Priceline.com Reports Financial Results for 4th Quarter and Full-Year 2012
NORWALK, Conn., February 26, 2013. . . Priceline.com Incorporated (Nasdaq: PCLN) today reported 4th quarter and full-year 2012 financial results for the Priceline Group (the “Group”). Fourth 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 its customers, were $6.6 billion, an increase of 32.9% over a year ago (approximately 35% on a local currency basis).
The Group's gross profit for the 4th quarter was $940 million, a 29.7% increase from the prior year. International operations contributed gross profit in the 4th quarter of $836 million, a 37.3% increase versus a year ago (approximately 39% on a local currency basis). The Group's operating income in the 4th quarter was $374 million, a 23.2% increase from the prior year. The Group had GAAP net income applicable to common shareholders for the 4th quarter of $289 million, or $5.63 per diluted share, which compares to $226 million or $4.41 per diluted share, in the same period a year ago.
Non-GAAP gross profit for the 4th quarter was $956 million, a 31.9% increase from the prior year. Non-GAAP net income in the 4th quarter was $349 million, a 25.9% increase versus the prior year. Non-GAAP net income was $6.77 per diluted share, compared to $5.37 per diluted share a year ago. FactSet consensus for the 4th quarter 2012 was $6.53 per diluted share. Adjusted EBITDA for the 4th quarter 2012 was $426 million, an increase of 23.7% 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.
For full-year 2012, the Group had gross travel bookings of $28.5 billion, a 31.4% increase compared to 2011 (approximately 37% on a local currency basis). Gross profit for the Group in 2012 was $4.1 billion, a 32.6% increase from the prior year. International operations contributed full-year gross profit of $3.6 billion, a 38.8% increase versus the prior year (approximately 48% growth on a local currency basis). The Group's 2012 operating income was $1.83 billion, a 30.8% increase from the prior year. The Group had GAAP net income for full-year 2012 of $1.42 billion, or $27.66 per diluted share, which compares to $1.06 billion or $20.63 per diluted share in 2011.
Non-GAAP EBITDA for 2012 was $1.97 billion, an increase of 30.6% over a year ago. Non-GAAP net income for 2012 was $1.61 billion or $31.28 per diluted share, compared to $23.45 per diluted share a year ago.
“The Priceline Group finished 2012 with a strong 4th quarter showing improving unit growth in hotel room and rental car day reservations,” said Jeffery H. Boyd, Chairman and CEO of The Priceline Group. “International gross bookings growth of 43% on a local currency basis in the 4th quarter evidenced the resilience of the business in 2012 despite economic uncertainty in our core European market. Looking forward, Mr. Boyd said “The Group's brands are off to a good start in 2013, with greater supply and geographic reach, a new offline marketing experiment for Booking.com in the United States and a new ad campaign for priceline.com featuring Kaley Cuoco together with
The following information was filed by Priceline Group Inc. (PCLN) on Tuesday, February 26, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.