EXPE历史

EXPE历史

(写于2006年5月12日)

Founded in 1995 within Microsoft and then spun out in 1996, Expedia, Inc. first went public in 1999. In 2001, USA Networks - now IAC/InterActiveCorp (IAC) - led by Barry Diller, bought a controlling stake in Expedia. Diller's company bought the remaining stake in the company in 2002. IAC has acquired and built a collection of leading businesses in categories across the entire spectrum of interactive commerce. In July 2005, IAC separated into two publicly traded companies: Expedia, Inc., and IAC. Barry Diller remains chairman and senior executive of IAC, as well as chairman of Expedia, Inc.

EXPE原本是MSFT内部的一个独立核算部门。大概是在1996年独立出来并与1999年直接上市。MSFT放弃这个市场，换来与媒体业的合作，组成msnbc.com.上市之后很快就取得了cash flow positive.原计划在burn cash till $20M时候达到cash flow positive，但实际上在cash持有量还有$60M时就达到了cash flow positive。在当时2000/2001年是与go2net.com(later merged with INSP)一起仅有的两个不burn cash的.com.

公司的业务一直相当好，在2003/2004年（具体时间记不清了）被全美最大的旅游公司IAC买下take to private，在deal被公布前，股价算起来翻了至少5，6倍，我记得3个月内split了两次。有不少空头被引诱上了船。deal被公布后，Yahoo讨论板上连续一周天天24小时的讨论就没停过。很多空头这一战永远退出了股市这个伤心之地。

deal close时，机构持有率是70%.

现在又重新上市drive to public。估计是一个资本运作。从图上看，想坐庄的没有吃够筹码。上市后的两周成交量太小（一般IPO当天成交量相当大的，背书的庄家会把按IPO规定不得不分散在其他underwriter手里的筹码接过来）。但即使到目前为止，除去几天的大成交量，日换手率远远小于1%.然而机构持有率为77%，估计是机构之间没有谈妥。但谁也不想当冤大头往上拉。什么时候连暴几天大量，或出什么消息类似什么机构从什么机构里不通过二级市场接手股权，这股才有戏。

EXPE刚从MSFT SPIN OFF 出来之后,规模小于TRAVELOCITY.但很快就成了NO. 1. TRAVELOCITY后来被SABRE买了成了PRIVATE。MSFT SPIN OUT EXPE时,IACI(以前叫USAI)买了一部份STAKE。之后IACI几乎同时买了HOTEL.COM(ROOM)和EXPE.之后ROOM,EXPE,USAI变成的IACI.但很快USAI老板发现一个IACI不合算,因为IACI盘子太大.所以又把EXPE和HOTELS.COM 分出来,成为现在的EXPE.

干这个，google不可能是EXPE的对手。就象google搞拍卖不可能弄得过EBAY一样。EXPE和EBAY的盈利，靠的都是规模效益，都会是defender的角色。

上次deal close时，EXPE的employee count是600左右，现在变成6500。原因在于这次上市原母公司注入了一些business： the new expedia is the travel arms of interactive group. It consists of other sites like hotwire.com, hotels.com, china's elong, etc... that's why it has 10 times employee count now. In the sweeping acquisitions wave in 2003, he spent 5.1 billion to buy expedia, hotware, and hotels. He also bought the then private tripadvisor in a undisclosed amount in 2004. Barry Diller has not made much out of this deal. his IACI had dropped from over 80 to around 50 before expedia was spun off. My take is you should trust this guy to push up the price now, but be very cautious because this guy is also ruthless, the kind that kills with no blood seen.