-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G9oLb6/SPiTUayi6urBR0NLQ2DSAkrK50pB3czBef2cJwJ2SNUp1OWF4Uviva9l8 /7J/gNTDuRceR5lDueRUOw== /in/edgar/work/0000950172-00-001827/0000950172-00-001827.txt : 20001107 0000950172-00-001827.hdr.sgml : 20001107 ACCESSION NUMBER: 0000950172-00-001827 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20001102 ITEM INFORMATION: FILED AS OF DATE: 20001106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICELINE COM INC CENTRAL INDEX KEY: 0001075531 STANDARD INDUSTRIAL CLASSIFICATION: [7373 ] IRS NUMBER: 061528493 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-25581 FILM NUMBER: 753486 BUSINESS ADDRESS: STREET 1: 800 CONNECTICUT AVE CITY: NORWALK STATE: CT ZIP: 06854 BUSINESS PHONE: 2037053000 8-K 1 0001.txt 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) November 2, 2000 priceline.com Incorporated ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 0-25581 06-1528493 - ------------------------------------------------------------------------------ (State or other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 800 Connecticut Avenue, Norwalk, Connecticut 06854 -------------------------------------------------------- (Address of principal office) (zip code) Registrant's telephone number, including area code (203) 299-8000 N/A ------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 9. REGULATION FD DISCLOSURE. Third Quarter Earnings On November 2, 2000, priceline.com Incorporated, a Delaware corporation ("priceline.com"), announced its third quarter financial results, including third quarter revenues of $341 million and net loss per share, excluding certain items, of $0.01 per share. The information set forth above is qualified in its entirety by reference to the press release and statistical supplement issued by priceline.com on November 2, 2000, copies of which are attached hereto as Exhibit 99.1 and Exhibit 99.2 and incorporated herein by reference. Exhibits. 99.1 Press Release issued by priceline.com on November 2, 2000. 99.2 Financial Data Supplement (supplement to Press Release). SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PRICELINE.COM INCORPORATED By: /s/ Daniel H. Schulman ------------------------------- Name: Daniel H. Schulman Title: Chief Executive Officer Date: November 3, 2000 EXHIBIT INDEX Exhibit No. Description 99.1 Press Release issued by priceline.com on November 2, 2000. 99.2 Financial Data Supplement (supplement to Press Release). EX-99 2 0002.txt EXHIBIT 99.1 - PRESS RELEASE EXHIBIT 99.1 PRICELINE.COM REPORTS 3RD QUARTER 2000 FINANCIAL RESULTS; ANNOUNCES MEASURES TO STRENGTHEN CORE BUSINESS NORWALK, Conn., November 2, 2000 . . . Priceline.com (Nasdaq: PCLN) today reported results for the 3rd quarter ended September 30, 2000. The Company reported a 3rd quarter pro forma net loss of $0.01 per share, compared to a pro forma net loss of $0.08 per share reported in 3rd quarter 1999. Revenues during the period reached $341 million, representing a 124% increase over revenues of $152 million reported during the comparable period in 1999. Pro forma gross margin for 3rd quarter 2000 was a record high 15.9% compared to pro forma gross margin of 12.2% in 3rd quarter 1999 and 15.7% during the 2nd quarter 2000. Priceline.com's customer base increased to 8 million during the 3rd quarter 2000. In addition, 51% of all purchase offers received by priceline.com in 3rd quarter 2000 came from repeat customers --- a company record. That compares to a 31% repeat offer rate in 3rd quarter 1999 and 39% in 2nd quarter 2000. Repeat offers were 1.4 million in 3rd quarter 2000, a 247% increase over the prior year and a 47% increase over 2nd quarter 2000. Our acquisition cost remained competitive, as our advertising cost per new customer acquired averaged $11.35 in the 3rd quarter 2000. Priceline.com sold approximately 1.29 million leisure airline tickets during 3rd quarter 2000, compared to approximately 624,000 tickets sold in the same period a year ago. The Company's non-air travel services (hotel room nights and rental car days) sold a combined 1.1 million units during 3rd quarter 2000. Revenues from the Company's non-air services grew by $10 million, or an average of 20%, over 2nd quarter 2000 and by 255% over the prior year period (rental cars were first offered in February 2000). Gross margin in the non-air services increased sequentially by more than 8%. Some of the Company's key metrics are summarized below:
Quarter Ended Quarter Ended September 30, 2000 (a) September 30, 1999 (b) %Change (c) ----------------------- ---------------------- ----------- Revenues $ 341 million $ 152 million 124% Pro Forma Gross Profit $ 54 million $ 19 million 193% Pro Forma Operating Loss $ (4) million $ (14) million 69% Pro Forma Net Loss $ (2) million $ (12) million 81% Pro Forma Net Loss Per Share $(0.01) $ (0.08) 84%
- ----------- (a) Pro Forma gross profit, operating loss, net loss and net loss per share exclude $381,000 in non-cash supplier warrant charges; pro forma operating loss, net loss and net loss per share also exclude option payroll taxes ($349,000), write off of the WebHouse Club warrant ($189 million) and preferred stock dividends ($7 million). (b) Pro Forma gross profit, operating loss, net loss and net loss per share exclude $381,000 in non-cash supplier warrant charges; pro forma operating loss, net loss and net loss per share also exclude option payroll taxes ($2 million) and supplier start-up costs ($88 million). (c) Percentage changes are calculated based on numbers that have not been rounded and that are presented in the financial data supplement attached to this press release. The Company had positive operating cash flow for 3rd quarter 2000. In addition, priceline.com had pro forma EBITDA (pro forma operating earnings before interest, taxes, depreciation and amortization) which was slightly positive. "We are pleased to have shown positive operating cash flow for the second quarter in a row, and at September 30, 2000, we had $131 million of cash and short-term investments," stated Daniel H. Schulman, priceline.com's President and Chief Executive Officer. "While we are disappointed in our airline ticket sales revenue for the 3rd quarter, we believe that the business made solid progress on several fronts," said Mr. Schulman. "Our total customer base grew to 8 million. Repeat usage also grew, with slightly more than half of all purchase offers coming from repeat customers." Schulman continued, "Priceline.com's non-airline ticket businesses are also starting to deliver results. Non-air businesses brought in 19% of our 3rd quarter revenue, compared to 12% a year ago. We are also seeing significant cross sell, with approximately half of our hotel and rental car sales made to customers who purchased airline tickets through priceline.com and a significant portion of long distance sales coming from existing priceline.com customers." Business Initiatives The Company is also implementing a number of measures to improve its cost structures in order to achieve long-term profitability and strengthen its business. "While priceline.com has achieved measurable success in building a major internet commerce business in a short time, we recognize the need to improve customer service and streamline our cost structure," said Mr. Schulman. "This will allow us to position ourselves for future profitable growth." "Our number one priority is customer satisfaction and service," stated Mr. Schulman. "A strong customer savings proposition has fueled our growth and we are working on a comprehensive program to ensure that our customers are satisfied in all respects. We are in the process of rolling out a number of educational initiatives to more clearly demonstrate the priceline value proposition to customers. To that end, our product development, customer service and marketing teams are working on enhancements to our web site, product delivery and processes to incorporate both consumer and third-party feedback. These teams are also looking at new ways to ensure that customer questions or issues are promptly and fairly addressed," he continued. The Company announced that it had realigned its operating management, including the promotion of Jeff Boyd to COO. The Company also stated that Heidi Miller, Senior Executive Vice President and CFO, has decided to leave priceline.com. "We appreciate the contribution that Heidi has made," said Mr. Schulman, "and respect her decision to pursue opportunities and apply her talents in a more established business environment. We know she is supportive of the long-term direction the Company is taking and wish her the best in her future endeavors." Priceline.com announced the appointment of Bob Mylod as CFO to replace Ms. Miller. "Bob Mylod previously served as our Senior VP - Finance, and he knows the Company's business and the Internet, and we are confident he will make a significant contribution to priceline.com and rounds out a strong and dedicated management team," said Mr. Schulman. The Company intends to implement a new compensation program designed to retain and motivate key employees. The program will consist primarily of equity based compensation, as well as certain cash and other compensation. The program will result in an increase in non-cash and cash compensation expense in the 4th quarter 2000 and certain ongoing non-cash expenses related to restricted stock awards. More details concerning this program will be included within the Company's 4th quarter results and future SEC filings. Priceline.com also announced staff reductions of 87 members of its total work force of 535 employees. This reduction, the compensation program and other measures will result in restructuring and other charges that are not currently determinable and that will be recognized in the 4th quarter. "While the effect of these charges will adversely impact 4th quarter results, we believe they are necessary and appropriate to position the Company for long-term improvement of its operating results," Mr. Schulman stated. The Company also stated that it believed that the effects of negative news and other factors which adversely affected it in September continued in October, with October ticket sale revenues expected to be approximately 20% below September's results. "While demand for tickets has stabilized over the last few weeks, given seasonal factors, we expect revenues to decrease sequentially in the fourth quarter," stated Mr. Schulman. As part of its long-term relationship with Delta Air Lines, which remains a significant holder of priceline.com equity, priceline.com amended the terms of the warrants held by Delta Air Lines and, as a result, will take a non-cash charge of approximately $9 million in the 4th quarter. In connection with the amendment, priceline.com reduced the number of shares underlying the warrant to 4.675 million shares from 5.5 million shares, and reduced the strike price from $56.63 per share to market. "Although weakness in airline ticket sales has hurt our recent results, our 3rd quarter customer metrics and performance on other fronts make us confident as to the outlook for our business. We believe we are taking the right steps to position priceline.com for future profitable growth in our core businesses," concluded Mr. Schulman. ABOUT PRICELINE.COM Priceline.com is the Name Your Own Pricesm patented Internet pricing system. Priceline.com currently provides services across four broad product 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 offer long distance calling services. ### For press information, contact: Brian Ek at priceline.com 203-299-8167 (brian.ek@priceline.com) Mike Darcy at priceline.com 203-299-8168 (mike.darcy@priceline.com) ------------------------ Information about forward looking statements This press release may contain 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," 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: inability to successfully expand the Company's business model both horizontally and geographically; adverse changes in the Company's relationships with airlines and other product and service providers; systems-related failures; the Company's ability to protect its intellectual property rights; the effects of increased competition; losses by the Company and its licensees; any adverse impact from negative publicity and negative customer reaction relating to recent announcements concerning the Company; 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 and Form 10-K filings with the Securities and Exchange Commission. EX-99 3 0003.txt EXHIBIT 99.2 - FINANCIALS EXHIBIT 99.2 [PRICELINE LOGO] PRICELINE.COM - 2000 THIRD QUARTER FINANCIAL DATA SUPPLEMENT PAGE NUMBER PRICELINE.COM FINANCIALS Pro Forma Condensed Statement of Operations 1 Condensed Balance Sheet 2 OFFER AND CUSTOMER ACTIVITY 3 PRODUCT DETAIL Air 4 Hotels 5 Rental Cars 6 THIS SUPPLEMENT IS UNAUDITED AND INTENDED AS A SUPPLEMENT TO, AND SHOULD BE READ IN CONJUNCTION WITH, THE COMPANY'S AUDITED FINANCIAL STATEMENTS AND THE NOTES THERETO FILED WITH THE SEC ON FORM 10-K AND QUARTERLY FINANCIAL STATEMENTS FILED WITH THE SEC ON FORMS 10-Q. CERTAIN DATA HAVE BEEN RECLASSIFIED IN ORDER TO CONFORM HISTORICAL INFORMATION IN A MANNER CONSISTENT WITH CURRENT PRESENTATION AND HAS NOT BEEN AUDITED IN THIS FORM. CERTAIN PRESENTATIONS WITHIN THIS SUPPLEMENT ARE NOT CONSISTENT WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.
PRICELINE.COM INC. - ----------------------------------------------------------------------------------------------------------------------------------- Pro Forma Condensed Statement of Operations In thousands, except per share amounts (Unaudited) 9 MOS. 2000 Income Statement Analysis 3Q00 VS. 9 mos. 9 mos. VS. - ------------------------- 1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00 3Q99 1999 2000 1999 -------- -------- -------- ------- --------- -------- -------- ------ --------- -------- ----- Revenues $49,411 $111,564 $152,222 $169,213 $313,798 $352,095 $341,334 124% $313,197 $1,007,227 222% Cost of Revenues Product costs 43,659 100,664 133,628 145,104 264,771 296,919 286,899 115% 277,951 848,589 205% -------- -------- -------- -------- ------- -------- -------- -------- -------- Total Cost of Revenues 43,659 100,664 133,628 145,104 264,771 296,919 286,899 115% 277,951 848,589 205% Gross Profit $ 5,752 $ 10,900 $18,594 $24,109 $49,027 $55,176 $54,435 193% $35,246 $158,638 350% -------- -------- -------- -------- ------- -------- -------- -------- -------- Expenses: Advertising 11,796 8,980 9,504 10,404 20,339 13,826 14,175 49% 30,280 48,340 60% Sales and Marketing 5,342 8,753 11,909 12,889 20,110 23,791 21,394 80% 26,004 65,295 151% General and Administrative 3,667 5,503 6,843 9,784 12,704 15,222 11,934 74% 16,013 39,860 149% Systems and Business Development 2,184 3,469 4,593 3,777 5,868 6,695 11,420 149% 10,246 23,983 134% -------- -------- -------- -------- ------- -------- -------- -------- -------- Total Operating Expenses $22,989 $ 26,705 $32,849 $36,854 $59,021 $59,534 $58,923 79% $82,543 $177,478 115% Operating Loss ($17,237) ($15,805)($14,255)($12,745) ($9,994) ($4,358) ($4,488) -69% ($47,297) ($18,840) -60% Interest Income 458 1,929 2,356 2,757 2,715 2,725 2,264 -4% 4,743 7,704 62% -------- -------- -------- -------- ------- -------- -------- -------- -------- Net Loss ($16,779) ($13,876) ($11,899)($9,988) ($7,279) ($1,633) ($2,224) -81% ($42,554) ($11,136) -74% ========= ========= ========= ======= ======== ======== ======== ======== ======== Pro Forma Net Loss ($0.18) ($0.10) ($0.08) ($0.06) ($0.04) ($0.01) ($0.01) 88% ($0.30) ($0.07) -78% per Share ========= ========= ========= ======== ======== ======== ======== ======== ======== Recurring Supplier Warrants (381) (381) (381) (381) (381) (381) (381) 0% (1,143) (1,143) 0% One-Time Supplier Warrant 0 0 (88,389)(1,099,443) 0 0 0 -100% (88,389) 0 -100% Costs Other Expense 0 0 0 (380) 0 0 0 - - 0 Option Payroll Taxes 0 0 (1,547) (265) (5,907) (2,507) (349) -77% (1,547) (8,763) 466% Preferred Stock Dividend 0 0 0 0 0 (7,191) (7,191) - - (14,382) - WebHouse Club Warrants 0 0 0 189,000 0 0 (189,000) - - (189,000) - Gain on Sale of Stock 0 0 0 0 0 0 32 - - 32 - Accretion on Preferred (8,354) 0 0 0 0 0 0 - (8,354) 0 -100% -------- -------- -------- -------- ------- -------- -------- -------- -------- Net Loss ($25,514) ($14,257)($102,216)($921,457)($13,567)($11,712)($199,113) 95% ($141,987) ($224,392) 58% Net Loss Applicable to ($0.27) ($0.10) ($0.71) ($5.91) ( $0.08) ($0.07) ($1.19) 68% ($1.02) ($1.35) 32% Common Shareholders Weighted average common 94,939 142,320 144,501 156,032 166,467 165,399 167,059 16% 139,817 166,389 19% shares Common Shares Outstanding, 142,320 142,320 146,427 163,867 170,162 166,549 167,806 15% 142,320 167,806 18% end of period - ----------------------------------------------------------------------------------------------------------------------------------- GROSS MARGIN 11.6% 9.8% 12.2% 14.2% 15.6% 15.7% 15.9% 11.3% 15.7%
priceline.com Inc. - ------------------------------------------------------------------------------------------------------------------------ Condensed Balance Sheet In thousands (Unaudited) ASSETS 3/31/99 6/30/99 9/30/99 12/31/99 3/31/00 6/30/00 9/30/00 --------- --------- --------- --------- -------- --------- -------- CURRENT ASSETS: Cash and cash equivalents $30,594 $142,803 $115,470 $133,172 $125,855 $95,434 $104,501 Short term investments - 9,307 77,446 38,771 23,625 43,273 26,122 Proceeds receivable from sale of common stock 149,040 - - - - - - Accounts receivable, net of allowance for uncollectible accounts 9,916 22,684 27,486 21,289 52,751 38,993 24,199 Related party receivable 1,274 1,384 3,371 508 108 3,771 5,532 Prepaid expenses and other current assets 6,565 7,339 10,463 17,999 15,782 27,182 20,755 --------- --------- --------- --------- -------- --------- --------- Total current assets $197,389 $183,517 $234,236 $211,739 $218,121 $208,653 $181,109 PROPERTY AND EQUIPMENT - net 10,010 15,311 20,611 28,006 37,130 41,592 46,257 RELATED PARTY RECEIVABLE - 4,375 9,113 8,838 13,404 15,789 15,089 WARRANTS TO PURCHASE COMMON STOCK OF LICENSEES - - - 189,000 189,000 192,250 3,250 OTHER ASSETS 2,340 1,592 3,105 4,303 25,062 34,554 39,868 --------- --------- --------- --------- -------- --------- --------- TOTAL ASSETS $ 209,739 $ 204,795 $ 267,065 $ 441,886 $ 482,717 $ 492,838 $ 285,573 ========= ========= ========= ========= ======== ========= ========= LIABILITIES AND SOTCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $13,052 $26,934 $32,874 $24,302 $59,411 $73,292 $59,447 Preferred stock dididends payable - - - - - 7,191 14,382 Accrued expenses 8,913 6,404 10,177 13,695 13,766 15,998 17,324 Other current liabilities 135 136 651 1,253 4,280 4,454 3,739 --------- --------- --------- --------- -------- --------- --------- Total current liabilities $22,100 $33,474 $43,702 $39,250 $77,457 $100,935 $94,892 LONG-TERM DEBT - net 990 - - - - - - Capital lease obligations 19 12 5 - - - - --------- --------- --------- --------- -------- --------- --------- Total liabilities $23,109 $33,486 $43,707 $39,250 $77,457 $100,935 $94,892 --------- --------- --------- --------- -------- --------- --------- MANDATORILY REDEEMABLE CONVERTIBLE PREFERRED STOCK - - - - - 359,580 359,580 --------- --------- --------- --------- -------- --------- --------- STOCKHOLDERS' EQUITY Preferred stock - - - - - - - Common stock 1,139 1,139 1,171 1,311 1,361 1,380 1,390 Treasury stock - - - - - (359,580) (359,580) Additional paid-in capital 327,945 326,881 481,113 1,581,708 1,591,880 1,593,961 1,595,228 Accumulated other comprehensive income - - - - 5,969 2,224 (1,162) Accumulated deficit (142,454) (156,711) (258,926) (1,180,383) (1,193,950) (1,205,662) (1,404,775) --------- --------- --------- --------- -------- --------- --------- Total stockholders' equity 186,630 171,309 223,358 402,636 405,260 32,323 (168,899) --------- --------- --------- --------- -------- --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $209,739 $204,795 $267,065 $441,886 $482,717 $492,838 $285,573 ========= ========= ========= ========= ======== ========= =========
PRICELINE.COM INC. - ---------------------------------------------------------------------------------------------------------------------------------- Offer and Customer Activity 9 mos. 2000 vs. 3Q00 vs. 9 mos. 9 mos. 9 mos. Unique Offers: 1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00 3Q99 1999 2000 1999 - -------------- --------- --------- --------- --------- -------- ---------- --------- ---- --------- --------- ------ New Customer Offers 500,156 748,454 908,201 892,029 1,504,685 1,509,416 1,344,025 48% 2,156,811 4,358,126 102% Repeat Customer Offers 150,305 258,702 408,393 475,699 833,388 964,350 1,417,840 247% 817,400 3,215,578 293% Total Unique Offers 650,461 1,007,156 1,316,594 1,367,728 2,338,073 2,473,766 2,761,865 110% 2,974,211 7,573,704 155% Repeat customer offers/ 23.1% 25.7% 31.0% 34.8% 35.6% 39.0% 51.3% total unique offers Customers New Customers 500,156 748,454 908,201 892,029 1,504,685 1,509,416 1,344,025 48% 2,156,811 4,358,126 102% Cumulative Customers 1,203,988 1,952,442 2,860,643 3,752,672 5,257,357 6,766,773 8,110,798 184%
PRICELINE.COM INC. - ---------------------------------------------------------------------------------------------------------------------------------- Air 9 MOS. 2000 VS. 3Q00 VS. 9 MOS. 9 MOS. 9 MOS. 1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00 3Q99 1999 2000 1999 ------- ------- --------- --------- --------- --------- --------- ----- --------- --------- ------ Tickets Sold 186,521 440,339 623,848 707,343 1,250,416 1,288,592 1,290,096 107% 1,250,708 3,829,104 206% Net Unique Offers 570,947 822,887 1,077,111 1,129,711 1,820,918 1,753,273 1,756,236 63% 2,470,945 5,330,427 116% Offers Booked 108,917 280,471 397,355 442,089 801,204 869,408 886,135 123% 786,743 2,556,747 225% Bind Rate 19.1% 34.1% 36.9% 39.1% 44.0% 49.6% 50.5% 31.8% 48.0%
bind rate = offers booked/net unique offers Air product was launched on April 6, 1998
PRICELINE.COM INC. - -------------------------------------------------------------------------------------------------------------------------------- Hotels 3Q00 9 mos. 2000 vs. vs. 1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00 3Q99 9 mos. 1999 9 mos. 2000 9 mos. 1999 ------ ------- ------- ------- ------- ------- ------- ----- ----------- ----------- ------------- Room Nights Sold 45,580 92,134 179,508 192,795 409,514 432,463 526,450 193% 317,222 1,368,427 331% Net Unique Offers 68,740 168,543 220,613 208,991 383,708 431,249 511,396 132% 457,896 1,326,353 190% Offers Booked 15,717 36,854 78,047 83,824 180,343 195,517 244,655 213% 130,618 620,515 375% Bind Rate 22.9% 21.9% 35.4% 40.1% 47.0% 45.3% 47.8% 28.5% 46.8%
bind rate = offers booked/net unique offers Hotel product was launched on October 28, 1998
PRICELINE.COM INC. - ---------------------------------------------------------------------------------------------------------------------------- Rental Cars 3Q00 9 MOS. 2000 VS. VS. 1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00 3Q99 9 mos. 1999 9 mos. 2000 9 mos. 1999 ---- ---- ---- ---- ------- ------- ------- ---- ----------- ----------- ----------- Days Sold - - - - 229,998 429,622 579,866 - - 1,239,486 - Net Unique Offers - - - - 90,639 175,878 217,760 - - 484,277 - Offers Booked - - - - 37,706 70,351 107,058 - - 215,115 - Bind Rate - - - - 41.6% 40.0% 49.2% - 44.4%
bind rate = offers booked/net unique offers RENTAL CAR PRODUCT WAS LAUNCHED ON FEBRUARY 3, 2000 -----END PRIVACY-ENHANCED MESSAGE-----