Expedia Group, Inc. (NASDAQ: EXPE) announced financial results
today for the third quarter ended September 30, 2022.
"The third quarter marked another period of robust travel demand
despite the uncertain macroeconomic environment. We delivered
strong financial performance with record quarterly revenue and
adjusted EBITDA, which exceeded $1 billion for the first time.
These results reflect our emphasis on driving topline growth while
improving margins," said Peter Kern, Vice Chairman and CEO, Expedia
Group. "Our active loyalty members and active app users are at
all-time highs, reflecting our ongoing focus on enhancing our
products, technology and consumer offerings to drive greater
engagement with our travelers and a more direct and valuable base
of business."
Key Highlights
- Record quarterly revenue and third quarter lodging
bookings.
- Net income up 33% against 2021 and record adjusted EBITDA.
- Free cash flow for the first nine months of 2022 was $3.1
billion, more than double 2019 levels.
- Resumed share buybacks with 2 million shares repurchased
through October for approximately $200 million.
- Retired $500 million of debt, resulting in cumulative debt and
preferred equity reduction of over $3.4 billion over the past 18
months.
Financial Summary & Operating Metrics ($ millions except
per share amounts)(1)
Expedia Group, Inc.
Metric
Q3 2022
Q3 2021
Δ Y/Y
Booked room nights
81.6
65.4
25%
Stayed room nights
93.2
77.8
20%
Gross bookings
$23,987
$18,725
28%
Revenue
3,619
2,962
22%
Operating income
747
524
42%
Net income attributable to Expedia Group
common stockholders
482
362
33%
Diluted earnings per share
$2.98
$2.26
32%
Adjusted EBITDA(2)
1,079
855
26%
Adjusted net income(2)
640
553
16%
Adjusted EPS(2)
$4.05
$3.53
15%
Net cash used in operating activities
(997)
(1,221)
(18)%
Free cash flow(2)
(1,167)
(1,400)
(17)%
(1)All comparisons are against comparable
period of 2021 unless otherwise noted
(2)"Adjusted EBITDA" (Adjusted Earnings
Before Interest, Taxes, Depreciation and Amortization), "Adjusted
net income (loss)," "Adjusted EPS" and "Free cash flow" are
non-GAAP measures as defined by the Securities and Exchange
Commission (the "SEC"). See "Definitions of Non-GAAP Measures" and
"Tabular Reconciliations for Non-GAAP Measures" on pages 11-18
herein for an explanation and reconciliation of non-GAAP measures
used throughout this release. Expedia Group does not calculate or
report net income by segment.
Discussion of Results
The results for Expedia Group, Inc. ("Expedia Group" or "the
Company") include Brand Expedia®, Hotels.com®, Expedia® Partner
Solutions, Vrbo®, Egencia®, trivago®, HomeAway®, Orbitz®,
Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia
Group™ Media Solutions, CarRentals.com™, Expedia® Cruises™, and
Traveldoo®. Results include the related international points of
sale for all brands. In April 2021, we completed the sale of
Classic Vacations®, and in November 2021 we completed the sale of
Egencia®, which is included in results through the date of its
sale. All amounts shown are in U.S. dollars.
Gross Bookings & Revenue
Gross Bookings & Revenue
by Segment ($ millions)
Gross Bookings
Third Quarter
2022
2021
Δ%
Gross Bookings
$
23,987
$
18,725
28%
Revenue
Third Quarter
2022
2021
Δ%
Retail
$
2,707
$
2,351
15%
B2B
788
490
61%
Expedia Group (excluding trivago)
$
3,495
$
2,841
23%
trivago
185
163
13%
Intercompany eliminations
(61
)
(42
)
47%
Total
$
3,619
$
2,962
22%
For the third quarter of 2022, total gross bookings increased
28%, compared to the third quarter of 2021, as gross bookings for
lodging, air, and other travel products grew as travel demand
recovered.
Total revenue increased 22% as Retail, B2B, and trivago segments
revenue all increased compared to the third quarter of 2021.
Product & Services Detail
Revenue by Service Type ($
millions)
Revenue
Third Quarter
2022
2021
Δ%
Lodging
$
2,881
$
2,300
25%
Air
100
61
61%
Advertising and media
222
202
10%
Other
416
399
4%
Total
$
3,619
$
2,962
22%
As a percentage of total revenue in the third quarter of 2022,
lodging accounted for 80%, advertising and media accounted for 6%,
air accounted for 3%, and all other revenues accounted for the
remaining 11%.
Lodging revenue increased 25% in the third quarter of 2022,
compared to the third quarter of 2021, driven by a 20% growth in
stayed room nights and a 4% increase in stayed average daily rates
("ADRs").
Air revenue increased 61% in the third quarter of 2022, compared
to the third quarter of 2021, primarily driven by 69% growth in
revenue per air ticket.
Advertising and media revenue increased 10% in the third quarter
of 2022, compared to the third quarter of 2021, driven by growth in
Expedia Group Media Solutions. Other revenue increased 4% in the
third quarter of 2022, driven by growth from travel insurance
products.
Costs and Expenses ($ millions)
Costs and Expenses
As a % of Revenue
Third Quarter
Third Quarter
2022
2021
Δ%
2022
2021
Δ (bps)
Generally Accepted Accounting
Principles (GAAP) Expenses - Expedia Group
Cost of revenue
$
455
$
442
3
%
12.6
%
14.9
%
(233
)
Selling and marketing - direct
1,504
1,132
33
%
41.6
%
38.2
%
337
Selling and marketing - indirect
165
182
(10
)%
4.5
%
6.1
%
(161
)
Selling and marketing
1,669
1,314
27
%
46.1
%
44.3
%
176
Technology and content
310
277
12
%
8.6
%
9.4
%
(81
)
General and administrative
187
182
2
%
5.2
%
6.2
%
(101
)
Total GAAP costs and expenses
$
2,621
$
2,215
18
%
72.4
%
74.8
%
(238
)
Adjusted Expenses - Expedia
Group
Cost of revenue*
$
451
$
436
4
%
12.5
%
14.7
%
(223
)
Selling and marketing - direct
1,504
1,132
33
%
41.6
%
38.2
%
337
Selling and marketing - indirect*
147
153
(4
)%
4.0
%
5.2
%
(112
)
Selling and marketing*
1,651
1,285
28
%
45.6
%
43.4
%
224
Technology and content*
282
245
15
%
7.8
%
8.3
%
(50
)
General and administrative*
140
133
4
%
3.8
%
4.5
%
(65
)
Total adjusted costs and expenses
$
2,524
$
2,099
20
%
69.7
%
70.9
%
(113
)
Total overhead expenses**
$
569
$
531
7
%
15.7
%
17.9
%
(227
)
Adjusted Expenses - Expedia Group
(excluding trivago)***
Cost of revenue*
$
446
$
430
4
%
12.8
%
15.2
%
(237
)
Selling and marketing*
1,583
1,205
31
%
45.3
%
42.4
%
288
Technology and content*
271
233
16
%
7.7
%
8.2
%
(49
)
General and administrative*
133
127
5
%
3.8
%
4.4
%
(66
)
Total adjusted costs and expenses
excluding trivago
$
2,433
$
1,995
22
%
69.6
%
70.3
%
(64
)
Note: Some numbers may not add due to
rounding.
*Adjusted expenses are non-GAAP measures.
See pages 11-18 herein for a description and reconciliation to the
corresponding GAAP measures.
**Total overhead expenses is the sum of
adjusted expenses for Selling and marketing - indirect, Technology
and content, and General and administrative.
***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 2022, total GAAP and adjusted cost of
revenue increased 3% and 4%, respectively, compared to the third
quarter of 2021, driven by higher merchant processing fees and
cloud costs as a result of increased transaction volume which
offset lower personnel costs related to the sale of Egencia in
November 2021.
Selling and Marketing
- For the third quarter of 2022, total GAAP and adjusted selling
and marketing expense increased 27% and 28%, respectively, compared
to the third quarter of 2021, primarily due to a $372 million
increase in direct costs driven by an increase in B2B partner
commissions, as well as increased spend in Retail marketing
channels. Total GAAP and adjusted indirect selling and marketing
expenses, decreased 10% and 4%, respectively compared to the third
quarter of 2021. The decrease in indirect marketing expense was
driven by lower personnel costs related to the sale of Egencia in
November 2021. The year-over-year decrease in GAAP indirect costs
was driven by lower stock-based compensation.
Technology and Content
- For the third quarter of 2022, total GAAP and adjusted
technology and content expense increased 12% and 15%, respectively,
compared to the third quarter of 2021, due to an increase in
personnel costs from increased headcount.
General and Administrative
- For the third quarter of 2022, total GAAP and adjusted general
and administrative expense increased 2% and 4%, respectively,
compared to the third quarter of 2021, due to an increase in
personnel costs from increased headcount.
Net Income (Loss) Attributable to Expedia Group and Adjusted
EBITDA*
Adjusted EBITDA by Segment ($
millions)
Third Quarter
2022
2021
Δ%
Retail
$
943
$
879
7%
B2B
221
74
198%
Unallocated overhead costs
(119
)
(116
)
3%
Expedia Group (excluding trivago)
$
1,045
$
837
25%
trivago(1)
34
18
85%
Total Adjusted EBITDA
$
1,079
$
855
26%
Net income attributable to Expedia Group
common stockholders(2)
$
482
$
362
33%
(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 11-18 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 1% in the third quarter
of 2022, compared to the third quarter of 2021.
Interest and Other
Consolidated interest income increased $18 million in the third
quarter of 2022 compared to the third quarter of 2021, as a result
of higher rates of return. Consolidated interest expense decreased
$23 million in the third quarter of 2022, as a result of lower
interest expense related to the early redemption of senior notes in
the first nine months of 2022.
Consolidated other, net was a loss of $87 million in the third
quarter of 2022, primarily driven by mark-to-market losses on
minority equity investments in American Express Global Business
Travel ("GBT") and Despegar compared to a gain of $25 million in
the third quarter of 2021, in which we recognized a gain related to
the sale of the Alice business.
Income Taxes
The GAAP effective tax rate was a 31% expense on a pre-tax
income in the third quarter of 2022, compared to a 19% expense on
pre-tax income in the third quarter of 2021. The change in the
effective tax rate was primarily due primarily due to nondeductible
mark-to-market adjustments to our minority equity investments as
well as other discrete items
The effective tax rate on pretax adjusted net income was 24% in
the third quarter of 2022, compared to 2% in the third quarter of
2021. The change in effective tax rate was primarily due to the
increase in pretax adjusted net income and discrete items.
Balance Sheet, Cash Flows and Capitalization
For the three months ended September 30, 2022, consolidated net
cash used in operating activities was approximately $1.0 billion.
Consolidated free cash flow totaled negative $1.2 billion, compared
to negative $1.4 billion in the prior year, primarily due to an
improvement in adjusted EBITDA.
Cash, cash equivalents and short-term investments totaled $4.6
billion at September 30, 2022 compared to $4.3 billion at December
31, 2021. Restricted cash and cash equivalents, which primarily
consist of traveler deposits for Vrbo bookings, was $1.8 billion at
September 30, 2022 compared to $1.7 billion at December 31, 2021.
Prepaid expenses and other current assets was $799 million at
September 30, 2022 compared to $827 million at December 31,
2021.
Deferred merchant bookings totaled approximately $7.5 billion at
September 30, 2022, including approximately $915 million in
deferred loyalty rewards compared to $5.7 billion at December 31,
2021, including approximately $800 million in deferred loyalty
rewards.
As of September 30, 2022, Expedia Group had stock-based awards
outstanding representing approximately 11 million shares of Expedia
Group common stock, consisting of approximately 7 million
restricted stock units ("RSUs") and performance share units
("PSUs") in addition to stock options to purchase approximately 4
million shares of common stock with a weighted average exercise
price of $135.22 and weighted average remaining life of 3.6
years.
On September 13, 2022, Expedia Group redeemed $500 million of
outstanding aggregate principal of the Company's 2.95% Notes due
2031. As a result of these redemptions, we recognized a gain on
debt extinguishment of $73 million in the quarter.
During the quarter ended September 30, 2022, Expedia Group
repurchased 1.5 million shares of Expedia Group common stock for an
aggregate purchase price of $153 million excluding transaction
costs (an average of $100.07 per share). As of September 30, 2022,
there were approximately 21.8 million shares remaining under the
2018 and 2019 repurchase authorizations. Subsequent to the end of
the third quarter of 2022, Expedia Group repurchased an additional
0.5 million shares for a total cost of $47 million excluding
transaction costs (an average of $95.65 per share).
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,
2022
2021
2022
2021
Revenue
$
3,619
$
2,962
$
9,049
$
6,319
Costs and expenses:
Cost of revenue (exclusive of depreciation
and amortization shown separately below) (1)
455
442
1,245
1,127
Selling and marketing (1)
1,669
1,314
4,724
3,177
Technology and content (1)
310
277
864
800
General and administrative (1)
187
182
562
522
Depreciation and amortization
199
201
593
615
Impairment of intangible assets
52
—
81
—
Legal reserves, occupancy tax and
other
—
10
23
1
Restructuring and related reorganization
charges
—
12
—
54
Operating income
747
524
957
23
Other income (expense):
Interest income
20
2
33
5
Interest expense
(63
)
(86
)
(217
)
(267
)
Gain (loss) on debt extinguishment,
net
73
—
49
(280
)
Other, net
(87
)
25
(467
)
10
Total other expense, net
(57
)
(59
)
(602
)
(532
)
Income (loss) before income taxes
690
465
355
(509
)
Provision for income taxes
(214
)
(87
)
(187
)
129
Net income (loss)
476
378
168
(380
)
Net (income) loss attributable to
non-controlling interests
6
(2
)
7
6
Net income (loss) attributable to Expedia
Group, Inc.
482
376
175
(374
)
Preferred stock dividend
—
(14
)
—
(64
)
Loss on redemption of preferred stock
—
—
—
(107
)
Net income (loss) attributable to
Expedia Group, Inc. common stockholders
$
482
$
362
$
175
$
(545
)
Earnings (loss) per share attributable
to Expedia Group, Inc. available to common stockholders
Basic
$
3.05
$
2.40
$
1.11
$
(3.67
)
Diluted
2.98
2.26
1.08
(3.67
)
Shares used in computing earnings
(loss) per share (000's):
Basic
157,628
151,019
157,100
148,453
Diluted
161,829
160,460
162,495
148,453
(1) Includes stock-based compensation as
follows:
Cost of revenue
$
4
$
6
$
10
$
17
Selling and marketing
18
29
50
78
Technology and content
28
32
82
91
General and administrative
47
49
138
133
EXPEDIA GROUP, INC.
CONSOLIDATED BALANCE
SHEETS
(In millions, except number of
shares which are reflected in thousands and par value)
September 30, 2022
December 31, 2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
4,588
$
4,111
Restricted cash and cash equivalents
1,778
1,694
Short-term investments
49
200
Accounts receivable, net of allowance of
$61 and $65
1,991
1,264
Income taxes receivable
65
85
Prepaid expenses and other current
assets
799
827
Total current assets
9,270
8,181
Property and equipment, net
2,169
2,180
Operating lease right-of-use assets
360
407
Long-term investments and other assets
1,122
1,450
Deferred income taxes
626
766
Intangible assets, net
1,223
1,393
Goodwill
7,109
7,171
TOTAL ASSETS
$
21,879
$
21,548
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable, merchant
$
1,535
$
1,333
Accounts payable, other
1,132
688
Deferred merchant bookings
7,457
5,688
Deferred revenue
160
166
Income taxes payable
46
16
Accrued expenses and other current
liabilities
789
824
Current maturities of long-term debt
—
735
Total current liabilities
11,119
9,450
Long-term debt, excluding current
maturities
6,237
7,715
Deferred income taxes
50
58
Operating lease liabilities
315
360
Other long-term liabilities
445
413
Commitments and contingencies
Stockholders’ equity:
Common stock: $.0001 par value; Authorized
shares: 1,600,000
—
—
Shares issued: 277,607 and 274,661; Shares
outstanding: 150,966 and 150,125
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
14,674
14,229
Treasury stock - Common stock and Class B,
at cost; Shares 133,917 and 131,813
(10,503
)
(10,262
)
Retained earnings (deficit)
(1,586
)
(1,761
)
Accumulated other comprehensive income
(loss)
(317
)
(149
)
Total Expedia Group, Inc. stockholders’
equity
2,268
2,057
Non-redeemable non-controlling
interests
1,445
1,495
Total stockholders’ equity
3,713
3,552
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
21,879
$
21,548
EXPEDIA GROUP, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In millions)
(Unaudited)
Nine months ended
September 30,
2022
2021
Operating activities:
Net income (loss)
$
168
$
(380
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation of property and equipment,
including internal-use software and website development
527
538
Amortization of intangible assets
66
77
Impairment of intangible assets
81
—
Amortization of stock-based
compensation
280
319
Deferred income taxes
106
(158
)
Foreign exchange loss on cash, restricted
cash and short-term investments, net
193
76
Realized loss on foreign currency
forwards
170
21
Loss on minority equity investments,
net
423
7
(Gain) loss on debt extinguishment,
net
(49
)
280
Other, net
(26
)
(33
)
Changes in operating assets and
liabilities:
Accounts receivable
(748
)
(781
)
Prepaid expenses and other assets
31
(190
)
Accounts payable, merchant
202
663
Accounts payable, other, accrued expenses
and other liabilities
427
238
Tax payable/receivable, net
6
7
Deferred merchant bookings
1,770
2,787
Deferred revenue
(5
)
(8
)
Net cash provided by operating
activities
3,622
3,463
Investing activities:
Capital expenditures, including
internal-use software and website development
(485
)
(530
)
Purchases of investments
(60
)
(1
)
Sales and maturities of investments
200
23
Proceeds from initial exchange of
cross-currency interest rate swaps
337
—
Payments for initial exchange of
cross-currency interest rate swaps
(337
)
—
Other, net
(169
)
2
Net cash used in investing
activities
(514
)
(506
)
Financing activities:
Proceeds from issuance of long-term debt,
net of issuance costs
—
1,964
Payment of long-term debt
(2,141
)
(1,706
)
Debt extinguishment costs
(22
)
(258
)
Redemption of preferred stock
—
(618
)
Purchases of treasury stock
(241
)
(108
)
Payment of preferred stock dividends
—
(50
)
Proceeds from exercise of equity awards
and employee stock purchase plan
125
421
Other, net
34
4
Net cash used in financing
activities
(2,245
)
(351
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash and cash equivalents
(302
)
(126
)
Net increase in cash, cash equivalents
and restricted cash and cash equivalents
561
2,480
Cash, cash equivalents and restricted cash
and cash equivalents at beginning of period
5,805
4,138
Cash, cash equivalents and restricted
cash and cash equivalents at end of period
$
6,366
$
6,618
Supplemental cash flow
information
Cash paid for interest
$
254
$
298
Income tax payments, net
71
15
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
2022
Y/Y
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Growth
Gross bookings by business model
Agency
$
17,352
$
16,112
$
14,585
$
11,956
$
9,823
$
1,363
$
3,530
$
3,405
$
6,737
$
10,362
$
8,855
$
8,325
$
11,346
$
12,773
$
10,904
23%
Merchant
12,057
12,180
12,342
11,289
8,062
1,350
5,101
4,162
8,685
10,453
9,870
9,138
13,066
13,366
13,083
33%
Total
$
29,409
$
28,292
$
26,927
$
23,245
$
17,885
$
2,713
$
8,631
$
7,567
$
15,422
$
20,815
$
18,725
$
17,463
$
24,412
$
26,139
$
23,987
28%
Revenue by segment
Retail
$
1,901
$
2,333
$
2,613
$
1,961
$
1,582
$
463
$
1,246
$
702
$
1,025
$
1,715
$
2,351
$
1,730
$
1,740
$
2,420
$
2,707
15%
B2B
556
657
731
635
485
68
203
186
184
305
490
481
432
650
788
61%
Corporate (Bodybuilding.com)
—
—
24
34
39
20
—
—
—
—
—
—
—
—
—
NM
Expedia Group (excluding trivago)
$
2,457
$
2,990
$
3,368
$
2,630
$
2,106
$
551
$
1,449
$
888
$
1,209
$
2,020
$
2,841
$
2,211
$
2,172
$
3,070
$
3,495
23%
trivago
237
251
279
171
154
18
70
38
46
115
163
99
116
154
185
13%
Intercompany eliminations
(85
)
(88
)
(89
)
(54
)
(51
)
(3
)
(15
)
(6
)
(9
)
(24
)
(42
)
(31
)
(39
)
(43
)
(61
)
47%
Total
$
2,609
$
3,153
$
3,558
$
2,747
$
2,209
$
566
$
1,504
$
920
$
1,246
$
2,111
$
2,962
$
2,279
$
2,249
$
3,181
$
3,619
22%
Revenue by geography
U.S. points of sale
$
1,476
$
1,838
$
1,982
$
1,573
$
1,317
$
463
$
1,033
$
698
$
1,001
$
1,736
$
2,177
$
1,655
$
1,656
$
2,208
$
2,358
8%
Non-U.S. points of sale
1,133
1,315
1,576
1,174
892
103
471
222
245
375
785
624
593
973
1,261
61%
Total
$
2,609
$
3,153
$
3,558
$
2,747
$
2,209
$
566
$
1,504
$
920
$
1,246
$
2,111
$
2,962
$
2,279
$
2,249
$
3,181
$
3,619
22%
Revenue by business model
Agency
$
842
$
1,047
$
1,177
$
816
$
562
$
105
$
329
$
271
$
323
$
573
$
800
$
611
$
566
$
808
$
935
17%
Merchant
1,435
1,758
1,980
1,590
1,340
368
1,032
521
796
1,338
1,923
1,480
1,485
2,125
2,427
26%
Advertising & media and other
332
348
401
341
307
93
143
128
127
200
239
188
198
248
257
7%
Total
$
2,609
$
3,153
$
3,558
$
2,747
$
2,209
$
566
$
1,504
$
920
$
1,246
$
2,111
$
2,962
$
2,279
$
2,249
$
3,181
$
3,619
22%
Adjusted EBITDA by segment
Retail
$
208
$
561
$
889
$
513
$
36
$
(191
)
$
440
$
13
$
106
$
316
$
879
$
481
$
188
$
582
$
943
7%
B2B
79
135
155
101
32
(123
)
(47
)
(52
)
(57
)
(4
)
74
97
80
156
221
198%
Unallocated overhead costs
(135
)
(148
)
(144
)
(165
)
(143
)
(106
)
(96
)
(117
)
(103
)
(116
)
(116
)
(119
)
(120
)
(123
)
(119
)
3%
Expedia Group (excluding trivago)
$
152
$
548
$
900
$
449
$
(75
)
$
(420
)
$
297
$
(156
)
$
(54
)
$
196
$
837
$
459
$
148
$
615
$
1,045
25%
trivago
24
20
12
29
(1
)
(16
)
7
(4
)
(4
)
5
18
20
25
33
34
85%
Total
$
176
$
568
$
912
$
478
$
(76
)
$
(436
)
$
304
$
(160
)
$
(58
)
$
201
$
855
$
479
$
173
$
648
$
1,079
26%
Net income (loss) attributable to Expedia
Group common stockholders
$
(103
)
$
183
$
409
$
76
$
(1,301
)
$
(753
)
$
(221
)
$
(412
)
$
(606
)
$
(301
)
$
362
$
276
$
(122
)
$
(185
)
$
482
33%
Worldwide lodging (merchant &
agency)
Booked room nights
103.9
100.8
101.3
86.3
58.5
12.2
41.1
33.3
54.0
68.4
65.4
59.7
77.0
82.5
81.6
Booked room night growth
9
%
10
%
11
%
9
%
(44
)%
(88
)%
(59
)%
(61
)%
(8
)%
462
%
59
%
79
%
43
%
21
%
25
%
Booked ADR growth
(2
)%
(1
)%
—
%
—
%
(2
)%
(14
)%
2
%
4
%
34
%
49
%
21
%
23
%
4
%
3
%
5
%
Stayed room nights
80.8
100.1
116.5
91.6
69.4
19.2
48.8
36.1
37.1
56.6
77.8
62.9
56.5
79.1
93.2
Stayed room night growth
9
%
12
%
11
%
11
%
(14
)%
(81
)%
(58
)%
(61
)%
(47
)%
196
%
59
%
74
%
52
%
40
%
20
%
Stayed ADR growth
(1
)%
—
%
(1
)%
—
%
2
%
1
%
8
%
2
%
8
%
21
%
19
%
23
%
20
%
9
%
4
%
Revenue per night growth
(2
)%
1
%
—
%
(1
)%
6
%
15
%
14
%
6
%
10
%
7
%
17
%
24
%
17
%
12
%
5
%
Lodging revenue growth
7
%
12
%
11
%
9
%
(9
)%
(78
)%
(52
)%
(58
)%
(41
)%
215
%
87
%
116
%
78
%
57
%
25
%
Worldwide air (merchant & agency)
Tickets sold growth
11
%
10
%
8
%
—
%
(26
)%
(85
)%
(74
)%
(69
)%
(50
)%
299
%
132
%
92
%
48
%
1
%
(4
)%
Airfare growth
(1
)%
1
%
—
%
1
%
(5
)%
(35
)%
(36
)%
(31
)%
(26
)%
30
%
31
%
32
%
39
%
35
%
32
%
Revenue per ticket growth
(7
)%
(7
)%
(10
)%
(9
)%
(41
)%
NM
(48
)%
(35
)%
(10
)%
NM
(2
)%
(12
)%
1
%
21
%
69
%
Air revenue growth
3
%
2
%
(3
)%
(8
)%
(56
)%
NM
(87
)%
(80
)%
(55
)%
NM
128
%
68
%
50
%
22
%
61
%
Notes:
- All comparisons are against comparable period of prior year
unless otherwise noted.
- Advertising & Media Revenue includes third party revenue
from trivago. All trivago revenue is classified as Non-U.S. point
of sale.
- Corporate includes product revenue subsequent to our
acquisition of Bodybuilding.com in July 26, 2019 through its sale
in May 2020.
- B2B includes Egencia through its sale in November 2021.
- Some numbers may not add due to rounding. All percentages above
and throughout this release are calculated on precise, unrounded
numbers
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, localized Expedia and Hotels.com
websites throughout the world, Vrbo, Orbitz, Travelocity, Wotif
Group, ebookers, Hotwire.com, CarRentals.com.
B2B: The B2B segment is comprised
of our Expedia Business Services organization which 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. Expedia
Group results include Egencia through its sale on November 1,
2021.
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 in July 2019 through its sale in May 2020.
Lodging Metrics: Reported on a
stayed and booked basis. Lodging consists of both merchant and
agency model hotel and alternative accommodations.
Room Nights Stayed: Room nights
stayed represent stayed hotel room nights and include property
nights for our Retail reportable segment and stayed hotel room
nights for our B2B reportable segment. Stayed hotel room nights
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.
Room Nights Booked: Room nights
booked represent booked hotel room nights and include property
nights for our Retail reportable segment and booked hotel room
nights for our B2B reportable segment. Booked hotel room nights
include both merchant and agency hotel stays. Property nights are
related to our alternative accommodation business.
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, 2022
Retail
B2B
trivago
Corporate &
Eliminations
Total
(In millions)
Operating income (loss)
$
827
$
205
$
32
$
(317
)
$
747
Realized gain (loss) on revenue hedges
(10
)
(6
)
—
—
(16
)
Stock-based compensation
—
—
—
97
97
Amortization of intangible assets
—
—
—
23
23
Depreciation
126
22
2
26
176
Impairment of intangible assets
—
—
—
52
52
Adjusted EBITDA(1)
$
943
$
221
$
34
$
(119
)
$
1,079
Three months ended September
30, 2021
Retail
B2B
trivago
Corporate &
Eliminations
Total
(In millions)
Operating income (loss)
$
757
$
50
$
15
$
(298
)
$
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)
$
879
$
74
$
18
$
(116
)
$
855
(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,
2022
2021
2022
2021
(In millions)
Net income (loss) attributable to Expedia
Group, Inc.
$
482
$
376
$
175
$
(374
)
Net income (loss) attributable to
non-controlling interests
(6
)
2
(7
)
(6
)
Provision for income taxes
214
87
187
(129
)
Total other expense, net
57
59
602
532
Operating income
747
524
957
23
Gain (loss) on revenue hedges related to
revenue recognized
(16
)
(8
)
(34
)
(14
)
Restructuring and related reorganization
charges
—
12
—
54
Legal reserves, occupancy tax and
other
—
10
23
1
Stock-based compensation
97
116
280
319
Depreciation and amortization
199
201
593
615
Impairment of intangible assets
52
—
81
—
Adjusted EBITDA
$
1,079
$
855
$
1,900
$
998
Adjusted Net Income (Loss) & Adjusted EPS
Three months ended
September 30,
Nine months ended
September 30,
2022
2021
2022
2021
(In millions, except share and
per share data)
Net income (loss) attributable to Expedia
Group, Inc.
$
482
$
376
$
175
$
(374
)
Less: Net (income) loss attributable to
non-controlling interests
6
(2
)
7
6
Less: Provision for income taxes
(214
)
(87
)
(187
)
129
Income (loss) before income taxes
690
465
355
(509
)
Amortization of intangible assets
23
24
66
77
Stock-based compensation
97
116
280
319
Legal reserves, occupancy tax and
other
—
10
23
1
Restructuring and related reorganization
charges
—
12
—
54
Impairment of intangible assets
52
—
81
—
Unrealized (gain) loss on revenue
hedges
(9
)
(3
)
(15
)
(5
)
Loss on minority equity investments,
net
71
11
423
7
(Gain) loss on debt extinguishment,
net
(73
)
—
(49
)
280
Gain on sale of business, net
—
(54
)
(2
)
(55
)
Adjusted income before income taxes
851
581
1,162
169
GAAP Provision for income taxes
(214
)
(87
)
(187
)
129
Provision for income taxes for
adjustments
12
78
(74
)
(144
)
Total Adjusted provision for income
taxes
(202
)
(9
)
(261
)
(15
)
Total Adjusted income tax rate
23.7
%
1.5
%
22.5
%
8.8
%
Non-controlling interests
(9
)
(5
)
(25
)
—
Preferred stock dividend
—
(14
)
—
(64
)
Adjusted net income attributable to
Expedia Group, Inc.
$
640
$
553
$
876
$
90
GAAP diluted weighted average shares
outstanding (000's)
161,829
160,460
162,495
148,453
Adjustment to dilutive securities
(000's)
(3,921
)
(3,921
)
(3,921
)
7,295
Adjusted weighted average shares
outstanding (000's)
157,908
156,539
158,574
155,748
GAAP diluted earnings (loss) per share
$
2.98
$
2.26
$
1.08
$
(3.67
)
Adjusted earnings per share attributable
to Expedia Group, Inc.
$
4.05
$
3.53
$
5.53
$
0.58
Ex-trivago Adjusted Net Income (Loss) and
Adjusted EPS
Adjusted net income attributable to
Expedia Group, Inc.
$
640
$
553
$
876
$
90
Less: Adjusted net income (loss)
attributable to trivago
17
(4
)
46
3
Adjusted net income excluding trivago
$
623
$
557
$
830
$
87
Adjusted earnings per share attributable
to Expedia Group, Inc.
$
4.05
$
3.53
$
5.53
$
0.58
Less: Adjusted earnings (loss) per share
attributable to trivago
0.11
(0.02
)
0.29
0.02
Adjusted earnings per share excluding
trivago
$
3.94
$
3.56
$
5.23
$
0.56
Free Cash Flow
Three months ended
September 30,
Nine months ended
September 30,
2022
2021
2022
2021
(In millions)
Net cash provided by (used in) operating
activities
$
(997
)
$
(1,221
)
$
3,622
$
3,463
Headquarters capital expenditures
—
—
—
(23
)
Non-headquarters capital expenditures
(170
)
(179
)
(485
)
(507
)
Less: Total capital expenditures
(170
)
(179
)
(485
)
(530
)
Free cash flow
$
(1,167
)
$
(1,400
)
$
3,137
$
2,933
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,
2022
2021
2022
2021
(In millions)
Cost of revenue
$
455
$
442
$
1,245
$
1,127
Less: stock-based compensation
4
6
10
17
Adjusted cost of revenue
$
451
$
436
$
1,235
$
1,110
Less: trivago cost of revenue(1)
5
6
13
13
Adjusted cost of revenue excluding
trivago
$
446
$
430
$
1,222
$
1,097
Selling and marketing expense
$
1,669
$
1,314
$
4,724
$
3,177
Less: stock-based compensation
18
29
50
78
Adjusted selling and marketing expense
$
1,651
$
1,285
$
4,674
$
3,099
Less: trivago selling and marketing
expense(1)(2)
68
80
148
158
Adjusted selling and marketing expense
excluding trivago
$
1,583
$
1,205
$
4,526
$
2,941
Technology and content expense
$
310
$
277
$
864
$
800
Less: stock-based compensation
28
32
82
91
Adjusted technology and content
expense
$
282
$
245
$
782
$
709
Less: trivago technology and content
expense(1)
11
12
36
37
Adjusted technology and content expense
excluding trivago
$
271
$
233
$
746
$
672
General and administrative expense
$
187
$
182
$
562
$
522
Less: stock-based compensation
47
49
138
133
Adjusted general and administrative
expense
$
140
$
133
$
424
$
389
Less: trivago general and administrative
expense(1)
7
6
23
21
Adjusted general and administrative
expense excluding trivago
$
133
$
127
$
401
$
368
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 2022 financial results and certain forward-looking
information on Thursday, November 3, 2022 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 3, 2022.
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 three pillars: Expedia
Product & Technology, focused on the group’s product and
technical strategy and offerings; 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, CarRentals.com™, and Expedia
Cruises™.
© 2022 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/20221103005939/en/
Investor Relations ir@expediagroup.com
Communications press@expediagroup.com
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