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Filed by USA Interactive
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14d-2
of the Securities Exchange Act of 1934
Subject Company: Hotels.com
Commission File No. 0-29575
USA INTERACTIVE [USA Interactive Logo]
SUPPLEMENTAL INFORMATION REGARDING EXCHANGE OFFERS
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<Caption>
TABLE OF CONTENTS
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PAGE
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Pro Forma Share Calculation & Market Capitalization 2
Pro Forma Metrics & Multiples 3
Comparables Metrics & Multiples 4
Calculation of Net Cash and VUE Securities 5
Note on Forward-Looking Statements 6
</Table>
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INVESTORS AND SECURITY HOLDERS ARE URGED TO READ USA INTERACTIVE'S EXCHANGE
OFFER STATEMENTS FOR TICKETMASTER, EXPEDIA, INC. AND HOTELS.COM, AS APPLICABLE,
TO BE INCLUDED IN REGISTRATION STATEMENTS TO BE FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION. Investors and security holders will be able to obtain
such documents and other filed documents free of charge at the SEC's website at
www.sec.gov. In addition, those registration statements may also be obtained
free of charge by contacting USA Interactive, 152 West 57th Street, New York,
New York, 10019, Attention: Investor Relations.
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Note: Not pro forma for pending acquisition of Interval International announced
on May 31, 2002.
USA Interactive-Supplemental Information Regarding Exchange Offers
READ IMPORTANT FOOTNOTES AND DISCLAIMERS
As filed with the Securities and Exchange Commission on June 3, 2002.
1
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[USA Interactive Logo]
PRO FORMA SHARE CALCULATION & MARKET CAPITALIZATION
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE DATA)
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EXCHANGE OFFERS(1)
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TICKETMASTER EXPEDIA HOTELS.COM
Exchange Price per Share $ 22.99 $ 76.86 $ 51.48
Fully Diluted Minority Shares 49 30 20
Minority Ownership % 34% 46% 34%
Exchange Ratio 0.8068 2.6969 1.8064
USA PRO FORMA FULLY DILUTED SHARES OUTSTANDING(1)
Current USA Fully Diluted Shares Outsanding(2) 475
USA SHARES ISSUED FOR FULLY DILUTED MINORITY INTEREST OF:(3)
Ticketmaster 40
Expedia 81
Hotels.com 36
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Total USA Shares Issued 156
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Pro Forma USA Fully Diluted Shares Outstanding 632
==========
USA CAPITALIZATION(1)
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PRE-DEAL PRO FORMA
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USA Share Price (5/31/02) $ 28.50 $ 28.50(4)
Fully Diluted Shares Outstanding(2) 475 632
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Market Capitalization $ 13,546 $ 18,006
========== ==========
INCREASE IN CAPITALIZATION BASE $ 4,460
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(1) Fully diluted ownership of public subsidiaries and fully diluted USA shares
are computed under the treasury method assuming that all proceeds,
including the strike price on option (vested and unvested) and warrant
exercises and tax benefits potentially obtainable from the exercise of
non-qualified stock options and warrants (where applicable), are used to
repurchase common stock.
(2) Not pro forma for pending acquisition of Interval International announced
on May 31, 2002.
(3) All pro forma calculations assume exchange of 100% of the outstanding
shares including fully diluted treasury method options and warrants of
Ticketmaster, Expedia and Hotels.com.
(4) Assumes share price is unchanged post transactions.
</Table>
USA Interactive-Supplemental Information Regarding Exchange Offers
READ IMPORTANT FOOTNOTES AND DISCLAIMERS
As filed with the Securities and Exchange Commission on June 3, 2002.
2
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[USA Interactive Logo]
PRO FORMA METRICS & MULTIPLES
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE DATA AND MULTIPLES)
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<Caption>
PRE-DEAL PRO FORMA
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USA Share Price (5/31/02) $ 28.50 $ 28.50
Fully Diluted Shares Outstanding 475 632
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Market Capitalization $ 13,546 $ 18,006
Less: Net Cash and VUE Securities(1) (4,034) (4,337)
------------ ------------
Enterprise Value $ 9,512 $ 13,669
============ ============
ADJUSTED ATTRIBUTABLE OPERATING EBITDA(2)(3)
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2002E(4) $ 506 $ 671(6)
2003E(5) $ 659 $ 871(6)
ENTERPRISE VALUE / ADJUSTED ATTRIBUTABLE OPERATING EBITDA
2002E 18.8x 20.4x
2003E 14.4x 15.7x
ADJUSTED CASH EPS(7)(8)
- -----------------
2002E(4) $ 0.39 $ 0.42(6)
2003E(5) $ 0.70 $ 0.71(6)
PRICE / ADJUSTED CASH EPS
2002E 73.1x 67.5x
2003E 40.6x 40.1x
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(1) Pre-deal amounts represent attributable cash totals. Pro Forma cash
represents fully consolidated cash balance assuming exchange of 100% of
shares. See page 5 for detail.
(2) Adjusted attributable operating EBITDA defined as operating income plus (1)
depreciation and amortization, (2) amortization of non-cash distribution,
marketing, and compensation expense and (3) disengagement related payments
to cable operators and marketing expenses related to the transfer of HSN's
distribution to cable (which has been accomplished). Excludes emerging
assets.
(3) Estimated amortization of HSN cable distribution fees of $51 million in
2002 and $65 million in 2003 has been subtracted from Adjusted EBITDA.
(4) Based on USA budget released on January 29, 2002, as revised for outlook
released on April 24, 2002. Figures are accurate as of January 29, 2002,
and April 24, 2002, and USA is in no way updating or reconfirming these
figures, or indicating that they reflect a current outlook, forecast or
projection. Not pro forma for pending acquisition of Interval International
announced on May 31, 2002.
(5) Based on USA budget released on January 29, 2002. For illustrative purposes
only, 2003E numbers reflect a 10% updward adjustment to EBITDA as included
in USA budget released on January 29, 2002 in view of outlook released on
April 24, 2002. USA is in no way updating or reconfirming any previously
released figures. The 2003E figures here are for purposes of illustration
only and do not reflect a USA outlook, forecast or projection. Not pro
forma for pending acquisition of Interval International announced on May
31, 2002.
(6) Assumes no synergies or cost savings from the exchange offers.
(7) Adjusted cash net income per share defined as net income available to
common shareholders plus (1) amortization of non-cash distribution,
marketing, and compensation expense and (2) amortization of intangibles,
based on fully diluted, treasury method basis, including the impact of
dilutive securities and conversion of Holdco.
(8) Cash net income has been further adjusted to exclude disengagement
marketing expenses of $33 million in 2002 and $18 million in 2003 related
to the transfer of HSN's distribution to cable (which has been
accomplished).
USA Interactive-Supplemental Information Regarding Exchange Offers
READ IMPORTANT FOOTNOTES AND DISCLAIMERS
As filed with the Securities and Exchange Commission on June 3, 2002.
3
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[USA Interactive Logo]
COMPARABLES METRICS & MULTIPLES
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE DATA,
MULTIPLES AND JUPITER MEDIA METRIX DATA)
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USA
PRO FORMA(1) AMAZON(2) EBAY(3) YAHOO(4)
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Share Price (5/31/02) $ 28.50 $ 18.23 $ 55.21 $ 16.02
Shares Outstanding 632 373 285 610
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Market Capitalization $ 18,006 $ 6,805 $ 15,735 $ 9,772
Less: Net Cash (4,337) 1,421 (705) (1,334)
---------- ---------- ---------- ----------
Enterprise Value $ 13,669 $ 8,226 $ 15,030 $ 8,438
========== ========== ========== ==========
ADJUSTED ATTRIBUTABLE OPERATING EBITDA
2002E $ 671 $ 198 $ 396 $ 127
2003E $ 871 $ 291 $ 602 $ 242
ENTERPRISE VALUE / ADJUSTED ATTRIBUTABLE OPERATING EBITDA
2002E 20.4x 41.5x 38.0x 66.4x
2003E 15.7x 28.3x 25.0x 34.9x
ADJUSTED CASH EPS
2002E $ 0.42 $ (0.01) $ 0.78 $ 0.13
2003E $ 0.71 $ 0.23 $ 1.18 $ 0.22
PRICE / ADJUSTED CASH EPS
2002E 67.5x NM 70.8x 123.2x
2003E 40.1x 79.3x 46.8x 72.8x
<Caption>
JUPITER MEDIA METRIX(5)
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PROPERTY UNIQUE VISITORS (000S)
--------------------------------- ----------------------
1 AOL Time Warner Network 92,950
2 MSN-Microsoft Sites 83,792
3 Yahoo! Sites 80,165
4 Terra Lycos 40,320
5 About/Primedia 36,574
6 Google Sites 34,236
7 Amazon Sites 29,474
8 eBay 29,456
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9 USA INTERACTIVE 27,176
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10 CNET Networks 23,986
</Table>
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(1) PLEASE SEE IMPORTANT FOOTNOTES ON PREVIOUS PAGE WHICH EXPLAIN AND QUALIFY
THE USA PRO FORMA FIGURES IN THIS COLUMN.
(2) Source: Morgan Stanley equity research report dated 4/24/02.
(3) Source: Thomas Weisel Partners equity research report dated 4/11/02.
(4) Source: CIBC World Markets equity research report dated 4/19/02.
(5) Source for USA Interactive: Jupiter Media Metrix April 2002 custom entity
report. Source for other companies: Jupiter Media Metrix April 2002 Top 100
Properties report. Data for USA Interactive represents total unduplicated
unique visitors for all USA wholly-owned and public subsidiaries.
USA Interactive-Supplemental Information Regarding Exchange Offers
READ IMPORTANT FOOTNOTES AND DISCLAIMERS
As filed with the Securities and Exchange Commission on June 3, 2002.
4
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[USA Interactive Logo]
CALCULATION OF NET CASH AND VUE SECURITIES
PRO FORMA AS OF MARCH 31, 2002
(AMOUNTS IN MILLIONS)
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ATTRIBUTABLE(1) CONSOLIDATED
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CASH
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USA(2)(3) $ 2,665 $ 2,665
Ticketmaster(4) 69 104
Expedia 199 365
Hotels.com 201 302
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Total $ 3,134 $ 3,437
INVESTMENTS(5)
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$750 million face value Class A Preferred interest in VUE $ 514 $ 514
$1.75 billion face value Class B Preferred interest in VUE 1,429 1,429
5.4% Common interest in VUE 1,000 1,000
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Total Value of VUE Securities $ 2,943 $ 2,943
Taxes on VUE Securities(6) 843 843
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Value of VUE Securities less Estimated Tax Liability $ 2,100 $ 2,100
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TOTAL CASH & VUE SECURITIES $ 5,234 $ 5,537
=============== ===============
LONG-TERM DEBT(3) $ 544 $ 544
1.99% CONVERTIBLE PREFERRED STOCK(7) $ 656 $ 656
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TOTAL DEBT & PREFERRED STOCK $ 1,200 $ 1,200
=============== ===============
NET CASH AND VUE SECURITIES $ 4,034 $ 4,337
=============== ===============
</Table>
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(1) Calculated based on USA's treasury method, fully diluted ownership in USA's
publicly-traded subsidiaries.
(2) Pro forma for Vivendi transaction. Not pro forma for pending Interval
acquisition announced on May 31, 2002.
(3) Pro forma for redemption of Savoy bonds which closed on May 31, 2002.
(4) Excludes cash due to clients.
(5) Based on balance sheet carrying values.
(6) Represents estimated present value of taxes to be paid upon maturity of VUE
securities.
(7) Issued in Expedia transaction. Initially convertible at $33.75, subject to
a downward adjustment. Please see Expedia proxy filed November 13, 2001 for
further detail.
USA Interactive-Supplemental Information Regarding Exchange Offers
READ IMPORTANT FOOTNOTES AND DISCLAIMERS
As filed with the Securities and Exchange Commission on June 3, 2002.
5
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[USA Interactive Logo]
USA INTERACTIVE
Note on Forward-Looking Statements
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This supplemental information contains forward-looking statements relating to
possible or assumed future results of USA. It refers to the USA budget as
filed with the Securities and Exchange Commission on January 29, 2002, as
well as the outlook as presented in the April 24, 2002 filing with the
Securities and Exchange Commission. The data contained herein is as of the
January 29, 2002 budget or the outlook contained in the April 24, 2002
filing, as the case may be, other than as specifically mentioned herein. The
budgeted and outlook data is not being reconfirmed or updated herein. These
forward-looking statements are subject to risks and uncertainties that could
cause future results to materially differ. These risks and uncertainties are
described in USA's Securities and Exchange Commission filings. Any statements
non-factual in nature constitute forward-looking statements which are made as
of the date hereof or, in the case of the budgeted or outlook information, as
of the date this information was initially filed with the Securities and
Exchange Commission, and in all cases, this information is subject to change
without notice. USA undertakes no obligation to update or revise any of the
forward-looking statements, whether as a result of new information, future
events or for any other reason. These statements do not include the potential
impact of any mergers, acquisitions or other business combinations that may
be completed in the future, other than as specifically mentioned herein.
- -------------------------------------------------------------------------------
USA Interactive-Supplemental Information Regarding Exchange Offers
READ IMPORTANT FOOTNOTES AND DISCLAIMERS
As filed with the Securities and Exchange Commission on June 3, 2002.
6