Priceline Group Inc. (PCLN) - NASDAQ
  • 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
  • Feb. 6, 2015, 9:31 AM
    • "We are expecting a deceleration in revenue growth in 2015 on headwinds from Travelocity implementation, further impact from the reduction of our hotel margins, the negative impact of foreign currency and the continued success of our loyalty programs," stated Expedia (NASDAQ:EXPE) CFO Mark Okerstrom on the Q4 CC (transcript). The revenue boost from the Wotif acquisition will partly offset.
    • Okerstrom added Expedia isn't "expecting any meaningful adjusted EBITDA growth in the first quarter and expect the bulk of our adjusted EBITDA dollar growth to come in the back half of the year." Excluding the 65%-owned Chinese eLong (LONG -4.8%) unit, which is expected to see losses grow amid tough competition from Ctrip/Qunar, adjusted EBITDA growth is expected to be in the 10%-15% range, with forex having a 5% impact.
    • Expedia's Q4 gross bookings rose 24% Y/Y to $11.3B, but revenue rose a more modest 19% and adjusted EBITDA (exc. eLong) 13%. A 10% Y/Y drop in revenue/hotel room night and 6% drop in revenue/air ticket (both hurt by forex) pressured the top line, and a 29% increase in sales/marketing spend (thanks to Google and TV ad spend) pressured the bottom line.
    • Some positives: Hotel room night still rose 28%, and air tickets sold 30%. U.S. bookings grew 29%, and international 18% (forex again).
    • Priceline (NASDAQ:PCLN), which has heavier international exposure than Expedia, is also lower. Its Q4 report arrives on Feb. 19.
    • Expedia's Q4 results, PR (.pdf)
    | Feb. 6, 2015, 9:31 AM | 1 Comment
  • Jan. 30, 2015, 5:42 PM
    • Priceline's (NASDAQ:PCLN) Q4 report will arrive at 7AM ET on Thursday, Feb. 19. CC at 7:30AM.
    • Consensus is for revenue of $1.8B (+16.6% Y/Y) and EPS of $10.07 (+14%). With forex concerns looming large, shares have fallen 16% since the online travel giant provided light Q4 guidance to go with a Q3 EPS beat on Nov. 4.
    | Jan. 30, 2015, 5:42 PM
  • Nov. 4, 2014, 8:51 AM
    • Priceline (NASDAQ:PCLN) beat Q3 EPS estimates and posted in-line revenue, but offered EPS guidance that was well below consensus and noted macro conditions are mixed, especially in Europe. Revenue guidance (11%-18% Y/Y growth vs. a 23.8% consensus) is also light.
    • The online travel giant also reported bookings growth slowed to 28% in Q3 from 34% in Q2 - U.S. bookings growth fell to 9.9% from 20.6%, and international growth to 31.6% from 36.2% - and guided for just 8%-15% Q4 bookings growth. Forex (driven by a weak euro) is expected to have a 500 bps impact on Q4 growth.
    • While Priceline has a history of guiding conservatively, the size of the guidance shortfalls is raising eyebrows. Expedia (NASDAQ:EXPE) -1.2% premarket, TripAdvisor (NASDAQ:TRIP) -0.8%. TripAdvisor reports after the bell.
    | Nov. 4, 2014, 8:51 AM | 1 Comment
  • Nov. 4, 2014, 7:59 AM
    • Q3 non-GAAP net income of $1.2B up 29% Y/Y. Non-GAAP EPS of $22.16 vs. $17.30 a year ago.
    • Gross travel bookings of $13.8B up 28% Y/Y.
    • CEO Darren Huston notes a "mixed macro-economic backdrop, particularly in Europe."
    • Q4 guidance: Gross travel bookings up 8-15%. Non-GAAP EPS of $9.40-$10.10 vs. the Street at $10.91.
    • Previously: beats by $1.05, revenue in-line
    • Conference call is underway
    • PCLN -6.8% premarket
    | Nov. 4, 2014, 7:59 AM
  • Nov. 4, 2014, 7:32 AM
    • (NASDAQ:PCLN): Q3 EPS of $22.16 beats by $1.05.
    • Revenue of $2.84B (+25.1% Y/Y) in-line.
    • Shares -5% PM.
    | Nov. 4, 2014, 7:32 AM | 2 Comments
  • Oct. 31, 2014, 1:42 PM
    • Expedia (EXPE +5%)  is rallying after beating Q3 estimates on the back of a 29% Y/Y increase in gross bookings (even with Q2's clip) to $13.5B. U.S. bookings rose 35% to $7.9B, and international bookings 22% to $5.6B.
    • Hotel room nights rose 24% Y/Y (down from Q2's 28%), and air tickets 30% (up from Q2's 28%). Revenue per room night fell 2%; revenue per ticket fell 7%.
    • Sales/marketing spend (much of it on Google) rose 30% to $815.8M, and tech/content spend 20% to $172.8M. $130M was spent on buybacks.
    • On the CC (transcript), the company reiterated guidance for 16%-19% full-year adjusted EBITDA growth. CEO Dara Khosrowshahi noted the Travelocity deal is boosting top-line performance, and said the company plans to increase investments in its Chinese eLong (LONG -0.5%) unit, which is facing "challenges and competitive headwinds."
    • With marketing spend remaining high and investments in eLong and Trivago ramping, Benchmark expects "minimal EBITDA margin expansion" in 2015. But it also expects 13%  sales growth after the Travelocity deal reaches its 1-year anniversary.
    • Priceline (PCLN +4.6%) and TripAdvisor (TRIP +2.8%) are getting a lift from Expedia. The Nasdaq is up 1.3%.
    | Oct. 31, 2014, 1:42 PM | 1 Comment
  • Aug. 11, 2014, 7:51 AM
    • (NASDAQ:PCLN): Q2 EPS of $12.51 beats by $0.45.
    • Revenue of $2.12B (+26.2% Y/Y) misses by $30M.
    | Aug. 11, 2014, 7:51 AM | 1 Comment
Company Description
The Priceline Group, Inc. is an online travel company, which provides consumers accommodation reservations including hotels, bed and breakfasts, hostels, apartments, vacation rentals and other properties through its, and brands. Its brand also... More
Sector: Services
Industry: General Entertainment
Country: United States