Slide 1: Investor Presentation July 30, 2015
INVESTOR July 30, 2015 Exhibit 99.2 PRESENTATION
Slide 2: Safe Harbor Forward-Looking Statements
2 July 2014 Safe Harbor Forward-Looking Statements. This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance. These forward-looking statements are based on management’
Slide 3: Important Note
3 July 2014 Important Note In May 2015, Expedia sold its 62.4% equity stake in eLong for approximately $671 million to several purchasers including Ctrip. Expedia and Ctrip also reached agreement on cooperation for certain travel products in specified geographic markets. Unless otherwise noted, due
Slide 4: Investment Highlights: A Growth Company
4 A Leading Global Player in ~$1.3 Trillion Travel Market Significant Growth Opportunities Across Geographies Consistently Strong Financial Execution Technology Platform Innovation Driving Higher Conversion Success in Growing Mobile Channels High Growth Advertising & Media Business Rapid Expansion i
Slide 5: One of the Largest Travel Companies in the World
5 SUPPLY Depth and Breadth of ~257,000 Hotels in 200+ Countries 400+ Airlines 6.2 Million Packages Volume and Diversity of Global Travel DEMAND 5 Billion Flight Searches Travelers in ~70 Countries Corporate and Leisure Travel; Online and Offline One of the Largest Travel Companies in the World Mutua
Slide 6: Trusted Brands
6 Trusted Brands Established Brands With Global Reach Brand Recognition in EVERY Established Market Solid Foothold in Emerging Markets 89 Sites in 68 Countries A Leading Hotel Specialist Globally 31 Sites in 31 Countries A Leading Full-Service Online Travel Agency Sites in 50 Countries A Leading Hot
Slide 7: Diversifying Revenue Mix Reduces Risk and Positions the Business for Growth
7 2005 Revenue 1 Revenue TTM 2 6/30/15 7 Diversifying Revenue Mix Reduces Risk and Positions the Business for Growth PRODUCT Hotels 63% Hotels 70% Car, Cruise & Other 13% Air 8% Air 22% GEOGRAPHY International 21% Domestic 79% International 45% Domestic 55% Ad & Media 9% Ad & Media 2% 2005 Geography
Slide 8: Global Leader and Significant Headroom for Further Growth
Expedia Share: 8 Expedia 6% Other Expedia 6% Other Expedia 17% Other Expedia 5% Other ONLINE TRAVEL SEGMENT 56% 23% 44% 29% 42% of Total Travel Market Global Leader and Significant Headroom for Further Growth Sources: PhoCusWright estimates and Expedia data; travel market size estimates based on Pho
Slide 9: Rapidly Expanding in Fragmented Hotel Segment of the Travel Industry
9 Expedia, Inc. Has Scale in Hotels … … And Significant Room for Additional Growth Hotels 70% Rapidly Expanding in Fragmented Hotel Segment of the Travel Industry Other includes Car, Advertising, Destination Services, Insurance, Cruise, Agency Packages, and Other Sources: Smith Travel Research and E
Slide 10: Significant Technology Investments That Fortify the Business
10 Have Completed Significant Technology Investments That Fortify the Business CUSTOMIZED Front - End Technology for Rapid Innovation and Powerful Analytics … Improving Conversion CENTRALIZED Customer Operations Technology CENTRALIZED Transactional Infrastructure: Financials / Order Management / Inv
Slide 11: Industry Leading Mobile Initiatives Drive Traffic and Revenue
Opening Up Significant Opportunities in Travel Expedia, Inc. Leads the Way in Mobile Innovation The World Is Changing … of Mobile Bookings 1 Completed within of Travel / Stay More than Room Nights Booked on a 11 Industry Leading Mobile Initiatives Drive Traffic and Revenue Expedia, Inc. Brands for A
Slide 12: Significant Acceleration in the Advertising and Media Business
12 Significant Acceleration in the Advertising and Media Business ADVERTISING & MEDIA REVENUE $ Millions 2012 2013 2014 TTM 2Q15 ’12-’14 CAGR : 94.6% 2Q15 TTM YOY Growth: 27.0% Note: Reported numbers are net of any intercompany revenue Controlling interest in trivago GmbH (”trivago”) acquired in Mar
Slide 13: Consistent Financial Execution
13 $33 $38 $48 $53 2012 2013 2014 TTM 2Q15 ’12-’14 CAGR: 21.1% 2Q15 TTM YOY Growth: 22.6% $804 $891 $1,051 $1,108 2012 2013 2014 TTM 2Q15 Consistent Financial Execution ADJUSTED EBITDA ROOM NIGHTS $ Millions 2012 2013 2014 TTM 2Q15 REVENUE $ Billions $3.9 $4.6 $5.6 $6.0 2012 2013 2014 TTM 2Q15 Non-G
Slide 14: Solid Track Record of Disciplined Capital Allocation
14 Solid Track Record of Disciplined Capital Allocation FREE CASH FLOW $495 $469 $618 $1,001 $455 $1,039 $924 2009 2010 2011 2012 2013 2014 TTM 2Q15 Non-GAAP measure, including eLong. See Appendix for Non-GAAP to GAAP Reconciliation. Orbitz acquisition was announced in February 2015 and is pending r
Slide 15: Investment Highlights: A Growth Company
15 A Leading Global Player in ~$1.3 Trillion Travel Market Significant Growth Opportunities Across Geographies Consistently Strong Financial Execution Technology Platform Innovation Driving Higher Conversion Success in Growing Mobile Channels High Growth Advertising & Media Business Rapid Expansion
Slide 16: Expedia, Inc.
Se expedia inc.
Slide 17: Non-GAAP Definitions
17 Non-GAAP Definitions Adjusted EBITDA is defined as operating income plus: (1) stock-based compensation expense, including compensation expense related to certain subsidiary equity plans; (2) acquisition-related impacts, including (i) amortization of intangible assets and goodwill and intangible a
Slide 18: Adjusted EBITDA Reconciliation
18 $ Millions 2012 2013 2014 TTM 2Q15 Adjusted EBITDA excluding eLong $804 $891 $1,051 $1,108 eLong Adjusted EBITDA (1) (12) (27) (95) Adjusted EBITDA $803 $879 $1,025 $1,013 Depreciation (164) (212) (266) (292) Amortization of Intangible Assets (32) (72) (80) (95) Legal Reserves , Occupancy Tax and
Slide 19: Non-GAAP / GAAP Reconciliation: Free Cash Flow
19 19 Non-GAAP / GAAP Reconciliation: Free Cash Flow Note: Numbers may not sum due to rounding and include eLong $ Millions 2009 2010 2011 2012 2013 2014 TTM 2Q15 Cash provided by operations $574 $605 $826 $1,237 $763 $1,367 $1,564 Capital expenditures (79) (136) (208) (236) (309) (328) (640) Free c