Expedia Group operates a portfolio of online travel booking brands including Expedia, Hotels.com and Vrbo, letting consumers search and book flights, hotels, vacation rentals and other travel services through its websites and apps. As an online travel agency, Expedia earns commissions and fees from hotels, airlines and other travel suppliers whose inventory it sells, along with fees from consumers on certain bookings, sitting between travelers and the travel industry as a booking intermediary. Its Vrbo brand focuses specifically on vacation rental properties, competing with Airbnb in the alternative accommodations market alongside Expedia's traditional hotel and flight booking business. The company's revenue is closely tied to overall travel demand and consumer discretionary spending, making it sensitive to economic downturns, travel disruptions and shifts in how much of their booking activity travel suppliers choose to route through third-party platforms versus their own direct booking channels.