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Safe Harbor
This presentation, the accompanying conference call and the related earnings press release contain forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include all statements that are not historical facts, including statements about our planned investments in key strategic areas and our expected nancial metrics such as revenue, adjusted EBITDA, stock-based compensation and other matters. The achievement of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any of these risks or uncertainties materialize or if any of the assumptions prove incorrect, our actual results, performance or achievements could be materially dierent from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the matters set forth in the lings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled Risk Factors in the companys Prospectus led on July 20, 2012 and additional information that will be set forth in our Form 10-Q that will be led for the quarter ended June 30, 2012, which should be read in conjunction with these nancial results. These documents are available on the SEC Filings section of the Investor Relations section of our website at http://ir.kayak.com/. Please also note that forward-looking statements represent our managements beliefs and assumptions only as of the date of this presentation, August 22, 2012. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could dier materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
In addition to U.S. GAAP nancials, this presentation includes certain non-GAAP nancial measures. These non-GAAP measures are in addition to, and not a substitute for, measures of nancial performance prepared in accordance with U.S. GAAP. A reconciliation of those non-GAAP measures to the most directly comparable GAAP measures is available in the Appendix.
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Q2 Highlights
Queries (MM)
33% Growth
304
229
56.8
20.6
11.1
76.9
Revenue ($MM)
36% Growth
2Q 2011
2Q 2012
2Q 2011
2Q 2012
2Q 2011
2Q 2012
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Booking Path
Partners
Expedia
Travelocity
Getaroom
11.3%
Air Canada
2.7%
2Q 2011
2Q 2012
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International Expansion
Launched in 4 new markets (18 total)
Brazil (August 2012)
Russia (July 2012)
Poland (June 2012)
Portugal (May 2012)
9.9
2Q 2011
2Q 2012
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Mobile
App Downloads (MM)
40% Growth
Queries (MM)
95% Growth
$46
2Q 2011
2Q 2012
2Q 2011
2Q 2012
2Q 2011
2Q 2012
Note: Mobile RPM are KAYAKs best estimation of revenue per thousand mobile queries based on data provided by those travel partners that delineate between mobile and website travel bookings.
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Other Developments
Resolved arbitration with Orbitz
Extended our partnership with Amadeus
Partner since 2006
Multi-year agreement
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Growth
Queries (MM)
33% Growth
39% Growth
614
109
Revenue ($MM)
36% Growth
37% Growth
443
55
56.8
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$248
$253
$33
$46
2Q 2011
2Q 2012
2Q 2011
2Q 2012
2Q 2011
2Q 2012
Note: Mobile and website RPM are KAYAKs best estimation of revenue per thousand mobile or website queries based on data provided by those travel partners that delineate between mobile and website travel bookings.
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Marketing
Spend ($MM)
Geographic split (%)
7%
22%
Intl
21%
29%
37.3
US
93% 78%
79%
71%
2010
2011
2Q 2011 2Q 2012
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Personnel
Personnel ($MM / % of Revenue)
Total Employee Headcount (1)
9.8
17.3%
11.3
14.7%
18.1%
15.5%
2Q 2011
1Q 2012
2Q 2012
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9.6
8.4
4.7
8.3%
4.8
8.8%
6.2%
3.6
7.7%
5.6%
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38%
11.1
19.6%
2Q 2011
2Q 2012
2Q 2011
2Q 2012
2Q 2011
2Q 2012
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Appendix
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($MM) Income from operations Depreciation & amortization Impairment of intangible assets Stock-based compensation expense Adjusted EBITDA
13.2 20.6
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Balance Sheet
($MM)
Cash, Equivalents and Marketable Securities
Total Assets
Working Capital
Long-Term Debt
Total Liabilities and
Stockholders Equity
As of
June 2012
$65.5
$308.5
$82.8
$0.0
$308.5
Pro forma for IPO
$168.8
$408.0
$182.5
$0.0
$408.0
Cash balance pro forma for IPO proceeds, net of unpaid oering costs, of $97.3MM and $6 million from a private placement immediately after the IPO.
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