Item 8.01. Other Events.
On June 4, 2021, Glenn Fogel, the President and Chief Executive Officer of
Booking Holdings Inc. and Booking.com BV announced to employees that Booking
Holdings Inc. and its subsidiaries (the "Company") intend to return government
assistance received through the Netherlands' wage subsidy program and the
various other government aid programs outside the Netherlands in which the
Company participated as a result of the impact of the COVID-19 pandemic on the
Company's business. While the decision to accept this assistance was made during
a period when the Company's business was severely impacted and the timing and
pace of the recovery of the travel industry was very uncertain, the Company is
now encouraged by the improving booking trends in certain countries in recent
months that the Company discussed on its most recent earnings call on May 5,
2021. The Company estimates that the amount to be returned to various
governments is approximately $110 million and the amount of government aid that
was previously recorded in the income statements for the year ended December 31,
2020 and the three months ended March 31, 2021 (principally as a reduction of
personnel expenses) that is expected to be reversed in Q2 2021 is approximately
$140 million (pre-tax). This reversal was not included in the commentary the
Company provided about Q2 2021 financial results on May 5, 2021.
This Current Report on Form 8-K 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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