EQUITY RESEARCH MORNING RESEARCH SUMMARY January 16, 2015

Total Page:16

File Type:pdf, Size:1020Kb

EQUITY RESEARCH MORNING RESEARCH SUMMARY January 16, 2015 EQUITY RESEARCH MORNING RESEARCH SUMMARY January 16, 2015 What's Inside Focus Items Estimates & PT Revisions Global Payments Inc. (GPN) Glenn Greene, CFA ­ BJRI O BJ's Restaurants Inc. Raise PT Again Following Management Meetings C O ¯ Citigroup Inc. CG O ¯ Carlyle Group L.P. Verint Systems (VRNT) Shaul Eyal FIG O ­ Fortress Investment Group Double-Digit Grower; KANA & Cyber Expand TAM ­ GPN O Global Payments Inc. BlackBerry (BBRY) Andrew Uerkwitz HAIN P ¯ Hain Celestial Group, Inc. BBRY Management Meeting Takeaway INTC P ¯ Intel Corp. PODD O ¯ Insulet Corp. INTERNET Manish Hemrajani WWAV O ¯ WhiteWave Foods Company Expedia Buying Travelocity? Insulet Corp. (PODD) Steven Lichtman Updates Lower '14E New US Patient Adds; Lowering Price Target APO P Apollo Global Management BBRY P BlackBerry CONSUMER Rupesh Parikh, CFA BX P The Blackstone Group ICR Takeaways: Still A Favorable Demand Backdrop For Natural/ KKR O KKR & Co. Organic PCLN O The Priceline Group Inc. FINANCIAL INSTITUTIONS Chris Kotowski PLCE O The Childrens Place Printing Cash: Our 2015 Outlook SLB O Schlumberger Limited VRNT O Verint Systems Other Headlines Estimates/Ratings/Price Target Updates The Priceline Group Inc. (PCLN) Manish Hemrajani Annual Estimates Priceline Launches Last-Minute Booking App, Booking Now Current FY Next FY Ratings Price Targets COMMUNICATION AND CLOUD Timothy Horan, CFA Company Ticker Prev Curr Prev Curr Prev Curr Prev Curr Daily Datatimes, January 16, 2015 Intel Corp. (INTC) Rick Schafer BJ's BJRI 0.93 0.95 1.22 1.22 O O $56.00 $56.00 Restaurants Inc. Mobility Efforts Progressing, Though Profitability Remains Out on the Horizon Carlyle Group CG -- -- -- -- O O $38.00 $37.00 L.P. TECHNOLOGY Rick Schafer Citigroup Inc. C 5.51 5.34 6.02 5.87 O O $70.00 $67.00 Daily Chip Clips Fortress FIG 0.92 0.90 0.95 0.93 O O $12.00 $14.00 Investment Group The Childrens Place (PLCE) Anna Andreeva Global GPN 4.79 4.79 5.35 5.35 O O $90.00 $100.00 TGT Canada Stores Closing—Read Opportunity for PLCE/CRI Payments Inc. Hain Celestial HAIN 1.91 1.88 2.20 2.15 P P $60.00 $60.00 BJ's Restaurants Inc. (BJRI) Brian Bittner, CFA Group, Inc. Margin Upside In Early Stages; Reiterate Outperform Insulet Corp. PODD (0.17) (0.17) 0.21 0.07 O O $50.00 $39.00 Intel Corp. INTC 2.30 2.26 2.40 2.45 P P NA NA Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. See "Important Disclosures and Certifications" section at the end of this report for important disclosures, including potential conflicts of interest. See "Price Target Calculation" and "Key Risks to Price Target" sections at the end of this report, where applicable. Oppenheimer & Co Inc. 85 Broad Street, New York, NY 10004 Tel: 212-885-4646 Fax: 212-856-3989 Morning Summary - January 16, 2015 WhiteWave WWAV 0.99 0.99 1.18 1.15 O O $43.00 $40.00 Schlumberger Limited (SLB) James Schumm Foods Company Q4 Beats (After a Lot of Noise) Citigroup Inc. (C) Chris Kotowski Soft Quarter, But Management Firm on 2015 Outlook 2 Morning Summary -January 16, 2015 Snap Commentaries - Equities Updates Glenn Greene, CFA TECHNOLOGY 312 360-5942 Global Payments Inc. (GPN - $84.70) Financial Technology & IT Services Rating Market Cap Price Target / Prior Earnings Type 2014A 2015E 2016E O $5,680.0M $100.00 / $90.00 EPS 4.12 4.79 5.35 Raise PT Again Following Management Meetings After recently meeting with GPN, we remain optimistic regarding its growth/profitability prospects. We believe GPN has strong earnings visibility for the foreseeable future (likely through at least FY16). We would not preclude FY15 guidance proving conservative, despite perhaps 300bps of FX-related EPS growth headwinds. Operating margins (despite FX), with benefit from a much improved US business mix, stable Canada, and int'l expansion, appear on a steady expansion trajectory. Recently closed/announced M&A deals should provide incremental growth/margin benefits, and we wouldn't preclude add'l (albeit smaller) M&A near term. We also anticipate a somewhat accelerated pace of share repurchases near term. Macro factors aside, GPN is clicking on most cylinders. We raise our PT to $100 (from $90). Shaul Eyal TECHNOLOGY 212-667-8411 Verint Systems (VRNT - $54.08) Communication Software Rating Market Cap Price Target Earnings Type 2013A 2014E 2015E O $3,283.4M $70.00 EPS 2.84 3.42 3.76 Double-Digit Grower; KANA & Cyber Expand TAM On 1/15/15, we met with VRNT senior management. Verint offers advanced technologies, domain expertise and customer-centric services to capture structured and unstructured data, to process and analyze this data and to generate actionable insights across multiple domains. VRNT targets double-digit top-line growth and steady margin expansion (op margins currently in the low 20%s) and is expanding its total addressable market (TAM) by leveraging its core capabilities into new opportunities. VRNT is executing well, and demand is strong as customers seek product suites from an increasingly selective vendor roster. We reiterate our Outperform and $70 target (17x our FY16E EPS of $4.13). 3 Morning Summary -January 16, 2015 Andrew Uerkwitz TECHNOLOGY 212 667-5316 BlackBerry (BBRY - $10.11) Emerging Technologies and Services Rating Market Cap Price Target Earnings Type 2014A 2015E 2016E P $5,340.6M NA EPS (1.35) (0.18) (0.36) BBRY Management Meeting Takeaway We had the opportunity to meet with Blackberry CFO James Yersh. The hot topics were recent press speculation, pathway to software revenue, and opportunities for QNX. Management denied the speculation of a takeout bid by reiterating the press release yesterday (1/14). Mgmt said it has plenty of liquidity, is steadfast in its execution of the strategy, but spoke of the value of its assets (expertise in security and IP). We believe there is potential interest in Blackberry as a target but do not expect anything immediate. We came away more confident in the company's ability to execute its software strategy but remain cautious on the hardware segment. We leave our estimates unchanged, including below- consensus handset expectations. INTERNET Manish Hemrajani 212 667-5407 Expedia Buying Travelocity? Yesterday the FTC in a very terse statement posted on www.ftc.gov granted an Early Termination notice to Sabre and Expedia on their Hart Scott Rodino (HSR) filing with the acquired entity being Travelocity (see Appendix 1 of our full report, released today). Barring any press release from either company, we can only opine on the probability that Expedia is in the process of acquiring the entire Travelocity asset. Indeed, if that is the case we view this development as a positive for both SABR and EXPE. It helps SABR delever its balance sheet further and takes a non-core asset out of focus. EXPE gains further market share in the US (~58%) and four more quarters of inorganic boost to its revenue growth. We estimate the potential deal to be 6-8x estimated EBITDA of $40M for Travelocity. Maintain Outperform on EXPE ($92 target) and SABR ($22 target). Steven Lichtman HEALTHCARE 212-667-8160 Insulet Corp. (PODD - $31.86) Medical Devices Rating Market Cap Price Target / Prior Earnings Type 2014E 2015E / Prior O $1,786.8M $39.00 / $50.00 EPS -- (0.17) 0.07 / 0.21 Lower '14E New US Patient Adds; Lowering Price Target ‎Comments by PODD this week on '14 results indicated that US diabetes growth, particularly new patient adds, was lower than Street estimates. New patient adds declined ~9% following a 30% increase in '13 on the next-gen Omnipod launch. We estimate '14 US OmniPod revs grew 16%. International was the offset and OUS revs doubled in '14. Early indications on FY15 imply mid-teens top-line guidance (vs. our previous 23-24%). There may be some new management conservatism embedded and there are potential accelerators including increased sales/ marketing investment and AMGN/Neulasta launch in '15 and a new handheld launch/CGM connectivity and Type 2 pump launch in '16. Near term, the story is in show-me stage as new management begins executing its plan. 4 Morning Summary -January 16, 2015 CONSUMER Rupesh Parikh, CFA 212 667-5263 ICR Takeaways: Still A Favorable Demand Backdrop For Natural/Organic Earlier this week, we spent time and/or attended company events for FWM, HAIN, STKL, and UNFI at ICR. The focus of today's brief update is primarily on our food coverage universe. We walked away with a still positive outlook toward demand drivers for the natural/organic space. Increasing consumer awareness toward healthy eating, retailer interest in the category and product innovation are likely to sustain organic growth rates amongst the highest within the food space. With peakish valuations in some names, moderating announced M&A activity and growing FX headwinds, we believe investors need to be more selective than in recent years. In the food/grocery space, our top picks remain WFM, UNFI and KR. We still look favorably on WWAV, but expect FX and supply challenges in organic dairy to limit upside near term. We would be more constructive on HAIN and SFM shares on a pullback. FINANCIAL INSTITUTIONS Chris Kotowski 212 667-6699 Printing Cash: Our 2015 Outlook Referring to the private equity-based asset managers at their December investor day, Apollo CFO Martin Kelly noted, "These things print cash and you can ignore it only for so long.
Recommended publications
  • Sabre Corporation Annual Report 2019
    Sabre Corporation Annual Report 2019 Form 10-K (NASDAQ:SABR) Published: February 15th, 2019 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Sabre Corporation (Exact name of registrant as specified in its charter) Delaware 001-36422 20-8647322 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation or organization) Identification No.) 3150 Sabre Drive Southlake, TX 76092 (Address, including zip code, of principal executive offices) (682) 605-1000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Common Stock, $0.01 par value The NASDAQ Stock Market LLC (Title of class) (Name of exchange on which registered) Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý No ¨ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No ý Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Answer of Defendants Sabre Corporation and Sabre Glbl Inc
    Case 1:19-cv-01548-LPS Document 22 Filed 09/10/19 Page 1 of 35 PageID #: 61 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE ) UNITED STATES OF AMERICA, ) ) Plaintiff, ) ) v. ) Civil Action No. 19-cv-01548-LPS ) SABRE CORPORATION, ) SABRE GLBL INC., ) FARELOGIX, INC., and ) SANDLER CAPITAL PARTNERS V, L.P., ) ) Defendants. ) ) ANSWER OF DEFENDANTS SABRE CORPORATION AND SABRE GLBL INC. Defendants Sabre Corporation and Sabre GLBL Inc. (together, “Sabre”) by and through their undersigned counsel, answer as follows the allegations of the Complaint filed on August 20, 2019 (the “Complaint”), by the United States (“Plaintiff”). Except for those allegations expressly admitted herein, Sabre denies each and every allegation in the Complaint. Except as noted herein, Sabre lacks knowledge or information sufficient to form a belief as to the truth of the allegations regarding statements made in internal documents by Farelogix, Inc. (“Farelogix”), or any other allegations regarding non-public statements, commercial plans, or intentions of companies other than Sabre’s. Sabre expressly denies that Plaintiff is entitled to the relief requested or any other relief. Sabre reserves the right to amend this Answer. PRELIMINARY STATEMENT Plaintiff claims that Sabre’s acquisition of Farelogix (the “Acquisition”) is “a dominant firm’s attempt to eliminate a disruptive competitor.” Nothing could be further from the truth. Case 1:19-cv-01548-LPS Document 22 Filed 09/10/19 Page 2 of 35 PageID #: 62 First, Sabre is not dominant. It is one of three major global distribution systems (“GDSs”) in the world. In fact, it is not even the largest GDS in the world—Amadeus is the leading global GDS, and Sabre competes against it, Travelport and others to serve both airline and travel agency customers.
    [Show full text]
  • Sabre Corporation (Exact Name of Registrant As Specified in Its Charter)
    ' UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ~ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 or • TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Sabre Corporation (Exact name of registrant as specified in its charter) Delaware 001-36422 20-8647322 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of Incorporation or organization) Identification No.) 3150 Sabre Drive Southlake, TX 76092 (Address, including zip code, ofprinc ipal executive offices) (682) 605-1000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Common Stock, $0.01 par value The NASDAQ Stock Market LLC (Title of class) (Name of exchange on which registered ) Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrantis a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes l!I No • Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act Yes • No l!I Indicate by check mark whether the registrant (1) has fi led all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • DOJ RATTLES the SABRE: Traditional Brick-And-Mortar Travel and Online Travel Agen- Cies Such As Expedia
    September 2019 ▪ Volume 23 ▪ Issue 8 DOJ RATTLES THE SABRE: traditional brick-and-mortar travel and online travel agen- cies such as Expedia. To sell tickets through travel agen- A TEMPLATE FOR HIGH cies, airlines require booking services. Booking services LAWYER TECH MERGER are IT solutions that facilitate delivery of airline offers to travel agencies and that also process orders. Sabre and CHALLENGES? Farelogix compete to provide booking services. By Ryan C. Thomas, Michael A. Gleason, and Sabre operates a global distribution system (“GDS”), Tommy Forr which is a digital platform that allows travel agencies to Ryan Thomas and Michael Gleason are partners in search for and book flights across multiple airlines. the Washington, D.C. office of Jones Day. Tommy Forr is an associate in Jones Day’s New York Airlines distribute offers to travel agencies through Sabre, office. Contact: [email protected], which typically charges fees to airlines for each flight seg- [email protected] or [email protected]. ment booked through its service. According to the DOJ, In the past year, senior officials at the Department of there are just three GDS providers in the U.S. and Sabre is Justice, Federal Trade Commission, and various state at- the largest, accounting for more than 50% of U.S. airline torneys general have focused on antitrust enforcement bookings through travel agencies. involving “high tech” companies. The FTC convened a Farelogix does not operate a GDS but has developed “Technology Task Force.” The DOJ launched a formal an innovative data transmission standard that facilitates antitrust review of “market-leading online platforms.” communications between airlines and travel agents.
    [Show full text]
  • The Future of Airline Distribution, 2016 - 2021
    The Future of Airline Distribution, 2016 - 2021 By Henry H. Harteveldt, Atmosphere Research Group CONTENTS 3 INTRODUCTION 5 RESEARCH METHODOLOGY 7 EXECUTIVE SUMMARY 9 HOW SHOULD AIRLINES PREPARE TO SERVE THE AIRLINE TRAVELER OF 2021? 26 TECHNOLOGY INNOVATION AND THE EVOLVING TECHNOLOGY LANDSCAPE 29 AIRLINE DISTRIBUTION IN 2021 70 CONCLUSION 72 ENDNOTES © 2016 International Air Transport Association. All rights reserved. 2 INTRODUCTION Introduction from Atmosphere Research Atmosphere Research Group is honored to have Airlines that want to become true retailers are once again been selected by IATA to prepare this well-positioned to do so. Carriers have an abun- report on the future of airline distribution. We dance of technologies, including cloud comput- believe that the five-year timeframe this report ing, artificial intelligence, and mobility, that they covers – 2016 to 2021 – will see the successful can use to help them bring their products to mar- introduction of true retailing among the world’s ket in more meaningful ways. IATA’s NDC, One airlines and their distribution partners. Order, and NGISS initiatives are being brought to market to help airlines be more successful busi- This report reflects Atmosphere Research’s in- nesses. As each airline independently contem- dependent and objective analysis based on our plates its distribution strategies and tactics, we extensive industry and consumer research (for hope this report will serve as a helpful resource. more information about how the research was conducted, please refer to the “Research Method- ology” section). © 2016 International Air Transport Association. All rights reserved. 3 Future of Distribution Report 2016-2021 Introduction from IATA In 2012 IATA commissioned Atmosphere Research Game changes are prompted by consumer needs, to conduct a survey on the Future of Airline Dis- or by the ability to offer new solutions.
    [Show full text]
  • Major Companies and Headquarters
    BUSINESS & ECONOMY | MAJOR COMPANIES AND HEADQUARTERS BUSINESS & ECONOMY Ericsson Financial Professional BNSF Logistics Essilor Activities & Business BNSF Railway Major Companies and Headquarters Farmer Brothers Boeing Global Services AAA Texas Services Flowserve Corporation Alkami Technology Container Store Group The Dallas-Fort Worth Accenture A critical mass of headquarters Forterra Copart USA region has been a Allstate Alliance Data Fossil Group Core-Mark magnet for corporate | and major company operations Associa AT&T headquarters and major Frito-Lay Dallas Love Field Bank of America HEADQUARTERS AND COMPANIES MAJOR company operations, Atos attracting 23 Fortune 500 Fujitsu Network BBVA DFW International HollyFrontier Brinker International Communications Conifer Health Solutions Airport company headquarters Construction Hunt Consolidated/Hunt CEC Entertainment Capital One Auto (Core-Mark will make 24 AECOM General Motors CoreLogic FedEx Oil Finance when the newest list is Andres Construction Cinemark Holdings Integer Holdings CROSSMARK Gamestop Luminant CBRE released this summer), Services Cinépolis CyrusOne and 43 headquarters Interceramic Charles Schwab Greyhound Lines Austin Industries Matador Resources among the Fortune 1000. ClubCorp Holdings Interstate Battery Deloitte Hilti North America Oncor Electric Delivery Citigroup In 2019, Charles Schwab Balfour Beatty CorePoint Lodging Justin Brands DXC Technology J.C. Penney announced they, too, will Pioneer Natural Resources Comerica Beck Group Dave & Buster’s Exela Technologies relocate to DFW. A diverse Keurig Dr Pepper Elevate Credit Inc Kroger Brandt Range Resources group of household names Del Frisco’s Restaurant Kimberly-Clark EY Match.com Reliant Energy Group Federal Reserve Bank of such as ExxonMobil, Builders Firstsource Kronos Worldwide Dallas F e d E X O i c e McLaren Texas Instruments, Centex Corporation TXU Fiesta Restaurant Group AT&T, American Airlines, Kubota Fidelity Investments Freeman Company Michaels Companies U.S.
    [Show full text]
  • SABRE CORPORATION (Exact Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 13, 2020 SABRE CORPORATION (Exact name of registrant as specified in its charter) Delaware 001-36422 20-8647322 (State or other jurisdiction of (Commission (IRS Employer incorporation or organization) File Number) Identification No.) 3150 Sabre Drive Southlake, TX 76092 (Address of principal executive offices) (Zip Code) (682) 605-1000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Trading Name of each exchange Title of each class Symbol on which registered Common Stock, $.01 par value SABR The NASDAQ Stock Market LLC Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    [Show full text]
  • Sabre and American Airlines Renew Global Distribution Agreement As the Industry Eyes Recovery
    Sabre and American Airlines renew global distribution agreement as the industry eyes recovery October 15, 2020 SOUTHLAKE, Texas, Oct. 15, 2020 /PRNewswire/ -- Sabre Corporation (NASDAQ: SABR), a leading software and technology company that powers the global travel industry, and American Airlines have renewed their long-term, worldwide distribution agreement. Under the renewed agreement, Sabre will continue to distribute American Airlines flights and services through the Sabre travel marketplace, ensuring that Sabre connected-agencies will continue to have access to the same American Airlines content, including branded fares, ancillary products and services. "It's been a challenging year for the travel industry, and it is critical to us that we support our agency community well," said Alison Taylor, chief customer officer of American Airlines. "Sabre remains important to American, as we work together with our mutual agency partners to facilitate bookings." American Airlines is a long-standing Sabre customer employing Sabre's travel marketplace as well its SabreSonic reservations system, and multiple other airline IT solutions. With a partnership that extends over 20 years, Sabre and American are committed to delivering relevant and meaningful content that helps connect travelers with experiences that matter in their lives. "As the industry continues to deal with the fallout from COVID-19, distribution of air content through the Sabre global distribution system (GDS) remains an important part of a carrier's distribution strategy," said Roshan
    [Show full text]
  • Sabre Corporation Announces Sale of Common Stock by Existing Shareholders
    May 18, 2015 Sabre Corporation Announces Sale of Common Stock by Existing Shareholders SOUTHLAKE, Texas, May 18, 2015 /PRNewswire/ -- Sabre Corporation ("Sabre" or the "Company") (Nasdaq: SABR) today announced the public offering of 22,000,000 shares of common stock by existing stockholders affiliated with TPG Global, LLC and Silver Lake Management Company, L.L.C. The Company will not receive any proceeds from this offering. Goldman, Sachs & Co., BofA Merrill Lynch, Morgan Stanley, Deutsche Bank and Evercore ISI are acting as joint bookrunners for this offering. In addition TPG Capital BD, LLC, Jefferies, Foros, Cowen and Company, Sanford C. Bernstein, William Blair, Mizuho Securities, Natixis and The Williams Capital Group, L.P. are acting as co-managers for this offering. A registration statement on Form S-3 (including a prospectus and prospectus supplement) relating to these securities has been filed with the Securities and Exchange Commission and is effective. A copy of the prospectus and accompanying prospectus supplement related to the offering, when available, may be obtained from Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by calling 1-866-471-2526, facsimile: 1-212-902-9316 or by e-mail at [email protected], or BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus Department, or by email at [email protected], or Morgan Stanley & Co. LLC at 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department, or Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005, or by calling 1-800-503-4611 or by email at [email protected], or Evercore ISI at 55 East 52nd Street, 36th Floor, New York, NY 10055, Attention: Equity Capital Markets, or by calling 212-653-9054 or by email at [email protected].
    [Show full text]
  • Expedia, Inc. And/Or Its Affiliated Companies
    This annual report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the views of our management regarding expectations about future events and are based on then available information. Actual results could differ materially. The use of words such as "anticipates," "estimates," "expects," "intends," "plans" and "believes," among others, generally identify forward-looking statements; however, these words are not the exclusive means of identifying such statements. These forward-looking statements are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Please carefully review and consider the various disclosures made in our Annual Report on Form 10-K enclosed herein and in our other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may impact future results. The logos on the front cover are service marks or trademarks of Expedia, Inc. and/or its affiliated companies. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K Í ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2014 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-51447 EXPEDIA, INC. (Exact name of registrant as specified in its charter) Delaware
    [Show full text]
  • A Critical Mass of Headquarters and Major
    THE BUSINESS COMMUNITY MANUFACTURING Overhead Door Corp HP Enterprise Services JC Penney Company MAJOR COMPANIES A CRITICAL MASS OF HEADQUARTERS Owens Corning Huawei Technologies Mary Kay Abbott Laboratories PepsiCo Intuit AND HEADQUARTERS Match.com AND MAJOR COMPANY OPERATIONS Airbus Helicopters Peterbilt Motors JLL The Dallas-Fort Worth region has been a Minyard Food Stores DFW AND TEXAS CONSISTENTLY RANK AS LOW-COST, LOW-TAX, AND Alcon Laboratories magnet for corporate headquarters and Poly-America KPMG HIGH-QUALITY CORPORATE ENVIRONMENTS. BELOW ARE JUST A FEW OF Moneygram International major company operations, attracting 22 THE COMPANIES THAT CALL DFW HOME. American Leather Qorvo Inc L-3 Communications Fortune 500 company headquarters and Atlas Copco Drilling Solutions Raytheon Liberty Mutual Nationastar Mortgage 42 headquarters among the Fortune 1000. A diverse group of household names such EnLink Midstream Partner USPI Group Holdings Bell Helicopter SAFRAN Electrical & Power McAfee Nebraska Furniture Mart as ExxonMobil, Texas Instruments, AT&T, CONSTRUCTION Exco Resources UT Southwestern Medical Bimbo Bakeries USA/ Sanden International USA McKesson Neiman Marcus Group | American Airlines, J.C. Penney, Kimberly- Center EarthGrains Austin Industries ExxonMobil Smith & Nephew NTT Data Clark, Toyota, and Dr Pepper call the Nokia Solutions and Networks Borden Dairy HEADQUARTERS AND COMPANIES MAJOR region home, reflecting the area’s strong Balfour Beatty HollyFrontier Solar Turbines PFSweb fundamentals when it comes to workforce, HOSPITALITY
    [Show full text]
  • Amadeus-Settlement-Terms-Details.Pdf
    SETTLEMENT AGREEMENT BETWEEN CLASS PLAINTIFFS AND AMADEUS WHEREAS, on July 14, 2015, certain Plaintiffs filed a putative class action complaint against Defendants seeking damages under the antitrust and consumer protection laws of various states and injunctive relief under federal antitrust law based on allegations that, inter alia, Defendants conspired to impose Full Content contract terms on Airlines; WHEREAS, Plaintiffs filed the Operative Class Complaint on October 2, 2015; WHEREAS, on January 15, 2016, Defendants moved to dismiss the Operative Class Complaint, including on the ground that Plaintiffs’ state law damages claims were preempted by the Airline Deregulation Act, 49 U.S.C.§ 41713 (the “ADA”); WHEREAS, after full briefing, the Court by Order dated July 6, 2016 granted in part Defendants’ motion to dismiss the Operative Class Complaint, dismissing in full and with prejudice any Plaintiffs’ state law damages claims on the ground that they were preempted by the ADA; WHEREAS, Plaintiffs have conducted discovery of Defendants and third parties, including document production, interrogatories and depositions, and as a result, Plaintiffs have received collectively from Defendants approximately 8 to 10 million pages of documents; WHEREAS, Plaintiffs’ Class Counsel has undertaken a careful review of all discovery to date from Defendants and third-parties; WHEREAS, Plaintiffs and Plaintiffs’ Class Counsel, having fully investigated the facts and underlying events relating to the subject matter of their claims with respect to Amadeus,
    [Show full text]