Ewout Steenbergen
Executive VP & CFO at Booking Holdings
Our second quarter ending cash and investments balance of $18,200,000,000 was up versus our first quarter ending balance of $16,100,000,000 This was driven by about $3,100,000,000 of free cash flow generated in the quarter and approximately $700,000,000 from the impact of changes in FX on our cash balance, partially offset by capital return activities including 1,300,000,000 in share repurchases and $300,000,000 in dividends. In the second quarter, we issued about $2,000,000,000 in debt, which was mostly offset by about $2,000,000,000 in payments related to the maturity of debt, including the conversion premium on the convertible notes. Since we avoided the issuance of new shares by settling the note in cash and will realize the benefit in the year over year reduction in diluted share count, the cash payment of $1,100,000,000 to settle the conversion has an effect similar and incremental to the regular share repurchases of $1,300,000,000 just mentioned. Free cash flow in the second quarter benefited by over $800,000,000 from changes in working capital, driven primarily by the seasonal increase in our deferred merchants bookings balance. Moving to our thoughts for the third quarter.