Expedia's Enhanced Network Producing Healthy Profits Amid Normalizing Industry Demand Growth

Expedia's migration to a unified platform during 2020-23, which shares data, supply and loyalty (OneKey) across its brands, versus having it in a siloed structure previously, stand to support its network advantage, the source of its narrow moat. We think worker flexibility will 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.