The Priceline Group reports financial results for 1st quarter 2015
(NORWALK, CT – May 7, 2015) The Priceline Group Inc. (NASDAQ: PCLN) today reported its 1st quarter 2015 financial results.
First quarter gross travel bookings for The Priceline Group (the "Group"), which refers to the total dollar value, generally inclusive of all taxes and fees, of all travel services purchased by its customers, were $13.8 billion, an increase of 12% over a year ago (approximately 26% on a constant currency basis).
The Group's gross profit for the 1st quarter was $1.7 billion, a 19% increase from the prior year (approximately 32% on a constant currency basis). International operations contributed gross profit in the 1st quarter of $1.4 billion, a 16% increase versus a year ago (approximately 30% on a constant currency basis). The Group had GAAP net income applicable to common shareholders for the 1st quarter of $333 million, or $6.36 per diluted share, which compares to $331 million or $6.25 per diluted share, in the same period a year ago.
Non-GAAP net income in the 1st quarter was $429 million, a 3% increase versus the prior year. Non-GAAP net income was $8.12 per diluted share, compared to $7.81 per diluted share a year ago.
“The Priceline Group is off to a strong start in 2015 with accelerating growth in room nights and rental car days booked,” said Darren Huston, President and CEO of The Priceline Group. “Globally, our brands booked over 100 million room nights for the first time during a quarter. International gross bookings growth accelerated to 29% on a constant currency basis in the 1st quarter. Booking.com continues to extend its lead as the world’s largest brand for booking accommodations, with over 635,000 hotels and ther accommodations on the platform, up 40% over last year. Our rental car business grew rental car days by 18% over the 1st quarter of last year, an acceleration from 16% in the 4th quarter.”
Looking forward, Mr. Huston said: “Our brands executed well in the quarter, delivering strong performance on both the top and bottom line, while making smart and sustainable investments to support future growth. We will continue to focus relentlessly on execution at all of our brands and earn our customers' loyalty by delivering winning experiences cross desktop, tablet and mobile platforms.”
The Priceline Group said it was targeting the following for 2nd quarter 2015:
• Year-over-year increase in total gross travel bookings of approximately 0% - 7% (an increase of approximately 15% - 22% on a constant currency basis).
• Year-over-year increase in international gross travel bookings of approximately 0% - 7% (an increase of approximately 17% - 24% on a constant currency basis).
• Year-over-year increase in U.S. gross travel bookings of approximately 0% - 5%.
• Year-over-year increase in revenue of approximately 0% - 7%.
• Year-over-year increase in gross profit of approximately 1% - 8% (an increase of approximately 17% - 24% on a constant currency basis).
• Adjusted EBITDA of approximately $715 million to $765 million.
• Non-GAAP net income per diluted share between $10.95 and $11.75.