Expedia Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Declares Cash Dividend, Payable on September 17, 2014; Provides Earnings Guidance for the Full Year 2014
Jul 31 14
Expedia Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue of $1,494,632,000 compared to $1,205,017,000 a year ago. Operating income was $129,220,000 compared to $94,286,000 a year ago. Income before income taxes was $106,605,000 compared to $87,423,000 a year ago. Net income attributable to the company was $89,373,000 or $0.67 per diluted share compared to $71,500,000 or $0.51 per diluted share a year ago. Adjusted EBITDA was $259,256,000 compared to $191,702,000 a year ago. Adjusted net income was $137,649,000 or $1.03 per diluted share compared to $90,467,000 or $0.64 per diluted share a year ago. Free cash flow was $411,040,000 compared to $247,835,000 a year ago.
For the six months period, the company reported revenue of $2,695,003,000 compared to $2,217,384,000 a year ago. Operating income was $126,222,000 compared to operating loss of $11,342,000 a year ago. Income before income taxes was $87,120,000 compared to loss before income taxes of $31,848,000 a year ago. Net income attributable to the company was $75,069,000 or $0.56 per diluted share compared to net loss attributable to the company of $32,726,000 or $0.24 per basic and diluted share a year ago. Net cash provided by operating activities was $1,464,942,000 compared to $1,199,608,000 a year ago. Capital expenditures, including internal-use software and website development were $157,213,000 compared to $157,840,000 a year ago. Adjusted EBITDA was $159,116,000 compared to $296,830,000 a year ago. Adjusted net income was $137,649,000 or $1.18 per diluted share compared to $125,741,000 or $0.89 per diluted share a year ago. Free cash flow was $1,307,729,000 compared to $1,041,768,000 a year ago.
The company's Board of Directors declared a cash dividend of $0.18 per share of outstanding common stock to be paid to stockholders of record as of the close of business on August 27, 2014, with a payment date of September 17, 2014.
The company now expects full year 2014 adjusted EBITDA to grow in the range of 16% to 19%.