Expedia Group, Inc. (NASDAQ: EXPE) announced financial results
today for the third quarter ended September 30, 2021.
“Despite continued volatility in the travel recovery, Expedia
Group’s net income and adjusted EBITDA for the quarter nearly
matched our Q3 2019 levels driven by the superior performance from
Vrbo and domestic travel along with improvements across virtually
all lines of business. With early positive signs in Q4 and many
countries announcing new openings to international travelers, we
are feeling increasingly confident about a continued recovery,”
said Peter Kern, Vice Chairman and CEO, Expedia Group. “We recently
celebrated our 25th anniversary of forever changing travel. And as
we come out of Covid, we are committed to once again charting an
exciting new path for our customers, partners, and the entire
travel ecosystem.”
Key Highlights
- Expedia Group recently announced plans to unify its loyalty
programs, consisting of more than 145 million members, into a
single program spanning all global brands and products.
- Expedia Group completed the sale of Egencia to American Express
Global Business Travel ("GBT") on November 1. Expedia Group is a
minority shareholder in the combined entity, which has a 10-year
lodging supply agreement with Expedia Partner Solutions.
- On October 15, Expedia Group completed the redemption of 100%
of the outstanding shares of the Company’s Series A preferred stock
issued in 2020.
Financial Summary & Operating Metrics ($ millions except
per share amounts)(1)
Expedia Group, Inc.
Metric
Q3 2021
Q3 2020
Δ Y/Y
Stayed room night growth
59%
(58)%
NM
Gross bookings
$18,725
$8,631
117%
Revenue
2,962
1,504
97%
Operating income (loss)
524
(113)
NM
Net income (loss) attributable to Expedia
Group common stockholders
362
(221)
NM
Diluted earnings (loss) per share
$2.26
$(1.56)
NM
Adjusted EBITDA(2)
855
304
181%
Adjusted net income (loss)(2)
553
(31)
NM
Adjusted EPS(2)
$3.53
$(0.22)
NM
Free cash flow(2)
(1,400)
(995)
41%
(1)All comparisons are against comparable period of 2020 unless
otherwise noted.
(2)"Adjusted EBITDA" (Adjusted Earnings Before Interest, Taxes,
Depreciation and Amortization), "Adjusted net income (loss),"
"Adjusted EPS" and "Free cash flow" are non-GAAP measures as
defined by the Securities and Exchange Commission (the "SEC"). See
"Definitions of Non-GAAP Measures" and "Tabular Reconciliations for
Non-GAAP Measures" on pages 11-19 herein for an explanation and
reconciliation of non-GAAP measures used throughout this release.
Expedia Group does not calculate or report net income by
segment.
Please refer to the "Glossary of Business Terms," located in
the Quarterly Results section on Expedia Group’s investor
relations website, for business and financial statement definitions
used throughout this release
Discussion of Results
The results for Expedia Group, Inc. ("Expedia Group" or "the
Company") include Brand Expedia®, Hotels.com®, Expedia® Partner
Solutions, Vrbo®, Egencia®, trivago®, HomeAway®, Orbitz®,
Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia
Group™ Media Solutions, CarRentals.com™, Expedia® Cruises™,
Traveldoo® and VacationRentals.com. Results include the related
international points of sale for all brands and the immaterial
impact of Bodybuilding.com since the Liberty Expedia Holdings, Inc.
transaction in July 2019. In May 2020, Expedia Group completed the
sale of Bodybuilding.com. In October 2020, we completed the sale of
SilverRail™, in April 2021, we completed the sale of Classic
Vacations®, and in November 2021 we completed the sale of Egencia®.
All amounts shown are in U.S. dollars.
Gross Bookings & Revenue
Revenue by Segment ($
millions)
Revenue
Third Quarter
2021
2020
Δ%
Retail
$
2,351
$
1,246
89
%
B2B
490
203
142
%
Expedia Group (excluding trivago)
$
2,841
$
1,449
96
%
trivago
163
70
132
%
Intercompany eliminations
(42
)
(15
)
179
%
Total
$
2,962
$
1,504
97
%
For the third quarter of 2021, total gross bookings and total
revenue both increased significantly compared to the third quarter
of 2020. Booking trends for lodging, air, and other travel products
all declined sequentially from the second quarter of 2021 largely
due to the impact of the Covid Delta variant.
Both Retail and B2B segment revenue increased compared to the
third quarter of 2020. Gross bookings and revenue growth reflect
improvement in travel trends compared to the third quarter of
2020.
Product & Services Detail
Revenue by Service Type ($
millions)
Revenue
Third Quarter
2021
2020
Δ%
Lodging
$
2,300
$
1,229
87%
Air
61
27
128%
Advertising and media
202
94
116%
Other
399
154
159%
Total
$
2,962
$
1,504
97%
As a percentage of total revenue in the third quarter of 2021,
lodging accounted for 78%, advertising and media accounted for 7%,
air accounted for 2% and all other revenues accounted for the
remaining 13%.
Lodging revenue increased in the third quarter of 2021 driven by
a significant increase in room nights stayed across hotels and
alternative accommodations. Revenue per room night benefited from
higher average daily rates (“ADRs”) primarily driven by an increase
in regional rates and a favorable mix towards U.S. hotels compared
to the third quarter of 2020.
Air revenue increased in the third quarter of 2021 driven
largely by an increase in tickets sold as air travel demand
improved compared to the third quarter of 2020.
Advertising and media revenue increased in the third quarter of
2021 due to increases at both trivago and Expedia Group Media
Solutions. Other revenue increased in the third quarter of 2021
driven by growth from both car and travel insurance products.
Costs and Expenses ($ millions)
Costs and Expenses
As a % of Revenue
Third Quarter
Third Quarter
2021
2020
Δ%
2021
2020
Δ (bps)
Generally Accepted Accounting
Principles (GAAP) Expenses - Expedia Group
Cost of revenue
$
442
$
363
22
%
14.9
%
24.1
%
(920
)
Selling and marketing - direct
1,132
337
236
%
38.2
%
22.4
%
1,578
Selling and marketing - indirect
182
188
(3
)%
6.1
%
12.5
%
(638
)
Selling and marketing
1,314
525
150
%
44.3
%
35.0
%
940
Technology and content
277
242
15
%
9.4
%
16.1
%
(668
)
General and administrative
182
132
38
%
6.2
%
8.8
%
(262
)
Total GAAP costs and expenses
$
2,215
$
1,262
76
%
74.8
%
83.9
%
(910
)
Adjusted Expenses - Expedia
Group
Cost of revenue*
$
436
$
360
21
%
14.7
%
23.9
%
(919
)
Selling and marketing - direct
1,132
337
236
%
38.2
%
22.4
%
1,578
Selling and marketing - indirect*
153
176
(13
)%
5.2
%
11.7
%
(653
)
Selling and marketing*
1,285
513
150
%
43.4
%
34.1
%
925
Technology and content*
245
227
8
%
8.3
%
15.1
%
(681
)
General and administrative*
133
115
16
%
4.5
%
7.6
%
(315
)
Total adjusted costs and expenses
$
2,099
$
1,215
73
%
70.9
%
80.8
%
(991
)
Adjusted Expenses - Expedia Group
(excluding trivago)**
Cost of revenue*
$
430
$
357
21
%
15.2
%
24.6
%
(942
)
Selling and marketing*
1,205
486
148
%
42.4
%
33.6
%
884
Technology and content*
233
215
9
%
8.2
%
14.8
%
(658
)
General and administrative*
127
109
16
%
4.4
%
7.5
%
(308
)
Total adjusted costs and expenses
excluding trivago
$
1,995
$
1,167
71
%
70.3
%
80.5
%
(1,024
)
Note: Expedia Group reclassified certain prior period
information to conform to the current period presentation primarily
related to the classification of licensing and maintenance costs
within operating expenses. Some numbers may not add due to
rounding. *Adjusted expenses are non-GAAP measures. See pages 11-19
herein for a description and reconciliation to the corresponding
GAAP measures.
**Expedia Group (excluding trivago) figures exclude both trivago
costs and expenses and trivago revenue when calculating 'As a % of
Revenue.'
Cost of Revenue
- For the third quarter of 2021, total GAAP and adjusted cost of
revenue increased 22% and 21%, respectively, compared to the third
quarter of 2020, primarily due to increased expenses from
significantly higher transaction volumes including merchant
fees.
Selling and Marketing
- For the third quarter of 2021, total GAAP and adjusted selling
and marketing expense increased 150% compared to the third quarter
of 2020, primarily due to a $795 million increase in direct costs
as marketing spend increased in response to improved demand
compared to the third quarter of 2020. Indirect costs, which
represented 14% of total GAAP selling and marketing costs in the
third quarter of 2021, compared to 36% in the third quarter of
2020, and 12% of total adjusted selling and marketing expense in
the third quarter of 2021, compared to 34% in the third quarter of
2020, decreased 3% and 13%, respectively, due to lower personnel
costs in connection with previously announced cost savings. The
year-over-year benefit for GAAP indirect costs was offset by higher
stock-based compensation.
Technology and Content
- For the third quarter of 2021, total GAAP and adjusted
technology and content expense increased 15% and 8%, respectively,
compared to the third quarter of 2020, largely due to an increase
in personnel and related costs from the previously announced
compensation change, which shifted discretionary bonus to salary in
the current year. The year-over-year increase in GAAP technology
and content expense was primarily driven by higher stock-based
compensation.
General and Administrative
- For the third quarter of 2021, total GAAP and adjusted general
and administrative expense increased 38% and 16%, respectively,
compared to the third quarter of 2020, primarily due to an increase
in personnel costs from the previously announced compensation
change. The year-over-year increase in GAAP general and
administrative expense was primarily driven by higher stock-based
compensation.
Net Loss Attributable to Expedia Group and Adjusted
EBITDA*
Adjusted EBITDA by Segment ($
millions)
Third Quarter
2021
2020
Δ%
Retail
$
867
$
429
102
%
B2B
68
(52
)
NM
Unallocated overhead costs
(98
)
(80
)
23
%
Expedia Group (excluding trivago)
$
837
$
297
181
%
trivago(1)
18
7
170
%
Total Adjusted EBITDA
$
855
$
304
181
%
Net income (loss) attributable to Expedia
Group common stockholders(2)
$
362
$
(221
)
NM
(1) trivago is a separately listed company on the Nasdaq Global
Select Market and, therefore, is subject to its own reporting and
filing requirements which could result in possible differences that
are not expected to be material to Expedia Group.
(2) Expedia Group does not calculate or report net income (loss)
by segment.
* Adjusted EBITDA is a non-GAAP measure. See pages 11-19 herein
for a description and reconciliation to the corresponding GAAP
measures.
Note: Some numbers may not add due to rounding.
Depreciation and Amortization
Depreciation and amortization decreased 9% in the third quarter
of 2021, compared to the third quarter of 2020, primarily due to
the completion of amortization related to certain intangible assets
as well as the impact of definite-lived intangible impairments in
the prior year.
Impairment of Goodwill & Intangible Assets
There was no impairment of goodwill or intangible assets
recorded in the third quarter of 2021. Intangible asset and
goodwill charges of $41 million and $14 million, respectively, in
the third quarter of 2020 were related to the impairment of
indefinite-lived trade names and trivago respectively.
Restructuring and Related Reorganization Charges
In connection with the restructuring actions announced in
February 2020 to simplify our businesses and improve operational
efficiencies, as well as the acceleration of further actions to
adapt our business to the current environment, we recognized $12
million in restructuring and related reorganization charges in the
third quarter of 2021. Restructuring and related reorganization
charges were $78 million in the third quarter of 2020.
Interest and Other
Consolidated interest income decreased $1 million in the third
quarter of 2021, compared to the third quarter of 2020.
Consolidated interest expense decreased $27 million in the third
quarter of 2021, compared to the third quarter of 2020, primarily
as a result of interest related to high-cost senior notes
outstanding in the prior year but extinguished in March 2021, as
well as interest related to our prior year draw on our revolving
credit facility, which we fully repaid in December 2020.
Consolidated other, net was a gain of $25 million in the third
quarter of 2021, compared to a loss of $1 million in the third
quarter of 2020. The gain in the third quarter of 2021 was
primarily related to the sale of the Alice business, partially
offset by foreign exchange losses. The loss in the third quarter of
2020 was primarily due to mark-to-market losses on minority equity
investments, largely offset by foreign exchange gains.
Income Taxes
The GAAP effective tax rate was 19%, compared to 11% in the
third quarter of 2020.
The effective tax rate on pretax adjusted net income was 2% in
the third quarter of 2021. The effective tax rate on pretax
adjusted net income was not meaningful in the third quarter of 2020
due to the impact of discrete tax items on smaller adjusted pretax
income.
Preferred Stock
The preferred stock dividend related to the preferred equity
issued in May of 2020 was $14 million in the third quarter of
2021.
In October 2021, Expedia Group redeemed the remaining 50% of the
outstanding Series A Preferred Stock at a price equal to 103% of
the Preference Amount, plus accrued and unpaid distributions as to
the redemption date using cash on-hand.
Balance Sheet, Cash Flows and Capitalization
For the three months ended September 30, 2021, consolidated net
cash used in operating activities was negative $1.2 billion.
Consolidated free cash flow totaled negative $1.4 billion, a
decrease of $0.4 billion, compared to the prior year, primarily due
to an increase in cash used in operating activities related to
changes in working capital partially offset by an improvement in
Adjusted EBITDA.
Cash, cash equivalents and short-term investments totaled $5.0
billion at September 30, 2021 compared to $5.5 billion at June 30,
2021. The decrease was primarily driven by seasonally lower free
cash flow. Restricted cash and cash equivalents, which primarily
relates to traveler deposits for bookings made through Vrbo, was
$1.6 billion at September 30, 2021 compared to $2.5 billion at June
30, 2021. Prepaid expenses and other current assets was $0.8
billion at September 30, 2021 compared to $1.3 billion at June 30,
2021. Deferred merchant bookings totaled approximately $5.8 billion
at September 30, 2021, including approximately $790 million in
deferred loyalty rewards compared to $8.2 billion at June 30, 2021,
including approximately $760 million in deferred loyalty rewards.
The decline in deferred merchant bookings primarily reflects the
typical seasonality of our business with higher stayed room nights
occurring during the summer months.
At September 30, 2021, Expedia Group had stock-based awards
outstanding representing approximately 14 million shares of Expedia
Group common stock, consisting of options to purchase approximately
7 million common shares with a $123.81 weighted average exercise
price and weighted average remaining life of 3.7 years, and
approximately 7 million restricted stock units (“RSUs”).
EXPEDIA GROUP, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In millions, except share and
per share data)
(Unaudited)
Three months ended
September 30,
Nine months ended
September 30,
2021
2020
2021
2020
Revenue
$
2,962
$
1,504
$
6,319
$
4,279
Costs and expenses:
Cost of revenue (exclusive of depreciation
and amortization shown separately below) (1)
442
363
1,127
1,373
Selling and marketing (1)
1,314
525
3,177
2,021
Technology and content (1)
277
242
800
828
General and administrative (1)
182
132
522
466
Depreciation and amortization
201
220
615
681
Impairment of goodwill
—
14
—
799
Impairment of intangible assets
—
41
—
172
Legal reserves, occupancy tax and
other
10
2
1
(11
)
Restructuring and related reorganization
charges
12
78
54
206
Operating income (loss)
524
(113
)
23
(2,256
)
Other income (expense):
Interest income
2
3
5
16
Interest expense
(86
)
(113
)
(267
)
(258
)
Loss on debt extinguishment
—
—
(280
)
—
Other, net
25
(1
)
10
(158
)
Total other expense, net
(59
)
(111
)
(532
)
(400
)
Income (loss) before income taxes
465
(224
)
(509
)
(2,656
)
Provision for income taxes
(87
)
24
129
319
Net income (loss)
378
(200
)
(380
)
(2,337
)
Net (income) loss attributable to
non-controlling interests
(2
)
8
6
108
Net income (loss) attributable to Expedia
Group, Inc.
376
(192
)
(374
)
(2,229
)
Preferred stock dividend
(14
)
(29
)
(64
)
(46
)
Loss on redemption of preferred stock
—
—
(107
)
—
Net income (loss) attributable to
Expedia Group, Inc. common stockholders
$
362
$
(221
)
$
(545
)
$
(2,275
)
Earnings (loss) per share attributable
to Expedia Group, Inc. available to common stockholders:
Basic
$
2.40
$
(1.56
)
$
(3.67
)
$
(16.13
)
Diluted
2.26
(1.56
)
(3.67
)
(16.13
)
Shares used in computing earnings
(loss) per share (000's):
Basic
151,019
141,306
148,453
141,068
Diluted
160,460
141,306
148,453
141,068
(1) Includes stock-based compensation as
follows:
Cost of revenue
$
6
$
3
$
17
$
9
Selling and marketing
29
12
78
37
Technology and content
32
15
91
53
General and administrative
49
17
133
57
EXPEDIA GROUP, INC.
CONSOLIDATED BALANCE
SHEETS
(In millions, except number of
shares which are reflected in thousands and par value)
September 30, 2021
December 31, 2020
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
5,031
$
3,363
Restricted cash and cash equivalents
1,587
772
Short-term investments
—
24
Accounts receivable, net of allowance of
$81 and $101
1,485
701
Income taxes receivable
102
120
Prepaid expenses and other current
assets
838
654
Total current assets
9,043
5,634
Property and equipment, net
2,264
2,257
Operating lease right-of-use assets
441
574
Long-term investments and other assets
655
671
Deferred income taxes
798
659
Intangible assets, net
1,425
1,515
Goodwill
7,318
7,380
TOTAL ASSETS
$
21,944
$
18,690
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable, merchant
$
1,264
$
602
Accounts payable, other
769
496
Deferred merchant bookings
5,844
3,107
Deferred revenue
161
172
Income taxes payable
45
50
Accrued expenses and other current
liabilities
915
979
Current maturities of long-term debt
753
—
Total current liabilities
9,751
5,406
Long-term debt, excluding current
maturities
7,712
8,216
Deferred income taxes
55
67
Operating lease liabilities
386
513
Other long-term liabilities
438
462
Commitments and contingencies
Series A Preferred Stock: $.001 par value,
Authorized shares: 100,000; Shares issued and outstanding: 600 and
1,200
511
1,022
Stockholders’ equity:
Common stock: $.0001 par value; Authorized
shares: 1,600,000
—
—
Shares issued: 270,117 and 261,564; Shares
outstanding: 145,924 and 138,074
Class B common stock: $.0001 par value;
Authorized shares: 400,000
—
—
Shares issued: 12,800 and 12,800; Shares
outstanding: 5,523 and 5,523
Additional paid-in capital
14,176
13,566
Treasury stock - Common stock and Class B,
at cost; Shares 131,470 and 130,767
(10,205
)
(10,097
)
Retained earnings (deficit)
(2,147
)
(1,781
)
Accumulated other comprehensive income
(loss)
(221
)
(178
)
Total Expedia Group, Inc. stockholders’
equity
1,603
1,510
Non-redeemable non-controlling
interests
1,488
1,494
Total stockholders’ equity
3,091
3,004
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
21,944
$
18,690
EXPEDIA GROUP, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In millions)
(Unaudited)
Nine months ended
September 30,
2021
2020
Operating activities:
Net loss
$
(380
)
$
(2,337
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation of property and equipment,
including internal-use software and website development
538
559
Amortization of intangible assets
77
122
Impairment of goodwill and intangible
assets
—
971
Amortization of stock-based
compensation
319
156
Deferred income taxes
(158
)
(368
)
Foreign exchange loss on cash, restricted
cash and short-term investments, net
76
27
Realized (gain) loss on foreign currency
forwards
21
(89
)
Loss on minority equity investments,
net
7
202
Loss on debt extinguishment
280
—
Provision for credit losses and other,
net
(33
)
144
Changes in operating assets and
liabilities:
Accounts receivable
(781
)
1,636
Prepaid expenses and other assets
(190
)
(219
)
Accounts payable, merchant
663
(1,340
)
Accounts payable, other, accrued expenses
and other liabilities
238
(272
)
Tax payable/receivable, net
7
(62
)
Deferred merchant bookings
2,787
(2,437
)
Deferred revenue
(8
)
(142
)
Net cash provided by (used in)
operating activities
3,463
(3,449
)
Investing activities:
Capital expenditures, including
internal-use software and website development
(530
)
(669
)
Purchases of investments
(1
)
(685
)
Sales and maturities of investments
23
1,161
Other, net
2
86
Net cash used in investing
activities
(506
)
(107
)
Financing activities:
Revolving credit facility borrowings
—
2,672
Revolving credit facility repayments
—
(2,022
)
Proceeds from issuance of long-term debt,
net of issuance costs
1,964
3,946
Payment of long-term debt
(1,706
)
(750
)
Debt extinguishment costs
(258
)
—
Net proceeds from issuance of preferred
stock and warrants
—
1,132
Redemption of preferred stock
(618
)
—
Purchases of treasury stock
(108
)
(419
)
Payment of dividends to common
stockholders
—
(48
)
Payment of preferred stock dividends
(50
)
(17
)
Proceeds from exercise of equity awards
and employee stock purchase plan
421
105
Other, net
4
(28
)
Net cash provided by (used in)
financing activities
(351
)
4,571
Effect of exchange rate changes on cash,
cash equivalents and restricted cash and cash equivalents
(126
)
(31
)
Net increase in cash, cash equivalents
and restricted cash and cash equivalents
2,480
984
Cash, cash equivalents and restricted cash
and cash equivalents at beginning of period
4,138
4,097
Cash, cash equivalents and restricted
cash and cash equivalents at end of period
$
6,618
$
5,081
Supplemental cash flow
information
Cash paid for interest
$
298
$
217
Income tax payments, net
15
103
Expedia Group, Inc. Trended Metrics (All
figures in millions)
The supplemental metrics below are intended to supplement the
financial statements in this release and in our filings with the
SEC, and do not include adjustments for one-time items,
acquisitions, foreign exchange or other adjustments. The
definition, methodology and appropriateness of any of our
supplemental metrics are subject to removal and/or change, and such
changes could be material. In the event of any discrepancy between
any supplemental metric and our historical financial statements,
you should rely on the information filed with the SEC and the
financial statements in our most recent earnings release.
2019
2020
2021
Y/Y
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Growth
Gross bookings by business model
Agency
$
14,585
$
11,956
$
9,823
$
1,363
$
3,530
$
3,405
$
6,737
$
10,362
$
8,855
151%
Merchant
12,342
11,289
8,062
1,350
5,101
4,162
8,685
10,453
9,870
93%
Total
$
26,927
$
23,245
$
17,885
$
2,713
$
8,631
$
7,567
$
15,422
$
20,815
$
18,725
117%
Revenue by segment
Retail
$
2,613
$
1,961
$
1,582
$
463
$
1,246
$
702
$
1,025
$
1,715
$
2,351
89%
B2B
731
635
485
68
203
186
184
305
490
142%
Corporate (Bodybuilding.com)
24
34
39
20
—
—
—
—
—
NM
Expedia Group (excluding trivago)
$
3,368
$
2,630
$
2,106
$
551
$
1,449
$
888
$
1,209
$
2,020
$
2,841
96%
trivago
279
171
154
18
70
38
46
115
163
132%
Intercompany eliminations
(89)
(54)
(51)
(3)
(15)
(6)
(9)
(24)
(42)
179%
Total
$
3,558
$
2,747
$
2,209
$
566
$
1,504
$
920
$
1,246
$
2,111
$
2,962
97%
Revenue by geography
Domestic*
$
1,982
$
1,573
$
1,317
$
463
$
1,033
$
698
$
1,001
$
1,736
$
2,177
111%
International*
1,576
1,174
892
103
471
222
245
375
785
67%
Total
$
3,558
$
2,747
$
2,209
$
566
$
1,504
$
920
$
1,246
$
2,111
$
2,962
97%
Revenue by business model
Agency
$
1,177
$
816
$
562
$
105
$
329
$
271
$
323
$
573
$
800
143%
Merchant
1,980
1,590
1,340
368
1,032
521
796
1,338
1,923
86%
Advertising & media and other
401
341
307
93
143
128
127
200
239
67%
Total
$
3,558
$
2,747
$
2,209
$
566
$
1,504
$
920
$
1,246
$
2,111
$
2,962
97%
Adjusted EBITDA by segment
Retail
$
876
$
502
$
22
$
(203)
$
429
$
6
$
94
$
303
$
867
102%
B2B
149
96
26
(128)
(52)
(54)
(60)
(8)
68
NM
Unallocated overhead costs
(125)
(149)
(123)
(89)
(80)
(108)
(88)
(99)
(98)
23%
Expedia Group (excluding trivago)
$
900
$
449
$
(75)
$
(420)
$
297
$
(156)
$
(54)
$
196
$
837
181%
trivago
12
29
(1)
(16)
7
(4)
(4)
5
18
170%
Total
$
912
$
478
$
(76)
$
(436)
$
304
$
(160)
$
(58)
$
201
$
855
181%
Net income (loss) attributable to Expedia
Group common stockholders
$
409
$
76
$
(1,301)
(753)
(221)
(412)
(606)
(301)
362
NM
Worldwide lodging (merchant &
agency)
Stayed room nights
116.5
91.6
69.4
19.2
48.8
36.1
37.1
56.6
77.8
Stayed room night growth
11
%
11
%
(14)
%
(81)
%
(58)
%
(61)
%
(47)
%
196
%
59
%
ADR growth
(1)
%
—
%
2
%
1
%
8
%
2
%
8
%
21
%
19
%
Revenue per night growth
—
%
(1)
%
6
%
15
%
14
%
6
%
10
%
7
%
17
%
Lodging revenue growth
11
%
9
%
(9)
%
(78)
%
(52)
%
(58)
%
(41)
%
215
%
87
%
Worldwide air (merchant & agency)
Tickets sold growth
8
%
—
%
(26)
%
(85)
%
(74)
%
(69)
%
(50)
%
299
%
132
%
Airfare growth
—
%
1
%
(5)
%
(35)
%
(36)
%
(31)
%
(26)
%
30
%
31
%
Revenue per ticket growth
(10)
%
(9)
%
(41)
%
NM
(48)
%
(35)
%
(10)
%
NM
(2)
%
Air revenue growth
(3)
%
(8)
%
(56)
%
NM
(87)
%
(80)
%
(55)
%
NM
128
%
Notes:
- Advertising & Media Revenue includes third party revenue
from trivago. All trivago revenue is classified as
international.
- Corporate includes product revenue subsequent to our
acquisition of Bodybuilding.com on July 26, 2019 through its sale
in May 2020.
- Some numbers may not add due to rounding. All percentages above
and throughout this release are calculated on precise, unrounded
numbers
*Domestic refers to U.S. point-of-sale transactions, while
International refers to non-U.S. point-of-sale transactions
Notes & Definitions:
Gross Bookings: Gross bookings
generally represent the total retail value of transactions booked,
recorded at the time of booking reflecting the total price due for
travel by travelers, including taxes, fees and other charges,
adjusted for cancellations and refunds.
Retail: The Retail segment, which
consists of the aggregation of operating segments, provides a full
range of travel and advertising services to our worldwide customers
through a variety of consumer brands including: Expedia.com and
Hotels.com in the United States and localized Expedia and
Hotels.com websites throughout the world, Vrbo, Orbitz,
Travelocity, Wotif Group, ebookers, CheapTickets, Hotwire.com,
CarRentals.com, and Expedia Cruises.
B2B: The B2B segment is comprised
of our Expedia Business Services organization consists of Expedia
Partner Solutions, which operates private label and co-branded
programs to make travel services available to leisure travelers
though third-party company branded websites.
trivago: The trivago segment
generates advertising revenue primarily from sending referrals to
online travel companies and travel service providers from its
localized hotel metasearch websites.
Corporate: Includes unallocated
corporate expenses as well as Bodybuilding.com subsequent to our
acquisition on July 26, 2019 through its sale in May 2020.
Lodging metrics: Reported on a
stayed basis and includes both merchant and agency model hotel and
alternative accommodation stays.
Room Nights: Room nights represent
stayed hotel room nights and property nights for our Retail
reportable segment and stayed hotel room nights for our B2B
reportable segment. Hotel room nights are reported on a stayed
basis and include both merchant and agency hotel stays. Property
nights, which are related to our alternative accommodation
business, are reported upon the first day of stay and check-in to a
property and represent the total number of nights for which a
property is rented.
Air metrics: Reported on a booked
basis and includes both merchant and agency air bookings.
Definitions of Non-GAAP Measures
Expedia Group reports Adjusted EBITDA, Adjusted Net Income
(Loss), Adjusted EPS, Free Cash Flow and Adjusted Expenses
(non-GAAP cost of revenue, non-GAAP selling and marketing, non-GAAP
technology and content and non-GAAP general and administrative),
all of which are supplemental measures to GAAP and are defined by
the SEC as non-GAAP financial measures. These measures are among
the primary metrics by which management evaluates the performance
of the business and on which internal budgets are based. Management
believes that investors should have access to the same set of tools
that management uses to analyze our results. These non-GAAP
measures should be considered in addition to results prepared in
accordance with GAAP, but should not be considered a substitute for
or superior to GAAP. Adjusted EBITDA, Adjusted Net Income (Loss)
and Adjusted EPS have certain limitations in that they do not take
into account the impact of certain expenses to our consolidated
statements of operations. We endeavor to compensate for the
limitation of the non-GAAP measures presented by also providing the
most directly comparable GAAP measures and descriptions of the
reconciling items and adjustments to derive the non-GAAP measures.
Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted EPS also
exclude certain items related to transactional tax matters, which
may ultimately be settled in cash. We urge investors to review the
detailed disclosure regarding these matters in the Management
Discussion and Analysis and Legal Proceedings sections, as well as
the notes to the financial statements, included in the Company's
annual and quarterly reports filed with the Securities and Exchange
Commission. The non-GAAP financial measures used by the Company may
be calculated differently from, and therefore may not be comparable
to, similarly titled measures used by other companies. The
definition of Adjusted Earnings Before Interest, Taxes,
Depreciation and Amortization was revised in the fourth quarter of
2012 and in the first quarter of 2016 and the definition for
Adjusted Net Income (Loss) was revised in the fourth quarters of
2010, 2011, 2012 and 2017. The definition of Adjusted Expenses was
revised in the first quarter of 2014 and in the second quarter
2015.
Adjusted EBITDA is defined as net
income (loss) attributable to Expedia Group adjusted for:
(1) net income (loss) attributable to non-controlling
interests;
(2) provision for income taxes;
(3) total other expenses, net;
(4) stock-based compensation expense, including compensation
expense related to certain subsidiary equity plans;
(5) acquisition-related impacts, including
(i) amortization of intangible assets and
goodwill and intangible asset impairment,
(ii) gains (losses) recognized on changes in
the value of contingent consideration arrangements; and
(iii) upfront consideration paid to settle
employee compensation plans of the acquiree;
(6) certain other items, including restructuring;
(7) items included in legal reserves, occupancy tax and other,
which includes reserves for potential settlement of issues related
to transactional taxes (e.g. hotel and excise taxes), related to
court decisions and final settlements, and charges incurred, if
any, for monies that may be required to be paid in advance of
litigation in certain transactional tax proceedings;
(8) that portion of gains (losses) on revenue hedging activities
that are included in other, net that relate to revenue recognized
in the period; and
(9) depreciation.
The above items are excluded from our Adjusted EBITDA measure
because these items are non-cash in nature, or because the amount
and timing of these items is unpredictable, not driven by core
operating results and renders comparisons with prior periods and
competitors less meaningful. We believe Adjusted EBITDA is a useful
measure for analysts and investors to evaluate our future on-going
performance as this measure allows a more meaningful comparison of
our performance and projected cash earnings with our historical
results from prior periods and to the results of our competitors.
Moreover, our management uses this measure internally to evaluate
the performance of our business as a whole and our individual
business segments. In addition, we believe that by excluding
certain items, such as stock-based compensation and
acquisition-related impacts, Adjusted EBITDA corresponds more
closely to the cash operating income generated from our business
and allows investors to gain an understanding of the factors and
trends affecting the ongoing cash earnings capabilities of our
business, from which capital investments are made and debt is
serviced.
Adjusted Net Income (Loss)
generally captures all items on the statements of operations that
occur in normal course operations and have been, or ultimately will
be, settled in cash and is defined as net income (loss)
attributable to Expedia Group plus the following items, net of
tax:
(1) stock-based compensation expense, including compensation
expense related to equity plans of certain subsidiaries and
equity-method investments;
(2) acquisition-related impacts, including;
(i) amortization of intangible assets,
including as part of equity-method investments, and goodwill and
intangible asset impairment;
(ii) gains (losses) recognized on changes in
the value of contingent consideration arrangements;
(iii) upfront consideration paid to settle
employee compensation plans of the acquiree; and
(iv) gains (losses) recognized on
non-controlling investment basis adjustments when we acquire or
lose controlling interests;
(3) currency gains or losses on U.S. dollar denominated
cash;
(4) since adoption of new accounting guidance in the first
quarter of 2018, the changes in fair value of equity
investments;
(5) certain other items, including restructuring charges;
(6) items included in legal reserves, occupancy tax and other,
which includes reserves for potential settlement of issues related
to transactional taxes (e.g., hotel occupancy and excise taxes),
related court decisions and final settlements, and charges
incurred, if any, for monies that may be required to be paid in
advance of litigation in certain transactional tax proceedings,
including as part of equity method investments;
(7) discontinued operations;
(8) the non-controlling interest impact of the aforementioned
adjustment items; and
(9) unrealized gains (losses) on revenue hedging activities that
are included in other, net.
Adjusted Net Income (Loss) includes preferred share dividends.
We believe Adjusted Net Income (Loss) is useful to investors
because it represents Expedia Group's combined results, taking into
account depreciation, which management believes is an ongoing cost
of doing business, but excluding the impact of certain expenses and
items not directly tied to the core operations of our
businesses.
Adjusted EPS is defined as Adjusted
Net Income (Loss) divided by adjusted weighted average shares
outstanding, which, when applicable, include dilution from our
convertible debt instruments per the treasury stock method for
Adjusted EPS. The treasury stock method assumes we would elect to
settle the principal amount of the debt for cash and the conversion
premium for shares. If the conversion prices for such instruments
exceed our average stock price for the period, the instruments
generally would have no impact to adjusted weighted average shares
outstanding. This differs from the GAAP method for dilution from
our convertible debt instruments, which include them on an
if-converted method. We believe Adjusted EPS is useful to investors
because it represents, on a per share basis, Expedia Group's
consolidated results, taking into account depreciation, which we
believe is an ongoing cost of doing business, as well as other
items which are not allocated to the operating businesses such as
interest expense, taxes, foreign exchange gains or losses, and
minority interest, but excluding the effects of certain expenses
not directly tied to the core operations of our businesses.
Adjusted Net Income (Loss) and Adjusted EPS have similar
limitations as Adjusted EBITDA. In addition, Adjusted Net Income
(Loss) does not include all items that affect our net income (loss)
and net income (loss) per share for the period. Therefore, we think
it is important to evaluate these measures along with our
consolidated statements of operations.
Free Cash Flow is defined as net
cash flow provided by operating activities less capital
expenditures. Management believes Free Cash Flow is useful to
investors because it represents the operating cash flow that our
operating businesses generate, less capital expenditures but before
taking into account other cash movements that are not directly tied
to the core operations of our businesses, such as financing
activities, foreign exchange or certain investing activities. We
added additional detail for the capital expenditures associated
with building our new headquarters facility in Seattle, Washington.
We believe separating out capital expenditures for this discrete
project is important to provide additional transparency to
investors related to operating versus project-related capital
expenditures. Free Cash Flow has certain limitations in that it
does not represent the total increase or decrease in the cash
balance for the period, nor does it represent the residual cash
flow for discretionary expenditures. Therefore, it is important to
evaluate Free Cash Flow along with the consolidated statements of
cash flows.
Adjusted Expenses (cost of revenue,
selling and marketing, technology and content and general and
administrative expenses) exclude stock-based compensation
related to expenses for stock options, restricted stock units and
other equity compensation under applicable stock-based compensation
accounting standards. Expedia Group excludes stock-based
compensation from these measures primarily because they are
non-cash expenses that we do not believe are necessarily reflective
of our ongoing cash operating expenses and cash operating income.
Moreover, because of varying available valuation methodologies,
subjective assumptions and the variety of award types that
companies can use when adopting applicable stock-based compensation
accounting standards, management believes that providing non-GAAP
financial measures that exclude stock-based compensation allows
investors to make meaningful comparisons between our recurring core
business operating results and those of other companies, as well as
providing management with an important tool for financial
operational decision making and for evaluating our own recurring
core business operating results over different periods of time.
There are certain limitations in using financial measures that do
not take into account stock-based compensation, including the fact
that stock-based compensation is a recurring expense and a valued
part of employees' compensation. Therefore, it is important to
evaluate both our GAAP and non-GAAP measures. See the Notes to the
Consolidated Statements of Operations for stock-based compensation
by line item.
Expedia Group, Inc. (excluding
trivago) In order to provide increased transparency on the
transaction-based component of the business, Expedia Group is
reporting results both in total and excluding trivago.
In addition, we evaluate certain operating and financial
measures, including revenue growth, on both an as-reported and
excluding the impact of foreign exchange, FX neutral, basis. FX
neutral results are among the primary metrics by which management
evaluates the performance of the business and management believes
that investors should have access to the same set of tools that
management uses to analyze our results. We estimate FX neutral
revenue growth by (i) excluding the FX impacts resulting from the
time period between a transaction's booking date and revenue
recognition date for both the current and prior year periods, and
(ii) converting our current-year period results for transactions
recorded in currencies other than U.S. Dollars using the
corresponding prior-year period exchange rates rather than the
current-year period exchange rates.
Tabular Reconciliations for Non-GAAP Measures
Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes,
Depreciation & Amortization) by Segment(1)
Three months ended September
30, 2021
Retail
B2B
trivago
Corporate &
Eliminations
Total
(In millions)
Operating income (loss)
$
745
$
44
$
15
$
(280
)
$
524
Realized gain (loss) on revenue hedges
(8
)
—
—
—
(8
)
Restructuring and related reorganization
charges
—
—
—
12
12
Legal reserves, occupancy tax and
other
—
—
—
10
10
Stock-based compensation
—
—
—
116
116
Amortization of intangible assets
—
—
—
24
24
Depreciation
130
24
3
20
177
Adjusted EBITDA(1)
$
867
$
68
$
18
$
(98
)
$
855
Three months ended September
30, 2020
Retail
B2B
trivago
Corporate &
Eliminations
Total
(In millions)
Operating income (loss)
$
278
$
(82
)
$
3
$
(312
)
$
(113
)
Realized gain (loss) on revenue hedges
15
—
—
—
15
Restructuring and related reorganization
charges
—
—
—
78
78
Legal reserves, occupancy tax and
other
—
—
—
2
2
Stock-based compensation
—
—
—
47
47
Impairment of goodwill
—
—
—
14
14
Impairment of intangible assets
—
—
—
41
41
Amortization of intangible assets
—
—
—
37
37
Depreciation
136
30
4
13
183
Adjusted EBITDA(1)
$
429
$
(52
)
$
7
$
(80
)
$
304
(1) Adjusted EBITDA for our Retail and B2B segments includes
allocations of certain expenses, primarily cost of revenue and
facilities, the total costs of our global travel supply
organizations, the majority of platform and marketplace technology
costs, and the realized foreign currency gains or losses related to
the forward contracts hedging a component of our net merchant
lodging revenue. We base the allocations primarily on transaction
volumes and other usage metrics. We do not allocate certain shared
expenses such as accounting, human resources, certain information
technology and legal to our reportable segments. We include these
expenses in Corporate and Eliminations. Our allocation methodology
is periodically evaluated and may change.
Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes,
Depreciation & Amortization)
Three months ended
September 30,
Nine months ended
September 30,
2021
2020
2021
2020
(In millions)
Net income (loss) attributable to Expedia
Group, Inc.
$
376
$
(192
)
$
(374
)
$
(2,229
)
Net income (loss) attributable to
non-controlling interests
2
(8
)
(6
)
(108
)
Provision for income taxes
87
(24
)
(129
)
(319
)
Total other expense, net
59
111
532
400
Operating income (loss)
524
(113
)
23
(2,256
)
Gain (loss) on revenue hedges related to
revenue recognized
(8
)
15
(14
)
45
Restructuring and related reorganization
charges
12
78
54
206
Legal reserves, occupancy tax and
other
10
2
1
(11
)
Stock-based compensation
116
47
319
156
Depreciation and amortization
201
220
615
681
Impairment of goodwill
—
14
—
799
Impairment of intangible assets
—
41
—
172
Adjusted EBITDA
$
855
$
304
$
998
$
(208
)
Adjusted Net Income (Loss) & Adjusted EPS
Three months ended
September 30,
Nine months ended
September 30,
2021
2020
2021
2020
(In millions, except share and
per share data)
Net income (loss) attributable to Expedia
Group, Inc.
$
376
$
(192
)
$
(374
)
$
(2,229
)
Less: Net (income) loss attributable to
non-controlling interests
(2
)
8
6
108
Less: Provision for income taxes
(87
)
24
129
319
Income (loss) before income taxes
465
(224
)
(509
)
(2,656
)
Amortization of intangible assets
24
37
77
122
Stock-based compensation
116
47
319
156
Legal reserves, occupancy tax and
other
10
2
1
(11
)
Restructuring and related reorganization
charges
12
78
54
206
Impairment of goodwill
—
14
—
799
Impairment of intangible assets
—
41
—
172
Unrealized (gain) loss on revenue
hedges
(3
)
12
(5
)
(11
)
Loss on minority equity investments,
net
11
7
7
202
Loss on debt extinguishment
—
—
280
—
(Gain) loss on sale of business, net
(54
)
—
(55
)
1
Adjusted income (loss) before income
taxes
581
14
169
(1,020
)
GAAP Provision for income taxes
(87
)
24
129
319
Provision for income taxes for
adjustments
78
(41
)
(144
)
(121
)
Total Adjusted provision for income
taxes
(9
)
(17
)
(15
)
198
Total Adjusted income tax rate
1.5
%
114.3
%
8.8
%
19.5
%
Non-controlling interests
(5
)
1
—
2
Preferred stock dividend
(14
)
(29
)
(64
)
(46
)
Adjusted net income (loss) attributable to
Expedia Group, Inc.
$
553
$
(31
)
$
90
$
(866
)
GAAP diluted weighted average shares
outstanding (000's)
160,460
141,306
148,453
141,068
Adjustment to dilutive securities
(000's)
(3,921
)
—
7,295
—
Adjusted weighted average shares
outstanding (000's)
156,539
141,306
155,748
141,068
Diluted earnings (loss) per share
$
2.26
$
(1.56
)
$
(3.67
)
$
(16.13
)
Adjusted earnings (loss) per share
attributable to Expedia Group, Inc.
$
3.53
$
(0.22
)
$
0.58
$
(6.14
)
Ex-trivago Adjusted Net Income (Loss) and
Adjusted EPS
Adjusted net income (loss) attributable to
Expedia Group, Inc.
$
553
$
(31
)
$
90
$
(866
)
Less: Adjusted net income (loss)
attributable to trivago
(4
)
4
3
(16
)
Adjusted net income (loss) excluding
trivago
$
557
$
(35
)
$
87
$
(850
)
Adjusted earnings (loss) per share
attributable to Expedia Group, Inc.
$
3.53
$
(0.22
)
$
0.58
$
(6.14
)
Less: Adjusted earnings (loss) per share
attributable to trivago
(0.02
)
0.02
0.02
(0.11
)
Adjusted earnings (loss) per share
excluding trivago
$
3.56
$
(0.24
)
$
0.56
$
(6.02
)
Free Cash Flow
Three months ended
September 30,
Nine months ended
September 30,
2021
2020
2021
2020
(In millions)
Net cash provided by (used in) operating
activities
$
(1,221
)
$
(819
)
$
3,463
$
(3,449
)
Headquarters capital expenditures
—
(31
)
(23
)
(144
)
Non-headquarters capital expenditures
(179
)
(145
)
(507
)
(525
)
Less: Total capital expenditures
(179
)
(176
)
(530
)
(669
)
Free cash flow
$
(1,400
)
$
(995
)
$
2,933
$
(4,118
)
Egencia Supplemental Information*
Three months ended
September 30,
Nine months ended
September 30,
Year ended
December 31,
2021
2020
2019
2021
2019
(In millions)
Gross bookings
$
664
$
265
$
2,060
$
1,381
$
8,296
Stayed room nights
1.7
0.9
3.4
3.8
14.0
Revenue
$
55
$
26
$
142
$
123
$
608
Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes,
Depreciation & Amortization) for B2B*
Three months ended September
30, 2021
Egencia(1)
B2B
(ex-Egencia)
B2B
(In millions)
Operating income (loss)
$
(18)
$
62
$
44
Depreciation
—
24
24
Adjusted EBITDA
$
(18)
$
86
$
68
(1) Excludes allocations of certain expenses, primarily related
to the global travel supply organization and our product and
technology platform, which reside in B2B (ex-Egencia). For a
reconciliation of B2B to consolidated operating income for the
period, see the above Adjusted EBITDA by Segment table.
*Expedia Group completed the sale of Egencia to American Express
Global Business Travel ("GBT") on November 1 and retains a minority
interest in GBT. Egencia was a component of our B2B segment through
November 1, 2021, and we have therefore included supplemental
information regarding the Egencia business in order to allow
comparison with prior periods for the ongoing B2B segment.
Adjusted Expenses (Cost of revenue, selling and marketing,
technology and content and general and administrative expenses)
Three months ended
September 30,
Nine months ended
September 30,
2021
2020
2021
2020
(In millions)
Cost of revenue
$
442
$
363
$
1,127
$
1,373
Less: stock-based compensation
6
3
17
9
Adjusted cost of revenue
$
436
$
360
$
1,110
$
1,364
Less: trivago cost of revenue(1)
6
3
13
11
Adjusted cost of revenue excluding
trivago
$
430
$
357
$
1,097
$
1,353
Selling and marketing expense
$
1,314
$
525
$
3,177
$
2,021
Less: stock-based compensation
29
12
78
37
Adjusted selling and marketing expense
$
1,285
$
513
$
3,099
$
1,984
Less: trivago selling and marketing
expense(1)(2)
80
27
158
108
Adjusted selling and marketing expense
excluding trivago
$
1,205
$
486
$
2,941
$
1,876
Technology and content expense
$
277
$
242
$
800
$
828
Less: stock-based compensation
32
15
91
53
Adjusted technology and content
expense
$
245
$
227
$
709
$
775
Less: trivago technology and content
expense(1)
12
12
37
41
Adjusted technology and content expense
excluding trivago
$
233
$
215
$
672
$
734
General and administrative expense
$
182
$
132
$
522
$
466
Less: stock-based compensation
49
17
133
57
Adjusted general and administrative
expense
$
133
$
115
$
389
$
409
Less: trivago general and administrative
expense(1)
6
6
21
23
Adjusted general and administrative
expense excluding trivago
$
127
$
109
$
368
$
386
Note: Some numbers may not add due to rounding.
(1) trivago amount presented without stock-based compensation as
those are included with the consolidated totals above.
(2) Selling and marketing expense adjusted to add back Retail
spend on trivago eliminated in consolidation.
Conference Call
Expedia Group, Inc. will webcast a conference call to discuss
third quarter 2021 financial results and certain forward-looking
information on Thursday, November 4, 2021 at 1:30 p.m. Pacific Time
(PT). The webcast will be open to the public and available via
ir.expediagroup.com. Expedia Group expects to maintain access to
the webcast on the IR website for approximately three months
subsequent to the initial broadcast.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This release may contain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. These forward-looking
statements are based on assumptions that are inherently subject to
uncertainties, risks and changes in circumstances that are
difficult to predict. The use of words such as “believe,”
“estimate,” “expect” and “will,” or the negative of these terms or
other similar expressions, among others, generally identify
forward-looking statements. However, these words are not the
exclusive means of identifying such statements. In addition, any
statements that refer to expectations, projections or other
characterizations of future events or circumstances are
forward-looking statements and may include statements relating to
future revenues, expenses, margins, profitability, net income
(loss), earnings per share and other measures of results of
operations and the prospects for future growth of Expedia Group,
Inc.’s business. Actual results may differ materially from the
results predicted and reported results should not be considered as
an indication of future performance. The potential risks and
uncertainties that could cause actual results to differ from the
results predicted include, among others, those described in the
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of our most
recently filed periodic reports on Form 10-K and Form 10-Q, which
are available on our investor relations website at
ir.expediagroup.com and on the SEC website at www.sec.gov. All
information provided in this release is as of November 4, 2021.
Undue reliance should not be placed on forward-looking statements
in this release, which are based on information available to us on
the date hereof. We undertake no duty to update this information
unless required by law.
About Expedia Group
Expedia Group, Inc. (NASDAQ: EXPE) companies power travel for
everyone, everywhere through our global platform. Driven by the
core belief that travel is a force for good, we help people
experience the world in new ways and build lasting connections. We
provide industry-leading technology solutions to fuel partner
growth and success, while facilitating memorable experiences for
travelers. Our organization is made up of four pillars: Expedia
Services, focused on the group’s platform and technical strategy;
Expedia Marketplace, centered on product and technology offerings
across the organization; Expedia Brands, housing all our consumer
brands; and Expedia for Business, consisting of
business-to-business solutions and relationships throughout the
travel ecosystem. The Expedia Group family of brands includes:
Expedia®, Hotels.com®, Expedia® Partner Solutions, Vrbo®, trivago®,
Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®,
Expedia Group™ Media Solutions, Expedia Local Expert®,
CarRentals.com™, and Expedia Cruises™.
© 2021 Expedia, Inc., an Expedia Group company. All rights
reserved. Trademarks and logos are the property of their respective
owners. CST: 2029030-50
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211104006254/en/
Investor Relations ir@expediagroup.com
Communications press@expediagroup.com
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