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正文
EXPE曆史
(寫於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內部的一個獨立核算部門。大概是在1996年獨立出來並與1999年直接上市。MSFT放棄這個市場，換來與媒體業的合作，組成msnbc.com.上市之後很快就取得了cash flow positive.原計劃在burn cash till $20M時候達到cash flow positive，但實際上在cash持有量還有$60M時就達到了cash flow positive。在當時2000/2001年是與go2net.com(later merged with INSP)一起僅有的兩個不burn cash的.com.
公司的業務一直相當好，在2003/2004年（具體時間記不清了）被全美最大的旅遊公司IAC買下take to private，在deal被公布前，股價算起來翻了至少5，6倍，我記得3個月內split了兩次。有不少空頭被引誘上了船。deal被公布後，Yahoo討論板上連續一周天天24小時的討論就沒停過。很多空頭這一戰永遠退出了股市這個傷心之地。
deal close時，機構持有率是70%.
現在又重新上市drive to public。估計是一個資本運作。從圖上看，想坐莊的沒有吃夠籌碼。上市後的兩周成交量太小（一般IPO當天成交量相當大的，背書的莊家會把按IPO規定不得不分散在其他underwriter手裏的籌碼接過來）。但即使到目前為止，除去幾天的大成交量，日換手率遠遠小於1%.然而機構持有率為77%，估計是機構之間沒有談妥。但誰也不想當冤大頭往上拉。什麽時候連暴幾天大量，或出什麽消息類似什麽機構從什麽機構裏不通過二級市場接手股權，這股才有戲。
EXPE剛從MSFT SPIN OFF 出來之後,規模小於TRAVELOCITY.但很快就成了NO. 1. TRAVELOCITY後來被SABRE買了成了PRIVATE。MSFT SPIN OUT EXPE時,IACI(以前叫USAI)買了一部份STAKE。之後IACI幾乎同時買了HOTEL.COM(ROOM)和EXPE.之後ROOM,EXPE,USAI變成的IACI.但很快USAI老板發現一個IACI不合算,因為IACI盤子太大.所以又把EXPE和HOTELS.COM 分出來,成為現在的EXPE.
幹這個，google不可能是EXPE的對手。就象google搞拍賣不可能弄得過EBAY一樣。EXPE和EBAY的盈利，靠的都是規模效益，都會是defender的角色。
上次deal close時，EXPE的employee count是600左右，現在變成6500。原因在於這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.
(寫於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內部的一個獨立核算部門。大概是在1996年獨立出來並與1999年直接上市。MSFT放棄這個市場，換來與媒體業的合作，組成msnbc.com.上市之後很快就取得了cash flow positive.原計劃在burn cash till $20M時候達到cash flow positive，但實際上在cash持有量還有$60M時就達到了cash flow positive。在當時2000/2001年是與go2net.com(later merged with INSP)一起僅有的兩個不burn cash的.com.
公司的業務一直相當好，在2003/2004年（具體時間記不清了）被全美最大的旅遊公司IAC買下take to private，在deal被公布前，股價算起來翻了至少5，6倍，我記得3個月內split了兩次。有不少空頭被引誘上了船。deal被公布後，Yahoo討論板上連續一周天天24小時的討論就沒停過。很多空頭這一戰永遠退出了股市這個傷心之地。
deal close時，機構持有率是70%.
現在又重新上市drive to public。估計是一個資本運作。從圖上看，想坐莊的沒有吃夠籌碼。上市後的兩周成交量太小（一般IPO當天成交量相當大的，背書的莊家會把按IPO規定不得不分散在其他underwriter手裏的籌碼接過來）。但即使到目前為止，除去幾天的大成交量，日換手率遠遠小於1%.然而機構持有率為77%，估計是機構之間沒有談妥。但誰也不想當冤大頭往上拉。什麽時候連暴幾天大量，或出什麽消息類似什麽機構從什麽機構裏不通過二級市場接手股權，這股才有戲。
EXPE剛從MSFT SPIN OFF 出來之後,規模小於TRAVELOCITY.但很快就成了NO. 1. TRAVELOCITY後來被SABRE買了成了PRIVATE。MSFT SPIN OUT EXPE時,IACI(以前叫USAI)買了一部份STAKE。之後IACI幾乎同時買了HOTEL.COM(ROOM)和EXPE.之後ROOM,EXPE,USAI變成的IACI.但很快USAI老板發現一個IACI不合算,因為IACI盤子太大.所以又把EXPE和HOTELS.COM 分出來,成為現在的EXPE.
幹這個，google不可能是EXPE的對手。就象google搞拍賣不可能弄得過EBAY一樣。EXPE和EBAY的盈利，靠的都是規模效益，都會是defender的角色。
上次deal close時，EXPE的employee count是600左右，現在變成6500。原因在於這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.
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