Earnings Call Excerpt
Expedia Inc. (EXPE)
Q2 2007 Earnings Conference Call
August 2, 2007 11:00 am ET
Executives
Barry Diller – Chairman and Senior Executive
Dara Khosrowshahi – President and Chief Executive Officer
Michael Adler – Chief Financial Officer
[Stu Hoss] – Senior Vice President of Investor Relations, Treasurer
Analysts
Imran Khan – JP Morgan
Douglas Anmuth – Lehman Brothers
Robert Peck – Bear Stearns
Anthony Noto – Goldman Sacks
Michael Millman - Soleil
Mark Mahaney - Citigroup
Christopher Gutek – Morgan Stanley
Aaron Kessler – Piper, Jaffray, & Co.
Justin Post – Merrill Lynch
Presentation
Operator
Good morning ladies and gentlemen and thank you for standing by. Welcome to the Expedia second quarter 2007 conference call. (Operator Instructions) This conference is being recorded Thursday, August 2nd, 2007. I would now like to turn the conference over to [Stu Hoss], Senior Vice President of Investor Relations and Treasurer. Please go ahead sir.
[Stu Hoss]
Good morning, and welcome to Expedia Inc.’s financial results conference call for the second quarter, ended June 30th, 2007. I’m pleased to be joined on the call today by Barry Diller, Expedia’s Chairman and Senior Executive, Dara Khosrowshahi, our CEO and President, and Michael Adler, our CFO. The following discussion, including responses to your questions, reflects management’s views as of today, August 2nd, 2007 only.
As always, some of the statements made on today’s call are forward looking, including our comments on financial expectations, operational performance and margins, planned investments and spending, platform improvements, systems upgrades, growth of business lines, [financial] performance, and [dilution]. Actual results may differ materially. We do not undertake any obligation to update or revise this information to reflect future events or circumstances.
Please refer to today’s press release and the company’s filings with the SEC, including our Form 10-K for the year ended December 31st, 2006. For additional information about factors that could potentially effect our financial and operational results. During this call we will discuss certain non-GAAP financial measures, including OIBA, operating expenses, excluding stock-based compensation, free cash flow, adjusted net income, and adjusted EPS.
In our press release, which is posted on the company’s IR website at www.expediainc.com/IR, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with the most comparable GAAP measures. Finally, unless otherwise stated, all references to gross margin, selling and marketing expense, general and administrative expense, and technology and content expense exclude stock based compensation. And all comparisons in this call will be against our results for the comparable period of 2006. And with that, let me turn the call over to Barry.
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