BELLEVUE, WA – April 28, 2016 – Expedia, Inc. (NASDAQ: EXPE) announced financial results today for the first quarter ended March 31, 2016.
All figures below exclude eLong and include the impact from acquisitions, unless otherwise noted.
· Room nights stayed increased 37% year-over-year, with domestic and international room nights growing 32% and 44% year-over-year, respectively.
· Gross bookings increased 32% and revenue increased 42% year-over-year.
· Expedia delivered $177 million of Adjusted EBITDA, representing growth of 31% year-over-year.
· Acquisitions added approximately 13 percentage points of room night growth, 22 points of gross bookings growth and 28 points of revenue growth.
· Expedia added more than 13,000 properties to its global lodging portfolio, bringing its total property count to over 282,000 available on Expedia, Inc. sites, an increase of 23% year-over-year.
Gross Bookings & Revenue (excluding eLong)
For the first quarter of 2016, total gross bookings increased 32% (including 2 percentage points of negative foreign exchange impact), driven primarily by 22 percentage points of inorganic impact from acquisitions, as well as growth in the Core OTA business, including strong performance at Brand Expedia and Hotels.com. Domestic gross bookings increased 38% and international gross bookings increased 22% (including a negative 5 percentage points of foreign exchange impact). International bookings totaled $6.6 billion and accounted for 35% of worldwide bookings, compared with 38% in the first quarter of 2015.
For the first quarter of 2016, total revenue increased 42% (including 2 percentage points of negative foreign exchange impact), driven primarily by 28 percentage points of inorganic impact from acquisitions, growth in the Core OTA business, including strong performance at Brand Expedia, Hotels.com and EAN, as well as at trivago. Domestic revenue increased 45% and international revenue increased 38% (including a negative 1 percentage point of foreign exchange impact). International revenue equaled $789 million, representing 41% of worldwide revenue, compared to 43% in the first quarter of 2015.
Product & Services Detail (excluding eLong)
As a percentage of total worldwide revenue in the first quarter of 2016, hotel accounted for 58%, air accounted for 11%, advertising and media accounted for 9%, HomeAway accounted for 7% and all other revenues accounted for the remaining 15%.
Hotel revenue increased 25% in the first quarter of 2016 on a 37% increase in room nights stayed driven by the inorganic impact of acquisitions as well as the healthy growth in Hotels.com and Brand Expedia, partially offset by a 9% decrease in revenue per room night.
Air revenue increased 54% in the first quarter of 2016 on a 52% increase in air tickets sold, augmented by a 1% increase in revenue per ticket. Advertising and media revenue increased 44% in the first quarter of 2016 due to continued growth in trivago and Expedia Media Solutions. All other revenue increased 104% in the first quarter of 2016 primarily driven by the addition of HomeAway business. Excluding HomeAway, other revenue increased 36% in the first quarter of 2016 on growth in travel insurance and car rental products.
· The company substantially completed migration of the Orbitz.com and CheapTickets.com websites onto the Expedia platform.
· Expedia.com announced integration of Wingz scheduled airport ride service directly into its booking path.
· The Brand Expedia app for iOS now offers Apple Pay and Touch ID technology.
· EAN entered into agreements to power online hotel bookings for several international companies including Congrex Switzerland, a leading association management expert, professional conference organizer and IATA accredited travel agency.
· trivago’s core European markets collectively had revenue of over €77 million, up 33% year over year. trivago's rest of world markets had revenue of over €80 million, up 69% year-over-year.
· Partnering with Uber and Citymapper API, Egencia now helps business travelers find their way by giving access to different ground transportation options all from one app.
·In February 2016, HomeAway completed the U.S. launch of both its traveler service fee as well as its Book with Confidence program offering enhanced traveler benefits and protections with every online booking.
· On April 28, 2016, HomeAway announced changes to its annual subscription offering in the U.S., the details of which are available at https://www.homeaway.com/info/media-center/press-releases.
· HomeAway updated its mobile offering, and now provides distinct standalone traveler and owner apps tailored to each individual use case.
· During the first quarter of 2016, Expedia added more than 13,000 properties to its global lodging portfolio. Expedia’s property count now stands at over 282,000 available on Expedia, Inc. sites.
· Expedia signed supply agreements with a number of airlines, including Frontier Airlines and SAS –Scandinavian Airlines, as well as a new global long-term agreement with Amadeus to provide comprehensive technology and Global Distribution System services.