Expedia Group (EXPE) Deutsche Bank Technology Conference 2024 summary

B2B business overview and growth

• B2B business achieved $25B in bookings and over 106M room nights in 2023, working with 60,000+ partners globally.

• Bookings and revenue grew at a 16% CAGR from 2018–2023, with adjusted EBITDA up 28%, now representing 30% of total adjusted EBITDA.

• 60% of B2B bookings are outside the U.S., over 30% are loyalty-related, and 15% are from corporate travel.

• B2B addresses only 3% of a $1.2T global market opportunity, with significant room for expansion.

• Differentiators include strong hotel supply, advanced technology, a diversified partner base, and an experienced team.

B2B product offerings and partner strategy

• Three main B2B products: Rapid hotel API, White Label Template, and Travel Agent Affiliate Program.

• Partners span financial institutions, OTAs, travel agents, TMCs, airlines, retailers, and more worldwide.

• Growth is primarily driven by existing partners and maturing new deals, with new business contributing more over time.

• Defensibility comes from a combination of supply, technology, partner tools, and commercial relationships.

• B2B business excludes Egencia, which was divested in 2021, for all reported metrics.

B2C business performance and brand strategy

• B2C business was flat to down since 2018 due to replatforming, reduced international investment, and brand consolidation.

• Focus shifted to three main brands: Expedia, Hotels.com, and Vrbo, with less investment in smaller brands.

• Brand Expedia saw 20% nights growth last quarter, benefiting from tech innovation, loyalty integration, and direct traffic initiatives.

• Hotels.com and Expedia are positioned to complement each other, with One Key loyalty program enabling cross-brand benefits.

• Vrbo is focusing on supply quality, loyalty, and app experience to drive repeat business and differentiation.