EXPE – Market expectations are for further declines in Uniform ROA, but management is confident about their growth, investments, and CapEx

• • • Expedia, Inc. (EXPE:USA) currently trades near historical highs relative to UAFRS-based (Uniform) Earnings, with a 24.2x Uniform P/E. At these levels, the market has bearish expectations for the firm, but management is confident about their growth, investments, and CapEx
    • Specifically, management is confident in their booked nights growth, and in their investments in localized consumer experiences in international markets aimed at driving better sales and marketing efficiencies. Additionally, they are confident in their declining CapEx as a result of migration from data centers to the cloud