Priceline Group Inc. (PCLN) - NASDAQ
  • Wed, Feb. 17, 10:14 AM
    • Expedia (EXPE +6.4%) and TripAdvisor (TRIP +4.1%) are seeing healthy gains as Priceline (PCLN +10.6%) surges after beating Q4 estimates and reporting bookings growth accelerated to 13% Y/Y from Q3's 7% (and beat guidance for 1%-8% growth). Last week, Priceline and TripAdvisor gained in response to Expedia's Q4 numbers.
    • Guidance: Priceline's Q1 top-line guidance is healthy: Bookings are expected to rise 12%-19% Y/Y (18%-25% exc. forex), room nights by 20%-27%, and revenue by 9%-16% (compares with Q4's 9%). EPS guidance of $9.00-$9.60 is below a $9.61 consensus, but (as Q4 results show) Priceline has a history of issuing conservative EPS outlooks.
    • Q4 top-line performance: International revenue (89% of total revenue) rose 15.9% Y/Y (29% exc. forex) to $10.7B; U.S. revenue fell 7.6% to $1.3B. Agency revenue rose 15.3% to $10.3B; merchant revenue fell 0.9% to $1.7B.

      Room nights booked rose 26.6% to 99.1M, an improvement from Q3's 22% growth and the highest growth rate seen since Q3 2014. Rental car days +10.6% to 12.2M vs. +13% in Q3. Air tickets -2.6% to 1.7M vs. -1.1% in Q3.
    • Financials: GAAP operating expenses rose 11% Y/Y to $1.22B - $582M was spent on online ads (much of it going to Google), $33.4M on offline ads, $83.7M on sales/marketing, $106.6M on G&A, $32.3M on IT, $70.7M on depreciation/amortization, and $312.6M on "Personnel" expenses, including stock compensation.

      Priceline ended Q4 with $2.6B in cash, $7.9B in long-term investments, and $6.2B in long-term debt.
    • Priceline's Q4 results, earnings release
    | Wed, Feb. 17, 10:14 AM
  • Wed, Feb. 17, 7:26 AM
    • Priceline (NASDAQ:PCLN): Q4 EPS of $12.63 beats by $0.83.
    • Revenue of $2B (+8.7% Y/Y) beats by $40M.
    • Shares +8.04% PM.
    • Press Release
    | Wed, Feb. 17, 7:26 AM
  • Wed, Feb. 17, 7:19 AM
    • Priceline (NASDAQ:PCLN) reports gross travel bookings rose 12.7% to $12.02B in Q4.
    • International bookings were up 15.9% (+29% constant currency), while U.S. bookings fell back 7.6%.
    • Gross profit was up 12.2% to $1.879B. Operating expenses increased 11.5% to $1.221B.
    • The company sees Q1 gross travel bookings growth of 12% to 19% and EPS of $9.00 to $9.60 vs. $9.60 consensus.
    • PCLN +10.0% premarket to $1,222.
    | Wed, Feb. 17, 7:19 AM | 8 Comments
  • Tue, Feb. 16, 5:30 PM
  • Wed, Feb. 10, 5:33 PM
    • Though Expedia (NASDAQ:EXPE) missed Q4 EPS and (to a lesser extent) revenue estimates, the company reported gross bookings rose 32% Y/Y (40% exc. eLong, which has been divested) to $15B. Excluding eLong and the acquisitions of Orbitz/HomeAway, bookings rose 17% to $12.5B.
    • Top-line performance: Expedia's core travel agency business saw bookings rise 44% to $13.6B, and its Egencia managed travel services business saw bookings rise 13% to $1.4B. U.S. bookings +50% to $9.6B; international bookings (hurt by a strong dollar) +26% to $5.4B. Hotel revenue +24%, air revenue (major boost from Orbitz) +61%, ad/media revenue +22%, other revenue +37%.
    • Metrics: Excluding eLong (and including Orbitz/HomeAway), room nights rose 39% Y/Y to 52.8M thanks to both M&A and organic growth. U.S. room nights +33%, international +47%. Revenue/night fell 11%. Air ticket sales rose 70% thanks to Orbitz, with revenue/ticket dropping 5%.
    • Financials: Thanks in part to Orbitz/HomeAway, adjusted costs/expenses rose 37% Y/Y to $1.57B, with sales/marketing spend rising 33% to $775M and R&D 48% to $170M. $45M was spent on buybacks. 2015 free cash flow was $581M (-44% Y/Y due to higher capex). Expedia ended 2015 with $1.7B in cash and $3.2B in debt.
    • Expedia has jumped to $106.00 after hours. Priceline (NASDAQ:PCLN) is up 4.6% to $1,080.00. TripAdvisor (NASDAQ:TRIP) is up 6.7% to $58.00.
    | Wed, Feb. 10, 5:33 PM
  • Nov. 9, 2015, 8:18 AM
    • Priceline (NASDAQ:PCLN) reports total bookings rose 7% to $14.8B (+22% in constant currency).
    • Gross profit increased 12% to $2.9B (+29% in constant currency).
    • Adjusted EBITDA +12% to $1.6B.
    • Guidance: Total gross bookings growth of +1% to +8% expected in Q4. EPS of $11.10 to $11.90 anticipated vs. $12.42 consensus.
    • Previously: Priceline beats by $1.12, beats on revenue (Nov. 09 2015)
    • PCNL -4.55% premarket to $1384.00.
    | Nov. 9, 2015, 8:18 AM | 3 Comments
  • Nov. 9, 2015, 7:49 AM
    • Priceline (NASDAQ:PCLN): Q3 EPS of $25.35 beats by $1.12.
    • Revenue of $3.1B (+9.2% Y/Y) beats by $50M.
    • Shares -7.17% PM.
    | Nov. 9, 2015, 7:49 AM
  • Nov. 8, 2015, 5:30 PM
  • Nov. 6, 2015, 1:32 PM
    • Priceline (PCLN -1.6%) and Expedia (EXPE -2.9%) have sold off after TripAdvisor (TRIP -6.8%) posted a Q3 miss and cut its full-year revenue growth forecast. On its earnings call (transcript), TripAdvisor stated the rollout of Instant Booking (allows bookings to be made on TripAdvisor's site/apps, Priceline recently signed up) is affecting near-term revenue by pushing out revenue recognition relative to referral (click-based) payments.
    • Also: Priceline says it's uninterested in making a rival bid for top vacation rental marketplace HomeAway (AWAY -6.2%), which recently agreed to a $3.9B sale to Expedia. HomeAway has fallen to $37.73, a price close to what Expedia's cash/stock offer is currently worth.
    • TripAdvisor's management faced earnings call questions about the impact of Instant Booking on monetization and conversion rates. It insisted IB, and the the Priceline deal in particular, will be a major positive. "The reason Priceline enables us to accelerate our [Instant Booking] rollout globally is because of the rich content that they have on 400,000 plus properties all around the globe, and by that I mean they are able to successfully take bookings on 400,000 plus properties in multiple, multiple, different language, processing payments for multiple different credit card by multiple different banks."
    • At the same time, management is taking a cautious approach to modeling international IB sales. "[W]hile we have the decent amount of experience now in U.S. and U.K., we don't quite know how [Instant Booking] is going to flowing in, in France, in Japan, all throughout age, all throughout all the other markets that we look to roll it out in."
    • Oppenheimer's Jed Kelly has downgraded TripAdvisor to Perform, citing slightly weaker hotel trends and the "monetization drag" Instant Booking could have in the near-term. Nonetheless, he thinks the Priceline deal "should eventually enhance earnings long term, especially as revenue leakage and improving mobile monetization eventually equates to higher revenue per hotel shopper."
    • Priceline and TripAdvisor rallied last week in response to Expedia's Q3 results and full-year guidance hike. Priceline reports on Monday morning.
    | Nov. 6, 2015, 1:32 PM
  • Oct. 29, 2015, 6:01 PM
    • Expedia (NASDAQ:EXPE) has jumped to $135.70 after hours, making new highs after beating Q3 EPS estimates (while slightly missing on revenue) and reporting a 21% Y/Y increase in gross bookings (exc. eLong) to $15.4B, a slight improvement from Q2's 20% growth. Rival Priceline (NASDAQ:PCLN), which reports on Nov. 9, is up 1.1% to $1,441.00.
    • Q3 geographic performance: U.S. revenue rose 18% Y/Y to $1.05B, and international revenue 15% (33% exc. forex) to $890M. U.S. bookings rose 22% to $9.6B, and international bookings 19% (37% exc. forex) to $5.8B.
    • Metrics: Hotel room nights +36% Y/Y to 61.5M (25% U.S. growth, 50% international); revenue/night -15%. Air tickets sold +31%; revenue/ticket -9%. The core travel agency business (OTA) saw revenue rise 18% to $1.74B; trivago (metasearch) revenue rose 27% to $176M, and Egencia (managed travel services) fell 3% to $94M.
    • Sales/marketing spend (much of it going to Google) remained heavy, rising 20% Y/Y on an adjusted basis to $929.8M. Expedia ended Q3 with $1.5B in cash, and $2.5B in long-term debt.
    • Q3 results, PR
    | Oct. 29, 2015, 6:01 PM | 1 Comment
  • Aug. 5, 2015, 8:58 AM
    • Priceline (NASDAQ:PCLN) reports total bookings rose 11% to $14.96B (+26% in constant currency).
    • Gross profit rose at the same rate as bookings, up 11% to $2.093B.
    • U.S. bookings +0.7% to $1.86B
    • International bookings +12% to $13.092B
    • Guidance: Total gross bookings growth of -1% to +6% expected. EPS of $22.95-$24.45 forecast vs. $23.32 consensus.
    • PCNL +8.26% premarket to $1390.00.
    | Aug. 5, 2015, 8:58 AM | 1 Comment
  • Aug. 5, 2015, 8:28 AM
    • Priceline (NASDAQ:PCLN): Q2 EPS of $12.45 beats by $0.47.
    • Revenue of $2.28B (+7.5% Y/Y) beats by $10M.
    • Shares +9.7% PM.
    | Aug. 5, 2015, 8:28 AM | 2 Comments
  • Aug. 4, 2015, 5:30 PM
  • Jul. 31, 2015, 1:25 PM
    • Expedia (NASDAQ:EXPE) has surged to fresh highs after beating Q2 EPS estimates (and posting in-line revenue) on the back of a 20% Y/Y increase in gross bookings to $15.1B. Bookings growth was slightly better than Q1's 19%, and better than feared given forex headwinds - a strong dollar respectively had 8% and 10% impacts on bookings and revenue growth.
    • On the earnings call (transcript), CFO Mark Okerstrom reiterated full-year guidance for 10%-15% adjusted EBITDA growth (exc. the recently-divested eLong). "Though Q2 came in a bit better than expected, we plan to put that upside back into the business mostly in Q3 to drive continued growth."
    • CEO Dara Khosrowshahi noted the core Expedia and platforms continued seeing strong growth, as did Travelocity. He also suggested Expedia could follow up its acquisitions of Travelocity and (pending DOJ approval) Orbitz by acquiring assets in overseas markets, where Priceline (NASDAQ:PCLN) and its platform loom large. "[F]or the time being, we've got plenty on our plates ... We want our revenue outside the U.S. to be bigger than our revenue in the U.S."
    • U.S. bookings rose 18% Y/Y in Q2 to $9.3B, and international bookings (pressured by forex) 25% to $5.8B. Hotel room nights rose 35% (28% organic) to 50.6M, while revenue/night fell 16%. Air tickets sold rose 26% (20% organic), and revenue/ticket fell 10%. Sales/marketing spend rose 19% Y/Y to $885.5M, but tech/content and cost of revenue growth was more moderate.
    • Priceline is following Expedia higher ahead of its Aug. 5 Q2 report.
    • Expedia's Q2 results, PR
    | Jul. 31, 2015, 1:25 PM | 1 Comment
  • Jul. 23, 2015, 6:17 PM
    • In addition to missing Q2 estimates, TripAdvisor (NASDAQ:TRIP) has used its earnings call to cut its full-year revenue growth to low-to-mid 20s growth from a prior outlook for high-20s growth; consensus is at 27.2%. EBITDA growth is now only expected to be in the low-to-mid single digits.
    • The travel site blames international click-based (metasearch) ad prices and forex. Click ad revenue rose 13% Y/Y in Q2 to $266M (66% of total revenue), a slowdown from Q1's 20%. Display ad revenue rose 8% to $40M, and subscription, transaction, and other revenue rose 94% to $99M.
    • Regional performance: North America remained strong, with regional revenue growing 31% to $211M. But EMEA revenue growth slowed to 19% (to $12&M) from Q1's 30%, and Asia-Pac growth to 14% (to $48M) from 20%. Latin America grew 46% to $19M.
    • Other numbers: Hotel-related revenue rose 13% to $343M (85% of total). Other revenue (boosted by M&A) rose 210% to $62M. Traffic growth is still healthy: Average monthly unique visitors +30% to 375M, with mobile app downloads rising by 25M Q/Q to 215M (195M for the core TripAdvisor app). Weighing on EPS: GAAP costs/expenses rose 46% Y/Y to $326M, thanks partly to a 51% increase in sales/marketing spend to $192M.
    • Priceline (NASDAQ:PCLN), which received 88% of its Q1 bookings from international markets (to a large extent Europe), is down 1.2% AH. Priceline's Q2 report is due on Aug. 5.
    • TripAdvisor's Q2 results, PR
    | Jul. 23, 2015, 6:17 PM | 9 Comments
Company Description
The Priceline Group, Inc. is an online travel company, which provides travel and related services. It offers accommodation reservations including hotels, bed and breakfasts, hostels, apartments, vacation rentals and other properties. The company provides services through,... More
Sector: Services
Industry: General Entertainment
Country: United States