Expedia announced financial results for the first quarter ended March 31, 2017.
Key Highlights
* Gross bookings, including HomeAway, increased USD 2.9 billion or 14% year-over-year to USD 23.6 billion.Revenue increased 15% year-over-year to USD 2.2 billion.
* Room nights stayed, including HomeAway, increased 12% year-over-year. Room nights booked, including HomeAway, increased 18% year-over-year.
* On a standalone basis, Trivago reached USD 286 million in revenue, an increase of 62% year-over-year.
* HomeAway delivered USD 185 million of revenue, representing an increase of 30% year-over-year.
* Egencia gross bookings reached USD 1.8 billion, an increase of 9% year-over-year. Egencia revenue increased 12% year-over-year to USD 123 million.
Financial Summary
Gross Bookings & Revenue
For the first quarter of 2017, total gross bookings increased 14%, 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 10% and international gross bookings increased 22%. International gross bookings totaled USD 8.5 billion and accounted for 36% of worldwide bookings, , compared with 34% in the first quarter of 2016..
Revenue increased 15%, driven primarily by growth in the Core OTA business, including growth in Brand Expedia, EAN and Hotels.com, as well as in Trivago. Domestic revenue increased 12% and international revenue increased 19%. International revenue equaled USD 0.9 billion, representing 43% of worldwide revenue, compared to 41% in the first quarter of 2016.
Product & Services Detail
Lodging accounted for 64% of total worldwide revenue in the quarter, advertising and media accounted for 12%, air accounted for 10% and all other revenues accounted for the remaining 14%.
Lodging revenue, which includes hotel and HomeAway revenue, increased 12% in the first quarter on a 12% increase in room nights stayed driven by growth in Brand Expedia, Hotels.com, EAN and HomeAway.
Air revenue increased 4% in the quarter on an 8% increase in air tickets sold, partially offset by a 4% decrease in revenue per ticket.
Advertising and media revenue increased 47% in the quarter due to continued growth in trivago and Expedia Media Solutions. All other revenue increased 15% in the first quarter of 2017 reflecting growth in travel insurance and car rental products.
As of March 31, 2017, Expedia’s global lodging portfolio consisted of nearly 385,000 properties available on the Core OTA and Egencia platforms, including over 28,000 HomeAway listings now live on Expedia.com.
Over 87,000 Expedia properties are now available to travel agents subscribed to Sabre around the world, an enhanced offering from an initial 63,000 properties. This expansion follows a successful trial phase between EAN and Sabre launched in August 2016.
HomeAway continued to add online bookable vacation rental properties onto its platform, bringing HomeAway's total online bookable listings to nearly 1.4 million, including more than 40,000 listings from Expedia, which collectively represent over 2 million bookable units.
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