BOOKING HOLDINGS NORWALK, Conn., February 19, 2015. . . The Priceline Group Inc. (NASDAQ: PCLN) today reported its 4th quarter and full-year 2014 financial results. Fourth quarter gross travel bookings for The Priceline Group Inc. (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 $10.7 billion, an increase of 17% over a year ago (approximately 23% on a local currency basis).
The Group's gross profit for the 4th quarter was $1.7 billion, a 26% increase from the prior year. International operations contributed gross profit in the 4th quarter of $1.43 billion, a 24% increase versus a year ago (approximately 32% on a local currency basis). The Group had GAAP net income applicable to common shareholders for the 4th quarter of $452 million, or $8.56 per diluted share, which compares to $378 million or $7.14 per diluted share, in the same period a year ago.
Non-GAAP net income in the 4th quarter was $577 million, a 22% increase versus the prior year. Non-GAAP net income was $10.85 per diluted share, compared to $8.85 per diluted share a year ago. FactSet consensus for the 4th quarter 2014 was $10.10 per diluted share. Adjusted EBITDA for the 4th quarter 2014 was $712 million, an
increase of 23% over a year ago. The section below entitled "Non-GAAP Financial Measures" provides definitions 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.
For the full-year 2014, the Group had gross travel bookings of $50.3 billion, a 28% increase compared to 2013 (approximately 30% on a local currency basis). Gross profit for the Group in 2014 was $7.6 billion, a 33% increase from the prior year. International operations contributed full-year gross profit of $6.64 billion, a 32% increase versus the prior year (approximately 34% on a local currency basis). The Group had GAAP net income for full- year 2014 of $2.4 billion, or $45.67 per diluted share, which compares to $1.9 billion or $36.11 per diluted share in
2013.
Non-GAAP net income for 2014 was $2.8 billion, a 29% increase versus the prior year. Non-GAAP net income was $53.31 per diluted share, compared to $41.72 per diluted share a year ago. Adjusted EBITDA for 2014 was
$3.5 billion, an increase of 29% over a year ago.
"The Priceline Group finished 2014 with a strong 4th quarter, reporting solid hotel and rental car unit growth," said Darren Huston, President and CEO of The Priceline Group. "International gross bookings growth of 27% on a local currency basis in the 4th quarter demonstrates the resilience of the business, despite an environment of economic uncertainty and foreign exchange volatility. The Group's full year room night reservations of 346 million grew by
28%, leading to gross bookings for the Group of just over $50 billion."
Looking forward, Mr. Huston said, "The Group's brands are starting 2015 with strong momentum. We are investing in our brands to organically grow our core business for the long-term. We also continue to invest in OpenTable and our BookingSuite branded hotel marketing services. These investments have a more pronounced impact on profitability in our seasonally low first quarter, but are the right investments to plant seeds for future growth. Today we are also announcing that the Priceline Board has given us an additional authorization to repurchase up to $3 billion of our common stock. We believe that buying our stock is a wise investment of our capital and demonstrates our confidence in the long-term outlook for our business."
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The Priceline Group said it was targeting the following for 1st quarter 2015:
• Year-over-year increase in total gross travel bookings of approximately 2% - 9% (an increase of approximately 14% - 21% on a local currency basis).
• Year-over-year increase in international gross travel bookings of approximately 3% - 10% (an increase of approximately 17% - 24% 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 4% - 11%.
• Year-over-year increase in gross profit of approximately 9% - 16% (an increase of approximately 21% -
28% on a local currency basis).
• Adjusted EBITDA of approximately $475 million to $510 million.
• Non-GAAP net income per diluted share between $7.20 and $7.75. Non-GAAP guidance for the 1st quarter 2015:
• 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 $207 million in the 1st quarter 2015. In addition, the non-GAAP adjustments are expected to increase non-GAAP net income over GAAP net income by approximately $105 million in the 1st quarter 2015. The Group estimates GAAP net income per diluted share between $5.25 and $5.80 for the 1st quarter 2015.
Information About Forward-Looking StatementsThis press release contains forward-looking statements. These forward-looking statements reflect the views of the Group's management regarding current expectations and projections about future events and are based on currently available information and current foreign currency exchange rates. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict; therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward- looking statements. Expressions of future goals and similar expressions including, "may," "will," "should," "could," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," or "continue," reflecting something other than historical fact are intended to identify forward-looking statements.
The following factors, among others, could cause the Group's actual results to differ materially from those described in the forward-looking statements:
-- adverse changes in general market conditions for leisure and other travel services;
-- the effects of increased competition;
-- fluctuations in foreign exchange rates and other risks associated with doing business in multiple currencies;
-- our ability to expand successfully in international markets;
-- our online advertising efficiency;
-- a change by a major search engine in how it presents travel search results or conducts its auction for search placement in a manner that is competitively disadvantageous to us;
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-- adverse changes in the Group's relationships with travel service providers;
-- systems-related failures and/or security breaches;
-- the ability to attract and retain qualified personnel; and
-- tax, legal and regulatory risks.
For a detailed discussion of these and other factors that could cause the Group's actual results to differ materially from those described in the forward-looking statements, please refer to the Group's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any subsequently filed Quarterly Reports on Form 10-Q. Unless required by law, the Group undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial MeasuresAdjusted EBITDA represents GAAP net income excluding depreciation and amortization expense, interest income, interest expense, net income (loss) attributable to noncontrolling interests and income taxes and is adjusted to exclude stock-based employee compensation expense, gains and losses on early debt extinguishment, 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 and significant acquisition costs.
Non-GAAP gross profit, adjusted EBITDA, non-GAAP operating income, non-GAAP net income and non-GAAP net income per share are "non-GAAP financial measures," as such term is defined by the Securities and Exchange Commission, and may differ from non-GAAP financial measures used by other companies. The Group believes that non-GAAP gross profit, adjusted EBITDA, non-GAAP operating income, non-GAAP net income and non- GAAP net income per share that exclude certain non-cash or non-recurring income or expense items are useful for analysts and investors to evaluate the Group's on-going performance because they provide a useful comparison of
the Group's projected cash earnings and performance with its historical results from prior periods and to those of its competitors (though competitors may calculate similar non-GAAP financial measures differently than those calculated by the Group). These non-GAAP metrics, in particular adjusted EBITDA, non-GAAP operating income, and non-GAAP net income are not intended to represent funds available for the Group's discretionary use and are not intended to represent or to be used as a substitute for operating income, net income or cash flows from operations data as measured under GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of consolidated statements of income and must be considered in performing a comprehensive assessment of overall financial performance.
Non-GAAP financial information for the three and twelve months ended December 31, 2014 and 2013 are adjusted for the following items:
• 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 credits associated with judgments, rulings and/or settlements related to travel transaction tax (e.g., hotel occupancy taxes, excise taxes, sales taxes, etc.) proceedings, including the $6.3 million credit recorded in the 4th quarter 2013 related to a favorable ruling and settlement in the District
of Columbia and the $20.5 million charge (including estimated interest and penalties) recorded in the 1st quarter 2013, principally related to unfavorable rulings in the State of Hawaii and the District of Columbia, are excluded because the amount and timing of these items are unpredictable, are not driven by core operating results and renders comparisons with prior periods less meaningful.
• Significant costs related to acquisitions, such as the $6.4 million of acquisition costs recorded in the 2nd quarter of 2013 related to the purchase of KAYAK, are excluded because the expense is not driven by core operating results and renders comparisons with prior periods less meaningful. No such costs were excluded in the twelve months ended December 31, 2014.
• 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.
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• Net income (loss) attributable to noncontrolling interests is adjusted for the impact of certain of the non- GAAP adjustments described above for the twelve months ended December 31, 2013.
• 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 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.
The presentation of this financial information should not be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States. The attached financial and statistical supplement reconciles non-GAAP financial information with the Group's financial results under GAAP.
About The Priceline GroupThe Priceline Group Inc. (NASDAQ: PCLN) is a leading provider of online travel and travel related reservation and search services, provided to consumers and local partners in over 200 countries through six primary brands: Booking.com, priceline.com, KAYAK, agoda.com, rentalcars.com and OpenTable.
For more information, visit pricelinegroup.com.
###
For Press Information: Leslie Cafferty (203) 299-8128 leslie.cafferty@pricelinegroup.com
For Investor Relations: Matthew Tynan (203) 299-8487 matt.tynan@pricelinegroup.com
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Current assets:
Cash and cash equivalents $ 3,148,651 $ 1,289,994
Restricted cash 843 10,476
Short-term investments 1,142,182 5,462,720
Accounts receivable, net of allowance for doubtful accounts of $14,212 and
$14,116, respectively 643,894 535,962
Prepaid expenses and other current assets 178,050 107,102
Deferred income taxes 153,754 74,687
Total current assets 5,267,374 7,480,941
Property and equipment, net 198,953 135,053
Intangible assets, net 2,334,761 1,019,985
Goodwill 3,326,474 1,767,912
Long-term investments 3,755,653 - Other assets 57,348 40,569
Total assets $ 14,940,563 $ 10,444,460
Current liabilities:
Accounts payable $ 281,480 $ 247,345
Accrued expenses and other current liabilities 600,758 545,342
Deferred merchant bookings 460,558 437,127
Convertible debt 37,195 151,931
Total current liabilities 1,379,991 1,381,745
Deferred income taxes 1,040,260 326,425
Other long-term liabilities 103,533 75,981
Long-term debt 3,849,756 1,742,047
Total liabilities 6,373,540 3,526,198
Convertible debt 329 8,533
Stockholders' equity:
Common stock, $0.008 par value, authorized 1,000,000,000 shares, 61,821,097 and
61,265,160 shares issued, respectively 480 476
Treasury stock, 9,888,024 and 9,256,721, respectively (2,737,585) (1,987,207) Additional paid-in capital 4,923,196 4,592,979
Accumulated earnings 6,640,505 4,218,752
Accumulated other comprehensive income (loss) (259,902) 84,729
Total stockholders' equity 8,566,694 6,909,729
Total liabilities and stockholders' equity $ 14,940,563 $ 10,444,460
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Agency revenues $ 1,230,633 $ 999,687 $ 5,845,802 $ 4,410,689
Merchant revenues 478,268 481,782 2,186,054 2,211,474
Advertising and other revenues 131,196 59,684 410,115 171,143
Total revenues 1,840,097 1,541,153 8,441,971 6,793,306
Cost of revenues 165,412 207,852 857,841 1,077,420
Gross profit 1,674,685 1,333,301 7,584,130 5,715,886
Operating expenses:
Advertising - Online 499,904 399,193 2,360,221 1,798,645
Advertising - Offline 48,216 27,709 231,309 127,459
Sales and marketing 85,454 58,425 310,910 235,817
Personnel, including stock-based compensation of $66,318,
$49,530, $186,425 and $140,526, respectively 274,337 212,034 950,191 698,692
General and administrative 90,919 74,799 352,869 252,994
Information technology 25,430 23,173 97,498 71,890
Depreciation and amortization 71,558 37,121 207,820 117,975
Total operating expenses 1,095,818 832,454 4,510,818 3,303,472
Operating income 578,867 500,847 3,073,312 2,412,414
Other income (expense):
Interest income 8,768 1,285 13,933 4,167
Interest expense (30,549) (22,192) (88,353) (83,289) Foreign currency transactions and other (5,045) (29,753) (9,444) (36,755) Total other income (expense) (26,826) (50,660) (83,864) (115,877)
Earnings before income taxes 552,041 450,187 2,989,448 2,296,537
Income tax expense 100,210 72,110 567,695 403,739
Net income 451,831 378,077 2,421,753 1,892,798
Less: net income attributable to noncontrolling interests - - - 135
Net income applicable to common stockholders $ 451,831 $ 378,077 $ 2,421,753 $ 1,892,663
Net income applicable to common stockholders per basic common
share $ 8.65 $ 7.32 $ 46.30 $ 37.17
Weighted average number of basic common shares outstanding 52,245 51,632 52,301 50,924
Net income applicable to common stockholders per diluted common
share $ 8.56 $ 7.14 $ 45.67 $ 36.11
Weighted average number of diluted common shares outstanding 52,777 52,938 53,023 52,413
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OPERATING ACTIVITIES:
Year Ended December 31,
Net income $ 2,421,753 $ 1,892,798 $ 1,424,037
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 78,241 48,365 32,818
Amortization 129,579 69,610 32,323
Provision for uncollectible accounts, net 22,990 16,451 16,094
Deferred income tax expense (benefit) 31,707 (11,104) 19,596
Stock-based compensation expense and other stock based payments 189,292 142,098 72,035
Amortization of debt issuance costs 5,229 7,898 5,212
Amortization of debt discount 54,731 55,718 39,820
Loss on early extinguishment of debt 6,270 26,661 - Changes in assets and liabilities:
Accounts receivable (182,209) (111,572) (105,277) Prepaid expenses and other current assets (48,932) (6,909) (40,793) Accounts payable, accrued expenses and other current liabilities 203,870 182,163 256,021
Other 1,876 (10,741) 33,864
Net cash provided by operating activities 2,914,397 2,301,436 1,785,750
INVESTING ACTIVITIES:
Purchase of investments (10,552,214) (9,955,800) (6,352,495) Proceeds from sale of investments 10,902,500 8,291,283 4,799,412
Additions to property and equipment (131,504) (84,445) (55,158) Acquisitions and other equity investments, net of cash acquired (2,496,366) (331,918) (33,861) Proceeds from foreign currency contracts 14,354 3,266 86,159
Payments on foreign currency contracts (94,661) (81,870) (4,014) Change in restricted cash 9,347 (2,783) (2,756) Net cash used in investing activities (2,348,544) (2,162,267) (1,562,713)
FINANCING ACTIVITIES:
Proceeds from revolving credit facility 995,000 - - Payments related to revolving credit facility (995,000) - - Proceeds from the issuance of long-term debt 2,282,217 980,000 1,000,000
Payment of debt issuance costs (17,464) (1,018) (20,916) Payments related to conversion of senior notes (125,136) (414,569) (1) Repurchase of common stock (750,378) (883,515) (257,021) Payments to purchase subsidiary shares from noncontrolling interests - (192,530) (61,079) Proceeds from exercise of stock options 16,389 91,607 2,683
Proceeds from the termination of conversion spread hedges - 19 - Payments of stock issuance costs - (1,191) - Excess tax benefit from stock-based compensation 23,366 17,686 5,189
Net cash provided by (used in) financing activities 1,428,994 (403,511) 668,855
Effect of exchange rate changes on cash and cash equivalents (136,190) 17,987 11,621
Net increase (decrease) in cash and cash equivalents 1,858,657 (246,355) 903,513
Cash and cash equivalents, beginning of period 1,289,994 1,536,349 632,836
Cash and cash equivalents, end of period $ 3,148,651 $ 1,289,994 $ 1,536,349
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for income taxes $ 491,530 $ 391,169 $ 300,539 Cash paid during the period for interest $ 16,950 $ 20,954 $ 13,933
Non-cash fair value increase for redeemable noncontrolling interests $ - $ 42,522 $ 84,693 Non-cash investing activity for contingent consideration $ 10,700 $ - $ - Non-cash financing activity for acquisitions $ 13,751 $ 1,546,748 $ -
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GAAP Gross profit $ 1,674,685 $ 1,333,301 $ 7,584,130 $ 5,715,886
(a) Adjustments for (credits) charges related to travel transaction tax judgments, rulings and settlementsNon-GAAP Gross profit
RECONCILIATION OF GAAP OPERATING INCOME TO NON- GAAP OPERATING INCOME Three Months Ended December 31, Year Ended December 31, 2014 2013 2014 2013GAAP Operating income $ 578,867 $ 500,847 $ 3,073,312 $ 2,412,414
(a) Adjustments for (credits) charges related to travel transaction taxjudgments, rulings and settlements - (6,311) - 14,239
Non-GAAP Operating income $ 693,206 $ 566,788 $ 3,389,316 $ 2,643,233
Non-GAAP Operating income as a % of Non-GAAP Gross profit 41.4% 42.7% 44.7% 46.1%
RECONCILIATION OF GAAP OTHER INCOME (EXPENSE) TO NON-GAAP OTHER EXPENSE RECORDED BELOW OPERATING INCOME Three Months Ended December 31, Year Ended December 31, 2014 2013 2014 2013GAAP Other income (expense) $ (26,826) $ (50,660) $ (83,864) $ (115,877)
adjustments - - - (440)
Non-GAAP Other expense recorded below Operating income $ (12,086) $ (10,155) $ (25,790) $ (35,578)
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The Priceline Group Inc. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands, except per share data) RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA Three Months Ended December 31, Year Ended December 31, 2014 2013 2014 2013GAAP Net income applicable to common stockholders $ 451,831 $ 378,077 $ 2,421,753 $ 1,892,663
(a) Adjustments for (credits) charges related to travel transaction taxjudgments, rulings and settlements - (6,311) - 14,239
Adjusted EBITDA $ 711,714 $ 578,095 $ 3,464,383 $ 2,681,504
RECONCILIATION OF GAAP NET INCOME TO NON- GAAP NET INCOME Three Months Ended December 31, Year Ended December 31, 2014 2013 2014 2013GAAP Net income applicable to common stockholders $ 451,831 $ 378,077 $ 2,421,753 $ 1,892,663
(a) Adjustments for (credits) charges related to travel transaction taxjudgments, rulings and settlements - (6,311) - 14,239
adjustments and to exclude non-cash income taxes (4,233) (13,406) 46,870 (7,222)
(k) Impact on noncontrolling interests of certain other Non-GAAPadjustments - - - (440)
Non-GAAP Net income applicable to common stockholders $ 576,677 $ 471,117 $ 2,842,701 $ 2,196,694
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GAAP weighted average number of diluted common shares
2014 2013 2014 2013outstanding 52,777 52,938 53,023 52,413
(l) Adjustment for unvested restricted stock units and performanceunits 380 272 300 245
Non-GAAP weighted average number of diluted common shares
outstanding 53,157 53,210 53,323 52,658
Net income applicable to common stockholders per diluted common share
GAAP $ 8.56 $ 7.14 $ 45.67 $ 36.11
Non-GAAP $ 10.85 $ 8.85 $ 53.31 $ 41.72
(a) Adjustments for charges and credits associated with judgments, rulings and settlements for travel transaction tax proceedings(including estimated interest and penalties), principally in the State of Hawaii and the District of Columbia.
(b) Stock-based employee compensation is recorded in Personnel expense. (c) Adjustment for KAYAK acquisition costs is recorded in General and administrative expense. (d) Amortization of intangible assets is recorded in Depreciation and amortization. (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) Non-cash interest expense related to the amortization of debt discount and loss on early debt extinguishment are recorded inInterest expense and Foreign currency transactions and other, respectively.
(h) Income tax expense is excluded from Net income to calculate Adjusted EBITDA. (i) Net income attributable to noncontrolling interests is excluded from Net income to calculate Adjusted EBITDA. (j) Adjustments for the tax impact of certain of the non-GAAP adjustments and to exclude non-cash income taxes. (k) Impact of other non-GAAP adjustments on Net income attributable to noncontrolling interests. (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.
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The Priceline Group Inc.Statistical Data In millions (Unaudited)
Gross Bookings 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14International $ 5,494 $ 7,783 $ 8,579 $ 9,179 $ 7,758 $ 10,643 $ 11,682 $ 12,080 $ 9,233
Domestic 1,090 1,370 1,538 1,586 1,379 1,637 1,856 1,743 1,426
Total $ 6,584 $ 9,153 $ 10,118 $ 10,765 $ 9,138 $ 12,280 $ 13,538 $ 13,823 $ 10,659
Agency $ 5,302 $ 7,648 $ 8,425 $ 9,023 $ 7,576 $ 10,516 $ 11,581 $ 11,821 $ 8,974
Merchant 1,282 1,505 1,692 1,742 1,562 1,764 1,957 2,002 1,685
Total $ 6,584 $ 9,153 $ 10,118 $ 10,765 $ 9,138 $ 12,280 $ 13,538 $ 13,823 $ 10,659
Gross Bookings Year/ Year Growth
International 40.4% 42.8% 44.1% 41.8% 41.2% 36.8% 36.2% 31.6% 19.0 %
excluding F/X
impact 43% 43% 44% 41% 42% 38% 35% 32% 27 %
Domestic 4.4% 8.7% 11.7% 16.7% 26.5% 19.5% 20.6% 9.9% 3.4 %
Agency 33.1% 38.3% 39.7% 40.5% 42.9% 37.5% 37.4% 31.0% 18.5 % Merchant 31.8% 27.1% 30.3% 23.7% 21.8% 17.2% 15.7% 15.0% 7.9 %
Total 32.9% 36.4% 38.0% 37.5% 38.8% 34.2% 33.8% 28.4% 16.7 %
excluding F/X
impact 35% 37% 38% 36% 39% 35% 32% 29% 23 %
Units Sold 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14Hotel Room-Nights and
Accommodations 46.2 63.2 69.4 74.8 63.1 83.4 89.6 94.8 78.2
Year/Year Growth 37.6% 37.7% 38.2% 35.6% 36.5% 32.0% 29.2% 26.7% 24.0 %
Rental Car Days 7.2 9.9 12.5 12.0 9.5 12.3 14.3 14.2 11.0
Year/Year Growth 36.5% 43.3% 46.3% 27.5% 32.3% 24.6% 14.4% 18.1% 16.1 %
Airline Tickets 1.4 1.7 1.7 1.8 1.8 2.0 2.1 2.0 1.7
Year/Year Growth 1.7% 1.4% 1.8% 8.6% 28.1% 22.6% 22.3% 8.0% (4.0)%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Revenue $1,190.6 $ 1,302.0 $ 1,680.2 $ 2,269.9 $ 1,541.2 $ 1,641.8 $ 2,123.6 $ 2,836.5 $1,840.1Year/Year Growth 20.2% 25.5% 26.6% 33.0% 29.4% 26.1% 26.4% 25.0% 19.4 %
Gross Profit $ 939.8 $ 1,009.7 $ 1,383.9 $ 1,989.1 $ 1,333.3 $ 1,406.5 $ 1,883.0 $ 2,620.0 $1,674.7Year/Year Growth 29.7% 35.8% 37.8% 42.4% 41.9% 39.3% 36.1% 31.7% 25.6 %
Amounts may not total due to rounding.
Gross bookings is an operating and statistical metric that captures the total dollar value, generally inclusive of taxes and fees, of all travel services booked by our customers.
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