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

BOOKING HOLDINGS INC.

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

10/15/2020 | 04:59pm EST

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. On September 10, 2020, the Company filed an amendment to the Original 8-K to announce a range of estimated costs associated with a portion of the restructuring actions (the "First Amendment"). This Current Report on Form 8-K/A amends and supplements the Original 8-K as amended by the First Amendment to disclose the Company's estimate of certain additional costs related to the previously announced restructuring actions.

Under the restructuring, Booking.com, including Rentalcars.com, has commenced a voluntary leaver scheme in the Netherlands and the United Kingdom and a reduction in force in several other countries (the "Program"), which does not include additional intended reductions in force in certain 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 Program are expected to be substantially completed by December 2020. Assuming the maximum applications under the voluntary leaver schemes are subscribed and approved, the Company expects to incur employment termination and related costs in connection with the Program in the estimated range of $60 million to $70 million, which is in addition to the estimated costs announced in the First Amendment and does not include additional restructuring costs to be determined in the future. The Company's evaluation of various alternative courses of action related to leased facilities impacted by the reduction in force and other contract terminations and modifications is still in progress and the Company may incur additional costs resulting from such actions.

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, the financial impact and other aspects of the contemplated cost reduction actions that are not part of the Program. 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 Program.

Because the Company's intentions with respect to its restructuring actions at Booking.com are subject to the consultation processes described above, applicable legal requirements in multiple jurisdictions and completing an analysis of related costs, except for the estimates disclosed in the First Amendment and this Current Report on Form 8-K/A, 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 remaining restructuring actions 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 and the First Amendment. The remainders of the Original 8-K and the First Amendment are unchanged. Accordingly, this Current Report on Form 8-K/A should be read in conjunction with the Original 8-K and the First Amendment.

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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© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 6 732 M - -
Net income 2020 188 M - -
Net cash 2020 1 222 M - -
P/E ratio 2020 714x
Yield 2020 -
Capitalization 86 147 M 86 147 M -
EV / Sales 2020 12,6x
EV / Sales 2021 8,08x
Nbr of Employees 23 000
Free-Float 64,3%
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Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 1 965,77 $
Last Close Price 2 103,45 $
Spread / Highest target 42,6%
Spread / Average Target -6,55%
Spread / Lowest Target -26,3%
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Managers
NameTitle
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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