Exhibit 99.1
priceline.com Incorporated
CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
|
| March 31, |
| December 31, |
| ||
ASSETS |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 176,092 |
| $ | 93,732 |
|
Restricted cash |
| 22,384 |
| 22,485 |
| ||
Short-term investments |
| 79,576 |
| 151,736 |
| ||
Accounts receivable, net of allowance for doubtful accounts of $627 and $794 at March 31, 2004 and December 31, 2003, respectively |
| 19,052 |
| 10,782 |
| ||
Prepaid expenses and other current assets |
| 3,435 |
| 4,778 |
| ||
Total current assets |
| 300,539 |
| 283,513 |
| ||
|
|
|
|
|
| ||
Property and equipment, net |
| 15,692 |
| 16,524 |
| ||
Intangible assets, net |
| 6,814 |
| 7,053 |
| ||
Goodwill |
| 8,779 |
| 8,779 |
| ||
Other assets |
| 21,385 |
| 21,915 |
| ||
Total assets |
| $ | 353,209 |
| $ | 337,784 |
|
|
|
|
|
|
| ||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
|
|
|
|
|
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Current liabilities: |
|
|
|
|
| ||
Accounts payable |
| $ | 38,023 |
| $ | 25,061 |
|
Accrued expenses |
| 18,118 |
| 21,031 |
| ||
Other current liabilities |
| 3,127 |
| 3,522 |
| ||
Total current liabilities |
| 59,268 |
| 49,614 |
| ||
|
|
|
|
|
| ||
Long-term accrued expenses |
| 399 |
| 532 |
| ||
Other long-term liabilities |
| 36 |
| 537 |
| ||
Long-term debt |
| 124,996 |
| 124,524 |
| ||
Total liabilities |
| 184,699 |
| 175,207 |
| ||
|
|
|
|
|
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SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK |
| 13,470 |
| 13,470 |
| ||
|
|
|
|
|
| ||
Stockholders’ equity |
|
|
|
|
| ||
Common stock |
| 307 |
| 306 |
| ||
Treasury stock |
| (350,628 | ) | (350,628 | ) | ||
Additional paid-in capital |
| 2,056,942 |
| 2,055,607 |
| ||
Deferred compensation |
| (1,302 | ) | (1,408 | ) | ||
Accumulated deficit |
| (1,551,113 | ) | (1,555,444 | ) | ||
Accumulated other comprehensive income |
| 834 |
| 674 |
| ||
Total stockholders’ equity |
| 155,040 |
| 149,107 |
| ||
Total liabilities and stockholders’ equity |
| $ | 353,209 |
| $ | 337,784 |
|
priceline.com Incorporated
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data, unaudited)
|
| Three Months Ended |
| ||||
|
| March 31, |
| March 31, |
| ||
|
|
|
|
|
| ||
Merchant revenues |
| $ | 217,011 |
| $ | 198,608 |
|
Agency revenues |
| 6,448 |
| 1,005 |
| ||
Other revenues |
| 672 |
| 874 |
| ||
Total revenues |
| 224,131 |
| 200,487 |
| ||
Cost of merchant revenues |
| 180,757 |
| 167,500 |
| ||
Cost of agency revenues |
| — |
| — |
| ||
Cost of other revenues |
| — |
| — |
| ||
Total costs of revenues |
| 180,757 |
| 167,500 |
| ||
Gross profit |
| $ | 43,374 |
| $ | 32,987 |
|
Operating expenses: |
|
|
|
|
| ||
Advertising |
| 15,405 |
| 11,098 |
| ||
Sales and marketing |
| 6,706 |
| 6,864 |
| ||
Personnel |
| 8,235 |
| 7,512 |
| ||
General and administrative, including option payroll taxes |
| 3,509 |
| 2,819 |
| ||
Information technology |
| 2,514 |
| 2,367 |
| ||
Depreciation and amortization |
| 2,220 |
| 3,912 |
| ||
Stock based compensation |
| 106 |
| — |
| ||
Warrant costs |
| — |
| 6,638 |
| ||
Total operating expenses |
| $ | 38,695 |
| $ | 41,210 |
|
Operating income (loss) |
| $ | 4,679 |
| $ | (8,223 | ) |
Other income: |
|
|
|
|
| ||
Interest income |
| 1,110 |
| 515 |
| ||
Interest expense |
| (566 | ) | (23 | ) | ||
Equity in loss of investees, net |
| (126 | ) | — |
| ||
Other |
| 6 |
| — |
| ||
Total other income |
| $ | 424 |
| $ | 492 |
|
Net income (loss) |
| 5,103 |
| (7,731 | ) | ||
Preferred stock dividend |
| (772 | ) | (297 | ) | ||
Net income (loss) applicable to common stockholders |
| $ | 4,331 |
| $ | (8,028 | ) |
Net income (loss) applicable to common stockholders per basic common share |
| $ | 0.12 |
| $ | (0.21 | ) |
Weighted average number of basic common shares outstanding |
| 37,588 |
| 37,477 |
| ||
Net income (loss) applicable to common stockholders per diluted common share |
| $ | 0.11 |
| $ | (0.21 | ) |
Weighted average number of diluted common shares outstanding |
| 38,905 |
| 37,477 |
| ||
