The Priceline Group Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fourth Quarter of 2014
Nov 4 14
The Priceline Group Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenues of $2,836,497,000 compared to $2,269,903,000 a year ago. Operating income was $1,322,705,000 compared to $1,046,897,000 a year ago. Earnings before income taxes were $1,305,589,000 compared to $1,020,351,000 a year ago. Net income applicable to common stockholders was $1,062,253,000 or $20.03 per diluted share compared to $832,989,000 or $15.72 per diluted share a year ago. Non-GAAP operating income was $1,404,625,000 compared to $1,104,298,000 a year ago. Adjusted EBITDA was $1,429,911,000 compared to $1,113,917,000 a year ago. Non-GAAP net income applicable to common stockholders was $1,182,446,000 or $22.16 per diluted share compared to $920,091,000 or $17.30 per diluted share a year ago.
For the nine months, the company reported total revenues of $6,601,874,000 compared to $5,252,153,000 a year ago. Operating income was $2,494,445,000 compared to $1,911,567,000 a year ago. Earnings before income taxes were $2,437,407,000 compared to $1,846,350,000 a year ago. Net income applicable to common stockholders was $1,969,922,000 or $37.13 per diluted share compared to $1,514,586,000 or $29.00 per diluted share a year ago. Net cash provided by operating activities was $2,159,117,000 compared to $1,746,963,000 a year ago. Additions to property and equipment were $90,725,000 compared to $56,958,000 a year ago. Non-GAAP operating income was $2,696,111,000 compared to $2,076,446,000 a year ago. Adjusted EBITDA was $2,752,670,000 compared to $2,103,409,000 a year ago. Non-GAAP net income applicable to common stockholders was $2,266,025,000 or $42.48 per diluted share compared to $1,725,577,000 or $32.93 per diluted share a year ago.
The company announced that it was targeting the following for fourth quarter 2014: Year-over-year increase in total gross travel bookings of approximately 8% - 15% (an increase of approximately 13% - 20% on a local currency basis). Year-over-year increase in international gross travel bookings of approximately 10% - 17% (an increase of approximately 16% - 23% on a local currency basis). Year-over-year increase in domestic gross travel bookings of approximately 0% - 5%. Year-over-year increase in revenue of approximately 11% - 18%. Year-over-year increase in gross profit of approximately 17% - 24%. Adjusted EBITDA of approximately $625 million to $665 million. Non-GAAP net income per diluted share between $9.40 and $10.10. Non-GAAP guidance for the fourth quarter 2014: excludes non-cash amortization expense of intangibles, excludes non-cash stock-based employee compensation expense, excludes non-cash interest expense related to the amortization of debt discount 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 travel transaction tax (e.g., hotel occupancy taxes, excise taxes, sales taxes, etc.) proceedings, excludes non-cash income tax expense and reflects the impact on income taxes of certain of the non-GAAP adjustments, and includes the dilutive impact of unvested restricted stock units and performance share units because non-GAAP net income has been adjusted to exclude stock-based employee compensation. In addition to the adjustments above, adjusted EBITDA excludes depreciation and amortization expense, interest income, interest expense and income taxes and includes the impact of foreign currency transactions and other expenses. When aggregated, the non-GAAP adjustments are expected to increase adjusted EBITDA over GAAP net income by approximately $235 million in the 4 quarter 2014. In addition, the non-GAAP adjustments are expected to increase non-GAAP net income over GAAP net income by approximately $100 million in the 4 quarter 2014. The Group estimates GAAP net income per diluted share between $7.55 and $8.25 for the fourth quarter 2014.
The Priceline Group Inc. Presents at RBC Capital Markets' Technology, Internet, Media & Telecommunications Conference, Nov-10-2014 12:15 PM
Oct 29 14
The Priceline Group Inc. Presents at RBC Capital Markets' Technology, Internet, Media & Telecommunications Conference, Nov-10-2014 12:15 PM. Venue: Westin Times Square, 270 West 43rd Street, New York, New York, United States. Speakers: Darren R. Huston, Chief Executive Officer, President, Member of Group Management Board, Director and Chief Executive Officer of Booking.Com.
Kathleen Soule Files Lawsuit Against Priceline Group and Marriott International
Oct 22 14
Maui resident Kathleen Soule is pursuing a class action lawsuit against Priceline Group and Marriott International seeking monetary damages 'arising from the unfair and unconscionable assessment and collection of 'resort fees''. The complaint was filed by Kathleen Soule in the U.S. District Court for the District of Hawaii in Honolulu on Oct. 10. Although the lawsuit specifically names Marriott, the class includes anyone who was charged a resort fee at any Hawaii hotel after booking a stay on Priceline.com since 2010, although it can be amended. On Aug. 9, 2011, Soule used Priceline.com to book a reservation at the Wailea Beach Marriott Resort & Spa for Aug. 12, 2011. The room rate was listed at $110 per night. Before finalizing the transaction, Priceline quoted a total room cost of $133.49, which included the room rate and taxes and fees of $23.49. The suit alleges that the mandatory resort fee was known by Priceline but was not included. When Soule checked out of her room, she was charged a $30 resort fee per night. The lawsuit claims hotels and booking sites 'omitted resort fees from posted room rates for certain hotels, in an effort to make certain hotels appear less expensive than they actually were'. The suit also alleges that Priceline never adequately informed consumers about resort fees. The lawsuit also slams mandatory resort fees levied on customers who have no intention of using any of the resort amenities the resort fees cover. Defendants have devised a mechanism through the use of resort fees whereby they advertise what appears to be a low room rate but then secretly recoup an additional charge. The lawsuit cites Bjorn Hanson, dean of the Tisch Center for Hospitality, Tourism and Sports Management at New York University, who said hotels took in approximately $1 billion in resort fees in 2012 alone. The lawsuit also cites the Federal Trade Commission, which in November 2012, sent a letter to 22 hotel chain operators warning that online reservation sites may violate the law by providing low estimates to consumers.