| [November 02, 2004] |
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Priceline.com Reports 3rd Quarter 2004 Financial Results; Gross Travel Bookings Are $432 Million, up 44% Year over Year; Airline Ticket Unit Bookings Grow 65%
NORWALK, Conn. --(Business Wire)-- Nov. 2, 2004 -- Priceline.com(R) Incorporated (Nasdaq: PCLN) today reported 3rd quarter 2004 gross travel bookings of $432 million, a 44% increase over a year ago. Gross travel bookings refer to the total dollar value inclusive of taxes and fees of all travel products purchased by consumers. Revenues were $235.9 million versus $243.4 million for the same period a year ago.
Priceline.com's GAAP gross profit for the 3rd quarter 2004 was $51.1 million. Priceline.com's GAAP net income for the 3rd quarter 2004 was $9.3 million, or $0.23 per diluted share. Pro forma gross profit for the 3rd quarter 2004 was $51.7 million, up 27% over the same period a year ago. Pro forma net income for the 3rd quarter 2004 was $11.3 million or $0.28 per diluted share, which exceeds First Call analyst estimates of $0.27 per diluted share and represents a 15% increase over the prior year. Pro forma gross profit and pro forma net income exclude the after-tax effects of non-cash amortization expense of acquisition-related intangibles (primarily associated with priceline.com's acquisition of Active Hotels and a majority of the equity of Travelweb LLC). Pro forma net income further excludes the effects of stock-based compensation expense, option payroll tax expense, minority interest credit and, when applicable, the payment of non-cash preferred stock dividends. The attached financial and statistical supplement reconciles pro forma financial information with priceline.com's financial results under GAAP and the section below entitled "Non-GAAP Financial Measures" provides further information about the use of pro forma financial measures used in this press release.
Airline ticket unit bookings, which include published-price and Name Your Own Price(R) tickets, grew 65% compared to the same period a year ago. Hotel room night unit bookings grew 27% compared to the same period last year and rental car day unit bookings increased 12% year over year. Hotel room night unit bookings include bookings of Travelweb, which was acquired in May 2004, and ten days of results from Active Hotels, which was acquired in September 2004. Rental car day unit bookings include bookings of RentalCars.com and Breezenet.com, which were acquired in June and December 2003, respectively.
"Priceline.com's growth in gross bookings and gross profit dollars continued at an industry-leading pace, fueled by new products and product improvements, as well as contributions from Travelweb," said priceline.com President and Chief Executive Officer Jeffery H. Boyd. "On the bottom line, solid expense controls allowed us to report better-than-expected earnings, despite the negative impact of the hurricanes on bookings and cancellations in the southeast during the quarter."
A major development in the 3rd quarter for priceline.com and its hotels service was the acquisition of UK-based Active Hotels Ltd., one of Europe's leading Internet hotel reservation sites, on September 21, 2004. For the twelve months ended September 30, 2004, Active Hotels had gross travel bookings of approximately $160 million, an approximate 100% increase over the same period a year ago. Priceline.com said it expected the acquisition to be accretive to its earnings (before non-cash amortization expense associated with the acquisition) for the 4th quarter 2004 and for 2005. Active Hotels will continue to be managed by Active's Europe-based management team.
The acquisition of this profitable travel service expands priceline.com's footprint in the European travel marketplace and broadens the Company's inventory of hotels. Active Hotels works with a base of 8,000 participating European hotels. Active Hotels' distribution system includes 1,500 independent Web sites throughout Europe, plus company-owned Web sites like ActiveReservations. Active Hotels' services are available in English, French, Spanish, German and Italian.
Forward Guidance
Looking forward, Mr. Boyd commented, "With priceline.com's expanded product line, including retail products, we believe that we are better positioned to compete in the busy holiday travel season than in previous years. Moreover, we believe that our ongoing initiatives to offer retail choices to our hotel and rental car customers, expand packaging and destination commerce and build on Active Hotels' leadership position in Europe should provide a firm foundation for growth into 2005."
Priceline.com stated that it remained comfortable that 4th quarter year-over-year growth rates for gross travel bookings, revenue, pro forma gross profit and airline ticket, hotel room night and rental car days unit sales, without giving effect to the acquisition of Active Hotels, would be in line with the second half averages given in its previous guidance issued in August. The Company also issued the following guidance for the 4th quarter 2004, which is inclusive of the results of Active Hotels:
-- Gross travel bookings growth of 60% to 65% on a year-over-year basis;
-- Airline Ticket unit bookings growth of 60% to 65% on a year-over-year basis;
-- Hotel Room Night unit bookings growth of 55% to 60% on a year-over-year basis;
-- Rental Car Day unit bookings growth of 18% to 22% on a year-over-year basis;
-- Revenue growth of approximately 5% to 10% on a year-over-year basis; and
-- Pro forma gross profit growth of 50% to 55% on a year-over-year basis.
Priceline.com expects pro forma net income of between $0.14 and $0.18 per diluted share and GAAP net income of between $0.05 and $0.09 per share. A reconciliation of pro forma financial results to GAAP results is included in the attached financial and statistical supplement. Pro forma net income per diluted share for the 4th quarter 2004 excludes the after-tax effects of non-cash amortization expense of acquisition-related intangibles (primarily associated with the acquisitions of Travelweb LLC and Active Hotels), stock-based compensation, option payroll taxes and minority interest credit, which, when aggregated, are expected to total approximately $3.5 million.
About Priceline.com
Priceline.com is a travel service that offers leisure airline tickets, hotel rooms, rental cars, vacation packages and cruises. Priceline.com also has a personal finance service that offers home mortgages, refinancing and home equity loans through an independent licensee. Priceline.com operates the retail travel Web sites Travelweb.com, ActiveReservations.com, Lowestfare.com, Rentalcars.com and Breezenet.com. Priceline.com licenses its business model to independent licensees, including pricelinemortgage and certain international licensees.
Information About Forward-Looking Statements
This press release may contain forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict; therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements. Expressions of future goals and similar expressions including, without limitation, "may," "will," "should," "could," "expect(s)," "does not currently expect," "plan(s)," "anticipate(s)," "believe(s)," "estimate(s)," "predict(s)," "potential," "target(s)," or "continue," reflecting something other than historical fact are intended to identify forward-looking statements. The following factors, among others, could cause the Company's actual results to differ materially from those described in the forward-looking statements:
-- adverse changes in general market conditions for leisure and other travel products as the result of, among other things, terrorist attacks;
-- adverse changes in the Company's relationships with airlines and other product and service providers which could include, without limitation, the withdrawal of suppliers from the priceline.com system (either priceline.com's retail or "opaque" products, or both);
-- the loss or reduction of global distribution fees;
-- the bankruptcy or insolvency of another major domestic airline;
-- the effects of increased competition, including, without limitation, adverse effects from the continued consolidation of on-line travel intermediaries;
-- systems-related failures and/or security breaches;
-- difficulties integrating recent acquisitions, including, without limitation, the acquisitions of Active Hotels and Travelweb;
-- final adjustments made in closing the quarter;
-- legal and regulatory risks; and
-- the ability to attract and retain qualified personnel.
For a detailed discussion of these and other factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements, please refer to the Company's most recent Form 10-Q, Form 10-K and Form 8-K filings with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
Pro forma gross profit excludes the after-tax effects of non-cash amortization expense of acquisition-related intangibles primarily associated with the acquisition of Active Hotels Ltd. and a majority of the equity of Travelweb LLC. Pro forma net income excludes the after-tax effects of non-cash amortization expense of acquisition-related intangibles (primarily associated with the acquisition of Active Hotels Ltd. and a majority of the equity of Travelweb LLC), stock based compensation, option payroll taxes, minority interest credit and, when applicable, the payment of non-cash preferred stock dividends. Pro forma net income and pro forma gross profit are "non-GAAP financial measures," as such term is defined by the Securities and Exchange Commission, and may differ from non-GAAP financial measures used by other companies. Priceline.com believes that pro forma net income and pro forma gross profit that exclude the after-tax effects of non-cash amortization expense of acquisition-related intangibles are useful for investors to evaluate priceline.com's future on-going performance because they enable a more meaningful comparison of priceline.com's projected cash earnings and performance with its historical results from prior periods. Stock based compensation and preferred stock dividends are excluded from pro forma net income because they do not impact cash earnings and are reflected in earnings per share through increased share counts. Option payroll tax often shows volatility unrelated to operating results since the expense is driven primarily by option exercise activity and the market price of priceline.com's common stock. The minority interest credit associated with priceline.com's equity ownership of Travelweb LLC is excluded from pro forma net income because priceline.com is funding all of Travelweb's operations. The presentation of this financial information should not be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States. The attached financial and statistical supplement reconciles pro forma financial information with priceline.com's financial results under GAAP.
This supplement is unaudited and intended as a supplement to, and should be read in conjunction with, the Company's audited financial statements and the notes thereto filed with the SEC on Form 10-K and unaudited quarterly financial statements filed with the SEC on Form 10-Q. Certain data have been reclassified in order to conform historical information in a manner consistent with current presentation and has not been audited in this form. Certain presentations within this supplement are not consistent with Generally Accepted Accounting Principles. -0- *T priceline.com Incorporated CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) September 30, December 31, ASSETS 2004 2003 ------------ ------------- (unaudited) Current assets: Cash and cash equivalents $ 77,281 $ 93,732 Restricted cash 25,968 22,485 Short-term investments 144,381 151,736 Accounts receivable, net of allowance for doubtful accounts of $1,196 and $794, respectively 24,146 10,782 Prepaid expenses and other current assets 7,223 4,778 ------------ ------------- Total current assets 278,999 283,513 Property and equipment, net 15,899 16,524 Intangible assets, net 96,651 7,053 Goodwill 130,118 8,779 Other assets 16,186 21,915 ------------ ------------- Total assets $ 537,853 $ 337,784 ------------ ------------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 50,640 $ 25,061 Accrued expenses 25,096 21,031 Deferred merchant bookings 7,398 - Other current liabilities 3,512 3,522 ------------ ------------- Total current liabilities 86,646 49,614 Deferred taxes 25,310 - Other long-term liabilities 632 1,069 Minority interest 4,471 - Long-term debt 224,572 124,524 ------------ ------------- Total liabilities 341,631 175,207 ------------ ------------- SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK 13,470 13,470 Stockholders' equity Common stock 316 306 Treasury stock (350,628) (350,628) Additional paid-in capital 2,063,451 2,055,607 Deferred compensation (1,390) (1,408) Accumulated deficit (1,530,448) (1,555,444) Accumulated other comprehensive income 1,451 674 ------------ ------------- Total stockholders' equity 182,752 149,107 ------------ ------------- Total liabilities and stockholders' equity $ 537,853 $ 337,784 ------------ ------------- priceline.com Incorporated CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data, unaudited) Three Months Ended Nine Months Ended Sept. 30, Sept. 30, Sept. 30, Sept. 30, 2004 2003 2004 2003 ---------- ---------- ---------- ---------- Merchant revenues $ 226,453 $ 240,584 $ 693,324 $ 676,135 Agency revenues 8,671 1,895 23,866 4,376 Other revenues 758 962 2,212 2,983 ---------- ---------- ---------- ---------- Total revenues 235,882 243,441 719,402 683,494 Cost of merchant revenues 184,627 202,793 570,994 569,365 Cost of agency revenues 151 - 151 - Cost of other revenues - - - - ---------- ---------- ---------- ---------- Total costs of revenues 184,778 202,793 571,145 569,365 ---------- ---------- ---------- ---------- Gross profit 51,104 40,648 148,257 114,129 Operating expenses: Advertising - Offline 7,471 5,524 27,752 19,011 Advertising - Online 7,178 4,760 18,668 13,145 Sales and marketing 8,711 7,242 24,513 21,895 Personnel 8,036 7,441 24,054 22,500 General and administrative, including option payroll taxes 4,301 3,212 12,264 8,775 Information technology 2,272 1,878 7,241 6,849 Depreciation and amortization 3,359 2,510 8,144 9,209 Stock based compensation 126 106 344 176 Restructuring charge/(reversal) - (137) (12) (137) Warrant costs - - - 6,638 ---------- ---------- ---------- ---------- Total operating expenses 41,454 32,536 122,968 108,061 ---------- ---------- ---------- ---------- Operating income 9,650 8,112 25,289 6,068 Other income: Interest income 1,655 596 3,794 1,539 Interest expense (1,299) (367) (2,431) (413) Equity in income (loss) of investees, net 9 1,389 (152) 2,494 Other 56 - 75 - ---------- ---------- ---------- ---------- Total other income 421 1,618 1,286 3,620 ---------- ---------- ---------- ---------- Earnings before income taxes 10,071 9,730 26,575 9,688 Income tax expense 67 - 67 - ---------- ---------- ---------- ---------- Net income 10,004 9,730 26,508 9,688 Preferred stock dividend (740) (1,194) (1,512) (1,491) ---------- ---------- ---------- ---------- Net income applicable to common stockholders $ 9,264 $ 8,536 $ 24,996 $ 8,197 ========== ========== ========== ========== Net income applicable to common stockholders per basic common share $ 0.24 $ 0.22 $ 0.66 $ 0.22 ========== ========== ========== ========== Weighted average number of basic common shares outstanding 38,684 38,044 38,111 37,726 ========== ========== ========== ========== Net income applicable to common stockholders per diluted common share $ 0.23 $ 0.21 $ 0.63 $ 0.21 ========== ========== ========== ========== Weighted average number of diluted common shares outstanding 40,279 39,812 39,785 38,883 ========== ========== ========== ========== priceline.com Incorporated RECONCILIATION OF GAAP GROSS PROFIT AND NET INCOME TO PRO FORMA GROSS PROFIT AND NET INCOME (In thousands, except per share data, unaudited) GAAP Adjustments Pro Forma --------------- ------------- ---------- Merchant revenues $226,453 $ - $226,453 Agency revenues 8,671 - 8,671 Other revenues 758 - 758 --------------- ------------- ---------- Total revenues 235,882 - 235,882 Cost of merchant revenues 184,627 (403)(a) 184,224 Cost of agency revenues 151 (151)(b) - Cost of other revenues - - - --------------- ------------- ---------- Total costs of revenues 184,778 (554) 184,224 --------------- ------------- ---------- Gross profit 51,104 554 51,658 Operating expenses: Advertising - Offline 7,471 - 7,471 Advertising - Online 7,178 - 7,178 Sales and marketing 8,711 - 8,711 Personnel 8,036 - 8,036 General and administrative, including option payroll taxes 4,301 (6)(c) 4,295 Information technology 2,272 - 2,272 Depreciation and amortization 3,359 (823)(d) 2,536 Stock based compensation 126 (126)(e) - Restructuring charge/(reversal) - - - Warrant costs - - - --------------- ------------- ---------- Total operating expenses 41,454 (955) 40,499 --------------- ------------- ---------- Operating income 9,650 1,509 11,159 Other income: Interest income 1,655 - 1,655 Interest expense (1,299) - (1,299) Equity in income (loss) of investees, net 9 - 9 Other 56 (66)(f) (10) --------------- ------------- ---------- Total other income 421 (66) 355 --------------- ------------- ---------- Earnings before income taxes 10,071 1,443 11,514 Income tax expense 67 124(g) 191 --------------- ------------- ---------- Net income 10,004 1,319 11,323 Preferred stock dividend (740) 740(h) - --------------- ------------- Net income applicable to common stockholders $ 9,264 $ 2,059 $ 11,323 =============== ============= ========== Net income applicable to common stockholders per basic common share $ 0.24 $ 0.29 =============== ========== Weighted average number of basic common shares outstanding 38,684 38,684 =============== ========== Net income applicable to common stockholders per diluted common share $ 0.23 $ 0.28 =============== ========== Weighted average number of diluted common shares outstanding 40,279 40,279 =============== ========== (a) Cost of merchant revenue adjustment for Travelweb acquired intangibles. (b) Cost of agency revenue adjustment for Active Hotels acquired intangibles. (c) Adjustment for option payroll taxes. (d) Amortization adjustment for acquistion-related intangibles, primarily related to Active Hotels and Travelweb. (e) Adjustment for stock- based compensation. (f) Adjustment for minority interest credit. (g) Adjustment for acquisition-related income tax benefit. (h) Adjustment for preferred stock dividend. priceline.com Incorporated - 2004 THIRD QUARTER FINANCIAL DATA SUPPLEMENT priceline.com Incorporated Consolidated Statements of Operations In thousands, except per share data (Unaudited) Income Statement Analysis 1Q03 2Q03 3Q03 4Q03 ------------------------------------ ---------- ---------- ---------- Merchant revenues $ 198,608 $ 236,943 $ 240,584 $ 176,319 Agency revenues 1,005 1,476 1,895 3,178 Other revenues 874 1,147 962 670 --------- --------- --------- --------- Total revenues 200,487 239,566 243,441 180,167 Cost of merchant revenues 167,500 199,072 202,793 148,351 Cost of agency revenues - - - - Cost of other revenues - - - - --------- --------- --------- --------- Total costs of revenues 167,500 199,072 202,793 148,351 --------- --------- --------- --------- Gross profit $ 32,987 $ 40,494 $ 40,648 $ 31,816 --------- --------- --------- --------- Operating expenses: Advertising - offline 6,986 6,501 5,524 6,028 Advertising - online 4,112 4,273 4,760 4,064 Sales and marketing 6,864 7,789 7,242 4,908 Personnel 7,512 7,547 7,441 7,180 General and administrative 2,819 2,642 3,058 3,256 Information technology 2,367 2,604 1,878 2,049 Depreciation and amortization 3,912 2,787 2,510 2,324 Option payroll taxes - 102 154 - Stock based compensation - 70 106 106 Restructuring charge/(reversal) - - (137) (49) Warrant costs 6,638 - - - --------- --------- --------- --------- Total operating expenses $ 41,210 $ 34,315 $ 32,536 $ 29,866 Operating income (loss) ($8,223) $ 6,179 $ 8,112 $ 1,950 Other income (expenses): Interest income, net 492 405 229 441 Equity in income/(loss) of investees, net - 1,105 1,389 (163) Other - - - - --------- --------- --------- --------- Total other income $ 492 $ 1,510 $ 1,618 $ 278 Earnings before income taxes ($7,731) $ 7,689 $ 9,730 $ 2,228 Income tax expense - - - - Net income (loss) ($7,731) $ 7,689 $ 9,730 $ 2,228 Preferred stock dividend (297) - (1,194) - --------- --------- --------- --------- Net income (loss) applicable to common stockholders ($8,028) $ 7,689 $ 8,536 $ 2,228 ========= ========= ========= ========= Net income (loss) applicable to common stockholders per basic common share ($0.21) $ 0.20 $ 0.22 $ 0.06 ========= ========= ========= ========= Net income (loss) applicable to common stockholders per diluted common share ($0.21) $ 0.20 $ 0.21 $ 0.06 ========= ========= ========= ========= (1) Weighted average common shares: Basic 37,477 37,635 38,044 38,019 Diluted 37,477 39,284 39,812 40,107 Common shares outstanding, end of period 37,495 37,925 38,291 37,607 ----------- ---------- ---------- ---------- Gross margin 16.5% 16.9% 16.7% 17.7% Income Statement Analysis 1Q04 2Q04 3Q04 ------------------------------- ---------- ---------- ---------- Merchant revenues $ 217,011 $ 249,860 $ 226,453 Agency revenues 6,448 8,747 8,671 Other revenues 672 782 758 ------------------------------- --------- --------- --------- Total revenues 224,131 259,389 235,882 Cost of merchant revenues 180,757 205,610 184,627 Cost of agency revenues - - 151 Cost of other revenues - - - ------------------------------- ---------- ---------- ---------- Total costs of revenues 180,757 205,610 184,778 ------------------------------- --------- --------- --------- Gross profit $ 43,374 $ 53,779 $ 51,104 ------------------------------- --------- --------- --------- Operating expenses: Advertising - offline 10,664 9,617 7,471 Advertising - online 4,741 6,749 7,178 Sales and marketing 6,706 9,096 8,711 Personnel 8,235 7,783 8,036 General and administrative 3,469 4,156 4,295 Information technology 2,514 2,455 2,272 Depreciation and amortization 2,220 2,565 3,359 Option payroll taxes 40 298 6 Stock based compensation 106 112 126 Restructuring charge/(reversal) - (12) - Warrant costs - - - ------------------------------- ---------- ---------- ---------- Total operating expenses $ 38,695 $ 42,819 $ 41,454 Operating income (loss) $ 4,679 $ 10,960 $ 9,650 Other income (expenses): Interest income, net 544 463 356 Equity in income/(loss) of investees, net (126) (35) 9 Other 6 13 56 ------------------------------- ---------- --------- --------- Total other income $ 424 $ 441 $ 421 Earnings before income taxes $ 5,103 $ 11,401 $ 10,071 Income tax expense - - $ 67 Net income (loss) $ 5,103 $ 11,401 $ 10,004 Preferred stock dividend (772) - (740) ------------------------------- --------- ---------- --------- Net income (loss) applicable to common stockholders $ 4,331 $ 11,401 $ 9,264 ========= ========= ========= Net income (loss) applicable to common stockholders per basic common share $ 0.12 $ 0.30 $ 0.24 ========= ========= ========= Net income (loss) applicable to common stockholders per diluted common share $ 0.11 $ 0.29 $ 0.23 ========= ========= ========= (1) Weighted average common shares: Basic 37,588 38,076 38,684 Diluted 38,905 39,932 40,279 Common shares outstanding, end of period 37,696 38,748 38,801 ---------- ---------- ---------- Gross margin 19.4% 20.7% 21.7% 9 mos. 2004 vs. 3Q04 vs. 9 months 9 months 9 mos. Income Statement Analysis 3Q03 2004 2003 2003 ---------------------------- -------- --------- --------- --------- Merchant revenues -6% $ 693,324 $676,135 3% Agency revenues 358% 23,866 4,376 445% Other revenues -21% 2,212 2,983 -26% --------- -------- Total revenues 8% 719,402 683,494 5% Cost of merchant revenues -9% 570,994 569,365 0% Cost of agency revenues NM 151 - NM Cost of other revenues NM - - 0% ---------- ---------- Total costs of revenues -9% 571,145 569,365 0% --------- -------- Gross profit 26% $ 148,257 $114,129 30% --------- -------- Operating expenses: Advertising - offline 35% 27,752 19,011 46% Advertising - online 51% 18,668 13,145 42% Sales and marketing 20% 24,513 21,895 12% Personnel 8% 24,054 22,500 7% General and administrative 40% 11,920 8,519 40% Information technology 21% 7,241 6,849 6% Depreciation and amortization 34% 8,144 9,209 -12% Option payroll taxes -96% 344 256 34% Stock based compensation 19% 344 176 95% Restructuring charge/(reversal) 100% (12) (137) NM Warrant costs NM - 6,638 -100% ---------- -------- Total operating expenses 27% $ 122,968 $108,061 14% Operating income (loss) 19% $ 25,289 $ 6,068 317% Other income (expenses): Interest income, net 55% 1,363 1,126 21% Equity in income/(loss) of investees, net -99% (152) 2,494 -106% Other NM 75 - NM --------- ---------- Total other income -74% 1,286 3,620 -64% Earnings before income taxes 4% $ 26,575 $ 9,688 174% Income tax expense NM $ 67 $ 0 NM Net income (loss) 3% $ 26,508 $ 9,688 174% Preferred stock dividend 38% (1,512) (1,491) -1% --------- -------- Net income (loss) applicable to common stockholders 9% $ 24,996 $ 8,197 206% ========= ======== Net income (loss) applicable to common stockholders per basic common share 7% $ 0.66 $ 0.22 203% ========= ======== Net income (loss) applicable to common stockholders per diluted common share 7% $ 0.63 $ 0.21 199% ========= ======== (1) Weighted average common shares: Basic 1% 38,111 37,726 1% Diluted 2% 39,785 38,883 2% Common shares outstanding, end of period 2% 38,801 37,925 2% -------- ---------- ---------- --------- Gross margin 20.6% 16.7% priceline.com Incorporated Consolidated Balance Sheets In thousands (Unaudited) ASSETS 3/31/2003 6/30/2003 9/30/2003 12/31/2003 ----------- ----------- ----------- ----------- CURRENT ASSETS: Cash and cash equivalents $ 52,560 $ 69,292 $ 115,302 $ 93,732 Restricted cash 17,025 16,869 20,750 22,485 Short-term investments 70,194 62,992 148,027 151,736 Accounts receivable, net of allowance for doubtful accounts 16,106 23,565 18,809 10,782 Prepaid expenses and other current assets 6,243 8,158 6,737 4,778 ----------- ----------- ----------- ----------- Total current assets 162,128 180,876 309,625 283,513 PROPERTY AND EQUIPMENT, net 17,690 16,106 16,603 16,524 INTANGIBLE ASSETS, net 1,086 3,808 3,687 7,053 GOODWILL 10,517 10,517 9,534 8,779 OTHER ASSETS 16,837 17,699 22,829 21,915 ----------- ----------- ----------- ----------- TOTAL ASSETS $ 208,258 $ 229,006 $ 362,278 $ 337,784 =========== =========== =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 36,020 $ 46,863 $ 38,467 $ 25,061 Accrued expenses 24,983 23,296 22,972 21,031 Deferred merchant bookings - - - - Other current liabilities 2,833 2,134 3,100 3,522 ----------- ----------- ----------- ----------- Total current liabilities 63,836 72,293 64,539 49,614 Deferred taxes - - - - Other long-term liabilities 422 276 545 1,069 Minority interest - - - - Long-term debt - - 125,000 124,524 ----------- ----------- ----------- ----------- Total liabilities 64,258 72,569 190,084 175,207 ----------- ----------- ----------- ----------- SERIES B MANDATORILY REDEEMABLEPREFERRED STOCK 13,470 13,470 13,470 13,470 ----------- ----------- ----------- ----------- STOCKHOLDERS' EQUITY: Common stock 1,886 303 306 306 Treasury stock (338,410) (338,410) (338,410) (350,628) Additional paid- in capital 2,040,850 2,048,785 2,055,540 2,055,607 Deferred compensation - (1,619) (1,514) (1,408) Accumulated deficit (1,573,897) (1,566,208) (1,557,672) (1,555,444) Accumulated other comprehensive income 101 116 474 674 ----------- ----------- ----------- ----------- Total stockholders' equity 130,530 142,967 158,724 149,107 ----------- ----------- ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 208,258 $ 229,006 $ 362,278 $ 337,784 =========== =========== =========== =========== ASSETS 3/31/2004 6/30/2004 9/30/2004 ----------- ----------- ----------- CURRENT ASSETS: Cash and cash equivalents $ 176,092 $ 156,306 $ 77,281 Restricted cash 22,384 23,502 25,968 Short-term investments 79,576 206,360 144,381 Accounts receivable, net of allowance for doubtful accounts 19,052 23,733 24,146 Prepaid expenses and other current assets 3,435 6,156 7,223 ----------- ----------- ----------- Total current assets 300,539 416,057 278,999 PROPERTY AND EQUIPMENT, net 15,692 15,474 15,899 INTANGIBLE ASSETS, net 6,814 13,570 96,651 GOODWILL 8,779 32,837 130,118 OTHER ASSETS 21,385 16,674 16,186 ----------- ----------- ----------- TOTAL ASSETS $ 353,209 $ 494,612 $ 537,853 =========== =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 38,023 $ 49,380 $ 50,640 Accrued expenses 18,118 22,414 25,096 Deferred merchant bookings - 8,867 7,398 Other current liabilities 3,127 3,340 3,512 ----------- ----------- ----------- Total current liabilities 59,268 84,001 86,646 Deferred taxes - - 25,310 Other long-term liabilities 435 2,029 632 Minority interest - 691 4,471 Long-term debt 124,996 223,348 224,572 ----------- ----------- ----------- Total liabilities 184,699 310,069 341,631 ----------- ----------- ----------- SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK 13,470 13,470 13,470 ----------- ----------- ----------- STOCKHOLDERS' EQUITY: Common stock 307 315 316 Treasury stock (350,628) (350,628) (350,628) Additional paid-in capital 2,056,942 2,062,613 2,063,451 Deferred compensation (1,302) (1,516) (1,390) Accumulated deficit (1,551,113) (1,539,712) (1,530,448) Accumulated other comprehensive income 834 1 1,451 ----------- ----------- ----------- Total stockholders' equity 155,040 171,073 182,752 ----------- ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 353,209 $ 494,612 $ 537,853 =========== =========== =========== priceline.com Incorporated Statistical Data In thousands Gross Bookings 1Q03 2Q03 3Q03 4Q03 ----------------- ---------- ---------- ---------- ---------- Merchant $ 226,739 $ 267,039 $ 266,640 $ 197,543 Agency 20,778 30,023 33,875 58,647 --------- --------- --------- --------- Total $ 247,517 $ 297,061 $ 300,515 $ 256,191 Year/Year Growth -19.3% -16.3% 9.2% 12.2% Units Sold 1Q03 2Q03 3Q03 4Q03 ----------------- ---------- ---------- ---------- ---------- Airline Tickets 483 513 438 399 Year/Year Growth -44.2% -44.4% -32.0% -18.1% Hotel Room-Nights 1,234 1,505 1,642 1,319 Year/Year Growth 35.6% 38.0% 43.2% 36.9% Rental Car Days 663 867 1,215 922 Year/Year Growth -12.6% 6.1% 59.1% 61.8% 1Q03 2Q03 3Q03 4Q03 ---------- ---------- ---------- ---------- Revenue $ 200,487 $ 239,566 $ 243,441 $ 180,167 Year/Year Growth -23.4% -21.3% 1.4% -8.7% Gross Profit $ 32,987 $ 40,494 $ 40,648 $ 31,816 Year/Year Growth -21.4% -15.9% 7.7% 4.4% Gross Bookings represent the total dollar value of travel booked, inclusive of taxes and fees. The gross bookings and units sold information included above is for U.S. operations only. Gross Bookings 1Q04 2Q04 3Q04 ------------------------------- --------------- ------------- Merchant $ 244,816 $ 295,718 $ 276,726 Agency 115,363 174,657 155,292 ---------- -------------- ------------ Total $ 360,179 $ 470,375 $ 432,018 Year/Year Growth 45.5% 58.3% 43.8% Units Sold 1Q04 2Q04 3Q04 ----------------- ----- --------------- ------------- Airline Tickets 620 819 722 Year/Year Growth 28.2% 59.8% 64.9% Hotel Room-Nights 1,669 1,983 2,081 Year/Year Growth 35.2% 31.8% 26.7% Rental Car Days 1,213 1,409 1,364 Year/Year Growth 83.1% 62.5% 12.3% 1Q04 2Q04 3Q04 ----------- --------------- ------------- Revenue $ 224,131 $ 259,389 $ 235,882 Year/Year Growth 11.8% 8.3% -3.1% Gross Profit $ 43,374 $ 53,779 $ 51,104 Year/Year Growth 31.5% 32.8% 25.7% Gross Bookings represent the total dollar value of travel booked, inclusive of taxes and fees. The gross bookings and units sold information included above is for U.S. operations only. *T
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INDUSTRIES
INDUSTRIES
Find Solutions for Enterprises, SMBs & Service Providers at the INTERNET TELEPHONY Conference and EXPO East, February 2-4, 2009. Miami, Florida.
