The Priceline Group Inc. (NASDAQ:PCLN) Q1 2016 Earnings Conference Call - Preliminary Transcript

May 04, 2016 • 07:30 am ET


The Priceline Group Inc. (NASDAQ:PCLN) Q1 2016 Earnings Conference Call - Preliminary Transcript


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Welcome to the Priceline group first quarter 2016 conference call. The Priceline group would like to remind everyone that this call 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 risk uncertainties and assumptions that are difficult to predict.

Therefore, actual results may differ materially from those expressed, implied or forecasted in any such for looking statements. expressions of future goals or expectations and similar expressions reflecting something other than historical facts are intended to identify for looking statements, or a list of factors that could cause the group's actual results to differ materially from those described in the for looking statements.

Please refer to the Safe Harbor statements at the end of the group's earnings press release, as well as the group's most recent filings with the Securities and Exchange Commission.

Unless required by law, the Priceline group undertakes no obligation to update publicly in a forward looking statements whether as a result of newer from future events or otherwise, a copy of the group's earnings press release together with an accompanying financial statistical supplement is available and they for investors section of the Priceline group's website, And now I'd like to introduce the Priceline group's speakers for this afternoon, Jeffery H. Boyd and Daniel J. Finnegan. Go ahead, gentlemen.

Jeffery H. Boyd

Thank you very much. You're welcome to the Priceline group second quarter conference call. I am joined today by our Priceline group CFO Dan Pena again in our Norwalk office before the market opens this morning in New York. The group performed well on the quarter and we made good progress executing against our key initiatives. The group reported consolidated gross bookings for the second quarter of approximately $16.7 billion, up about 26% on a constant currency basis, or about 21% year over year in US dollars.

Gross profit was up 21% or about 27% on a constant currency basis.

And it's So David was also up 27% to $676 million. And finally, non GAAP earnings per share were $10 and 0.54 cents, up 30% versus the prior year, surpassing our guidance for the quarter. gap earnings per share were $7 and 0.47 -- of 17% versus the prior year, or US dollar denominated growth rates were again impacted by the strong dollar, but less than we have experienced in previous quarters. Our customers booked accommodation reservations for 137 million room nights in the quarter of 31% year over year, reflecting acceleration for the second consecutive quarter.

We are pleased with this consistent robust growth and reservations, which reflects continued solid execution in the market for global travel. continues to not only grow its accommodation supply, but also increase its penetration within its supply base. platform now has approximately 900,000 [phonetic]Hotels and other accommodations in over 220 countries and territories up 31% over last year.

This platform also