Expedia's Network Advantage Intact as Travel Demand Continues to Improve

We expect COVID-19-related demand pressures to be short term, and Expedia's investments in loyalty, user experience, and alternative accommodations sourced from cost-cutting initiatives should support its network advantage, the source of its narrow moat. Further, we expect worker flexibility to increase long-term travel demand. We developed this positive stance because higher-income occupations (like those in technology, finance, legal, and architecture) are in industries that are the most likely to support ongoing work from remote locations.