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Priceline Group Inc. (PCLN)

  • Thu, Feb. 19, 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.
  • Thu, Feb. 19, 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.
    • Press Release
  • Wed, Feb. 18, 5:30 PM
  • Fri, Feb. 6, 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)
    | 1 Comment
  • Fri, Jan. 30, 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.
    | Comment!
  • 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.
    | 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
    | Comment!
  • 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.
    • Press Release
  • 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%.
    | 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.
    • Press Release
    | 1 Comment
  • Aug. 11, 2014, 7:19 AM
    • Priceline (NASDAQ:PCLN) reports Q2 travel bookings rose 34% to $13.5B.
    • The global accommodation business booked 90M rooms, up 29% Y/Y.
    • The company sees Q3 EPS of $19.60-$21.10 vs. consensus $21.26.
    • Press release (.pdf)
    • PCLN -0.1% premarket
  • Aug. 10, 2014, 5:30 PM
  • May. 8, 2014, 7:38 AM
    • (PCLN): Q1 EPS of $7.81 beats by $0.88.
    • Revenue of $1.64B (+26.2% Y/Y) beats by $10M.
    • Press Release
    | Comment!
  • May. 2, 2014, 10:45 AM
    • Though Expedia (EXPE -2.7%) beat Q1 estimates on the back of solid bookings growth, the company reiterated guidance for 13-16% full-year adjusted EBITDA growth on its CC (transcript), while adding "the vast majority" of the growth will happen in 2H14.
    • Moreover, when asked by Deutsche's Ross Sandler whether hotel room night growth (24% Y/Y in Q1 and 25% in Q4) could accelerate to 30%+ in Q2 given an "easy comp" for Hotwire (the business struggled in Q2 last year) and a shift in Easter's timing from Q1 to Q2, CFO Mark Okerstrom chose to punt. "Well, I would say that Hotwire is actually a headwind for us until Q3 ... we don't expect that Q2 is a particularly easy comp for us on the bottom line."
    • Priceline (PCLN -0.1%), which is near breakeven in spite of Expedia's decline, has been providing tough competition for Hotwire in the opaque travel bookings space. Its Q1 report arrives on May 8.
    • Expedia's gross bookings rose 29% Y/Y in Q1 to $12.6B, an improvement from Q4's 21% clip and Q3's 15%. U.S. bookings rose 35% to $7.43B, and international bookings 21% to $5.2B. Room nights +24% with a 10% drop in revenue/night, air tickets sold +30% with a 1% increase in airfare.
    • Heavy online ad spend led sales/marketing expenses to grow 26% to $624.7M (52% of revenue). The Travelocity deal boosted room night growth by 3%, and air ticket growth by 18%.
    | Comment!
  • Feb. 21, 2014, 5:39 PM
    • For the second quarter in a row (previous), Priceline (PCLN +2.5%) has rallied in spite of providing light guidance to go with a beat. The online travel giant has a long history of guiding conservatively, and analysts parsing its Q4 numbers think it's being cautious once again.
    • Gross bookings once again blew away guidance in Q4, growing 38.8% Y/Y vs. 37.5% in Q3 and a guidance range of 27%-34%. International bookings (85% of total bookings) rose 41.2% vs. 41.8% in Q3, and domestic bookings 26.5% vs. just 16.7%. Officially at least, Priceline expects 23%-33% Q1 bookings growth.
    • Stifel has upped its PT to $1,500 from $1,250, and sees the strong Q4 hotel room night growth delivered by Priceline (37% Y/Y) and rivals as evidence "Global travel remains in secular growth."
    • Stifel and others note Priceline's margins are under pressure (op. margin -200 bps Y/Y) as the company continues ramping marketing spend (ad spend rose 36% to $427M), but they add the Q4 decline was smaller than expected.
    • Evercore has hiked its 2014 bookings growth forecast to 32% and 28%. But it's only raising its gross profit forecast by 2%, due to a belief higher-margin opaque inventory deals will keep declining as a percentage of sales.
    • CC transcript
    | 1 Comment
  • Feb. 20, 2014, 4:27 PM
    • Q1 EPS guidance of $6.35-$6.85 is shy of consensus $7.21. Revenue is expected to rise 15-25%, lower than projections for 27%.
    • CC at 4:30 ET
    • Press release, Q4 results
    • PCLN +1% AH
    | 1 Comment
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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