Filed by USA Interactive
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Ticketmaster
Commission File No. 0-25041
USA INTERACTIVE
PRO FORMA SEGMENT RESULTS
$ IN MILLIONS; ROUNDING DIFFERENCES MAY EXIST. UNAUDITED.
---------- ---------- ------------------------------------------------------------
REVENUE 1999 2000 2001
---------- ---------- ------------------------------------------------------------
YE 12/31 YE 12/31 Q1 Q2 Q3 Q4 YE 12/31
---------- ---------- -------- -------- -------- ---------- ----------
OPERATING BUSINESSES
HSN - U.S. $ 1,332.9 $ 1,527.0 $ 349.2 $ 356.3 $ 375.2 $ 476.2 $ 1,556.9
Ticketing 442.7 518.6 150.1 163.9 133.9 131.8 579.7
Match.com 9.0 29.2 8.5 10.7 12.5 17.6 49.2
Hotels.com 161.8 328.0 105.3 138.3 151.2 141.7 536.5
Expedia 73.0 156.7 57.2 78.5 79.5 81.8 296.9
Interval 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Precision Response 215.9 282.1 80.7 75.6 72.6 69.8 298.7
---------- ---------- -------- -------- -------- ---------- ----------
SUB-TOTAL 2,235.4 2,841.5 751.1 823.3 824.9 918.7 3,318.0
EMERGING BUSINESSES
Citysearch and related 27.3 50.8 12.4 12.4 11.1 10.3 46.1
International TV shopping and other 175.7 281.0 83.4 87.7 66.1 82.2 319.4
ECS/Styleclick 55.4 48.5 8.6 7.8 5.4 12.4 34.2
---------- ---------- -------- -------- -------- ---------- ----------
SUB-TOTAL 258.4 380.3 104.4 107.9 82.6 104.9 399.8
---------- ---------- -------- -------- -------- ---------- ----------
Non-recurring items 6.9 -- -- -- -- -- --
Foreign exchange conversion -- (35.3) (13.7) (13.8) (9.1) (10.2) (46.9)
HSN Disengagement -- 6.2 36.2 25.5 21.3 19.1 102.0
Intersegment Elimination -- -- -- (2.6) (2.3) (2.2) (7.1)
---------- ---------- -------- -------- -------- ---------- ----------
TOTAL $ 2,500.7 $ 3,192.8 $ 877.9 $ 940.3 $ 917.3 $ 1,030.3 $ 3,765.8
========== ========== ======== ======== ======== ========== ==========
THE FINANCIAL, STATISTICAL AND OTHER INFORMATION CONTAINED HEREIN IS UNAUDITED.
As filed with the Securities and Exchange Commission on October 25, 2002.
---------- ---------- ------------------------------------------------------------
ADJUSTED EBITDA 1999 2001
---------- ---------- ------------------------------------------------------------
YE 12/31 YE 12/31 Q1 Q2 Q3 Q4 YE 12/31
---------- ---------- -------- -------- -------- ---------- ----------
OPERATING BUSINESSES
HSN - U.S. $ 214.7 $ 229.6 $ 45.7 $ 51.7 $ 46.7 $ 72.1 $ 216.2
Ticketing 93.3 100.0 30.2 35.5 19.0 21.5 106.2
Match.com (0.4) 6.3 0.3 2.8 5.8 7.6 16.5
Hotels.com 24.2 52.6 15.8 21.0 21.8 22.9 81.5
Expedia (44.3) (38.8) 4.5 17.7 16.4 22.2 60.9
Interval 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Precision Response 30.4 44.6 10.0 10.2 7.9 6.2 34.3
Corporate and other (36.1) (29.9) (7.9) (8.2) (8.2) (7.0) (31.3)
---------- ---------- -------- -------- -------- ---------- ----------
SUB-TOTAL 281.7 364.5 98.6 130.8 109.3 145.4 484.2
EMERGING BUSINESSES
Citysearch and related (60.4) (63.9) (11.8) (11.0) (10.7) (9.9) (43.3)
International TV shopping and other 11.8 14.7 (0.8) (1.6) (12.4) (7.7) (22.5)
ECS/Styleclick (56.0) (71.2) (16.9) (14.5) (14.4) (7.8) (53.6)
---------- ---------- -------- -------- -------- ---------- ----------
SUB-TOTAL (104.6) (120.4) (29.4) (27.1) (37.5) (25.4) (119.4)
Foreign exchange conversion -- (3.9) (0.9) (1.0) 0.9 (0.2) (1.2)
HSN Disengagement -- 0.9 6.0 3.5 2.2 3.6 15.3
---------- ---------- -------- -------- -------- ---------- ----------
TOTAL $ 177.0 $ 241.0 $ 74.3 $ 106.2 $ 75.0 $ 123.4 $ 378.9
========== ========== ======== ======== ======== ========== ==========
Non recurring items -- (4.7) -- (4.8) (12.3) (3.1) (20.1)
---------- ---------- -------- -------- -------- ---------- ----------
ADJUSTED EBITDA--LESS
NON-RECURRING ITEMS $ 177.0 $ 236.3 $ 74.3 $ 101.5 $ 62.7 $ 120.3 $ 358.8
========== ========== ======== ======== ======== ========== ==========
THE FINANCIAL, STATISTICAL AND OTHER INFORMATION CONTAINED HEREIN IS UNAUDITED.
As filed with the Securities and Exchange Commission on October 24, 2002.
-------------------------------------------------------------------
REVENUE 2002
-------------------------------------------------------------------
Q1 Q2 Q3 Q4 YTD 9/30
---------- ---------- ---------- ---------- -----------
OPERATING BUSINESSES
HSN - U.S. $ 396.2 $ 376.1 $ 370.7 $ 1,143.1
Ticketing 153.4 175.4 162.1 490.9
Match.com 25.3 29.5 33.4 88.2
Hotels.com 165.7 229.7 277.4 672.8
Expedia 116.0 142.7 166.6 425.4
Interval 0.0 0.0 2.3 2.3
Precision Response 70.1 72.1 75.0 217.2
---------- ---------- ---------- ---------- ----------
SUB-TOTAL 926.6 1,025.6 1,087.6 3,039.9
Emerging Businesses
Citysearch and related 7.3 7.6 7.6 22.5
International TV shopping and other 81.5 87.8 96.7 266.1
ECS/Styleclick 12.1 10.4 7.6 30.1
---------- ---------- ---------- ---------- ----------
SUB-TOTAL 100.9 105.8 111.9 318.6
---------- ---------- ---------- ---------- ----------
Non-recurring items -- -- 0.0 0.0
Foreign exchange conversion (16.5) (10.1) (4.9) (31.5)
HSN Disengagement (0.9) (0.9) 0.0 (1.8)
Intersegment Elimination (3.0) (2.6) (2.2) (7.8)
---------- ---------- ---------- ---------- ----------
TOTAL $ 1,007.1 $ 1,117.8 $ 1,192.5 $ 3,317.4
========== ========== ========== ========== ==========
THE FINANCIAL, STATISTICAL AND OTHER INFORMATION CONTAINED HEREIN IS UNAUDITED.
As filed with the Securities and Exchange Commission on October 25, 2002.
-------------------------------------------------------------------
ADJUSTED EBITDA 2002
-------------------------------------------------------------------
Q1 Q2 Q3 Q4 YTD 9/30
---------- ---------- ---------- ---------- -----------
OPERATING BUSINESSES
HSN - U.S. $ 57.7 $ 62.6 $ 67.4 $ 187.7
Ticketing 33.7 43.7 36.3 113.6
Match.com 6.9 9.7 7.0 23.5
Hotels.com 25.8 32.9 40.1 98.7
Expedia 34.5 43.3 48.9 126.7
Interval 0.0 0.0 0.4 0.4
Precision Response 5.7 8.1 9.6 23.4
Corporate and other (8.7) (9.9) (11.2) (29.8)
---------- ---------- ---------- ---------- ----------
SUB-TOTAL 155.6 190.4 198.4 544.4
Emerging Businesses
Citysearch and related (10.7) (8.6) (8.5) (27.8)
International TV shopping and other (8.5) (6.1) 0.4 (14.1)
ECS/Styleclick (4.6) (6.2) (5.2) (15.9)
---------- ---------- ---------- ---------- ----------
SUB-TOTAL (23.8) (20.9) (13.2) (57.8)
Foreign exchange conversion (0.3) (0.2) (0.1) (0.5)
HSN Disengagement 0.0 0.0 0.0 0.0
---------- ---------- ---------- ---------- ----------
TOTAL $ 131.6 $ 169.3 $ 185.1 $ 486.0
========== ========== ========== ========== ==========
Non recurring items 0.0 (44.4) (6.5) (51.0)
---------- ---------- ---------- ---------- ----------
ADJUSTED EBITDA- LESS NON-RECURRING ITEMS $ 131.6 $ 124.9 $ 178.6 $ 435.1
========== ========== ========== ========== ==========
THE FINANCIAL, STATISTICAL AND OTHER INFORMATION CONTAINED HEREIN IS UNAUDITED.
As filed with the Securities and Exchange Commission on October 25, 2002.
USA INTERACTIVE
RESULTS OF OPERATIONS
$ IN MILLIONS; ROUNDING DIFFERENCES MAY EXIST. UNAUDITED.
--------- --------- ---------------------------------------------------
P&L 1999 (1) 2000 (1) 2001 (2)
--------- --------- ---------------------------------------------------
YE 12/31 YE 12/31 Q1 Q2 Q3 Q4 YE 12/31
--------- --------- ------- ------- ------- --------- ---------
Revenues, net 2,001.1 2,964.6 877.9 940.3 917.3 1,030.3 3,765.8
Operating costs and expenses:
Costs related to revenues 1,318.1 2,000.0 571.5 597.9 596.8 658.4 2,424.6
--------- --------- ------- ------- ------- --------- --------
Gross profit 683.0 964.6 306.4 342.4 320.5 371.9 1,341.2
--------- --------- ------- ------- ------- --------- --------
Other costs and expenses 492.8 687.9 232.1 236.2 245.5 252.6 966.4
Depreciation 51.7 105.4 33.0 36.8 38.5 34.6 142.8
Amortization of non-cash compensation 6.4 12.7 9.3 5.2 4.8 4.8 24.2
Amortization of non-cash distribution and marketing 0.0 11.7 8.0 10.6 7.1 9.0 34.7
Amortization of other intangibles (non-cash) 180.9 496.7 40.6 42.4 41.6 47.6 172.3
One time charges 0.0 0.0 0.0 10.6 12.3 3.0 25.8
HSN disengagement costs 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------- --------- ------- ------- ------- --------- --------
Total operating costs 731.8 1,314.4 323.1 341.8 349.8 351.6 1,366.2
--------- --------- ------- ------- ------- --------- --------
Operating income (48.8) (349.8) (16.7) 0.6 (29.2) 20.3 (25.0)
Interest expense, net (29.7) (7.4) 22.6 19.8 23.3 20.2 85.9
Gain on sale of securities 0.0 108.4 0.0 0.0 0.0 0.0 0.0
Other, net (4.3) (59.3) (6.5) (5.9) (19.3) (28.6) (60.3)
--------- --------- ------- ------- ------- --------- --------
(34.0) 41.7 16.1 13.9 4.0 (8.3) 25.6
--------- --------- ------- ------- ------- --------- --------
Earnings before income taxes and
minority interest (82.8) (308.1) (0.6) 14.5 (25.2) 12.0 0.6
Income tax expense (28.6) (43.8) (22.7) (13.5) (10.4) (14.0) (60.5)
Minority interest 42.2 179.5 9.0 2.7 10.3 2.9 24.9
--------- --------- ------- ------- ------- --------- --------
Net earnings/(loss) from continuing operations (69.2) (172.4) (14.3) 3.7 (25.3) 0.9 (35.0)
========= ========= ======= ======= ======= ========= ========
Preferred dividend 0.0 0.0 (3.3) (3.3) (3.3) (3.3) (13.1)
--------- --------- ------- ------- ------- --------- --------
Net earnings available to common shareholders (69.2) (172.4) (17.5) 0.4 (28.6) (2.3) (48.0)
========= ========= ======= ======= ======= ========= ========
Weighted average diluted shares 327.8 359.7 431.1 434.6 437.3 438.0 433.0
========= ========= ======= ======= ======= ========= ========
Weighted average fully converted shares 327.8 359.7 431.1 463.1 437.3 438.0 433.0
========= ========= ======= ======= ======= ========= ========
Basic earnings per share $ (.21) $ (.48) $ (.04) $ -- $ (.07) $ (.01) $ (.04)
========= ========= ======= ======= ======= ========= ========
Diluted earnings per share $ (.21) $ (.48) $ (.04) $ -- $ (.07) $ (.01) $ (.04)
========= ========= ======= ======= ======= ========= ========
EBITDA 190.1 276.7 74.3 101.4 62.8 120.3 358.8
========= ========= ======= ======= ======= ========= ========
Excluding one-time charges and non-operating gains:
Basic and diluted earnings per share $ (.04) $ .01 $ (.04) $ .02 $ (.05)
========= ========= ======= ======= ======= ========= ========
Cash net income earnings per share $ .05 $ .05 $ .01 $ .10 $ .21
========= ========= ======= ======= ======= ========= ========
--------------------------------------------------------------------
P&L 2002 (2)
--------------------------------------------------------------------
Q1 Q2 Q3 Q4 YTD 9/30
----------- ----------- ----------- ----------- -----------
Revenues, net 1,007.1 1,117.8 1,192.5 3,317.4
Operating costs and expenses:
Costs related to revenues 628.1 681.9 713.2 2,023.2
----------- ----------- ----------- ----------- -----------
Gross profit 379.0 435.9 479.3 1,294.2
----------- ----------- ----------- ----------- -----------
Other costs and expenses 248.3 267.5 294.2 810.0
Depreciation 38.9 42.4 47.7 129.0
Amortization of non-cash compensation 4.7 3.4 3.0 11.1
Amortization of non-cash distribution and marketing 11.0 10.1 10.4 31.5
Amortization of other intangibles (non-cash) 41.1 42.4 75.8 159.3
One time charges 0.0 70.4 6.5 76.9
HSN disengagement costs 10.7 5.3 4.6 20.5
----------- ----------- ----------- ----------- -----------
Total operating costs 354.7 441.5 442.2 1,238.3
----------- ----------- ----------- ----------- -----------
Operating income 24.3 (5.6) 37.2 55.9
Interest expense, net (4.2) 26.6 28.0 50.4
Gain on sale of securities 0.0 0.0 0.0 0.0
Other, net 12.9 (101.7) (18.1) (106.9)
----------- ----------- ----------- ----------- -----------
8.6 (75.1) 9.9 (56.6)
----------- ----------- ----------- ----------- -----------
Earnings before income taxes and
minority interest 33.0 (80.7) 47.1 (0.7)
Income tax expense (21.7) (14.6) (31.8) (68.1)
Minority interest (12.9) (9.7) (17.2) (39.8)
----------- ----------- ----------- ----------- -----------
Net earnings/(loss) from continuing operations (1.6) (105.1) (2.0) (108.6)
=========== =========== =========== =========== ===========
Preferred dividend (3.3) (3.3) (3.3) (9.8)
----------- ----------- ----------- ----------- -----------
Net earnings available to common shareholders (4.8) (108.4) (5.2) (118.4)
=========== =========== =========== =========== ===========
Weighted average diluted shares 442.6 447.4 448.4 446.1
=========== =========== =========== =========== ===========
Weighted average fully converted shares 442.6 447.4 448.4 446.1
=========== =========== =========== =========== ===========
Basic earnings per share $ (.01) $ (.24) $ (.01) $ (.27)
=========== =========== =========== =========== ===========
Diluted earnings per share $ (.01) $ (.24) $ (.01) $ (.27)
=========== =========== =========== =========== ===========
EBITDA 131.6 126.7 178.6 436.9
=========== =========== =========== =========== ===========
Excluding one-time charges and non-operating gains:
Basic and diluted earnings per share $ .02 $ .03 $ .02 $ .07
=========== =========== =========== =========== ===========
Cash net income earnings per share $ .05 $ .10 $ .14 $ .29
=========== =========== =========== =========== ===========
(1) Data for 1999 and 2000 is not pro forma for the Expedia and Vivendi
transactions. The USA Entertainment Group is treated as a discontinued
operation for all periods presented.
(2) Data for 2001 and 2002 is pro forma for Expedia and Vivendi transactions and
the exchange of Holdco shares by Liberty, which closed on February 4, 2002,
May 7, 2002, and June 24, 2002, respectively.
THE FINANCIAL, STATISTICAL AND OTHER INFORMATION CONTAINED HEREIN IS UNAUDITED.
As filed with the Securities and Exchange Commission on October 25, 2002.
USA INTERACTIVE
OPERATING METRICS
IN MILLIONS
------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ---------
1999 2000 2001 2002
------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ---------
YE YE Q1 Q2 Q3 Q4 YE Q1 Q2 Q3 Q4 YTD 9/30
------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ---------
GROSS TRANSACTION VALUE
("GTV")
Total GTV $5,279 $7,082 $2,167 $2,429 $2,135 $2,303 $9,033 $2,782 $3,256 $3,391 $9,428
Interactive GTV (a) $2,944 $4,722 $1,548 $1,792 $1,632 $1,768 $6,739 $2,218 $2,668 $2,839 $7,725
% of Total 56% 67% 71% 74% 76% 77% 75% 80% 82% 84% 82%
Internet GTV (b) $1,437 $3,088 $1,148 $1,390 $1,232 $1,267 $5,038 $1,800 $2,223 $2,353 $6,375
% of Total 27% 44% 53% 57% 58% 55% 56% 65% 68% 69% 68%
International GTV $ 605 $ 800 $ 254 $ 289 $ 252 $ 291 $1,086 $ 335 $ 465 $ 551 $1,351
% of Total 11% 11% 12% 12% 12% 13% 12% 12% 14% 16% 14%
(a) Interactive GTV is defined as GTV which was generated from the TV or PC from
HSN, Ticketmaster.com, Hotels.com, Expedia, Match.com and TV Travel Group.
(b) Internet GTV is defined as GTV which was generated online from
Ticketmaster.com, Hotels.com, Expedia, Match.com and HSN.com.
THE FINANCIAL, STATISTICAL AND OTHER INFORMATION CONTAINED HEREIN IS UNAUDITED.
As filed with the Securities and Exchange Commission on October 25, 2002.
USA INTERACTIVE
OPERATING METRICS
IN MILLIONS EXCEPT PER UNIT
------ ------ ----------------------------------------- ------------------------------------
1999 2000 2001 2002
------ ------ ----------------------------------------- ------------------------------------
YE YE Q1 Q2 Q3 Q4 YE Q1 Q2 Q3 Q4 YE
------ ------ ----------------------------------------- ------------------------------------
HSN- US
Units shipped 32.1 35.2 8.6 9.0 9.5 11.4 38.5 9.6 9.3 9.1
Gross profit % 34.3% 34.9% 33.5% 34.5% 34.3% 33.9% 34.0% 35.5% 38.4% 38.1%
Return rate 20.3% 19.6% 19.6% 19.6% 19.0% 17.9% 19.0% 19.0% 18.8% 18.5%
Product mix:*
Home Licensing N/A N/A 37% 35% 36% 41% 38% 32% 28% 29%
Home Fashions N/A N/A 4% 4% 5% 5% 4% 7% 6% 8%
Jewelry N/A N/A 26% 26% 25% 25% 25% 24% 26% 25%
Health/Beauty N/A N/A 19% 22% 20% 17% 19% 24% 24% 23%
Apparel/Accessories N/A N/A 14% 13% 14% 12% 13% 13% 16% 15%
Average Price Point $ 47.82 $50.06 $47.36 $46.21 $47.36 $47.69 $45.41 $44.18 $44.46
HSN total homes
(end of period) 73.7 77.1 80.2 81.1 82.8 83.0 83.0 74.9 77.1 77.8
America's Store FTE's
(end of period) 8.3 8.6 8.3 10.6 11.0 12.3 12.3 10.2 11.1 8.7
THE FINANCIAL, STATISTICAL AND OTHER INFORMATION CONTAINED HEREIN IS UNAUDITED.
* In Q1 2002, HSN reclassfied certain items in its product mix. As such,
wellness, ingestibles, and fitness categories were moved out of the Home Goods
category and into the Health & Beauty category. Product Mix for 1999 and 2000
assuming reclassification not available. Home Licensing includes electronics,
computers, and other licensed homegoods.
As filed with the Securities and Exchange Commission on October 25, 2002.
USA INTERACTIVE
OPERATING METRICS
IN MILLIONS EXCEPT PER TICKET
----------- --------- ----------------------------------------- --------------------------------
1999 2000 2001 2002
----------- --------- ----------------------------------------- --------------------------------
YE YE Q1 Q2 Q3 Q4 YE Q1 Q2 Q3 Q4 YE
----------- --------- ----------------------------------------- --------------------------------
TICKETING
Number of tickets sold 75.0 83.0 23.6 23.6 19.3 20.3 86.8 23.9 24.3 22.8
Gross value of tickets sold $ 2,781 $ 3,256 $ 937 $1,016 $ 788 $ 870 $3,611 $997 $1,144 $1,041
Share of tickets sold online 13.4% 24.5% 29.5% 33.2% 31.9% 33.9% 32.1% 37.8% 43.0% 40.8%
THE FINANCIAL, STATISTICAL AND OTHER INFORMATION CONTAINED HEREIN IS UNAUDITED.
As filed with the Securities and Exchange Commission on October 25, 2002.
USA INTERACTIVE
OPERATING METRICS
IN THOUSANDS
--------- ---------------------------------------------- -------------------------------------
2000 2001 2002
--------- ---------------------------------------------- -------------------------------------
YE Q1 Q2 Q3 Q4 YE Q1 Q2 Q3 Q4 YE
--------- ---------------------------------------------- -------------------------------------
MATCH.COM
Paid subscribers 156.9 189.5 216.6 252.7 382.2 382.2 527.7 604.2 653.2
New registrations 1,135.6 1,054.5 1,059.5 1,216.0 2,304.0 5,634.3 2,911.7 3,284.5 3,422.5
New subscriptions (first time only) 399.5 121.7 134.8 154.2 260.4 671.0 342.4 313.2 328.5
Conversion rate (Reg to Subs) 35.2% 11.5% 12.7% 12.7% 11.3% 11.9% 11.8% 9.5% 9.6%
THE FINANCIAL, STATISTICAL AND OTHER INFORMATION CONTAINED HEREIN IS UNAUDITED.
As filed with the Securities and Exchange Commission on October 25, 2002.
USA INTERACTIVE
OPERATING METRICS
------- ------- ------------------------------------------- -----------------------------------
1999 2000 2001 2002
------- ------- ------------------------------------------- -----------------------------------
YE YE Q1 Q2 Q3 Q4 YE Q1 Q2 Q3 Q4 YE
------- ------- ------------------------------------------- -----------------------------------
HOTELS.COM
Hotel room nights sold (thousands) 1,229 2,433 799 1,030 1,227 1,187 4,243 1,408 1,883 2,320
Average Daily Rate N/A $131.70 $124.35 $129.65 $120.64 $112.40 $121.10 $115.70 $118.95 $115.88
Affiliates (including TravelNow) N/A 16,200 18,649 20,857 22,793 23,808 23,808 25,755 28,340 30,646
Properties 1,500 2,600 3,084 3,374 3,890 4,567 4,567 6,058 6,467 6,571
Cities served 40 97 135 146 171 178 178 218 243 285
THE FINANCIAL, STATISTICAL AND OTHER INFORMATION CONTAINED HEREIN IS UNAUDITED.
As filed with the Securities and Exchange Commission on October 25, 2002.
USA INTERACTIVE
OPERATING METRICS
IN THOUSANDS
----------- --------------------------------------------------------------
2000 2001
----------- --------------------------------------------------------------
YE Q1 Q2 Q3 Q4 YE
----------- --------------------------------------------------------------
EXPEDIA
Total gross bookings (a) $1,793,000 $ 674,000 $ 802,000 $ 720,000 $ 704,000 $2,900,000
Total transactions (b) 4,832 1,780 2,241 2,222 2,229 8,472
Average monthly Media Metrix reach (c) N/A 6,969 7,502 9,410 9,238 N/A
Expedia.com conversion (d) N/A 5.7% 7.0% 5.5% 5.2% N/A
Expedia new purchasing customers (e) 1,769 671 904 918 870 3,363
Expedia cumulative purchasing customers (f) 8,843 3,603 4,507 5,424 6,294 19,828
Expedia quarterly unique purchasing customers (g) 2,741 1,007 1,336 1,393 1,383 5,119
--------------------------------------------------------------
2002
--------------------------------------------------------------
Q1 Q2 Q3 Q4 YE
--------------------------------------------------------------
EXPEDIA
Total gross bookings (a) $1,107,000 $1,333,000 $1,470,000
Total transactions (b) 3,045 3,681 4,238
Average monthly Media Metrix reach (c) 11,242 12,161 12,615
Expedia.com conversion (d) 5.8% 6.3% 6.7%
Expedia new purchasing customers (e) 1,316 1,529 1,693
Expedia cumulative purchasing customers (f) 7,610 9,139 10,832
Expedia quarterly unique purchasing customers (g) 1,874 2,217 2,492
(a) Gross bookings represents the total value of travel booked through the
Expedia, VacationSpot, and WWTE sites.
(b) Transactions represents the number of reservations and purchases transacted
through the Expedia and WWTE sites.
(c) Average monthly Media Metrix reach represents the unduplicated reach for the
Expedia and VacationSpot sites.
(d) Conversion represents the monthly average Expedia.com unique monthly
purchasers divided by the monthly average Media Metrix reach for the
Expedia.com site.
(e) Expedia new purchasing customers represents the number of new customers
transacting through the Expedia sites in a quarter.
(f) Expedia cumulative purchasing customers represents the cumulative number of
customers that have ever transacted through the Expedia sites as of the end
of a quarter.
(g) Expedia quarterly unique purchasing customers represents the number of
unique customers transacting through the Expedia sites over the course of a
quarter.
THE FINANCIAL, STATISTICAL AND OTHER INFORMATION CONTAINED HEREIN IS UNAUDITED.
As filed with the Securities and Exchange Commission on October 25, 2002.
USA INTERACTIVE
OPERATING METRICS
IN MILLIONS
CAPITALIZATION (AS OF 10/15/02) REVENUE MIX
Ticker (NASDAQ) USAI Revenue sources (Q3 '02):
Merchandise 38%
As of 10/15/02 Online travel/hotel rooms 38%
--------------------------------------------------------------------------- Ticketing 14%
SHARES OUTSTANDING (MILLIONS) (a): Teleservices / ECS 7%
---------------------------------- Personals 3%
USA Common Stock 384 --------
USA Class B 65 Commerce 100%
--------------- ========
Total Shares Outstanding 449
Estimated dilutive options and warrants (treasury method) 24
---------------
Fully diluted shares 473
===============
MARKET CAPITALIZATION:
Outstanding equity capitalization $ 9,339
Fully diluted equity capitalization $ 9,841
As of 9/30/02
---------------------------------------------------------------------------
Attributable Cash (b) $ 2,618
Securities in VUE (c) 2,111
Debt and Preferred Stock (1,202)
---------------
Net Attributable Cash and Securities $ 3,528
===============
(a) Fully diluted shares includes treasury method options and warrants and
other dilutive securities, and includes Vivendi's remaining 56.6
million shares that may be delivered to USA in connection with USA's
Series B preferred interest in VUE.
(b) Includes attributable cash from USA's public subsidiaries, based on
the Q3 weighted average of USA's fully diluted, treasury method
ownership in public subsidiaries, which was 66% for Ticketmaster, 67%
for Hotels.com and 56% for Expedia. Excludes cash due to clients at
Ticketmaster. Consolidated cash and marketable securities is $3.0
billion as of September 30, 2002.
(c) Includes securities issued to USA in the Vivendi transaction, as
follows: Class A and Class B preferred interests and 5.44% common
interest in Vivendi Universal Entertainment ("VUE") at balance sheet
carrying values, less the estimated present value of taxes on the
above securities.
Absolute % of Fully
Shares % of Shares Diluted Shares
Owned Outstanding (QTD)
--------------- ---------------- ----------------
Ticketmaster (NASDAQ: TMCS) 95.8 67% 66%
Hotels.com (NASDAQ: ROOM) 39.0 67% 67%
Expedia (NASDAQ: EXPE) 35.4 62% 56%
THE FINANCIAL, STATISTICAL AND OTHER INFORMATION CONTAINED HEREIN IS UNAUDITED.
As filed with the Securities and Exchange Commission on October 25, 2002.