The B2B segment revenue increased by 22% for the three months ended June 30, 2024, compared to the same period in 2023. This indicates successful growth initiatives and partnerships in the B2B sector.

Lodging revenue increased by 6% for the three months ended June 30, 2024, compared to the same period in 2023. This highlights the importance of lodging as a core growth driver for Expedia Group.

Expedia Group is evolving its strategy from being transactionally focused to building direct relationships with customers by allocating more marketing spend towards loyalty programs, paid app downloads, and brand awareness.

Expedia Group committed to restructuring actions in February 2024 to recalibrate resources as the Company's organizational and technological transformation is now completed, which have resulted in headcount reductions.

Expedia Group unified its technology, product, data engineering, and data science teams to build services and capabilities that can be leveraged across its business units to provide value-add services to its travel suppliers and serve its end customers.

Expedia Group launched One Key in the United States in 2023, which serves as the unified loyalty program under Brand Expedia, Hotels.com and Vrbo, enabling travelers to cross-earn and cross-redeem rewards across these brands.

Inflation and other macroeconomic pressures in the U.S. and the global economy, such as rising interest rates, currency fluctuations and energy price volatility, as well as evolving geopolitical conflicts, have contributed to an increasingly complex business environment.

Expedia Group is involved in five active lawsuits related to occupancy taxes. These lawsuits are in various stages and the company continues to defend against the claims made in them vigorously.

Certain countries in which Expedia operates have enacted legislation consistent with the OECD model rules effective beginning in 2024. The Company will continue to evaluate the potential impact of Pillar Two on future reporting periods.

The online travel industry is expected to remain highly competitive for the foreseeable future. In addition to the growth of online travel agencies, Expedia has seen continued interest in the online travel industry from search engine companies such as Google.

Airlines and lodging companies are aggressively pursuing direct online distribution of their products and services. In addition, the increasing popularity of the “sharing economy,” accelerated by online penetration, has had a direct impact on the travel and lodging industry.

Vrbo is a leader, specializing in unique whole home inventory, primarily in North American leisure markets, and represents an attractive growth opportunity for Expedia Group.

Cost of revenue decreased $45 million and $101 million during the three and six months ended June 30, 2024, compared to the same periods in 2023, primarily due to lower costs from initiatives to drive transactional efficiencies.

Expedia Group unified its technology, product, data engineering and data science teams to build services and capabilities that can be leveraged across its business units to provide value-add services to its travel suppliers and serve its end customers. The unified team structure enables the company to deliver more scalable services and operate more efficiently.

All of Expedia's transaction-based businesses now benefit from a shared platform infrastructure, including customer servicing and support, data centers, search capabilities, payment processing, and fraud operations.

Technology and content expense includes product development and content expense, as well as information technology costs to support infrastructure, back-office applications and overall monitoring and security of networks.

As Expedia continues to mature its shared platform infrastructure, its focus is on developing configurable technical capabilities that support various travel products while using simpler, standard architecture and common applications and frameworks.

With greatly improved product driven by the latest in machine learning and artificial intelligence capabilities and One Key, Expedia believes it will continue to drive greater retention, repeat and direct business.

During the six months ended June 30, 2024, Expedia repurchased 8.1 million shares under the 2023 Share Repurchase Program for a total cost of $1.1 billion, excluding transaction costs and excise tax. $3.8 billion remains authorized for repurchase under the 2023 Share Repurchase Program.

Expedia continues to invest in technology, product, data engineering and data science teams to build services and capabilities that can be leveraged across its business units.

As of June 30, 2024 and December 31, 2023, Expedia had no revolving credit facility borrowings outstanding, indicating strong financial health and liquidity management.

The six months ended June 30, 2024 also included Expedia's donation of $20 million as part of a public-private partnership project to revitalize public parks along the Elliot Bay waterfront in Seattle.

Expedia Group's mission is to power global travel for everyone, everywhere. The company believes travel is a force for good and helps reduce barriers to travel, making it easier, more enjoyable, more attainable and more accessible.

Expedia has witnessed a healthy but more normalized travel demand environment in the first half of 2024, as consumers continue to prioritize spend on travel and experiences over other discretionary spending.

Increased usage and familiarity with the internet have continued to drive rapid growth in online penetration of travel expenditures.

More recently, inflation and other macroeconomic pressures in the U.S. and the global economy, such as rising interest rates, currency fluctuations and energy price volatility, as well as evolving geopolitical conflicts, have contributed to an increasingly complex business environment.