Slide 1: Investor Presentation
Exhibit 99.2 INVESTOR PRESENTATION February 10, 2016
Slide 2: Safe Harbor
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’s expectatio
Slide 3: Important Note
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 to Expedia’s
Slide 4: Investment Highlights
Investment Highlights 1 A Leading Global Player in ~$1.4 Trillion Travel Market Significant Growth Opportunities Across Geographies Rapid Expansion in Highly Fragmented Lodging Industry Supported by Multi-Product Offering Technology Platform Innovation Driving Higher Conversion A Growth Success in G
Slide 5: One of the Largest Travel Companies in the World
One of the Largest Travel Companies in the World Depth and Volume and Breadth of Diversity of Global Travel SUPPLY Diverse Demand: Geography AND Travel Type DEMAND ~269,000 Hotels & Mutually 1.2 Million Vacation Rentals Beneficial Value to 8.6 Billion+ In 200+ Countries Supply Travelers Flight Searc
Slide 6: Established Brands with Global Reach
Established Brands with Global Reach Dynamic portfolio of travel brands with more than 200 sites in over 60 countries featuring the world’s broadest supply portfolio including 269,000 properties in 200 countries, 400 airlines, packages, rental cars, cruises and destination services and activities A
Slide 7: Diversifying Revenue Mix Reduces Risk and Positions the Business for Growth
Diversifying Revenue Mix Reduces Risk and Positions the Business for Growth 2005 2015 1 Revenue Revenue GEOGRAPHY International International 21% 44% Domestic Domestic 79% 56% Car, Cruise & Car, Cruise & PRODUCT Other 13% Other Ad & Media 14% 2% Ad & Media 9% Air 22% Air Hotels 8% Hotels 63% 69% 1 2
Slide 8: Global Leader and Significant Headroom for Further Growth
Global Leader and Significant Headroom for Further Growth UNITED EMEA ASIA LATIN STATES PACIFIC AMERICA + . CANADA Expedia Share: ONLINE Expedia Expedia Expedia Expedia 17% 5% 4% 5% TRAVEL SEGMENT Other Other Other Other 45% of Total Travel Market 56% 47% 35% 25% Expedia Expedia Expedia Expedia 2016
Slide 9: Leading Position in Attractive Lodging Market
Leading Position in Attractive Lodging Market … And HomeAway Adds Significantly Expedia Already Has Scale in Hotels… More Lodging Alternatives 3 $6.6B Number of Hotels / Lodging Alternatives 2015 Revenues 269,000 1 Other ~269k Hotels in 1,239,000 200+ Countries Hotels 69% 4 Air ~Only 8% Share 1,508,
Slide 10: Have Completed Significant Technology Investments That Fortify the Business
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 / Inventor
Slide 11: Industry Leading Mobile Initiatives Drive Traffic and Revenue
Industry Leading Mobile Initiatives Drive Traffic and Revenue The World Is Opening Up Significant Opportunities in Travel Changing … More than One in Four Over 40% 1 of Traffic Arrives 24 x 7 Room Nights 2 Mobile Users Booked on a Via Mobile PC-Connected Users Mobile Device …Expedia, Inc. Leads the
Slide 12: Significant Acceleration in the Advertising and Media Business
Significant Acceleration in the Advertising and Media Business ADVERTISING & MEDIA REVENUE $ Millions $564 #1 hotel metasearch in Europe $469 1 $310 $124 2012 2013 2014 2015 ’12-’15 CAGR : 65.8% Note: Reported numbers are net of any intercompany revenue 1 Controlling interest in trivago GmbH (”triva
Slide 13: Consistent Financial Execution
Consistent Financial Execution ROOM NIGHTS GROSS BOOKINGS Millions $ Billions ’12-’15 CAGR: 25.3% ’12-’15 CAGR: 22.2% 203 $60 $48 150 $38 120 $33 103 2012 2013 2014 2015 2012 2013 2014 2015 1 1 REVENUE ADJUSTED EBITDA $ Billions $ Millions ’12-’15 CAGR: 19.2% $6.6 ’12-’15 CAGR: 13.2% $1,165 $5.6 $4.
Slide 14: Solid Track Record of Disciplined Capital Allocation
Solid Track Record of Disciplined Capital Allocation 1 FREE CASH FLOW SHARE REPURCHASES AND DIVIDENDS $ in Millions $ Millions $600 $537 $489 $515 $500 $1,001 $1,039 $397 $400 ’09-’15 CAGR: 3% $283 $300 $618 $581 $495 $200 $469 $455 $130 $108 $79 $77 $76 $85 $100 $45 $0 2010 2011 2012 2013 2014 2015
Slide 15: Orbitz and HomeAway Impact to Adjusted EBITDA
Orbitz and HomeAway Impact to Adjusted EBITDA Q4 2015 FY 2015 Q4 2015 Y/Y FY 2015 Y/Y $ millions $ millions Growth Growth Expedia (excluding eLong) Adjusted 280 1,165 1% 11% EBITDA* Total impact from Orbitz Worldwide 2 (25) n/a n/a (including deal & integration costs) Total impact from HomeAway (14)
Slide 16: Investment Highlights
Investment Highlights A Leading Global Player in ~$1.4 Trillion Travel Market Significant Growth Opportunities Across Geographies Rapid Expansion in Highly Fragmented Lodging Industry Supported by Multi-Product Offering Technology Platform Innovation Driving Higher Conversion A Growth Success in Gro
Slide 17: Appendices
expedia inc. APPENDICES
Slide 18: Non-GAAP Definitions
Non-GAAP Definitions Expedia, Inc. (excluding eLong). Expedia sold its ownership interest in eLong, Inc. on May 22, 2015. In order to allow comparison with prior periods for the ongoing Expedia businesses, Expedia, Inc. (excluding eLong) gross bookings, revenue, adjusted EBITDA, operating income (lo
Slide 19: Non-GAAP / GAAP Reconciliation: Revenue
Non-GAAP / GAAP Reconciliation: Revenue $ Millions 2012 2013 2014 2015 Revenue excluding eLong $3,912 $4,607 $5,585 $6,631 eLong Revenue 118 164 178 42 Revenue Attributable to Expedia, Inc. $4,030 $4,771 $5,763 $6,672 Note: Numbers may not sum due to rounding and include eLong 19
Slide 20: Non-GAAP / GAAP Reconciliation: Adjusted EBITDA
Non-GAAP / GAAP Reconciliation: Adjusted EBITDA $ Millions 2012 2013 2014 2015 Adjusted EBITDA excluding eLong $804 $891 $1,051 $1,165 eLong Adjusted EBITDA (1) (12) (27) (62) Adjusted EBITDA $803 $879 $1,025 $1,103 Depreciation (164) (212) (266) (337) Amortization of Intangible Assets (32) (72) (80
Slide 21: Non-GAAP / GAAP Reconciliation: Free Cash Flow
Non-GAAP / GAAP Reconciliation: Free Cash Flow $ Millions 2009 2010 2011 2012 2013 2014 2015 Cash provided by operations $574 $605 $826 $1,237 $763 $1,367 $1,368 Capital expenditures (79) (136) (208) (236) (309) (328) (787) Free cash flow $495 $469 $618 $1,001 $455 $1,039 $581 Note: Numbers may not
Slide 22: Non-GAAP / GAAP Reconciliation: Adjusted EBITDA
Non-GAAP / GAAP Reconciliation: Adjusted EBITDA $ Millions 4Q15 FY15 Expedia (excluding eLong) Adjusted EBITDA excluding the Impacts of Orbitz Worldwide and HomeAway $292 $1,204 Total Impact from Orbitz Worldwide 2 (25) Total Impact from HomeAway (14) (14) Expedia (excluding eLong) Adjusted EBITDA $