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Expedia rises 46% in gross bookings, totaling $906 million in revenue

Update: 2018-02-09

Expedia announced financial results today for the fourth quarter and full year ended December 31, 2017.

Key Highlights

• Gross bookings increased $2.4 billion or 14% year-over-year to $19.8 billion in the fourth quarter of 2017. Revenue increased 11% year-over-year to $2.3 billion in the fourth quarter.

• Room nights stayed for Brand Expedia, Hotels.com, Expedia Affiliate Network and Egencia combined increased 17% year-over-year in the fourth quarter of 2017, with HomeAway room nights stayed up 30% year-over-year for the same period.

• In 2017, gross bookings on the HomeAway platform increased 46% year-over-year to $8.7 billion. Total revenue of $906 million included transactional revenue of $617 million, which grew 115% year-over-year.

• Expedia, Inc.'s global Core OTA lodging portfolio increased to more than 590,000 properties available as of December 31, 2017, up 69% year-over-year, including 150,000 instantly bookable HomeAway listings.

• In the fourth quarter of 2017, Expedia repurchased 1.3 million shares for $156 million and paid $46 million in dividends. During 2017, Expedia generated nearly $1.1 billion in free cash flow.

Financial Summary & Operating Metrics ($ millions except per share amounts) –Q4 2017

Financial Summary & Operating Metrics ($ millions except per share amounts) - Full Year 2017

Gross Bookings & Revenue

Fourth Quarter 2017: Total gross bookings increased 14% (including 2 percentage points of positive foreign exchange impact), driven primarily by growth in Brand Expedia, HomeAway, Hotels.com, EAN and Egencia. Domestic gross bookings increased 7% and international gross bookings increased 26% (including 6 percentage points of positive foreign exchange impact). International gross bookings totaled $8.0 billion and accounted for 40% of worldwide bookings, compared with 36% in the fourth quarter of 2016.

Full Year 2017: Total gross bookings increased 13%, driven primarily by growth in Brand Expedia, HomeAway, Hotels.com and EAN. Foreign exchange impact on total gross bookings growth was negligible. Domestic gross bookings increased 8% and international gross bookings increased 21% (including 1 percentage point of positive foreign exchange impact). International gross bookings totaled $33.2 billion and accounted for 38% of worldwide bookings, compared with 35% in the prior year.

Fourth Quarter 2017: Total revenue increased 11% (including 3 percentage points of positive foreign exchange impact), driven primarily by growth in Brand Expedia, EAN and Hotels.com. Domestic revenue increased 4% and international revenue increased 19% (including 9 percentage points of positive foreign exchange impact). International revenue equaled $1.1 billion, representing 46% of worldwide revenue, compared to 43% in the fourth quarter of 2016.

Full Year 2017: Total revenue increased 15%, driven primarily by growth in Brand Expedia, trivago, HomeAway and EAN. Foreign exchange impact on total revenue growth was negligible. Domestic revenue increased 10% and international revenue increased 21% (including 3 percentage points of positive foreign exchange impact). International revenue equaled $4.5 billion, representing 45% of worldwide revenue, compared to 43% in the prior year.

Product & Services Detail –Q4 2017

Lodging accounted for 69%, advertising and media accounted for 9%, air accounted for 8% and all other revenues accounted for the remaining 14%.

Lodging revenue, which includes hotel and HomeAway revenue, increased 11% in the fourth quarter of 2017 on a 15% increase in room nights stayed driven by growth in Brand Expedia, EAN, Hotels.com and HomeAway, partially offset by a 4% decrease in revenue per room night.

Air revenue was essentially flat in the fourth quarter of 2017 on a 3% increase in air tickets sold, offset by a 3% decrease in revenue per ticket year-over-year.

Advertising and media revenue increased 13% (including 6 percentage points of positive foreign exchange impact) in the fourth quarter of 2017 due to continued growth in Expedia Media Solutions and trivago. All other revenue increased 14% in the fourth quarter of 2017 reflecting growth in travel insurance and car rental products.

Product & Services Detail – Full Year 2017

Lodging accounted for 68%, advertising and media accounted for 11%, air accounted for 8% and all other revenues accounted for the remaining 13%.

Lodging revenue increased 14% in 2017 on a 16% increase in room nights stayed driven by growth in Brand Expedia, HomeAway and EAN, partially offset by a 2% decrease in revenue per room night.

Air revenue increased 1% in 2017 on a 4% increase in air tickets sold, partially offset by a 3% decrease in revenue per ticket.

Advertising and media revenue increased 33% in 2017 due to continued growth in trivago and Expedia Media Solutions. All other revenue increased 16% in 2017 reflecting growth in travel insurance and car rental products.

Recent Hightlights

As of December 31, 2017, Expedia's global lodging portfolio consisted of more than 590,000 properties available, including more than 150,000 HomeAway listings.

EAN and Amadeus announced that travel sellers worldwide will be able to book EAN’s rates and inventory at more than 400,000 hotels worldwide through Amadeus, including full-service hotel brands, boutique hotels, and serviced apartments.

In November, trivago launched the integration of HomeAway vacation rental inventory on its platform to amplify its catalog and diversify its advertiser base, with over 70,000 properties listed as of December 31, 2017.

Egencia surpassed one million cumulative app downloads as of the end of 2017, with downloads during the year increasing 65% over 2016. Travelers are increasingly using the app during their trips; in-trip views grew 29% year-over-year in 2017.


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