Delaware | 0-25581 | 06-1528493 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
800 Connecticut Avenue, Norwalk, Connecticut | 06854 | |
(Address of principal office) | (zip code) |
99.1 | Press release (which includes a financial and statistical supplement and related information) issued by priceline.com Incorporated on February 26, 2013 relating to, among other things, its 4th quarter and year-ended December 31, 2012 earnings. The consolidated balance sheet at December 31, 2012 and consolidated statement of operations for the three and twelve months ended December 31, 2012 and consolidated statement of cash flows for the twelve months ended December 31, 2012 shall be treated as “filed” for the purposes of the Securities and Exchange Act of 1934, as amended, and the remaining information shall be treated as “furnished.” |
PRICELINE.COM INCORPORATED | |||
By: | /s/ Daniel J. Finnegan | ||
Name: | Daniel J. Finnegan | ||
Title: | Chief Financial Officer |
Exhibit No. | Description | ||
99.1 | Press release (which includes a financial and statistical supplement and related information) issued by priceline.com Incorporated on February 26, 2013 relating to, among other things, its 4th quarter and year-ended December 31, 2012 earnings. The consolidated balance sheet at December 31, 2012 and consolidated statement of operations for the three and twelve months ended December 31, 2012 and consolidated statement of cash flows for the twelve months ended December 31, 2012 shall be treated as “filed” for the purposes of the Securities and Exchange Act of 1934, as amended, and the remaining information shall be treated as “furnished.” |
• | Year-over-year increase in total gross travel bookings of approximately 30% - 37% (an increase of approximately 29% - 36% on a local currency basis). |
• | Year-over-year increase in international gross travel bookings of approximately 36% - 43% (an increase of approximately 35% - 42% on a local currency basis). |
• | Year-over-year increase in domestic gross travel bookings of approximately 5% - 10%. |
• | Year-over-year increase in revenue of approximately 17% - 24%. |
• | Year-over-year increase in gross profit of approximately 30% - 37%. |
• | Adjusted EBITDA of approximately $316 million to $346 million. |
• | Non-GAAP net income per diluted share of $4.90 to $5.30. |
• | excludes non-cash amortization expense of intangibles, |
• | excludes non-cash stock-based employee compensation expense, |
• | excludes non-cash interest expense and gains or losses on early debt extinguishment, if any, related to cash settled convertible debt, |
• | excludes the impact, if any, of significant charges or benefits associated with judgments, rulings and/or settlements related to hotel occupancy tax and other related tax proceedings, |
• | excludes non-cash income tax expense and reflects the impact on income taxes of certain of the non-GAAP adjustments, |
• | includes the additional impact of the non-GAAP adjustments described above on net income attributable to noncontrolling interests, and |
• | includes the dilutive impact of additional shares of unvested restricted stock, restricted stock units and performance share units because non-GAAP net income has been adjusted to exclude stock-based employee compensation. |
• | Amortization expense of intangibles is excluded because it does not impact cash earnings. |
• | Stock-based employee compensation expense is excluded because it does not impact cash earnings and is reflected in earnings per share through increased share count. |
• | Interest expense related to the amortization of debt discount and gains or losses on early debt extinguishment related to convertible debt are excluded because they are non-cash in nature. |
• | Significant charges or benefits related to judgments, rulings, or settlements of hotel occupancy tax and other related tax proceedings, including the $16.1 million charge recorded in the 4th quarter 2012 primarily related to an unfavorable ruling in the state of Hawaii, are excluded because the amount and timing of these items are unpredictable, not driven by core operating results and render comparisons with prior periods less meaningful. |
• | Income tax expense is adjusted for the tax impact of certain of the non-GAAP adjustments described above and to exclude tax expense recorded where no actual tax payments are owed because of available net operating loss carryforwards. In addition, the benefit in 2011 related to the reversal of a reserve for unrecognized tax benefits attributable to tax positions taken in 2010 is excluded because the amount and timing of this type of item is unpredictable, not driven by core operating results and render comparisons with prior periods less meaningful. |
• | Net income attributable to noncontrolling interests is adjusted for the impact of certain of the non-GAAP adjustments described above. |
• | For calculating non-GAAP net income per share: |
◦ | net income is adjusted for the impact of the non-GAAP adjustments described above; and |
◦ | additional unvested shares of restricted common stock, restricted stock units and performance share units are included in the calculation of non-GAAP net income per share because non-GAAP net income has been adjusted to exclude stock-based employee compensation expense. |
December 31, | ||||||||
2012 | 2011 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,536,349 | $ | 632,836 | ||||
Restricted cash | 6,641 | 3,771 | ||||||
Short-term investments | 3,646,845 | 2,024,827 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $10,322 and $6,103, respectively | 367,512 | 264,453 | ||||||
Prepaid expenses and other current assets | 84,290 | 104,202 | ||||||
Deferred income taxes | 40,738 | 36,755 | ||||||
Total current assets | 5,682,375 | 3,066,844 | ||||||
Property and equipment, net | 89,269 | 64,322 | ||||||
Intangible assets, net | 208,113 | 200,151 | ||||||
Goodwill | 522,672 | 504,784 | ||||||
Deferred income taxes | 31,485 | 111,080 | ||||||
Other assets | 35,828 | 23,490 | ||||||
Total assets | $ | 6,569,742 | $ | 3,970,671 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 184,648 | $ | 146,867 | ||||
Accrued expenses and other current liabilities | 387,911 | 222,134 | ||||||
Deferred merchant bookings | 368,823 | 239,157 | ||||||
Convertible debt | 520,344 | 497,640 | ||||||
Total current liabilities | 1,461,726 | 1,105,798 | ||||||
Deferred income taxes | 45,159 | 46,990 | ||||||
Other long-term liabilities | 68,944 | 39,183 | ||||||
Convertible debt | 881,996 | — | ||||||
Total liabilities | 2,457,825 | 1,191,971 | ||||||
Redeemable noncontrolling interests | 160,287 | 127,045 | ||||||
Convertible debt | 54,655 | 77,360 | ||||||
Stockholders’ equity: | ||||||||
Common stock, $0.008 par value, authorized 1,000,000,000 shares, 58,055,586 and 57,578,431 shares issued, respectively | 450 | 446 | ||||||
Treasury stock, 8,184,787 and 7,779,645, respectively | (1,060,607 | ) | (803,586 | ) | ||||
Additional paid-in capital | 2,612,197 | 2,431,279 | ||||||
Accumulated earnings | 2,368,611 | 1,033,738 | ||||||
Accumulated other comprehensive loss | (23,676 | ) | (87,582 | ) | ||||
Total stockholders’ equity | 3,896,975 | 2,574,295 | ||||||
Total liabilities and stockholders’ equity | $ | 6,569,742 | $ | 3,970,671 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Agency revenues | $ | 715,063 | $ | 542,048 | $ | 3,142,815 | $ | 2,339,253 | ||||||||
Merchant revenues | 472,350 | 445,869 | 2,104,752 | 2,004,432 | ||||||||||||
Other revenues | 3,227 | 2,853 | 13,389 | 11,925 | ||||||||||||
Total revenues | 1,190,640 | 990,770 | 5,260,956 | 4,355,610 | ||||||||||||
Cost of revenues | 250,890 | 266,073 | 1,177,275 | 1,275,730 | ||||||||||||
Gross profit | 939,750 | 724,697 | 4,083,681 | 3,079,880 | ||||||||||||
Operating expenses: | ||||||||||||||||
Advertising — Online | 306,817 | 217,897 | 1,273,637 | 919,214 | ||||||||||||
Advertising — Offline | 5,973 | 6,006 | 35,492 | 35,470 | ||||||||||||
Sales and marketing | 49,991 | 39,759 | 195,934 | 162,690 | ||||||||||||
Personnel, including stock-based compensation of $19,875, $25,320, $71,565 and $65,724, respectively | 122,912 | 96,844 | 466,828 | 352,295 | ||||||||||||
General and administrative | 50,403 | 36,320 | 173,171 | 123,652 | ||||||||||||
Information technology | 11,711 | 10,357 | 43,685 | 33,813 | ||||||||||||
Depreciation and amortization | 17,628 | 13,737 | 65,141 | 53,824 | ||||||||||||
Total operating expenses | 565,435 | 420,920 | 2,253,888 | 1,680,958 | ||||||||||||
Operating income | 374,315 | 303,777 | 1,829,793 | 1,398,922 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 856 | 2,044 | 3,860 | 8,119 | ||||||||||||
Interest expense | (16,856 | ) | (8,332 | ) | (62,064 | ) | (31,721 | ) | ||||||||
Foreign currency transactions and other | (2,293 | ) | 1,170 | (9,720 | ) | (7,526 | ) | |||||||||
Total other income (expense) | (18,293 | ) | (5,118 | ) | (67,924 | ) | (31,128 | ) | ||||||||
Earnings before income taxes | 356,022 | 298,659 | 1,761,869 | 1,367,794 | ||||||||||||
Income tax expense | 66,427 | 72,704 | 337,832 | 308,663 | ||||||||||||
Net income | 289,595 | 225,955 | 1,424,037 | 1,059,131 | ||||||||||||
Less: net income attributable to noncontrolling interests | 932 | 240 | 4,471 | 2,760 | ||||||||||||
Net income applicable to common stockholders | $ | 288,663 | $ | 225,715 | $ | 1,419,566 | $ | 1,056,371 | ||||||||
Net income applicable to common stockholders per basic common share | $ | 5.79 | $ | 4.53 | $ | 28.48 | $ | 21.27 | ||||||||
Weighted average number of basic common shares outstanding | 49,870 | 49,793 | 49,840 | 49,654 | ||||||||||||
Net income applicable to common stockholders per diluted common share | $ | 5.63 | $ | 4.41 | $ | 27.66 | $ | 20.63 | ||||||||
Weighted average number of diluted common shares outstanding | 51,241 | 51,168 | 51,326 | 51,211 |
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 1,424,037 | $ | 1,059,131 | $ | 528,142 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 32,818 | 20,648 | 16,209 | |||||||||
Amortization | 32,323 | 33,176 | 34,255 | |||||||||
Provision for uncollectible accounts, net | 16,094 | 9,331 | 7,102 | |||||||||
Deferred income tax expense | 19,596 | 44,747 | 37,540 | |||||||||
Stock-based compensation and other stock based payments | 72,035 | 66,194 | 68,396 | |||||||||
Amortization of debt issuance costs | 5,212 | 2,360 | 3,332 | |||||||||
Amortization of debt discount | 39,820 | 21,414 | 20,110 | |||||||||
Loss on early extinguishment of debt | — | 32 | 11,334 | |||||||||
Changes in assets and liabilities: | ||||||||||||
Accounts receivable | (105,277 | ) | (125,793 | ) | (29,275 | ) | ||||||
Prepaid expenses and other current assets | (40,793 | ) | 12,213 | (22,373 | ) | |||||||
Accounts payable, accrued expenses and other current liabilities | 256,021 | 210,325 | 84,750 | |||||||||
Other | 33,864 | (11,966 | ) | 17,775 | ||||||||
Net cash provided by operating activities | 1,785,750 | 1,341,812 | 777,297 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||
Purchase of investments | (6,352,495 | ) | (3,005,397 | ) | (1,813,032 | ) | ||||||
Proceeds from sale of investments | 4,799,412 | 2,229,563 | 1,071,669 | |||||||||
Additions to property and equipment | (55,158 | ) | (46,833 | ) | (22,593 | ) | ||||||
Acquisitions and other equity investments, net of cash acquired | (33,861 | ) | (68,192 | ) | (112,405 | ) | ||||||
Proceeds from foreign currency contracts | 86,159 | 31,045 | 44,564 | |||||||||
Payments on foreign currency contracts | (4,014 | ) | (42,032 | ) | (9,561 | ) | ||||||
Change in restricted cash | (2,756 | ) | (2,922 | ) | 260 | |||||||
Net cash used in investing activities | (1,562,713 | ) | (904,768 | ) | (841,098 | ) | ||||||
FINANCING ACTIVITIES: | ||||||||||||
Proceeds from the issuance of convertible senior notes | 1,000,000 | — | 575,000 | |||||||||
Payment of debt issuance costs | (20,916 | ) | — | (13,334 | ) | |||||||
Payments related to conversion of senior notes | (1 | ) | (213 | ) | (295,401 | ) | ||||||
Repurchase of common stock | (257,021 | ) | (163,171 | ) | (129,445 | ) | ||||||
Payments to purchase subsidiary shares from noncontrolling interests | (61,079 | ) | (12,986 | ) | — | |||||||
Proceeds from the sale of subsidiary shares to noncontrolling interests | — | — | 4,311 | |||||||||
Proceeds from exercise of stock options | 2,683 | 4,302 | 25,751 | |||||||||
Proceeds from the termination of conversion spread hedges | — | — | 42,984 | |||||||||
Excess tax benefit from stock-based compensation | 5,189 | 21,041 | 3,091 | |||||||||
Net cash provided by (used in) by financing activities | 668,855 | (151,027 | ) | 212,957 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 11,621 | (12,148 | ) | 7,670 | ||||||||
Net increase in cash and cash equivalents | 903,513 | 273,869 | 156,826 | |||||||||
Cash and cash equivalents, beginning of period | 632,836 | 358,967 | 202,141 | |||||||||
Cash and cash equivalents, end of period | $ | 1,536,349 | $ | 632,836 | $ | 358,967 | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||
Cash paid during the period for income taxes | $ | 300,539 | $ | 232,762 | $ | 169,320 | ||||||
Cash paid during the period for interest | $ | 13,933 | $ | 7,573 | $ | 4,901 | ||||||
Non-cash fair value increase for redeemable noncontrolling interests | $ | 84,693 | $ | 91,743 | $ | 7,876 |
RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||
GAAP Gross profit | $ | 939,750 | $ | 724,697 | $ | 4,083,681 | $ | 3,079,880 | ||||||||||
(a) | Charges related to hotel occupancy and other related tax rulings and judgments | 16,126 | — | 16,126 | — | |||||||||||||
Non-GAAP Gross profit | $ | 955,876 | $ | 724,697 | $ | 4,099,807 | $ | 3,079,880 |
RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||
GAAP Operating income | $ | 374,315 | $ | 303,777 | $ | 1,829,793 | $ | 1,398,922 | ||||||||||
(a) | Charges related to hotel occupancy and other related tax rulings and judgments | 16,126 | — | 16,126 | — | |||||||||||||
(b) | Stock-based employee compensation | 19,875 | 25,320 | 71,565 | 65,724 | |||||||||||||
(c) | Amortization of acquisition-related intangible assets in Depreciation and amortization | 8,131 | 7,712 | 32,323 | 32,610 | |||||||||||||
Non-GAAP Operating income | $ | 418,447 | $ | 336,809 | $ | 1,949,807 | $ | 1,497,256 | ||||||||||
Non-GAAP Operating income as a % of Non-GAAP Gross profit | 43.8 | % | 46.5 | % | 47.6 | % | 48.6 | % |
RECONCILIATION OF GAAP OTHER INCOME (EXPENSE) TO NON-GAAP OTHER EXPENSE RECORDED BELOW OPERATING INCOME | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||
GAAP Other income (expense) | $ | (18,293 | ) | $ | (5,118 | ) | $ | (67,924 | ) | $ | (31,128 | ) | ||||||
(d) | Debt discount amortization related to convertible debt | 10,989 | 5,471 | 39,820 | 21,414 | |||||||||||||
(d) | Loss on early extinguishment of debt | — | — | — | 32 | |||||||||||||
(h) | Net income attributable to noncontrolling interests | (932 | ) | (240 | ) | (4,471 | ) | (2,760 | ) | |||||||||
(i) | Impact on noncontrolling interests of certain other Non-GAAP adjustments | 126 | (491 | ) | (797 | ) | (1,783 | ) | ||||||||||
Non-GAAP Other expense recorded below Operating income | $ | (8,110 | ) | $ | (378 | ) | $ | (33,372 | ) | $ | (14,225 | ) |
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||
GAAP Net income applicable to common stockholders | $ | 288,663 | $ | 225,715 | $ | 1,419,566 | $ | 1,056,371 | ||||||||||
(a) | Charges related to hotel occupancy and other related tax rulings and judgments | 16,126 | — | 16,126 | — | |||||||||||||
(b) | Stock-based employee compensation | 19,875 | 25,320 | 71,565 | 65,724 | |||||||||||||
(e) | Depreciation and amortization | 17,628 | 13,737 | 65,141 | 53,824 | |||||||||||||
(f) | Interest income | (856 | ) | (2,044 | ) | (3,860 | ) | (8,119 | ) | |||||||||
(f) | Interest expense | 16,856 | 8,332 | 62,064 | 31,721 | |||||||||||||
(d) | Loss on early extinguishment of debt | — | — | — | 32 | |||||||||||||
(g) | Income tax expense | 66,427 | 72,704 | 337,832 | 308,663 | |||||||||||||
(h) | Net income attributable to noncontrolling interests | 932 | 240 | 4,471 | 2,760 | |||||||||||||
Adjusted EBITDA | $ | 425,651 | $ | 344,004 | $ | 1,972,905 | $ | 1,510,976 |
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||
GAAP Net income applicable to common stockholders | $ | 288,663 | $ | 225,715 | $ | 1,419,566 | $ | 1,056,371 | ||||||||||
(a) | Charges related to hotel margin tax rulings and judgments | 16,126 | — | 16,126 | — | |||||||||||||
(b) | Stock-based employee compensation | 19,875 | 25,320 | 71,565 | 65,724 | |||||||||||||
(d) | Debt discount amortization related to convertible debt | 10,989 | 5,471 | 39,820 | 21,414 | |||||||||||||
(d) | Loss on early extinguishment of debt | — | — | — | 32 | |||||||||||||
(j) | Adjustments for the tax impact of certain of the Non-GAAP adjustments and to exclude non-cash income taxes | 4,628 | 13,046 | 33,627 | 47,076 | |||||||||||||
(k) | Adjustment to income tax expense to exclude the benefit from the reversal of a reserve for unrecognized tax benefits | — | — | — | (12,528 | ) | ||||||||||||
(c) | Amortization of acquisition-related intangible assets in Depreciation and amortization | 8,131 | 7,712 | 32,323 | 32,610 | |||||||||||||
(i) | Impact on noncontrolling interests of certain other Non-GAAP adjustments | 126 | (491 | ) | (797 | ) | (1,783 | ) | ||||||||||
Non-GAAP Net income applicable to common stockholders | $ | 348,538 | $ | 276,773 | $ | 1,612,230 | $ | 1,208,916 |
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME PER DILUTED COMMON SHARE | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||
GAAP weighted average number of diluted common shares outstanding | 51,241 | 51,168 | 51,326 | 51,211 | ||||||||||||||
(l) | Adjustment for restricted stock, restricted stock units and performance units | 229 | 349 | 215 | 341 | |||||||||||||
Non-GAAP weighted average number of diluted common shares outstanding | 51,470 | 51,517 | 51,541 | 51,552 | ||||||||||||||
Net income applicable to common stockholders per diluted common share | ||||||||||||||||||
GAAP | $ | 5.63 | $ | 4.41 | $ | 27.66 | $ | 20.63 | ||||||||||
Non-GAAP | $ | 6.77 | $ | 5.37 | $ | 31.28 | $ | 23.45 |
(a) | The $16.1 million charge in fourth quarter 2012 related primarily to an unfavorable ruling in the state of Hawaii for hotel occupancy and other related taxes is recorded in Cost of revenues. | |||||||
(b) | Stock-based employee compensation is recorded in Personnel expense. | |||||||
(c) | Amortization of acquisition-related intangible assets is recorded in Merchant revenues and Depreciation and amortization. | |||||||
(d) | Non-cash interest expense related to the amortization of debt discount and loss on early debt extinguishment are recorded in Interest expense and Foreign currency transactions and other, respectively. | |||||||
(e) | Depreciation and amortization are excluded from Net income to calculate Adjusted EBITDA. | |||||||
(f) | Interest income and Interest expense are excluded from Net income to calculate Adjusted EBITDA. | |||||||
(g) | Income tax expense is excluded from Net income to calculate Adjusted EBITDA. | |||||||
(h) | Net income attributable to noncontrolling interests is excluded from Net income to calculate Adjusted EBITDA. | |||||||
(i) | Impact of other non-GAAP adjustments on Net income attributable to noncontrolling interests. | |||||||
(j) | Adjustments for the tax impact of certain of the non-GAAP adjustments and to exclude non-cash income taxes. | |||||||
(k) | Adjustment to income tax expense to exclude the benefit related to the reversal of a reserve in 2011 for unrecognized tax benefits attributable to tax positions taken in 2010. | |||||||
(l) | Additional shares of restricted stock units and performance share units are included in the calculation of non-GAAP net income per share because non-GAAP net income has been adjusted to exclude stock-based compensation expense. | |||||||
For a more detailed discussion of the adjustments described above, please see the section in our press release entitled "Non-GAAP Financial Measures" which provides a definition and information about the use of non-GAAP financial measures. |
Gross Bookings | 4Q10 | 1Q11 | 2Q11 | 3Q11 | 4Q11 | 1Q12 | 2Q12 | 3Q12 | 4Q12 | |||||||||||||||||||||||||||
International | $ | 2,363 | $ | 3,536 | $ | 4,472 | $ | 4,989 | $ | 3,912 | $ | 5,451 | $ | 5,952 | $ | 6,473 | $ | 5,494 | ||||||||||||||||||
Domestic | 902 | 1,129 | 1,308 | 1,268 | 1,044 | 1,260 | 1,377 | 1,359 | 1,090 | |||||||||||||||||||||||||||
Total | $ | 3,265 | $ | 4,665 | $ | 5,780 | $ | 6,257 | $ | 4,956 | $ | 6,712 | $ | 7,329 | $ | 7,831 | $ | 6,584 | ||||||||||||||||||
Agency | $ | 2,557 | $ | 3,781 | $ | 4,725 | $ | 5,121 | $ | 3,982 | $ | 5,528 | $ | 6,031 | $ | 6,423 | $ | 5,302 | ||||||||||||||||||
Merchant | 708 | 884 | 1,055 | 1,136 | 973 | 1,184 | 1,298 | 1,408 | 1,282 | |||||||||||||||||||||||||||
Total | $ | 3,265 | $ | 4,665 | $ | 5,780 | $ | 6,257 | $ | 4,956 | $ | 6,712 | $ | 7,329 | $ | 7,831 | $ | 6,584 | ||||||||||||||||||
Gross Bookings Year/Year Growth | ||||||||||||||||||||||||||||||||||||
International | 64.9 | % | 79.0 | % | 98.2 | % | 72.9 | % | 65.5 | % | 54.2 | % | 33.1 | % | 29.7 | % | 40.4 | % | ||||||||||||||||||
excluding F/X impact | 70.7 | % | 78.1 | % | 78.5 | % | 61.4 | % | 66.9 | % | 58.0 | % | 44.3 | % | 40.6 | % | 42.6 | % | ||||||||||||||||||
Domestic | 8.5 | % | 14.1 | % | 13.4 | % | 13.1 | % | 15.8 | % | 11.7 | % | 5.3 | % | 7.2 | % | 4.4 | % | ||||||||||||||||||
Agency | 44.8 | % | 59.3 | % | 76.1 | % | 61.6 | % | 55.7 | % | 46.2 | % | 27.6 | % | 25.4 | % | 33.1 | % | ||||||||||||||||||
Merchant | 42.1 | % | 49.5 | % | 45.1 | % | 35.6 | % | 37.5 | % | 34.0 | % | 23.1 | % | 24.0 | % | 31.8 | % | ||||||||||||||||||
Total | 44.2 | % | 57.3 | % | 69.5 | % | 56.2 | % | 51.8 | % | 43.9 | % | 26.8 | % | 25.2 | % | 32.9 | % | ||||||||||||||||||
excluding F/X impact | 47.9 | % | 56.7 | % | 56.5 | % | 47.9 | % | 52.8 | % | 46.8 | % | 35.5 | % | 33.8 | % | 34.6 | % | ||||||||||||||||||
Units Sold | 4Q10 | 1Q11 | 2Q11 | 3Q11 | 4Q11 | 1Q12 | 2Q12 | 3Q12 | 4Q12 | |||||||||||||||||||||||||||
Hotel Room-Nights | 22.0 | 31.2 | 36.1 | 40.6 | 33.6 | 45.9 | 50.2 | 55.2 | 46.2 | |||||||||||||||||||||||||||
Year/Year Growth | 50.6 | % | 55.8 | % | 55.6 | % | 47.4 | % | 52.8 | % | 47.0 | % | 39.1 | % | 35.9 | % | 37.6 | % | ||||||||||||||||||
Rental Car Days | 3.9 | 4.9 | 6.6 | 7.0 | 5.3 | 6.9 | 8.6 | 9.4 | 7.2 | |||||||||||||||||||||||||||
Year/Year Growth | 65.4 | % | 64.7 | % | 54.6 | % | 35.6 | % | 34.3 | % | 40.6 | % | 29.4 | % | 34.9 | % | 36.5 | % | ||||||||||||||||||
Airline Tickets | 1.3 | 1.6 | 1.7 | 1.6 | 1.4 | 1.6 | 1.7 | 1.7 | 1.4 | |||||||||||||||||||||||||||
Year/Year Growth | (2.3 | )% | 2.1 | % | 7.3 | % | 7.7 | % | 5.6 | % | 4.9 | % | (1.8 | )% | 6.1 | % | 1.7 | % | ||||||||||||||||||
4Q10 | 1Q11 | 2Q11 | 3Q11 | 4Q11 | 1Q12 | 2Q12 | 3Q12 | 4Q12 | ||||||||||||||||||||||||||||
Revenue | $ | 731.3 | $ | 809.3 | $ | 1,102.7 | $ | 1,452.8 | $ | 990.8 | $ | 1,037.2 | $ | 1,326.8 | $ | 1,706.3 | $ | 1,190.6 | ||||||||||||||||||
Year/Year Growth | 35.0 | % | 38.5 | % | 43.7 | % | 45.0 | % | 35.5 | % | 28.2 | % | 20.3 | % | 17.4 | % | 20.2 | % | ||||||||||||||||||
Gross Profit | $ | 478.4 | $ | 505.8 | $ | 749.2 | $ | 1,100.1 | $ | 724.7 | $ | 743.3 | $ | 1,004.1 | $ | 1,396.5 | $ | 939.8 | ||||||||||||||||||
Year/Year Growth | 52.8 | % | 58.5 | % | 68.3 | % | 65.1 | % | 51.5 | % | 47.0 | % | 34.0 | % | 26.9 | % | 29.7 | % |
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