EX-99.1 2 a05-12314_4ex99d1.htm EX-99.1

 

Exhibit 99.1

 

Priceline.com Reports 2nd Quarter 2005 Financial Results

 

 NORWALK, Conn., August 8, 2005 . . . Priceline.com Incorporated (Nasdaq: PCLN) today reported its financial results for the 2nd quarter 2005, which were consistent with the projected results announced by the company on July 14, 2005.  Gross travel bookings for the quarter were $569.5 million, a 20.3% increase over the same period a year ago.  Gross travel bookings refer to the total dollar value, inclusive of all taxes and fees, of all travel services purchased by consumers.  Revenues in the 2nd quarter were $266.6 million, a 2.8% increase over the same period a year ago.  Second quarter 2005 results include the operating results of Active Hotels, acquired in September 2004, and Travelweb, acquired in May 2004.

 

Priceline.com’s GAAP gross profit for the 2nd quarter 2005 was $65.2 million, up 21.3% over the same period in the previous year, while GAAP net income for the 2nd quarter 2005 was $12.4 million, or $0.29 per diluted share, vs. $0.28 in the same period a year ago.  Pro forma gross profit for the 2nd quarter 2005 was $65.6 million, a 20.1% increase over the same period a year ago.  Pro forma net income for the 2nd quarter 2005 was $16.8 million, or $0.41 per diluted common share, an increase of 28.1% over the same period in the prior year and exceeding the First Call average analyst estimate of $0.37.  The section below entitled “Non-GAAP Financial Measures” provides a definition and information about the use of pro forma financial information used in this press release and the attached financial and statistical supplement reconciles pro forma financial information with priceline.com’s financial results under GAAP.

 

“Priceline posted strong bottom line results in the second quarter aided by our diverse service offerings and expense controls,” said priceline.com President and Chief Executive Officer, Jeffery H. Boyd.  “Solid growth in priceline.com’s European operations and the launch of our new U.S. retail hotel service helped drive solid growth in gross travel bookings.”

 

Mr. Boyd continued, “In an increasingly competitive online travel market, priceline.com continues to focus on developing new services and markets, offering differentiated products under a distinctive brand, and operating one of the market’s most efficient cost structures. The recent acquisitions of U.K. based Active Hotels and Netherlands based Bookings B.V. make Priceline Europe one of Europe’s largest and fastest growing online hotel reservation services with a unique combined inventory of approximately 18,000 hotels.  With the launch of our new U.S. retail hotel service last quarter, priceline.com’s customers now have more ways to enjoy unique savings for all their travel needs.  Finally, we have established what we believe to be an important new source of customers next year for our opaque services through the marketing partnership with Orbitz, which we announced last quarter.  We believe these initiatives will make significant contributions to our results in the coming quarters.”

 

Forward Guidance

 

Looking forward, Mr. Boyd said, “We believe that priceline.com has a unique complement of travel services in the U.S. market, and a leading position among European online hotel reservation services.  Going forward, we plan to build on our strengths in those markets with further service enhancements and advertising support where appropriate.  Also, we intend over time to continue to integrate our global service offerings to make them available to all priceline.com customers, regardless of where they live.  We believe priceline.com is well-positioned to continue building its business through the balance of 2005 and beyond.”

 

Priceline.com issued the following guidance for 3rd quarter 2005:

 


 

•                  Year-over-year increases in gross travel bookings of approximately 35%;

•                  Year-over-year increase in revenue of approximately 2.5%;

•                  Year-over-year increase in pro forma gross profit of approximately 40% to 42%; and

•                  Pro forma net income of between $0.34 to $0.40 per diluted share.

 

For the full-year 2005, priceline.com said it expects pro forma net income to be in the range of $1.20 to $1.30 per diluted share.

 

A reconciliation of pro forma financial results to GAAP results is included in the attached financial and statistical supplement.  Pro forma gross profit guidance for the 3rd quarter 2005 excludes the after-tax effects of non-cash amortization expense of acquisition-related intangibles associated with the acquisition of Travelweb LLC.  Pro forma net income per diluted share guidance for the 3rd quarter and full-year 2005 excludes the after-tax effects of non-cash amortization expense of acquisition-related intangibles (primarily associated with the acquisitions of Travelweb and Active Hotels), stock-based compensation expense, option payroll tax expense, and, as applicable, the payment of non-cash preferred stock dividends, which, when aggregated, are expected to total approximately $5.0 million and $17.5 million, respectively.  In addition, pro forma net income per diluted share guidance for the 3rd quarter 2005 and full-year 2005 excludes the anticipated impact of EITF 04-08 (“Effect of Contingently Convertible Debt on Diluted Earnings per Share”), which was effective as of December 15, 2004 and which revises the method for calculating diluted shares outstanding for purposes of computing GAAP net income per diluted share.  Finally, pro forma gross profit and pro forma net income per diluted share guidance for the 3rd quarter and full-year 2005 excludes the after-tax effects of non-cash amortization expense of acquisition-related intangibles associated with the July 2005 acquisition of Bookings B.V., which the company is unable to forecast at this time without unreasonable effort.

 

About priceline.com

 

Priceline.com is a travel service that offers leisure airline tickets, hotel rooms, rental cars, vacation packages and cruises.  Priceline.com recently expanded its services so customers now have a choice: they can pick from a broad selection of published flights, hotels, rental cars and packages at published prices or, for deeper savings, they can use priceline.com’s Name Your Own Priceâ service for their travel needs.  Priceline.com also has a personal finance service that offers home mortgages, refinancing and home equity loans through an independent licensee.

 

Priceline.com operates one of Europe’s fastest growing hotel reservation services through Activehotels.com, Activereservations.com, Bookings.net and priceline.co.uk.  The company also operates the following travel sites:  Travelweb.com, Lowestfare.com, Rentalcars.com and Breezenet.com.  Priceline.com licenses its business model to independent licensees, including priceline mortgage and certain international licensees.

 

###

 

Press information:   Brian Ek  203-299-8167  (brian.ek@priceline.com)

 

Information About Forward-Looking Statements

 

This press release may contain forward-looking statements. 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, “believe(s),” “intend,” “expect(s),” “will,” “may,” “should,” “could,” “plan(s),” “anticipate(s),” “estimate(s),” “predict(s),” “potential,” “target(s),” or “continue,” reflecting something other than historical fact are intended to identify

 


 

forward-looking statements. The following factors, among others, could cause the Company’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 the result of, among other things, terrorist attacks;

 

•    adverse changes in the Company’s relationships with airlines and other product and  service     providers which could include, without limitation, the withdrawal of suppliers from the priceline.com system (either priceline.com’s retail or “opaque” services, or both):

 

•    the loss or reduction of global distribution fees;

 

•    the bankruptcy or insolvency of another major domestic airline;

 

•    the effects of increased competition, including, without limitation, adverse effects from the continued consolidation of on-line travel intermediaries;

 

•    systems-related failures and/or security breaches;

 

•    difficulties integrating recent acquisitions, such as Active Hotels and Bookings B.V., including, ensuring the effectiveness of the design and operation of internal controls and disclosure controls of acquired businesses;

 

•    legal and regulatory risks; and

 

•    the ability to attract and retain qualified personnel.

 

For a detailed discussion of these and other factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements, please refer to the Company’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 Company 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

 

Pro forma gross profit excludes the after-tax effects of non-cash amortization expense of acquisition-related intangibles.  Pro forma net income excludes the after tax effects of non-cash amortization expense of acquisition-related intangibles, stock-based compensation expense, option payroll tax expense and, when applicable, the payment of non-cash preferred stock dividends.  In addition, pro forma net income per share excludes the accounting impact of EITF 04-08 (“Effect of Contingently Convertible Debt on Diluted Earnings per Share”), which was effective as of December 15, 2004 and revises the method for calculating diluted shares outstanding for purposes of computing GAAP net income per share.

 

Pro forma gross profit, pro forma net income and pro forma 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. Priceline.com believes that pro forma gross profit, pro forma net income and pro forma net income per share that exclude the after-tax effects of non-cash amortization expense of acquisition-related intangibles are useful for investors to evaluate priceline.com’s future on-going performance because they enable a more meaningful comparison of priceline.com’s projected cash earnings and performance with its historical results from prior periods.  Stock based compensation expense and the non-cash expense associated with the payment of preferred stock dividends are excluded from pro forma

 


 

net income and pro forma net income per share because they do not impact cash earnings and are reflected in earnings per share through increased share counts.  Option payroll tax expense often shows volatility unrelated to operating results since the expense is driven primarily by option exercise activity and the market price of priceline.com’s common stock.  Finally, the accounting impact of EITF 04-08 (“Effect of Contingently Convertible Debt on Diluted Earnings per Share”), which requires that priceline.com use the “if-converted” method of accounting for convertible debt instruments when calculating earnings per share, has been excluded because the common stock that underly priceline.com’s 1% Convertible Senior Notes and priceline.com’s 2.25% Convertible Senior Notes are generally not issuable unless our common stock trades at prices of $44.00 per share and $45.54 per share, respectively.

 

The presentation of this financial information should not be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States.  The attached financial and statistical supplement reconciles pro forma financial information with priceline.com’s financial results under GAAP.

 


 

priceline.com Incorporated - 2005 SECOND QUARTER FINANCIAL DATA SUPPLEMENT

 

priceline.com Financials

Consolidated Statements of Operations

Consolidated Balance Sheets

 

Statistical Data

 

 

 

This supplement is unaudited and intended as a supplement to, and should be read in conjunction with, the Company’s audited financial statements and the notes thereto filed with the SEC on Form 10-K and unaudited quarterly financial statements filed with the SEC on Form 10-Q.  Certain data have been reclassified in order to conform historical information in a manner consistent with current presentation and has not been audited in this form.  Certain presentations within this supplement are not consistent with Generally Accepted Accounting Principles.

 

Certain amounts may differ from reported results due to rounding.

 


 

priceline.com Incorporated

Consolidated Statements of Operations

In thousands, except per share data

(Unaudited)

 

Income Statement Analysis

 

1Q04

 

2Q04

 

3Q04

 

4Q04

 

1Q05

 

2Q05

 

2Q05 vs.
2Q04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant revenues

 

$

217,011

 

$

249,860

 

$

226,453

 

$

179,669

 

$

217,528

 

$

246,504

 

-1

%

Agency revenues

 

6,448

 

8,747

 

8,671

 

14,734

 

14,925

 

18,858

 

116

%

Other revenues

 

672

 

782

 

758

 

565

 

939

 

1,195

 

53

%

Total revenues

 

224,131

 

259,389

 

235,882

 

194,968

 

233,392

 

266,557

 

3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of merchant revenues

 

180,757

 

205,610

 

184,627

 

143,827

 

175,685

 

201,323

 

-2

%

Cost of agency revenues

 

—

 

—

 

151

 

1,244

 

—

 

—

 

NM

 

Cost of other revenues

 

—

 

—

 

—

 

—

 

—

 

—

 

NM

 

Total costs of revenues

 

180,757

 

205,610

 

184,778

 

145,071

 

175,685

 

201,323

 

-2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

$

43,374

 

$

53,779

 

$

51,104

 

$

49,897

 

$

57,707

 

$

65,234

 

21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising - offline

 

10,664

 

9,617

 

7,178

 

6,018

 

11,072

 

8,089

 

-16

%

Advertising - online

 

4,741

 

6,749

 

7,471

 

8,518

 

9,932

 

12,205

 

81

%

Sales and marketing

 

6,706

 

9,096

 

8,711

 

7,577

 

8,208

 

10,113

 

11

%

Personnel

 

8,341

 

7,895

 

8,162

 

11,176

 

11,222

 

9,761

 

24

%

General and administrative

 

3,509

 

4,454

 

4,301

 

4,188

 

4,237

 

5,453

 

22

%

Information technology

 

2,514

 

2,455

 

2,272

 

1,929

 

2,739

 

2,776

 

13

%

Depreciation and amortization

 

2,220

 

2,565

 

3,359

 

5,358

 

5,466

 

5,047

 

97

%

Restructuring reversal

 

—

 

(12

)

—

 

—

 

(336

)

—

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

$

38,695

 

$

42,819

 

$

41,454

 

$

44,764

 

$

52,540

 

$

53,444

 

25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

4,679

 

$

10,960

 

$

9,650

 

$

5,133

 

$

5,167

 

$

11,790

 

8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

1,110

 

1,029

 

1,655

 

1,316

 

1,456

 

1,712

 

66

%

Interest expense

 

(566

)

(566

)

(1,299

)

(1,291

)

(1,293

)

(1,239

)

119

%

Other

 

6

 

13

 

56

 

(6

)

(654

)

53

 

308

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other income

 

$

550

 

$

476

 

$

412

 

$

19

 

$

(491

)

$

526

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes and equity in income (loss) of investees

 

$

5,229

 

$

11,436

 

$

10,062

 

$

5,152

 

$

4,676

 

$

12,316

 

8

%

Income tax benefit (expense)

 

—

 

—

 

(67

)

260

 

290

 

(336

)

NM

 

Equity in income/(loss) of investees, net

 

(126

)

(35

)

9

 

(414

)

26

 

396

 

NM

 

Net income

 

$

5,103

 

$

11,401

 

$

10,004

 

$

4,998

 

$

4,992

 

$

12,376

 

9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend

 

(772

)

—

 

(740

)

—

 

(878

)

—

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common stockholders

 

$

4,331

 

$

11,401

 

$

9,264

 

$

4,998

 

$

4,114

 

$

12,376

 

9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common stockholders per basic common share

 

$

0.12

 

$

0.30

 

$

0.24

 

$

0.13

 

$

0.11

 

$

0.32

 

7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common stockholders per diluted common share

 

$

0.11

 

$

0.28

 

$

0.23

 

$

0.12

 

$

0.10

 

$

0.29

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Weighted average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

37,588

 

38,076

 

38,684

 

38,775

 

38,863

 

39,022

 

2

%

Diluted

 

38,905

 

43,144

 

42,648

 

40,449

 

39,764

 

46,516

 

8

%

Common shares outstanding, end of period

 

37,696

 

38,748

 

38,801

 

38,860

 

39,241

 

39,343

 

2

%

 

 

1


 

priceline.com Incorporated

Consolidated Balance Sheets

In thousands

(Unaudited)

 

 

 

3/31/2004

 

6/30/2004

 

9/30/2004

 

12/31/2004

 

3/31/2005

 

6/30/2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

176,092

 

$

156,306

 

$

77,281

 

$

101,270

 

$

100,071

 

$

118,270

 

Restricted cash

 

22,384

 

23,502

 

25,968

 

23,572

 

23,855

 

22,041

 

Short-term investments

 

79,576

 

206,360

 

144,381

 

122,812

 

141,967

 

137,598

 

Accounts receivable, net of allowance for doubtful accounts

 

19,052

 

23,733

 

24,146

 

18,314

 

25,915

 

31,811

 

Prepaid expenses and other current assets

 

3,435

 

6,156

 

7,223

 

6,578

 

6,419

 

8,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

300,539

 

416,057

 

278,999

 

272,546

 

298,227

 

317,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT, net

 

15,692

 

15,474

 

15,899

 

15,827

 

17,672

 

17,627

 

INTANGIBLE ASSETS, net

 

6,814

 

13,570

 

96,651

 

98,908

 

94,195

 

86,737

 

GOODWILL

 

8,779

 

32,837

 

130,118

 

138,859

 

132,540

 

127,665

 

OTHER ASSETS

 

21,385

 

16,674

 

16,186

 

15,942

 

17,164

 

17,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

353,209

 

$

494,612

 

$

537,853

 

$

542,082

 

$

559,798

 

$

567,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

38,023

 

$

49,380

 

$

50,640

 

$

40,612

 

$

58,900

 

$

57,175

 

Accrued expenses

 

18,118

 

22,414

 

25,096

 

23,649

 

19,620

 

20,607

 

Deferred merchant bookings

 

—

 

8,867

 

7,398

 

5,641

 

7,950

 

8,267

 

Other current liabilities

 

3,127

 

3,340

 

3,512

 

4,475

 

4,047

 

7,135

 

Total current liabilities

 

59,268

 

84,001

 

86,646

 

74,377

 

90,517

 

93,184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred taxes

 

—

 

—

 

25,310

 

25,668

 

22,624

 

21,857

 

Other long-term liabilities

 

435

 

2,029

 

632

 

692

 

1,573

 

844

 

Minority interest

 

—

 

691

 

4,471

 

4,314

 

4,459

 

4,476

 

Long-term debt

 

124,996

 

223,348

 

224,572

 

224,418

 

223,576

 

224,247

 

Total liabilities

 

184,699

 

310,069

 

341,631

 

329,469

 

342,749

 

344,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK

 

13,470

 

13,470

 

13,470

 

13,470

 

13,470

 

13,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

307

 

315

 

316

 

317

 

319

 

320

 

Treasury stock

 

(350,628

)

(350,628

)

(350,628

)

(350,628

)

(350,628

)

(350,628

)

Additional paid-in capital

 

2,056,942

 

2,062,613

 

2,063,451

 

2,064,224

 

2,071,625

 

2,073,832

 

Deferred compensation

 

(1,302

)

(1,516

)

(1,390

)

(1,264

)

(6,146

)

(5,990

)

Accumulated deficit

 

(1,551,113

)

(1,539,712

)

(1,530,448

)

(1,525,447

)

(1,521,333

)

(1,508,957

)

Accumulated other comprehensive income

 

834

 

1

 

1,451

 

11,941

 

9,742

 

600

 

Total stockholders’ equity

 

155,040

 

171,073

 

182,752

 

199,143

 

203,579

 

209,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

353,209

 

$

494,612

 

$

537,853

 

$

542,082

 

$

559,798

 

$

567,255

 

 

2


 

priceline.com Incorporated

Statistical Data

In thousands

 

Gross Bookings

 

1Q04

 

2Q04

 

3Q04

 

4Q04

 

1Q05

 

2Q05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant

 

$

246,339

 

$

297,094

 

$

278,339

 

$

218,541

 

$

267,815

 

$

303,017

 

Agency

 

116,611

 

176,248

 

156,946

 

197,634

 

241,935

 

266,447

 

Total

 

$

362,950

 

$

473,342

 

$

435,285

 

$

416,175

 

$

509,750

 

$

569,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

360,179

 

$

470,375

 

$

424,815

 

$

367,199

 

$

437,848

 

$

491,949

 

International

 

2,771

 

2,967

 

10,470

 

48,976

 

71,902

 

77,515

 

Total

 

$

362,950

 

$

473,342

 

$

435,285

 

$

416,175

 

$

509,750

 

$

569,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year/Year Growth

 

45.3

%

58.0

%

43.7

%

61.1

%

40.4

%

20.3

%

 

Units Sold

 

1Q04

 

2Q04

 

3Q04

 

4Q04

 

1Q05

 

2Q05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Airline Tickets

 

622

 

822

 

725

 

644

 

747

 

789

 

Year/Year Growth

 

28.7

%

60.3

%

65.5

%

61.5

%

20.0

%

-4.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel Room-Nights

 

1,682

 

1,995

 

2,087

 

2,007

 

2,556

 

2,736

 

Year/Year Growth

 

35.9

%

31.6

%

26.2

%

51.1

%

52.0

%

37.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental Car Days

 

1,214

 

1,409

 

1,364

 

1,065

 

1,278

 

1,535

 

Year/Year Growth

 

83.1

%

62.4

%

12.1

%

15.4

%

5.3

%

8.9

%

 

 

 

1Q04

 

2Q04

 

3Q04

 

4Q04

 

1Q05

 

2Q05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

224,131

 

$

259,389

 

$

235,882

 

$

194,968

 

$

233,392

 

$

266,557

 

Year/Year Growth

 

11.8

%

8.3

%

-3.1

%

8.2

%

4.1

%

2.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

$

43,374

 

$

53,779

 

$

51,104

 

$

49,897

 

$

57,707

 

$

65,234

 

Year/Year Growth

 

31.5

%

32.8

%

25.7

%

56.8

%

33.0

%

21.3

%

 

Gross Bookings represent the total dollar value of travel booked, inclusive of taxes and fees.

The gross bookings and units sold information reflects results from Active Hotels since acquisition.

 

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