For travelers looking to book a flight or hotel room, Booking.com and Expedia.com look a lot alike. Yet the two fared very differently when the coronavirus pandemic shut down travel, thanks to different strategies behind their websites.

Revenue has plunged at both Booking Holdings Inc. and Expedia Group Inc. this year. Each company moved quickly to raise about $4 billion in the spring to navigate the crisis. Expedia ended the third quarter with double the debt it started the year with, while Booking wound up with a bigger cash cushion.

The cash imbalance illustrates how differently the two rivals operated their online travel services. Expedia often collected cash upfront from hotel travelers, and when those customers canceled, the company had to pay them back. By contrast, Booking didn’t charge upfront as often for hotel stays, so had less to refund when cancellations occurred.

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