Priceline Group Inc.

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  • 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
  • May 7, 2015, 10:35 AM
    • Though Priceline (NASDAQ:PCLN) beat Q1 estimates on the back of a 12% Y/Y increase in bookings to $13.8B (above guidance for 2%-9% growth), it's guiding for 0%-7% Q2 bookings growth and EPS of $10.95-$11.75 (below a $13.10 consensus). The company has a history of guiding conservatively.
    • As expected, a weak euro is taking a heavy toll: Q1 bookings were up 26% in constant currency, and Q2 bookings guidance implies 15%-22% growth at CC. Q1 gross profit rose 19% in dollars, and 32% in CC.
    • Regional/segment performance: International bookings (they depend heavily on Europe) +13.7% Y/Y to $12.1B. U.S. bookings +2.1% to $1.67B. Hotel room nights +25.4% to 104.6M; rental car days +18% to 14.6M; air tickets -3.2% to 2M. Agency revenue +15% to $1.2B; merchant revenue -6% to $495M; ad/other revenue (boosted by Kayak) +99% to $147M. International bookings are expected to rise 0%-5% Y/Y in Q2, and U.S. bookings 0%-7%.
    • Financials: Gross margin rose to 90.8% from 85.6% a year ago. GAAP operating expenses +28% Y/Y to $1.24B, with online ad spend (much of it going to Google) up 24% to $643.2M. Priceline ended Q1 with $4.6B in cash/short-term investments, $5B in long-term investments, and $5.3B in long-term debt.
    • Q1 results, PR
    | May 7, 2015, 10:35 AM | 9 Comments
  • May 7, 2015, 7:19 AM
    • Priceline (NASDAQ:PCLN): Q1 EPS of $8.12 beats by $0.40.
    • Revenue of $1.84B (+12.2% Y/Y) beats by $40M.
    • Shares +0.15% PM.
    | May 7, 2015, 7:19 AM | 3 Comments
  • Feb. 19, 2015, 7:34 AM
    • Priceline (NASDAQ:PCLN) reports net income rose 22% Y/Y to $577M in Q4.
    • Total gross bookings +17% to $10.7B (+23% in constant currency).
    • On the expense side, online advertising was up 25.2% to $499.0M.
    • A share buyback program of $3B is approved.
    • Guidance: The company sees total gross bookings growth of 2% to 9% for Q1 (14%-21% in constant currency). Revenue growth of 4% to 11% expected.
    • Previously: Priceline beats by $0.75, beats on revenue
    • Previously: Priceline to acquire Rocketmiles for $20M
    • PCLN +7.3% premarket to $1,204.89.
    | Feb. 19, 2015, 7:34 AM | 4 Comments
  • Feb. 19, 2015, 7:17 AM
    • Priceline (NASDAQ:PCLN): Q4 EPS of $10.85 beats by $0.75.
    • Revenue of $1.84B (+19.5% Y/Y) beats by $40M.
    • Shares +5.97% PM.
    | Feb. 19, 2015, 7:17 AM | 9 Comments
  • Feb. 18, 2015, 5:30 PM
    | Feb. 18, 2015, 5:30 PM | 7 Comments
Company Description
Priceline Group Inc is a provider of online travel and travel related reservation and search services. The Company offer consumers accommodation reservations through its, and brands.
Sector: Services
Country: United States