to approximately 25%, including those employees impacted by the Approved Plan.

Because the Company's intentions with respect to its restructuring actions at Booking.com are subject to the consultation processes described above, working through legal requirements in multiple jurisdictions and completing our analysis of related costs, the Company is currently unable to make a good faith determination of an estimate or range of estimates of employment termination and related costs associated with the countries not included in the Approved Plan or other restructuring costs required by paragraph (b), or an estimate or range of estimates required by paragraphs (c) and (d) of Item 2.05 of Form 8-K with respect to such actions. The Company will file an additional amendment or amendments to the Original 8-K after it determines such estimate or range of estimates. This Current Report on Form 8-K/A supplements and does not supersede the Original 8-K. The remainder of the Original 8-K is unchanged. Accordingly, this Current Report on Form 8-K/A should be read in conjunction with the Original 8-K.

This Current Report on Form 8-K/A contains forward-looking statements. These forward-looking statements reflect our views regarding current expectations and projections about future events and conditions and are based on currently available information. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict, including the Risk Factors identified in our most recently filed quarterly report on Form 10-Q and annual report on Form 10-K; therefore, our actual results could differ materially from those expressed, implied or forecast in any such forward-looking statements. Expressions of future goals and expectations and similar expressions, including "may," "will," "should," "could," "aims," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," and "continue," reflecting something other than historical fact are intended to identify forward-looking statements. Unless required by law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, readers should carefully review the reports and documents we file or furnish from time to time with the Securities and Exchange Commission, particularly our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.


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Financials (USD)
Sales 2020 7 598 M - -
Net income 2020 364 M - -
Net Debt 2020 145 M - -
P/E ratio 2020 155x
Yield 2020 -
Capitalization 66 439 M 66 439 M -
EV / Sales 2020 8,76x
EV / Sales 2021 5,62x
Nbr of Employees 25 000
Free-Float 64,2%
Duration : Period :
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Technical analysis trends BOOKING HOLDINGS INC.
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 1 970,59 $
Last Close Price 1 622,50 $
Spread / Highest target 84,9%
Spread / Average Target 21,5%
Spread / Lowest Target -4,47%
EPS Revisions
Glenn D. Fogel President, Chief Executive Officer & Director
Robert J. Mylod Chairman
David Ian Goulden Chief Financial Officer & Executive Vice President
Jeffery H. Boyd Director
Thomas E. Rothman Independent Director
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