Hi @TBU`ler
Hab was auf Stockhouse gefunden
von Malakies 1
***********PLEASE READ THIS ENTIRE POST***********
EVERYONE, this is huge, I don`t believe nobody, at least on this forum, has noticed this before!!! It is all hidden in the way EXPE represents their revenue but I am sure the analysts know this, that`s why they call us category killers, and this is before ITA and before the agencies...!!!
Here are the links to the financial statements of each company:
EXPE - http://quicken.elogic.com/sec_grab.asp?ticker=EXPE&faddr=edg…
TBU - http://www.sedar.com/data20/filings/00294528/00000001/w%3A%5…
Now, from Expedia`s financial report, you have this:
.........................................................
Results of Operations
Revenues
Three Months Ended
September 30,
---------------------------
1999 2000 Change in %
------------------------------------------
($ in thousands)
Agency revenues $ 9,646 $ 21,646 124%
Merchant revenues 199 46,720 23377%
Advertising and other revenues 5,423 8,124 50%
------------------------------------------
Revenues $ 15,268 $ 76,490 401%
==========================================
Revenues. Agency revenues reflect strong increases as internet commerce,
and especially travel sales, continues to gain acceptance and grow
substantially. As a result, in addition to a greater number of visitors to our
websites, we have also been successful in converting a greater percentage of
those visitors to make purchases. With the acquisition of Travelscape in March
2000 and the introduction of our Expedia Special Rate business in June 2000, we
have significantly increased our revenues since we record the full amount of the
ticket or hotel room sold to our customers as merchant revenue as opposed to
only the amount received from commissions and fees on transactions where we are
not merchant of record. Increases in advertising and licensing-related revenue
comprised the remainder of the increase. The growth rate in this area is less
because a portion of these revenues are fixed over time.
..........................
This explains that they record the entire price of a sale as revenue when tbu only record the commision.
And then a little further down, you get the actual NET REVENUES:
..........................
During the three months ended September 30, 2000, net cash provided by
operating activities was $3.7 million. The net loss for this period, excluding
the non-cash charges for goodwill amortization and recognition of stock
compensation, was $1.6 million. A decrease in accounts receivable and increase
in accounts payable and accrued expenses, combined with non-cash charges,
contributed towards the cash generated by operating activities.
.....................................
3.7 million net revenues from operations... AND THIS IS DURING SUMMER MONTHS... THE MOST BUSYIEST OF THE SEASON!!!!
TBU 9 months are 12.2 million, in canadian dollars of course, but this is before a website in january, agents really started coming aboard in march-april, and now they are being integrated into the website.... AND ITA HAS BOOSTED SALES!!!!
Now compare the business models, then compare Expedia`s expenses and advertising costs.... HOA!!
All I can say is HOLY SH!T.... why the heck are we trading at these valuations.... NASDAQ, USA.... HERE WE COME!!!!
...................
mis