JHVEPhoto/iStock Editorial via Getty Images It's been a surprising earnings season so far in Q2, where many high-flying stocks have been pummeled and rebound plays have unexpectedly stepped into the spotlight. Such was the case for Expedia (NASDAQ:EXPE), the online travel giant that has been beleaguered by softer trends at its home-sharing subsidiary Vrbo and lost tremendous market value this year. But in Q2, Expedia pulled off a much-needed turnaround. Whereas rivals Booking.com (BKNG) and Airbnb (ABNB ...

文章核心观点 - 文章认为Expedia Group的股票（NASDAQ:EXPE）虽然目前估值吸引人，但公司显示出许多不良迹象，暗示其难以实现真正的增长。因此，股票不是买入的选择，但由于不确定性和相对较低的估值，也不是卖出的选择，而是一个观望的选择[2][3] 公司业务模式 - Expedia是一家在线旅游公司，提供约300万处住宿设施，包括酒店和替代住宿，以及来自约500家航空公司的服务、租车、保险和体验。公司拥有多个品牌，如Expedia、Hotels.com、Vrbo、Orbitz、Travelocity、ebookers和Wotif，这些品牌采用代理或商家模式运营。此外，公司还拥有Trivago，这是一个旅游广告业务，而非直接经纪旅游产品。Expedia的业务模式在疫情期间受到重创，但最近已完全恢复收入和运营利润率[6] 竞争环境 - Expedia面临的主要竞争对手包括Booking和Airbnb，这两家公司都在酒店和替代住宿领域与Expedia的Hotels.com和Vrbo品牌直接竞争。Booking和Airbnb在广告支出和品牌影响力方面具有显著优势，这使得它们能够获得更好的商业交易和更高的利润率。此外，Expedia自今年2月以来一直处于管理层过渡过程中[7] 财务表现 - Expedia在2024年第二季度的财务表现显示，尽管总预订量和收入同比增长6%，调整后的EBITDA和调整后的EPS分别增长5%和21%，但深入分析显示，股票可能正处于中期增长峰值，这可能解释了其低股票估值倍数[8] 不良财务指标 - 2024年第二季度，Expedia的营收增长$2亿美元，而销售和营销支出增长$2.14亿美元，这表明公司在有机增长方面可能已达到上限。相比之下，竞争对手Booking在营销支出增加$1.38亿美元的同时，总收入增加了$3.97亿美元，显示出Expedia在市场竞争中的劣势。此外，Expedia的品牌收入增长20%，Vrbo从第一季度恢复了一些适度增长，但这不足以与Airbnb竞争，后者报告了11%的年同比增长和超过Expedia两倍的净收入。管理层正在尝试通过整合忠诚度计划来应对竞争，但这被认为不足以提供有效竞争。同时，公司正在进行管理层重组，并裁员约1500人，占年初员工总数的近9%[9] 财务健康和资本配置 - Expedia的财务健康状况不佳，当前负债未被当前资产充分覆盖，这一差距从负$20亿美元扩大到$40亿美元，使公司更加脆弱。长期债务目前约为$62亿美元，但已减少$10亿美元，因为今年已达到到期债务。这笔债务大约是今年预计收益的5倍，并且由于Expedia的BBB-信用评级，债务展期时可能面临更高的利率。管理层还宣布完成$36亿美元的回购，而不是减少债务，这被认为是不良的资本配置，增加了风险、不确定性和由于财务状况减弱而导致的波动性[10] 未来展望 - 在最近的财报电话会议中，管理层报告了7月份收入的疲软，客户正在寻找价格更低的住宿。公司预计今年的预订量将增长约5%，但如果这是通过增加广告支出而不是实际收入来实现的，这并不令人印象深刻。股票价格不贵，但由于不良的资本配置和财务状况的过度使用，使得公司在宏观经济低迷时期可能比竞争对手下跌更多，且在低迷后表现不佳[11] 估值和风险 - 从估值角度来看，Expedia的股票并不吸引人，因为公司承担的风险。分析师对2025年的盈利预测可能过于乐观。使用预测盈利和公司积极的股票回购，公司可能提供高达8.4%的年复合增长率，但这对于业务质量低、周期性和风险较高的财务状况来说并不令人印象深刻[12][13] 结论 - Expedia在Booking和Airbnb之后的第二梯队业务中，这导致公司在增长和竞争能力方面处于劣势，因为可用于营销的支出较少。此外，新的管理层正在实施风险财务策略，这正在削弱EXPE的财务状况。这些措施在不良宏观经济环境中可能迅速反噬，因为财务状况可能在长期内受损[17][18]

Key TakeawaysThe S&P 500 gained 0.5% on Friday, Aug. 9, 2024, closing out a week of dramatic stock market fluctuations driven by concerns about the U.S. economy.Expedia shares jumped as international demand helped the travel platform operator top second-quarter sales and profit forecasts.Insulet shares dropped after the insulin pump maker suggested new user growth could be lower than previously expected in the second half of 2024. The S&P 500 and the Nasdaq added around 0.5% on Friday, wrapping up a volatil ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

A slowdown is coming, but there are reasons the stock can keep going.Shares of Expedia Group (EXPE 9.27%) were climbing today after the company posted better-than-expected results in the second quarter and investors looked past modest guidance for the third quarter.As of 1:48 p.m. ET, the stock was up 10.1% on the news. Expedia benefits from low expectationsLike other online travel agencies including Booking Holdings and Airbnb, Expedia reported slowing growth as consumer spending on travel slows.However, a ...

Expedia Group, Inc. (EXPE) delivered second-quarter 2024 adjusted earnings of $3.51 per share, which rose 21% year over year. The figure surpassed the Zacks Consensus Estimate by 10.7%.Revenues of $3.56 billion rose 6% year over year. The figure surpassed the Zacks Consensus Estimate by 0.6%.Year-over-year revenue growth was driven by solid momentum across B2B, Brand Expedia and Advertising. Strength in lodging offerings and growing momentum across non-U.S. regions contributed well.Growing gross bookings, o ...

Shares of Expedia Group Inc EXPE skyrocketed in early trading on Friday, after the company reported upbeat second-quarter earnings.The results came amid an exciting earnings season. Here are some key analyst takeaways.Goldman Sachs On Expedia GroupAnalyst Eric Sheridan maintained a Buy rating, while raising the price target from $182 to $200.Expedia reported "solid" second-quarter results, with higher-than-expected gross bookings that were "driven more by room nights than ADRs," Sheridan said in a note. The ...

For the quarter ended June 2024, Expedia (EXPE) reported revenue of $3.56 billion, up 6% over the same period last year. EPS came in at $3.51, compared to $2.89 in the year-ago quarter.The reported revenue represents a surprise of +0.57% over the Zacks Consensus Estimate of $3.54 billion. With the consensus EPS estimate being $3.17, the EPS surprise was +10.73%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations ...

Key TakeawaysExpedia Group shares traded sharply higher ahead of Friday’s opening bell after the online travel company's earnings topped estimates amid robust demand in international markets. An earnings-driven rally sets the stock up to potentially form a double bottom given the close proximity of the May and August lows. Amid a move higher, investors should watch key price levels in Expedia shares at $130, $140, and $155. Expedia Group (EXPE) shares surged ahead of Friday’s opening bell after the online t ...

For Expedia Group CEO Ariane Gorin, there was a clear highlight for the company during the second quarter: Brand Expedia saw room night growth rise to nearly 20%.“Brand Expedia has been a great highlight for us,” Gorin told analysts and investors during the company’s second-quarter earnings call on Thursday (Aug. 8). “It gives me confidence because it was the least disrupted of all of our brands. We’ve built up the brand value there. The value prop on Brand Expedia is really strong for travelers. We feel go ...