Priceline break-even - 500 Beiträge pro Seite
eröffnet am 04.02.02 13:49:31 von
neuester Beitrag 05.02.02 17:13:57 von
neuester Beitrag 05.02.02 17:13:57 von
Beiträge: 11
ID: 545.268
ID: 545.268
Aufrufe heute: 0
Gesamt: 659
Gesamt: 659
Aktive User: 0
ISIN: US09857L1089 · WKN: A2JEXP · Symbol: BKNG
3.424,21
USD
-0,17 %
-5,93 USD
Letzter Kurs 19:37:05 Nasdaq
Neuigkeiten
Booking Holdings Aktien jetzt im kostenlosen Demokonto handeln!Anzeige |
09:30 Uhr · BNP Paribas Anzeige |
08.04.24 · LYNX Analysen Anzeige |
18.03.24 · LYNX Analysen Anzeige |
Werte aus der Branche Internet
Wertpapier | Kurs | Perf. % |
---|---|---|
10,690 | +12,76 | |
4,0200 | +9,99 | |
17,300 | +9,49 | |
1,7200 | +9,21 | |
1,2525 | +8,44 |
Wertpapier | Kurs | Perf. % |
---|---|---|
0,5095 | -8,64 | |
0,7750 | -8,82 | |
0,6000 | -10,45 | |
3,7700 | -10,66 | |
1,5400 | -17,20 |
Jetzt gehts los!!!!!!
Sehe nichts!
wo?
Alles Vorgeplänkel bis Zahlen veröffentlich werden.
Die Ami`s entscheiden wo es lang geht.
Zu Mani2001: Tolle Beiträge!
Die Ami`s entscheiden wo es lang geht.
Zu Mani2001: Tolle Beiträge!
Naja der Wert ist vorbörslich gerade sogar ins Minus geruscht siehe: http://www.us-aktien.com/realtime.htm" target="_blank" rel="nofollow ugc noopener">http://www.us-aktien.com/realtime.htm
Grund dafür ist wohl das der Break-Even heute kaum mehr ausreicht um ein Feuerwerk anzustossen, da es nun mehr auf die relle Bewertung ankommt und das KGV immer noch extrem hoch ist.
Grund dafür ist wohl das der Break-Even heute kaum mehr ausreicht um ein Feuerwerk anzustossen, da es nun mehr auf die relle Bewertung ankommt und das KGV immer noch extrem hoch ist.
um 15:15 uhr kommt die adhoc,oder?
Priceline.com Reports 4th Quarter Pro Forma Profit of 1 Cent Per Share and Full-Year 2001 Pro Forma Profit of 7 Cents Per Share
NORWALK, Conn.--(BUSINESS WIRE)--Feb. 4, 2002--
-- Priceline.com customer base grows to nearly 12.7 million with record 63.6% repeat offer rate
-- 4th quarter hotel room unit sales up 115 percent year over year, while rental car sales rise 38 percent
Priceline.com(R) (NASDAQ: PCLN) today reported that it achieved a pro forma profit for the 4th quarter and full-year 2001.
In the 4th quarter 2001, priceline.com had pro forma net income of $3.3 million, or $0.01 per diluted share, compared to a 4th quarter 2000 pro forma net loss of $25.0 million, or $0.15 per share. Pro forma EBITDA for the 4th quarter 2001 was $6.2 million. Pro forma EBITDA and net income (loss) are stated before restructuring and special charges, supplier warrant charges, option payroll taxes, loss on sale of stock and amortization of stock-based compensation charges, totaling $4.7 million in the 4th quarter 2001 and $80.1 million in the 4th quarter 2000.
Revenue in the 4th quarter 2001 was $235.3 million, which was at the high end of guidance given to financial analysts on November 1st and compares to 4th quarter 2000 revenue of $228.2 million. Gross profit for the 4th quarter 2001 was $39.3 million, compared to a gross profit of $35.1 million in the 4th quarter 2000. Gross margin for the 4th quarter 2001 was 16.7 percent compared to 15.4 percent in last year`s fourth quarter. On a GAAP basis, priceline.com reported a 4th quarter 2001 net loss applicable to common stockholders of $1.3 million, or $0.01 per share, compared to a 4th quarter 2000 GAAP net loss applicable to common stockholders of $105.1 million, or $0.62 per share.
Priceline.com ended 2001 with $164.6 million in cash and short-term investments, compared to a balance of $153.2 million at the end of the third quarter of 2001 and $106.0 million at the end of 2000.
"Priceline performed well in the fourth quarter, achieving year over year growth in revenue and pro forma earnings, despite continuing weakness in airline retail pricing and, consequently, in our airline ticket bind rate," said Jeffery H. Boyd, priceline.com`s President and Chief Operating Officer. "We continue to diversify our revenue streams to non-air businesses, with hotel and rental car bookings constituting 47 percent of booked offers in the 4th quarter 2001, up from 31 percent in the 4th quarter 2000, and we are poised to benefit from the launch of our new vacation product and marketing alliances as well as from the eventual recovery of retail airline pricing."
For the full year 2001, priceline.com had revenue of $1.17 billion, compared to full-year 2000 revenue of $1.24 billion. Gross profit for 2001 was $192.9 million, compared to a pro forma gross profit of $193.7 million for 2000. Pro forma EBITDA for 2001 was $24.4 million. Gross margin for 2001 was 16.5 percent, compared to a 2000 pro forma gross margin of 15.7 percent.
Priceline.com had pro forma net income in 2001 of $15.1 million, or $0.07 per diluted share, compared to a pro forma net loss of $36.1 million, or $0.22 per share in 2000. Pro forma EBITDA and net income (loss) are stated before restructuring and special charges, supplier warrant charges, option payroll taxes, loss on sale of stock and amortization of stock-based compensation charges, totaling $31.0 million in 2001 and $293.4 million in 2000.
Priceline.com said it sold a combined 2.3 million units of travel products during the 4th quarter 2001. The Company sold 789,638 hotel room nights (a 115 percent increase over 4th quarter 2000), 720,213 rental car days (a 38 percent increase over 4th quarter 2000) and 840,191 airline tickets (a 4 percent increase over 4th quarter 2000).
Priceline.com also said that it added 854,082 new customers, raising its year-end 2001 total customer base to nearly 12.7 million. Priceline.com`s customer base at the end of 2000 was 9 million. Repeat business for the 4th quarter 2001 (defined as the number of unique purchase offers coming from repeat customers divided by the number of total unique purchase offers) was a Company-record 63.6 percent, compared to 54.5 percent for the 4th quarter 2000.
"Looking forward, priceline.com is targeting first quarter 2002 revenue of between $260 million and $290 million, consistent with our expectation that industry conditions, and specifically low retail airline pricing, will continue to put pressure on our bind rate." said Richard Braddock, Chairman and Chief Executive Officer of priceline.com. "We are managing the first quarter to a goal of between zero to two cents pro forma earnings per share, including the effects of a significant increase in online and offline marketing spending and one cent of loss generated by consolidating our European operations."
Mr. Braddock continued, "Priceline.com`s solid brand position and continued strong customer franchise, as evidenced by strong new and repeat customer metrics, and the continued strength of our hotel and rental car businesses, are delivering solid results for priceline.com even as the airline industry faces difficult challenges. With these strengths and the opportunities afforded by our alliance with eBay, the launch of vacation packages and an eventual recovery of airline retail pricing, we are excited about priceline.com`s prospects for 2002 and we are comfortable with median First Call estimates for full-year 2002 pro forma earnings per share of $0.12."
Significant recent developments for priceline.com included:
-- Strategic partnerships. During the 4th quarter, priceline.com
entered into its first-ever portal advertising agreement with
America Online. Under the agreement, priceline.com`s family of
travel products are now promoted and available for sale on
AOL`s Travel Channel, as well as travel and related areas of
CompuServe, Netscape and MapQuest, allowing tens of millions
of users of AOL brands to make offers on airline ticket, hotel
rooms, rental cars and, soon, packaged vacations.
-- Last week, priceline.com entered into an exclusive agreement
with eBay. Under that agreement, pricline.com`s extensive air,
hotel and rental car products will be the cornerstone of the
eBay travel business. Priceline.com is uniquely positioned to
provide a distinctive and compelling travel offering for
eBay`s 42 million registered users, and to jointly build with
eBay a major business in travel. The service is expected to
launch sometime in the next 90 days.
-- Selective expansion of profitable non-travel businesses.
During the 3rd quarter, priceline.com exercised its option to
take a 49 percent equity stake in PricelineMortgage, the
online loan business it created with Alliance Capital
Partners. PricelineMortgage has been operating profitably
since February 2001 and offers a superior online loan product
with guaranteed closing costs and float-down protection which
gives borrowers the lower rate if rates continue to drop
before closing. In the 4th quarter 2001, priceline.com`s share
of income from PricelineMortgage was $517,000.
-- Priceline Long Distance expanded its services through the
addition of the nation`s only Name Your Own Price(SM) phone
card, which enables consumers to purchase calling minutes at
discounts of up to 40 percent over typical long distance
calling plans.
-- Priceline.com international initiatives. Just prior to the end
of the 4th quarter, priceline.com acquired Priceline Europe
and combined certain U.S. and UK operations and is now
expanding Priceline Europe`s travel inventory and online
distribution.
-- In Hong Kong, Hutchison-Priceline Ltd. said that it had
successfully completed development of its Internet transaction
and product delivery infrastructure and will conduct a limited
technology test of that infrastructure later this month in
preparation of a late 1st-quarter consumer product launch in
selected Asian countries.
-- Hutchison Whampoa and Cheung Kong (Holdings) Limited increased
their commitment to priceline.com during the 4th quarter by
purchasing over 5 million additional priceline.com shares,
raising their equity stake in the Company to approximately 31
percent.
About Priceline.com
Priceline.com is the Name Your Own Price(SM) Internet service that offers products for sale in four categories: a travel service that offers leisure airline tickets, hotel rooms and rental cars; a personal finance service that offers home mortgages, refinancing and home equity loans through an independent licensee; an automotive service that offers new cars; and a telecommunications service that offers long distance calling services. Priceline.com licenses its business model to independent licensees, including pricelinemortgage and certain international licensees. In these arrangements, priceline.com generally receives royalties for licensing its intellectual property. Priceline.com also holds securities carrying the right to purchase a significant equity stake in the licensees under certain conditions. Unless those rights are exercised, the results of licensee operations will not be included in priceline.com`s financial statements.
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," "expects," "does not currently expect," "plans," "anticipates," "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 products as the result of, among other things, terrorist attacks or hostilities; adverse changes in the Company`s relationships with airlines and other product and service providers; the effects of increased competition; systems-related failures and/or security breaches; the Company`s ability to protect its intellectual property rights; losses by the Company and its licensees; any adverse impact from negative publicity and negative customer reaction to such publicity; 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.
priceline.com Inc.
Pro Forma Condensed Statements of Operations
In thousands, except per share amounts
(Unaudited)
Income Statement Analysis
------------------------- 1Q00 2Q00 3Q00 4Q00
------------ ----------- ----------- ---------
Travel revenues $311,607 $346,822 $335,699 $223,032
Other revenues 2,191 5,273 5,635 5,137
----------------------- ----------------------
Total revenues 313,798 352,095 341,334 228,169
Cost of travel revenues 264,670 296,386 285,753 191,973
Cost of other revenues 101 533 1,146 1,141
------------ ---------- ----------- ----------
Total costs of
revenues 264,771 296,919 286,899 193,114
------------ ---------- ----------- ----------
Gross profit $49,027 $55,176 $54,435 $35,055
------------ ---------- ----------- ----------
Operating expenses:
Advertising 20,339 13,826 14,175 18,865
Sales and marketing 20,110 23,791 21,394 15,633
General and
administrative 12,704 15,222 11,934 12,334
Systems and business
development 5,868 6,695 11,420 15,209
------------ ---------- ----------- ----------
Total operating expenses $59,021 $59,534 $58,923 $62,041
Operating income (loss) ($9,994) ($4,358) ($4,488) ($26,986)
Gain/(loss) on property and
equipment - - - -
Income from priceline Mortgage - - - -
Interest income 2,715 2,725 2,264 1,983
------------ ---------- ----------- ----------
Pro forma net income (loss) ($7,279) ($1,633) ($2,224) ($25,003)
============ ========== =========== ==========
Pro forma EBITDA ($7,325) ($791) ($29) ($21,857)
============ ========== =========== ==========
Pro forma net income (loss)
per basic share ($0.04) ($0.01) ($0.01) ($0.15)
============ ========== =========== ==========
Pro forma net income (loss)
per diluted share ($0.04) ($0.01) ($0.01) ($0.15)
============ ========== =========== ==========
Recurring supplier
warrant costs (381) (381) (381) (381)
One-time supplier
warrant costs 0 0 0 (8,595)
Severance charge 0 0 0 0
Special charge 0 0 0 (34,824)
Restructuring charge 0 0 0 (32,006)
Stock based compensation 0 0 0 (1,711)
Option payroll taxes (5,907) (2,507) (349) (25)
Preferred stock dividend 0 (7,191) (7,191) 0
WebHouse club warrants 0 0 (189,000) 0
Gain/(loss) on sale of
stock 0 0 32 (2,590)
------------ ----------- ---------- ----------
Net income (loss) ($13,567) ($11,712) ($199,113) ($105,135)
============ ========== =========== ==========
Net income (loss) applicable
to common stockholders per
basic common share ($0.08) ($0.07) ($1.19) ($0.62)
============ ========== =========== ==========
Net income (loss) applicable to
common stockholders per diluted
common share ($0.08) ($0.07) ($1.19) ($0.62)
============ ========== =========== ==========
Weighted average common shares:
Basic 166,467 165,399 167,059 168,662
Diluted n/a n/a n/a n/a
Common shares outstanding,
end of period 170,162 166,549 167,806 168,898
----------------------------------------------------------------------
Gross margin 15.6% 15.7% 15.9% 15.4%
1Q01 2Q01 3Q01 4Q01
----------- ----------- ----------- ----------
Travel revenues $267,020 $362,492 $299,793 $232,918
Other revenues 2,684 2,264 2,196 2,386
----------- ----------- ----------------------
Total revenues 269,704 364,756 301,989 235,304
Cost of travel revenues 225,496 303,979 250,952 195,608
Cost of other revenues 1,093 671 605 443
----------- ----------- ----------- ----------
Total costs of
revenues 226,589 304,650 251,557 196,051
----------- ----------- ----------- ----------
Gross profit $43,115 $60,106 $50,432 $39,253
----------- ----------- ----------- ----------
Operating expenses:
Advertising 16,189 13,701 9,600 7,385
Sales and marketing 14,434 19,117 20,410 14,530
General and administrative 9,404 7,477 6,069 5,709
Systems and business
development 11,112 9,892 10,160 10,129
----------- ----------- ----------- ----------
Total operating expenses $51,139 $50,187 $46,239 $37,753
Operating income (loss) ($8,024) $9,919 $4,193 $1,500
Gain/(loss) on property and
equipment - - - (17)
Income from priceline Mortgage - - 34 517
Interest income 1,776 1,816 2,062 1,342
----------- ----------- ----------- ----------
Pro forma net income (loss) ($6,248) $11,735 $6,289 $3,342
=========== =========== =========== ==========
Pro forma EBITDA ($3,986) $13,895 $8,352 $6,161
=========== =========== =========== ==========
Pro forma net income (loss)
per basic share ($0.03) $0.06 $0.03 $0.01
=========== =========== =========== ==========
Pro forma net income (loss)
per diluted share ($0.03) $0.05 $0.03 $0.01
=========== =========== =========== ==========
Recurring supplier warrant
costs 0 0 0 0
One-time supplier warrant
costs 0 0 0 0
Severance charge 0 (5,412) 0 0
Special charge 0 0 0 1,218
Restructuring charge (1,400) 0 0 1,536
Stock based compensation (5,157) (3,140) (1,015) (7,196)
Option payroll taxes (23) (367) (297) (223)
Preferred stock dividend 0 0 (8,563) 0
WebHouse club warrants 0 0 0 0
Gain/(loss) on sale of
stock (946) 0 0 0
----------- ----------- ----------- ----------
Net income (loss) ($13,774) $2,816 ($3,586) ($1,323)
=========== =========== =========== ==========
Net income (loss)
applicable to common
stockholders per basic
common share ($0.07) $0.01 ($0.02) ($0.01)
=========== =========== =========== ==========
Net income (loss) applicable
to common stockholders per
diluted common share ($0.07) $0.01 ($0.02) ($0.01)
=========== =========== =========== ==========
Weighted average common shares:
Basic 188,589 196,581 216,132 223,042
Diluted n/a 220,021 236,167 235,242
Common shares outstanding,
end of period 200,843 209,496 223,582 224,038
----------------------------------------------------------------------
Gross margin 16.0% 16.5% 16.7% 16.7%
4Q01 vs. 12 mos. 12 mos. 12 mos. 2001 vs.
4Q00 2001 2000 12 mos. 2000
---------- ---------- --------- --------------
Travel revenues 4% $1,162,223 $1,217,160 -5%
Other revenues -54% 9,530 18,236 -48%
----------- ----------
Total revenues 3% 1,171,753 1,235,396 -5%
Cost of travel revenues 2% 976,035 1,038,783 -6%
Cost of other revenues -61% 2,812 2,921 -4%
----------- ----------
Total costs of
revenues 2% 978,847 1,041,703 -6%
----------- ----------
Gross profit 12% $192,906 $193,693 0%
----------- ----------
Operating expenses:
Advertising -61% 46,875 67,205 -30%
Sales and marketing -7% 68,491 80,928 -15%
General and
administrative -54% 28,659 52,194 -45%
Systems and business
development -33% 41,293 39,192 5%
---------- -----------
Total operating expenses -39% $185,318 $239,519 -23%
Operating income (loss) -106% $7,588 ($45,826) -117%
Gain/(loss) on property and
equipment - (17) - -
Income from priceline
Mortgage - 551 - -
Interest income -32% 6,996 9,687 -28%
---------- -----------
Pro forma net income(loss) -113% $15,118 ($36,139) -142%
========== ===========
Pro forma EBITDA -128% $24,422 ($30,002) -181%
========== ===========
Pro forma net income (loss)
per basic share -110% $0.07 ($0.22) -134%
========== ===========
Pro forma net income (loss)
per diluted share -110% $0.07 ($0.22) -132%
========== ===========
Recurring supplier
warrant costs -100% 0 (1,523) -100%
One-time supplier
warrant costs -100% 0 (8,595) -100%
Severance charge - (5,412) 0 -
Special charge -103% 1,218 (34,824) -103%
Restructuring charge -105% 136 (32,006) -100%
Stock based compensation 321% (16,508) (1,711) 865%
Option payroll taxes 792% (909) (8,788) -90%
Preferred stock dividend - (8,563) (14,382) -40%
WebHouse club warrants - 0 (189,000) -100%
Gain/(loss) on sale of
stock -100% (946) (2,558) -63%
---------- -----------
Net income (loss) -99% ($15,866) ($329,527) -95%
========== ===========
Net income (loss) applicable
to common stockholders per
basic common share -99% ($0.08) ($1.97) -96%
========== ===========
Net income (loss) applicable to
common stockholders per diluted
common share -99% ($0.08) ($1.97) -96%
========== ===========
Weighted average common shares:
Basic 32% 205,000 166,952 23%
Diluted n/a 217,667 n/a n/a
Common shares outstanding,
end of period 33% 224,038 168,898 33%
----------------------------------------------------------------------
Gross margin 16.5% 15.7%
priceline.com Inc.
Condensed Consolidated Balance Sheets
In thousands
(Unaudited)
ASSETS 3/31/00 6/30/00 9/30/00 12/31/00
---------- ---------- ---------- ----------
CURRENT ASSETS:
Cash and cash equivalents $118,528 $86,875 $92,751 $77,024
Restricted cash 14,951 18,911 16,728 18,042
Short-term investments 23,625 43,273 26,122 10,952
Accounts receivable, net
of allowance for doubtful
accounts 52,751 38,993 24,199 13,889
Related party receivable 108 3,771 5,532 -
Note receivable - - - -
Prepaid expenses and other
current assets 8,158 16,830 15,777 11,316
---------- ---------- ---------- ----------
Total current assets 218,121 208,653 181,109 131,223
PROPERTY AND EQUIPMENT, net 37,130 41,592 46,257 37,083
RELATED PARTY RECEIVABLE 13,404 15,789 15,089 3,503
GOODWILL - - - -
WARRANTS TO PURCHASE COMMON
STOCK OF LICENSEES 189,000 192,250 3,250 3,250
OTHER ASSETS 25,062 34,554 39,868 20,019
---------- ---------- ---------- ----------
TOTAL ASSETS $ 482,717 $ 492,838 $ 285,573 $ 195,078
========== ========== ========== ==========
LIABILITIES AND STOCKHOLDERS` EQUITY
CURRENT LIABILITIES:
Accounts payable $59,411 $73,292 $59,447 $40,691
Preferred stock dividends
payable - 7,191 14,382 -
Accrued expenses 13,766 15,998 17,324 33,172
Other current liabilities 4,280 4,454 3,739 5,434
-------- ---------- ---------- ----------
Total current liabilities 77,457 100,935 94,892 79,297
Accrued expenses - - - 5,108
-------- ---------- ---------- ----------
Total liabilities 77,457 100,935 94,892 84,405
------------------- ---------- -----------
MANDATORILY REDEEMABLE
CONVERTIBLE PREFERRED
STOCK - 359,580 359,580 359,580
MANDATORILY REDEEMABLE
PREFERRED STOCK - - - -
-------- ---------- ---------- ----------
STOCKHOLDERS` EQUITY/(DEFICIENCY):
Common stock 1,361 1,380 1,390 1,454
Treasury stock - (359,580) (359,580) (326,633)
Additional paid-in
capital 1,591,880 1,593,961 1,595,228 1,618,956
Deferred compensation - - - (13,053)
Accumulated other
comprehensive income
(loss) 5,969 2,224 (1,162) (1,156)
Accumulated deficit (1,193,950)(1,205,662)(1,404,775)(1,528,475)
---------- ---------- ---------- ----------
Total stockholders` equity/
(deficiency) 405,260 32,323 (168,899) (248,907)
---------- ---------- ---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDERS` EQUITY $ 482,717 $ 492,838 $ 285,573 $ 195,078
========== ========== ========== ==========
ASSETS 3/31/01 6/30/01 9/30/01 12/31/01
------------ ----------- ----------- -----------
CURRENT ASSETS:
Cash and cash
equivalents $98,698 $124,284 $99,013 $99,943
Restricted cash 21,793 15,139 8,685 15,396
Short-term investments 26,394 30,433 45,498 49,269
Accounts receivable, net
of allowance for doubtful
accounts 20,706 25,839 15,021 15,665
Related party receivable - - - -
Note receivable - 8,500 10,000 -
Prepaid expenses and other
current assets 10,908 6,784 7,759 5,038
---------- ----------- ----------- -----------
Total current assets 178,499 210,979 185,976 185,311
PROPERTY AND EQUIPMENT, net 35,861 34,870 33,137 32,266
RELATED PARTY RECEIVABLE 3,183 41 11 11
GOODWILL - - - 23,646
WARRANTS TO PURCHASE COMMON
STOCK OF LICENSEES 3,250 3,250 3,250 -
OTHER ASSETS 19,769 19,521 19,311 20,956
----------- ----------- ----------- ----------
TOTAL ASSETS $ 240,562 $ 268,661 $ 241,685 $ 262,190
=========== =========== =========== ==========
LIABILITIES AND STOCKHOLDERS`
EQUITY
CURRENT LIABILITIES:
Accounts payable $51,377 $69,531 $34,931 $45,941
Preferred stock dividends
payable - - - -
Accrued expenses 26,630 32,210 30,482 36,240
Other current
liabilities 4,978 5,161 4,943 5,115
--------- ----------- ----------- -----------
Total current
liabilities 82,985 106,902 70,356 87,296
Accrued expenses 4,747 3,789 3,369 2,838
--------- ----------- ----------- -----------
Total liabilities 87,732 110,691 73,725 90,134
--------- ----------- ----------- -----------
MANDATORILY REDEEMABLE
CONVERTIBLE PREFERRED
STOCK - - - -
MANDATORILY REDEEMABLE
PREFERRED STOCK 80,000 55,032 25,345 25,345
--------- ----------- ----------- -----------
STOCKHOLDERS` EQUITY/(DEFICIENCY):
Common stock 1,650 1,720 1,832 1,836
Treasury stock (326,633) (326,633) (326,633) (326,633)
Additional paid-in
capital 1,948,533 1,971,588 2,013,974 2,015,849
Deferred compensation (8,471) (4,304) (3,539) -
Accumulated other
comprehensive income
(loss) - - - -
Accumulated deficit (1,542,249) (1,539,433) (1,543,019) (1,544,341)
---------- ----------- ----------- -----------
Total stockholders` equity/
(deficiency) 72,830 102,938 142,615 146,711
---------- ----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS` EQUITY $ 240,562 $ 268,661 $ 241,685 $ 262,190
=========== =========== =========== ===========
Certain reclassifications have been made to conform to current
year presentation.
priceline.com Inc.
Offer and Customer Activity
Unique Offers:
-------------- 1Q00 2Q00 3Q00 4Q00
-----------------------------------------------
New Customer Offers 1,504,685 1,509,416 1,344,025 883,862
Repeat Customer Offers 833,388 964,350 1,417,840 1,057,738
Total Unique Offers 2,338,073 2,473,766 2,761,865 1,941,600
Repeat customer offers/ 35.6% 39.0% 51.3% 54.5%
total unique offers
Customers
New Customers 1,504,685 1,509,416 1,344,025 883,862
Cumulative Customers 5,257,357 6,766,773 8,110,798 8,994,660
Unique Offers: 1Q01 2Q01 3Q01 4Q01 4Q01
vs.
4Q00
----------------------------------------------------------------------
New Customer Offers 891,490 1,025,041 927,338 854,082 -3%
Repeat Customer Offers 1,217,217 1,620,157 1,559,727 1,491,942 41%
Total Unique Offers 2,108,707 2,645,198 2,487,065 2,346,024 21%
Repeat customer offers/ 57.7% 61.2% 62.7% 63.6%
total unique offers
Customers
New Customers 891,490 1,025,041 927,338 854,082 -3%
Cumulative Customers 9,886,150 10,911,191 11,838,529 12,692,611 41%
priceline.com Inc.
Air
1Q00 2Q00 3Q00 4Q00
------------------------------------------------------
Tickets Sold 1,250,416 1,288,592 1,290,096 809,327
Net Unique Offers 1,820,918 1,753,273 1,756,236 1,242,967
Offers Booked 801,204 869,408 886,135 590,088
Bind Rate 44.0% 49.6% 50.5% 47.5%
4Q01
vs
1Q01 2Q01 3Q01 4Q01 4Q00
-----------------------------------------------------
Tickets Sold 1,075,555 1,435,936 1,183,981 840,191 4%
Net Unique Offers 1,392,747 1,683,661 1,445,575 1,441,620 16%
Offers Booked 709,576 963,167 779,319 584,505 -1%
Bind Rate 50.9% 57.2% 53.9% 40.5%
bind rate = offers booked/net unique offers
Air product was launched on April 6, 1998
priceline.com Inc.
Hotels
1Q00 2Q00 3Q00 4Q00
---------------------------------------
Room Nights Sold 409,514 432,463 526,450 367,372
Net Unique Offers 383,708 431,249 511,396 319,501
Offers Booked 180,343 195,517 244,655 176,712
Bind Rate 47.0% 45.3% 47.8% 55.3%
4Q01
vs.
1Q01 2Q01 3Q01 4Q01 4Q00
---------------------------------------------
Room Nights Sold 432,884 680,604 879,922 789,638 115%
Net Unique Offers 351,952 516,816 647,446 554,523 74%
Offers Booked 188,278 311,121 394,807 384,463 118%
Bind Rate 53.5% 60.2% 61.0% 69.3%
bind rate = offers booked/net unique offers
Hotel product was launched on October 28, 1998
priceline.com Inc.
Rental Cars
1Q00 2Q00 3Q00 4Q00
------- ------- -------- --------
Days Sold 229,998 429,622 579,866 522,242
Net Unique Offers 90,639 175,878 217,760 207,436
Offers Booked 37,706 70,351 107,058 93,757
Bind Rate 41.6% 40.0% 49.2% 45.2%
4Q01
vs.
1Q01 2Q01 3Q01 4Q01 4Q00
-------- -------- ------- ------- --------
Days Sold 607,336 922,545 895,601 720,213 38%
Net Unique Offers 229,581 325,235 313,389 261,069 26%
Offers Booked 105,970 162,053 160,603 135,781 45%
Bind Rate 46.2% 49.8% 51.2% 52.0%
bind rate = offers booked/net unique offers
Rental Car product was launched on February 3, 2000
priceline.com Incorporated
SUPPLEMENTAL PRO FORMA FINANCIAL INFORMATION
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts, unaudited)
Three Months Ended December 31, 2001
-------------------------------------------------
Pro Forma
Reported Adjustments Pro Forma
------------- ------------ -------------
Travel revenues $ 232,918 $ 232,918
Other revenues 2,386 2,386
-------------- ----------- -------------
Total revenues 235,304 235,304
Cost of travel revenues 195,608 195,608
Cost of other revenues 443 443
-------------- ----------- -------------
Total costs of revenues 196,051 196,051
-------------- ----------- -------------
Gross profit 39,253 39,253
-------------- ----------- -------------
Operating expenses:
Sales and marketing 21,915 21,915
General and administrative 5,709 5,709
Payroll tax on employee
stock options 223 (223)(a) -
Stock based compensation 7,196 (7,196)(b) -
Systems and business
development 10,129 10,129
Special charge (1,218) 1,218 (c) -
Restructuring charge (1,536) 1,536 (d) -
-------------- ----------- -------------
Total operating expenses 42,418 (4,665) 37,753
-------------- ----------- -------------
Operating income (3,165) 4,665 1,500
Other income:
Loss on property and equipment (17) (17)
Income from priceline Mortgage 517 517
Interest income 1,342 1,342
-------------- ----------- -------------
Total other income 1,842 - 1,842
-------------- ----------- -------------
Net (loss) income (1,323) 4,665 3,342
-------------- ----------- -------------
Net (loss) income applicable
to common stockholders $ (1,323) $ 4,665 $ 3,342
============== =========== =============
Net (loss) income applicable
to common stockholders per
basic common share $(0.01) - $ 0.01
============== =========== =============
Weighted average number of
basic common shares
outstanding 223,042 223,042
============== ============
Net (loss) income applicable
to common stockholders per
diluted common share $ (0.01) - $ 0.01
============== =========== ============
Weighted average number of
diluted common shares
outstanding 235,242 235,242
============== ============
(a) Employer payroll taxes on employee exercises of non-qualified
stock options.
(b) Non-cash amortization of stock based compensation expense.
(c) Special charges (credits).
(d) Restructuring charges (credits).
priceline.com Incorporated
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
December 31, December 31,
ASSETS 2001 2000
----------------- -----------------
Current assets:
Cash and cash equivalents $ 99,943 $ 77,024
Restricted cash 15,396 18,042
Short-term investments 49,269 10,952
Accounts receivable, net
of allowance for doubtful
accounts of $4,170 and
$2,372 at December 31, 2001
and 2000, respectively 15,665 13,889
Prepaid expenses and other
current assets 5,038 11,316
----------------- -----------------
Total current assets 185,311 131,223
Property and equipment, net 32,266 37,083
Related party receivable 11 3,503
Goodwill 23,646
Warrants to purchase common
stock of licensees - 3,250
Other assets 20,956 20,019
----------------- -----------------
Total assets $ 262,190 $ 195,078
================= =================
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $ 45,941 $ 40,691
Accrued expenses 36,240 33,172
Other current liabilities 5,115 5,434
----------------- -----------------
Total current liabilities 87,296 79,297
Accrued expenses 2,838 5,108
----------------- -----------------
Total liabilities 90,134 84,405
----------------- -----------------
MANDATORILY REDEEMABLE CONVERTIBLE
PREFERRED STOCK - 359,580
- 359,580
MANDATORILY REDEEMABLE PREFERRED STOCK 25,345 -
Stockholders` equity/(deficiency)
Common stock 1,836 1,454
Treasury stock (326,633) (326,633)
Additional paid-in capital 2,015,849 1,618,956
Deferred compensation - (13,053)
Accumulated other comprehensive
loss - (1,156)
Accumulated deficit (1,544,341) (1,528,475)
---------------- -----------------
Total stockholders` equity/
(deficiency) 146,711 (248,907)
----------------- -----------------
Total liabilities and
stockholders` equity $ 262,190 $ 195,078
================= =================
priceline.com Incorporated
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts, unaudited)
Three Months Ended
December 31, December 31,
2001 2000
---------------------------------
Travel revenues $ 232,918 $ 223,032
Other revenues 2,386 5,137
---------------------------------
Total revenues 235,304 228,169
Cost of travel revenues 195,608 191,973
Cost of other revenues 443 1,141
Supplier warrant costs - 381
---------------------------------
Total costs of revenues 196,051 193,495
---------------------------------
Gross profit 39,253 34,674
---------------------------------
Operating expenses:
Sales and marketing 21,915 34,498
General and administrative 5,709 12,334
Payroll tax on employee
stock options 223 25
Stock based compensation 7,196 1,711
Systems and business development 10,129 15,209
Special charge (1,218) 34,824
Restructuring charge (1,536) 32,006
Severance charge - -
Warrant costs, net - 8,595
Write-off of WebHouse warrant - -
---------------------------------
Total operating expenses 42,418 139,202
---------------------------------
Operating loss (3,165) (104,528)
Other income/(expense):
Loss on sale of equity investments - (2,590)
Loss on property and equipment (17) -
Income from priceline Mortgage 517 -
Interest income 1,342 1,983
---------------------------------
Total other income/(expense) 1,842 (607)
---------------------------------
Net loss (1,323) (105,135)
Preferred stock dividend - -
---------------------------------
Net loss applicable to common
stockholders $ (1,323) $ (105,135)
=================================
Net loss applicable to common
stockholders per basic and
diluted common share $ (0.01) $ (0.62)
=================================
Weighted average number of basic
and diluted common shares
outstanding 223,042 168,662
=================================
Twelve Months Ended
December 31, December 31,
2001 2000
---------------------------------
Travel revenues $ 1,162,223 $ 1,217,160
Other revenues 9,530 18,236
---------------------------------
Total revenues 1,171,753 1,235,396
Cost of travel revenues 976,035 1,038,783
Cost of other revenues 2,812 2,921
Supplier warrant costs - 1,523
---------------------------------
Total costs of revenues 978,847 1,043,227
---------------------------------
Gross profit 192,906 192,169
---------------------------------
Operating expenses:
Sales and marketing 115,366 148,133
General and administrative 28,659 52,194
Payroll tax on employee
stock options 909 8,788
Stock based compensation 16,508 1,711
Systems and business development 41,293 39,192
Special charge (1,218) 34,824
Restructuring charge 35 32,006
Severance charge 5,241 -
Warrant costs, net - 8,595
Write-off of WebHouse warrant - 189,000
---------------------------------
Total operating expenses 206,793 514,443
---------------------------------
Operating loss (13,887) (322,274)
Other income/(expense):
Loss on sale of equity investments (946) (2,558)
Loss on property and equipment (17) -
Income from priceline Mortgage 551 -
Interest income 6,996 9,687
---------------------------------
Total other income/(expense) 6,584 7,129
---------------------------------
Net loss (7,303) (315,145)
Preferred stock dividend (8,563) (14,382)
---------------------------------
Net loss applicable to common
stockholders $ (15,866) $ (329,527)
=================================
Net loss applicable to common
stockholders per basic and
diluted common share $ (0.08) $ (1.97)
=================================
Weighted average number of basic
and diluted common shares
outstanding 205,000 166,952
=================================
CONTACT: priceline.com
Press Information:
Brian Ek, 203/299-8167
brian.ek@priceline.com
NORWALK, Conn.--(BUSINESS WIRE)--Feb. 4, 2002--
-- Priceline.com customer base grows to nearly 12.7 million with record 63.6% repeat offer rate
-- 4th quarter hotel room unit sales up 115 percent year over year, while rental car sales rise 38 percent
Priceline.com(R) (NASDAQ: PCLN) today reported that it achieved a pro forma profit for the 4th quarter and full-year 2001.
In the 4th quarter 2001, priceline.com had pro forma net income of $3.3 million, or $0.01 per diluted share, compared to a 4th quarter 2000 pro forma net loss of $25.0 million, or $0.15 per share. Pro forma EBITDA for the 4th quarter 2001 was $6.2 million. Pro forma EBITDA and net income (loss) are stated before restructuring and special charges, supplier warrant charges, option payroll taxes, loss on sale of stock and amortization of stock-based compensation charges, totaling $4.7 million in the 4th quarter 2001 and $80.1 million in the 4th quarter 2000.
Revenue in the 4th quarter 2001 was $235.3 million, which was at the high end of guidance given to financial analysts on November 1st and compares to 4th quarter 2000 revenue of $228.2 million. Gross profit for the 4th quarter 2001 was $39.3 million, compared to a gross profit of $35.1 million in the 4th quarter 2000. Gross margin for the 4th quarter 2001 was 16.7 percent compared to 15.4 percent in last year`s fourth quarter. On a GAAP basis, priceline.com reported a 4th quarter 2001 net loss applicable to common stockholders of $1.3 million, or $0.01 per share, compared to a 4th quarter 2000 GAAP net loss applicable to common stockholders of $105.1 million, or $0.62 per share.
Priceline.com ended 2001 with $164.6 million in cash and short-term investments, compared to a balance of $153.2 million at the end of the third quarter of 2001 and $106.0 million at the end of 2000.
"Priceline performed well in the fourth quarter, achieving year over year growth in revenue and pro forma earnings, despite continuing weakness in airline retail pricing and, consequently, in our airline ticket bind rate," said Jeffery H. Boyd, priceline.com`s President and Chief Operating Officer. "We continue to diversify our revenue streams to non-air businesses, with hotel and rental car bookings constituting 47 percent of booked offers in the 4th quarter 2001, up from 31 percent in the 4th quarter 2000, and we are poised to benefit from the launch of our new vacation product and marketing alliances as well as from the eventual recovery of retail airline pricing."
For the full year 2001, priceline.com had revenue of $1.17 billion, compared to full-year 2000 revenue of $1.24 billion. Gross profit for 2001 was $192.9 million, compared to a pro forma gross profit of $193.7 million for 2000. Pro forma EBITDA for 2001 was $24.4 million. Gross margin for 2001 was 16.5 percent, compared to a 2000 pro forma gross margin of 15.7 percent.
Priceline.com had pro forma net income in 2001 of $15.1 million, or $0.07 per diluted share, compared to a pro forma net loss of $36.1 million, or $0.22 per share in 2000. Pro forma EBITDA and net income (loss) are stated before restructuring and special charges, supplier warrant charges, option payroll taxes, loss on sale of stock and amortization of stock-based compensation charges, totaling $31.0 million in 2001 and $293.4 million in 2000.
Priceline.com said it sold a combined 2.3 million units of travel products during the 4th quarter 2001. The Company sold 789,638 hotel room nights (a 115 percent increase over 4th quarter 2000), 720,213 rental car days (a 38 percent increase over 4th quarter 2000) and 840,191 airline tickets (a 4 percent increase over 4th quarter 2000).
Priceline.com also said that it added 854,082 new customers, raising its year-end 2001 total customer base to nearly 12.7 million. Priceline.com`s customer base at the end of 2000 was 9 million. Repeat business for the 4th quarter 2001 (defined as the number of unique purchase offers coming from repeat customers divided by the number of total unique purchase offers) was a Company-record 63.6 percent, compared to 54.5 percent for the 4th quarter 2000.
"Looking forward, priceline.com is targeting first quarter 2002 revenue of between $260 million and $290 million, consistent with our expectation that industry conditions, and specifically low retail airline pricing, will continue to put pressure on our bind rate." said Richard Braddock, Chairman and Chief Executive Officer of priceline.com. "We are managing the first quarter to a goal of between zero to two cents pro forma earnings per share, including the effects of a significant increase in online and offline marketing spending and one cent of loss generated by consolidating our European operations."
Mr. Braddock continued, "Priceline.com`s solid brand position and continued strong customer franchise, as evidenced by strong new and repeat customer metrics, and the continued strength of our hotel and rental car businesses, are delivering solid results for priceline.com even as the airline industry faces difficult challenges. With these strengths and the opportunities afforded by our alliance with eBay, the launch of vacation packages and an eventual recovery of airline retail pricing, we are excited about priceline.com`s prospects for 2002 and we are comfortable with median First Call estimates for full-year 2002 pro forma earnings per share of $0.12."
Significant recent developments for priceline.com included:
-- Strategic partnerships. During the 4th quarter, priceline.com
entered into its first-ever portal advertising agreement with
America Online. Under the agreement, priceline.com`s family of
travel products are now promoted and available for sale on
AOL`s Travel Channel, as well as travel and related areas of
CompuServe, Netscape and MapQuest, allowing tens of millions
of users of AOL brands to make offers on airline ticket, hotel
rooms, rental cars and, soon, packaged vacations.
-- Last week, priceline.com entered into an exclusive agreement
with eBay. Under that agreement, pricline.com`s extensive air,
hotel and rental car products will be the cornerstone of the
eBay travel business. Priceline.com is uniquely positioned to
provide a distinctive and compelling travel offering for
eBay`s 42 million registered users, and to jointly build with
eBay a major business in travel. The service is expected to
launch sometime in the next 90 days.
-- Selective expansion of profitable non-travel businesses.
During the 3rd quarter, priceline.com exercised its option to
take a 49 percent equity stake in PricelineMortgage, the
online loan business it created with Alliance Capital
Partners. PricelineMortgage has been operating profitably
since February 2001 and offers a superior online loan product
with guaranteed closing costs and float-down protection which
gives borrowers the lower rate if rates continue to drop
before closing. In the 4th quarter 2001, priceline.com`s share
of income from PricelineMortgage was $517,000.
-- Priceline Long Distance expanded its services through the
addition of the nation`s only Name Your Own Price(SM) phone
card, which enables consumers to purchase calling minutes at
discounts of up to 40 percent over typical long distance
calling plans.
-- Priceline.com international initiatives. Just prior to the end
of the 4th quarter, priceline.com acquired Priceline Europe
and combined certain U.S. and UK operations and is now
expanding Priceline Europe`s travel inventory and online
distribution.
-- In Hong Kong, Hutchison-Priceline Ltd. said that it had
successfully completed development of its Internet transaction
and product delivery infrastructure and will conduct a limited
technology test of that infrastructure later this month in
preparation of a late 1st-quarter consumer product launch in
selected Asian countries.
-- Hutchison Whampoa and Cheung Kong (Holdings) Limited increased
their commitment to priceline.com during the 4th quarter by
purchasing over 5 million additional priceline.com shares,
raising their equity stake in the Company to approximately 31
percent.
About Priceline.com
Priceline.com is the Name Your Own Price(SM) Internet service that offers products for sale in four categories: a travel service that offers leisure airline tickets, hotel rooms and rental cars; a personal finance service that offers home mortgages, refinancing and home equity loans through an independent licensee; an automotive service that offers new cars; and a telecommunications service that offers long distance calling services. Priceline.com licenses its business model to independent licensees, including pricelinemortgage and certain international licensees. In these arrangements, priceline.com generally receives royalties for licensing its intellectual property. Priceline.com also holds securities carrying the right to purchase a significant equity stake in the licensees under certain conditions. Unless those rights are exercised, the results of licensee operations will not be included in priceline.com`s financial statements.
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," "expects," "does not currently expect," "plans," "anticipates," "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 products as the result of, among other things, terrorist attacks or hostilities; adverse changes in the Company`s relationships with airlines and other product and service providers; the effects of increased competition; systems-related failures and/or security breaches; the Company`s ability to protect its intellectual property rights; losses by the Company and its licensees; any adverse impact from negative publicity and negative customer reaction to such publicity; 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.
priceline.com Inc.
Pro Forma Condensed Statements of Operations
In thousands, except per share amounts
(Unaudited)
Income Statement Analysis
------------------------- 1Q00 2Q00 3Q00 4Q00
------------ ----------- ----------- ---------
Travel revenues $311,607 $346,822 $335,699 $223,032
Other revenues 2,191 5,273 5,635 5,137
----------------------- ----------------------
Total revenues 313,798 352,095 341,334 228,169
Cost of travel revenues 264,670 296,386 285,753 191,973
Cost of other revenues 101 533 1,146 1,141
------------ ---------- ----------- ----------
Total costs of
revenues 264,771 296,919 286,899 193,114
------------ ---------- ----------- ----------
Gross profit $49,027 $55,176 $54,435 $35,055
------------ ---------- ----------- ----------
Operating expenses:
Advertising 20,339 13,826 14,175 18,865
Sales and marketing 20,110 23,791 21,394 15,633
General and
administrative 12,704 15,222 11,934 12,334
Systems and business
development 5,868 6,695 11,420 15,209
------------ ---------- ----------- ----------
Total operating expenses $59,021 $59,534 $58,923 $62,041
Operating income (loss) ($9,994) ($4,358) ($4,488) ($26,986)
Gain/(loss) on property and
equipment - - - -
Income from priceline Mortgage - - - -
Interest income 2,715 2,725 2,264 1,983
------------ ---------- ----------- ----------
Pro forma net income (loss) ($7,279) ($1,633) ($2,224) ($25,003)
============ ========== =========== ==========
Pro forma EBITDA ($7,325) ($791) ($29) ($21,857)
============ ========== =========== ==========
Pro forma net income (loss)
per basic share ($0.04) ($0.01) ($0.01) ($0.15)
============ ========== =========== ==========
Pro forma net income (loss)
per diluted share ($0.04) ($0.01) ($0.01) ($0.15)
============ ========== =========== ==========
Recurring supplier
warrant costs (381) (381) (381) (381)
One-time supplier
warrant costs 0 0 0 (8,595)
Severance charge 0 0 0 0
Special charge 0 0 0 (34,824)
Restructuring charge 0 0 0 (32,006)
Stock based compensation 0 0 0 (1,711)
Option payroll taxes (5,907) (2,507) (349) (25)
Preferred stock dividend 0 (7,191) (7,191) 0
WebHouse club warrants 0 0 (189,000) 0
Gain/(loss) on sale of
stock 0 0 32 (2,590)
------------ ----------- ---------- ----------
Net income (loss) ($13,567) ($11,712) ($199,113) ($105,135)
============ ========== =========== ==========
Net income (loss) applicable
to common stockholders per
basic common share ($0.08) ($0.07) ($1.19) ($0.62)
============ ========== =========== ==========
Net income (loss) applicable to
common stockholders per diluted
common share ($0.08) ($0.07) ($1.19) ($0.62)
============ ========== =========== ==========
Weighted average common shares:
Basic 166,467 165,399 167,059 168,662
Diluted n/a n/a n/a n/a
Common shares outstanding,
end of period 170,162 166,549 167,806 168,898
----------------------------------------------------------------------
Gross margin 15.6% 15.7% 15.9% 15.4%
1Q01 2Q01 3Q01 4Q01
----------- ----------- ----------- ----------
Travel revenues $267,020 $362,492 $299,793 $232,918
Other revenues 2,684 2,264 2,196 2,386
----------- ----------- ----------------------
Total revenues 269,704 364,756 301,989 235,304
Cost of travel revenues 225,496 303,979 250,952 195,608
Cost of other revenues 1,093 671 605 443
----------- ----------- ----------- ----------
Total costs of
revenues 226,589 304,650 251,557 196,051
----------- ----------- ----------- ----------
Gross profit $43,115 $60,106 $50,432 $39,253
----------- ----------- ----------- ----------
Operating expenses:
Advertising 16,189 13,701 9,600 7,385
Sales and marketing 14,434 19,117 20,410 14,530
General and administrative 9,404 7,477 6,069 5,709
Systems and business
development 11,112 9,892 10,160 10,129
----------- ----------- ----------- ----------
Total operating expenses $51,139 $50,187 $46,239 $37,753
Operating income (loss) ($8,024) $9,919 $4,193 $1,500
Gain/(loss) on property and
equipment - - - (17)
Income from priceline Mortgage - - 34 517
Interest income 1,776 1,816 2,062 1,342
----------- ----------- ----------- ----------
Pro forma net income (loss) ($6,248) $11,735 $6,289 $3,342
=========== =========== =========== ==========
Pro forma EBITDA ($3,986) $13,895 $8,352 $6,161
=========== =========== =========== ==========
Pro forma net income (loss)
per basic share ($0.03) $0.06 $0.03 $0.01
=========== =========== =========== ==========
Pro forma net income (loss)
per diluted share ($0.03) $0.05 $0.03 $0.01
=========== =========== =========== ==========
Recurring supplier warrant
costs 0 0 0 0
One-time supplier warrant
costs 0 0 0 0
Severance charge 0 (5,412) 0 0
Special charge 0 0 0 1,218
Restructuring charge (1,400) 0 0 1,536
Stock based compensation (5,157) (3,140) (1,015) (7,196)
Option payroll taxes (23) (367) (297) (223)
Preferred stock dividend 0 0 (8,563) 0
WebHouse club warrants 0 0 0 0
Gain/(loss) on sale of
stock (946) 0 0 0
----------- ----------- ----------- ----------
Net income (loss) ($13,774) $2,816 ($3,586) ($1,323)
=========== =========== =========== ==========
Net income (loss)
applicable to common
stockholders per basic
common share ($0.07) $0.01 ($0.02) ($0.01)
=========== =========== =========== ==========
Net income (loss) applicable
to common stockholders per
diluted common share ($0.07) $0.01 ($0.02) ($0.01)
=========== =========== =========== ==========
Weighted average common shares:
Basic 188,589 196,581 216,132 223,042
Diluted n/a 220,021 236,167 235,242
Common shares outstanding,
end of period 200,843 209,496 223,582 224,038
----------------------------------------------------------------------
Gross margin 16.0% 16.5% 16.7% 16.7%
4Q01 vs. 12 mos. 12 mos. 12 mos. 2001 vs.
4Q00 2001 2000 12 mos. 2000
---------- ---------- --------- --------------
Travel revenues 4% $1,162,223 $1,217,160 -5%
Other revenues -54% 9,530 18,236 -48%
----------- ----------
Total revenues 3% 1,171,753 1,235,396 -5%
Cost of travel revenues 2% 976,035 1,038,783 -6%
Cost of other revenues -61% 2,812 2,921 -4%
----------- ----------
Total costs of
revenues 2% 978,847 1,041,703 -6%
----------- ----------
Gross profit 12% $192,906 $193,693 0%
----------- ----------
Operating expenses:
Advertising -61% 46,875 67,205 -30%
Sales and marketing -7% 68,491 80,928 -15%
General and
administrative -54% 28,659 52,194 -45%
Systems and business
development -33% 41,293 39,192 5%
---------- -----------
Total operating expenses -39% $185,318 $239,519 -23%
Operating income (loss) -106% $7,588 ($45,826) -117%
Gain/(loss) on property and
equipment - (17) - -
Income from priceline
Mortgage - 551 - -
Interest income -32% 6,996 9,687 -28%
---------- -----------
Pro forma net income(loss) -113% $15,118 ($36,139) -142%
========== ===========
Pro forma EBITDA -128% $24,422 ($30,002) -181%
========== ===========
Pro forma net income (loss)
per basic share -110% $0.07 ($0.22) -134%
========== ===========
Pro forma net income (loss)
per diluted share -110% $0.07 ($0.22) -132%
========== ===========
Recurring supplier
warrant costs -100% 0 (1,523) -100%
One-time supplier
warrant costs -100% 0 (8,595) -100%
Severance charge - (5,412) 0 -
Special charge -103% 1,218 (34,824) -103%
Restructuring charge -105% 136 (32,006) -100%
Stock based compensation 321% (16,508) (1,711) 865%
Option payroll taxes 792% (909) (8,788) -90%
Preferred stock dividend - (8,563) (14,382) -40%
WebHouse club warrants - 0 (189,000) -100%
Gain/(loss) on sale of
stock -100% (946) (2,558) -63%
---------- -----------
Net income (loss) -99% ($15,866) ($329,527) -95%
========== ===========
Net income (loss) applicable
to common stockholders per
basic common share -99% ($0.08) ($1.97) -96%
========== ===========
Net income (loss) applicable to
common stockholders per diluted
common share -99% ($0.08) ($1.97) -96%
========== ===========
Weighted average common shares:
Basic 32% 205,000 166,952 23%
Diluted n/a 217,667 n/a n/a
Common shares outstanding,
end of period 33% 224,038 168,898 33%
----------------------------------------------------------------------
Gross margin 16.5% 15.7%
priceline.com Inc.
Condensed Consolidated Balance Sheets
In thousands
(Unaudited)
ASSETS 3/31/00 6/30/00 9/30/00 12/31/00
---------- ---------- ---------- ----------
CURRENT ASSETS:
Cash and cash equivalents $118,528 $86,875 $92,751 $77,024
Restricted cash 14,951 18,911 16,728 18,042
Short-term investments 23,625 43,273 26,122 10,952
Accounts receivable, net
of allowance for doubtful
accounts 52,751 38,993 24,199 13,889
Related party receivable 108 3,771 5,532 -
Note receivable - - - -
Prepaid expenses and other
current assets 8,158 16,830 15,777 11,316
---------- ---------- ---------- ----------
Total current assets 218,121 208,653 181,109 131,223
PROPERTY AND EQUIPMENT, net 37,130 41,592 46,257 37,083
RELATED PARTY RECEIVABLE 13,404 15,789 15,089 3,503
GOODWILL - - - -
WARRANTS TO PURCHASE COMMON
STOCK OF LICENSEES 189,000 192,250 3,250 3,250
OTHER ASSETS 25,062 34,554 39,868 20,019
---------- ---------- ---------- ----------
TOTAL ASSETS $ 482,717 $ 492,838 $ 285,573 $ 195,078
========== ========== ========== ==========
LIABILITIES AND STOCKHOLDERS` EQUITY
CURRENT LIABILITIES:
Accounts payable $59,411 $73,292 $59,447 $40,691
Preferred stock dividends
payable - 7,191 14,382 -
Accrued expenses 13,766 15,998 17,324 33,172
Other current liabilities 4,280 4,454 3,739 5,434
-------- ---------- ---------- ----------
Total current liabilities 77,457 100,935 94,892 79,297
Accrued expenses - - - 5,108
-------- ---------- ---------- ----------
Total liabilities 77,457 100,935 94,892 84,405
------------------- ---------- -----------
MANDATORILY REDEEMABLE
CONVERTIBLE PREFERRED
STOCK - 359,580 359,580 359,580
MANDATORILY REDEEMABLE
PREFERRED STOCK - - - -
-------- ---------- ---------- ----------
STOCKHOLDERS` EQUITY/(DEFICIENCY):
Common stock 1,361 1,380 1,390 1,454
Treasury stock - (359,580) (359,580) (326,633)
Additional paid-in
capital 1,591,880 1,593,961 1,595,228 1,618,956
Deferred compensation - - - (13,053)
Accumulated other
comprehensive income
(loss) 5,969 2,224 (1,162) (1,156)
Accumulated deficit (1,193,950)(1,205,662)(1,404,775)(1,528,475)
---------- ---------- ---------- ----------
Total stockholders` equity/
(deficiency) 405,260 32,323 (168,899) (248,907)
---------- ---------- ---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDERS` EQUITY $ 482,717 $ 492,838 $ 285,573 $ 195,078
========== ========== ========== ==========
ASSETS 3/31/01 6/30/01 9/30/01 12/31/01
------------ ----------- ----------- -----------
CURRENT ASSETS:
Cash and cash
equivalents $98,698 $124,284 $99,013 $99,943
Restricted cash 21,793 15,139 8,685 15,396
Short-term investments 26,394 30,433 45,498 49,269
Accounts receivable, net
of allowance for doubtful
accounts 20,706 25,839 15,021 15,665
Related party receivable - - - -
Note receivable - 8,500 10,000 -
Prepaid expenses and other
current assets 10,908 6,784 7,759 5,038
---------- ----------- ----------- -----------
Total current assets 178,499 210,979 185,976 185,311
PROPERTY AND EQUIPMENT, net 35,861 34,870 33,137 32,266
RELATED PARTY RECEIVABLE 3,183 41 11 11
GOODWILL - - - 23,646
WARRANTS TO PURCHASE COMMON
STOCK OF LICENSEES 3,250 3,250 3,250 -
OTHER ASSETS 19,769 19,521 19,311 20,956
----------- ----------- ----------- ----------
TOTAL ASSETS $ 240,562 $ 268,661 $ 241,685 $ 262,190
=========== =========== =========== ==========
LIABILITIES AND STOCKHOLDERS`
EQUITY
CURRENT LIABILITIES:
Accounts payable $51,377 $69,531 $34,931 $45,941
Preferred stock dividends
payable - - - -
Accrued expenses 26,630 32,210 30,482 36,240
Other current
liabilities 4,978 5,161 4,943 5,115
--------- ----------- ----------- -----------
Total current
liabilities 82,985 106,902 70,356 87,296
Accrued expenses 4,747 3,789 3,369 2,838
--------- ----------- ----------- -----------
Total liabilities 87,732 110,691 73,725 90,134
--------- ----------- ----------- -----------
MANDATORILY REDEEMABLE
CONVERTIBLE PREFERRED
STOCK - - - -
MANDATORILY REDEEMABLE
PREFERRED STOCK 80,000 55,032 25,345 25,345
--------- ----------- ----------- -----------
STOCKHOLDERS` EQUITY/(DEFICIENCY):
Common stock 1,650 1,720 1,832 1,836
Treasury stock (326,633) (326,633) (326,633) (326,633)
Additional paid-in
capital 1,948,533 1,971,588 2,013,974 2,015,849
Deferred compensation (8,471) (4,304) (3,539) -
Accumulated other
comprehensive income
(loss) - - - -
Accumulated deficit (1,542,249) (1,539,433) (1,543,019) (1,544,341)
---------- ----------- ----------- -----------
Total stockholders` equity/
(deficiency) 72,830 102,938 142,615 146,711
---------- ----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS` EQUITY $ 240,562 $ 268,661 $ 241,685 $ 262,190
=========== =========== =========== ===========
Certain reclassifications have been made to conform to current
year presentation.
priceline.com Inc.
Offer and Customer Activity
Unique Offers:
-------------- 1Q00 2Q00 3Q00 4Q00
-----------------------------------------------
New Customer Offers 1,504,685 1,509,416 1,344,025 883,862
Repeat Customer Offers 833,388 964,350 1,417,840 1,057,738
Total Unique Offers 2,338,073 2,473,766 2,761,865 1,941,600
Repeat customer offers/ 35.6% 39.0% 51.3% 54.5%
total unique offers
Customers
New Customers 1,504,685 1,509,416 1,344,025 883,862
Cumulative Customers 5,257,357 6,766,773 8,110,798 8,994,660
Unique Offers: 1Q01 2Q01 3Q01 4Q01 4Q01
vs.
4Q00
----------------------------------------------------------------------
New Customer Offers 891,490 1,025,041 927,338 854,082 -3%
Repeat Customer Offers 1,217,217 1,620,157 1,559,727 1,491,942 41%
Total Unique Offers 2,108,707 2,645,198 2,487,065 2,346,024 21%
Repeat customer offers/ 57.7% 61.2% 62.7% 63.6%
total unique offers
Customers
New Customers 891,490 1,025,041 927,338 854,082 -3%
Cumulative Customers 9,886,150 10,911,191 11,838,529 12,692,611 41%
priceline.com Inc.
Air
1Q00 2Q00 3Q00 4Q00
------------------------------------------------------
Tickets Sold 1,250,416 1,288,592 1,290,096 809,327
Net Unique Offers 1,820,918 1,753,273 1,756,236 1,242,967
Offers Booked 801,204 869,408 886,135 590,088
Bind Rate 44.0% 49.6% 50.5% 47.5%
4Q01
vs
1Q01 2Q01 3Q01 4Q01 4Q00
-----------------------------------------------------
Tickets Sold 1,075,555 1,435,936 1,183,981 840,191 4%
Net Unique Offers 1,392,747 1,683,661 1,445,575 1,441,620 16%
Offers Booked 709,576 963,167 779,319 584,505 -1%
Bind Rate 50.9% 57.2% 53.9% 40.5%
bind rate = offers booked/net unique offers
Air product was launched on April 6, 1998
priceline.com Inc.
Hotels
1Q00 2Q00 3Q00 4Q00
---------------------------------------
Room Nights Sold 409,514 432,463 526,450 367,372
Net Unique Offers 383,708 431,249 511,396 319,501
Offers Booked 180,343 195,517 244,655 176,712
Bind Rate 47.0% 45.3% 47.8% 55.3%
4Q01
vs.
1Q01 2Q01 3Q01 4Q01 4Q00
---------------------------------------------
Room Nights Sold 432,884 680,604 879,922 789,638 115%
Net Unique Offers 351,952 516,816 647,446 554,523 74%
Offers Booked 188,278 311,121 394,807 384,463 118%
Bind Rate 53.5% 60.2% 61.0% 69.3%
bind rate = offers booked/net unique offers
Hotel product was launched on October 28, 1998
priceline.com Inc.
Rental Cars
1Q00 2Q00 3Q00 4Q00
------- ------- -------- --------
Days Sold 229,998 429,622 579,866 522,242
Net Unique Offers 90,639 175,878 217,760 207,436
Offers Booked 37,706 70,351 107,058 93,757
Bind Rate 41.6% 40.0% 49.2% 45.2%
4Q01
vs.
1Q01 2Q01 3Q01 4Q01 4Q00
-------- -------- ------- ------- --------
Days Sold 607,336 922,545 895,601 720,213 38%
Net Unique Offers 229,581 325,235 313,389 261,069 26%
Offers Booked 105,970 162,053 160,603 135,781 45%
Bind Rate 46.2% 49.8% 51.2% 52.0%
bind rate = offers booked/net unique offers
Rental Car product was launched on February 3, 2000
priceline.com Incorporated
SUPPLEMENTAL PRO FORMA FINANCIAL INFORMATION
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts, unaudited)
Three Months Ended December 31, 2001
-------------------------------------------------
Pro Forma
Reported Adjustments Pro Forma
------------- ------------ -------------
Travel revenues $ 232,918 $ 232,918
Other revenues 2,386 2,386
-------------- ----------- -------------
Total revenues 235,304 235,304
Cost of travel revenues 195,608 195,608
Cost of other revenues 443 443
-------------- ----------- -------------
Total costs of revenues 196,051 196,051
-------------- ----------- -------------
Gross profit 39,253 39,253
-------------- ----------- -------------
Operating expenses:
Sales and marketing 21,915 21,915
General and administrative 5,709 5,709
Payroll tax on employee
stock options 223 (223)(a) -
Stock based compensation 7,196 (7,196)(b) -
Systems and business
development 10,129 10,129
Special charge (1,218) 1,218 (c) -
Restructuring charge (1,536) 1,536 (d) -
-------------- ----------- -------------
Total operating expenses 42,418 (4,665) 37,753
-------------- ----------- -------------
Operating income (3,165) 4,665 1,500
Other income:
Loss on property and equipment (17) (17)
Income from priceline Mortgage 517 517
Interest income 1,342 1,342
-------------- ----------- -------------
Total other income 1,842 - 1,842
-------------- ----------- -------------
Net (loss) income (1,323) 4,665 3,342
-------------- ----------- -------------
Net (loss) income applicable
to common stockholders $ (1,323) $ 4,665 $ 3,342
============== =========== =============
Net (loss) income applicable
to common stockholders per
basic common share $(0.01) - $ 0.01
============== =========== =============
Weighted average number of
basic common shares
outstanding 223,042 223,042
============== ============
Net (loss) income applicable
to common stockholders per
diluted common share $ (0.01) - $ 0.01
============== =========== ============
Weighted average number of
diluted common shares
outstanding 235,242 235,242
============== ============
(a) Employer payroll taxes on employee exercises of non-qualified
stock options.
(b) Non-cash amortization of stock based compensation expense.
(c) Special charges (credits).
(d) Restructuring charges (credits).
priceline.com Incorporated
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
December 31, December 31,
ASSETS 2001 2000
----------------- -----------------
Current assets:
Cash and cash equivalents $ 99,943 $ 77,024
Restricted cash 15,396 18,042
Short-term investments 49,269 10,952
Accounts receivable, net
of allowance for doubtful
accounts of $4,170 and
$2,372 at December 31, 2001
and 2000, respectively 15,665 13,889
Prepaid expenses and other
current assets 5,038 11,316
----------------- -----------------
Total current assets 185,311 131,223
Property and equipment, net 32,266 37,083
Related party receivable 11 3,503
Goodwill 23,646
Warrants to purchase common
stock of licensees - 3,250
Other assets 20,956 20,019
----------------- -----------------
Total assets $ 262,190 $ 195,078
================= =================
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $ 45,941 $ 40,691
Accrued expenses 36,240 33,172
Other current liabilities 5,115 5,434
----------------- -----------------
Total current liabilities 87,296 79,297
Accrued expenses 2,838 5,108
----------------- -----------------
Total liabilities 90,134 84,405
----------------- -----------------
MANDATORILY REDEEMABLE CONVERTIBLE
PREFERRED STOCK - 359,580
- 359,580
MANDATORILY REDEEMABLE PREFERRED STOCK 25,345 -
Stockholders` equity/(deficiency)
Common stock 1,836 1,454
Treasury stock (326,633) (326,633)
Additional paid-in capital 2,015,849 1,618,956
Deferred compensation - (13,053)
Accumulated other comprehensive
loss - (1,156)
Accumulated deficit (1,544,341) (1,528,475)
---------------- -----------------
Total stockholders` equity/
(deficiency) 146,711 (248,907)
----------------- -----------------
Total liabilities and
stockholders` equity $ 262,190 $ 195,078
================= =================
priceline.com Incorporated
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts, unaudited)
Three Months Ended
December 31, December 31,
2001 2000
---------------------------------
Travel revenues $ 232,918 $ 223,032
Other revenues 2,386 5,137
---------------------------------
Total revenues 235,304 228,169
Cost of travel revenues 195,608 191,973
Cost of other revenues 443 1,141
Supplier warrant costs - 381
---------------------------------
Total costs of revenues 196,051 193,495
---------------------------------
Gross profit 39,253 34,674
---------------------------------
Operating expenses:
Sales and marketing 21,915 34,498
General and administrative 5,709 12,334
Payroll tax on employee
stock options 223 25
Stock based compensation 7,196 1,711
Systems and business development 10,129 15,209
Special charge (1,218) 34,824
Restructuring charge (1,536) 32,006
Severance charge - -
Warrant costs, net - 8,595
Write-off of WebHouse warrant - -
---------------------------------
Total operating expenses 42,418 139,202
---------------------------------
Operating loss (3,165) (104,528)
Other income/(expense):
Loss on sale of equity investments - (2,590)
Loss on property and equipment (17) -
Income from priceline Mortgage 517 -
Interest income 1,342 1,983
---------------------------------
Total other income/(expense) 1,842 (607)
---------------------------------
Net loss (1,323) (105,135)
Preferred stock dividend - -
---------------------------------
Net loss applicable to common
stockholders $ (1,323) $ (105,135)
=================================
Net loss applicable to common
stockholders per basic and
diluted common share $ (0.01) $ (0.62)
=================================
Weighted average number of basic
and diluted common shares
outstanding 223,042 168,662
=================================
Twelve Months Ended
December 31, December 31,
2001 2000
---------------------------------
Travel revenues $ 1,162,223 $ 1,217,160
Other revenues 9,530 18,236
---------------------------------
Total revenues 1,171,753 1,235,396
Cost of travel revenues 976,035 1,038,783
Cost of other revenues 2,812 2,921
Supplier warrant costs - 1,523
---------------------------------
Total costs of revenues 978,847 1,043,227
---------------------------------
Gross profit 192,906 192,169
---------------------------------
Operating expenses:
Sales and marketing 115,366 148,133
General and administrative 28,659 52,194
Payroll tax on employee
stock options 909 8,788
Stock based compensation 16,508 1,711
Systems and business development 41,293 39,192
Special charge (1,218) 34,824
Restructuring charge 35 32,006
Severance charge 5,241 -
Warrant costs, net - 8,595
Write-off of WebHouse warrant - 189,000
---------------------------------
Total operating expenses 206,793 514,443
---------------------------------
Operating loss (13,887) (322,274)
Other income/(expense):
Loss on sale of equity investments (946) (2,558)
Loss on property and equipment (17) -
Income from priceline Mortgage 551 -
Interest income 6,996 9,687
---------------------------------
Total other income/(expense) 6,584 7,129
---------------------------------
Net loss (7,303) (315,145)
Preferred stock dividend (8,563) (14,382)
---------------------------------
Net loss applicable to common
stockholders $ (15,866) $ (329,527)
=================================
Net loss applicable to common
stockholders per basic and
diluted common share $ (0.08) $ (1.97)
=================================
Weighted average number of basic
and diluted common shares
outstanding 205,000 166,952
=================================
CONTACT: priceline.com
Press Information:
Brian Ek, 203/299-8167
brian.ek@priceline.com
aktuell 5,7 $ - scheint niemanden vom Hocker zu reissen
ich liege schon unterm pc.
Gerade auf n-tv Priceline fuhr einen Verlust von 1 cent pro Aktie ein darum der Kursverfall.
Wenn solche Ausblicke noch mit kräftigen Kursverlusten einhergehen haben wir noch eine Baisse! Wer hätte das vor zwei Wochen gedacht?
Beitrag zu dieser Diskussion schreiben
Zu dieser Diskussion können keine Beiträge mehr verfasst werden, da der letzte Beitrag vor mehr als zwei Jahren verfasst wurde und die Diskussion daraufhin archiviert wurde.
Bitte wenden Sie sich an feedback@wallstreet-online.de und erfragen Sie die Reaktivierung der Diskussion oder starten Sie eine neue Diskussion.
Investoren beobachten auch:
Wertpapier | Perf. % |
---|---|
-1,24 | |
-2,47 | |
-1,18 | |
-1,31 | |
-1,21 | |
-8,84 | |
-4,13 | |
-0,89 | |
-3,72 | |
-2,52 |
Meistdiskutiert
Wertpapier | Beiträge | |
---|---|---|
193 | ||
96 | ||
76 | ||
73 | ||
66 | ||
45 | ||
44 | ||
32 | ||
31 | ||
27 |
09:30 Uhr · BNP Paribas · Booking HoldingsAnzeige |
12.03.24 · Aktienwelt360 · Booking Holdings |
02.03.24 · Smartbroker+ · Royal Caribbean Cruises (doing business Royal Caribbean Group) |
26.02.24 · Der Aktionär TV · Amazon |
23.02.24 · dpa-AFX · NVIDIA |
23.02.24 · dpa-AFX · NVIDIA |
23.02.24 · dpa-AFX · NVIDIA |
23.02.24 · Der Aktionär TV · Super Micro Computer |
Zeit | Titel |
---|---|
21.03.24 |