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Exhibit 99.2
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[priceline.com logo]
Goldman Sachs Investor
Conference
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May 22, 2002
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 1
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PRICELINE.COM WOULD LIKE TO REMIND YOU THAT THIS PRESENTATION 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 INCLUDING, WITHOUT LIMITATION, "MAY,"
"WILL," "SHOULD," "COULD," "EXPECTS," "DOES NOT CURRENTLY EXPECT," "PLANS,"
"ANTICIPATES," "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 PRICELINE.COM'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 PRODUCTS AS THE RESULT OF RECENT TERRORIST EVENTS,
HOSTILITIES OR OTHER SIMILAR OR RELATED EVENTS; ADVERSE CHANGES IN
PRICELINE.COM'S RELATIONSHIPS WITH AIRLINES AND OTHER PRODUCT AND SERVICE
PROVIDERS; SYSTEMS-RELATED FAILURES AND/OR SECURITY BREACHES; THE EFFECTS OF
INCREASED COMPETITION; PRICELINE.COM'S ABILITY TO PROTECT ITS INTELLECTUAL
PROPERTY RIGHTS; LOSSES BY PRICELINE.COM AND ITS LICENSEES; ANY ADVERSE IMPACT
FROM NEGATIVE PUBLICITY AND NEGATIVE CUSTOMER REACTION TO SUCH PUBLICITY; 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
PRICELINE.COM'S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DESCRIBED IN THE
FORWARD-LOOKING STATEMENTS, PLEASE REFER TO PRICELINE.COM'S MOST RECENT FORM
10-Q, FORM 10-K AND FORM 8-K FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION. UNLESS REQUIRED BY LAW, PRICELINE.COM 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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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 2
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HISTORICAL RESULTS: POST-IPO QUARTERLY PERFORMANCE
<Caption>
Q2 99 Q3 99 Q4 99 Q1 00 Q2 00 Q3 00 Q4 00 Q1 01 Q2 01 Q3 01
Revenue $ 111.6 $ 152.2 $ 169.2 $ 313.8 $ 352.1 $ 341.3 $ 228.2 $ 269.7 $ 364.8 $ 302.0
Pro Forma EPS $ (0.10) $ (0.08) $ (0.06) $ (0.04) $ (0.01) $ (0.01) $ (0.15) $ (0.03) $ 0.05 $ 0.03
Margin 9.4% 12.0% 14.2% 15.6% 15.7% 15.9% 15.4% 16.0% 16.5% 16.7%
Contribution $ 10.5 $ 18.2 $ 24.1 $ 49.0 $ 55.2 $ 54.4 $ 35.1 $ 43.1 $ 60.1 $ 50.4
<Caption>
Q4 01 Q1 02
Revenue $ 235.3 $ 261.9
Pro Forma EPS $ 0.01 $ 0.02
Margin 16.7% 16.0%
Contribution $ 39.3 $ 42.0
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 3
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<Table>
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KEY STRENGTHS: TRAVEL DIVERSIFICATION
% BOOKED OFFERS
Air Booked Offers 886,135 590,088 709,576 963,167 779,319 584,505
Hotel Booked Offers 244,655 176,712 188,278 311,121 394,807 384,463
Rental Car Booked Offers 107,058 93,757 105,970 162,053 160,603 135,781
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1,237,848 860,557 1,003,824 1,436,341 1,334,729 1,104,749
Air Booked Offers 71.6% 68.6% 70.7% 67.1% 58.4% 52.9%
Hotel Booked Offers 19.8% 20.5% 18.8% 21.7% 29.6% 34.8%
Rental Car Booked Offers 8.6% 10.9% 10.6% 11.3% 12.0% 12.3%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 4
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KEY STRENGTHS: BRAND
o Powerful Brand Awareness: Top 5 Internet Brand
[AMERICA ONLINE.COM LOGO]
[AMAZON.COM LOGO]
[priceline.com LOGO]
[EBAY.COM LOGO]
[YAHOO.COM LOGO]
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 5
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KEY STRENGTHS: BRAND
o BEST PLACE TO SAVE ON THE INTERNET
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<Caption>
Q2 01 Q3 01 Q4 01 Q1 02
priceline 40% 36% 31% 34%
Travelocity 24% 23% 30% 27%
Expedia 17% 16% 12% 14%
Hotwire 8% 14% 10% 12%
Orbitz NA 10% 13% 12%
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Percentage of those aware of each particular brand that said the brand
has or gets the best deals out there.
SOURCE: MILLWARD BROWN
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 6
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KEY STRENGTHS: CUSTOMER FRANCHISE
GROWING REPEAT
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<Caption>
2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02
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Cumulative Customers 6,766,773 8,110,798 8,994,660 9,886,150 10,911,191 11,838,529 12,692,611 13,567,403
% Repeat Offers 39.0% 51.3% 54.5% 57.7% 61.2% 62.7% 63.6% 63.6%
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GROWING CUSTOMER LOYALTY
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<Caption>
2Q01 3Q01 4Q01 1Q02
% of Offers from Previously Bound Customers 43.00% 48.10% 53.80% 54.20%
</Table>
YEAR/YEAR DEMAND GROWTH
<Table>
2Q01 2,645,198 107%
3Q01 2,487,065 90%
4Q01 2,346,024 121%
1Q02 2,405,537 114%
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
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<Caption>
2001 2002 LONG
Q1 Q1 TERM
-------------- -------------- --------------
Revenue 100.0% 100.0% 100.0%
Gross Profit 16.0% 16.0% 17.5%
Advertising 6.0% 3.9% 3.0%
Fixed Costs 7.6% 6.6% 4.3%
Variable Costs 5.4% 4.0% 4.0%
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Operating Expenses 19.0% 14.5% 11.3%
Operating Income -3.0% 1.5% 6.2%
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
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KEY STRENGTHS: FINANCIAL LEVERAGE
o Gross margin minus variable expenses running at all-time high
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Margin after Variable Expenses
2Q99 1.9%
3Q99 4.4%
4Q99 6.6%
1Q00 9.2%
2Q00 8.9%
3Q00 9.7%
4Q00 8.5%
1Q01 10.6%
2Q01 11.2%
3Q01 9.9%
4Q01 10.5%
1Q02 12.0%
</Table>
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 9
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CURRENT ENVIRONMENT ASSESSMENT
o Continued airline dislocation/turbulence
o Ultimate, inevitable return to higher (leisure) fares beginning
o Continued attractiveness of Internet travel
-- Market growth abates
o Shift of margin/pricing to consumer
-- Some margin erosion
o Limited visibility
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KEY ASSETS IN PLACE
o Brand Name/Investment
o Cash Q1: $178M
o Margin
o Lower break-even than any other broad-line seller of travel on the
Internet
o Successfully managed through historical volatility
o Substantial NOLs
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 11
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GROWTH INITIATIVES
o Business Recovery
o New Products
-- Vacation Packages
-- Cruises
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 12
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PRICELINE VACATIONS
"BUILD YOUR OWN VACATION, NAME YOUR OWN PRICE"
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PRICELINE.COM VACATIONS IS AN ATTRACTIVE PRODUCT EXTENSION OPPORTUNITY,
OFFERING:
Entry into the $1.4B online packaged vacation market
- Higher revenue/sale
- Higher margins
Operating leverage from priceline's core product
- Limited capital expenditure
- Built on strength of existing supplier relationships
Enhancement of priceline's key brand attributes
- Maintains/supports ownership of "Best Deal"
- Broadens brand appeal
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 13
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GROWTH INITIATIVES
o Business Recovery
o New Products
-- Vacation Packages
-- Cruises
o eBay
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 14
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EBAY PARTNERSHIP
[eBay logo]
o Unique travel offering
o Business relationship
o Access eBay's 42 million registered users
o Brand compatibility
o "Powered By Priceline" platform
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 15
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GROWTH INITIATIVES
o Business Recovery
o New Products
-- Vacation Packages
-- Cruises
o eBay
o Horizontality
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 16
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PRICELINE HOME FINANCE
o Priceline Mortgage: JV between Priceline (49%)/First Alliance Bank(51%)
-- Best rates and closing costs available (guaranteed)
-- Float down protection and loan-level pricing
-- No tradeoffs
-- Impressive growth with limited marketing support
o Online mortgage penetration gaining consumer acceptance: 1% in 1999;
15% in 2003(1)
(1) Source: Morgan Stanley Research
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 17
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CONFIDENTIAL INFORMATION o Property of PRICELINE.COM incorporated.
All Right Reserved. o 5/22/2002 Page 18