Expedia: The Recent Laggard in the Industry

Airbnb recently put fee transparency on their website. AirDNA data suggests that Expedia's brand, Verbo, in alternative accommodations is performing quite well. And finally, if you look at the free cash flow valuation, it's much lower than their competitors. There's no debt due until 25 for Expedia. As long as they're hitting their numbers, we think they can apply a significant amount of cash to buy back stock.