The Priceline Group Reports Financial Results for 3rd Quarter 2015

Nov 09, 2015, 07:46 ET from The Priceline Group Inc.

NORWALK, CT, Nov. 9, 2015 /PRNewswire/ -- The Priceline Group Inc. (NASDAQ: PCLN) today reported its 3rd quarter 2015 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 $14.8 billion, an increase of 7% over a year ago (approximately 22% on a constant currency basis).

The Group's gross profit for the 3rd quarter was $2.9 billion, a 12% increase from the prior year (approximately 29% on a constant currency basis).  International operations contributed gross profit in the 3rd quarter of $2.6 billion, an 11% increase versus a year ago (approximately 29% on a constant currency basis).  The Group had GAAP net income applicable to common shareholders for the 3rd quarter of $1.2 billion, or $23.41 per diluted share, which compares to $1.1 billion or $20.03 per diluted share, in the same period a year ago.

Non-GAAP net income in the 3rd quarter was $1.3 billion, a 10% increase versus the prior year.  Non-GAAP net income was $25.35 per diluted share, compared to $22.16 per diluted share a year ago.  FactSet consensus for the 3rd quarter 2015 was $24.21 per diluted share.  Adjusted EBITDA for the 3rd quarter 2015 was $1.6 billion, an increase of 12% versus 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 delivered strong growth and operating results during its high travel season," said Darren Huston, President and CEO of The Priceline Group. "Globally, our accommodation business booked a record 116 million room nights in the 3rd quarter, up 22% over the same period last year.  Gross profit grew 29% on a constant currency basis.  Booking.com showed continued positive momentum with over 820,000 properties on its platform, up 38% over last year.  This represents over 21 million potentially bookable rooms, the largest, and most diverse, selection of directly bookable accommodations in the world."

Looking forward, Mr. Huston said, "The Group's mission is to help people experience the world.  We continue to be the most valuable platform in the world exclusively dedicated to this pursuit.  We will continue to focus on making the right investments across our six brands - in people, systems, and demand - to continue to profitably grow our business."

The Priceline Group said it was targeting the following for 4th quarter 2015:

  • Year-over-year increase in total gross travel bookings of approximately 1% - 8% (an increase of approximately 13% - 20% on a constant currency basis).
  • Year-over-year increase in international gross travel bookings of approximately 3% - 10% (an increase of approximately 17% - 24% on a constant currency basis).
  • U.S. gross travel bookings are expected to decrease by 5% - 10% as compared to 4th quarter 2014.
  • Year-over-year increase in revenue of approximately 1% - 8%.
  • Year-over-year increase in gross profit of approximately 3% - 10% (an increase of approximately 14% - 21% on a constant currency basis).
  • Adjusted EBITDA of approximately $710 million to $760 million.
  • Non-GAAP net income per diluted share between $11.10 and $11.90.

Non-GAAP guidance for the 4th quarter 2015:

  • excludes non-cash amortization expense of intangibles,
  • excludes non-cash stock-based employee compensation expense,
  • excludes non-cash interest expense related to the amortization of debt discount 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 the impact, if any, of significant costs related to acquisitions,
  • 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.

The Priceline Group highlighted that its forecast assumes currency exchange rates of $1.07 per Euro and $1.51 per British Pound for the remainder of the quarter, which results in average exchange rates for the quarter that would be 13% weaker for the Euro and 4% weaker for the British Pound as compared to the prior year.  Therefore, currency exchange rates are expected to significantly reduce the Company's growth rates expressed in U.S. dollars.

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 $265 million in the 4th quarter 2015.  In addition, the non-GAAP adjustments are expected to increase non-GAAP net income over GAAP net income by approximately $104 million in the 4th quarter 2015.  The Group estimates GAAP net income per diluted share between $9.10 and $9.90 for the 4th quarter 2015.

 

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;

-- fluctuations in foreign exchange rates and other risks associated with doing business in multiple currencies;

-- our ability to expand successfully in international markets;

-- our online advertising efficiency;

-- any change by a major search engine in how it presents travel search results or conducts its auction for search placement in a manner that is competitively disadvantageous to us;

-- adverse changes in the Group's relationships with travel service providers;

-- systems-related failures and/or security breaches;

-- the ability to attract and retain qualified personnel; and

-- tax, 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

The Unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results.  Adjusted EBITDA represents GAAP net income excluding depreciation and amortization expense, interest income, interest expense 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 (though competitors may calculate similar non-GAAP financial measures differently than those calculated by the Group).  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, 2015 and 2014 are 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 credits 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 net reversal of previously accrued travel transaction taxes (including estimated interest and penalties) of $13.7 million and $30.1 million, in the three and nine months ended September 30, 2015, respectively, principally related to a favorable ruling in the State of Hawaii, are excluded because the amount and timing of these items are unpredictable, are not driven by core operating results and render comparisons with prior periods less meaningful.  There were no such charges or credits in either the three or nine months ended September 30, 2014.
  • 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.
  • 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 the world leader in online travel and related services, provided to customers and partners in over 200 countries through six primary brands - Booking.com, priceline.com , KAYAK, agoda.com, rentalcars.com, and OpenTable.  The Priceline Group's mission is to help people experience the world.  For more information, visit PricelineGroup.com.

The Priceline Group Inc.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

September 30,  2015

December 31,  2014

ASSETS

Current assets:

Cash and cash equivalents

$

1,841,658

$

3,148,651

Restricted cash

827

843

Short-term investments

1,211,184

1,142,182

Accounts receivable, net of allowance for doubtful accounts of $17,149 and $14,212, respectively

890,532

643,894

Prepaid expenses and other current assets

264,256

178,050

Deferred income taxes

90,500

153,754

Total current assets

4,298,957

5,267,374

Property and equipment, net

257,135

198,953

Intangible assets, net

2,203,270

2,334,761

Goodwill

3,386,519

3,326,474

Long-term investments

6,327,630

3,755,653

Other assets

141,259

57,348

Total assets

$

16,614,770

$

14,940,563

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

388,528

$

281,480

Accrued expenses and other current liabilities

780,784

600,758

Deferred merchant bookings

413,495

460,558

Convertible debt

37,195

Total current liabilities

1,582,807

1,379,991

Deferred income taxes

952,388

1,040,260

Other long-term liabilities

131,474

103,533

Long-term debt

5,421,328

3,849,756

Total liabilities

8,087,997

6,373,540

Convertible debt

329

Stockholders' equity:

Common stock, $0.008 par value; authorized 1,000,000,000 shares, 62,026,743 and 61,821,097 shares issued, respectively

482

480

Treasury stock, 11,847,933 and 9,888,024 shares, respectively

(5,073,400)

(2,737,585)

Additional paid-in capital

5,097,560

4,923,196

Accumulated earnings

8,687,596

6,640,505

Accumulated other comprehensive loss

(185,465)

(259,902)

Total stockholders' equity

8,526,773

8,566,694

Total liabilities and stockholders' equity

$

16,614,770

$

14,940,563

 

 

 

The Priceline Group Inc.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2015

2014

2015

2014

Agency revenues

$

2,345,673

$

2,099,629

$

5,127,174

$

4,615,169

Merchant revenues

596,503

613,535

1,637,191

1,707,786

Advertising and other revenues

160,725

123,333

459,627

278,919

Total revenues

3,102,901

2,836,497

7,223,992

6,601,874

Cost of revenues

155,619

216,519

511,568

692,429

Gross profit

2,947,282

2,619,978

6,712,424

5,909,445

Operating expenses:

Advertising — Online

801,147

699,814

2,215,181

1,860,317

Advertising — Offline

51,440

71,593

181,325

183,093

Sales and marketing

93,069

86,092

269,536

225,456

Personnel, including stock-based compensation of $58,274, $46,136, $172,446 and $120,108, respectively

305,329

259,471

853,469

675,854

General and administrative

109,706

97,902

308,829

261,950

Information technology

28,830

24,802

81,347

72,068

Depreciation and amortization

69,054

57,599

201,730

136,262

Total operating expenses

1,458,575

1,297,273

4,111,417

3,415,000

Operating income

1,488,707

1,322,705

2,601,007

2,494,445

Other income (expense):

Interest income

14,682

2,490

39,315

5,165

Interest expense

(41,436)

(22,953)

(116,462)

(57,804)

Foreign currency transactions and other

(5,783)

3,347

(12,070)

(4,399)

Total other income (expense)

(32,537)

(17,116)

(89,217)

(57,038)

Earnings before income taxes

1,456,170

1,305,589

2,511,790

2,437,407

Income tax expense

259,438

243,336

464,699

467,485

Net income

$

1,196,732

$

1,062,253

$

2,047,091

$

1,969,922

Net income applicable to common stockholders per basic common share

$

23.67

$

20.27

$

39.87

$

37.65

Weighted-average number of basic common shares outstanding

50,550

52,405

51,344

52,319

Net income applicable to common stockholders per diluted common share

$

23.41

$

20.03

$

39.40

$

37.13

Weighted-average number of diluted common shares outstanding

51,130

53,024

51,952

53,048

 

 

 

The Priceline Group Inc.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Nine Months Ended September 30,

2015

2014

OPERATING ACTIVITIES:

Net income

$

2,047,091

$

1,969,922

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

Depreciation

73,520

54,704

Amortization

128,210

81,558

Provision for uncollectible accounts, net

17,242

14,150

Deferred income taxes

(63,675)

46,451

Stock-based compensation expense and other stock-based payments

174,068

122,120

Amortization of debt issuance costs

5,913

3,818

Amortization of debt discount

49,868

39,079

Loss on early extinguishment of debt

3

6,254

Changes in assets and liabilities:

Accounts receivable

(289,604)

(353,357)

Prepaid expenses and other current assets

(86,808)

(35,341)

Accounts payable, accrued expenses and other current liabilities

191,881

209,557

Other

(26,550)

202

Net cash provided by operating activities

2,221,159

2,159,117

INVESTING ACTIVITIES:

Purchase of investments

(5,597,897)

(7,327,635)

Proceeds from sale of investments

3,180,981

9,703,032

Additions to property and equipment

(126,637)

(90,725)

Acquisitions and other investments, net of cash acquired

(135,664)

(2,496,084)

Proceeds from foreign currency contracts

453,818

14,354

Payments on foreign currency contracts

(448,640)

(94,661)

Change in restricted cash

9,309

Net cash used in investing activities

(2,674,039)

(282,410)

FINANCING ACTIVITIES:

Proceeds from revolving credit facility

995,000

Payments related to revolving credit facility

(995,000)

Proceeds from the issuance of long-term debt

1,619,951

2,282,217

Payment of debt issuance costs

(13,507)

(16,241)

Payments related to conversion of senior notes

(147,629)

(121,925)

Repurchase of common stock

(2,267,384)

(245,456)

Payments of contingent consideration

(10,700)

Proceeds from exercise of stock options

19,139

12,434

Excess tax benefits on stock-based awards

90,935

14,139

Net cash (used in) provided by financing activities

(709,195)

1,925,168

Effect of exchange rate changes on cash and cash equivalents

(144,918)

(48,145)

Net (decrease) increase in cash and cash equivalents

(1,306,993)

3,753,730

Cash and cash equivalents, beginning of period

3,148,651

1,289,994

Cash and cash equivalents, end of period

$

1,841,658

$

5,043,724

SUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid during the period for income taxes

$

499,421

$

412,185

Cash paid during the period for interest

$

50,400

$

14,531

Non-cash investing activity for contingent consideration

$

9,170

$

13,310

Non-cash financing activity for acquisitions

$

$

13,752

The Priceline Group Inc.

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,

2015

2014

2015

2014

GAAP Gross profit

$

2,947,282

$

2,619,978

$

6,712,424

$

5,909,445

(a)

Adjustment to exclude favorable impact of travel transaction tax judgments, rulings and settlements

(13,655)

(30,059)

Non-GAAP Gross profit

$

2,933,627

$

2,619,978

$

6,682,365

$

5,909,445

RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME

Three Months Ended September 30,

Nine Months Ended September 30,

2015

2014

2015

2014

GAAP Operating income

$

1,488,707

$

1,322,705

$

2,601,007

$

2,494,445

(a)

Adjustment to exclude favorable impact of travel transaction tax judgments, rulings and settlements

(13,655)

(30,059)

(b)

Stock-based employee compensation

58,274

46,136

172,446

120,108

(c)

Amortization of intangible assets

42,229

35,784

128,210

81,558

Non-GAAP Operating income

$

1,575,555

$

1,404,625

$

2,871,604

$

2,696,111

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

53.7%

53.6%

43.0%

45.6%

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

Three Months Ended September 30,

Nine Months Ended September 30,

2015

2014

2015

2014

GAAP Net income applicable to common stockholders

$

1,196,732

$

1,062,253

$

2,047,091

$

1,969,922

(a)

Adjustment to exclude favorable impact of travel transaction tax judgments, rulings and settlements

(13,655)

(30,059)

(b)

Stock-based employee compensation

58,274

46,136

172,446

120,108

(d)

Depreciation and amortization

69,054

57,599

201,730

136,262

(e)

Interest income

(14,682)

(2,490)

(39,315)

(5,165)

(e)

Interest expense

41,436

22,953

116,462

57,804

(f)

Loss on early extinguishment of convertible debt

124

3

6,254

(g)

Income tax expense

259,438

243,336

464,699

467,485

Adjusted EBITDA

$

1,596,597

$

1,429,911

$

2,933,057

$

2,752,670

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME

Three Months Ended September 30,

Nine Months Ended September 30,

2015

2014

2015

2014

GAAP Net income applicable to common stockholders

$

1,196,732

$

1,062,253

$

2,047,091

$

1,969,922

(a)

Adjustment to exclude favorable impact of travel transaction tax judgments, rulings and settlements

(13,655)

(30,059)

(b)

Stock-based employee compensation

58,274

46,136

172,446

120,108

(c)

Amortization of intangible assets

42,229

35,784

128,210

81,558

(f)

Debt discount amortization related to convertible debt

15,703

14,133

47,053

37,080

(f)

Loss on early extinguishment of convertible debt

124

3

6,254

(h)

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

4,959

24,016

21,007

51,103

Non-GAAP Net income applicable to common stockholders

$

1,304,242

$

1,182,446

$

2,385,751

$

2,266,025

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

Three Months Ended September 30,

Nine Months Ended September 30,

2015

2014

2015

2014

GAAP weighted-average number of diluted common shares outstanding

51,130

53,024

51,952

53,048

(i)

Adjustment for unvested restricted stock units and performance share units

319

338

278

293

Non-GAAP weighted-average number of diluted common shares outstanding

51,449

53,362

52,230

53,341

Net income applicable to common stockholders per diluted common share

GAAP

$

23.41

$

20.03

$

39.40

$

37.13

Non-GAAP

$

25.35

$

22.16

$

45.68

$

42.48

 

 (a)

Adjustment for travel transaction taxes (including estimated interest and penalties) principally related to a favorable ruling in the State of Hawaii is recorded in Cost of revenues.

 (b)

Stock-based employee compensation is recorded in Personnel expense.

 (c)

Amortization of intangible assets is recorded in Depreciation and amortization.

 (d)

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

 (e)

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

 (f)

Non-cash interest expense related to the amortization of debt discount and loss on early extinguishment of convertible debt are recorded in Interest expense and Foreign currency transactions and other, respectively.

 (g)

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

 (h)

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

(i)

Additional shares related to 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 employee 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.

 

The Priceline Group Inc.

Statistical Data

In millions

(Unaudited)

Gross Bookings

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

International

$

9,179

$

7,758

$

10,643

$

11,682

$

12,080

$

9,233

$

12,104

$

13,092

$

13,078

U.S.

1,586

1,379

1,637

1,856

1,743

1,426

1,672

1,868

1,700

Total

$

10,765

$

9,138

$

12,280

$

13,538

$

13,823

$

10,659

$

13,775

$

14,960

$

14,778

Agency

$

9,023

$

7,576

$

10,516

$

11,581

$

11,821

$

8,974

$

11,908

$

12,867

$

12,850

Merchant

1,742

1,562

1,764

1,957

2,002

1,685

1,867

2,094

1,928

Total

$

10,765

$

9,138

$

12,280

$

13,538

$

13,823

$

10,659

$

13,775

$

14,960

$

14,778

Year/Year Growth

International

41.8

%

41.2

%

36.8

%

36.2

%

31.6

%

19.0

%

13.7

%

12.1

%

8.3

%

excluding F/X impact

41

%

42

%

38

%

35

%

32

%

27

%

29

%

30

%

25

%

U.S.

16.7

%

26.5

%

19.5

%

20.6

%

9.9

%

3.4

%

2.1

%

0.7

%

(2.5)%

Agency

40.5

%

42.9

%

37.5

%

37.4

%

31.0

%

18.5

%

13.2

%

11.1

%

8.7

%

Merchant

23.7

%

21.8

%

17.2

%

15.7

%

15.0

%

7.9

%

5.8

%

7.0

%

(3.7)%

Total

37.5

%

38.8

%

34.2

%

33.8

%

28.4

%

16.7

%

12.2

%

10.5

%

6.9

%

excluding F/X impact

36

%

39

%

35

%

32

%

29

%

23

%

26

%

26

%

22

%

Units Sold

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

Hotel Room-Nights

74.8

63.1

83.4

89.6

94.8

78.2

104.6

113.1

115.6

Year/Year Growth

35.6

%

36.5

%

32.0

%

29.2

%

26.7

%

24.0

%

25.4

%

26.2

%

22.0

%

Rental Car Days

12.0

9.5

12.3

14.3

14.2

11.0

14.6

17.2

16.0

Year/Year Growth

27.5

%

32.3

%

24.6

%

14.4

%

18.1

%

16.1

%

18.0

%

20.1

%

13.0

%

Airline Tickets

1.8

1.8

2.0

2.1

2.0

1.7

2.0

2.1

2.0

Year/Year Growth

8.6

%

28.1

%

22.6

%

22.3

%

8.0

%

(4.0)%

(3.2)%

0.3

%

(1.1)%

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

Revenue

$

2,269.9

$

1,541.2

$

1,641.8

$

2,123.6

$

2,836.5

$

1,840.1

$

1,840.7

$

2,280.4

$

3,102.9

Year/Year Growth

33.0

%

29.4

%

26.1

%

26.4

%

25.0

%

19.4

%

12.1

%

7.4

%

9.4

%

Gross Profit

$

1,989.1

$

1,333.3

$

1,406.5

$

1,883.0

$

2,620.0

$

1,674.7

$

1,672.2

$

2,092.9

$

2,947.3

Year/Year Growth

42.4

%

41.9

%

39.3

%

36.1

%

31.7

%

25.6

%

18.9

%

11.1

%

12.5

%

 

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.  International gross bookings consist of the gross bookings of Booking.com, agoda.com and rentalcars.com, in each case regardless of where the consumer is resident, from where the consumer makes a reservation or where the travel service is provided.

 

SOURCE The Priceline Group Inc.