Expedia Group Investment Thesis

Expedia Group, Inc. operates as an online travel company in the United States and internationally. The company operates through Retail, B2B, and trivago segments. Its brand portfolio include Brand Expedia, a full-service online travel brand with localized websites; Hotels.com for marketing and distributing lodging accommodations; Vrbo, an online marketplace for the alternative accommodations; Orbitz, Travelocity, and CheapTickets travel websites; ebookers, an online EMEA travel agent for travelers an array of travel options; Hotwire, which offers travel booking services; CarRentals.com, an online car rental booking service; Classic Vacations, a luxury travel specialist; and Expedia Cruise, a provider of advice for travelers booking cruises. The company's brand portfolio also comprise Expedia Partner Solutions, a business-to-business brand that provides travel and non-travel vertical, which includes corporate travel management, airlines, travel agents, online retailers and financial institutions; and Egencia that provides corporate travel management services. In addition, its brand portfolio consists of Trivago, a hotel metasearch website, which send referrals to online travel companies and travel service providers from hotel metasearch websites; and Expedia Group Media solutions. Further, the company provides online travel services through its Wotif.com, lastminute.com.au, travel.com.au, Wotif.co.nz, and lastminute.co.nz brands; loyalty programs; hotel accommodations and alternative accommodations; and advertising and media services. It serves leisure and corporate travelers. The company was formerly known as Expedia, Inc. and changed its name to Expedia Group, Inc. in March 2018. Expedia Group, Inc. was founded in 1996 and is headquartered in Seattle, Washington.

Expedia (EXPE): The Wiring of Travel

1. Executive Summary

Expedia is often viewed as the "loser" compared to Booking.com (BKNG). However, Expedia is quietly pivoting to become the B2B backend for the travel industry. When you book a hotel through a bank portal (Chase/Amex) or an airline bundle, you are likely using Expedia's "White Label" technology.

Key Thesis Points

B2B Growth: The B2B segment is growing 2x faster than the B2C consumer segment. This revenue is stickier and less dependent on Google SEO spend.
Buybacks: Management believes the stock is undervalued and has been retiring ~10% of the float annually.
One Key: The unification of loyalty programs (Expedia, Hotels.com, Vrbo) into "One Key" aims to increase retention, though the initial migration caused friction.

2. Business Overview

B2C Brands: Expedia.com, Hotels.com, Vrbo (Vacation Rentals).
B2B: Powering travel for Walmart, Chase, Delta.

3. Risks

Google: Google Travel remains the gatekeeper. Expedia pays billions to Google for ads.
AI Disruption: If travelers shift to using AI agents (ChatGPT) to book trips, the OTA (Online Travel Agency) aggregator model could be disintermediated.

Expedia Group Investment Thesis

Expedia (EXPE): The Wiring of Travel

1. Executive Summary

Key Thesis Points

2. Business Overview

3. Risks

EXPE Valuation Model

Expedia Group, Inc. (EXPE)

Investment Idea: Expedia Group (EXPE)

Expedia (EXPE): Navigating Recovery & Reclaiming OTA Dominance Through AI

Expedia (EXPE): Navigating Recovery & Reclaiming OTA Dominance Through AI

Expedia (EXPE): Navigating Recovery & Reclaiming OTA Dominance Through AI