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Expedia-Annual Report 2008

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Expedia-Annual Report 2008 TM C LASSIC venere com VACATIONS To our stockholders: Despite the economic environment we all must cope with these days, Expedia is engaged in more forward looking initiatives than ever. The test for us will be not in maximizing profitability at the cost of improving our services, but instead in the ground we gain competitively over the next years, both in extending our leadership and making true gains in the customer experience. Our ability to further improve that experience in every way possible will be what differentiates us from others and is the key mission of the Company. Here is what we are doing: In late 2008 Expedia announced a new global structure that aligns our operations around each of our brands: principally Expedia», hotels.com», Hotwire», TripAdvisor» and EgenciaTM. This simplified struc- ture empowers our teams to react more quickly to the evolving competitive landscape, and better leverages our collective resources. Our new brand alignment also enables us to increase our focus on as many as 60 million travelers who visit our sites monthly. We have lowered or reduced consumer fees across many of our businesses as we continue to reduce barriers to purchase. 2008 marked the first full year without change or cancellation fees on hotels.com and no consumer booking fees for air on Hotwire. Our most recent promotion includes an offer for a free hotel night and the elimination of air booking fees on Expedia.com» through May 31st. These efforts are intended to get more of our visitors to purchase from us, and then return to us confident in the knowledge that there simply is no better place to buy travel. Our brands continue to invest in features and functionality that set them apart from the competition. TripAdvisor unveiled its air meta-search product including the Fees Estimator, the first tool of its kind to help consumers estimate the complete cost of air travel in this developing era of unbundled air pricing. Our managed travel business, Egencia, continues to invest in technologies like mobile and collaboration capabili- ties for the benefit of business travelers, while building state of the art reporting and other capabilities to help companies optimize their travel spend. To provide the clear best in customer experience is our goal. We’re pleased by Hotwire winning JD Power’s award for Highest Customer Satisfaction for the 3rd year in a row, and Expedia.com again topping the annual ACSI customer satisfaction survey for major OTAs for the 7th year in a row. We can do much more, but we are making excellent progress. Our leadership in travel is driven in part by superior supply. Our travel supply partners know that we can deliver the highest incremental demand. This is best evidenced by results — despite a decline in overall travel demand, Expedia achieved 13% room night growth in 2008, and we now fill over 10% of room demand each night in major destinations such as Las Vegas and New York. Our global team of market managers are on the ground in local markets, working diligently to help hotels best position their offers and maximize the value they get from the global Expedia marketplace. Suppliers further benefit from our evolving portfolio of scaleable revenue management, payment, and connectivity tools. The acquisition of VenereTM, a leading European agency model hotel business, and the integration in 2009 of Venere’s hotel inventory across our sites stands to add a further dimension to the way Expedia addresses the needs of properties of all sizes and geographies. International expansion continues to represent one of Expedia’s best long term growth opportunities. International revenue topped $1 billion in 2008, accounting for 35% of our total revenue compared to less than 25% just three years ago. Expedia now offers travelers their choice of over 100,000 global properties, and in 2008 we grew our international footprint with the launch of Expedia.co.in in India, multiple localized hotels.com sites including those in Hong Kong, Japan and Korea, and most recently extending Egencia corporate travel services to customers in India and Switzerland. In addition to continually improving our transaction marketplace, we provide travel and non-travel advertisers with unparalleled reach to in-market travel shoppers. Expedia Media Solutions is hard at work monetizing the traffic to our transactional sites, expanding adoption of new products like TravelAds and other fresh and innovative offerings for advertisers, while TripAdvisor continues to add content, such as vacation rentals, and expand into additional markets such as Japan and China. In total, advertising and media revenue grew a robust 55% in 2008, accounting for 10% of our worldwide revenues. During these difficult times, we are fortunate to have employees willing to take up the challenge of making our business stronger with fewer resources at hand and it is their dedication and desire to succeed that continuously moves us forward. The company remains committed to attracting and retaining bright, creative people who desire interesting work and the job satisfaction that comes from working alongside other smart people for the industry leader. In this type of economic environment, companies have a tendency to focus almost solely on near-term challenges. And while Expedia is certainly determined to execute effectively in the here and now, the company is primarily focused on growing its leadership position over the long term. This approach may mean sacrificing short-term profit, as in the case of reducing fees, but these are the right things to do for our long-term stockholders and for long-term stockholder value. Stockholders should take comfort in knowing that we will be good stewards of their capital — exercising extreme diligence in evaluating acquisition returns, identifying and realizing cost savings throughout all areas of the business, appropriately rewarding our employees and management for performance and judiciously allocating capital to its best possible use. We’ll continue to speak with our stockholders in a forthright manner about our business, highlighting both the risks and opportunities therein, and providing meaningful disclosures to enable the most fulsome assessment of our prospects. We are confident that over time we’ll attract investors consistent with our values and goals. We are clearly the most diversified online travel company, with revenues from transactions and advertising across a strong portfolio of leading consumer brands. As we’ve said, the test for us is to emerge out of this period of economic difficulty all around us with compelling strength. That we will do because we will deliver the best customer experience, and all our constituencies — travelers, suppliers, advertisers, employees and stockholders — will come to know that as our singular focus over the next years. Sincerely, Sincerely, Barry Diller Dara Khosrowshahi Chairman & Senior Executive President & CEO UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ¥ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2008 OR n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-51447 EXPEDIA, INC. (Exact name of registrant as specified in its charter) Delaware 20-2705720 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 333 108th Avenue NE Bellevue, WA 98004 (Address of principal executive office) (Zip Code) Registrant’s telephone number, including area code: (425) 679-7200 Securities registered pursuant to Section 12(b) of the Act: Title of each class: Name of each exchange on which registered: Common stock, $0.001 par value The NASDAQ Global Select Market Warrants to acquire one-half of one share of common stock The NASDAQ Global Select Market Warrants to acquire 0.969375 of one share of common stock The NASDAQ Global Select Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¥ No n Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes n No ¥ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ¥ No n Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¥ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ¥ Accelerated filer n Non-accelerated filer n Smaller reporting company n (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes n No ¥ As of June 30, 2008, the aggregate market value of the registrant’s common equity held by non-affiliates was approximately $3,818,153,000.
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