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Priceline.com Reports Financial Results for 4th Quarter and Full-Year 2010

NORWALK, Conn. Feb. 23, 2011 $3.26 billion

$731 million $374.9 million $478.4 million $374.0 million $189.0 million $135.7 million $2.66 $78.4 million $1.55

$175.0 million $3.40 $1.99 $3.10 $222.9 million Non-GAAP Financial Measures

$3.08 billion $1.4 billion $1.9 billion $1.4 billion $786.8 million $527.5 million $10.35 $489.5 million $9.88 $183.3 million

$901.4 million $692.7 million $13.49 $8.52 $13.22

Jeffery H. Boyd Asia-Pacific South America Western Europe North America

"Going forward, Booking.com, priceline.com, Agoda.com and TravelJigsaw intend to continue building their brands, extending the reach of the Group’s global hotel network and working together to achieve benefits of integration where appropriate," said Mr. Boyd.

Priceline.com said it was targeting the following for 1st quarter 2011:

  • Year-over-year increase in total gross travel bookings of approximately 45% – 50%.
  • Year-over-year increase in international gross travel bookings of approximately 64% – 69% (an increase of approximately 66% – 71% on a local currency basis).
  • Year-over-year increase in domestic gross travel bookings of approximately 7% to 12%.
  • Year-over-year increase in revenue of approximately 29% to 34%.
  • Year-over-year increase in gross profit of approximately 47% to 52%.
  • $147 million to $157 million
  • $2.34 and $2.44

The Company noted that its first quarter guidance reflected sequentially higher levels of top line growth, and accordingly, higher variable expenses, which should benefit earnings in the second and third quarters when a high proportion of the related stays occur and commission revenue is recognized.

Non-GAAP guidance for the 1st quarter 2011:

  • excludes non-cash amortization expense of acquisition-related intangibles,
  • excludes non-cash stock-based compensation expense,
  • excludes non-cash interest expense and gains or losses on early debt extinguishment, if any, related to cash settled convertible debt,
  • excludes the impact, if any, of charges or benefits associated with judgments, rulings and/or settlements related to hotel occupancy tax proceedings,
  • excludes non-cash income tax expense and reflects the impact on income taxes of certain of the non-GAAP adjustments,        
  • includes the additional impact of the non-GAAP adjustments described above on net income attributable to noncontrolling interests,
  • includes the anti-dilutive impact of the "Conversion Spread Hedges" (see "Non-GAAP Financial Measures" below) on diluted common shares outstanding related to outstanding convertible notes, and
  • includes the dilutive impact of additional shares of unvested restricted stock, restricted stock units and performance share units because non-GAAP net income has been adjusted to exclude stock-based compensation.

In addition, non-GAAP EBITDA excludes depreciation and amortization expense, interest income, interest expense, equity in income and loss of investees, net income attributable to noncontrolling interests, income taxes and includes the impact of foreign currency transactions and other expenses.

$68 million $35 million $1.66 to $1.76

Information About Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements reflect the views of the Group’s management regarding current expectations and projections about future events and are based on currently available information and current foreign currency exchange rates. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict; therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements. Expressions of future goals and similar expressions including, without limitation, "may," "will," "should," "could," "expects," "does not currently expect," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," or "continue," reflecting something other than historical fact are intended to identify forward-looking statements.

The following factors, among others, could cause the Group’s actual results to differ materially from those described in the forward-looking statements:

— adverse changes in general market conditions for leisure and other travel services as a result of, among other things, decreased consumer spending, general economic downturn, terrorist attacks, natural disasters or adverse weather, the bankruptcy or insolvency of a major airline, or the outbreak of an epidemic or pandemic disease, such as the recent swine flu outbreak;

— adverse changes in the Group’s relationships with airlines and other product and service providers and vendors which could include, without limitation, the withdrawal of suppliers from the Group’s systems (either "retail" or "opaque" services, or both) and/or the loss or reduction of global distribution fees;

— fluctuations in foreign exchange rates and other risks associated with doing business in multiple currencies;

— the effects of increased competition, including the potential impact of increased pricing competition initiated by other on-line travel agents in the form of reduced booking fees and/or the launch by competitors of an "opaque" travel offering and the potential impact of "metasearch" initiatives by Google and other search engines upon which we rely for a significant amount of traffic;

— an adverse outcome in one or more of the hotel occupancy and other tax proceedings in which priceline.com is involved;

— a change by a major search engine to its search engine algorithms that negatively affects the search engine ranking of the company or its 3rd party distribution partners;

— our ability to expand successfully in international markets;

— the ability to attract and retain qualified personnel;

— difficulties integrating recent or future acquisitions, such as the 2nd quarter 2010 acquisition of TravelJigsaw, including ensuring the effectiveness of the design and operation of internal controls and disclosure controls of acquired businesses;

— the occurrence of an external or internal security breach of our systems or other Internet based systems involving personal customer information, credit card information or other sensitive data;

— systems-related failures and/or security breaches, including without limitation, "denial-of-service" type attacks on our system, any security breach that results in the theft, transfer or unauthorized disclosure of customer information, or the failure to comply with various state laws applicable to the company’s obligations in the event of such a breach; and

— legal and regulatory risks.

For a detailed discussion of these and other factors that could cause the Group’s actual results to differ materially from those described in the forward-looking statements, please refer to the Group’s most recent Form 10-Q, Form 10-K and Form 8-K filings with the Securities and Exchange Commission. Unless required by law, the Group undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

Non-GAAP EBITDA represents GAAP net income excluding depreciation and amortization expense, interest income, interest expense, equity in income and loss of investees, net income and loss attributable to noncontrolling interests, income taxes and is adjusted for the non-GAAP adjustments relating to stock-based compensation expense, gains and losses on early debt extinguishment and charges or benefits related to judgments, rulings, or settlements of hotel occupancy tax proceedings.  Additionally, favorable adjustments to franchise tax and sales and use tax and the favorable litigation settlement relating to credit card processing costs recorded in GAAP net income have been excluded from Non-GAAP EBITDA and Non-GAAP net income.

Non-GAAP EBITDA, non-GAAP net income and non-GAAP net income per share are "non-GAAP financial measures," as such term is defined by the Securities and Exchange Commission, and may differ from non-GAAP financial measures used by other companies. The Group believes that non-GAAP EBITDA, non-GAAP net income and non-GAAP net income per share that exclude certain non-cash or non-recurring income or expense items are useful for analysts and investors to evaluate the Group’s future on-going performance because they enable a more meaningful comparison of the Group’s projected cash earnings and performance with its historical results from prior periods and to those of its competitors. These non-GAAP metrics, in particular non-GAAP EBITDA and non-GAAP net income, are not intended to represent funds available for priceline.com’s discretionary use and are not intended to represent or to be used as a substitute for operating income, net income or cash flows from operations data as measured under GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of consolidated statements of income and must be considered in performing a comprehensive assessment of overall financial performance.

Non-GAAP financial information is adjusted for the following items:

  • Amortization expense of acquisition-related intangibles is excluded because it does not impact cash earnings.
  • Charges or benefits related to judgments, rulings, or settlements of hotel occupancy tax proceedings and favorable adjustments related to certain franchise and sales tax issues for our headquarters location are excluded because the amount and timing of these items are unpredictable, not driven by core operating results and render comparisons with prior periods less meaningful.
  • Cash benefit associated with the favorable settlement of litigation related to credit card processing costs is excluded because the amount and timing of this item is unpredictable, not driven by core operating results and render comparisons with prior periods less meaningful.
  • Stock-based compensation expense is excluded because it does not impact cash earnings and is reflected in earnings per share through increased share count.
  • Interest expense related to the amortization of debt discount and gains or losses on early debt extinguishment related to convertible debt are excluded because they are non-cash in nature.
  • $183.3 million
  • Net income and loss attributable to non-controlling interest is adjusted for the impact of certain of the non-GAAP adjustments described above
    • net income is adjusted for the impact of the non-GAAP adjustments described above.
    • $40.38 $50.47
    • all unvested shares of restricted common stock, restricted stock units and performance share units are included in the calculation of non-GAAP  net income per share because non-GAAP  net income has been adjusted to exclude stock-based compensation expense.

the United States

About The Priceline Group of Companies

Europe North America South America Asia-Pacific Middle East Africa

Amsterdam

In the U.S., priceline.com gives leisure travelers multiple ways to save on their airline tickets, hotel rooms, rental cars, vacation packages and cruises. In addition to getting compelling published prices, travelers can take advantage of priceline.com’s famous Name Your Own Price® service, which can deliver the lowest prices available. Priceline.com also operates the following travel websites: Travelweb.com, Lowestfare.com, RentalCars.com and BreezeNet.com.

Singapore Manchester, UK

priceline.com Incorporated

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

December 31,

December 31,

ASSETS

2010

2009

Current assets:

Cash and cash equivalents

$        358,967

$        202,141

Restricted cash

1,050

1,319

Short-term investments

1,303,251

598,014

Accounts receivable, net of allowance for doubtful accounts of  

$6,353 and $5,023, respectively

162,426

118,659

Prepaid expenses and other current assets

61,211

36,828

Deferred income taxes

70,559

65,980

Total current assets

1,957,464

1,022,941

Property and equipment, net

39,739

30,489

Intangible assets, net

232,030

172,080

Goodwill

510,894

350,630

Deferred taxes

151,408

253,700

Other assets

14,418

4,384

Total assets

$     2,905,953

$     1,834,224

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$          90,311

$          60,568

Accrued expenses and other current liabilities

243,767

127,561

Deferred merchant bookings

136,915

60,758

Convertible debt

175

159,878

Total current liabilities

471,168

408,765

Deferred income taxes

56,440

43,793

Other long-term liabilities

42,990

24,052

Convertible debt

476,230

Total liabilities

1,046,828

476,610

Redeemable noncontrolling interests

45,751

Convertible debt

38

35,985

Stockholders’ equity:

Common stock, $0.008 par value, authorized 1,000,000,000 shares,  

56,567,236, and 52,446,173 shares issued, respectively

438

405

Treasury stock 7,421,128 and 6,865,119 shares, respectively

(640,415)

(510,970)

Additional paid-in capital

2,417,092

2,289,867

Accumulated earnings (deficit)

69,110

(454,673)

Accumulated other comprehensive loss

(32,889)

(3,000)

Total stockholders’ equity

1,813,336

1,321,629

Total liabilities and stockholders’ equity

$     2,905,953

$     1,834,224

priceline.com Incorporated

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2010

2009

2010

2009

Merchant revenues

$ 382,234

$ 317,407

$ 1,691,640

$ 1,447,576

Agency revenues

345,838

220,496

1,380,603

868,395

Other revenues

3,244

3,850

12,662

22,241

    Total revenues

731,316

541,753

3,084,905

2,338,212

Cost of revenues

252,903

228,564

1,175,934

1,077,449

Gross profit

478,413

313,189

1,908,971

1,260,763

Operating expenses:

Advertising – Offline

6,030

5,978

35,714

36,270

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