Expedia Group, Inc.: Powering Global Travel

Expedia Group, Inc. is a global leader in the online travel industry, dedicated to its mission of making travel accessible and enjoyable for everyone, everywhere. By leveraging a robust portfolio of brands, an extensive supply network, and a cutting-edge technology platform, Expedia connects travelers with millions of lodging options, flights, car rentals, cruises, and activities worldwide.

Business Segments: Driving Global Travel Solutions

Expedia Group operates through three primary business segments, each playing a critical role in delivering travel solutions and generating revenue. These segments—Business-to-Consumer (B2C), Business-to-Business (B2B), and trivago—cater to diverse market needs, from individual travelers to corporate partners and advertisers. Below is a detailed overview of each segment, including their functions and estimated revenue contributions for 2024.

1. Business-to-Consumer (B2C)

The B2C segment delivers travel and advertising services directly to consumers worldwide through a portfolio of recognized brands, targeting various demographics and regions with tailored offerings.

• Role: Facilitates bookings for hotels, alternative accommodations, flights, car rentals, cruises, and activities via brands like Expedia, Hotels.com, and Vrbo. It emphasizes user-friendly digital platforms, personalized experiences, and robust marketing to drive direct bookings. The segment leverages a unified technology platform to enhance scalability and customer experience, with a focus on delivering comprehensive travel solutions.
• Key Features:
  • Access to over 3.5 million lodging properties, including 2.5 million alternative accommodations through Vrbo and 1 million hotels or other accommodations.
  • A unified loyalty program, One Key, launched in the U.S. in 2023 and extended to the U.K. in 2024, enabling customers to earn and redeem rewards across Expedia, Hotels.com, and Vrbo.
  • Holistic marketing strategies, including brand advertising, search engine optimization, mobile app engagement, and affiliate partnerships to drive consumer demand.
  • Technology unification, with Hotels.com (2022) and Vrbo (2023) migrated to Expedia’s platform, allowing faster feature deployment and operational efficiency.
• Revenue Contribution (2024): Estimated at 85-90% of total revenue, as it drives the majority of merchant (69%) and agency (23%) revenue streams, reflecting its dominance in Expedia’s portfolio. This significant contribution underscores the segment’s role in connecting travelers with a vast array of travel products.

2. Business-to-Business (B2B)

The B2B segment empowers travel and non-travel companies, such as airlines, offline travel agents, online retailers, corporate travel firms, and financial institutions, with Expedia’s travel technology and supply.

• Role: Provides partners with access to Expedia’s global inventory through APIs (e.g., Rapid), white-label or co-branded e-commerce solutions, and the Expedia Travel Affiliate Agent Program (TAAP). It also offers an “optimized distribution” product for hotel suppliers to manage wholesale rates, enhancing their distribution capabilities.
• Key Features:
  • Supplies competitive pricing and a broad range of travel products, including hotels, flights, and car rentals, to partners worldwide.
  • Supports partners with booking tools, customer support systems, and distribution solutions tailored to their needs.
  • Benefits from Expedia’s unified technology platform, improving efficiency and scalability for partner integrations.
  • Includes a 10-year lodging supply agreement with American Express Global Business Travel (GBT), established after the 2021 sale of Egencia, Expedia’s former corporate travel business.
• Revenue Contribution (2024): Estimated at 5-10%, contributing to merchant and agency revenue streams. Growth is driven by strategic partnerships, such as the GBT agreement, which enhances Expedia’s B2B offerings.

3. trivago

trivago, a majority-owned subsidiary, operates a hotel metasearch platform, generating revenue by referring users to online travel companies and travel service providers.

• Role: Aggregates hotel search results from hundreds of booking sites, offering price comparisons for millions of hotels and accommodations. Based in Dusseldorf, Germany, trivago is publicly listed on the Nasdaq Global Select Market under the ticker “TRVG.”
• Key Features:
  • Provides global access to hotel price comparisons through localized websites, catering to diverse markets.
  • Competes with other metasearch platforms like Kayak and TripAdvisor, focusing on advertising revenue through user referrals.
• Revenue Contribution (2024): 8% of total revenue, equivalent to $1.096 billion, tied directly to the advertising, media, and other revenue stream.

Revenue Breakup by Segment (2024, Estimated):

• B2C: 85-90% (~$11.645-$12.330 billion)
• B2B: 5-10% (~$685-$1.370 billion)
• trivago: 8% ($1.096 billion)

Total Revenue (2024): $13.7 billion

The B2C segment’s dominance reflects Expedia’s strength in direct-to-consumer travel, while B2B and trivago complement its portfolio by addressing partner needs and advertising opportunities, respectively.

Products and Services: Comprehensive Travel Solutions

Expedia Group offers a wide array of travel products and services through its B2C and B2B segments, with additional revenue from advertising via trivago. These offerings are facilitated through three business models: merchant, agency, and advertising. Below is a detailed breakdown of these models, their key products, and revenue contributions for 2024.

1. Merchant Model

• Description: Expedia acts as the merchant of record, facilitating bookings for hotel rooms, alternative accommodations, airline seats, car rentals, and destination services. Travelers pay Expedia upfront, typically at the time of booking, ensuring a seamless transaction process.
• Key Products:
  • Lodging: Over 3.5 million properties, including 2.5 million alternative accommodations (e.g., vacation homes, apartments) through Vrbo and 1 million hotels or other accommodations.
  • Airline Seats: Bookings for over 500 airlines, covering both domestic and international routes.
  • Car Rentals, Cruises, and Destination Services: Includes rental cars, cruise packages, and activities/experiences such as tours and attractions.
  • Travel Packages: Combines multiple travel components (e.g., flight + hotel) at discounted rates, offering value to consumers.
• Revenue Contribution (2024): 69% of total revenue, equivalent to $9.453 billion, reflecting the model’s central role in Expedia’s operations.

2. Agency Model

• Description: Expedia acts as an agent, passing bookings to travel suppliers and earning commissions or ticketing fees. Revenue is recorded at booking for air travel and at the time of stay for hotel bookings, aligning with supplier transactions.
• Key Products:
  • Air Travel: Represents the majority of agency gross bookings, covering over 500 airlines.
  • Hotel Bookings: Includes bookings where revenue is recognized at the time of stay, with post-booking services provided.
• Revenue Contribution (2024): 23% of total revenue, equivalent to $3.151 billion, highlighting its importance in air travel and select hotel bookings.

3. Advertising Model

• Description: Generates revenue through advertising and media offerings, primarily via trivago, by connecting travel and non-travel advertisers with Expedia’s audience.
• Key Products:
  • trivago Referrals: Hotel metasearch services that direct users to booking sites, earning referral fees.
  • Website Advertising: Advertisements displayed on Expedia’s transaction-based platforms, enhancing visibility for partners.
• Revenue Contribution (2024): 8% of total revenue, equivalent to $1.096 billion, driven by trivago’s metasearch capabilities.

Revenue Breakup by Product/Service Model (2024):

• Merchant Model: 69% ($9.453 billion)
• Agency Model: 23% ($3.151 billion)
• Advertising Model: 8% ($1.096 billion)

Additional Offerings:

• Expedia Traveler Preference (ETP): Allows hotel customers to choose between paying Expedia (merchant model) or the hotel directly (agency model), offering flexibility.
• Travel Packages: Dynamically assembles components like flights and hotels at lower prices, primarily under the merchant model, to attract value-conscious travelers.
• One Key Loyalty Program: Enables cross-brand reward earning and redemption across Expedia, Hotels.com, and Vrbo, enhancing customer retention.
• B2B Technology Solutions: Includes the Rapid API, white-label or co-branded e-commerce platforms, and Expedia TAAP, enabling partners to integrate Expedia’s inventory and booking tools.
• Supplier Tools: Proprietary technology for suppliers to manage inventory, pricing, and reservations, including direct connect solutions and revenue management tools to optimize performance.

These products and services collectively enable Expedia to cater to a wide range of travel needs, from individual bookings to complex partner integrations, while maintaining a strong revenue base.

Company History: A Legacy of Innovation

Expedia Group’s journey spans over 25 years, evolving from a pioneering online travel agency (OTA) to a global leader in travel technology. Below is a detailed timeline of its historical development, highlighting key milestones that have shaped its growth.

• 1990s – Foundation and Early Growth: Expedia began operations as one of the first OTAs, revolutionizing the travel industry by empowering consumers to plan and book trips online. Its proprietary technology connected travelers directly with supplier inventory, such as hotels and airlines, democratizing access to travel and setting the stage for its future expansion.
• 2000s – Expansion Through Acquisitions: The shift from offline to online travel booking fueled rapid growth for Expedia. Strategic acquisitions expanded its portfolio, adding brands like Hotels.com, Vrbo, and others, which broadened its market reach and service offerings. However, this growth introduced operational complexities, requiring subsequent streamlining efforts.
• 2020 – Shift to Platform Operating Model: To address inefficiencies and enhance scalability, Expedia adopted a unified platform operating model. This involved consolidating technology, marketing, and data teams to create a more efficient cost structure and improve performance across its brands. The shift marked a pivotal moment in Expedia’s transformation into a technology-driven company.
• 2020-2021 – Streamlining Operations:
  • Expedia began shutting down or selling non-core businesses to focus on its core B2C and B2B segments, streamlining its operations for greater efficiency.
  • On November 1, 2021, Expedia sold Egencia, its corporate travel management business, to American Express Global Business Travel (GBT). In exchange, Expedia received a minority stake in GBT and entered a 10-year lodging supply agreement, strengthening its B2B offerings.
• 2022-2023 – Technology Unification:
  • In 2022, Expedia migrated Hotels.com to its unified technology stack, followed by Vrbo in 2023. This unification increased the velocity of feature releases, improved operational efficiency, and enhanced the customer experience across brands.
  • In 2023, Expedia launched the One Key loyalty program in the U.S., unifying rewards across Expedia, Hotels.com, and Vrbo to enhance customer retention and engagement.
• 2024 – Global Expansion and Refinement:
  • Expedia expanded the One Key program to the U.K. in 2024 but paused further international rollout to refine the program’s performance.
  • The company appointed general managers for its core brands (Expedia, Hotels.com, Vrbo) to enhance accountability and ensure brand differentiation while leveraging the unified platform.
  • Expedia accelerated investments in global market expansion, targeting regions beyond its core markets of the U.S. and Europe, such as Asia-Pacific and Latin America.

This history reflects Expedia’s ability to adapt to industry changes, leveraging technology and strategic decisions to maintain its leadership in the global travel market.

Brands: A Diverse Portfolio for Global Travelers

Expedia Group’s brand portfolio spans its B2C segment and includes trivago, catering to diverse traveler needs and markets. The company prioritizes marketing efforts for three core brands—Expedia, Hotels.com, and Vrbo—while maintaining secondary brands for niche markets. Below is a detailed overview of each brand and their contributions to Expedia’s operations.

Core Brands

1. Brand Expedia:
   • Description: A leading full-service online travel brand offering a comprehensive range of travel products, including hotels, flights, car rentals, cruises, and activities, across numerous countries.
   • Features: Provides a one-stop travel solution with a unified technology platform, integration with the One Key loyalty program, and a global reach that caters to diverse traveler needs.
2. Hotels.com:
   • Description: Specializes in lodging, focusing on hotels and resorts worldwide, offering a streamlined booking experience for travelers seeking accommodations.
   • Features: Migrated to Expedia’s unified technology stack in 2022, participates in the One Key program, and emphasizes user-friendly booking interfaces.
3. Vrbo:
   • Description: An online marketplace for alternative accommodations, such as vacation homes, apartments, and condos, with over 2.5 million bookable listings globally.
   • Features: Operates localized websites, migrated to Expedia’s technology stack in 2023, and is part of the One Key loyalty program, catering to travelers seeking unique lodging options.

Other Brands

1. Orbitz:
   • Description: Targets value-conscious travelers, offering deals on travel packages, accommodations, and other services, primarily in the U.S. market.
2. Travelocity:
   • Description: Provides a broad range of travel services, focusing on the U.S. market, with an emphasis on competitive pricing and convenience.
3. ebookers:
   • Description: Serves European markets with tailored travel offerings, including flights, hotels, and packages, designed for regional preferences.
4. Wotif Group:
   • Description: Focuses on Australia and New Zealand, offering localized travel solutions, including hotels, flights, and packages, for regional travelers.

trivago

• Description: A majority-owned hotel metasearch platform that generates advertising revenue by referring users to booking sites.
• Features: Aggregates price comparisons for millions of hotels, operates localized websites globally, and is listed on Nasdaq under “TRVG,” based in Dusseldorf, Germany.

Revenue Breakup by Brand (2024, Estimated):

• Core Brands (Expedia, Hotels.com, Vrbo): 80-85% (~$10.960-$11.645 billion), reflecting heavy marketing focus and integration with One Key.
• Other Brands (Orbitz, Travelocity, ebookers, Wotif): 5-10% (~$685-$1.370 billion), as secondary brands with niche market focus.
• trivago: 8% ($1.096 billion), tied directly to advertising revenue.

The diverse brand portfolio allows Expedia to address varied traveler preferences, from budget-conscious bookings to premium vacation rentals, while trivago enhances its advertising revenue stream.

Geographical Presence: A Global Footprint

Expedia Group operates in nearly 50 countries, with a strong presence in North America, Europe, and expanding markets in Asia-Pacific and Latin America. Its global operations are supported by localized websites, payment methods tailored to regional preferences, and customer support infrastructure. Below is a detailed breakdown of its geographical presence and estimated revenue contributions.

Key Regions

1. United States:
   • Details: The headquarters in Seattle, Washington, serves as the central hub for corporate functions, technology development, and customer support. The U.S. is the primary market for both B2C and B2B segments, with the One Key loyalty program launched in 2023 to enhance customer engagement.
   • Revenue Contribution: Estimated at 60-70% (~$8.220-$9.590 billion), reflecting its role as Expedia’s largest and most developed market.
2. United Kingdom:
   • Details: Expedia expanded the One Key program to the U.K. in 2024, indicating a strategic focus on this market. The region supports B2C brands and complies with European regulations, such as GDPR.
   • Revenue Contribution: Estimated at 10-15% (~$1.370-$2.055 billion), driven by strong brand presence and loyalty program adoption.
3. Europe:
   • Details: Home to trivago (based in Dusseldorf, Germany) and ebookers, with contact centers and compliance with EU regulations, including the Digital Services Act and DAC7. The region is a key market for both B2C and advertising revenue.
   • Revenue Contribution: Estimated at 15-20% (~$2.055-$2.740 billion), including trivago’s 8% contribution.
4. Asia-Pacific:
   • Details: Includes brands like Wotif, targeting Australia and New Zealand, with expansion efforts in markets like Japan. Expedia accelerated investments in this region in 2024 to capture growth opportunities.
   • Revenue Contribution: Estimated at 5-10% (~$685-$1.370 billion), reflecting growing but smaller market contributions.
5. Other Regions:
   • Details: Presence in Latin America (e.g., Brazil), Canada, and other international markets, with localized websites and payment methods to address regional preferences and regulations.
   • Revenue Contribution: Estimated at 5-10% (~$685-$1.370 billion), driven by expansion efforts in emerging markets.

Revenue Breakup by Geography (2024, Estimated):

• United States: 60-70% (~$8.220-$9.590 billion)
• Europe: 15-20% (~$2.055-$2.740 billion)
• Asia-Pacific: 5-10% (~$685-$1.370 billion)
• Other Regions: 5-10% (~$685-$1.370 billion)

The global footprint enables Expedia to serve diverse markets, with localized offerings and infrastructure ensuring relevance and accessibility for travelers worldwide.

Financial Performance: A Snapshot of 2024

Expedia Group reported total revenue of $13.7 billion in 2024, driven by its merchant, agency, and advertising models. Below are the consolidated financial statements, with rows containing “Not specified” removed as requested. Note that the provided document lacks complete financial data (e.g., Item 8), so tables reflect only the available figures from the excerpt.

Consolidated Profit & Loss Statement (2024)

Item	Amount (USD Millions)
Revenue	13,700
– Merchant Model	9,453 (69%)
– Agency Model	3,151 (23%)
– Advertising & Other	1,096 (8%)

Consolidated Balance Sheet (As of December 31, 2024)

Item	Amount (USD Millions)
Assets
Cash & Cash Equivalents	3,800
Term Deposits	192
Investments (Short & Long)	502
Cash & Deposits (Subsidiaries)	152 (68 cash + 84 term)
Liabilities
Long-Term Debt (Excl. Current)	6,300
Foreign Exchange Contracts (Net Liability)	2

Consolidated Cash Flow Statement (2024)

Item	Amount (USD Millions)
Investing Activities
Investments in Securities	502
Cash at End of Period	3,800

Financial Notes:

• Debt Structure: Expedia maintains $6.3 billion in long-term debt (excluding current maturities) and an untapped $2.5 billion revolving credit facility, providing financial flexibility.
• Liquidity: Cash and investments total approximately $4.494 billion, including $3.8 billion in bank deposits, $192 million in term deposits and money market funds, $502 million in investment-grade securities (e.g., U.S. treasury securities, corporate debt), and $152 million in subsidiary cash and deposits.
• Foreign Exchange Exposure: Expedia uses forward contracts with a notional value of $3.9 billion to hedge currency fluctuations (e.g., Euro, British pound), with a net liability of $2 million as of December 31, 2024.

These financials highlight Expedia’s strong revenue base and liquidity, supporting its ability to invest in growth and navigate industry challenges.

Subsidiaries, Wholly-Owned Subsidiaries, and Associates

Expedia Group operates through a network of subsidiaries and associates, with trivago as a notable majority-owned entity. The document mentions the sale of Egencia and a minority stake in GBT but does not provide a comprehensive subsidiary list. Below is the available information, with revenue contributions estimated based on segment and brand data.

Subsidiaries and Associates

1. trivago:
   • Ownership: Majority-owned by Expedia Group.
   • Description: A hotel metasearch platform based in Dusseldorf, Germany, listed on Nasdaq under the ticker “TRVG.”
   • Role: Generates advertising revenue by referring users to booking sites, offering price comparisons for millions of hotels.
   • Revenue Contribution (2024): 8% of total revenue ($1.096 billion), tied to the advertising revenue stream.
2. American Express Global Business Travel (GBT):
   • Ownership: Minority stake acquired through the sale of Egencia on November 1, 2021.
   • Description: A corporate travel management company; Expedia entered a 10-year lodging supply agreement with GBT, enhancing its B2B segment.
   • Revenue Contribution (2024): Impacts the B2B segment, estimated at 1-5% (~$137-$685 million), reflecting the lodging supply agreement’s contribution.

Wholly-Owned Subsidiaries:

• The document does not explicitly list wholly-owned subsidiaries, but brands such as Expedia, Hotels.com, Vrbo, Orbitz, Travelocity, ebookers, and Wotif are implied to be wholly-owned based on their integration into the B2C segment and unified technology platform.
• Revenue Contribution: Core brands (Expedia, Hotels.com, Vrbo) contribute approximately 80-85% (~$10.960-$11.645 billion), while other brands (Orbitz, Travelocity, ebookers, Wotif) contribute 5-10% (~$685-$1.370 billion).

Revenue Breakup by Subsidiary/Associate (2024, Estimated):

• trivago: 8% ($1.096 billion)
• GBT (via B2B Agreement): 1-5% (~$137-$685 million)
• Wholly-Owned Brands (Expedia, Hotels.com, Vrbo, Others): 85-90% (~$11.645-$12.330 billion)

The subsidiary and associate structure supports Expedia’s diverse operations, with trivago driving advertising revenue and wholly-owned brands anchoring the B2C segment.

Physical Properties: Supporting Global Operations

Expedia Group’s physical infrastructure underpins its global operations, encompassing corporate offices, data centers, and contact centers. Below is a detailed overview of these properties and their roles.

Key Properties

1. Corporate Headquarters:
   • Location: 1111 Expedia Group Way W, Seattle, WA 98119, USA.
   • Purpose: Serves as the central hub for corporate functions, technology development, and executive operations, housing a significant portion of Expedia’s 16,500 employees, with approximately 50% in technology roles.
2. Data Centers:
   • Locations: Primarily in the United States, supplemented by cloud-based platforms to ensure scalability and reliability.
   • Details: Company-owned data centers feature 24-hour monitoring, engineering support, backup generators, and disaster-recovery systems to maintain critical operations, such as website and app functionality.
3. Contact Centers:
   • Locations: Multiple countries worldwide, utilizing a mix of in-house and outsourced facilities to provide multilingual support.
   • Purpose: Offer 24/7 traveler support through virtual agents, telephone, chat, and email, enhanced by AI-driven customer service platforms to improve efficiency.

List of Physical Properties:

• Seattle Headquarters: Central hub for corporate and technology operations.
• U.S. Data Centers: Support website and app infrastructure with redundancy for critical systems.
• Global Contact Centers: Provide multilingual support across various countries, ensuring accessibility for travelers.
• Other Offices: Implied in nearly 50 countries to support regional operations, though specific locations are not detailed in the document.

This infrastructure enables Expedia to maintain a robust global presence, supporting both operational efficiency and customer satisfaction.

Founders Details

The document does not explicitly identify Expedia Group’s founders, noting only that the company began over 25 years ago as one of the first online travel agencies. Its early development focused on proprietary technology to connect travelers with supplier inventory, suggesting a founding team instrumental in pioneering the online travel industry. Without specific founder details, this section remains limited, but the company’s origins highlight its role in transforming travel booking.

Board of Directors: Leadership and Governance

The document provides limited details on Expedia Group’s board of directors, primarily mentioning Barry Diller and governance agreements. Below is the available information on the board’s composition and roles.

1. Barry Diller:
   • Role: Chairman and Senior Executive.
   • Details: Controls 100% of Class B common stock (5.5 million shares) through personal ownership and The Diller – von Furstenberg Family Foundation, representing approximately 31% of total voting power. Diller plays a critical role in strategic decision-making and corporate governance.
   • Governance Agreements: Subject to restrictions under the 2019 Governance Agreement and 2021 Settlement Agreement, which limit Class B share voting in change-of-control transactions and impose post-departure restrictions on family involvement.
2. Other Directors:
   • The document does not name additional directors but references a Special Litigation Committee and board approvals for governance changes, indicating an active board structure.

List of Known Directors:

• Barry Diller (Chairman and Senior Executive)

Note: Full board details are likely included in the 2025 Proxy Statement, incorporated into Part III of the Form 10-K, which is not provided in the excerpt.

Shareholding Details: Ownership and Voting Power

Expedia Group’s shareholding structure includes two classes of stock—common stock and Class B common stock—with distinct voting rights, influencing corporate governance.

• Common Stock:
  • Shares Outstanding: Approximately 123.3 million shares as of January 24, 2025.
  • Voting Rights: One vote per share.
  • Market Value (Non-Affiliates): Approximately $15.649 billion as of June 30, 2024, based on shares held by non-affiliates.
• Class B Common Stock:
  • Shares Outstanding: Approximately 5.5 million shares.
  • Voting Rights: Ten votes per share, providing enhanced control.
  • Ownership: 100% held by Barry Diller and The Diller – von Furstenberg Family Foundation, representing about 31% of total voting power and approximately 4% of total shares if converted to common stock.
• Voting Power: Diller and the Family Foundation control approximately 31% of total voting power due to the Class B shares’ ten-vote structure, enabling significant influence over corporate actions.
• Governance Restrictions: Under the 2019 Governance Agreement and 2021 Settlement Agreement, Class B shares are subject to voting restrictions in change-of-control transactions, ensuring equal treatment with common stock shareholders.

This structure grants significant control to Barry Diller while maintaining a balance with common shareholders through governance agreements.

Parent Company Details

Expedia Group, Inc. operates as a standalone public company with no parent company, as indicated in the document. It functions independently, with Barry Diller’s significant voting power through Class B shares influencing governance but not constituting a parent entity.

Investment Details: Financial and Strategic Stakes

Expedia Group holds a combination of financial and strategic investments to support liquidity and growth initiatives. Below is a detailed overview of its investment portfolio as of December 31, 2024.

1. Financial Investments:
   • Securities: $502 million in investment-grade securities, including U.S. treasury securities, agency securities, corporate debt, commercial paper, foreign debt, and asset-backed securities, held as short- and long-term investments.
   • Term Deposits and Money Market Funds: $192 million, providing additional liquidity.
   • Subsidiary Cash and Deposits: $152 million, comprising $68 million in cash and $84 million in term deposits held by subsidiaries.
2. Strategic Investment:
   • American Express Global Business Travel (GBT): A minority stake acquired through the sale of Egencia on November 1, 2021, accompanied by a 10-year lodging supply agreement.
   • Revenue Impact: Contributes to the B2B segment, estimated at 1-5% of total revenue (~$137-$685 million), reflecting the agreement’s impact on lodging supply.

Investment List and Percentage:

• Financial Securities: $502 million (~11% of total cash and investments)
• Term Deposits/Money Market Funds: $192 million (~4% of total cash and investments)
• Subsidiary Cash/Deposits: $152 million (~3% of total cash and investments)
• GBT Stake: Minority ownership, with revenue impact estimated at 1-5% of the B2B segment

Total Cash and Investments: Approximately $4.494 billion, providing Expedia with substantial liquidity to support operations and strategic initiatives.

Future Investment Plans: Driving Growth and Innovation

Expedia Group’s future investment plans focus on enhancing its technology platform, expanding its global presence, and improving traveler experiences. Below is a detailed overview of these strategic priorities, based on the document’s insights.

• Technology and Artificial Intelligence: Expedia plans to continue investing in AI and machine learning to enhance product offerings, improve customer service, and strengthen fraud detection capabilities. The company aims to develop AI responsibly, addressing competitive pressures while ensuring reliability and fairness in its algorithms.
• Global Market Expansion: In 2024, Expedia accelerated investments in markets beyond its core regions of the U.S. and Europe, targeting growth in Asia-Pacific (e.g., Japan, Australia) and Latin America (e.g., Brazil). These investments aim to capture a larger share of the $2.2 trillion global travel market (Phocuswright, 2025).
• Unified Technology Platform: Ongoing development of Expedia’s unified platform will support scalability, accelerate the release of new features, and enable the launch of innovative B2B offerings, such as enhanced APIs and distribution tools.
• Loyalty Program Refinement: While the One Key loyalty program’s international rollout was paused beyond the U.S. and U.K. in 2024, future investments may focus on refining the program and potentially expanding it to additional markets to boost customer retention.
• Marketing and Brand Enhancement: Expedia plans to increase spending on marketing to maintain and grow brand awareness for Expedia, Hotels.com, and Vrbo, countering rising competition from other OTAs, suppliers, and AI-driven platforms.
• Contact Center Technology: Continued investment in AI-driven customer service platforms will enhance efficiency and improve the traveler experience, ensuring seamless support across global markets.
• Acquisitions and Partnerships: Expedia may pursue strategic acquisitions or partnerships to enhance its supply network, technology capabilities, or market presence, though specific targets are not detailed in the document.

These investment plans position Expedia to strengthen its competitive edge, expand its market reach, and deliver enhanced value to travelers and partners.

Conclusion: A Leader in Global Travel

Expedia Group stands as a titan in the global travel industry, with $13.7 billion in 2024 revenue driven by its merchant (69%), agency (23%), and advertising (8%) models. Its B2C segment, led by brands like Expedia, Hotels.com, and Vrbo, delivers comprehensive travel solutions to millions of travelers, while the B2B segment empowers partners with advanced technology and supply. trivago’s metasearch platform adds a robust advertising revenue stream, complementing Expedia’s diverse portfolio.

Operating in nearly 50 countries, Expedia leverages a unified technology platform, a global network of physical properties, and strategic investments to maintain its leadership. Despite challenges such as intense competition, regulatory complexities, and currency fluctuations, Expedia’s focus on technology innovation, global expansion, and customer-centric solutions ensures its continued success in powering global travel for everyone, everywhere.