Examining Expedia's Q2 2025 Report

Examining Expedia's Q2 2025 Report

• 1. Q2 2025 Earnings A U G U S T 2 0 2 5

• 2. P R O P R I E T A R Y & C O N F I D E N T I A L 2 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains "forward-looking statements" about Expedia Group’s financial performance, operating results, and guidance, which may include, but are not limited to, statements relating to future gross bookings; revenues; expenses; margins and margin expansion, including EBITDA margin expansion; profitability; net income (loss); earnings per share; and other measures of results of operations and the prospects for future growth of Expedia Group's business. These forwardlooking statements are based on assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others: intense competition from online travel agencies, suppliers, search engines, and emerging AI-powered platforms; declines or disruptions in the travel industry from economic conditions, geopolitical events, or public health issues; dependence on relationships with travel suppliers and other B2B partners; liquidity constraints and limited access to capital markets; substantial indebtedness and covenant restrictions; dependence on search engines and changes to search algorithms or traffic acquisition costs; costs of maintaining brand awareness and marketing effectiveness; payment processing risks, fraud, and third-party payment provider dependencies; reliance on third-party business partners and service providers; challenges in international operations and regulatory compliance; risks from acquisitions, investments, divestitures, and commercial arrangements; ability to retain and attract qualified personnel and key executives; execution risks from strategic initiatives and operational transformations; counterparty risks and foreign exchange exposure; regulatory risks in alternative accommodations and evolving legal requirements; tax law changes and interpretation uncertainties; litigation and unfavorable legal outcomes; intellectual property protection and infringement risks; technology system failures, cybersecurity breaches, and data protection compliance; privacy regulation compliance across multiple jurisdictions; concentrated voting control and potential conflicts of interest; ESG-related costs, risks, and stakeholder expectations; climate change impacts on travel and operations; and stock price volatility. For more information about risks and uncertainties associated with Expedia Group's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of our most recently filed periodic reports on Form 10-K and Form 10-Q, which are available on our investor relations website at ir.expediagroup.com and on the SEC website at www.sec.gov. All information provided in this presentation is as of August 7, 2025. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in Expedia Group's expectations unless required by law. Non-GAAP Measures This presentation includes certain nonGAAP measures. Reconciliations of the measures to the nearest comparable GAAP measures are included in the appendix at the end of this presentation. Trademarks & logos Trademarks and logos are the property of their respective owners. © 2025 Expedia, Inc. All rights reserved.

• 3. Room Nights +7% y/y 105M $3.8B $30.4B Q 2 2 0 2 5 E A R N I N G S 1Refer to Appendix for reconciliation of Non-GAAP (“Adjusted”) measures P R O P R I E T A R Y & C O N F I D E N T I A L 3 Gross Bookings +5% y/y Revenue +6% y/y Adj. EBITDA1 +16% y/y $908M $4.24 24% Adj. EBITDA Margin1 +190 bps y/y Adj. EPS1 +21% y/y Q2’25 snapshot Key Takeaways 1. Exceeds top and bottom-line guidance 2. Increases full year guidance 3. Repurchased $627 million of shares

• 4. Q 2 2 0 2 5 E A R N I N G S Delivering more value for Travelers Value of Supply Loyalty Products P R O P R I E T A R Y & C O N F I D E N T I A L 4 AI Filters Active loyalty members grew high-single digits Fastest growth from our Silver members and above

• 5. Q 2 2 0 2 5 E A R N I N G S Investing where we see the greatest opportunity for growth B2B Advertising B2C P R O P R I E T A R Y & C O N F I D E N T I A L 5 $8.8B B2B Gross Bookings + 17% y/y First partner on Car API $182M Ad revenue + 19% y/y High single digit growth outside of the US 13% outside of the US

• 6. Q 2 2 0 2 5 E A R N I N G S Driving operational efficiencies and expanding margins P R O P R I E T A R Y & C O N F I D E N T I A L 6 B2C leveraging against marketing spend AI accelerating developer cycle times AI in every function of the company Adj. EBITDA margins1 up 190 bps y/y 1 Refer to Appendix for reconciliation of Non-GAAP (“Adjusted”) measures

• 7. $28.8B $30.4B 99M 105M R E S U L T S Summary of Q2’25 results P R O P R I E T A R Y & C O N F I D E N T I A L 7 B2C Gross Bookings +1% B2B Gross Bookings +17% Gross Bookings Growth led by B2B and Advertising Room Nights Booked Revenue Adj. EBITDA1 margins expanded 190 bps Adj. EBITDA1 (in millions) ($ in billions) ($ in billions) ($ in millions) 1Refer to Appendix for reconciliation of Non-GAAP (“Adjusted”) measures +7% +5% $3.6B $3.8B +6% $786M $908M +16% Q2-24 Q2-25 Q2-24 Q2-25 Q2-24 Q2-25 Q2-24 Q2-25 Brand Expedia room nights +5%

• 8. R E S U L T S Room Nights and ADR Booked P R O P R I E T A R Y & C O N F I D E N T I A L 8 Room Nights Booked Average Daily Rate1 (in millions) 1Represents the average paid rate per booked room night, calculated as total lodging gross bookings divided by room nights booked Room Nights Booked Y/Y 10% 9% 12% 6% 7% 99M 97M 86M 108M 105M Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 $210 $206 $199 $214 $209 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 ADR1 Y/Y (2%) (1%) 1% (1%) 0%

• 9. R E S U L T S Expedia Group Performance P R O P R I E T A R Y & C O N F I D E N T I A L 9 Gross Bookings Revenue ($ in billions) ($ in billions) 1Represents the average paid rate per booked room night, calculated as total lodging gross bookings divided by room nights booked Gross Bookings Y/Y 6% 7% 13% 4% 5% Lodging Y/Y 8% 8% 12% 5% 6% Non-Lodging Y/Y (1%) 4% 13% 2% 3% Revenue Y/Y 6% 3% 10% 3% 6% Lodging Y/Y 6% 3% 10% 3% 6% Advertising Y/Y 28% 32% 25% 20% 19% $28.8B $27.5B $24.4B $31.5B $30.4B Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 $3.6B $4.1B $3.2B $3.0B $3.8B Q2-24 Q3-24 Q4-24 Q1-25 Q2-25

• 10. R E S U L T S B2C Segment Performance P R O P R I E T A R Y & C O N F I D E N T I A L 10 Gross Bookings Revenue ($ in billions) ($ in billions) 1 Refer to Appendix for reconciliation of Non-GAAP (“Adjusted”) measures B2C Gross Bookings Y/Y 1% 3% 9% 1% 1% Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Revenue Y/Y 1% (1%) 6% (2%) 2% $21.3B $20.0B $17.4B $22.6B $21.6B 26.8% 37.0% 25.9% 11.1% 29.4% $2.4B $2.8B $2.1B $2.0B $2.5B Adj. EBITDA Margin1

• 11. $1.0B $1.2B $1.0B $0.9B $1.2B $7.5B $7.5B $7.0B $8.8B $8.8B R E S U L T S B2B Segment Performance P R O P R I E T A R Y & C O N F I D E N T I A L 11 Gross Bookings Revenue ($ in billions) ($ in billions) 1 Refer to Appendix for reconciliation of Non-GAAP (“Adjusted”) measures B2B Gross Bookings Y/Y 20% 19% 24% 14% 17% Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Revenue Y/Y 22% 18% 21% 14% 15% 25.1% 28.7% 24.5% 22.8% 27.3% Adj. EBITDA Margin1

• 12. $3.51 $6.13 $2.39 $0.40 $4.24 $786M $1,250M $643M $296M $908M R E S U L T S Expedia Group Margins P R O P R I E T A R Y & C O N F I D E N T I A L 12 Adjusted EBITDA1 Adjusted Earnings Per Share1(EPS) ($ in millions) 1 Refer to Appendix for reconciliation of Non-GAAP (“Adjusted”) measures 5% 3% 21% 16% 16% 22.1% 30.8% 20.2% 9.9% 24.0% (15bps) (16bps) 175bps 105bps 190bps Adj. EPS1 Y/Y 21% 13% 39% 90% 21% Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Adj. EBITDA1 Y/Y Adj. EBITDA Margin1 Adj. EBITDA Margin1 Y/Y

• 13. $358M $373M R E S U L T S Improving Operational Efficiency P R O P R I E T A R Y & C O N F I D E N T I A L 13 Adj. Cost of Revenue1 Direct Marketing Adj. Overhead1,2 ($ in millions) ($ in millions) ($ in millions) 1Refer to Appendix for reconciliation of Non-GAAP (“Adjusted”) measures 2Total overhead expenses is the sum of adjusted expenses for Selling and marketing - indirect, Technology and content, and General and administrative Q2-24 Q2-25 10.1% 9.8% % of Revenue (23 bps) Q2-24 Q2-25 6.2% 6.3% % of Gross Bookings 10 bps $1,793M $1,920M Q2-24 Q2-25 17.0% 16.8% % of Revenue (20 bps) $606M $637M +4% +7% +5%

• 14. R E S U L T S Balance Sheet Snapshot Leverage Ratio1 Cash & Short-Term Investments Revolver capacity Liquidity S&P Moody’s Fitch Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 2.3x 2.2x 2.1x 2.1x 2.0x 1Represents Leverage Ratio based on LTM Adjusted EBITDA $6.7B $2.5B $9.2B Investment Grade Credit Ratings BBB BBB Baa2 P R O P R I E T A R Y & C O N F I D E N T I A L 14

• 15. R E S U L T S Cash Flow and Capital Return P R O P R I E T A R Y & C O N F I D E N T I A L 15 Free Cash Flow1(Trailing 12 Months) Capital Return (Trailing 12 Months) ($ in billions) 1Refer to Appendix for reconciliation of Non-GAAP (“Adjusted”) measures Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 ($ in billions) $2.0B $1.9B $2.3B $2.4B $2.0B Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 $1.5B $0.1B Dividends Repurchases $2.1B $1.9B $1.6B $1.4B $1.6B

• 16. Guidance Q 2 2 0 2 5 E A R N I N G S G R O S S B O O K I N G S P R O P R I E T A R Y & C O N F I D E N T I A L 16 Q3 2025 Full Year 2025 1Refer to Appendix for note regarding Forward-Looking Non-GAAP Adjusted Financial Metrics Note: All figures expressed on a year-over-year basis and include FX impact R E V E N U E A D J . E B I T D A M A R G I N1 +5-7% +4-6% +50-100 bps +3-5% +3-5% +100 bps

• 18. Q 2 2 0 2 5 E A R N I N G S Appendix

• 19. Booked Room Nights: Represents booked hotel room nights and property nights for our B2C reportable segment and booked hotel room nights for our B2B reportable segment. Booked hotel room nights include both merchant and agency hotel room nights. Property nights are related to our alternative accommodation business. Average Daily Rate (ADR) Booked: Represents the average paid rate per booked room night, calculated as total lodging gross bookings divided by room nights booked. Gross Bookings: Generally represent the total retail value of transactions booked, recorded at the time of booking reflecting the total price due for travel by travelers, including taxes, fees and other charges, adjusted for cancellations and refunds. Lodging Metrics: Reported on a booked basis except for revenue, which is on a stayed basis. Lodging consists of both merchant and agency model hotel and alternative accommodations. B2C: The B2C segment provides a full range of travel and advertising services to our worldwide customers through a variety of consumer brands including: Expedia, Hotels.com, Vrbo, Orbitz, Travelocity, Wotif Group, ebookers, Hotwire.com, and CarRentals.com. B2B: The B2B segment fuels a wide range of travel and non-travel companies including airlines, offline travel agents, online retailers, corporate travel management and financial institutions, who leverage our leading travel technology and tap into our diverse supply to augment their offerings and market Expedia Group rates and availabilities to their travelers. trivago: The trivago segment generates advertising revenue primarily from sending referrals to online travel companies and travel service providers from its localized hotel metasearch websites. Advertising: Expedia Group Advertising is responsible for generating advertising revenue on our global online travel brands. A P P E N D I X Notes & Definitions P R O P R I E T A R Y & C O N F I D E N T I A L 19

• 20. A P P E N D I X Non-GAAP Definitions Adjusted EBITDA is defined as net income (loss) attributable to Expedia Group adjusted for: (1) net income (loss) attributable to non-controlling interests; (2) provision for income taxes; (3) total other expenses, net; (4) stock-based compensation expense, including compensation expense related to certain subsidiary equity plans; (5) acquisition-related impacts, including i. amortization of intangible assets and goodwill and intangible asset impairment, ii. gains (losses) recognized on changes in the value of contingent consideration arrangements; and iii. upfront consideration paid to settle employee compensation plans of the acquiree; (6) certain other items, including restructuring; (7) items included in legal reserves, occupancy tax and other, which includes reserves for potential settlement of issues related to transactional taxes (e.g. hotel and excise taxes), related to court decisions and final settlements, and charges incurred, if any, for monies that may be required to be paid in advance of litigation in certain transactional tax proceedings; (8) that portion of gains (losses) on revenue hedging activities that are included in other, net that relate to revenue recognized in the period; and (9) depreciation. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core operating results and renders comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA is a useful measure for analysts and investors to evaluate our future on-going performance as this measure allows a more meaningful comparison of our performance and projected cash earnings with our historical results from prior periods and to the results of our competitors. Moreover, our management uses this measure internally to evaluate the performance of our business as a whole and our individual business segments. In addition, we believe that by excluding certain items, such as stock-based compensation and acquisition-related impacts, Adjusted EBITDA corresponds more closely to the cash operating income generated from our business and allows investors to gain an understanding of the factors and trends affecting the ongoing cash earnings capabilities of our business, from which capital investments are made and debt is serviced. P R O P R I E T A R Y & C O N F I D E N T I A L 20

• 21. A P P E N D I X Non-GAAP Definitions (continued) Free Cash Flow is defined as net cash flow provided by operating activities less capital expenditures. Management believes Free Cash Flow is useful to investors because it represents the operating cash flow that our operating businesses generate, less capital expenditures but before taking into account other cash movements that are not directly tied to the core operations of our businesses, such as financing activities, foreign exchange or certain investing activities. Free Cash Flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, it is important to evaluate Free Cash Flow along with the consolidated statements of cash flows. Adjusted Expenses (cost of revenue, direct and indirect selling and marketing, technology and content and general and administrative expenses) exclude stock-based compensation related to expenses for stock options, restricted stock units and other equity compensation under applicable stock-based compensation accounting standards. Expedia Group excludes stock-based compensation from these measures primarily because they are non-cash expenses that we do not believe are necessarily reflective of our ongoing cash operating expenses and cash operating income. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use when adopting applicable stock-based compensation accounting standards, management believes that providing non-GAAP financial measures that exclude stock-based compensation allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies, as well as providing management with an important tool for financial operational decision making and for evaluating our own recurring core business operating results over different periods of time. There are certain limitations in using financial measures that do not take into account stock-based compensation, including the fact that stock-based compensation is a recurring expense and a valued part of employees' compensation. Therefore, it is important to evaluate both our GAAP and non-GAAP measures. See the Notes to the Consolidated Statements of Operations for stock-based compensation by line item. Forward-Looking Non-GAAP Financial Metrics. A reconciliation for the EBITDA margin expansion forecast is not provided because we cannot, without unreasonable effort, predict certain items, including but not limited to, foreign exchange rate gains or losses and minority investment gains or losses, and are unable to address the probable significance of the unavailable information. P R O P R I E T A R Y & C O N F I D E N T I A L 21

• 22. A P P E N D I X Non-GAAP Definitions (continued) Adjusted Net Income (Loss) generally captures all items on the statements of operations that occur in normal course operations and have been, or ultimately will be, settled in cash and is defined as net income (loss) attributable to Expedia Group plus the following items, net of tax(a): (1) stock-based compensation expense, including compensation expense related to equity plans of certain subsidiaries and equity-method investments; (2) acquisition-related impacts, including; i. amortization of intangible assets, including as part of equity-method investments, and goodwill and intangible asset impairment; ii. (ii) gains (losses) recognized on changes in the value of contingent consideration arrangements; iii. (iii) upfront consideration paid to settle employee compensation plans of the acquiree; and iv. (iv) gains (losses) recognized on non-controlling investment basis adjustments when we acquire or lose controlling interests; (3) currency gains or losses on U.S. dollar denominated cash; (4) the changes in fair value of equity investments; (5) certain other items, including restructuring charges; (6) items included in legal reserves, occupancy tax and other, which includes reserves for potential settlement of issues related to transactional taxes (e.g., hotel occupancy and excise taxes), related court decisions and final settlements, and charges incurred, if any, for monies that may be required to be paid in advance of litigation in certain transactional tax proceedings, including as part of equity method investments; (7) discontinued operations; (8) the non-controlling interest impact of the aforementioned adjustment items; and (9) unrealized gains (losses) on revenue hedging activities that are included in other, net. (10)Adjusted Net Income (Loss) includes preferred share dividends. We believe Adjusted Net Income (Loss) is useful to investors because it represents Expedia Group's combined results, taking into account depreciation, which management believes is an ongoing cost of doing business, but excluding the impact of certain expenses and items (11) not directly tied to the core operations of our businesses. (a) We use a long-term projected tax rate in the calculation of adjusted net income as we believe this tax rate provides better consistency across reporting periods and produces results that are reflective of Expedia Group’s long-term effective tax rate. This projected effective tax rate is a total tax rate, and eliminates the effects of non-recurring and period- specific income tax items which can vary in size and frequency. We apply this tax rate to pretax income, as adjusted commensurate with our Adjusted Net Income definition. Based on our long-term projections, in 2024 and 2025 we are applying a 21.5% effective tax rate to compute Adjusted Net Income. P R O P R I E T A R Y & C O N F I D E N T I A L 22

• 23. A P P E N D I X Non-GAAP Definitions (continued) Adjusted EPS is defined as Adjusted Net Income (Loss) divided by adjusted weighted average shares outstanding, which, when applicable, include dilution from our convertible debt instruments per the treasury stock method for Adjusted EPS. The treasury stock method assumes we would elect to settle the principal amount of the debt for cash and the conversion premium for shares. If the conversion prices for such instruments exceed our average stock price for the period, the instruments generally would have no impact to adjusted weighted average shares outstanding. This differs from the GAAP method for dilution from our convertible debt instruments, which include them on an if-converted method. We believe Adjusted EPS is useful to investors because it represents, on a per share basis, Expedia Group's consolidated results, taking into account depreciation, which we believe is an ongoing cost of doing business, as well as other items which are not allocated to the operating businesses such as interest expense, taxes, foreign exchange gains or losses, and minority interest, but excluding the effects of certain expenses not directly tied to the core operations of our businesses. Adjusted Net Income (Loss) and Adjusted EPS have similar limitations as Adjusted EBITDA. In addition, Adjusted Net Income (Loss) does not include all items that affect our net income (loss) and net income (loss) per share for the period. Therefore, we think it is important to evaluate these measures along with our consolidated statements of operations. P R O P R I E T A R Y & C O N F I D E N T I A L 23

• 24. A P P E N D I X Adjusted Net Income (Loss) & Adjusted EPS Reconciliation P R O P R I E T A R Y & C O N F I D E N T I A L 24 (in millions, except share and per share data) Three months ended June 30, Three Months Ended March 31, Three months endedDecember 31, Three months ended September 30, Three months ended June 30, 2025 2025 2024 2024 2024 Net income/loss attributable to Expedia Group, Inc. $ 330 $ (200) $ 299 $ 684 $ 386 Less: Net (income) loss attributable to non-controlling interests 8 (3) (2) — 11 Less: Provision for income taxes (101) 20 (34) (190) (113) Income/Loss before income taxes 423 (217) 335 874 488 Amortization of intangible assets 11 11 13 14 15 Stock-based compensation 105 9 8 9 3 147 114 Legal reserves, occupancy tax and other 2 — 18 59 21 Restructuring and related reorganization charges 4 1 26 8 6 10 Impairment of intagible assets — — 114 33 — Unrealized (gain) loss on revenue hedges 3 1 (7) (13) (2) (Gain) Loss on minority equity investments, net 102 156 (168) (74) (56) TripAdvisor tax indemnification adjustment — — — — (6) Loss on debt extinguishment — 1 — — — Gain on sale of businesses — (3) — (2) — Adjusted income (loss) before income taxes 687 7 3 406 1,044 584 GAAP Provision for income taxes (101) 20 (34) (190) (113) Provison for income taxes for adjustments (47) (36) (53) (34) (13) Total Adjusted provision for income taxes (148) (16) (87) (224) (126) Total Adjusted income tax rate 21.5% 21.5% 21.5% 21.5% 21.5% Non-controlling interests 7 (4) (4) (11) 11 Adjusted net income attributable to Expedia Group, Inc. $ 546 $ 5 3 $ 315 $ 809 $ 469 GAAP diluted earnings (loss) per share $ 2.48 $ (1.56) $ 2.20 $ 5.04 $ 2.80 Amortization of intangible assets 0.08 0.09 0.09 0.10 0.11 Stock-based compensation 0.81 0.74 0.71 1.11 0.85 Legal reserves, occupancy tax and other 0.02 - 0.14 0.45 0.16 Restructuring and related reorganization charges 0.32 0.20 0.06 0.04 0.08 Impairment of intangible assets - - 0.86 0.25 - Unrealized (gain) loss on revenue hedges 0.03 - (0.05) (0.10) (0.01) Loss on minority equity investments, net 0.79 1.18 (1.27) (0.56) (0.42) TripAdvisor tax indemnification adjustment - - - - (0.05) Loss on debt extinguishment - 0.01 - - - Gain on sale of businesses - (0.02) - (0.01) - Income tax effects and adjustments (0.36) (0.27) (0.41) (0.26) (0.09) Non-controlling interest (0.01) (0.01) (0.01) (0.08) (0.01) Adjustment to GAAP dilutive securities (1) 0.08 0.04 0.07 0.15 0.08 Adjusted earnings per share attributable to Expedia Group, Inc. (2) $ 4.24 $ 0.40 $ 2.39 $ 6.13 $ 3.51 GAAP diluted weighted average shares outstanding (000's) 132,809 128,641 135,732 135,732 137,832 Adjustment to dilutive securities (000's)(1) (3,933) 3,230 (3,921) (3,921) (3,921) Adjusted weighted average shares outstanding (000's) (2) 128,877 131,871 131,811 131,811 133,911 Ex-trivago Adjusted Net Income and Adjusted EPS Adjusted net income attributable to Expedia Group, Inc. $ 546 $ 53 $ 315 $ 809 $ 469 Less: Adjusted net income (loss) attributable to trivago 1 (9) 5 — 7 Adjusted net income excluding trivago 545 6 2 310 809 462 Adjusted earnings per share attributable to Expedia Group, Inc. $ 4.24 $ 0.40 $ 2.39 $ 6.13 $ 3.51 Less: Adjusted earnings (loss) per share attributable to trivago 0.01 (0.07) 0.04 (0.00) 0.05 Adjusted earnings per share excluding trivago (2) $ 4.23 $ 0.47 $ 2.35 $ 6.13 $ 3.46 (2) Share and per share numbers may not add due to rounding. (1) In periods for which we have Adjusted net income, the GAAP diluted average shares and diluted earnings (loss) per share is presented adjusted for our convertible debt instruments per the treasury stock method.

• 25. A P P E N D I X Adjusted EBITDA Reconciliation P R O P R I E T A R Y & C O N F I D E N T I A L 25

• 26. A P P E N D I X Free Cash Flow Reconciliation P R O P R I E T A R Y & C O N F I D E N T I A L 26

• 27. A P P E N D I X Non-GAAP Expenses Reconciliation P R O P R I E T A R Y & C O N F I D E N T I A L 27

• 28. A P P E N D I X Adjusted EBITDA Reconciliation by Segment P R O P R I E T A R Y & C O N F I D E N T I A L 28 (1) Adjusted EBITDA for our B2C and B2B segments includes allocations of certain expenses, primarily cost of revenue and facilities, the total costs of our global travel supply organizations, the majority of product and technology costs, and the realized foreign currency gains or losses related to the forward contracts hedging a component of our net merchant lodging revenue. We base the allocations primarily on transaction volumes and other usage metrics. We do not allocate certain shared expenses such as accounting, human resources, certain information technology and legal to our reportable segments. We include these expenses in Corporate and Eliminations. Our allocation methodology is periodically evaluated and may change. (2) Adjusted EBITDA divided by revenue.

• 29. A P P E N D I X Adjusted EBITDA Reconciliation by Segment P R O P R I E T A R Y & C O N F I D E N T I A L 29 (1) Adjusted EBITDA for our B2C and B2B segments includes allocations of certain expenses, primarily cost of revenue and facilities, the total costs of our global travel supply organizations, the majority of product and technology costs, and the realized foreign currency gains or losses related to the forward contracts hedging a component of our net merchant lodging revenue. We base the allocations primarily on transaction volumes and other usage metrics. We do not allocate certain shared expenses such as accounting, human resources, certain information technology and legal to our reportable segments. We include these expenses in Corporate and Eliminations. Our allocation methodology is periodically evaluated and may change. (2) Adjusted EBITDA divided by revenue.

• 30. A P P E N D I X Adjusted EBITDA Reconciliation by Segment P R O P R I E T A R Y & C O N F I D E N T I A L 30 (1) Adjusted EBITDA for our B2C and B2B segments includes allocations of certain expenses, primarily cost of revenue and facilities, the total costs of our global travel supply organizations, the majority of product and technology costs, and the realized foreign currency gains or losses related to the forward contracts hedging a component of our net merchant lodging revenue. We base the allocations primarily on transaction volumes and other usage metrics. We do not allocate certain shared expenses such as accounting, human resources, certain information technology and legal to our reportable segments. We include these expenses in Corporate and Eliminations. Our allocation methodology is periodically evaluated and may change. (2) Adjusted EBITDA divided by revenue.