Earnings Call Excerpt
Priceline.com, Inc. (PCLN)
Q3 2008 Earnings Call
November 6, 2008 2:30 pm ET
Executives
Jeffery H. Boyd - President, Chief Executive Officer, Director
Robert J. Mylod Jr. - Chief Financial Officer
Analysts
Analyst for Imran Khan - J.P.Morgan
Michael Millman - Soleil Securities
Scott Barry - Credit Suisse
Brian Fitzgerald - Bank of America
Jennifer Watson - Goldman Sachs
Justin Post - Merrill Lynch
Mark Mahaney - Citigroup
Presentation
Operator
Welcome to Priceline's third quarter 2008 conference call. Priceline would like to remind everyone that this call may contain forward-looking statements which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 reflecting something other than historical fact are intended to identify forward-looking statements.
For a list of factors that could cause Priceline's actual results to differ materially from those described in the forward-looking statements, please refer to the Safe Harbor statements at the end of Priceline's earnings press release as well as Priceline's most recent filings with the Securities and Exchange Commission. Unless required by law, Priceline undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise.
A copy of Priceline's earnings press release together with an accompanying financial and statistical supplement is available in the investor relations section of Priceline's website, located at www.priceline.com.
Now I would like to introduce Priceline's speakers for this afternoon, Jeff Boyd and Bob Mylod. Go ahead, gentlemen.
Jeffery Boyd
Welcome to Priceline’s third quarter conference call. I’m here with Priceline’s CFO, Bob Mylod.
Priceline reported consolidated gross bookings for the third quarter of $2 billion, up 44% year-over-year. Pro forma gross profit of $316 million was up 57%. Pro forma EBITDA was $153 million, up 69% and pro forma net income was $117 million or $2.39 per share, up 52%.
Third quarter results surpassed third quarter consensus estimates of $2.10 due to better than forecast results in Europe and the United States. Our international business had a good quarter with 59% bookings growth despite a substantial decline from the beginning to the end of the quarter in the value of the Euro and in hotel ADR’s.
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