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Priceline.com Reports Financial Results for 1st Quarter 2010
May 10, 2010 (04:05 PM EDT)


NORWALK, Conn., May 10 /PRNewswire-FirstCall/ -- Priceline.com Incorporated (Nasdaq: PCLN) today reported its financial results for the 1st quarter 2010. Gross travel bookings for the 1st quarter, which refers to the total dollar value, generally inclusive of all taxes and fees, of all travel services purchased by consumers, were $3.0 billion, an increase of 52.5% over a year ago.

Priceline.com had revenues in the 1st quarter of $584.4 million, a 26.5% increase over a year ago. The Company's international operations contributed revenues in the 1st quarter of $215.8 million, an 88.2% increase versus a year ago (approximately 79% on a local currency basis). Priceline.com's gross profit for the 1st quarter was $319.1 million, a 53.2% increase from the prior year. The Company's international operations contributed gross profit in the 1st quarter of $214.9 million, an 88.8% increase versus a year ago (approximately 80% growth on a local currency basis). The Company's operating income in the 1st quarter 2010 was $87.9 million, a 105.2% increase from the prior year. Priceline.com had GAAP net income for the 1st quarter of $53.9 million or $1.06 per diluted share, which compares to $25.0 million or $0.53 per diluted share in the same period a year ago.

Pro forma EBITDA for the 1st quarter was $111.7 million, an increase of 75.3% over the prior year.  Pro forma net income in the 1st quarter was $87.2 million or $1.70 per diluted share, compared to $1.09 per share a year ago.  The high end of priceline.com's guidance for the 1st quarter was $1.64 per diluted share and First Call analyst consensus for the 1st quarter 2010 was $1.66 per diluted share. The section below entitled "Non-GAAP Financial Measures" provides a definition and information about the use of pro forma financial measures in this press release and the attached financial and statistical supplement reconciles pro forma financial information with priceline.com's financial results under GAAP.

"The Company's worldwide businesses were able to maintain gross booking growth over 50% in the 1st quarter, powered by strong growth in hotel room nights, which increased 57% over last year," said Jeffery H. Boyd, priceline's President and CEO.  "We believe all of our brands continued to gain share in hotel reservations during the quarter.  International local currency bookings growth was 73%, representing continued high rates of transaction growth and stabilizing hotel room rates.  Domestic growth at 16% came in at the high end of our range of guidance despite weaker results in opaque airline tickets and rental cars tied to reduced capacity in those markets."

Looking forward, Mr. Boyd said, "We are pleased with the strong growth reflected in our 2nd quarter guidance despite the impact of several negative external factors. The Iceland volcano caused widespread disruptions in air travel which resulted in a significant increase in hotel room cancellations for our Booking.com business.  Civil unrest in Thailand has substantially impacted hotel room reservations in Thailand, which is a key market for Agoda and Booking.com's Asia business.  Lastly, sovereign debt concerns in Europe have resulted in a significant decline in the value of the Euro as compared to the U.S. dollar which adversely impacts our financial results as expressed in U.S. dollars."  

"These external factors notwithstanding, we are pleased to see some improvement in hotel occupancy and average daily rates which are hopefully signs of improved consumer demand as we enter the summer travel season.  We continue to focus on growing our global hotel business by expanding into attractive geographic markets, adding hotel supply and integrating supply across our businesses. We also concentrate on effective marketing to build our brands while continuously improving our service to customers by adding content and innovative functionality.  We believe the company's worldwide hotel platform is well-positioned to build share in global online hotel reservations."

Priceline.com said it was targeting the following for 2nd quarter 2010:

  • Year-over-year increase in total gross travel bookings of approximately 32.5% - 37.5%.
  • Year-over-year increase in international gross travel bookings of approximately 45% - 50% (an increase of approximately 55% - 60% on a local currency basis).
  • Year-over-year increase in domestic gross travel bookings of approximately 15% - 20%.
  • Year-over-year increase in revenue of approximately 18% - 23%.
  • Year-over-year increase in gross profit of approximately 34% - 39%.
  • Pro forma EBITDA of approximately $170 million to $180 million.
  • Pro forma net income of between $2.50 and $2.70 per diluted share.

The Company estimated that its range of guidance for the 2nd quarter included a reduction in targeted pro forma EBITDA of approximately $10 million resulting from cancellations, no shows and other related costs caused by the Iceland volcano eruption in April.  The Company noted that ongoing or future air space closures and travel disruptions tied to the volcano eruption in Iceland could adversely affect the Company's results for the second quarter of 2010 and cause negative variances to the above guidance. The Company also reiterated its expectation that gross travel bookings growth rates would decline in the second half of 2010 as it compares to periods of relatively stronger business performance in the 2nd half of 2009.

Pro forma guidance for the 2nd quarter 2010:

  • excludes non-cash amortization expense of acquisition-related intangibles,
  • excludes non-cash stock-based compensation expense,
  • excludes non-cash interest expense and gains or losses on early debt extinguishment, if any, related to cash settled convertible debt,
  • excludes non-cash income tax expense and reflects the impact on income taxes of certain of the pro forma adjustments,
  • excludes the impact, if any, of charges or benefits associated with judgments, rulings and/or settlements related to hotel occupancy tax proceedings,
  • includes the anti-dilutive impact of the "Conversion Spread Hedges" (see "Non-GAAP Financial Measures" below) on diluted common shares outstanding related to outstanding convertible notes, and
  • includes the dilutive impact of additional shares of unvested restricted stock, restricted stock units and performance share units because pro forma net income has been adjusted to exclude stock-based compensation.

In addition, pro forma EBITDA excludes depreciation and amortization expense and includes the impact of foreign currency transactions and other expenses.

When aggregated, the foregoing adjustments are expected to increase pro forma EBITDA over GAAP net income by approximately $75 million in the 2nd quarter 2010.  In addition, the foregoing adjustments are expected to increase pro forma net income over GAAP net income by approximately $34 million in the 2nd quarter 2010. On a per share basis, the Company estimates GAAP net income of approximately $1.87 to $2.07 per diluted share for the 2nd quarter 2010.

Information About Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements reflect the views of the Company'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 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," "expects," "does not currently expect," "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 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 services as a result of, among other things, decreased consumer spending, general economic downturn, terrorist attacks, natural disasters or adverse weather, the bankruptcy or insolvency of a major airline, or the outbreak of an epidemic or pandemic disease, such as the recent swine flu outbreak;

-- adverse changes in the Company's relationships with airlines and other product and service providers and vendors which could include, without limitation, the withdrawal of suppliers from the priceline.com system (either priceline.com's "retail" or "opaque" services, or both) and/or the loss or reduction of global distribution fees;

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

-- the effects of increased competition, including the potential impact of increased pricing competition initiated by other on-line travel agents in the form of reduced booking fees and/or the launch by competitors of an "opaque" travel offering;

-- an adverse outcome in one or more of the hotel occupancy and other tax proceedings in which the Company is involved;

-- a change by a major search engine to its search engine algorithms that negatively affects the search engine ranking of the company or its 3rd party distribution partners;

-- our ability to expand successfully in international markets;

-- the ability to attract and retain qualified personnel;

-- difficulties integrating recent or future acquisitions, such as the 4th quarter 2007 acquisition of Agoda, including ensuring the effectiveness of the design and operation of internal controls and disclosure controls of acquired businesses;

-- the occurrence of an external or internal security breach of our systems or other Internet based systems involving personal customer information, credit card information or other sensitive data;

-- systems-related failures and/or security breaches, including without limitation, "denial-of-service" type attacks on our system, any security breach that results in the theft, transfer or unauthorized disclosure of customer information, or the failure to comply with various state laws applicable to the company's obligations in the event of such a breach; and

--legal and regulatory risks.

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 EBITDA represents GAAP net income excluding depreciation and amortization expense, interest income, interest expense, equity in income and loss of investees, income taxes and the pro forma adjustments relating to stock-based compensation expense, gains and losses on early debt extinguishment and charges or benefits related to judgments, rulings, or settlements of hotel occupancy tax proceedings.

Pro forma EBITDA, pro forma net income and pro forma 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. Priceline.com believes that pro forma EBITDA, pro forma net income and pro forma net income per share that exclude certain non-cash or non-recurring income or expense items are useful for analysts and 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. These pro forma metrics, in particular pro forma EBITDA and pro forma net income, are not intended to represent funds available for priceline.com'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 pro forma 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.

Pro forma financial information is adjusted for the following items:

  • Amortization expense of acquisition-related intangibles is excluded because it does not impact cash earnings.
  • Charges or benefits related to judgments, rulings, or settlements of hotel occupancy tax proceedings 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.
  • Stock-based 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.
  • Income tax expense is adjusted for the tax impact of certain of the pro forma adjustments described above and to exclude tax expense recorded where no actual tax payments are owed because of available net operating loss carry forwards.
  • For calculating pro forma net income per share:
    • net income is adjusted for the impact of the pro forma adjustments described above.
    • fully diluted share count is adjusted to include the anti-dilutive impact of "Conversion Spread Hedges" which increases the effective conversion price of the currently outstanding 0.50% convertible notes due 2011 and 0.75% convertible notes due 2013 from their stated $40.38 conversion price to an effective conversion price of $50.47 per share.  Under GAAP, the anti-dilutive impact of the Conversion Spread Hedges is not reflected on the outstanding diluted share count until the end of the hedge in 2011 and 2013 if and when shares are delivered.
    • all unvested shares of restricted common stock, restricted stock units and performance share units are included in the calculation of pro forma net income per share because pro forma net income has been adjusted to exclude stock-based 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 pro forma financial information with priceline.com's financial results under GAAP.

About Priceline.com® Incorporated

Priceline.com Incorporated (Nasdaq: PCLN) www.priceline.com provides online travel services in 34 languages in over 94 countries in Europe, North America, Asia, the Middle East and Africa. Included in the priceline.com family of companies is Booking.com, a leading international online hotel reservation service, priceline.com, a leading U.S. online travel service for value-conscious leisure travelers, and Agoda.com, an Asian online hotel reservation service. Priceline.com believes that Booking.com is Europe's largest and fastest growing online hotel reservation service. Booking.com operates in 81 countries in 31 languages and offers its customers access to approximately 86,000 participating hotels worldwide.

In the U.S., priceline.com gives customers more ways to save on their airline tickets, hotel rooms, rental cars, vacation packages and cruises than any other Internet travel service. In addition to getting great published prices, leisure travelers can narrow their searches using priceline.com's TripFilter advanced search technology, customize their search activity through priceline.com's Inside Track features, create packages to save even more money, and take advantage of priceline.com's famous Name Your Own Price® service, which can deliver the lowest prices available. Priceline.com operates the following travel websites: Travelweb.com, Lowestfare.com, RentalCars.com and BreezeNet.com. Priceline.com also licenses its business model to independent licensees.

priceline.com Incorporated

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)













March 31,


December 31,

ASSETS


2010


2009






Current assets:





Cash and cash equivalents


$    348,775


$        202,141

Restricted cash


1,335


1,319

Short-term investments


886,893


598,014

Accounts receivable, net of allowance for doubtful  

 accounts of $4,564 and $5,023, respectively


132,497


118,659

Prepaid expenses and other current assets


42,783


36,828

Deferred income taxes


64,318


65,980

Total current assets


1,476,601


1,022,941











Property and equipment, net


30,816


30,489

Intangible assets, net


156,832


172,080

Goodwill


333,531


350,630

Deferred income taxes


189,474


253,700

Other assets


14,307


4,384






Total assets


$ 2,201,561


$     1,834,224






LIABILITIES AND STOCKHOLDERS' EQUITY










Current liabilities:





Accounts payable


$      75,256


$          60,568

Accrued expenses and other current liabilities


118,861


127,561

Deferred merchant bookings


71,146


60,758

Convertible debt


78,329


159,878

Total current liabilities


343,592


408,765






Deferred taxes


36,016


43,793

Other long-term liabilities


25,201


24,052

Convertible debt


460,978


-

Total liabilities


865,787


476,610






Convertible debt


19,146


35,985






Stockholders' equity:





Common stock, $0.008 par value, authorized

 1,000,000,000 shares, 54,806,540 and 52,446,173

 shares issued, respectively



424


405

Treasury stock, 7,375,318 and 6,685,119 shares,

 respectively


(629,902)


(510,970)

Additional paid-in capital


2,394,672


2,289,867

Accumulated deficit


(400,798)


(454,673)

Accumulated other comprehensive loss


(47,768)


(3,000)

Total stockholders' equity


1,316,628


1,321,629






Total liabilities and stockholders' equity


$ 2,201,561


$     1,834,224



priceline.com Incorporated

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)



Three Months Ended


March 31,






2010


2009





Merchant revenues

$ 368,265


$ 337,034

Agency revenues

213,242


120,225

Other revenues

2,887


4,799

    Total revenues

584,394


462,058





Cost of revenues

265,278


253,728





Gross profit

319,116


208,330









Operating expenses:




Advertising - Offline

11,788


10,766

Advertising - Online

113,109


68,117

Sales and marketing

24,113


18,419

Personnel, including stock-based compensation of




 $11,909 and $10,593, respectively

49,777


39,510

General and administrative

18,033


14,788

Information technology

4,608


4,527

Depreciation and amortization

9,779


9,361





    Total operating expenses

231,207


165,488





Operating income

87,909


42,842





Other income (expense):




Interest income

855


741

Interest expense

(4,806)


(6,805)

Foreign currency transactions and other

(3,130)


3,817

    Total other income (expense)

(7,081)


(2,247)





Earnings before income taxes and equity in loss of investees

80,828


40,595

Income tax expense

(26,953)


(15,541)

Equity in loss of investees

-


(31)

Net income

$   53,875


$   25,023





Net income per basic common share

$       1.16


$       0.61





Weighted average number of basic common shares outstanding

46,309


41,004





Net income per diluted common share

$       1.06


$       0.53





Weighted average number of diluted common shares outstanding

50,862


47,013



priceline.com Incorporated

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)




















Three Months Ended




March 31,







OPERATING ACTIVITIES:

2010


2009

Net income

$   53,875


$   25,023

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





Depreciation

3,969


3,453


Amortization

5,810


5,908


Provision for uncollectible accounts, net

1,784


1,062


Deferred income taxes

11,426


9,035


Stock-based compensation expense

11,909


10,593


Amortization of debt issuance costs

907


516


Amortization of debt discount

3,274


5,197


Loss (gain) on early extinguishment of debt

5,251


(2,870)


Equity in loss of investees

-


31

Changes in assets and liabilities:





Accounts receivable

(20,223)


(15,930)


Prepaid expenses and other current assets

1,893


(167)


Accounts payable, accrued expenses and other current liabilities

23,711


32,011


Other

1,111


302

Net cash provided by operating activities

104,697


74,164

INVESTING ACTIVITIES:





Purchase of investments

(526,493)


(139,453)


Maturity of investments

212,674


31,202


Additions to property and equipment

(4,831)


(3,091)


Acquisitions and other equity investments, net of cash acquired

(2,500)


-


Realized gain on foreign currency forward contracts

9,707


-


Change in restricted cash

(31)


959

Net cash used in investing activities

(311,474)


(110,383)

FINANCING ACTIVITIES:





Proceeds from issuance of convertible senior notes

575,000


-


Payments related to conversion of convertible senior notes

(98,388)


(20,505)


Repurchase of common stock

(118,932)


(13,107)


Proceeds from exercise of stock options

12,597


1,202


Payment of debt issuance costs

(12,938)


-


Excess tax benefit from stock-based compensation

1,656


1,277

Net cash provided by (used in) financing activities

358,995


(31,133)

Effect of exchange rate changes on cash and cash equivalents

(5,584)


(5,938)

Net increase/(decrease) in cash and cash equivalents

146,634


(73,290)

Cash and cash equivalents, beginning of period

202,141


364,550

Cash and cash equivalents, end of period

$ 348,775


$ 291,260







SUPPLEMENTAL CASH FLOW INFORMATION:





Cash paid during the period for income taxes

$   15,933


$     8,159


Cash paid during the period for interest

$        751


$     2,150



priceline.com Incorporated

UNAUDITED RECONCILIATION OF GAAP TO PRO FORMA FINANCIAL INFORMATION

(In thousands, except per share data)













Three Months Ended

March 31,

RECONCILIATION OF GAAP NET INCOME TO PRO FORMA EBITDA

2010


2009







GAAP Net income

$   53,875


$ 25,023






(a)

Stock-based compensation

11,909


10,593

(b)

Depreciation and amortization

9,779


9,361

(c)

Interest income

(855)


(741)

(c)

Interest expense

4,806


6,805

(d)

Loss (gain) on early extinguishment of debt

5,251


(2,870)

(e)


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

26,953



15,541

(f)

Equity in loss of investees

-


31







Pro Forma EBITDA

$ 111,718


$ 63,743








Three Months Ended

March 31,

RECONCILIATION OF GAAP NET INCOME TO PRO FORMA NET INCOME

2010


2009







GAAP Net income

$   53,875


$ 25,023






(a)

Stock-based compensation

11,909


10,593

(d)

Debt discount amortization related to convertible debt

3,274


5,197

(d)

Loss (gain) on early extinguishment of debt

5,251


(2,870)

(e)


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

7,130



7,432

(g)

Amortization of acquired intangible assets in depreciation and amortization

5,797


5,905







Pro Forma Net income

$   87,236


$ 51,280








Three Months Ended

March 31,

RECONCILIATION OF GAAP TO PRO FORMA NET INCOME




PER DILUTED COMMON SHARE

2010


2009







GAAP weighted average number of diluted common shares outstanding

50,862


47,013






(h)

Adjustment for Conversion Spread Hedges

(159)


(964)

(i)

Adjustment for restricted stock, restricted stock units and performance units

690


1,128







Pro Forma weighted average number of diluted common shares outstanding

51,393


47,177







Net income per diluted common share:





GAAP

$       1.06


$     0.53







Pro Forma

$       1.70


$     1.09
















(a)

Stock-based compensation is recorded in Personnel expense.

(b)

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

(c)

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

(d)

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

(e)

Adjustments for the tax impact of certain of the pro forma adjustments and to exclude non-cash income taxes and are recorded in Income tax expense.

(f)

Equity in loss of investees is excluded from Net income to calculate EBITDA.

(g)

Amortization of acquired intangible assets is recorded in Depreciation and amortization.

(h)

Reflects the impact of the Conversion Spread Hedges that increase the effective conversion price of the currently outstanding Convertible Senior Notes due September 30, 2011 and the Convertible Senior Notes due September 30, 2013 from their stated $40.38 conversion price to an effective conversion price of $50.47 per share.  Under GAAP, the anti-dilutive impact of the Conversion Spread Hedges is not reflected on the outstanding diluted share count until the end of the hedge when shares are delivered.

(i)

All shares of restricted common stock, restricted stock units and performance share units are included in the calculation of pro forma net income per share because pro forma net income has been adjusted to exclude stock-based compensation expense.



priceline.com Incorporated






















Statistical Data























In thousands























(Unaudited)

















































Gross Bookings



4Q07


1Q08


2Q08


3Q08


4Q08


1Q09


2Q09


3Q09


4Q09


1Q10


























Domestic




$525,571


$720,968


$872,284


$799,578


$688,923


$851,157


$964,464


$998,715


$830,983


$989,350


International**




679,760


1,037,644


1,237,681


1,250,850


792,190


1,092,427


1,414,714


1,724,131


$1,433,471


$1,975,345


Total




$1,205,331


$1,758,612


$2,109,965


$2,050,427


$1,481,113


$1,943,584


$2,379,178


$2,722,846


$2,264,454


$2,964,695


























Agency




$912,698


$1,370,119


$1,656,775


$1,603,693


$1,108,024


$1,469,956


$1,824,618


$2,130,571


$1,766,295


$2,373,565


Merchant**




292,633


388,493


453,190


446,734


373,089


473,628


554,560


592,275


$498,159


$591,130


Total




$1,205,331


$1,758,612


$2,109,965


$2,050,427


$1,481,113


$1,943,584


$2,379,178


$2,722,846


$2,264,454


$2,964,695


























Year/Year Growth























Domestic




24.2%


50.6%


59.2%


32.8%


31.1%


18.1%


10.6%


24.9%


20.6%


16.2%


International




113.0%


99.7%


80.1%


58.6%


16.5%


5.3%


14.3%


37.8%


81.0%


80.8%


excluding F/X impact



89.9%


75.0%


55.8%


44.7%


27.6%


23.5%


32.4%


48.5%


69.5%


72.8%


















































Agency




85.9%


92.8%


80.2%


53.8%


21.4%


7.3%


10.1%


32.9%


59.4%


61.5%


Merchant




16.4%


34.9%


43.6%


28.3%


27.5%


21.9%


22.4%


32.6%


33.5%


24.8%


























Total




62.4%


76.1%


70.9%


47.4%


22.9%


10.5%


12.8%


32.8%


52.9%


52.5%


















































Units Sold




4Q07


1Q08


2Q08


3Q08


4Q08


1Q09


2Q09


3Q09


4Q09


1Q10


























Hotel Room-Nights



6,616


9,375


10,879


11,434


9,126


12,785


15,665


17,869


14,593


20,042


Year/Year Growth



55.1%


57.4%


50.2%


43.6%


38.0%


36.4%


44.0%


56.3%


59.9%


56.8%


























Rental Car Days




2,002


2,612


2,815


2,333


2,224


3,014


3,237


2,604


2,370


2,986


Year/Year Growth



11.9%


30.4%


23.6%


-0.2%


11.1%


15.4%


15.0%


11.6%


6.6%


-0.9%


























Airline Tickets




790


1,169


1,362


1,186


1,135


1,496


1,551


1,544


1,318


1,538


Year/Year Growth



34.4%


83.0%


98.2%


44.8%


43.7%


28.0%


13.9%


30.2%


16.2%


2.8%






















































4Q07


1Q08


2Q08


3Q08


4Q08


1Q09


2Q09


3Q09


4Q09


1Q10


























Revenue




$334,853


$403,180


$513,976


$561,609


$406,041


$462,058


$603,741


$730,660


$541,753


$584,394


Year/Year Growth



28.8%


33.8%


44.4%


34.6%


21.3%


14.6%


17.5%


30.1%


33.4%


26.5%


























Gross Profit




$160,152


$181,103


$253,725


$316,078


$205,065


$208,330


$305,238


$434,006


$313,189


$319,116


Year/Year Growth



60.9%


51.3%


61.4%


56.2%


28.0%


15.0%


20.3%


37.3%


52.7%


53.2%

















































Gross Bookings represent the total dollar value of travel booked, generally inclusive of taxes and fees.














** Includes $37.5 million, $32.4 million, $24.2 million, $24.6 million and $13.4 million of Agoda gross bookings in 4Q08, 3Q08, 2Q08, 1Q08 and 4Q07,









   respectively since acquisition on November 6, 2007.





















SOURCE Priceline.com Incorporated