Booking (BKNG) 8-K Priceline.com Reports Financial Results for 3rd Quarter 2013

Exhibit 99.1

Priceline.com Reports Financial Results for 3rd Quarter 2013

NORWALK, Conn., November 7, 2013. . . The Priceline Group (NASDAQ: PCLN) today reported its 3^rd quarter 2013 financial results. Third quarter gross travel bookings for The Priceline Group (the “Group”), which refers to the total dollar value, generally inclusive of all taxes and fees, of all travel services purchased by its customers, were $10.8 billion, an increase of 37.5% over a year ago (approximately 36% on a local currency basis).

The Group's gross profit for the 3^rd quarter was $2.0 billion, a 42.4% increase from the prior year. International operations contributed gross profit in the 3^rd quarter of $1.8 billion, a 42.1% increase versus a year ago (approximately 39% on a local currency basis). The Group had GAAP net income applicable to common shareholders for the 3^rd quarter of $833 million, or $15.72 per diluted share, which compares to $597 million or $11.66 per diluted share, in the same period a year ago.

Non-GAAP net income in the 3^rd quarter was $920 million, a 44.2% increase versus the prior year. Non-GAAP net income was $17.30 per diluted share, compared to $12.40 per diluted share a year ago. FactSet consensus for the 3^rd quarter 2013 was $16.23 per diluted share. Adjusted EBITDA for the 3^rd quarter 2013 was $1.1 billion, an increase of 42.6% over a year ago. The section below entitled "Non-GAAP Financial Measures" provides definitions and information about the use of non-GAAP financial measures in this press release, and the attached financial and statistical supplement reconciles non-GAAP financial information with the Group's financial results under GAAP.

“The Priceline Group finished the summer travel season with strong growth and operating performance,” said Jeffery H. Boyd, Chairman and Chief Executive Officer of The Priceline Group.  “Booking.com and Agoda posted solid third quarter results leading to 36% room night growth for the Group, and the U.S. business of priceline.com showed positive momentum with accelerating bookings growth.”

Looking forward, Mr. Boyd said: “Our brands are performing well in a very competitive environment. We believe the Group is well positioned to drive future growth through investments in geographic expansion, supply and content, product and marketing.”

The Priceline Group said it was targeting the following for 4^th quarter 2013:

• Year-over-year increase in total gross travel bookings of approximately 27% - 34% (an increase of approximately 26% - 33% on a local currency basis).

• Year-over-year increase in international gross travel bookings of approximately 29% - 36% (an increase of approximately 28% - 35% on a local currency basis).

• Year-over-year increase in domestic gross travel bookings of approximately 17% - 24%.

• Year-over-year increase in revenue of approximately 19% - 26%.

• Year-over-year increase in gross profit of approximately 30% - 37%.

• Adjusted EBITDA of approximately $510 million to $540 million.

• Non-GAAP net income per diluted share between $7.80 and $8.30.

Non-GAAP guidance for the 4^th quarter 2013:

• excludes non-cash amortization expense of intangibles,

• excludes non-cash stock-based employee compensation expense,

• excludes non-cash interest expense and gains or losses on early debt extinguishment, if any, related to cash settled convertible debt,

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• excludes the impact, if any, of significant charges or benefits associated with judgments, rulings and/or settlements related to travel transaction tax (e.g., hotel occupancy taxes, excise taxes, sales taxes, etc.) proceedings,

• excludes non-cash income tax expense and reflects the impact on income taxes of certain of the non-GAAP adjustments, and

• includes the dilutive impact of unvested restricted stock units and performance share units because non-GAAP net income has been adjusted to exclude stock-based employee compensation.

In addition to the adjustments above, adjusted EBITDA excludes depreciation and amortization expense, interest income, interest expense and income taxes and includes the impact of foreign currency transactions and other expenses.

When aggregated, the non-GAAP adjustments are expected to increase adjusted EBITDA over GAAP net income by approximately $177 million in the 4^th quarter 2013. In addition, the non-GAAP adjustments are expected to increase non-GAAP net income over GAAP net income by approximately $75 million in the 4^th quarter 2013. The Group estimates GAAP net income per diluted share between $6.40 and $6.90 for the 4^th quarter 2013.

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 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, "may," "will," "should," "could," "expects," "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;

-- the effects of increased competition;

-- our ability to expand successfully in international markets;

-- our online advertising efficiency;

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

-- the ability to attract and retain qualified personnel;

-- adverse changes in the Group's relationships with travel service providers;

-- a change by a major search engine to its search engine algorithms that negatively affects our placement in search results;

-- systems-related failures and/or security breaches;

-- an adverse outcome in one or more travel transaction tax (e.g., hotel occupancy taxes, excise taxes, sales taxes, etc.) proceedings in which we are involved; 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 Quarterly Report on Form 10-Q and Annual Report on Form 10-K filed 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.

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Non-GAAP Financial Measures

Adjusted EBITDA represents GAAP net income excluding depreciation and amortization expense, interest income, interest expense, net income (loss) attributable to noncontrolling interests and income taxes and is adjusted to exclude stock-based employee compensation expense, gains and losses on early debt extinguishment, significant charges or benefits associated with judgments, rulings and/or settlements related to travel transaction tax (e.g., hotel occupancy taxes, excise taxes, sales taxes, etc.) proceedings and significant acquisition costs.

Non-GAAP gross profit, adjusted EBITDA, non-GAAP operating income, 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 gross profit, adjusted EBITDA, non-GAAP operating income, 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 on-going performance because they provide a useful 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 adjusted EBITDA, non-GAAP operating income, and non-GAAP net income are not intended to represent funds available for the Group'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 for the three and nine months ended September 30, 2013 is adjusted for the following items:

• Amortization expense of intangibles is excluded because it does not impact cash earnings.

• Stock-based employee 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.

• Significant charges or benefits associated with judgments, rulings and/or settlements related to travel transaction tax (e.g., hotel occupancy taxes, excise taxes, sales taxes, etc.) proceedings, including the $20.5 million charge (including estimated interest and penalties) recorded in the 1^st quarter 2013, principally related to unfavorable rulings in the State of Hawaii and the District of Columbia, 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.

• Significant costs related to acquisitions are excluded because the expense is not driven by core operating results and renders comparisons with prior periods less meaningful.

• Income tax expense is adjusted for the tax impact of certain of the non-GAAP adjustments described above and to exclude tax expense recorded where no actual tax payments are owed because of available net operating loss carryforwards.  

• Net income (loss) attributable to noncontrolling interests is adjusted for the impact of certain of the non-GAAP adjustments described above.

• For calculating non-GAAP net income per share:

◦ net income is adjusted for the impact of the non-GAAP adjustments described above; and

◦ additional unvested 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 employee compensation expense.

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 non-GAAP financial information with the Group's financial results under GAAP.

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About The Priceline Group

The Priceline Group (NASDAQ: PCLN) is a leader in global online travel reservations. The Group is composed of five primary brands - Booking.com, priceline.com, Agoda.com, KAYAK and rentalcars.com and several ancillary brands. The Priceline Group provides online travel services in over 180 countries and territories in Europe, North America, South America, the Asia-Pacific region, the Middle East and Africa.

Booking.com is the number one online hotel reservation service in the world, offering over 355,000 hotels and accommodations (as of November 4, 2013), and is available in 42 languages. More recent counts are available on the Booking.com website. 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, or the recently launched Express Deals^SM, where travelers can take advantage of hotel discounts without bidding. Agoda.com is an Asia-based online hotel reservation service that is available in 38 languages. KAYAK is a leading travel meta-search service that allows consumers to easily compare airline ticket, hotel room reservation and rental car reservation information from hundreds of travel websites at once through its websites and mobile apps. Rentalcars.com is a multinational rental car reservation service, offering its services in over 6,000 locations and providing customer support in 40 languages.

###

For Press Information: Leslie Cafferty (203) 299-8128 leslie.cafferty@priceline.com

For Investor Relations: Matthew Tynan (203) 299-8487 matt.tynan@priceline.com

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priceline.com Incorporated UNAUDITED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data)
	September 30, 2013			December 31, 2012
ASSETS
Current assets:
Cash and cash equivalents	$	1,096,094		$	1,536,349
Restricted cash	9,034			6,641
Short-term investments	5,487,526			3,646,845
Accounts receivable, net of allowance for doubtful accounts of $12,256 and $10,322, respectively	706,234			367,512
Prepaid expenses and other current assets	107,688			84,290
Deferred income taxes	82,471			40,738
Total current assets	7,489,047			5,682,375
Property and equipment, net	119,766			89,269
Intangible assets, net	1,038,863			208,113
Goodwill	1,761,194			522,672
Deferred income taxes	827			31,485
Other assets	35,958			35,828
Total assets	$	10,445,655		$	6,569,742
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	312,896		$	184,648
Accrued expenses and other current liabilities	544,021			387,911
Deferred merchant bookings	430,661			368,823
Convertible debt	538,266			520,344
Total current liabilities	1,825,844			1,461,726
Deferred income taxes	371,498			45,159
Other long-term liabilities	83,934			68,944
Convertible debt	1,731,027			881,996
Total liabilities	4,012,303			2,457,825
Redeemable noncontrolling interests	—			160,287
Convertible debt	36,730			54,655
Stockholders’ equity:
Common stock, $0.008 par value; authorized 1,000,000,000 shares, 60,274,497 and 58,055,586 shares issued, respectively	468			450
Treasury stock, 9,214,110 and 8,184,787 shares, respectively	(1,943,615		)	(1,060,607		)
Additional paid-in capital	4,459,333			2,612,197
Accumulated earnings	3,840,675			2,368,611
Accumulated other comprehensive income (loss)	39,761			(23,676		)
Total stockholders' equity	6,396,622			3,896,975
Total liabilities and stockholders' equity	$	10,445,655		$	6,569,742

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priceline.com Incorporated UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Agency revenues	$	1,576,434		$	1,118,128		$	3,411,002		$	2,427,751
Merchant revenues	620,904			584,969			1,729,692			1,632,402
Advertising and other revenues	72,565			3,213			111,459			10,163
Total revenues	2,269,903			1,706,310			5,252,153			4,070,316
Cost of revenues	280,838			309,809			869,568			926,385
Gross profit	1,989,065			1,396,501			4,382,585			3,143,931
Operating expenses:
Advertising — Online	533,164			375,204			1,399,452			966,820
Advertising — Offline	39,891			8,441			99,750			29,519
Sales and marketing	65,274			52,961			177,392			145,943
Personnel, including stock-based compensation of $34,551, $17,555, $90,996 and $51,690, respectively	186,443			135,210			486,658			343,916
General and administrative	63,113			42,287			178,195			122,768
Information technology	18,536			10,799			48,717			31,974
Depreciation and amortization	35,747			16,007			80,854			47,513
Total operating expenses	942,168			640,909			2,471,018			1,688,453
Operating income	1,046,897			755,592			1,911,567			1,455,478
Other income (expense):
Interest income	867			905			2,882			3,004
Interest expense	(24,135		)	(17,067		)	(61,097		)	(45,208		)
Foreign currency transactions and other	(3,278		)	(8,256		)	(7,002		)	(7,427		)
Total other income (expense)	(26,546		)	(24,418		)	(65,217		)	(49,631		)
Earnings before income taxes	1,020,351			731,174			1,846,350			1,405,847
Income tax expense	187,362			131,201			331,629			271,405
Net income	832,989			599,973			1,514,721			1,134,442
Less: net income attributable to noncontrolling interests	—			3,387			135			3,539
Net income applicable to common stockholders	$	832,989		$	596,586		$	1,514,586		$	1,130,903
Net income applicable to common stockholders per basic common share	$	16.22		$	11.97		$	29.88		$	22.70
Weighted average number of basic common shares outstanding	51,363			49,851			50,690			49,830
Net income applicable to common stockholders per diluted common share	$	15.72		$	11.66		$	29.00		$	22.05
Weighted average number of diluted common shares outstanding	52,984			51,185			52,226			51,295

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priceline.com Incorporated UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
	Nine Months Ended September 30,
	2013			2012
OPERATING ACTIVITIES:
Net income	$	1,514,721		$	1,134,442
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	33,965			23,321
Amortization	46,889			24,192
Provision for uncollectible accounts, net	12,678			11,287
Deferred income taxes	11,450			16,446
Stock-based compensation expense and other stock-based payments	91,810			52,042
Amortization of debt issuance costs	4,352			3,790
Amortization of debt discount	41,225			28,831
Changes in assets and liabilities:
Accounts receivable	(283,961		)	(232,660		)
Prepaid expenses and other current assets	(8,514		)	(97,057		)
Accounts payable, accrued expenses and other current liabilities	280,945			318,054
Other	1,403			6,243
Net cash provided by operating activities	1,746,963			1,288,931
INVESTING ACTIVITIES:
Purchase of investments	(7,100,081		)	(4,790,106		)
Proceeds from sale of investments	5,341,488			3,069,242
Additions to property and equipment	(56,958		)	(38,950		)
Acquisitions and other equity investments, net of cash acquired	(331,557		)	(13,871		)
Proceeds from settlement of foreign currency contracts	3,266			78,828
Payments on foreign currency contracts	(56,045		)	(2,222		)
Change in restricted cash	(1,506		)	(3,474		)
Net cash used in investing activities	(2,201,393		)	(1,700,553		)
FINANCING ACTIVITIES:
Proceeds from the issuance of convertible debt	980,000			1,000,000
Payment of debt issuance costs	(910		)	(20,916		)
Payments related to conversion of senior notes	(8		)	(1		)
Repurchase of common stock	(883,008		)	(255,397		)
Payments to purchase subsidiary shares from noncontrolling interests	(192,530		)	(61,079		)
Payments of stock issuance costs	(1,191		)	—
Proceeds from exercise of stock options	86,310			2,655
Excess tax benefit on stock-based compensation	13,318			12,911
Net cash provided by financing activities	1,981			678,173
Effect of exchange rate changes on cash and cash equivalents	12,194			(917		)
Net (decrease) increase in cash and cash equivalents	(440,255		)	265,634
Cash and cash equivalents, beginning of period	1,536,349			632,836
Cash and cash equivalents, end of period	$	1,096,094		$	898,470
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for income taxes	$	265,303		$	205,256
Cash paid during the period for interest	$	18,614		$	13,463
Non-cash fair value increase for redeemable noncontrolling interests	$	42,522		$	59,255
Non-cash financing activity for acquisitions	$	1,546,748		$	—

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priceline.com Incorporated UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands, except per share data)
RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT		Three Months Ended September 30,						Nine Months Ended September 30,
		2013			2012			2013			2012
	GAAP Gross profit	$	1,989,065		$	1,396,501		$	4,382,585		$	3,143,931
(a)	Charges related to travel transaction tax rulings	—			—			20,550			—
	Non-GAAP Gross profit	$	1,989,065		$	1,396,501		$	4,403,135		$	3,143,931
RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME		Three Months Ended September 30,						Nine Months Ended September 30,
		2013			2012			2013			2012
	GAAP Operating income	$	1,046,897		$	755,592		$	1,911,567		$	1,455,478
(a)	Charges related to travel transaction tax rulings	—			—			20,550			—
(b)	Stock-based employee compensation	34,551			17,555			90,996			51,690
(c)	Acquisition costs	—			—			6,444			—
(d)	Amortization of intangible assets	22,850			7,836			46,889			24,192
	Non-GAAP Operating income	$	1,104,298		$	780,983		$	2,076,446		$	1,531,360
	Non-GAAP Operating income as a % of Non-GAAP Gross profit	55.5		%	55.9		%	47.2		%	48.7		%
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA		Three Months Ended September 30,						Nine Months Ended September 30,
		2013			2012			2013			2012
	GAAP Net income applicable to common stockholders	$	832,989		$	596,586		$	1,514,586		$	1,130,903
(a)	Charges related to travel transaction tax rulings	—			—			20,550			—
(b)	Stock-based employee compensation	34,551			17,555			90,996			51,690
(c)	Acquisition costs	—			—			6,444			—
(e)	Depreciation and amortization	35,747			16,007			80,854			47,513
(f)	Interest income	(867		)	(905		)	(2,882		)	(3,004		)
(f)	Interest expense	24,135			17,067			61,097			45,208
(h)	Income tax expense	187,362			131,201			331,629			271,405
(i)	Net income attributable to noncontrolling interests	—			3,387			135			3,539
	Adjusted EBITDA	$	1,113,917		$	780,898		$	2,103,409		$	1,547,254

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priceline.com Incorporated UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands, except per share data)
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME		Three Months Ended September 30,					Nine Months Ended September 30,
		2013		2012			2013			2012
	GAAP Net income applicable to common stockholders	$	832,989	$	596,586		$	1,514,586		$	1,130,903
(a)	Charges related to travel transaction tax rulings	—		—			20,550			—
(b)	Stock-based employee compensation	34,551		17,555			90,996			51,690
(c)	Acquisition costs	—		—			6,444			—
(d)	Amortization of intangible assets	22,850		7,836			46,889			24,192
(g)	Debt discount amortization related to convertible debt	16,350		10,859			40,368			28,831
(j)	Adjustments for the tax impact of certain of the Non-GAAP adjustments and to exclude non-cash income taxes	13,351		5,527			6,184			28,999
(k)	Impact on noncontrolling interests of certain other Non-GAAP adjustments	—		(127		)	(440		)	(923		)
	Non-GAAP Net income applicable to common stockholders	$	920,091	$	638,236		$	1,725,577		$	1,263,692
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME PER DILUTED COMMON SHARE		Three Months Ended September 30,					Nine Months Ended September 30,
		2013		2012			2013			2012
	GAAP weighted average number of diluted common shares outstanding	52,984		51,185			52,226			51,295
(l)	Adjustment for unvested restricted stock units and performance units	209		290			182			267
	Non-GAAP weighted average number of diluted common shares outstanding	53,193		51,475			52,408			51,562
	Net income applicable to common stockholders per diluted common share
	GAAP	$	15.72	$	11.66		$	29.00		$	22.05
	Non-GAAP	$	17.30	$	12.40		$	32.93		$	24.51

(a)	Adjustment for an accrual for travel transaction taxes (including estimated interest and penalties), principally related to unfavorable rulings in the State of Hawaii and the District of Columbia.
(b)	Stock-based employee compensation is recorded in Personnel expense.
(c)	Adjustment for KAYAK acquisition costs is recorded in General and administrative expense.
(d)	Amortization of intangible assets is recorded in Depreciation and amortization.
(e)	Depreciation and amortization are excluded from Net income to calculate Adjusted EBITDA.
(f)	Interest income and Interest expense are excluded from Net income to calculate Adjusted EBITDA.
(g)	Non-cash interest expense related to the amortization of debt discount is recorded in Interest expense.
(h)	Income tax expense is excluded from Net income to calculate Adjusted EBITDA.
(i)	Net income attributable to noncontrolling interests is excluded from Net income to calculate Adjusted EBITDA.
(j)	Adjustments for the tax impact of certain of the non-GAAP adjustments and to exclude non-cash income taxes.
(k)	Impact of other non-GAAP adjustments on Net income attributable to noncontrolling interests.
(l)	Additional unvested 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.
	For a more detailed discussion of the adjustments described above, please see the section in our press release entitled "Non-GAAP Financial Measures" which provides a definition and information about the use of non-GAAP financial measures.

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priceline.com Incorporated Statistical Data In millions (Unaudited)
Gross Bookings	3Q11			4Q11			1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13
International	$	4,989		$	3,912		$	5,451		$	5,952		$	6,473		$	5,494		$	7,783		$	8,579		$	9,179
Domestic	1,268			1,044			1,260			1,377			1,359			1,090			1,370			1,538			1,586
Total	$	6,257		$	4,956		$	6,712		$	7,329		$	7,831		$	6,584		$	9,153		$	10,118		$	10,765
Agency	$	5,121		$	3,982		$	5,528		$	6,031		$	6,423		$	5,302		$	7,648		$	8,425		$	9,023
Merchant	1,136			973			1,184			1,298			1,408			1,282			1,505			1,692			1,742
Total	$	6,257		$	4,956		$	6,712		$	7,329		$	7,831		$	6,584		$	9,153		$	10,118		$	10,765
Year/Year Growth
International	72.9		%	65.5		%	54.2		%	33.1		%	29.7		%	40.4		%	42.8		%	44.1		%	41.8		%
excluding F/X impact	61		%	67		%	58		%	44		%	41		%	43		%	43		%	44		%	41		%
Domestic	13.1		%	15.8		%	11.7		%	5.3		%	7.2		%	4.4		%	8.7		%	11.7		%	16.7		%
Agency	61.6		%	55.7		%	46.2		%	27.6		%	25.4		%	33.1		%	38.3		%	39.7		%	40.5		%
Merchant	35.6		%	37.5		%	34.0		%	23.1		%	24.0		%	31.8		%	27.1		%	30.3		%	23.7		%
Total	56.2		%	51.8		%	43.9		%	26.8		%	25.2		%	32.9		%	36.4		%	38.0		%	37.5		%
excluding F/X impact	48		%	53		%	47		%	35		%	34		%	35		%	37		%	38		%	36		%
Units Sold	3Q11			4Q11			1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13
Hotel Room-Nights	40.6			33.6			45.9			50.2			55.2			46.2			63.2			69.4			74.8
Year/Year Growth	47.4		%	52.8		%	47.0		%	39.1		%	35.9		%	37.6		%	37.7		%	38.2		%	35.6		%
Rental Car Days	7.0			5.3			6.9			8.6			9.4			7.2			9.9			12.5			12.0
Year/Year Growth	35.6		%	34.3		%	40.6		%	29.4		%	34.9		%	36.5		%	43.3		%	46.3		%	27.5		%
Airline Tickets	1.6			1.4			1.6			1.7			1.7			1.4			1.7			1.7			1.8
Year/Year Growth	7.7		%	5.6		%	4.9		%	(1.8		)%	6.1		%	1.7		%	1.4		%	1.8		%	8.6		%
	3Q11			4Q11			1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13
Revenue	$	1,452.8		$	990.8		$	1,037.2		$	1,326.8		$	1,706.3		$	1,190.6		$	1,302.0		$	1,680.2		$	2,269.9
Year/Year Growth	45.0		%	35.5		%	28.2		%	20.3		%	17.4		%	20.2		%	25.5		%	26.6		%	33.0		%
Gross Profit	$	1,100.1		$	724.7		$	743.3		$	1,004.1		$	1,396.5		$	939.8		$	1,009.7		$	1,383.9		$	1,989.1
Year/Year Growth	65.1		%	51.5		%	47.0		%	34.0		%	26.9		%	29.7		%	35.8		%	37.8		%	42.4		%

Amounts may not total due to rounding.

Gross bookings is an operating and statistical metric that captures the total dollar value, generally inclusive of taxes and fees, of all travel services booked by our customers.

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