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Expedia +12.4% after reporting strong bookings growth; PCLN, TRIP also up

Feb. 10, 2016 5:33 PM ETExpedia Group, Inc. (EXPE) StockBKNG, EXPE, TRIPBy: Eric Jhonsa, SA News Editor
  • Though Expedia (NASDAQ:EXPE) missed Q4 EPS and (to a lesser extent) revenue estimates, the company reported gross bookings rose 32% Y/Y (40% exc. eLong, which has been divested) to $15B. Excluding eLong and the acquisitions of Orbitz/HomeAway, bookings rose 17% to $12.5B.
  • Top-line performance: Expedia's core travel agency business saw bookings rise 44% to $13.6B, and its Egencia managed travel services business saw bookings rise 13% to $1.4B. U.S. bookings +50% to $9.6B; international bookings (hurt by a strong dollar) +26% to $5.4B. Hotel revenue +24%, air revenue (major boost from Orbitz) +61%, ad/media revenue +22%, other revenue +37%.
  • Metrics: Excluding eLong (and including Orbitz/HomeAway), room nights rose 39% Y/Y to 52.8M thanks to both M&A and organic growth. U.S. room nights +33%, international +47%. Revenue/night fell 11%. Air ticket sales rose 70% thanks to Orbitz, with revenue/ticket dropping 5%.
  • Financials: Thanks in part to Orbitz/HomeAway, adjusted costs/expenses rose 37% Y/Y to $1.57B, with sales/marketing spend rising 33% to $775M and R&D 48% to $170M. $45M was spent on buybacks. 2015 free cash flow was $581M (-44% Y/Y due to higher capex). Expedia ended 2015 with $1.7B in cash and $3.2B in debt.
  • Expedia has jumped to $106.00 after hours. Priceline (PCLN) is up 4.6% to $1,080.00. TripAdvisor (NASDAQ:TRIP) is up 6.7% to $58.00.

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