Expedia 2024Q2 財報: 降本增效體現覺悟
Expedia 2024Q2 Financial Results: Financial Health, Control Costs

海擇短評 Haize Comment：

近期Expedia(NASDAQ: EXPE)公告2024Q2財報，間夜數與淨利的成長雖不高，但在控制成本/費用上體現了覺悟，深受投資人認可，海擇資本認為可說是從急救病房轉移到加護病房。具體數據我們說明如下：

1. 財務結算維持穩健：Expedia本季間夜數增加10%，成為本季公告間夜數的OTA巨頭中，唯一增長率達兩位數的公司；但因為基期小，從間夜量的絕對值來看，增長量就不是第一。而從交易額、收入與淨利來看，本季增長分別是6%、6%與0.2%，處穩健成長。

2. 體現降低成本覺悟：值得注意的是，本季公司的運營成本、研發費用、管理費用，分別較去年同期減少11%、4%、7%，僅行銷費用增加14%。一般未處於衰退的公司，成本與費用每年增長均屬常態，投資人主要關心成本/費用增速與收入增速相比是否健康。本季Expedia在收入與業務量年化上升之際，多項費用反而降低，如果不是裁員，就是KPI變得極端嚴酷，這都是需要覺悟才能做到的。

3. B2B潛力優於B2C：B2B領域在經過12 個季度和超過20%的預訂成長後，本季首次收入超過10億美金；雖然仍遠低於B2C的23億美金收入，但至少已有規模；Expedia戰略是在全球B2C不易覆蓋處，用B2B推進以降低費用，電話會議也強調了與Trip.com(NASDAQ: TCOM)續簽住宿分銷協議，那B2B之戰的差異就在於Expedia能否在攜程不容易滲透的區域取得優勢。至於B2C的部分，"One Key"雖然(在美國)迎來了一周年紀念日，但三大核心品牌(Expedia/Hotels.com/Vrbo)目前看不出有強勢超越競爭者的實力。

4. 歐洲區增速最優：以Q2的間夜數來看，Expedia在美國增長了中個位數、在歐洲增長超過20%、在世界其他地區增長了超過10%；雖然因為美國基數較高，平均數被拉低，但美國以外區域(B2B部分)增長不錯。公司對Q3的交易額與收入增長預期不高，只有3%至5%，但在各區如仍能維持這樣的分布，應該會開始讓以歐洲市場為主的競爭對手Booking(NASDAQ: BKNG)有點顧忌了。

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Recently, Expedia (NASDAQ: EXPE) released its Q2 2024 financial report. Although the growth of room nights and net profit was modest, the company demonstrated prudence in controlling costs and expenses, earning approval from investors. Haize Capital considers this a shift from the ER to the ICU. Here are the specifics:

1. **Financial Stability Maintained**: This quarter, Expedia saw a 10% increase in room nights, making it the only OTA giant to achieve double-digit growth in this metric. However, in terms of absolute room nights, it was not the leader. Revenue and transaction volumes grew by 6%, while net profit grew by only 0.2%, indicating steady growth.

2. **Demonstration of Cost Reduction Awareness**: Notably, this quarter the company's operating costs, R&D expenses, and administrative expenses decreased by 11%, 4%, and 7% respectively, compared to the same period last year, while marketing expenses increased by 14%. Typically, for companies not in a recession, yearly increases in costs and expenses are normal, and investors mainly focus on whether the rate of cost/expenses increase is healthy compared to revenue growth. This quarter, Expedia managed to reduce several expense categories while annualizing increases in revenue and business volume. This could only be achieved through layoffs or extremely stringent KPIs, demonstrating a significant level of awareness and commitment.

3. **B2B Potential Superior to B2C**: After 12 quarters and over 20% growth in bookings, B2B revenue surpassed $1 billion for the first time this quarter. Although this is still far below the $2.3 billion revenue from B2C, it has reached a significant scale. Expedia's strategy involves using B2B to reduce costs in global areas where B2C coverage is challenging. During the earnings call, emphasis was placed on renewing the accommodation distribution agreement with Trip.com (NASDAQ: TCOM), highlighting the strategic importance of gaining an edge in regions where Trip.com has limited penetration. For B2C, while "One Key" celebrated its one-year anniversary in the U.S., the three core brands (Expedia/Hotels.com/Vrbo) currently do not appear to have the strength to significantly outperform competitors.

4. **Best Growth in Europe**: In terms of nights booked in Q2, Expedia saw mid-single-digit growth in the U.S., over 20% growth in Europe, and more than 10% in other parts of the world. Although the U.S.'s large base number pulls the average down, the growth outside the U.S. (particularly in the B2B segment) is notable. The company has modest expectations for revenue and transaction volume growth in Q3, predicting only 3% to 5%. However, if such distribution continues across regions, it might start to concern its Europe-centric competitor, Booking (NASDAQ: BKNG).

標籤 Label： EXPE  OTA  Accommodation  B2B  TCOM  BKNG