[PDF] [PDF] Expedia, Inc Reports Second Quarter 2017 Results

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Page 1 of 19

Expedia, Inc. Reports Second Quarter 2017 Results

BELLEVUE, WA - July 27, 2017 - Expedia, Inc. (NASDAQ: EXPE) announced financial results today for the

second quarter ended June 30, 2017.

Key Highlights

Gross bookings, including HomeAway, increased $2.5 billion or 12% year-over-year to $22.8 billion. Revenue increased 18% year-over-year to $2.6 billion. Room nights stayed, including HomeAway, increased 21% year-over-year.

On a standalone basis, trivago® reached $328 million in revenue, an increase of 64% year-over-year. On a

trailing twelve month basis, trivago exceeded $1 billion in stand-alone revenue for the first time. HomeAway delivered $224 million of revenue, representing an increase of 31% year-over-year.

Expedia, Inc. acquired a majority stake in SilverRail Technologies, Inc., enabling Expedia to play a more

active role in bringing rail supply online, while working closely with rail carriers.

On July 27, 2017, Expedia announced a $350 million minority investment in Traveloka Holding Limited, a

leading Southeast Asian online travel company. Expedia and Traveloka also agreed to deepen their existing

cooperation on global hotel supply. Financial Summary & Operating Metrics ($ millions except per share amounts)

Metric Q2 2017 Q2 2016 ǻ Y/Y

Room night growth

(1)

21% 31% (952) bps

(3)

Gross bookings

(1) $22,837.7 $20,321.0 12%

Revenue 2,586.1 2,195.9 18%

Operating income 102.8 25.7 300%

Net income attributable to Expedia, Inc. 56.7 31.6 79%

Diluted EPS $0.36 $0.21 75%

Adjusted EBITDA

(2)

392.5 330.9 19%

Adjusted net income

(2)

140.9 128.2 10%

Adjusted EPS

(2) $0.89 $0.83 7%

Free cash flow

(2)

502.2 405.4 24%

(1)

Expedia acquired HomeAway on December 15, 2015. Beginning in the first quarter of 2017, HomeAway results are included in room nights and gross

bookings operating metrics, with quarterly results for 2016 adjusted to reflect this change. (2)

"Adjusted EBITDA" (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization), "Adjusted net income," "Adjusted EPS" and "Free cash

flow" are non-GAAP measures as defined by the Securities and Exchange Commission (the "SEC"). See "Definitions of Non-GAAP Measures" and "Tabular

Reconciliations for Non-GAAP Measures" on pages 13-17 herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

(3)

Expedia sold its ownership interest in eLong, Inc. on May 22, 2015 and eLong is excluded from Expedia's results from that point forward. The room night

growth comparisons to the second quarter of 2015 and YTD 2015 exclude eLong.

Please refer to the

"Glossary of Business Terms", located in the Quarterly Results section on Expedia"s investor relations website for business and

financial statement definitions used throughout this release.

Page 2 of 19

Discussion of Results

The results include Expedia.com®

("Brand Expedia"), Hotels.com®, Expedia® Affiliate Network ("EAN"),

trivago®, HomeAway®, Egencia®, Orbitz®, Travelocity®, Hotwire.com®, Wotif Group, CheapTickets®,

ebookers®, CarRentals.com TM , Classic Vacations®, Expedia Local Expert®, Expedia® CruiseShipCenters®, SilverRail Technologies, Inc. ("SilverRail") and AirAsia Expedia TM , in addition to the related international points of sale.

The results include the immaterial impact of SilverRail following the acquisition of a majority ownership stake by

Expedia on June 23, 2017. All comparisons, unless otherwise noted, are to the second quarter of 2016.

Gross Bookings & Revenue

Gross Bookings and Revenue by Segment ($ millions)

Gross Bookings Revenue

Second Quarter Second Quarter

2017 2016 ǻ 2017 2016 ǻ

Core OTA $ 18,954

$ 17,182

10% $ 2,009

$ 1,765 14% trivago —

—% 328

201
64%

HomeAway 2,123

1,460

45% 224

172
31%

Egencia 1,761

1,679

5% 135

125
8%

Intercompany eliminations —

—% (110 ) (66 ) (68)%

Total $ 22,838

$ 20,321

12% $ 2,586

$ 2,196 18%

Note: Some numbers may not add due to rounding.

For the second quarter of 2017, total gross bookings increased 12% (including 1 percentage point of negative

foreign exchange impact), driven primarily by growth in the Core OTA business, including growth in Brand

Expedia, Hotels.com and EAN, as well as in HomeAway. Domestic gross bookings increased 11% and international

gross bookings increased 16% (including 3 percentage points of negative foreign exchange impact). International

gross bookings totaled $8.1 billion and accounted for 36% of worldwide bookings, compared with 34% in the

second quarter of 2016.

For the second quarter of 2017, revenue increased 18% (including 2 percentage points of negative foreign exchange

impact), driven primarily by growth in the Core OTA business, including growth in Brand Expedia, EAN and

Hotels.com, as well as in trivago and HomeAway. Domestic revenue increased 15% and international revenue

increased 22% (including 5 percentage points of negative foreign exchange impact). International revenue equaled

$1.1 billion, representing 44% of worldwide revenue, compared to 42% in the second quarter of 2016.

Product & Services Detail

As a percentage of total worldwide revenue in the second quarter of 2017, lodging accounted for 67%, advertising

and media accounted for 12%, air accounted for 8% and all other revenues accounted for the remaining 13

Lodging revenue, which includes hotel and HomeAway revenue, increased 16% in the second quarter of 2017 on a

21% increase in room nights stayed driven by growth in Brand Expedia, Hotels.com, EAN and HomeAway,

partially offset by a 4% decrease in revenue per room night.

Air revenue increased 6% in the second quarter of 2017 on a 4% increase in revenue per ticket along with a 2%

increase in air tickets sold.

Advertising and media revenue increased 49% in the second quarter of 2017 due to continued growth in trivago and

Expedia® Media Solutions. All other revenue increased 13% in the second quarter of 2017 reflecting growth in

travel insurance and car rental products.

Page 3 of 19

GAAP Expenses

Costs and Expenses As a % of Revenue

Second Quarter Second Quarter

2017 2016 ǻ 2017 2016 ǻ in bps

($ millions)

GAAP cost of revenue $ 439

$ 406

8 % 17.0 % 18.5 % (153 )

GAAP selling and marketing 1,443

1,155

25 % 55.8 % 52.6 % 322

GAAP technology and content 343

318

8 % 13.2 % 14.5 % (123 )

GAAP general and administrative 179

193
(7 )% 6.9 % 8.8 % (185 )

Total GAAP costs and expenses $ 2,404

$ 2,072

16 % 93.0 % 94.4 % (142 )

GAAP Cost of Revenue

For the second quarter of 2017, total GAAP cost of revenue increased 8%, compared to the second quarter

of 2016, due to $26 million more in data center, cloud and other costs, including a $7 million increase

related to data center related depreciation expense. Cloud expense during the second quarter of 2017 was

$12 million, compared to $1 million in the second quarter of 2016.

GAAP Selling and Marketing

For the second quarter of 2017, total GAAP selling and marketing expenses increased 25%, compared to

the second quarter of 2016, due to a $279 million increase in direct costs, including online and offline

marketing expenses. trivago and Brand Expedia accounted for the majority of the total direct cost increases.

For the second quarter of 2017, indirect costs increased $9 million, primarily driven by growth in personnel,

partially offset by lower stock-based compensation related to the prior year period's expense for the trivago

employee stock option plan, as described below.

GAAP Technology and Content

For the second quarter of 2017, GAAP technology and content expense increased 8%, compared to the

second quarter of 2016, primarily due to increased depreciation and amortization of technology assets of

$21 million as well as growth in personnel and overhead from increased headcount, largely offset by a

decrease in stock-based compensation, as described below. Cloud expense during the second quarter of

2017 was $9 million, compared to $8 million in the second quarter of 2016.

GAAP General and Administrative

For the second quarter of 2017, GAAP general and administrative expense decreased 7%, compared to the second quarter of 2016, primarily due to the impact of the prior year stock-based compensation expense, as

described below.

Page 4 of 19

Adjusted Expenses

Costs and Expenses As a % of Revenue

Second Quarter Second Quarter

2017 2016 ǻ 2017 2016 ǻ in bps

($ in millions)

Adjusted cost of revenue * $ 412

$ 388

6 % 15.9 % 17.7 % (175 )

Adjusted selling and marketing * 1,424

1,123

27 % 55.1 % 51.1 % 394

Adjusted technology and content * 219

201

9 % 8.5 % 9.2 % (68 )

Adjusted general and administrative * 148

144

3 % 5.7 % 6.6 % (85 )

Total adjusted costs and expenses $ 2,203

$ 1,856

19 % 85.2 % 84.5 % 66

Total depreciation 151

116

30 % 5.8 % 5.3 % 56

Total stock based compensation 50

100
(50 )% 1.9 % 4.6 % (264 )

Total costs and expenses $ 2,404

$ 2,072

16 % 93.0 % 94.4 % (142 )

*Adjusted expenses are non-GAAP measures. See pages 13-17 herein for a description and reconciliation to the corresponding GAAP measures.

Note: Some numbers may not add due to rounding.

Adjusted Cost of Revenue

For the second quarter of 2017, total adjusted cost of revenue increased 6%, compared to the second quarter

of 2016, due to $19 million more in data center, cloud and other costs. Cloud expense during the second

quarter of 2017 was $12 million, compared to $1 million in the second quarter of 2016.

Adjusted Selling and Marketing

For the second quarter of 2017, total adjusted selling and marketing expense increased 27%, compared to

the second quarter of 2016, due to a $279 million increase in direct costs, in cluding online and offline marketing expenses. trivago and Brand Expedia accounted for the majority of the direct selling and marketing cost increase. For the second quarter of 2017, indirect costs increased $22 million, primarily driven by growth in

personnel. As a percentage of total adjusted selling and marketing, indirect costs represented 15% in the

second quarter of 2017, down from 17% in the second quarter of 2016.quotesdbs_dbs20.pdfusesText_26