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Expedia gross bookings and revenue both up by 15% in Q1

04/27/2018| 7:10:41 AM| 中文

Gross bookings, including HomeAway, increased USD 3.6 billion or 15% year-over-year to USD 27.2 billion. Revenue increased 15% year-over-year to USD 2.5 billion.

Expedia Group announced financial results today for the first quarter ended March 31, 2018.

Key Highlights

* Gross bookings, including HomeAway, increased USD 3.6 billion or 15% year-over-year to USD 27.2 billion. Revenue increased 15% year-over-year to USD 2.5 billion.

* HomeAway delivered USD 3.9 billion of gross bookings, representing an increase of 46% year-over-year, and reached approximately USD 10 billion in gross bookings for the first time on a trailing twelve months basis.

* Stayed room nights for Brand Expedia, Hotels.com, Expedia Partner Solutions and Egencia combined grew 16% year-over-year, with HomeAway stayed room nights up 36% year-over-year.

* Expedia Group's global lodging portfolio increased to more than 665,000 properties available as of March 31, 2018, up 74% year-over-year, with 50,000 new properties and 25,000 more HomeAway listings available on our Core OTA platform during the quarter. HomeAway now offers more than 1.6 million online bookable listings.

* As of April 24, 2018, Expedia Group repurchased 2.5 million shares for USD 268 million year-to-date. The Executive Committee, acting on behalf of the Board of Directors, authorized additional repurchases of up to 15 million shares of common stock.

* Adjusted EBITDA was USD 124 million in the first quarter of 2018, a decrease of 40% compared to the first quarter of 2017. Adjusted EBITDA excluding trivago was USD 152 million, a decrease of 19% compared to the first quarter of 2017.

Financial Summary

Gross Bookings & Revenue

Total gross bookings increased 15%, driven primarily by growth in HomeAway, Brand Expedia and Hotels.com. Domestic gross bookings increased 10% and international gross bookings increased 25%. International gross bookings totaled USD 10.6 billion and accounted for 39% of worldwide bookings, compared with 36% in the first quarter of 2017.

Revenue increased 15%, driven primarily by growth in Brand Expedia, Hotels.com, Expedia Partner Solutions and HomeAway. Domestic revenue increased 8% and international revenue increased 23%. International revenue equaled USD 1.2 billion, representing 46% of worldwide revenue, compared to 43% in the first quarter of 2017. Revenue excluding trivago was USD 2.3 billion, an increase of 15% compared to the first quarter of 2017.

Product & Services Detail

Lodging accounted for 64%, advertising and media accounted for 11%, air accounted for 10% and all other revenues accounted for the remaining 15%.

Lodging revenue, which includes hotel and HomeAway revenue, increased 15% in the first quarter of 2018 driven by growth in Hotels.com, Expedia Partner Solutions, Brand Expedia and HomeAway. Room nights stayed increased 15% while revenue per room night was flat in the first quarter of 2018.

Air revenue increased 11% in the first quarter of 2018 on a 10% increase in revenue per ticket augmented by a 1% increase in air tickets sold.

Advertising and media revenue increased 10% in the first quarter of 2018 due to 10 percentage points of positive impact from foreign exchange as well as continued growth in Expedia® Group Media Solutions, partially offset by a decline in local currency revenue at trivago. All other revenue increased 18% in the first quarter of 2018 reflecting growth in car rental and travel insurance products.

Total GAAP selling and marketing expenses increased 19%, compared to the first quarter of 2017, due to a USD 186 million increase in direct costs, including online and offline marketing expenses. trivago, HomeAway, Hotels.com, Expedia Partner Solutions and Brand Expedia accounted for the majority of the total direct cost increases.

Recent Highlights

As of March 31, 2018, Expedia Group’s global lodging portfolio consisted of more than 665,000 properties, including more than 175,000 HomeAway listings.

Core OTAs

Hotels.com surpassed 70 million cumulative downloads of its mobile app.

As of March 31, 2018, over 350,000 units of alternative accommodation, including vacation rentals, were available on trivago's platform.

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TAGS: Expedia | OTA | financial statement
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