Priceline.com Reports Financial Results for 3rd Quarter 2013

07 Nov, 2013, 16:01 ET from The Priceline Group

NORWALK, Conn., Nov. 7, 2013 /PRNewswire/ -- The Priceline Group (NASDAQ: PCLN) today reported its 3rd quarter 2013 financial results.  Third quarter gross travel bookings for The Priceline Group (the "Group"), which refers to the total dollar value, generally inclusive of all taxes and fees, of all travel services purchased by its customers, were $10.8 billion, an increase of 37.5% over a year ago (approximately 36% on a local currency basis).

The Group's gross profit for the 3rd quarter was $2.0 billion, a 42.4% increase from the prior year.  International operations contributed gross profit in the 3rd quarter of $1.8 billion, a 42.1% increase versus a year ago (approximately 39% on a local currency basis).  The Group had GAAP net income applicable to common shareholders for the 3rd quarter of $833 million, or $15.72 per diluted share, which compares to $597 million or $11.66 per diluted share, in the same period a year ago.

Non-GAAP net income in the 3rd quarter was $920 million, a 44.2% increase versus the prior year.  Non-GAAP net income was $17.30 per diluted share, compared to $12.40 per diluted share a year ago. FactSet consensus for the 3rd quarter 2013 was $16.23 per diluted share.  Adjusted EBITDA for the 3rd quarter 2013 was $1.1 billion, an increase of 42.6% over a year ago.  The section below entitled "Non-GAAP Financial Measures" provides definitions and information about the use of non-GAAP financial measures in this press release, and the attached financial and statistical supplement reconciles non-GAAP financial information with the Group's financial results under GAAP.

"The Priceline Group finished the summer travel season with strong growth and operating performance," said Jeffery H. Boyd, Chairman and Chief Executive Officer of The Priceline Group.  "Booking.com and Agoda posted solid third quarter results leading to 36% room night growth for the Group, and the U.S. business of priceline.com showed positive momentum with accelerating bookings growth."

Looking forward, Mr. Boyd said: "Our brands are performing well in a very competitive environment.  We believe the Group is well positioned to drive future growth through investments in geographic expansion, supply and content, product and marketing."

The Priceline Group said it was targeting the following for 4th quarter 2013:

  • Year-over-year increase in total gross travel bookings of approximately 27% - 34% (an increase of approximately 26% - 33% on a local currency basis).
  • Year-over-year increase in international gross travel bookings of approximately 29% - 36% (an increase of approximately 28% - 35% on a local currency basis).
  • Year-over-year increase in domestic gross travel bookings of approximately 17% - 24%.
  • Year-over-year increase in revenue of approximately 19% - 26%.
  • Year-over-year increase in gross profit of approximately 30% - 37%.
  • Adjusted EBITDA of approximately $510 million to $540 million.
  • Non-GAAP net income per diluted share between $7.80 and $8.30.

Non-GAAP guidance for the 4th quarter 2013:

  • excludes non-cash amortization expense of intangibles,
  • excludes non-cash stock-based employee compensation expense,
  • excludes non-cash interest expense and gains or losses on early debt extinguishment, if any, related to cash settled convertible debt,
  • excludes the impact, if any, of significant charges or benefits associated with judgments, rulings and/or settlements related to travel transaction tax (e.g., hotel occupancy taxes, excise taxes, sales taxes, etc.) proceedings,
  • excludes non-cash income tax expense and reflects the impact on income taxes of certain of the non-GAAP adjustments, and
  • includes the dilutive impact of unvested restricted stock units and performance share units because non-GAAP net income has been adjusted to exclude stock-based employee compensation.

In addition to the adjustments above, adjusted EBITDA excludes depreciation and amortization expense, interest income, interest expense and income taxes and includes the impact of foreign currency transactions and other expenses.

When aggregated, the non-GAAP adjustments are expected to increase adjusted EBITDA over GAAP net income by approximately $177 million in the 4th quarter 2013.  In addition, the non-GAAP adjustments are expected to increase non-GAAP net income over GAAP net income by approximately $75 million in the 4th quarter 2013.  The Group estimates GAAP net income per diluted share between $6.40 and $6.90 for the 4th quarter 2013.

Information About Forward-Looking Statements

This press release contains forward-looking statements.  These forward-looking statements reflect the views of the Group's management regarding current expectations and projections about future events and are based on currently available information and current foreign currency exchange rates.  These forward-looking statements are not guarantees of future performance and are subject to 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, "may," "will," "should," "could," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," or "continue," reflecting something other than historical fact are intended to identify forward-looking statements.

The following factors, among others, could cause the Group'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 services;
  • the effects of increased competition;
  • our ability to expand successfully in international markets;
  • our online advertising efficiency;
  • fluctuations in foreign exchange rates and other risks associated with doing business in multiple currencies;
  • the ability to attract and retain qualified personnel;
  • adverse changes in the Group's relationships with travel service providers;
  • a change by a major search engine to its search engine algorithms that negatively affects our placement in search results;
  • systems-related failures and/or security breaches;
  • an adverse outcome in one or more travel transaction tax (e.g., hotel occupancy taxes, excise taxes, sales taxes, etc.) proceedings in which we are involved; and
  • legal and regulatory risks.

For a detailed discussion of these and other factors that could cause the Group's actual results to differ materially from those described in the forward-looking statements, please refer to the Group's most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K filed with the Securities and Exchange Commission.  Unless required by law, the Group 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

Adjusted EBITDA represents GAAP net income excluding depreciation and amortization expense, interest income, interest expense, net income (loss) attributable to noncontrolling interests and income taxes and is adjusted to exclude stock-based employee compensation expense, gains and losses on early debt extinguishment, significant charges or benefits associated with judgments, rulings and/or settlements related to travel transaction tax (e.g., hotel occupancy taxes, excise taxes, sales taxes, etc.) proceedings and significant acquisition costs. 

Non-GAAP gross profit, adjusted EBITDA, non-GAAP operating income, non-GAAP net income and non-GAAP net income per share 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.  The Group believes that non-GAAP gross profit, adjusted EBITDA, non-GAAP operating income, non-GAAP net income and non-GAAP net income per share that exclude certain non-cash or non-recurring income or expense items are useful for analysts and investors to evaluate the Group's on-going performance because they provide a useful comparison of the Group's projected cash earnings and performance with its historical results from prior periods and to those of its competitors.  These non-GAAP metrics, in particular adjusted EBITDA, non-GAAP operating income, and non-GAAP net income are not intended to represent funds available for the Group's discretionary use and are not intended to represent or to be used as a substitute for operating income, net income or cash flows from operations data as measured under GAAP.  The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of consolidated statements of income and must be considered in performing a comprehensive assessment of overall financial performance.

Non-GAAP financial information for the three and nine months ended September 30, 2013 is adjusted for the following items:

  • Amortization expense of intangibles is excluded because it does not impact cash earnings.
  • Stock-based employee compensation expense is excluded because it does not impact cash earnings and is reflected in earnings per share through increased share count.
  • Interest expense related to the amortization of debt discount and gains or losses on early debt extinguishment related to convertible debt are excluded because they are non-cash in nature.
  • Significant charges or benefits associated with judgments, rulings and/or settlements related to travel transaction tax (e.g., hotel occupancy taxes, excise taxes, sales taxes, etc.) proceedings, including the $20.5 million charge (including estimated interest and penalties) recorded in the 1st quarter 2013, principally related to unfavorable rulings in the State of Hawaii and the District of Columbia, are excluded because the amount and timing of these items are unpredictable, not driven by core operating results and render comparisons with prior periods less meaningful.
  • Significant costs related to acquisitions are excluded because the expense is not driven by core operating results and renders comparisons with prior periods less meaningful.
  • Income tax expense is adjusted for the tax impact of certain of the non-GAAP adjustments described above and to exclude tax expense recorded where no actual tax payments are owed because of available net operating loss carryforwards.  
  • Net income (loss) attributable to noncontrolling interests is adjusted for the impact of certain of the non-GAAP adjustments described above.
  • For calculating non-GAAP net income per share:
    • net income is adjusted for the impact of the non-GAAP adjustments described above; and
    • additional unvested restricted stock units and performance share units are included in the calculation of non-GAAP net income per share because non-GAAP net income has been adjusted to exclude stock-based employee compensation expense.

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 non-GAAP financial information with the Group's financial results under GAAP.

About The Priceline Group

The Priceline Group (NASDAQ: PCLN) is a leader in global online travel reservations.  The Group is composed of five primary brands - Booking.com, priceline.com, Agoda.com, KAYAK and rentalcars.com and several ancillary brands. The Priceline Group provides online travel services in over 180 countries and territories in Europe, North America, South America, the Asia-Pacific region, the Middle East and Africa.

Booking.com is the number one online hotel reservation service in the world, offering over 355,000 hotels and accommodations (as of November 4, 2013), and is available in 42 languages.  More recent counts are available on the Booking.com website.  Priceline.com gives leisure travelers multiple ways to save on their airline tickets, hotel rooms, rental cars, vacation packages and cruises.  In addition to getting compelling published prices, travelers can take advantage of priceline.com's famous Name Your Own Price® service, which can deliver the lowest prices available, or the recently launched Express DealsSM, where travelers can take advantage of hotel discounts without bidding.  Agoda.com is an Asia-based online hotel reservation service that is available in 38 languages.  KAYAK is a leading travel meta-search service that allows consumers to easily compare airline ticket, hotel room reservation and rental car reservation information from hundreds of travel websites at once through its websites and mobile apps.  Rentalcars.com is a multinational rental car reservation service, offering its services in over 6,000 locations and providing customer support in 40 languages.

 

 

priceline.com Incorporated

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

September 30, 2013

December 31, 2012

ASSETS

Current assets:

Cash and cash equivalents

$

1,096,094

$

1,536,349

Restricted cash

9,034

6,641

Short-term investments

5,487,526

3,646,845

Accounts receivable, net of allowance for doubtful accounts of $12,256 and $10,322, respectively

706,234

367,512

Prepaid expenses and other current assets

107,688

84,290

Deferred income taxes

82,471

40,738

Total current assets

7,489,047

5,682,375

Property and equipment, net

119,766

89,269

Intangible assets, net

1,038,863

208,113

Goodwill

1,761,194

522,672

Deferred income taxes

827

31,485

Other assets

35,958

35,828

Total assets

$

10,445,655

$

6,569,742

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

312,896

$

184,648

Accrued expenses and other current liabilities

544,021

387,911

Deferred merchant bookings

430,661

368,823

Convertible debt

538,266

520,344

Total current liabilities

1,825,844

1,461,726

Deferred income taxes

371,498

45,159

Other long-term liabilities

83,934

68,944

Convertible debt

1,731,027

881,996

Total liabilities

4,012,303

2,457,825

Redeemable noncontrolling interests

160,287

Convertible debt

36,730

54,655

Stockholders' equity:

Common stock, $0.008 par value; authorized 1,000,000,000 shares, 60,274,497 and 58,055,586 shares issued, respectively

468

450

Treasury stock, 9,214,110 and 8,184,787 shares, respectively

(1,943,615)

(1,060,607)

Additional paid-in capital

4,459,333

2,612,197

Accumulated earnings

3,840,675

2,368,611

Accumulated other comprehensive income (loss)

39,761

(23,676)

Total stockholders' equity

6,396,622

3,896,975

Total liabilities and stockholders' equity

$

10,445,655

$

6,569,742

 

priceline.com Incorporated UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2013

2012

2013

2012

Agency revenues

$

1,576,434

$

1,118,128

$

3,411,002

$

2,427,751

Merchant revenues

620,904

584,969

1,729,692

1,632,402

Advertising and other revenues

72,565

3,213

111,459

10,163

Total revenues

2,269,903

1,706,310

5,252,153

4,070,316

Cost of revenues

280,838

309,809

869,568

926,385

Gross profit

1,989,065

1,396,501

4,382,585

3,143,931

Operating expenses:

Advertising — Online

533,164

375,204

1,399,452

966,820

Advertising — Offline

39,891

8,441

99,750

29,519

Sales and marketing

65,274

52,961

177,392

145,943

Personnel, including stock-based compensation of $34,551, $17,555, $90,996 and $51,690, respectively

186,443

135,210

486,658

343,916

General and administrative

63,113

42,287

178,195

122,768

Information technology

18,536

10,799

48,717

31,974

Depreciation and amortization

35,747

16,007

80,854

47,513

Total operating expenses

942,168

640,909

2,471,018

1,688,453

Operating income

1,046,897

755,592

1,911,567

1,455,478

Other income (expense):

Interest income

867

905

2,882

3,004

Interest expense

(24,135)

(17,067)

(61,097)

(45,208)

Foreign currency transactions and other

(3,278)

(8,256)

(7,002)

(7,427)

Total other income (expense)

(26,546)

(24,418)

(65,217)

(49,631)

Earnings before income taxes

1,020,351

731,174

1,846,350

1,405,847

Income tax expense

187,362

131,201

331,629

271,405

Net income

832,989

599,973

1,514,721

1,134,442

Less: net income attributable to noncontrolling interests

3,387

135

3,539

Net income applicable to common stockholders

$

832,989

$

596,586

$

1,514,586

$

1,130,903

Net income applicable to common stockholders per basic common share

$

16.22

$

11.97

$

29.88

$

22.70

Weighted average number of basic common shares outstanding

51,363

49,851

50,690

49,830

Net income applicable to common stockholders per diluted common share

$

15.72

$

11.66

$

29.00

$

22.05

Weighted average number of diluted common shares outstanding

52,984

51,185

52,226

51,295

 

priceline.com Incorporated

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

Nine Months Ended September 30,

2013

2012

OPERATING ACTIVITIES:

Net income

$

1,514,721

$

1,134,442

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

33,965

23,321

Amortization

46,889

24,192

Provision for uncollectible accounts, net

12,678

11,287

Deferred income taxes

11,450

16,446

Stock-based compensation expense and other stock-based payments

91,810

52,042

Amortization of debt issuance costs

4,352

3,790

Amortization of debt discount

41,225

28,831

Changes in assets and liabilities:

Accounts receivable

(283,961)

(232,660)

Prepaid expenses and other current assets

(8,514)

(97,057)

Accounts payable, accrued expenses and other current liabilities

280,945

318,054

Other

1,403

6,243

Net cash provided by operating activities

1,746,963

1,288,931

INVESTING ACTIVITIES:

Purchase of investments

(7,100,081)

(4,790,106)

Proceeds from sale of investments

5,341,488

3,069,242

Additions to property and equipment

(56,958)

(38,950)

Acquisitions and other equity investments, net of cash acquired

(331,557)

(13,871)

Proceeds from settlement of foreign currency contracts

3,266

78,828

Payments on foreign currency contracts

(56,045)

(2,222)

Change in restricted cash

(1,506)

(3,474)

Net cash used in investing activities

(2,201,393)

(1,700,553)

FINANCING ACTIVITIES:

Proceeds from the issuance of convertible debt

980,000

1,000,000

Payment of debt issuance costs

(910)

(20,916)

Payments related to conversion of senior notes

(8)

(1)

Repurchase of common stock

(883,008)

(255,397)

Payments to purchase subsidiary shares from noncontrolling interests

(192,530)

(61,079)

Payments of stock issuance costs

(1,191)

Proceeds from exercise of stock options

86,310

2,655

Excess tax benefit on stock-based compensation

13,318

12,911

Net cash provided by financing activities

1,981

678,173

Effect of exchange rate changes on cash and cash equivalents

12,194

(917)

Net (decrease) increase in cash and cash equivalents

(440,255)

265,634

Cash and cash equivalents, beginning of period

1,536,349

632,836

Cash and cash equivalents, end of period

$

1,096,094

$

898,470

SUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid during the period for income taxes

$

265,303

$

205,256

Cash paid during the period for interest

$

18,614

$

13,463

Non-cash fair value increase for redeemable noncontrolling interests

$

42,522

$

59,255

Non-cash financing activity for acquisitions

$

1,546,748

$

 

priceline.com Incorporated UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands, except per share data)

 

RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT

Three Months Ended September 30,

Nine Months Ended September 30,

2013

2012

2013

2012

GAAP Gross profit

$

1,989,065

$

1,396,501

$

4,382,585

$

3,143,931

(a)

Charges related to travel transaction tax rulings

20,550

Non-GAAP Gross profit

$

1,989,065

$

1,396,501

$

4,403,135

$

3,143,931

RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME

Three Months Ended September 30,

Nine Months Ended September 30,

2013

2012

2013

2012

GAAP Operating income

$

1,046,897

$

755,592

$

1,911,567

$

1,455,478

(a)

Charges related to travel transaction tax rulings

20,550

(b)

Stock-based employee compensation

34,551

17,555

90,996

51,690

(c)

Acquisition costs

6,444

(d)

Amortization of intangible assets

22,850

7,836

46,889

24,192

Non-GAAP Operating income

$

1,104,298

$

780,983

$

2,076,446

$

1,531,360

Non-GAAP Operating income as a % of Non-GAAP Gross profit

55.5

%

55.9

%

47.2

%

48.7

%

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

Three Months Ended September 30,

Nine Months Ended September 30,

2013

2012

2013

2012

GAAP Net income applicable to common stockholders

$

832,989

$

596,586

$

1,514,586

$

1,130,903

(a)

Charges related to travel transaction tax rulings

20,550

(b)

Stock-based employee compensation

34,551

17,555

90,996

51,690

(c)

Acquisition costs

6,444

(e)

Depreciation and amortization

35,747

16,007

80,854

47,513

(f)

Interest income

(867)

(905)

(2,882)

(3,004)

(f)

Interest expense

24,135

17,067

61,097

45,208

(h)

Income tax expense

187,362

131,201

331,629

271,405

(i)

Net income attributable to noncontrolling interests

3,387

135

3,539

Adjusted EBITDA

$

1,113,917

$

780,898

$

2,103,409

$

1,547,254

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME

Three Months Ended September 30,

Nine Months Ended September 30,

2013

2012

2013

2012

GAAP Net income applicable to common stockholders

$

832,989

$

596,586

$

1,514,586

$

1,130,903

(a)

Charges related to travel transaction tax rulings

20,550

(b)

Stock-based employee compensation

34,551

17,555

90,996

51,690

(c)

Acquisition costs

6,444

(d)

Amortization of intangible assets

22,850

7,836

46,889

24,192

(g)

Debt discount amortization related to convertible debt

16,350

10,859

40,368

28,831

(j)

Adjustments for the tax impact of certain of the Non-GAAP adjustments and to exclude non-cash income taxes

13,351

5,527

6,184

28,999

(k)

Impact on noncontrolling interests of certain other Non-GAAP adjustments

(127)

(440)

(923)

Non-GAAP Net income applicable to common stockholders

$

920,091

$

638,236

$

1,725,577

$

1,263,692

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME PER DILUTED COMMON SHARE

Three Months Ended September 30,

Nine Months Ended September 30,

2013

2012

2013

2012

GAAP weighted average number of diluted common shares outstanding

52,984

51,185

52,226

51,295

(l)

Adjustment for unvested restricted stock units and performance units

209

290

182

267

Non-GAAP weighted average number of diluted common shares outstanding

53,193

51,475

52,408

51,562

Net income applicable to common stockholders per diluted common share

GAAP

$

15.72

$

11.66

$

29.00

$

22.05

Non-GAAP

$

17.30

$

12.40

$

32.93

$

24.51

 

(a)

Adjustment for an accrual for travel transaction taxes (including estimated interest and penalties), principally related to unfavorable rulings in the State of Hawaii and the District of Columbia.

(b)

Stock-based employee compensation is recorded in Personnel expense.

(c)

Adjustment for KAYAK acquisition costs is recorded in General and administrative expense.

(d)

Amortization of intangible assets is recorded in Depreciation and amortization.

(e)

Depreciation and amortization are excluded from Net income to calculate Adjusted EBITDA.

(f)

Interest income and Interest expense are excluded from Net income to calculate Adjusted EBITDA.

(g)

Non-cash interest expense related to the amortization of debt discount is recorded in Interest expense.

(h)

Income tax expense is excluded from Net income to calculate Adjusted EBITDA.

(i)

Net income attributable to noncontrolling interests is excluded from Net income to calculate Adjusted EBITDA.

(j)

Adjustments for the tax impact of certain of the non-GAAP adjustments and to exclude non-cash income taxes.

(k)

Impact of other non-GAAP adjustments on Net income attributable to noncontrolling interests.

(l)

Additional unvested restricted stock units and performance share units are included in the calculation of non-GAAP net income per share because non-GAAP net income has been adjusted to exclude stock-based compensation expense.

For a more detailed discussion of the adjustments described above, please see the section in our press release entitled "Non-GAAP Financial Measures" which provides a definition and information about the use of non-GAAP financial measures.

 

priceline.com Incorporated

Statistical Data

In millions

(Unaudited)

Gross Bookings

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

International

$

4,989

$

3,912

$

5,451

$

5,952

$

6,473

$

5,494

$

7,783

$

8,579

$

9,179

Domestic

1,268

1,044

1,260

1,377

1,359

1,090

1,370

1,538

1,586

Total

$

6,257

$

4,956

$

6,712

$

7,329

$

7,831

$

6,584

$

9,153

$

10,118

$

10,765

Agency

$

5,121

$

3,982

$

5,528

$

6,031

$

6,423

$

5,302

$

7,648

$

8,425

$

9,023

Merchant

1,136

973

1,184

1,298

1,408

1,282

1,505

1,692

1,742

Total

$

6,257

$

4,956

$

6,712

$

7,329

$

7,831

$

6,584

$

9,153

$

10,118

$

10,765

Year/Year Growth

International

72.9

%

65.5

%

54.2

%

33.1

%

29.7

%

40.4

%

42.8

%

44.1

%

41.8

%

excluding F/X impact

61

%

67

%

58

%

44

%

41

%

43

%

43

%

44

%

41

%

Domestic

13.1

%

15.8

%

11.7

%

5.3

%

7.2

%

4.4

%

8.7

%

11.7

%

16.7

%

Agency

61.6

%

55.7

%

46.2

%

27.6

%

25.4

%

33.1

%

38.3

%

39.7

%

40.5

%

Merchant

35.6

%

37.5

%

34.0

%

23.1

%

24.0

%

31.8

%

27.1

%

30.3

%

23.7

%

Total

56.2

%

51.8

%

43.9

%

26.8

%

25.2

%

32.9

%

36.4

%

38.0

%

37.5

%

excluding F/X impact

48

%

53

%

47

%

35

%

34

%

35

%

37

%

38

%

36

%

Units Sold

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

Hotel Room-Nights

40.6

33.6

45.9

50.2

55.2

46.2

63.2

69.4

74.8

Year/Year Growth

47.4

%

52.8

%

47.0

%

39.1

%

35.9

%

37.6

%

37.7

%

38.2

%

35.6

%

Rental Car Days

7.0

5.3

6.9

8.6

9.4

7.2

9.9

12.5

12.0

Year/Year Growth

35.6

%

34.3

%

40.6

%

29.4

%

34.9

%

36.5

%

43.3

%

46.3

%

27.5

%

Airline Tickets

1.6

1.4

1.6

1.7

1.7

1.4

1.7

1.7

1.8

Year/Year Growth

7.7

%

5.6

%

4.9

%

(1.8)%

6.1

%

1.7

%

1.4

%

1.8

%

8.6

%

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

Revenue

$

1,452.8

$

990.8

$

1,037.2

$

1,326.8

$

1,706.3

$

1,190.6

$

1,302.0

$

1,680.2

$

2,269.9

Year/Year Growth

45.0

%

35.5

%

28.2

%

20.3

%

17.4

%

20.2

%

25.5

%

26.6

%

33.0

%

Gross Profit

$

1,100.1

$

724.7

$

743.3

$

1,004.1

$

1,396.5

$

939.8

$

1,009.7

$

1,383.9

$

1,989.1

Year/Year Growth

65.1

%

51.5

%

47.0

%

34.0

%

26.9

%

29.7

%

35.8

%

37.8

%

42.4

%

 

Amounts may not total due to rounding.

Gross bookings is an operating and statistical metric that captures the total dollar value, generally inclusive of taxes and fees, of all travel services booked by our customers.

SOURCE The Priceline Group