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| Travelocity Reports Record Pro Forma Profit for the Fourth Consecutive Quarter |
Profit Before Special Items Expected to More Than Double in 2002
For the year, gross travel bookings were $3.1 billion, up 27% from $2.5 billion reported in 2000. Revenues for 2001 were $301.8 million, exceeding 2000 pro forma revenues by 50%. Reflecting the dramatic downturn in travel after September 11, fourth quarter gross travel bookings were $630.2 million compared to $696.4 million for the fourth quarter of 2000 and $784.8 million for the prior quarter. Fourth quarter revenues were $68.1 million compared to $65.5 million in the fourth quarter of the prior year and $78.5 million for the third quarter of 2001. Profit before special items and Sabre interest was $15.6 million, or $0.30 per fully diluted share for 2001, compared to a pro forma loss before special items and Sabre interest of $35.6 million, or $0.73 per fully diluted share for 2000. For the fourth quarter, profit before special items and Sabre interest was $4.9 million, or $0.09 per fully diluted share, slightly ahead of the third quarter and compared to a loss of $2.4 million, or $0.05 per fully diluted share for the fourth quarter of 2000. Special items include goodwill amortization, non-cash stock compensation charges and other non-cash items. Earnings before interests, taxes, depreciation and amortization (EBITDA), and excluding special items, was $24.7 million for 2001 compared to a deficit of $34.3 million for 2000. EBITDA excluding special items was $8.0 million in the fourth quarter compared to $7.0 million in the third quarter of 2001 and a deficit of $1.3 million in the fourth quarter of 2000. At the end of the year, cash and marketable securities rose to $114.1 million, compared to $71.6 million for the fourth quarter of 2000 and $107.1 for the third quarter of 2001. On a GAAP basis, which includes goodwill amortization expense and other non-cash items, the Company reported a loss before Sabre interest and income taxes of $84.5 million, or $1.70 per fully diluted share, for the year, compared to a loss of $109.0 million, or $2.11 per fully diluted share in 2000. For the fourth quarter, the Company reported a loss before Sabre interest and income taxes of $25.0 million, or $0.50 per fully diluted share, compared to a loss before Sabre interest and income taxes of $26.2 million, or $0.53 per fully diluted share, for the fourth quarter of 2000. Effective January 1, the Company is no longer required to amortize certain intangibles, including goodwill, in its GAAP financial statements, which will result in closer conformance of pro forma and GAAP results. "In an industry that had an average decline in travel bookings of 15%, we grew 27%," said Terrell B. Jones, president and chief executive officer of Travelocity. "With the economic slowdown and lingering effects of September 11, the travel industry faced some of its most difficult challenges in 2001. Yet, our business emerged from this adversity stronger than before, fueled by the growing channel shift toward online travel. That's because we deliver travel better than the physical world. We enhance the user experience with more products, more options, better features and better customer support. Furthermore, with the shopping and buying information in our database, we can provide more relevant offerings through targeted marketing. Despite the overall dismal advertising market, our integrated marketing programs grew advertising revenues 28% to over $60 million. "As we enter 2002, we have positioned ourselves for strong growth through several key initiatives," continued Jones. "We have secured broad marketing agreements with several major domestic and international airlines that account for over 50% of our air bookings. We have significantly increased our higher margin hotel offerings. We have successfully entered the merchant vacation business with Travelocity Vacations. We have also significantly enhanced our cruise booking system, travel advice service, and customer relationship management tools. We expect these accomplishments will help us achieve our revenue growth target of 20% to 30% in 2002. We continue to successfully diversify into higher margin air and non-air business, and we anticipate a net profit excluding special items of between $0.65 to $0.75 per fully diluted share for 2002."
Key Financial Highlights [see "Notes on Attached Financial Exhibits" below]
Pro forma profit for 2001 and the expected range of pro forma profit for 2002, as stated above, have been determined on the same basis as pro forma profit announced for prior periods. Pro forma results for 2000 includes results attributable to Preview Travel. Pro forma results are not GAAP results in that the latter include goodwill amortization expense, non-cash stock compensation expenses, integration expenses and other non-cash items. Jupiter Media Metrix has recently informed Travelocity that they had been understating traffic in their custom report on America Online. Therefore, reach numbers have been understated. Numbers using their new methodology are shown in Exhibit 3. About Travelocity.com Travelocity.com Inc. (Nasdaq: TVLY), a database-driven travel marketing and transaction company, provides Internet and wireless reservations information for more than 700 airlines, more than 50,000 hotels and more than 50 car rental companies. In addition, Travelocity.com offers more than 6,500 vacation packages, tour and cruise departures and a vast database of destination and interest information. Travelocity.com employs more than 1,000 customer service professionals, has sold more than 20 million airline tickets and has registered more than 32 million members. Notes on Attached Financial Exhibits Exhibit 1 outlines the results of operations before special items for the Company for the fourth quarter and twelve months of 2001 compared to the respective year-ago periods for the combined Company (including Preview Travel). Exhibit 2 includes the Company's GAAP financial statements for the fourth quarter and twelve months of 2001 and 2000. Exhibits 3 and 3A outline key pro forma performance and derived performance statistics for the combined Company for the past eight quarters. Exhibit 4 presents selected balance sheet data as of December 31, 2001, September 30, 2001 and December 31, 2000. Cautionary Statement Regarding Forward-Looking Statements Statements in this release that are not purely historical facts, including statements about expected future revenues and pro forma earnings, are forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All such forward-looking statements are based only upon information available to Travelocity on the date of this release. All such forward- looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described, including risks related to declines or disruptions in the travel industry resulting from concerns about the possibility of terrorist acts, related hostilities, and increased costs (including due to new security measures) and reduced operations by airlines; risks relating to the elimination or reduction of commissions paid by travel suppliers, which could reduce Travelocity's revenues; risks associated with travel industry consolidation; risks related to loss of market share to competitors, including supplier joint ventures with preferential access to inventory; risks relating to Travelocity's relationships with Sabre Holdings Corporation and its affiliates (including the risks of potential conflicts of interest); risks associated with the continued use and growth of the Internet and, relatedly, the extent of acceptance and profitability of online commerce; and risks relating to Travelocity's technology, including Travelocity's ability to rapidly develop and achieve market acceptance of new products and services, and related risks that rapid technological changes may render Travelocity's technology obsolete or decrease the attractiveness of its existing products and services relative to the products and services, respectively, of its competitors. Further information about risks and uncertainties that could affect Travelocity's financial and other results is included in Travelocity's other documents filed with, or furnished to, the Securities and Exchange Commission. Travelocity undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on forward- looking statements.
*** Exhibits To Follow ***
EXHIBIT 1
Travelocity.com Inc.
Statements of Operations Before Special Items (A)
(In Thousands)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2001 2000 2001 2000
Gross travel bookings (B) $630,200 $696,400 $3,127,600 $2,460,400
Revenues
Transaction services
Air $29,082 $32,027 $147,238 $112,182
Non-air 13,730 11,982 58,930 34,482
Total transaction services 42,812 44,009 206,168 146,664
Advertising 14,179 18,589 62,853 49,196
Other 11,124 2,890 32,749 5,482
Total revenues 68,115 65,488 301,770 201,342
Cost of revenues 24,633 20,679 101,868 75,882
Gross profit 43,482 44,809 199,902 125,460
Gross margin % 63.8% 68.4% 66.2% 62.3%
Operating expenses
Selling and marketing 29,924 39,354 145,643 127,795
Technology and development 5,309 4,737 22,757 19,726
General and administrative 4,279 4,312 20,400 18,604
Total operating expenses 39,512 48,403 188,800 166,125
Operating profit/(loss) 3,970 (3,594) 11,102 (40,665)
Interest income, net 904 1,225 4,496 3,899
Other income, net 0 0 0 1,127
Profit/(loss) before Sabre
interest 4,874 (2,369) 15,598 (35,639)
Sabre's interest in
partnership (C) (2,929) 1,446 (9,491) 21,894
Profit/(loss) after Sabre
interest 1,945 (923) 6,107 (13,745)
Provision for income taxes (D) 0 0 0 0
Net profit/(loss) after Sabre
interest $1,945 ($923) $6,107 ($13,745)
Diluted net profit/(loss) per
share after Sabre interest $0.09 ($0.05) $0.30 ($0.73)
Weighted average diluted
shares outstanding (E) 20,621 19,199 20,701 18,748
(A) The information presented above assumes the merger of
Travelocity.com and Preview Travel occurred on January 1, 2000. The
unaudited statements of operations before special items exclude the
recognition of certain expenses, including the amortization of
goodwill and intangible assets recorded in connection with the
acquisition of Preview Travel, certain non-recurring costs incurred
during the integration of Preview Travel, non-cash stock
compensation expenses, the cumulative effect of the adoption of SFAS
No. 133 on January 1, 2001 and unrealized changes in the fair value
of warrants held by the Company which have been recorded in the GAAP
financial statements included in Exhibit 2.
(B) Commencing with 4Q 2000, gross travel bookings include those
bookings made directly through an agreement the Company has with
Hotel Reservations Network, a leading consolidator of hotel rooms
for resale in the consumer market in the United States. Gross
travel bookings represents the total purchase price of all travel
services booked through the Company's web sites. Gross travel
bookings is not a financial measurement in accordance with GAAP and
should not be considered in isolation or as a substitute for other
information presented in accordance with GAAP.
(C) Represents the allocation of the profits or losses of
Travelocity.com LP, which consolidates with Travelocity.com Inc. for
financial reporting purposes, to Sabre, based upon Sabre's direct
ownership interest in the partnership during 2001 and 2000,
respectively.
(D) The Company's net operating loss carryforwards shield current income
for the three months and twelve months ended December 31, 2001
without need for a provision for income taxes.
(E) Weighted average shares outstanding counts have been computed to
include 3.0 million shares of common stock attributable to Sabre's
direct ownership interest in Travelocity.com Inc. The weighted
average shares outstanding counts for the three months and twelve
months ended December 31, 2001 include shares computed under the
treasury method for computation of diluted EPS.
EXHIBIT 2
Travelocity.com Inc.
Statements of Operations (A)
(In Thousands)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2001 2000 2001 2000
Gross travel bookings (B) $630,200 $696,400 $3,127,600 $2,355,500
Revenues
Transaction services
Air $29,082 $32,027 $147,238 $107,991
Non-air 13,730 11,982 58,930 31,823
Total transaction services 42,812 44,009 206,169 139,814
Advertising 14,179 18,589 62,853 47,374
Other 11,124 2,890 32,749 5,482
Total revenues 68,115 65,488 301,770 192,670
Cost of revenues 24,633 20,679 101,868 72,131
Gross profit 43,482 44,809 199,902 120,539
Gross margin % 63.8% 68.4% 66.2% 62.6%
Operating expenses
Selling and marketing 29,924 39,354 145,643 120,112
Technology and development 5,309 4,737 22,757 18,507
General and administrative 4,279 4,312 20,400 16,698
Integration related expenses 0 0 0 1,537
Stock compensation
(credit)/expense 8,554 1,551 15,935 4,882
Amortization of intangibles 22,409 22,329 89,647 72,607
Total operating expenses 70,475 72,283 294,382 234,343
Operating loss (26,993) (27,474) (94,480) (113,804)
Interest income, net 904 1,225 4,496 3,689
Cumulative effect of adoption
of SFAS 133 0 0 7,178 0
Other income (C) 1,108 0 (1,657) 1,127
Loss before Sabre interest and
income taxes (D) ($24,981) ($26,249) ($84,463) ($108,988)
Loss before Sabre interest and
income taxes, per share (E) ($0.50) ($0.53) ($1.70) ($2.11)
Weighted average shares
outstanding (E) (F) 49,900 49,199 49,715 51,647
(A) The information presented above reflects the actual performance for
Travelocity.com alone for January 1 through March 7, 2000; and the
combined company for March 8, 2000 and beyond.
(B) Commencing with 4Q 2000, gross travel bookings include those
bookings made directly through an agreement the Company has with
Hotel Reservations Network, a leading consolidator of hotel rooms
for resale in the consumer market in the United States. Gross
travel bookings represents the total purchase price of all travel
services booked through the Company's web sites. Gross travel
bookings is not a financial measurement in accordance with GAAP and
should not be considered in isolation or as a substitute for other
information presented in accordance with GAAP.
(C) Other income includes the realized gains and losses on marketable
securities held by the Company and the unrealized changes in the
fair value of the Hotel Reservations Network warrants held by
Travelocity.com during the reporting period, as recorded subsequent
to the adoption of SFAS No. 133 on January 1, 2001.
(D) Loss before Sabre's interest in partnership represents the results
of operations of Travelocity.com LP, which consolidates with
Travelocity.com Inc. for financial reporting purposes, prior to any
allocation of losses to Sabre based upon Sabre's direct ownership
interest in Travelocity.com LP. Travelocity.com Inc.'s net loss,
after income taxes and after allocation of losses to Sabre, totaled
($24,434) and ($12,132) for the three months ended December 31, 2001
and 2000, respectively, and ($85,035) and ($46,902) during the
twelve months ended December 31, 2001 and 2000, respectively. This
results in a GAAP loss per share ($1.23) and ($0.63) for the three
months ended December 31, 2001 and 2000, respectively, and a GAAP
loss per share of ($4.31) and ($2.17) for the twelve months ended
December 31, 2001 and 2000, respectively. The GAAP loss per share
includes a benefit for income taxes of $545, which was recognized
for the three months December 31, 2001 and a provision for income
taxes of $574 for the twelve months ended December 31, 2001. No
benefit for income taxes was recognized for the three months or
twelve months ended December 31, 2000.
(E) Represents the loss per share attributable to all owners of the
Travelocity business. Calculated as if Sabre had converted its
direct ownership interest in Travelocity.com LP and 33 million
shares of Class A common stock which it holds into 33 million shares
of common stock of Travelocity.com Inc.
(F) The weighted average shares used in the calculation of basic
earnings per share for the three and twelve months ended
December 31, 2000 have been calculated as if the 33 million shares
of preferred stock held by Sabre were outstanding, as common shares,
from January 1, 2000 through the merger with Preview Travel, Inc. on
March 7, 2000.
EXHIBIT 3
Combined Travelocity.com Pro Forma Performance Statistics (A)
1Q 2000 2Q 2000 3Q 2000 4Q 2000
GROSS TRAVEL BOOKINGS
($ millions) (B) $504.3 $610.2 $649.5 $696.4
MEMBERSHIP (C) 19,200,000 21,600,000 23,400,000 24,900,000
AVERAGE MONTHLY UNIQUE
BOOKERS (D) 395,000 486,000 509,000 525,000
AVERAGE MONTHLY MEDIA
METRIX REACH (E) (F) 8,400,000 6,900,000 7,200,000 6,500,000
CONVERSION RATIO (G) (H) 4.7% 7.1% 7.1% 8.1%
CUMULATIVE UNIQUE
BOOKERS (I) 3,337,000 4,208,000 5,124,000 6,010,000
TRANSACTIONS (J) 1,831,000 2,144,000 2,206,000 2,306,000
PAGE VIEWS (millions) (K) 750 684 679 560
NOTES:
(A) Data presented includes actual data points where available; however,
certain data points represent estimates of period activity and
estimated duplication factors for duplication across the period
and/or the uncombined companies. Additionally, commencing with
4Q 2000, gross travel bookings include those bookings made direct
through Hotel Reservations Network.
(B) Gross Travel Bookings represents the total value of travel sales
activity of the two companies for the respective periods.
(C) Membership represents the unduplicated membership at the end of each
period based of the two companies for the respective periods.
(D) Average Monthly Unique Bookers represents the unduplicated (during
the month) average monthly booker activity for the two companies for
the respective periods.
(E) Average Monthly Media Metrix Reach represents the unduplicated
(during the month) unique reach/visitors of the two companies for
the respective periods.
(F) Due to the unavailability of December 2001 Jupiter Media Metrix
data, the Average Monthly Media Metrix Reach for 4Q 2001 was
computed as the average monthly reach of October and November 2001.
(G) Conversion Ratio is computed by dividing average monthly bookers by
average monthly Media Metrix reach.
(H) The Company has been advised by Jupiter Media Metrix (JMM) that JMM
had been understating traffic from America Online, and that the
statistics have been revised as of October 2001. JMM was unable to
restate measurement numbers for months prior to October 2001.
Therefore, the computed conversion ratio for 4Q 2001 reflects
different JMM audience measurements than those for previous
quarters.
(I) Cumulative Unique Bookers represents the unduplicated (during the
accumulation period) cumulative booker activity.
(J) Data represents transactions processed in each respective period.
Transactions are gross purchases or PNRs made for customers and may
include one or more airline, car, hotel or vacation and cruise
reservations.
(K) Page Views represents total page view activity of the two companies
for the respective periods.
EXHIBIT 3
Combined Travelocity.com Pro Forma Performance Statistics (A)
1Q 2001 2Q 2001 3Q 2001 4Q 2001
GROSS TRAVEL BOOKINGS
($ millions) (B) $833.6 $879.0 $784.8 $630.2
MEMBERSHIP (C) 26,900,000 28,700,000 30,400,000 31,900,000
AVERAGE MONTHLY UNIQUE
BOOKERS (D) 661,000 686,000 664,000 538,000
AVERAGE MONTHLY MEDIA
METRIX REACH (E) (F) 7,400,000 7,700,000 8,400,000 9,900,000
CONVERSION RATIO (G) (H) 8.9% 8.9% 7.9% 5.9%
CUMULATIVE UNIQUE
BOOKERS (I) 7,122,000 8,204,000 9,227,000 10,035,000
TRANSACTIONS (J) 3,042,000 3,063,000 2,852,000 2,241,000
PAGE VIEWS (millions) (K) 692 658 642 589
NOTES:
(A) Data presented includes actual data points where available; however,
certain data points represent estimates of period activity and
estimated duplication factors for duplication across the period
and/or the uncombined companies. Additionally, commencing with 4Q
2000, gross travel bookings include those bookings made direct
through Hotel Reservations Network.
(B) Gross Travel Bookings represents the total value of travel sales
activity of the two companies for the respective periods.
(C) Membership represents the unduplicated membership at the end of each
period based of the two companies for the respective periods.
(D) Average Monthly Unique Bookers represents the unduplicated (during
the month) average monthly booker activity for the two companies for
the respective periods.
(E) Average Monthly Media Metrix Reach represents the unduplicated
(during the month) unique reach/visitors of the two companies for
the respective periods.
(F) Due to the unavailability of December 2001 Jupiter Media Metrix
data, the Average Monthly Media Metrix Reach for 4Q 2001 was
computed as the average monthly reach of October and November 2001.
(G) Conversion Ratio is computed by dividing average monthly bookers by
average monthly Media Metrix reach.
(H) The Company has been advised by Jupiter Media Metrix (JMM) that JMM
had been understating traffic from America Online, and that the
statistics have been revised as of October 2001. JMM was unable to
restate measurement numbers for months prior to October 2001.
Therefore, the computed conversion ratio for 4Q 2001 reflects
different JMM audience measurements than those for previous
quarters.
(I) Cumulative Unique Bookers represents the unduplicated (during the
accumulation period) cumulative booker activity.
(J) Data represents transactions processed in each respective period.
Transactions are gross purchases or PNRs made for customers and may
include one or more airline, car, hotel or vacation and cruise
reservations.
(K) Page Views represents total page view activity of the two companies
for the respective periods.
EXHIBIT 3A
Combined Travelocity.com Pro Forma Derived Performance Statistics (A)
1Q 2000 2Q 2000 3Q 2000 4Q 2000
GROSS TRAVEL BOOKINGS
PER TRANSACTION (B) $275 $285 $294 $302
TOTAL REVENUE PER TRANSACTION (C) $19.49 $21.83 $24.18 $28.41
TRANSACTION REVENUE
PER TRANSACTION (D) $16.26 $16.13 $17.35 $19.09
NEW MEMBER CONVERSION (E) 24% 36% 51% 59%
REPEAT BOOKER PERCENTAGE (F) 46% 40% 40% 44%
NEW BOOKER ACQUISITION COST (G) $38.42 $34.84 $36.84 $44.42
ROLLING NEW BOOKER
ACQUISITION COST (H) $39.22 $37.84 $36.77 $38.64
TOTAL BOOKER ACQUISITION COST (I) $20.55 $20.81 $22.08 $24.97
ROLLING TOTAL BOOKER
ACQUISITION COST (J) $22.61 $21.84 $21.22 $22.24
GROSS PROFIT PER BOOKER (K) $16.71 $18.99 $21.70 $28.43
GROSS PROFIT/(LOSS) GAP
PER BOOKER (L) ($3.85) ($1.82) ($0.38) $3.46
NOTES:
(A) Data presented includes actual data points where available; however,
certain data points represent estimates of period activity and
estimated duplication factors for duplication across the period
and/or the uncombined companies.
(B) Gross Travel Bookings per Transaction is computed as the quarterly
gross travel bookings divided by the quarterly transaction volume.
(C) Total Revenue per Transaction is computed as total revenue for the
quarter divided by the quarterly transaction volume.
(D) Transaction Revenue per Transaction is computed as transaction
revenue for the quarter divided by the quarterly transaction volume.
(E) New Member Conversion is computed as the change in cumulative
unique bookers divided by the change in cumulative membership.
(F) Repeat Booker Percentage is computed as quarterly repeat bookers
(computed as the product of three times average monthly unique
bookers less the quarterly change in cumulative unique bookers)
divided by three times average monthly unique bookers.
(G) New Booker Acquisition Cost is computed as quarterly selling and
marketing expenses divided by the change in cumulative unique
bookers.
(H) Rolling New Booker Acquisition Cost is computed as the rolling four
quarter selling and marketing expense divided by the four quarter
change in cumulative unique bookers.
(I) Total Booker Acquisition Cost is computed as quarterly marketing and
selling expense divided by three times average monthly unique
bookers.
(J) Rolling Total Booker Acquisition Cost is computed as the four
quarter average selling and marketing expense divided by average
total bookers over the same four quarter period.
(K) Gross Profit per Booker is computed as quarterly gross profit
divided by the product of three times average monthly unique
bookers.
(L) Gross Profit/(Loss) Gap per Booker is computed as the quarterly
gross profit less quarterly selling and marketing expenses divided
by the product of three times the average monthly unique bookers.
EXHIBIT 3A
Combined Travelocity.com Pro Forma Derived Performance Statistics (A)
1Q 2001 2Q 2001 3Q 2001 4Q 2001
GROSS TRAVEL BOOKINGS
PER TRANSACTION (B) $274 $287 $275 $281
TOTAL REVENUE PER TRANSACTION (C) $23.95 $26.88 $27.51 $30.39
TRANSACTION REVENUE
PER TRANSACTION (D) $16.72 $18.64 $19.43 $19.10
NEW MEMBER CONVERSION (E) 56% 60% 60% 54%
REPEAT BOOKER PERCENTAGE (F) 44% 47% 49% 50%
NEW BOOKER ACQUISITION COST (G) $32.23 $38.38 $37.49 $37.03
ROLLING NEW BOOKER
ACQUISITION COST (H) $36.80 $37.65 $37.79 $36.18
TOTAL BOOKER ACQUISITION COST (I) $18.06 $20.17 $19.25 $18.53
ROLLING TOTAL BOOKER
ACQUISITION COST (J) $21.28 $21.05 $20.37 $19.04
GROSS PROFIT PER BOOKER (K) $24.06 $26.97 $26.67 $26.92
GROSS PROFIT/(LOSS) GAP
PER BOOKER (L) $5.99 $6.81 $7.42 $8.40
NOTES:
(A) Data presented includes actual data points where available; however,
certain data points represent estimates of period activity and
estimated duplication factors for duplication across the period
and/or the uncombined companies.
(B) Gross Travel Bookings per Transaction is computed as the quarterly
gross travel bookings divided by the quarterly transaction volume.
(C) Total Revenue per Transaction is computed as total revenue for the
quarter divided by the quarterly transaction volume.
(D) Transaction Revenue per Transaction is computed as transaction
revenue for the quarter divided by the quarterly transaction volume.
(E) New Member Conversion is computed as the change in cumulative
unique bookers divided by the change in cumulative membership.
(F) Repeat Booker Percentage is computed as quarterly repeat bookers
(computed as the product of three times average monthly unique
bookers less the quarterly change in cumulative unique bookers)
divided by three times average monthly unique bookers.
(G) New Booker Acquisition Cost is computed as quarterly selling and
marketing expenses divided by the change in cumulative unique
bookers.
(H) Rolling New Booker Acquisition Cost is computed as the rolling four
quarter selling and marketing expense divided by the four quarter
change in cumulative unique bookers.
(I) Total Booker Acquisition Cost is computed as quarterly marketing and
selling expense divided by three times average monthly unique
bookers.
(J) Rolling Total Booker Acquisition Cost is computed as the four
quarter average selling and marketing expense divided by average
total bookers over the same four quarter period.
(K) Gross Profit per Booker is computed as quarterly gross profit
divided by the product of three times average monthly unique
bookers.
(L) Gross Profit/(Loss) Gap per Booker is computed as the quarterly
gross profit less quarterly selling and marketing expenses divided
by the product of three times the average monthly unique bookers.
EXHIBIT 4
Travelocity.com Inc.
Summary Selected Financial Data
(In Thousands)
(Unaudited)
December 31, September 30, December 31,
2001 2001 2000
Balance Sheet Data:
Cash, cash equivalents and
marketable securities $114,087 $107,147 $71,555
Accounts receivable 33,532 28,479 19,196
Property and equipment 28,275 30,696 17,781
Intangible assets and goodwill 107,754 130,349 198,113
Total assets 317,932 332,563 327,968
Accounts payable 8,753 11,052 6,242
Total current liabilities 44,093 41,757 17,653
Working capital (including all
marketable securities) 130,219 126,588 91,853
Total liabilities (excluding Sabre
interest in partnership) 66,607 68,013 21,680
Sabre interest in partnership 0 0 0
Stockholders' equity 251,325 264,550 306,288
Contacts: Travelocity.com Vollmer
David Carpenter Jennifer Tweeton
817-785-8237 713-546-2230
Judy Haveson
212-554-7425
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SOURCE Travelocity.com Inc.
CONTACT: David Carpenter of Travelocity.com Inc., +1-817-785-8237; or
Jennifer Tweeton, +1-713-546-2230, or Judy Haveson, +1-212-554-7425, both of
Vollmer, for Travelocity.com Inc.
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