Slide 1: Q1 2025 Earnings
re) expedia , group Q1 2025 Earnings
Slide 2: Cautionary Statement Regarding Forward-Looking Statements and Non-GAAP Measures
Cautionary Statement Regarding Forward-Looking Non-GAAP Measures Statements This presentation includes certain non-GAAP measures. This presentation includes forward-looking statements Reconciliations of the measures to the nearest within the meaning of Section 27A of the Securities Act of comparable
Slide 3: Q1'25 snapshot
Q1’25 snapshot 108M Room Nights +6% y/y $31.5B Key Takeaways Gross Bookings +4% y/y ✓ Met top-line guidance despite slower than $3.0B expected US travel demand Revenue +3% y/y ✓ Beat bottom-line guidance $296M Adj. EBITDA1 +16% y/y ✓ Progressed on our strategic priorities 9.9% Adj. EBITDA Margin1 +1
Slide 4: Delivering more value for Travelers
Delivering more value for Travelers Expanded Supply: Most Shipped new, AI-driven New social media complete shop for airlines features integrations Flight Deals on Brand Expedia Launching Expedia Trip Matching Turns Instagram Reels to itineraries Powered by AI 4
Slide 5: Investing where we see the greatest opportunity for growth
Investing where we see the greatest opportunity for growth B2B Advertising Multi-Item Trips on Expedia $174M Ad Revenue +20% y/y $8.8B B2B Gross Bookings +14% y/y 22% Sponsored listings partner growth y/y Continued innovation ✓ New Product capabilities ✓ Scaling B2B specific rates ✓ Selective commer
Slide 6: Hotels.com brand relaunched
Hotels.com brand relaunched New Mascot and Brand Identity New product capabilities Price insights Price alerts 6
Slide 7: Driving operating efficiencies and expanding margins
Driving operating efficiencies and expanding margins ✓ Optimizing our organization ✓ Driving productivity gains using Generative AI ✓ Aligning One Key earn to where it has the most impact 7
Slide 8: Summary of Q1'25 results
Summary of Q1’25 results Room Nights Booked Gross Bookings Revenue Adj. EBITDA1 (in millions) ($ in billions) ($ in billions) ($ in millions) 108M $31.5B +4% $3.0B $296M +6% $30.2B +3% 101M $2.9B +16% $255M Q1-24 Q1-25 Q1-24 Q1-25 Q1-24 Q1-25 Q1-24 Q1-25 • B2B room nights +20% • B2C Gross Bookings +
Slide 9: Room Nights and ADR Booked
Room Nights and ADR Booked Room Nights Booked Average Daily Rate1 (in millions) $217 $214 108M $210 $206 101M 99M 97M $199 86M Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Room Nights 7% 10% 9% 12% 6% ADR Y/Y (3%) (2%) (1%) 1% (1%) Booked Y/Y 1Represents the average paid rate per book
Slide 10: Expedia Group Performance
Expedia Group Performance Gross Bookings Revenue ($ in billions) ($ in billions) $31.5B $4.1B $30.2B $28.8B $27.5B $3.6B $24.4B $3.2B $2.9B $3.0B Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Gross Bookings Revenue Y/Y 3% 6% 7% 13% 4% Y/Y 8% 6% 3% 10% 3% Lodging Lodging Y/Y 4% 8% 8% 12
Slide 11: B2C Segment Performance
B2C Segment Performance Gross Bookings Revenue ($ in billions) ($ in billions) $22.6B $2.8B $22.4B $21.3B $20.0B $2.4B $17.4B $2.1B $2.0B $2.0B Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 B2C Gross Bookings (3%) 1% 3% 9% 1% Revenue Y/Y 3% 1% (1%) 6% (2%) Y/Y Adj. EBITDA Margin. 1 10.
Slide 12: B2B Segment Performance
B2B Segment Performance Gross Bookings Revenue ($ in billions) ($ in billions) $8.8B $1.2B $7.8B $7.5B $7.5B $1.0B $1.0B $7.0B $0.9B $0.8B Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 B2B Gross Revenue Bookings Y/Y 22% 20% 19% 24% 14% Y/Y 25% 22% 18% 21% 14% Adj. EBITDA Margin1 20.6%
Slide 13: Expedia Group Margins
Expedia Group Margins Adjusted EBITDA1 Adjusted Earnings Per Share1 (EPS) ($ in millions) $1,250M $6.13 $786M $3.51 $643M $2.39 $255M $296M $0.21 $0.40 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Adj. EPS 1 Adj. EBITDA 1 Y/Y 38% 5% 3% 21% 16% Y/Y NM 21% 13% 39% 90% Adj. EBITDA 1 Marg
Slide 14: Improving Operational Efficiency
Improving Operational Efficiency Adj. Cost of Revenue1 Direct Marketing Adj. Overhead1,2 ($ in millions) ($ in millions) ($ in millions) $611M $604M $356M $354M $1,757M $1,650M Q1-24 Q1-25 Q1-24 Q1-25 Q1-24 Q1-25 % of % of Gross % of 12.3% (44 bps) 11.9% 5.5% 11 bps 5.6% 21.1% ~(90 bps) 20.2% Revenu
Slide 15: Cash Flow and Capital Return
Cash Flow and Capital Return Free Cash Flow1 (Trailing 12 Months) Capital Return (Trailing 12 Months) ($ in billions) ($ in billions) $2.2B Dividends $2.1B Repurchases $2.3B $2.4B $1.9B $2.0B $1.6B $1.9B $1.4B $1.6B $0.1B $1.3B Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 1Refer to Ap
Slide 16: Guidance
Guidance Q2 2025 Full Year 2025 Gross Bookings +2-4% Gross Bookings +2-4% Revenue +3-5% Revenue +2-4% Adj. EBITDA Adj. EBITDA Margin1 +75-100 bps Margin1 +75-100 bps 1Refer to Appendix for note regarding Forward-Looking Non-GAAP Adjusted Financial Metrics 16 Note: All figures expressed on a year-ove
Slide 17: Thank You
expedia , group’ THANK YOU
Slide 18: Appendix
Appendix 18
Slide 19: Notes & Definitions
Notes & Definitions Booked Room Nights: Represents booked hotel room nights and property nights for our B2C reportable segment and booked hotel room nights for our B2B reportable segment. Booked hotel room nights include both merchant and agency hotel room nights. Property nights are related to our
Slide 20: Non-GAAP Definitions
Non-GAAP Definitions Adjusted EBITDA is defined as net income (loss) attributable to Expedia Group adjusted for: (1) net income (loss) attributable to non-controlling interests; (2) provision for income taxes; (3) total other expenses, net; (4) stock-based compensation expense, including compensatio
Slide 21: Non-GAAP Definitions (continued)
Non-GAAP Definitions (continued) Free Cash Flow is defined as net cash flow provided by operating activities less capital expenditures. Management believes Free Cash Flow is useful to investors because it represents the operating cash flow that our operating businesses generate, less capital expendi
Slide 22: Non-GAAP Definitions (continued)
Non-GAAP Definitions (continued) Adjusted Net Income (Loss) generally captures all items on the statements of operations that occur in normal course operations and have been, or ultimately will be, settled in cash and is defined as net income (loss) attributable to Expedia Group plus the following i
Slide 23: Non-GAAP Definitions (continued)
Non-GAAP Definitions (continued) Adjusted EPS is defined as Adjusted Net Income (Loss) divided by adjusted weighted average shares outstanding, which, when applicable, include dilution from our convertible debt instruments per the treasury stock method for Adjusted EPS. The treasury stock method ass
Slide 24: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Three months ended Three months ended Three months ended Three Months Ended March 31, Three Months Ended March 31, (in millions, except share and per share data) December 31, September 30, June 30, 2025 2024 2024 2024 2024 Net income/loss attributable to Expedia Gr
Slide 25: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three months ended Three months ended Three months ended Three Months Ended March 31, Three Months Ended March 31, ($ in millions) December 31, September 30, June 30, 2025 2024 2024 2024 2024 Net income (loss) attributable to Expedia Group, Inc. non-controlling $ (200)
Slide 26: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in millions) TTM1 March 31, TTM1 December 31, TTM1 September 30, TTM1 June 30, TTM1 March 31, 2025 2024 2024 2024 2024 Net cash provided by operating activities $ 3,158 $ 3,085 $ 2,649 $ 2,767 $ 2,412 Less: Total capital expenditures (775) (756) (742) (761) (790) Fre
Slide 27: Non-GAAP Expenses Reconciliation
Non-GAAP Expenses Reconciliation Three months ended Three months ended Three months ended Three Months Ended March 31, Three Months Ended March 31, ($ in millions) December 31, September 30, June 30, 2025 2024 2024 2024 2024 Cost of revenue $ 357 $ 335 $ 388 $ 362 $ 358 Less: stock-based compensatio
Slide 28: Adjusted EBITDA Reconciliation by Segment
Adjusted EBITDA Reconciliation by Segment Three months ended March 31, 2025 (in millions) B2C B2B trivago Corporate & Eliminations Total Third-party Revenue $ 1,956 $ 947 $ 85 $ - $ 2,988 Operating income (loss) $ 67 $ 164 $ (6) $ (295) $ (70) Realized gain (loss) on revenue hedges 15 8 - - 23 Restr
Slide 29: Adjusted EBITDA Reconciliation by Segment
Adjusted EBITDA Reconciliation by Segment Three months ended September 30, 2024 (in millions) B2C B2B trivago Corporate & Eliminations Total Third-party Revenue $ 2,780 $ 1,178 $ 102 $ - $ 4,060 Operating income $ 879 $ 285 $ 13 $ (415) $ 762 Realized gain (loss) on revenue hedges 16 16 - - 32 Restr
Slide 30: Adjusted EBITDA Reconciliation by Segment
Adjusted EBITDA Reconciliation by Segment Three months ended March 31, 2024 (in millions) B2C B2B trivago Corporate & Eliminations Total Third-party Revenue $ 1,986 $ 833 $ 70 $ - $ 2,889 Operating income (loss) $ 95 $ 142 $ (10) $ (337) $ (110) Realized gain (loss) on revenue hedges (13) (4) - - (1