The rating on Priceline.com reflects the highly competitive online travel agency market, some supplier concentration among airlines and hotels, and lower incentive fees from travel service processors. These factors are partially offset by the company's good competitive position in the European online travel market, its market-leading "name your own price" bid-based business, and positive discretionary cash flow. Priceline.com's European hotel operations drive its strong operating performance. Through Booking.com, the company's hotel-booking engine in Europe, Priceline.com established an early footprint in many secondary and tertiary tourist destinations, ahead of its competitors. As a result, the company benefited from growing interest in these markets prior to the onset of the recession. Priceline.com's competitors, including Expedia.com and Orbitz, have much better representation in
