NORWALK, Conn., May 9, 2012. . . Priceline.com Incorporated (Nasdaq: PCLN) today reported 1st quarter 2012 financial results for the Priceline Group. First quarter gross travel bookings for the Group, which refers to the total dollar value, generally inclusive of all taxes and fees, of all travel services purchased by consumers, were $6.7 billion, an increase of 43.9% over a year ago.
The Group had revenues in the 1st quarter of $1.0 billion, a 28.2% increase over a year ago. The Group's international operations contributed revenues in the 1st quarter of $617 million, a 58.5% increase versus a year ago (approximately 65% on a local currency basis). The Group's gross profit for the 1st quarter was $743 million, a 47.0% increase from the prior year. International operations contributed gross profit in the 1st quarter of $617 million, a 58.8% increase versus a year ago (approximately 65% growth on a local currency basis). The Group's operating income in the 1st quarter was $242 million, a 56.8% increase from the prior year. The Group had GAAP net income applicable to common shareholders for the 1st quarter of $182 million, or $3.54 per diluted share, which compares to $105 million or $2.05 per diluted share, in the same period a year ago.
Non-GAAP net income in the 1st quarter was $221 million, a 61.2% increase versus the prior year. Non-GAAP net income was $4.28 per diluted share, compared to $2.66 per diluted share a year ago. FactSet consensus for the 1st quarter 2012 was $3.97 per diluted share. Adjusted EBITDA for the 1st quarter 2012 was $272 million, an increase of 56.5% over a year ago. The section below entitled "Non-GAAP Financial Measures" provides a definition and information about the use of non-GAAP financial measures in this press release and the attached financial and statistical supplement reconciles non-GAAP financial information with the Group's financial results under GAAP.
"The Priceline Group's hotel business booked 46 million room nights in the 1st quarter, up 47% over last year," said Jeffery H. Boyd, President and Chief Executive Officer. "International gross bookings increased 54% (58% on a local currency basis), driven by strong hotel results at Booking.com and Agoda.com and continued growth at Rentalcars.com."
Looking forward, Mr. Boyd said, "We believe our international hotel businesses are well positioned for the peak travel season, with over 210,000 hotels at Booking.com and continuing website innovation and new product offerings, including a growing complement of mobile offerings. The Group continues its investment in building content for our customers and attractive new offerings to support future growth."
The Priceline Group said it was targeting the following for 2nd quarter 2012:
• Year-over-year increase in total gross travel bookings of approximately 26% - 31%.
• Year-over-year increase in international gross travel bookings of approximately 32% - 37% (an increase of approximately 41% - 46% 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 18% - 23%.
• Year-over-year increase in gross profit of approximately 31% - 36%.
• Adjusted EBITDA of approximately $450 million to $470 million.
• Non-GAAP net income per diluted share of $7.20 to $7.40 .
