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priceline.com Inc.
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Pro Forma Condensed Statement of Operations
In thousands, except per share amounts
(Unaudited)
Income Statement
Analysis 1Q99 2Q99 3Q99 4Q99
----------------------------------------------------------------------
Revenues $49,411 $111,564 $152,222 $169,213
Cost of Revenues
Product costs 43,659 100,664 133,628 145,104
---------- -------------------------------------
Total Cost of
Revenues 43,659 100,664 133,628 145,104
Gross Profit $5,752 $10,900 $18,594 $24,109
---------- -------------------------------------
Expenses:
Advertising 11,796 8,980 9,504 10,404
Sales and
Marketing 5,342 8,753 11,909 12,889
General and
Administrative 3,667 5,503 6,843 9,784
Systems and
Business
Development 2,184 3,469 4,593 3,777
---------- -------------------------------------
Total Operating
Expenses $22,989 $26,705 $32,849 $36,854
Operating Loss ($17,237) ($15,805) ($14,255) ($12,745)
Interest Income 458 1,929 2,356 2,757
---------- -------------------------------------
Net Loss ($16,779) ($13,876) ($11,899) ($9,988)
========== =====================================
Pro Forma Net
Loss per Share ($0.18) ($0.10) ($0.08) ($0.06)
========== =====================================
Recurring Supplier
Warrant Costs (381) (381) (381) (381)
One-Time
Supplier
Warrant Costs 0 0 (88,389) (1,099,443)
Other Expense 0 0 0 (380)
Option Payroll
Taxes 0 0 (1,547) (265)
Preferred
Stock Dividend 0 0 0 0
WebHouse Club
Warrants 0 0 0 189,000
Gain on Sale
of Stock 0 0 0 0
Accretion on
Preferred Stock (8,354) 0 0 0
---------- -------------------------------------
Net Loss ($25,514) ($14,257) ($102,216) ($921,457)
Net Loss Applicable
to Common
Shareholders ($0.27) ($0.10) ($0.71) ($5.91)
Weighted average
common shares 94,939 142,320 144,501 156,032
Common Shares
Outstanding,
end of period 142,320 142,320 146,427 163,867
Gross Margin 11.6% 9.8% 12.2% 14.2%
Income Statement 3Q00 vs.
Analysis 1Q00 2Q00 3Q00 3Q99
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Revenues $313,798 $352,095 $341,334 124%
Cost of Revenues
Product costs 264,771 296,919 286,899 115%
------------ ------------ ------------
Total Cost of
Revenues 264,771 296,919 286,899 115%
Gross Profit $49,027 $55,176 $54,435 193%
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Expenses:
Advertising 20,339 13,826 14,175 49%
Sales and
Marketing 20,110 23,791 21,394 80%
General and
Administrative 12,704 15,222 11,934 74%
Systems and
Business
Development 5,868 6,695 11,420 149%
------------ ------------ ------------
Total Operating
Expenses $59,021 $59,534 $58,923 79%
Operating Loss ($9,994) ($4,358) ($4,488) -69%
Interest Income 2,715 2,725 2,264 -4%
------------ ------------ ------------
Net Loss ($7,279) ($1,633) ($2,224) -81%
=======================================
Pro Forma Net
Loss per Share ($0.04) ($0.01) ($0.01) 88%
=======================================
Recurring Supplier
Warrant Costs (381) (381) (381) 0%
One-Time
Supplier
Warrant Costs 0 0 0 -100%
Other Expense 0 0 0 -
Option Payroll
Taxes (5,907) (2,507) (349) -77%
Preferred
Stock Dividend 0 (7,191) (7,191) -
WebHouse Club
Warrants 0 0 (189,000) -
Gain on Sale
of Stock 0 0 32 -
Accretion on
Preferred Stock 0 0 0 -
-----------------------------------------------
Net Loss ($13,567) ($11,712) ($199,113) 95%
Net Loss Applicable
to Common
Shareholders ($0.08) ($0.07) ($1.19) 68%
Weighted average
common shares 166,467 165,399 167,059 16%
Common Shares
Outstanding,
end of period 170,162 166,549 167,806 15%
Gross Margin 15.6% 15.7% 15.9%
Income Statement
Analysis 9 mos. 1999 9 mos. 2000 9 mos. 1999
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Revenues $313,197 $1,007,227 222%
Cost of Revenues
Product costs 277,951 848,589 205%
------------ ------------
Total Cost of
Revenues 277,951 848,589 205%
Gross Profit $35,246 $158,638 350%
------------ ------------
Expenses:
Advertising 30,280 48,340 60%
Sales and
Marketing 26,004 65,295 151%
General and
Administrative 16,013 39,860 149%
Systems and
Business
Development 10,246 23,983 134%
------------ ------------
Total Operating
Expenses $82,543 $177,478 115%
Operating Loss ($47,297) ($18,840) -60%
Interest Income 4,743 7,704 62%
------------ ------------
Net Loss ($42,554) ($11,136) -74%
============ ============
Pro Forma Net
Loss per Share ($0.30) ($0.07) -78%
============ ============
Recurring Supplier
Warrant Costs (1,143) (1,143) 0%
One-Time
Supplier
Warrant Costs (88,389) 0 -100%
Other Expense - 0 -
Option Payroll
Taxes (1,547) (8,763) 466%
Preferred
Stock Dividend - (14,382) -
WebHouse Club
Warrants - (189,000) -
Gain on Sale
of Stock - 32 -
Accretion on
Preferred Stock (8,354) 0 -100%
------------ ------------
Net Loss ($141,987) ($224,392) 58%
Net Loss Applicable
to Common
Shareholders ($1.02) ($1.35) 32%
Weighted average
common shares 139,817 166,389 19%
Common Shares
Outstanding,
end of period 142,320 167,806 18%
Gross Margin 11.3% 15.7%
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