Expedia Group, Inc. (NASDAQ: EXPE) announced financial results
today for the second quarter ended June 30, 2022.
“We are very pleased with our financial performance this
quarter. Lodging bookings reached a record high, and we posted our
highest ever second quarter revenue and adjusted EBITDA. These were
even more noteworthy given the simplification efforts we undertook
two years ago including the sale of our Egencia corporate travel
business.” said Peter Kern, Vice Chairman and CEO, Expedia Group.
“Despite the disruptions during the summer travel season and an
uncertain macroeconomic backdrop, travel demand has remained
strong. We continue to focus our energy on improving our technology
for our travelers and partners and attracting more valuable
customers through direct relationships. These actions, along with
prior actions to drive efficiency, put us in a better position to
withstand any further macroeconomic headwinds should they
arise.”
Key Highlights
- Lodging bookings were the highest in the company's history,
while revenue and adjusted EBITDA were the highest for any second
quarter.
- Lodging gross bookings were up 8% versus the second quarter
2019.
- Revenue was $3.2 billion, up 51% versus the second quarter 2021
and up 1% versus the second quarter 2019.
- Net loss was $185 million and adjusted net income was $310
million. Adjusted EBITDA was $648 million, up 14% versus the second
quarter 2019.
- On May 30th, the Company completed the early redemption of its
$500 million Senior Notes due December 2023. On June 13th, the
Company completed the early redemption of its $500 million Senior
Notes due August 2024. Since May 2021, the Company has repaid over
$2.9 billion of net debt and preferred equity.
Financial Summary & Operating Metrics ($ millions except
per share amounts)(1)
Expedia Group, Inc.
Metric
Q2 2022
Q2 2021
Δ Y/Y
Booked room nights
82.5
68.4
21%
Stayed room nights
79.1
56.6
40%
Gross bookings
$26,139
$20,815
26%
Revenue
3,181
2,111
51%
Operating income (loss)
345
(132)
NM
Net income (loss) attributable to Expedia
Group common stockholders
(185)
(301)
(39)%
Diluted earnings (loss) per share
$(1.17)
$(2.02)
(42)%
Adjusted EBITDA(2)
648
201
223%
Adjusted net income (loss)(2)
310
(169)
NM
Adjusted EPS(2)
$1.96
$(1.13)
NM
Free cash flow(2)
1,469
2,331
(37)%
(1)All comparisons are against comparable period of 2021 unless
otherwise noted. (2)"Adjusted EBITDA" (Adjusted Earnings Before
Interest, Taxes, Depreciation and Amortization), "Adjusted net
income (loss)," "Adjusted EPS" and "Free cash flow" are non-GAAP
measures as defined by the Securities and Exchange Commission (the
"SEC"). See "Definitions of Non-GAAP Measures" and "Tabular
Reconciliations for Non-GAAP Measures" on pages 11-18 herein for an
explanation and reconciliation of non-GAAP measures used throughout
this release. Expedia Group does not calculate or report net income
by segment.
Discussion of Results
The results for Expedia Group, Inc. ("Expedia Group" or "the
Company") include Brand Expedia®, Hotels.com®, Expedia® Partner
Solutions, Vrbo®, Egencia®, trivago®, HomeAway®, Orbitz®,
Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia
Group™ Media Solutions, CarRentals.com™, Expedia® Cruises™, and
Traveldoo®. Results include the related international points of
sale for all brands. In April 2021, we completed the sale of
Classic Vacations®, and in November 2021 we completed the sale of
Egencia®, which is included in results through the date of its
sale. All amounts shown are in U.S. dollars.
Gross Bookings & Revenue
Gross Bookings & Revenue
by Segment ($ millions)
Gross Bookings
Second Quarter
2022
2021
Δ%
Gross Bookings
$
26,139
$
20,815
26
%
Revenue
Second Quarter
2022
2021
Δ%
Retail
$
2,420
$
1,715
41
%
B2B
650
305
113
%
Expedia Group (excluding trivago)
$
3,070
$
2,020
52
%
trivago
154
115
34
%
Intercompany eliminations
(43
)
(24
)
76
%
Total
$
3,181
$
2,111
51
%
For the second quarter of 2022, total gross bookings increased
26%, compared to the second quarter of 2021, as travel demand
further improved and gross bookings improved for lodging, air and
other travel products. Gross bookings for lodging, air, and other
travel products improved sequentially from the first quarter of
2022.
Total revenue increased 51%, compared to the second quarter of
2021. Retail, B2B, and trivago segment revenue all increased
compared to the second quarter of 2021.
Product & Services Detail
Revenue by Service Type ($
millions)
Revenue
Second Quarter
2022
2021
Δ%
Lodging
$
2,400
$
1,533
57
%
Air
95
78
22
%
Advertising and media
213
161
33
%
Other
473
339
39
%
Total
$
3,181
$
2,111
51
%
As a percentage of total revenue in the second quarter of 2022,
lodging accounted for 75%, advertising and media accounted for 7%,
air accounted for 3%, and all other revenues accounted for the
remaining 15%.
Lodging revenue increased 57% in the second quarter of 2022,
compared to the second quarter of 2021, driven by a 40% increase in
room nights stayed across hotels and alternative accommodations, as
well as a 9% increase in stayed average daily rates ("ADRs").
Air revenue increased 22% in the second quarter of 2022,
compared to the second quarter of 2021, primarily driven by a 21%
growth in revenue per ticket, as air travel demand remained stable
despite higher airfares.
Advertising and media revenue increased 33% in the second
quarter of 2022, compared to the second quarter of 2021, driven by
increases from both Expedia Group Media Solutions and trivago.
Other revenue increased 39% in the second quarter of 2022, driven
by growth from both travel insurance and car products.
Costs and Expenses ($ millions)
Costs and Expenses
As a % of Revenue
Second Quarter
Second Quarter
2022
2021
Δ%
2022
2021
Δ (bps)
Generally Accepted Accounting
Principles (GAAP) Expenses - Expedia Group
Cost of revenue
$
419
$
374
12
%
13.2
%
17.7
%
(456
)
Selling and marketing - direct
1,549
1,002
55
%
48.7
%
47.5
%
122
Selling and marketing - indirect
167
197
(15
)%
5.3
%
9.4
%
(409
)
Selling and marketing
1,716
1,199
43
%
53.9
%
56.8
%
(287
)
Technology and content
284
276
3
%
8.9
%
13.1
%
(417
)
General and administrative
189
184
3
%
6.0
%
8.7
%
(275
)
Total GAAP costs and expenses
$
2,608
$
2,033
28
%
82.0
%
96.3
%
(1,434
)
Adjusted Expenses - Expedia
Group
Cost of revenue*
$
416
$
368
13
%
13.1
%
17.4
%
(437
)
Selling and marketing - direct
1,549
1,002
55
%
48.7
%
47.5
%
122
Selling and marketing - indirect*
150
165
(9
)%
4.7
%
7.8
%
(310
)
Selling and marketing*
1,699
1,167
46
%
53.4
%
55.3
%
(187
)
Technology and content*
257
244
5
%
8.1
%
11.6
%
(351
)
General and administrative*
143
134
7
%
4.5
%
6.4
%
(185
)
Total adjusted costs and expenses
$
2,515
$
1,913
31
%
79.1
%
90.7
%
(1,161
)
Adjusted Expenses - Expedia Group
(excluding trivago)**
Cost of revenue*
$
412
$
364
13
%
13.4
%
18.0
%
(461
)
Selling and marketing*
1,646
1,107
49
%
53.6
%
54.8
%
(119
)
Technology and content*
245
231
6
%
8.0
%
11.4
%
(347
)
General and administrative*
135
126
7
%
4.4
%
6.3
%
(186
)
Total adjusted costs and expenses
excluding trivago
$
2,438
$
1,828
33
%
79.4
%
90.5
%
(1,113
)
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.
**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 second quarter of 2022, total GAAP and adjusted cost of
revenue increased 12% and 13%, respectively, compared to the second
quarter of 2021, driven by higher merchant processing fees,
customer service costs, 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 second quarter of 2022, total GAAP and adjusted selling
and marketing expense increased 43% and 46%, respectively, compared
to the second quarter of 2021, primarily due to a $547 million
increase in direct costs driven by an increase in spend across all
main marketing channels as well as an increase in B2B partner
commissions. Total GAAP and adjusted indirect selling and marketing
expenses, decreased 15% and 9%, respectively compared to the second
quarter of 2021. The decrease in indirect marketing expense was
driven by lower personnel costs related to the sale of Egencia in
November 2021.
Technology and Content
- For the second quarter of 2022, total GAAP and adjusted
technology and content expense increased 3% and 5%, respectively,
compared to the second quarter of 2021, due to an increase in
personnel costs. The year-over-year increase in GAAP technology and
content expense was offset by lower stock-based compensation.
General and Administrative
- For the second quarter of 2022, total GAAP and adjusted general
and administrative expense increased 3% and 7%, respectively,
compared to the second quarter of 2021, due to an increase in
personnel costs. The year-over-year increase in GAAP general and
administrative expense was offset by lower stock-based
compensation.
Net Income (Loss) Attributable to Expedia Group and Adjusted
EBITDA*
Adjusted EBITDA by Segment ($
millions)
Second Quarter
2022
2021
Δ%
Retail
$
582
$
316
84
%
B2B
156
(4
)
NM
Unallocated overhead costs
(123
)
(116
)
6
%
Expedia Group (excluding trivago)
$
615
$
196
215
%
trivago(1)
33
5
534
%
Total Adjusted EBITDA
$
648
$
201
223
%
Net loss attributable to Expedia Group
common stockholders(2)
$
(185
)
$
(301
)
(39
)%
(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 4% in the second quarter
of 2022, compared to the second quarter of 2021, driven by lower
amortization of certain intangibles.
Interest and Other
Consolidated interest income increased $9 million in the second
quarter of 2022 compared to the second quarter of 2021, as a result
of higher rates of return. Consolidated interest expense decreased
$10 million in the second quarter of 2022, as a result of interest
expense related to senior notes outstanding in the prior year that
were redeemed in the first half of 2022.
Consolidated other, net was a loss of $385 million in the second
quarter of 2022, compared to a loss of $10 million in the second
quarter of 2021, primarily driven by mark-to-market losses on
minority equity investments in American Express Global Business
Travel ("GBT") and Despegar.
Income Taxes
The GAAP effective tax rate was a 46% expense on a pre-tax loss
in the second quarter of 2022, compared to a 21% benefit on a
pre-tax loss in the second quarter of 2021. The change in the
effective tax rate was primarily due to nondeductible
mark-to-market adjustments as well as other discrete items.
The effective tax rate on pretax adjusted net income was 21% in
the second quarter of 2022, compared to (114)% in the second
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 June 30, 2022, consolidated net cash
provided by operating activities was approximately $1.6 billion.
Consolidated free cash flow totaled $1.5 billion, a decrease of
$0.9 billion, compared to the prior year, primarily due to a
decrease in cash provided by operating activities related to
changes in working capital, which was partially offset by an
improvement in Adjusted EBITDA.
Cash, cash equivalents and short-term investments totaled $5.6
billion at June 30, 2022 compared to $4.3 billion at December 31,
2021. The increase was primarily driven by cash provided by
operating activities. Restricted cash and cash equivalents, which
primarily consist of traveler deposits for Vrbo bookings, was $2.8
billion at June 30, 2022 compared to $1.7 billion at December 31,
2021. Prepaid expenses and other current assets was $1.2 billion at
June 30, 2022 compared to $827 million at December 31, 2021.
Deferred merchant bookings totaled approximately $10.0 billion
at June 30, 2022, including approximately $855 million in deferred
loyalty rewards compared to $5.7 billion at December 31, 2021,
including approximately $800 million in deferred loyalty rewards.
The trends in deferred merchant bookings reflect the seasonality of
our business, deferred merchant bookings increase in the lead-up to
the peak travel season and decrease as stays occur during the
summer months.
As of June 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 $134.89 and weighted average remaining life of 3.9
years.
On May 30, 2022, Expedia Group redeemed all of the $500 million
of outstanding aggregate principal amount of the Company’s 3.6%
Notes due December 2023. On June 13, 2022, Expedia Group redeemed
all of the $500 million of outstanding aggregate principal amount
of the Company’s 4.5% Notes due August 2024. As a result of these
redemptions, we recognized a loss on debt extinguishment of $24
million, which primarily included the payment of early payment
premiums as well as the write-off of unamortized discount and debt
issuance costs.
EXPEDIA GROUP, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In millions, except share and
per share data)
(Unaudited)
Three months ended
June 30,
Six months ended
June 30,
2022
2021
2022
2021
Revenue
$
3,181
$
2,111
$
5,430
$
3,357
Costs and expenses:
Cost of revenue (exclusive of depreciation
and amortization shown separately below) (1)
419
374
790
685
Selling and marketing (1)
1,716
1,199
3,055
1,863
Technology and content (1)
284
276
554
523
General and administrative (1)
189
184
375
340
Depreciation and amortization
197
205
394
414
Impairment of intangible assets
29
—
29
—
Legal reserves, occupancy tax and
other
2
(8
)
23
(9
)
Restructuring and related reorganization
charges
—
13
—
42
Operating income (loss)
345
(132
)
210
(501
)
Other income (expense):
Interest income
10
1
13
3
Interest expense
(73
)
(83
)
(154
)
(181
)
Loss on debt extinguishment
(24
)
—
(24
)
(280
)
Other, net
(385
)
(10
)
(380
)
(15
)
Total other expense, net
(472
)
(92
)
(545
)
(473
)
Loss before income taxes
(127
)
(224
)
(335
)
(974
)
Provision for income taxes
(58
)
47
27
216
Net loss
(185
)
(177
)
(308
)
(758
)
Net loss attributable to non-controlling
interests
—
5
1
8
Net loss attributable to Expedia Group,
Inc.
(185
)
(172
)
(307
)
(750
)
Preferred stock dividend
—
(22
)
—
(50
)
Loss on redemption of preferred stock
—
(107
)
—
(107
)
Net loss attributable to Expedia Group,
Inc. common stockholders
$
(185
)
$
(301
)
$
(307
)
$
(907
)
Loss per share attributable to Expedia
Group, Inc. available to common stockholders
Basic
$
(1.17
)
$
(2.02
)
$
(1.96
)
$
(6.16
)
Diluted
(1.17
)
(2.02
)
(1.96
)
(6.16
)
Shares used in computing earnings
(loss) per share (000's):
Basic
157,290
149,093
156,831
147,148
Diluted
157,290
149,093
156,831
147,148
(1) Includes stock-based compensation as
follows:
Cost of revenue
$
3
$
6
$
6
$
11
Selling and marketing
17
32
32
49
Technology and content
27
32
54
59
General and administrative
46
50
91
84
EXPEDIA GROUP, INC.
CONSOLIDATED BALANCE
SHEETS
(In millions, except number of
shares which are reflected in thousands and par value)
June 30, 2022
December 31, 2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
5,568
$
4,111
Restricted cash and cash equivalents
2,756
1,694
Short-term investments
26
200
Accounts receivable, net of allowance of
$62 and $65
2,173
1,264
Income taxes receivable
105
85
Prepaid expenses and other current
assets
1,158
827
Total current assets
11,786
8,181
Property and equipment, net
2,163
2,180
Operating lease right-of-use assets
378
407
Long-term investments and other assets
1,151
1,450
Deferred income taxes
825
766
Intangible assets, net
1,306
1,393
Goodwill
7,135
7,171
TOTAL ASSETS
$
24,744
$
21,548
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable, merchant
$
1,548
$
1,333
Accounts payable, other
1,178
688
Deferred merchant bookings
10,041
5,688
Deferred revenue
173
166
Income taxes payable
36
16
Accrued expenses and other current
liabilities
861
824
Current maturities of long-term debt
—
735
Total current liabilities
13,837
9,450
Long-term debt, excluding current
maturities
6,727
7,715
Deferred income taxes
45
58
Operating lease liabilities
334
360
Other long-term liabilities
420
413
Commitments and contingencies
Stockholders’ equity:
Common stock: $.0001 par value; Authorized
shares: 1,600,000
—
—
Shares issued: 276,967 and 274,661; Shares
outstanding: 152,024 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
14,549
14,229
Treasury stock - Common stock and Class B,
at cost; Shares 132,220 and 131,813
(10,331
)
(10,262
)
Retained earnings (deficit)
(2,068
)
(1,761
)
Accumulated other comprehensive income
(loss)
(240
)
(149
)
Total Expedia Group, Inc. stockholders’
equity
1,910
2,057
Non-redeemable non-controlling
interests
1,471
1,495
Total stockholders’ equity
3,381
3,552
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
24,744
$
21,548
EXPEDIA GROUP, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In millions)
(Unaudited)
Six months ended
June 30,
2022
2021
Operating activities:
Net loss
$
(308
)
$
(758
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation of property and equipment,
including internal-use software and website development
351
361
Amortization of intangible assets
43
53
Impairment of intangible assets
29
—
Amortization of stock-based
compensation
183
203
Deferred income taxes
(83
)
(241
)
Foreign exchange loss on cash, restricted
cash and short-term investments, net
109
20
Realized loss on foreign currency
forwards
75
12
(Gain) loss on minority equity
investments, net
352
(4
)
Loss on debt extinguishment
24
280
Other, net
(19
)
6
Changes in operating assets and
liabilities:
Accounts receivable
(921
)
(729
)
Prepaid expenses and other assets
(330
)
(614
)
Accounts payable, merchant
214
556
Accounts payable, other, accrued expenses
and other liabilities
539
353
Tax payable/receivable, net
(1
)
2
Deferred merchant bookings
4,354
5,184
Deferred revenue
8
—
Net cash provided by operating
activities
4,619
4,684
Investing activities:
Capital expenditures, including
internal-use software and website development
(315
)
(351
)
Purchases of investments
(60
)
(1
)
Sales and maturities of investments
200
12
Proceeds from initial exchange of
cross-currency interest rate swaps
337
—
Payments for initial exchange of
cross-currency interest rate swaps
(337
)
—
Other, net
(73
)
(73
)
Net cash used in investing
activities
(248
)
(413
)
Financing activities:
Proceeds from issuance of long-term debt,
net of issuance costs
—
1,964
Payment of long-term debt
(1,724
)
(1,706
)
Debt extinguishment costs
(20
)
(258
)
Redemption of preferred stock
—
(618
)
Purchases of treasury stock
(69
)
(85
)
Payment of preferred stock dividends
—
(50
)
Proceeds from exercise of equity awards
and employee stock purchase plan
114
379
Other, net
12
(4
)
Net cash used in financing
activities
(1,687
)
(378
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash and cash equivalents
(165
)
(26
)
Net increase in cash, cash equivalents
and restricted cash and cash equivalents
2,519
3,867
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
$
8,324
$
8,005
Supplemental cash flow
information
$
167
$
192
56
16
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
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
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
28
%
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
26
%
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
41
%
B2B
556
657
731
635
485
68
203
186
184
305
490
481
432
650
113
%
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
52
%
trivago
237
251
279
171
154
18
70
38
46
115
163
99
116
154
34
%
Intercompany eliminations
(85
)
(88
)
(89
)
(54
)
(51
)
(3
)
(15
)
(6
)
(9
)
(24
)
(42
)
(31
)
(39
)
(43
)
76
%
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
51
%
Revenue by geography
Domestic*
$
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
27
%
International*
1,133
1,315
1,576
1,174
892
103
471
222
245
375
785
624
593
973
159
%
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
51
%
Revenue by business model
Agency
$
842
$
1,047
$
1,177
$
816
$
562
$
105
$
329
$
271
$
323
$
573
$
800
$
611
$
566
$
808
41
%
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
59
%
Advertising & media and other
332
348
401
341
307
93
143
128
127
200
239
188
198
248
24
%
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
51
%
Adjusted EBITDA by segment
Retail
$
208
$
561
$
889
$
513
$
36
$
(191
)
$
440
$
13
$
106
$
316
$
879
$
481
$
188
$
582
84
%
B2B
79
135
155
101
32
(123
)
(47
)
(52
)
(57
)
(4
)
74
97
80
156
NM
Unallocated overhead costs
(135
)
(148
)
(144
)
(165
)
(143
)
(106
)
(96
)
(117
)
(103
)
(116
)
(116
)
(119
)
(120
)
(123
)
6
%
Expedia Group (excluding trivago)
$
152
$
548
$
900
$
449
$
(75
)
$
(420
)
$
297
$
(156
)
$
(54
)
$
196
$
837
$
459
$
148
$
615
215
%
trivago
24
20
12
29
(1
)
(16
)
7
(4
)
(4
)
5
18
20
25
33
534
%
Total
$
176
$
568
$
912
$
478
$
(76
)
$
(436
)
$
304
$
(160
)
$
(58
)
$
201
$
855
$
479
$
173
$
648
223
%
Net income (loss) attributable to Expedia
Group common stockholders
$
(103
)
$
183
$
409
$
76
$
(1,301
)
$
(753
)
$
(221
)
$
(412
)
$
(606
)
$
(301
)
$
362
$
276
$
(122
)
$
(185
)
(39
)%
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
Booked room night growth
9
%
10
%
11
%
9
%
(44
)%
(88
)%
(59
)%
(61
)%
(8
)%
462
%
59
%
79
%
43
%
21
%
Booked ADR growth
(2
)%
(1
)%
—
%
—
%
(2
)%
(14
)%
2
%
4
%
34
%
49
%
21
%
23
%
4
%
3
%
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
Stayed room night growth
9
%
12
%
11
%
11
%
(14
)%
(81
)%
(58
)%
(61
)%
(47
)%
196
%
59
%
74
%
52
%
40
%
Stayed ADR growth
(1
)%
—
%
(1
)%
—
%
2
%
1
%
8
%
2
%
8
%
21
%
19
%
23
%
20
%
9
%
Revenue per night growth
(2
)%
1
%
—
%
(1
)%
6
%
15
%
14
%
6
%
10
%
7
%
17
%
24
%
17
%
12
%
Lodging revenue growth
7
%
12
%
11
%
9
%
(9
)%
(78
)%
(52
)%
(58
)%
(41
)%
215
%
87
%
116
%
78
%
57
%
Worldwide air (merchant & agency)
Tickets sold growth
11
%
10
%
8
%
—
%
(26
)%
(85
)%
(74
)%
(69
)%
(50
)%
299
%
132
%
92
%
48
%
1
%
Airfare growth
(1
)%
1
%
—
%
1
%
(5
)%
(35
)%
(36
)%
(31
)%
(26
)%
30
%
31
%
32
%
39
%
35
%
Revenue per ticket growth
(7
)%
(7
)%
(10
)%
(9
)%
(41
)%
NM
(48
)%
(35
)%
(10
)%
NM
(2
)%
(12
)%
1
%
21
%
Air revenue growth
3
%
2
%
(3
)%
(8
)%
(56
)%
NM
(87
)%
(80
)%
(55
)%
NM
128
%
68
%
50
%
22
%
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
international.
- 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
*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, localized Expedia and Hotels.com
websites throughout the world, Vrbo, Orbitz, Travelocity, Wotif
Group, ebookers, Hotwire.com, CarRentals.com, and Expedia
Cruises.
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 June 30,
2022
Retail
B2B
trivago
Corporate &
Eliminations
Total
(In millions)
Operating income (loss)
$
470
$
139
$
30
$
(294
)
$
345
Realized gain (loss) on revenue hedges
(15
)
(3
)
—
—
(18
)
Legal reserves, occupancy tax and
other
—
—
—
2
2
Stock-based compensation
—
—
—
93
93
Amortization of intangible assets
—
—
—
21
21
Depreciation
127
20
3
26
176
Impairment of intangible assets
—
—
—
29
29
Adjusted EBITDA(1)
$
582
$
156
$
33
$
(123
)
$
648
Three months ended June 30,
2021
Retail
B2B
trivago
Corporate &
Eliminations
Total
(In millions)
Operating income (loss)
$
180
$
(30
)
$
3
$
(285
)
$
(132
)
Realized gain (loss) on revenue hedges
3
—
—
—
3
Restructuring and related reorganization
charges
—
—
—
13
13
Legal reserves, occupancy tax and
other
—
—
—
(8
)
(8
)
Stock-based compensation
—
—
—
120
120
Amortization of intangible assets
—
—
—
26
26
Depreciation
133
26
2
18
179
Adjusted EBITDA(1)
$
316
$
(4
)
$
5
$
(116
)
$
201
(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
June 30,
Six months ended
June 30,
2022
2021
2022
2021
(In millions)
Net loss attributable to Expedia Group,
Inc.
$
(185
)
$
(172
)
$
(307
)
$
(750
)
Net loss attributable to non-controlling
interests
—
(5
)
(1
)
(8
)
Provision for income taxes
58
(47
)
(27
)
(216
)
Total other expense, net
472
92
545
473
Operating income (loss)
345
(132
)
210
(501
)
Gain (loss) on revenue hedges related to
revenue recognized
(18
)
3
(18
)
(6
)
Restructuring and related reorganization
charges
—
13
—
42
Legal reserves, occupancy tax and
other
2
(8
)
23
(9
)
Stock-based compensation
93
120
183
203
Depreciation and amortization
197
205
394
414
Impairment of intangible assets
29
—
29
—
Adjusted EBITDA
$
648
$
201
$
821
$
143
Adjusted Net Income (Loss) & Adjusted EPS
Three months ended
June 30,
Six months ended
June 30,
2022
2021
2022
2021
(In millions, except share and
per share data)
Net loss attributable to Expedia Group,
Inc.
$
(185
)
$
(172
)
$
(307
)
$
(750
)
Less: Net loss attributable to
non-controlling interests
—
5
1
8
Less: Provision for income taxes
(58
)
47
27
216
Loss before income taxes
(127
)
(224
)
(335
)
(974
)
Amortization of intangible assets
21
26
43
53
Stock-based compensation
93
120
183
203
Legal reserves, occupancy tax and
other
2
(8
)
23
(9
)
Restructuring and related reorganization
charges
—
13
—
42
Impairment of intangible assets
29
—
29
—
Unrealized (gain) loss on revenue
hedges
(13
)
—
(6
)
(2
)
(Gain) loss on minority equity
investments, net
373
4
352
(4
)
Loss on debt extinguishment
24
—
24
280
Gain on sale of business, net
—
(1
)
(2
)
(1
)
Adjusted income (loss) before income
taxes
402
(70
)
311
(412
)
GAAP Provision for income taxes
(58
)
47
27
216
Provision for income taxes for
adjustments
(25
)
(127
)
(86
)
(222
)
Total Adjusted provision for income
taxes
(83
)
(80
)
(59
)
(6
)
Total Adjusted income tax rate
20.8
%
(113.6
)%
19.2
%
(1.5
)%
Non-controlling interests
(9
)
3
(16
)
5
Preferred stock dividend
—
(22
)
—
(50
)
Adjusted net income (loss) attributable to
Expedia Group, Inc.
$
310
$
(169
)
$
236
$
(463
)
GAAP diluted weighted average shares
outstanding (000's)
157,290
149,093
156,831
147,148
Adjustment to dilutive securities
(000's)
1,227
—
2,071
—
Adjusted weighted average shares
outstanding (000's)
158,517
149,093
158,902
147,148
GAAP diluted loss per share
$
(1.17
)
$
(2.02
)
$
(1.96
)
$
(6.16
)
Adjusted earnings (loss) per share
attributable to Expedia Group, Inc.
$
1.96
$
(1.13
)
$
1.49
$
(3.15
)
Ex-trivago Adjusted Net Income (Loss) and
Adjusted EPS
Adjusted net income (loss) attributable to
Expedia Group, Inc.
$
310
$
(169
)
$
236
$
(463
)
Less: Adjusted net income attributable to
trivago
15
9
29
7
Adjusted net income (loss) excluding
trivago
$
295
$
(178
)
$
207
$
(470
)
Adjusted earnings (loss) per share
attributable to Expedia Group, Inc.
$
1.96
$
(1.13
)
$
1.49
$
(3.15
)
Less: Adjusted earnings per share
attributable to trivago
0.10
0.06
0.18
0.05
Adjusted earnings (loss) per share
excluding trivago
$
1.86
$
(1.19
)
$
1.30
$
(3.19
)
Free Cash Flow
Three months ended
June 30,
Six months ended
June 30,
2022
2021
2022
2021
(In millions)
Net cash provided by operating
activities
$
1,628
$
2,514
$
4,619
$
4,684
Headquarters capital expenditures
—
(10
)
—
(23
)
Non-headquarters capital expenditures
(159
)
(173
)
(315
)
(328
)
Less: Total capital expenditures
(159
)
(183
)
(315
)
(351
)
Free cash flow
$
1,469
$
2,331
$
4,304
$
4,333
Adjusted Expenses (Cost of revenue, selling and marketing,
technology and content and general and administrative expenses)
Three months ended
June 30,
Six months ended
June 30,
2022
2021
2022
2021
(In millions)
Cost of revenue
$
419
$
374
$
790
$
685
Less: stock-based compensation
3
6
6
11
Adjusted cost of revenue
$
416
$
368
$
784
$
674
Less: trivago cost of revenue(1)
4
4
8
7
Adjusted cost of revenue excluding
trivago
$
412
$
364
$
776
$
667
Selling and marketing expense
$
1,716
$
1,199
$
3,055
$
1,863
Less: stock-based compensation
17
32
32
49
Adjusted selling and marketing expense
$
1,699
$
1,167
$
3,023
$
1,814
Less: trivago selling and marketing
expense(1)(2)
53
60
80
78
Adjusted selling and marketing expense
excluding trivago
$
1,646
$
1,107
$
2,943
$
1,736
Technology and content expense
$
284
$
276
$
554
$
523
Less: stock-based compensation
27
32
54
59
Adjusted technology and content
expense
$
257
$
244
$
500
$
464
Less: trivago technology and content
expense(1)
12
13
25
25
Adjusted technology and content expense
excluding trivago
$
245
$
231
$
475
$
439
General and administrative expense
$
189
$
184
$
375
$
340
Less: stock-based compensation
46
50
91
84
Adjusted general and administrative
expense
$
143
$
134
$
284
$
256
Less: trivago general and administrative
expense(1)
8
8
16
15
Adjusted general and administrative
expense excluding trivago
$
135
$
126
$
268
$
241
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
second quarter 2022 financial results and certain forward-looking
information on Thursday, August 4, 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 August 4, 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 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, 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/20220804005752/en/
Investor Relations ir@expediagroup.com
Communications press@expediagroup.com
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