Slide 1: Q4 2009 Company Overview
Exhibit 99.3 Company Q4 Q409 2009 Company Overview Overview
Slide 2: Forward-Looking Statements
Forward-Looking This performance assumptions among projections income, Actual continued distribution competitive weather, fluctuations uncertainties cost filings forward-looking Reconciliations Q409 2 efficiencies; presentation Company with results others, earnings bankruptcies, oror the system envi
Slide 3: Sizeable Global Online Travel Market Opportunity
Global Sources: (October EyeForTravel Figures 2006 Travel 3 3 251 2007 Market 238 Opportunity 123 Online U.S. Europe APAC 320 inmarkets 21 U.S. 264 2009); $billions 2008 244 337 271 Bookings: 49% Sizeable Higher 68 9% 138 26 84 Region Penetration OTA Q409 share Share APAC 52% 11% Company growth APAC
Slide 4: World's Largest Travel Marketplace
World’s Suppliers Car Airlines Cruise Global Advertisers Customers Technology Corporate Travel Offline Secure in foundation Q409 4 a rental unique Company products info service lines superior distribution retail Largest Hotels companies travelers Leisure of &travel our value-additive providers quali
Slide 5: Expedia: Premier Online Travel Company Key Statistics
Expedia—the 1Sources: depreciation, from Premier Key Leading #1 FY ••Gross Global Q409 5 Traffic FY $6.4b Member Online online 2009 Statistics 2009 revenue Company bookings: presence market Brand hotel value-based (November travel comScore Travel of number S&P restructuring hedges. Travel specialist
Slide 6: Largest U.S. Unique Visitors
Largest UV’S +141%1 +150%1 +106%1 U.S. UV’s +125%1 +119%1 +173%1 Millions Worldwide Orbitz Yahoo Source: 1 6 Q409 Min Min Travelocity Travel Denotes Worldwide comScore Spent Spent Company Priceline Expedia’s Online Online MediaMetrix, Audience OverviewPage Page percentage Views Views November differ
Slide 7: Expedia's Virtuous Cycle
Expedia’s Cash More Compelling Better Growth Scale Q409 7 flow drives ad travelers Company supplier /revenue Scale Virtuous tosupplier opportunity improve economics Overview Cycle &traveler advertising to enhance experience channel supplier,User-generated traveler & advertiser contentvalue propositi
Slide 8: Product and Geographic Revenue Mix
Product Car, & Advertising Air Hotel Geographic International Revenue Domestic * 8 Media 12% Cruise 64% Business Source: Q409 Hotel Categories by 11% 63% Company& Split Product Europe37% & Other Company mix &Advertising Significant(2009) (2009) 14% &toGeography other shifting Overview –&75% internat
Slide 9: Business Model: Hotel Category
Product Business •Merchant —Expedia —Some —1—3 •—Consultative Merchant Sample Travelers Cost 1 9 Agency toCompany Revenues •Spread •Cash Reduced Q409 Traveler Includes Expedia year Category—Hotel control Overview hotel Model tohotel merchant receives received contracts between E.com small account ov
Slide 10: Trended Worldwide Hotel Growth Statistics
Trended Source: Q409 10 Company Company Worldwide Overview financial Hotel Growth reportsStatistics . 2005 – 2007 (y/y) data is for merchant hotel only; 2008 – 2009 data is for both agency and merchant hotel.
Slide 11: Business Model: Advertising Category (TripAdvisor Media)
Product Business •TripAdvisor revenue Ad Travel Search Destination UGC Vacation Sources: Revenue •Offer •Robust Growth 1 11 & 03seat Media advertisers supplier tool Trailing in Category—Advertising of user-generated Company rental Drivers Overview TripAdvisor Oct 0.0 Q409 maps TTM $311mm, Company Oc
Slide 12: Business Model: Air Category
Product -Business •directly, Agency Revenue •Commissions within Airlines No Travelers GDS Q409 12 Air ~90% OTAs online revenue Company weeks of in Model Category—Air (Supplier) Expedia to Overview booking U.S. airplane Expedia: = •Agency & /eliminated 12% Overview Illustrative collects incentives fe
Slide 13: Trended Worldwide Air Growth Statistics
Trended Source: Q409 13 Company Company Worldwide Overview financial Air Growth reports Statistics (y/y)
Slide 14: Trended Revenue Margin
Trended Excluding 4Q07 13.7% 13.6% 12.6% 12.5% Stable 12.1% Long-term Stabilized Source: Q409 14 1Q08 Company Supplier revenue 14.0% 13.6% 12.6% 12.5% Company Revenue revenue ad agreements 2Q08 &14.1% 13.6% 12.5% 12.4% margin Relationships media Overview Margin 3Q08 financial margins 13.9% 13.8% 12.
Slide 15: Q4 2009 Results
2009 Figures * intangibles Appendix Q409 Transactions Gross Revenue Cost Selling Tech General Total OIBA Adjusted Adj. Free •Unit Source: 15 Q409 Excludes Acceleration EBITDA Cash of & Results Costs Q408 Bookings 1worldwide Margin US & Revenue Content in Company ** &698 EBITDA Marketing B Flow $mm A
Slide 16: Trended Free Cash Flow
Trended ‘09 $millions ‘08 Over Source: 16 cash $1.5B Company Free flows inCash free improved downfinancial cash Flow dueflow (TTM) due to reports taxes, generated to higher slowing Q409earnings, inCompany past merchant 3 merchant years Overview hotel & hotel onetime recovery cap & exnormalized cap e
Slide 17: Efficiently Managing Share Dilution
Efficiently millions 9% Source: 17 reduction Company of Managing adjusted in share financial diluted Dilution base since reports sharesQ107 Q409 Company Overview
Slide 18: Cash and Capitalization
Cash 12/31/2009 Capitalization Revolving 7.456% 8.500% Market Adjusted Total Net 2 18 4 tax Debt Modest 1 2 3 and Capitalization Debt Total Source: Q409 Value debt Notes Adjusted EBITDA4 /253 Does charges.Cash Adj. Credit /$895 Company Adj. Companyissues leverage; size Based of of due not on EBITDAE
Slide 19: Trended Leverage and Coverage Measures
Trended 12.31.05 Leverage Total Net Coverage TTM 1 19 Debt Debt Adj. Free See Credit 12.31.06 /Measures Measures EBITDA Cash TTM Demonstrated Source: / Appendix TTM Company Metrics Flow Adjusted Adjusted 12.31.07 strong/ credit TTM /BTTM for financial EBITDA1 Interest EBITDA1 12.31.08 reconciliation
Slide 20: Solid Credit Rating Snapshot
S&Pmarket, brands, this Moody’s Rating “The committed activity management Solid Q409 20 (Analyst: ratings upgrade execution Company Agency Raised good will (Analyst: tovarying be upgrade targets.” discretionary financial is To from Andy Snapshot funded & Overview based ‘BBB-’ adequate Stephen Ba2 su
Slide 21: Summary
Summary •— 1 21Attractive World’s Countercyclical Compelling Strong Proven Approximately Leading Critical Low Promotional Diversified Substantial Modest Strong High Q409 See exposure operating business management #1 and interest partner leverage traffic, macro Appendix Company online platforms compl
Slide 22: Appendix A
Appendix Q409 22 Company A Overview
Slide 23: Business Model and Income Statement
Business Customer Expedia’s = (1) Annual (Figures Gross Revenue Cost Selling General Technology “OIBA” OIBA Stock-based Amortization Occ restructuring •Operating Consists Principally (PSG). (excl. * 23customer 13.5% Personnel–related tax, of$11mm Source: bookings margin* and revenue employee Exclude
Slide 24: Trended Historical Results
Trended (Figures y/y 2005 Gross Revenue Cost expenses OIBA*** OIBA Adj. EBITDA •Free * ofPositive Expense Despite Over growth EBITDA Cash of 2006 Bookings Margin*** $2.5B goods Excludes **Adjusted occupancy Historical in non-GAAP2,119 *Margin*** difficult top-line 627 ramp Flow 2007 1,492 $millions)
Slide 25: Appendix B
Appendix Q409 25 Company B Overview
Slide 26: Tabular Reconciliations of Non-GAAP Data
Tabular (figures OIBA Amortization Stock-based Restructuring Occupancy Impairment Realized Operating Interest Other, Provision Net Source: Q409 26 (income) income Company $net income Reconciliations Company in 137,084 loss for (12,164) Income income $000s) tax /of compensation (loss) income loss on
Slide 27: Tabular Reconciliations of Non-GAAP Data
Tabular (figures OIBA Amortization marketing Stock-based Restructuring Occupancy Impairment Realized Operating Interest Other, Write-off Provision interests Net Source: Q409 27 (income) income Company $net margin income Reconciliations Company in 627,441 836 loss of for (8,428) Income income (12,597
Slide 28: Tabular Reconciliations of Non-GAAP Data
Tabular (figures Total Less: Costs compensation * 28 costs stock-based &Includes and Source: Q409 Reconciliations in Expenses expenses $000s) Companyand1,492,014 Company expenses* cost Year compensation excluding ofEnded Overview For revenue, 1,638,568 financial$ reports 1,583,739 Non-GAAP Dec. stoc
Slide 29: Tabular Reconciliations of Non-GAAP Data
Tabular (figures Adjusted Depreciation OIBA Source: Q409 29 Company (see Margin Reconciliations Company inEBITDA Earnings $000s) page (21,865) 22% Overview 26) 3financial Before $23% Margin Months $158,949 137,084 (27,442) For Interest, 26% reports Non-GAAP Ended $190,345 27% 162,903 Taxes, Dec 31,
Slide 30: Tabular Reconciliations of Non-GAAP Data
Tabular Year Dec. (figures Adjusted Depreciation Amortization Stock-based Restructuring Occupancy Impairment Realized Operating Interest Other, Write-off Provision interests Net Q409 Source: (income) income Ended 31, Company net income Reconciliations Company in 836 Dec. loss Earnings EBITDA of for
Slide 31: Tabular Reconciliations of Non-GAAP Data
Tabular Costs (figures Cost Selling Technology compensation Less: General based Source: Q409 31 of stock-based Company & compensation and revenue Reconciliations Company in and Expenses $000s) marketing and administrative 636,457 1,095,139 272,652 638,709 excluding Overview content compensation 12 f
Slide 32: Tabular Reconciliations of Non-GAAP Data
Tabular (figures Net Less: Free TTM Source: reserved. 32 cash Cash cash 9.08 = capital Trailing Reconciliations Company inprovided Trademarks flow Flow TTM $000s) expenditures 605,644 366,220 Twelve 12.08 TTM financial by operating and TTM 733,564 360,861 3.07 Month For logos (97,925) (148,022) repo
Slide 33: Tabular Reconciliations of Non-GAAP Data
Tabular (figures Net Less: Free TTM Q409 33 cash Cash cash = capital Company Trailing Reconciliations inprovided flow Flow $000s) expenditures 806,872 Twelve Overview TTM by operating 524,809 12.05 Month For(52,315) Non-GAAP TTM periods activities (287,684) (92,631) 12.06 ended Data 859,187 3(173,41