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    Expedia Group Reports Fourth Quarter and Full Year 2024 Results

    2/6/25 4:01:00 PM ET
    $EXPE
    Transportation Services
    Consumer Discretionary
    Get the next $EXPE alert in real time by email

    Double-digit room nights, gross bookings, and revenue growth in the fourth quarter

    Both B2C and B2B bookings growth accelerated 5 pts sequentially in the fourth quarter

    Reinstates quarterly dividend

    Expedia Group, Inc. (NASDAQ:EXPE) announced financial results today for the fourth quarter and full year ended December 31, 2024.

    Key Highlights

    • Booked room nights grew 12% in the fourth quarter year-over-year and 9% for full year 2024.
    • Total gross bookings and revenue grew 13% and 10% year-over-year, respectively in the fourth quarter. Full year gross bookings and revenue both grew 7% compared to 2023.
    • B2C and B2B gross bookings growth accelerated 5-points to 9% and 24% respectively in the fourth quarter.
    • Lodging gross bookings grew 12% year-over-year in the fourth quarter; hotel bookings were up 14%.
    • Fourth quarter net income grew 124% and adjusted net income grew 30%, year-over-year. Adjusted EBITDA increased 21% with 175 basis points of margin expansion, and adjusted EBIT increased 50% with 282 bps of margin expansion.
    • Repurchased over 12 million shares for $1.6 billion in 2024.
    • Declares a quarterly dividend of $0.40 starting in March 2025.

    "Our fourth quarter results exceeded our expectations and reflect continued strong execution and better-than-expected travel demand. All three of our core consumer brands achieved bookings growth and we further accelerated growth in our B2B business. These results contributed to a solid full year 2024 for us," said Ariane Gorin, CEO of Expedia Group. "The reinstatement of our quarterly dividend reflects our confidence in our long-term outlook and commitment to shareholder returns."

    Financial Summary & Operating Metrics (In millions, except per share amounts) - Fourth Quarter 2024

     

     

    Expedia Group, Inc.

    Metric

    Q4 2024

    Q4 2023

    Δ Y/Y

    Booked room nights

    86.4

    77.4

    12%

    Gross bookings

    $24,422

    $21,672

    13%

    Revenue

    $3,184

    $2,887

    10%

    Operating income

    $216

    $104

    109%

    Net income attributable to Expedia Group common stockholders

    $299

    $132

    124%

    Diluted earnings per share

    $2.20

    $0.92

    139%

    Adjusted EBITDA*

    $643

    $532

    21%

    Adjusted EBIT*

    $338

    $225

    50%

    Adjusted net income*

    $315

    $242

    30%

    Adjusted EPS*

    $2.39

    $1.72

    39%

    Net cash provided by (used in) operating activities

    $198

    $(238)

    NM

    Free cash flow*

    $7

    $(415)

    NM

    * A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this release.

    Financial Summary & Operating Metrics (In millions, except per share amounts) - Full Year 2024

     

     

    Expedia Group, Inc.

    Metric

    2024

    2023

    Δ Y/Y

    Booked room nights

    383.9

    350.9

    9%

    Gross bookings

    $110,921

    $104,079

    7%

    Revenue

    $13,691

    $12,839

    7%

    Operating income

    $1,319

    $1,033

    28%

    Net income attributable to Expedia Group common stockholders

    $1,234

    $797

    55%

    Diluted earnings per share

    $8.95

    $5.31

    69%

    Adjusted EBITDA*

    $2,934

    $2,680

    9%

    Adjusted EBIT*

    $1,646

    $1,460

    13%

    Adjusted net income*

    $1,622

    $1,418

    14%

    Adjusted EPS*

    $12.11

    $9.69

    25%

    Net cash provided by operating activities

    $3,085

    $2,690

    15%

    Free cash flow*

    $2,329

    $1,844

    26%

    * A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this release.

    Reinstatement of Quarterly Dividend

    Our Board of Directors has approved the reinstatement of a quarterly cash dividend. The Executive Committee of the Board, acting on its behalf, declared a first quarter dividend of $0.40 per share of the company's outstanding common stock, to be paid on March 27, 2025 to holders of record on March 6, 2025. Expedia Group suspended its quarterly cash dividend in the second quarter of 2020 in response to uncertainty driven by the global coronavirus pandemic. Going forward, Expedia Group expects to pay a cash dividend on a quarterly basis, subject to approval by its Board of Directors and to the Board's continuing determination that the declarations of dividends are in the best interests of Expedia Group and its stockholders.

    Conference Call

    Expedia Group, Inc. will webcast a conference call to discuss fourth quarter 2024 financial results and certain forward-looking information on Thursday, February 6, 2025 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 twelve months subsequent to the initial broadcast.

    About Expedia Group

    Expedia Group, Inc. brands 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.

    © 2025 Expedia, Inc., an Expedia Group company. All rights reserved. Trademarks and logos are the property of their respective owners. CST: 2029030-50

    Expedia Group, Inc.

    Trended Metrics

    (All figures in millions)

     

    The 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 or methodology of any of our supplemental metrics are subject to change, and such changes could be material. We may also discontinue certain supplemental metrics as our business evolves over time. In the event of any discrepancy between any supplemental metric and our historical financial statements, you should rely on the information included in the financial statements filed with or furnished to the SEC.

     

     

     

     

    2022

     

     

     

    2023

     

     

     

    2024

     

     

     

    Full Year

     

     

     

    Y/Y Growth

     

     

     

     

    Q1

    Q2

    Q3

    Q4

     

     

     

    Q1

    Q2

    Q3

    Q4

     

     

     

    Q1

    Q2

    Q3

    Q4

     

     

     

    2022

    2023

    2024

     

     

     

    Q424

    2024

     

    Units sold

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Booked room nights

     

     

    77.0

    82.5

    81.6

    70.8

     

     

     

    94.5

    89.7

    89.3

    77.4

     

     

     

    101.2

    98.9

    97.4

    86.4

     

     

     

    312

    350.9

    383.9

     

     

     

    12%

    9%

     

    Booked air tickets

     

     

    13.1

    13.5

    12.2

    11.1

     

     

     

    14.0

    13.6

    12.8

    11.4

     

     

     

    14.2

    14.5

    13.8

    12.6

     

     

     

    49.9

    51.9

    55.1

     

     

     

    10%

    6%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross bookings by business model

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Agency

     

     

    $11,346

    $12,773

    $10,904

    $9,469

     

     

     

    $13,425

    $12,370

    $10,927

    $9,439

     

     

     

    $13,301

    $12,578

    $11,379

    $10,376

     

     

     

    $44,492

    $46,161

    $47,634

     

     

     

    10%

    3%

     

    Merchant

     

     

    13,066

    13,366

    13,083

    11,042

     

     

     

    15,976

    14,951

    14,758

    12,233

     

     

     

    16,863

    16,259

    16,119

    14,046

     

     

     

    50,557

    57,918

    63,287

     

     

     

    15%

    9%

     

    Total

     

     

    $24,412

    $26,139

    $23,987

    $20,511

     

     

     

    $29,401

    $27,321

    $25,685

    $21,672

     

     

     

    $30,164

    $28,837

    $27,498

    $24,422

     

     

     

    $95,049

    $104,079

    $110,921

     

     

     

    13%

    7%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Lodging gross bookings

     

     

    $17,756

    $17,867

    $17,099

    $14,117

     

     

     

    $21,055

    $19,167

    $18,513

    $15,253

     

     

     

    $21,903

    $20,749

    $20,027

    $17,152

     

     

     

    $66,839

    $73,987

    $79,831

     

     

     

    12%

    8%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue by segment

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    B2C

     

     

    $1,740

    $2,420

    $2,707

    $1,874

     

     

     

    $1,921

    $2,415

    $2,819

    $1,958

     

     

     

    $1,986

    $2,432

    $2,780

    $2,076

     

     

     

    $8,741

    $9,113

    $9,274

     

     

     

    6%

    2%

     

    B2B

     

     

    432

    650

    788

    676

     

     

     

    668

    861

    995

    864

     

     

     

    833

    1,049

    1,178

    1,042

     

     

     

    2,546

    3,388

    4,102

     

     

     

    21%

    21%

     

    trivago (third-party revenue)

     

     

    77

    111

    124

    68

     

     

     

    76

    82

    115

    65

     

     

     

    70

    77

    102

    66

     

     

     

    380

    338

    315

     

     

     

    2%

    (7)%

     

    Total

     

     

    $2,249

    $3,181

    $3,619

    $2,618

     

     

     

    $2,665

    $3,358

    $3,929

    $2,887

     

     

     

    $2,889

    $3,558

    $4,060

    $3,184

     

     

     

    $11,667

    $12,839

    $13,691

     

     

     

    10%

    7%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue by product

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Lodging

     

     

    $1,610

    $2,400

    $2,881

    $2,014

     

     

     

    $2,029

    $2,698

    $3,233

    $2,304

     

     

     

    $2,228

    $2,862

    $3,317

    $2,543

     

     

     

    $8,905

    $10,264

    $10,950

     

     

     

    10%

    7%

     

    Air

     

     

    74

    95

    100

    93

     

     

     

    113

    111

    100

    86

     

     

     

    115

    111

    104

    98

     

     

     

    362

    410

    428

     

     

     

    12%

    4%

     

    Advertising and media - EG(1)

     

     

    89

    102

    98

    108

     

     

     

    99

    119

    125

    140

     

     

     

    145

    152

    167

    175

     

     

     

    397

    483

    639

     

     

     

    25%

    32%

     

    Advertising and media - Trivago(1)

     

     

    77

    111

    124

    68

     

     

     

    76

    82

    115

    65

     

     

     

    70

    77

    102

    66

     

     

     

    380

    338

    315

     

     

     

    2%

    (7)%

     

    Other(2)

     

     

    399

    473

    416

    335

     

     

     

    348

    348

    356

    292

     

     

     

    331

    356

    370

    302

     

     

     

    1,623

    1,344

    1,359

     

     

     

    3%

    1%

     

    Total

     

     

    $2,249

    $3,181

    $3,619

    $2,618

     

     

     

    $2,665

    $3,358

    $3,929

    $2,887

     

     

     

    $2,889

    $3,558

    $4,060

    $3,184

     

     

     

    $11,667

    $12,839

    $13,691

     

     

     

    10%

    7%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue by geography

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    U.S. points of sale

     

     

    $1,656

    $2,208

    $2,358

    $1,717

     

     

     

    $1,748

    $2,172

    $2,440

    $1,787

     

     

     

    $1,793

    $2,246

    $2,435

    $1,898

     

     

     

    $7,939

    $8,147

    $8,372

     

     

     

    6%

    3%

     

    Non-U.S. points of sale

     

     

    593

    973

    1,261

    901

     

     

     

    917

    1,186

    1,489

    1,100

     

     

     

    1,096

    1,312

    1,625

    1,286

     

     

     

    3,728

    4,692

    5,319

     

     

     

    17%

    13%

     

    Total

     

     

    $2,249

    $3,181

    $3,619

    $2,618

     

     

     

    $2,665

    $3,358

    $3,929

    $2,887

     

     

     

    $2,889

    $3,558

    $4,060

    $3,184

     

     

     

    $11,667

    $12,839

    $13,691

     

     

     

    10%

    7%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA by segment(3)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    B2C

     

     

    $188

    $582

    $943

    $411

     

     

     

    $148

    $653

    $1,056

    $468

     

     

     

    $215

    $654

    $1,028

    $537

     

     

     

    $2,124

    $2,325

    $2,434

     

     

     

    15%

    5%

     

    B2B

     

     

    80

    156

    221

    142

     

     

     

    133

    206

    266

    193

     

     

     

    172

    263

    338

    255

     

     

     

    599

    798

    1,028

     

     

     

    32%

    29%

     

    Other(4)

     

     

    (95)

    (90)

    (85)

    (104)

     

     

     

    (96)

    (112)

    (106)

    (129)

     

     

     

    (132)

    (131)

    (116)

    (149)

     

     

     

    (374)

    (443)

    (528)

     

     

     

    15%

    19%

     

    Total

     

     

    $173

    $648

    $1,079

    $449

     

     

     

    $185

    $747

    $1,216

    $532

     

     

     

    $255

    $786

    $1,250

    $643

     

     

     

    $2,349

    $2,680

    $2,934

     

     

     

    21%

    9%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income (loss) attributable to Expedia Group common stockholders(5)

     

     

    $(122)

    $(185)

    $482

    $177

     

     

     

    $(145)

    $385

    $425

    $132

     

     

     

    $(135)

    $386

    $684

    $299

     

     

     

    $352

    $797

    $1,234

     

     

     

    124%

    55%

     

     

    (1) Our advertising and media business consists of Expedia Group ("EG") Media Solutions, which is responsible for generating advertising revenue on our global online travel brands, and third-party revenue for trivago, a leading hotel metasearch site.

    (2) Other revenue primarily includes insurance, car rental, destination services and cruise revenue.

    (3) See the section below titled "Tabular Reconciliations for Non-GAAP Measures — Adjusted EBITDA by segment" for additional details.

    (4) Other is comprised of trivago, corporate and intercompany eliminations.

    (5) Expedia Group does not calculate or report net income (loss) by segment.

     

    Notes:

    • All trivago revenue is classified as Non-U.S. point of sale.
    • Some numbers may not add due to rounding. All percentages throughout this release are calculated on precise, unrounded numbers.

    EXPEDIA GROUP, INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (In millions, except share and per share data)

    (Unaudited)

     

     

    Three months ended

    December 31,

     

    Year ended

    December 31,

     

    2024

     

    2023

     

    2024

     

    2023

     

     

     

     

     

     

     

     

    Revenue

    $

    3,184

     

     

    $

    2,887

     

     

    $

    13,691

     

     

    $

    12,839

     

    Costs and expenses:

     

     

     

     

     

     

     

    Cost of revenue (exclusive of depreciation and amortization shown separately below) (1)

     

    335

     

     

     

    340

     

     

     

    1,443

     

     

     

    1,573

     

    Selling and marketing - direct

     

    1,548

     

     

     

    1,370

     

     

     

    6,846

     

     

     

    6,107

     

    Selling and marketing - indirect (1)

     

    201

     

     

     

    193

     

     

     

    781

     

     

     

    756

     

    Technology and content (1)

     

    322

     

     

     

    357

     

     

     

    1,314

     

     

     

    1,358

     

    General and administrative (1)

     

    210

     

     

     

    199

     

     

     

    805

     

     

     

    771

     

    Depreciation and amortization

     

    212

     

     

     

    208

     

     

     

    838

     

     

     

    807

     

    Impairment of goodwill

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    297

     

    Impairment of intangible assets

     

    114

     

     

     

    114

     

     

     

    147

     

     

     

    129

     

    Legal reserves, occupancy tax and other

     

    18

     

     

     

    2

     

     

     

    118

     

     

     

    8

     

    Restructuring and related reorganization charges (1)

     

    8

     

     

     

    —

     

     

     

    80

     

     

     

    —

     

    Operating income

     

    216

     

     

     

    104

     

     

     

    1,319

     

     

     

    1,033

     

    Other income (expense):

     

     

     

     

     

     

     

    Interest income

     

    50

     

     

     

    45

     

     

     

    235

     

     

     

    207

     

    Interest expense

     

    (62

    )

     

     

    (61

    )

     

     

    (246

    )

     

     

    (245

    )

    Other, net

     

    131

     

     

     

    83

     

     

     

    234

     

     

     

    23

     

    Total other income (expense), net

     

    119

     

     

     

    67

     

     

     

    223

     

     

     

    (15

    )

    Income before income taxes

     

    335

     

     

     

    171

     

     

     

    1,542

     

     

     

    1,018

     

    Provision for income taxes

     

    (34

    )

     

     

    (35

    )

     

     

    (318

    )

     

     

    (330

    )

    Net income

     

    301

     

     

     

    136

     

     

     

    1,224

     

     

     

    688

     

    Net (income) loss attributable to non-controlling interests

     

    (2

    )

     

     

    (4

    )

     

     

    10

     

     

     

    109

     

    Net income attributable to Expedia Group, Inc.

    $

    299

     

     

    $

    132

     

     

    $

    1,234

     

     

    $

    797

     

     

     

     

     

     

     

     

     

    Earnings per share attributable to Expedia Group, Inc. available to common stockholders:

     

     

     

     

     

     

     

    Basic

    $

    2.32

     

     

    $

    0.96

     

     

    $

    9.39

     

     

    $

    5.50

     

    Diluted

     

    2.20

     

     

     

    0.92

     

     

     

    8.95

     

     

     

    5.31

     

    Shares used in computing earnings per share (000's):

     

     

     

     

     

     

     

    Basic

     

    128,569

     

     

     

    138,184

     

     

     

    131,432

     

     

     

    144,967

     

    Diluted

     

    135,732

     

     

     

    144,470

     

     

     

    137,919

     

     

     

    150,228

     

     

     

     

     

     

     

     

     

    (1) Includes stock-based compensation as follows:

     

     

     

     

     

     

     

    Cost of revenue

    $

    3

     

     

    $

    4

     

     

    $

    12

     

     

    $

    14

     

    Selling and marketing

     

    20

     

     

     

    19

     

     

     

    81

     

     

     

    79

     

    Technology and content

     

    34

     

     

     

    33

     

     

     

    154

     

     

     

    138

     

    General and administrative

     

    36

     

     

     

    43

     

     

     

    203

     

     

     

    182

     

    Restructuring and related reorganization charges

     

    —

     

     

     

    —

     

     

     

    8

     

     

     

    —

     

    EXPEDIA GROUP, INC.

    CONSOLIDATED BALANCE SHEETS

    (In millions, except number of shares which are reflected in thousands and par value)

     

     

    December 31, 2024

     

    December 31, 2023

     

    (unaudited)

     

     

    ASSETS

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    4,183

     

     

    $

    4,225

     

    Restricted cash and cash equivalents

     

    1,391

     

     

     

    1,436

     

    Short-term investments

     

    300

     

     

     

    28

     

    Accounts receivable, net of allowance of $55 and $46

     

    3,213

     

     

     

    2,786

     

    Income taxes receivable

     

    39

     

     

     

    47

     

    Prepaid expenses and other current assets

     

    689

     

     

     

    708

     

    Total current assets

     

    9,815

     

     

     

    9,230

     

    Property and equipment, net

     

    2,413

     

     

     

    2,359

     

    Operating lease right-of-use assets

     

    305

     

     

     

    357

     

    Long-term investments and other assets

     

    1,698

     

     

     

    1,238

     

    Deferred income taxes

     

    496

     

     

     

    586

     

    Intangible assets, net

     

    817

     

     

     

    1,023

     

    Goodwill

     

    6,844

     

     

     

    6,849

     

    TOTAL ASSETS

    $

    22,388

     

     

    $

    21,642

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:

     

     

     

    Accounts payable, merchant

    $

    2,031

     

     

    $

    2,041

     

    Accounts payable, other

     

    1,039

     

     

     

    1,077

     

    Deferred merchant bookings

     

    8,517

     

     

     

    7,723

     

    Deferred revenue

     

    164

     

     

     

    164

     

    Income taxes payable

     

    51

     

     

     

    26

     

    Accrued expenses and other current liabilities

     

    766

     

     

     

    752

     

    Current maturities of long-term debt

     

    1,043

     

     

     

    —

     

    Total current liabilities

     

    13,611

     

     

     

    11,783

     

    Long-term debt

     

    5,223

     

     

     

    6,253

     

    Deferred income taxes

     

    19

     

     

     

    33

     

    Operating lease liabilities

     

    265

     

     

     

    314

     

    Other long-term liabilities

     

    471

     

     

     

    473

     

    Commitments and contingencies

     

     

     

    Stockholders' equity:

     

     

     

    Common stock: $.0001 par value; Authorized shares: 1,600,000

     

    —

     

     

     

    —

     

    Shares issued: 287,509 and 282,149; Shares outstanding: 123,271 and 131,522

     

     

     

    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

     

    16,043

     

     

     

    15,398

     

    Treasury stock - Common stock and Class B, at cost; Shares 171,515 and 157,903

     

    (14,856

    )

     

     

    (13,023

    )

    Retained earnings (deficit)

     

    602

     

     

     

    (632

    )

    Accumulated other comprehensive income (loss)

     

    (232

    )

     

     

    (209

    )

    Total Expedia Group, Inc. stockholders' equity

     

    1,557

     

     

     

    1,534

     

    Non-redeemable non-controlling interest

     

    1,242

     

     

     

    1,252

     

    Total stockholders' equity

     

    2,799

     

     

     

    2,786

     

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

    $

    22,388

     

     

    $

    21,642

     

    EXPEDIA GROUP, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In millions)

    (Unaudited)

     

     

    Year ended

    December 31,

     

    2024

     

    2023

    Operating activities:

     

     

     

    Net income

    $

    1,224

     

     

    $

    688

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

    Depreciation of property and equipment, including internal-use software and website development

     

    781

     

     

     

    748

     

    Amortization of stock-based compensation

     

    458

     

     

     

    413

     

    Amortization of intangible assets

     

    57

     

     

     

    59

     

    Impairment of goodwill and intangible assets

     

    147

     

     

     

    426

     

    Deferred income taxes

     

    74

     

     

     

    62

     

    Foreign exchange (gain) loss on cash, restricted cash and short-term investments, net

     

    95

     

     

     

    (16

    )

    Realized loss on foreign currency forwards, net

     

    40

     

     

     

    —

     

    Gain on minority equity investments, net

     

    (289

    )

     

     

    (16

    )

    Other

     

    79

     

     

     

    55

     

    Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:

     

     

     

    Accounts receivable

     

    (467

    )

     

     

    (741

    )

    Prepaid expenses and other assets

     

    67

     

     

     

    98

     

    Accounts payable, merchant

     

    (10

    )

     

     

    332

     

    Accounts payable, other, accrued expenses and other liabilities

     

    (11

    )

     

     

    101

     

    Tax payable/receivable, net

     

    46

     

     

     

    (91

    )

    Deferred merchant bookings

     

    794

     

     

     

    572

     

    Net cash provided by operating activities

     

    3,085

     

     

     

    2,690

     

    Investing activities:

     

     

     

    Capital expenditures, including internal-use software and website development

     

    (756

    )

     

     

    (846

    )

    Purchases of investments

     

    (549

    )

     

     

    (28

    )

    Sales and maturities of investments

     

    78

     

     

     

    49

     

    Other, net

     

    (35

    )

     

     

    25

     

    Net cash used in investing activities

     

    (1,262

    )

     

     

    (800

    )

    Financing activities:

     

     

     

    Purchases of treasury stock

     

    (1,839

    )

     

     

    (2,137

    )

    Proceeds from exercise of equity awards and employee stock purchase plan

     

    116

     

     

     

    101

     

    Other, net

     

    (22

    )

     

     

    (60

    )

    Net cash used in financing activities

     

    (1,745

    )

     

     

    (2,096

    )

    Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents

     

    (165

    )

     

     

    16

     

    Net decrease in cash, cash equivalents and restricted cash and cash equivalents

     

    (87

    )

     

     

    (190

    )

    Cash, cash equivalents and restricted cash and cash equivalents at beginning of year

     

    5,661

     

     

     

    5,851

     

    Cash, cash equivalents and restricted cash and cash equivalents at end of year

    $

    5,574

     

     

    $

    5,661

     

    Supplemental cash flow information

     

     

     

    Cash paid for interest

    $

    231

     

     

    $

    231

     

    Income tax payments, net

     

    184

     

     

     

    281

     

    Notes & Definitions:

    Booked Room Nights: Represents booked hotel room nights and property nights for our B2C reportable segment and booked hotel room nights for our B2B reportable segment. Booked hotel room nights include both merchant and agency hotel room nights. Property nights are related to our alternative accommodation business.

    Booked Air Tickets: Includes both merchant and agency air 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.

    Lodging Metrics: Reported on a booked basis except for revenue, which is on a stayed basis. Lodging consists of both merchant and agency model hotel and alternative accommodations.

    B2C: The B2C segment provides a full range of travel and advertising services to our worldwide customers through a variety of consumer brands including: Expedia, Hotels.com, Vrbo, Orbitz, Travelocity, Wotif Group, ebookers, Hotwire.com, and CarRentals.com.

    B2B: The B2B segment fuels a wide range of travel and non-travel companies including airlines, offline travel agents, online retailers, corporate travel management and financial institutions, who leverage our leading travel technology and tap into our diverse supply to augment their offerings and market Expedia Group rates and availabilities to their travelers.

    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.

    Non-GAAP Measures

    Expedia Group reports Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBIT, Adjusted EBIT Margin, Leverage Ratio, 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 EBIT, 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.

    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 EBIT 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) acquisition-related impacts, including

    (i) 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;

    (5) certain other items, including restructuring;

    (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 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; and

    (7) that portion of gains (losses) on revenue hedging activities that are included in other, net that relate to revenue recognized in the period.

    The above items are excluded from our Adjusted EBIT measure 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 EBIT is a useful measure for analysts and investors to evaluate our future on-going performance as this measure allows a more comprehensive comparison of our performance 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 it allows investors to gain an understanding of the factors and trends affecting profitability, including the ongoing costs to operating our business, which we believe are inclusive of non-cash items such as stock-based compensation.

    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(a):

    (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) 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.

    (a) We use a long-term projected tax rate in the calculation of adjusted net income as we believe this tax rate provides better consistency across reporting periods and produces results that are reflective of Expedia Group's long-term effective tax rate. This projected effective tax rate is a total tax rate, and eliminates the effects of non-recurring and period-specific income tax items which can vary in size and frequency. We apply this tax rate to pretax income, as adjusted commensurate with our Adjusted Net Income definition. Based on our long-term projections, in 2023 and 2024 we are applying a 21.5% effective tax rate to compute Adjusted Net Income.

    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. 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, direct and indirect 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.

    Tabular Reconciliations for Non-GAAP Measures

     

    Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization) by Segment(1)

     

     

    Three months ended December 31, 2024

     

    B2C

     

    B2B

     

    trivago

     

    Corporate &

    Eliminations

     

    Total

     

    (In millions)

    Operating income (loss)

    $

    423

     

     

    $

    215

     

     

    $

    10

     

    $

    (432

    )

     

    $

    216

     

    Realized gain (loss) on revenue hedges

     

    (17

    )

     

     

    (1

    )

     

     

    —

     

     

     

    —

     

     

     

    (18

    )

    Restructuring and related reorganization charges, excluding stock-based compensation

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    8

     

     

     

    8

     

    Legal reserves, occupancy tax and other

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    18

     

     

     

    18

     

    Stock-based compensation

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    93

     

     

     

    93

     

    Impairment of intangible assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    114

     

     

     

    114

     

    Amortization of intangible assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    13

     

     

     

    13

     

    Depreciation

     

    131

     

     

     

    41

     

     

     

    1

     

     

     

    26

     

     

     

    199

     

    Adjusted EBITDA(1)

    $

    537

     

     

    $

    255

     

     

    $

    11

     

     

    $

    (160

    )

     

    $

    643

     

     

    Three months ended December 31, 2023

     

    B2C

     

    B2B

     

    trivago

     

    Corporate &

    Eliminations

     

    Total

     

    (In millions)

    Operating income (loss)

    $

    328

     

    $

    163

     

     

    $

    4

     

    $

    (391

    )

     

    $

    104

    Realized gain (loss) on revenue hedges

     

    7

     

     

     

    (2

    )

     

     

    —

     

     

     

    —

     

     

     

    5

     

    Legal reserves, occupancy tax and other

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2

     

     

     

    2

     

    Stock-based compensation

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    99

     

     

     

    99

     

    Impairment of intangible assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    114

     

     

     

    114

     

    Amortization of intangible assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    15

     

     

     

    15

     

    Depreciation

     

    133

     

     

     

    32

     

     

     

    1

     

     

     

    27

     

     

     

    193

     

    Adjusted EBITDA(1)

    $

    468

     

     

    $

    193

     

     

    $

    5

     

     

    $

    (134

    )

     

    $

    532

     

     

    Year ended December 31, 2024

     

    B2C

     

    B2B

     

    trivago

     

    Corporate &

    Eliminations

     

    Total

     

    (In millions)

    Operating income (loss)

    $

    1,930

     

     

    $

    879

     

    $

    6

     

    $

    (1,496

    )

     

    $

    1,319

     

    Realized gain (loss) on revenue hedges

     

    (22

    )

     

     

    4

     

     

     

    —

     

     

     

    —

     

     

     

    (18

    )

    Restructuring and related reorganization charges, excluding stock-based compensation

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    72

     

     

     

    72

     

    Legal reserves, occupancy tax and other

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    118

     

     

     

    118

     

    Stock-based compensation

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    458

     

     

     

    458

     

    Impairment of intangible assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    147

     

     

     

    147

     

    Amortization of intangible assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    57

     

     

     

    57

     

    Depreciation

     

    526

     

     

     

    145

     

     

     

    5

     

     

     

    105

     

     

     

    781

     

    Adjusted EBITDA(1)

    $

    2,434

     

     

    $

    1,028

     

     

    $

    11

     

     

    $

    (539

    )

     

    $

    2,934

     

     

    Year ended December 31, 2023

     

    B2C

     

    B2B

     

    trivago

     

    Corporate &

    Eliminations

     

    Total

     

    (In millions)

    Operating income (loss)

    $

    1,810

     

     

    $

    681

     

    $

    51

     

    $

    (1,509

    )

     

    $

    1,033

     

    Realized gain (loss) on revenue hedges

     

    (11

    )

     

     

    4

     

     

     

    —

     

     

     

    —

     

     

     

    (7

    )

    Legal reserves, occupancy tax and other

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    8

     

     

     

    8

     

    Stock-based compensation

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    413

     

     

     

    413

     

    Impairment of goodwill

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    297

     

     

     

    297

     

    Impairment of intangible assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    129

     

     

     

    129

     

    Amortization of intangible assets

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    59

     

     

     

    59

     

    Depreciation

     

    526

     

     

     

    113

     

     

     

    5

     

     

     

    104

     

     

     

    748

     

    Adjusted EBITDA(1)

    $

    2,325

     

     

    $

    798

     

     

    $

    56

     

     

    $

    (499

    )

     

    $

    2,680

     

     

    (1) Adjusted EBITDA for our B2C 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 EBIT (Adjusted Earnings Before Interest & Taxes) and Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization)

     

     

     

    Three months ended

    December 31,

     

    Year ended

    December 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

     

     

    (In millions)

    Net income attributable to Expedia Group, Inc.

     

    $

    299

     

     

    $

    132

     

     

    $

    1,234

     

     

    $

    797

     

    Net income (loss) attributable to non-controlling interests

     

     

    2

     

     

     

    4

     

     

     

    (10

    )

     

     

    (109

    )

    Provision for income taxes

     

     

    34

     

     

     

    35

     

     

     

    318

     

     

     

    330

     

    Total other (income) expense, net

     

     

    (119

    )

     

     

    (67

    )

     

     

    (223

    )

     

     

    15

     

    Operating income

     

     

    216

     

     

     

    104

     

     

     

    1,319

     

     

     

    1,033

     

    Gain (loss) on revenue hedges related to revenue recognized

     

     

    (18

    )

     

     

    5

     

     

     

    (18

    )

     

     

    (7

    )

    Restructuring and related reorganization charges, including stock-based compensation

     

     

    8

     

     

     

    —

     

     

     

    80

     

     

     

    —

     

    Legal reserves, occupancy tax and other

     

     

    18

     

     

     

    2

     

     

     

    118

     

     

     

    8

     

    Impairment of goodwill

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    297

     

    Impairment of intangible assets

     

     

    114

     

     

     

    114

     

     

     

    147

     

     

     

    129

     

    Adjusted EBIT

     

     

    338

     

     

     

    225

     

     

     

    1,646

     

     

     

    1,460

     

    Stock-based compensation, excluding restructuring and related reorganization charges

     

     

    93

     

     

     

    99

     

     

     

    450

     

     

     

    413

     

    Depreciation and amortization

     

     

    212

     

     

     

    208

     

     

     

    838

     

     

     

    807

     

    Adjusted EBITDA

     

    $

    643

     

     

    $

    532

     

     

    $

    2,934

     

     

    $

    2,680

     

    Net income margin(1)

     

     

    9.4

    %

     

     

    4.6

    %

     

     

    9.0

    %

     

     

    6.2

    %

    Adjusted EBIT margin(1)

     

     

    10.6

    %

     

     

    7.8

    %

     

     

    12.0

    %

     

     

    11.4

    %

    Adjusted EBITDA margin(1)

     

     

    20.2

    %

     

     

    18.5

    %

     

     

    21.4

    %

     

     

    20.9

    %

     

     

     

     

     

     

     

     

     

    Long-term debt, including current maturities

     

     

     

     

     

    $

    6,266

     

     

    $

    6,253

     

    Long-term debt to net income ratio

     

     

     

     

     

     

    5.1

     

     

     

    7.8

     

     

     

     

     

     

     

     

     

     

    Long-term debt, including current maturities

     

     

     

     

     

    $

    6,266

     

     

    $

    6,253

     

    Unamortized discounts and debt issuance costs

     

     

     

     

     

     

    28

     

     

     

    41

     

    Adjusted debt

     

     

     

     

     

    $

    6,294

     

     

    $

    6,294

     

    Leverage ratio(2)

     

     

     

     

     

     

    2.1

     

     

     

    2.3

     

     

    (1) Net income, Adjusted EBIT and Adjusted EBITDA margins represent net income (loss) attributable to Expedia Group, Inc., Adjusted EBIT or Adjusted EBITDA divided by revenue.

    (2) Leverage ratio represents adjusted debt divided by Adjusted EBITDA.

    Adjusted Net Income & Adjusted EPS

     

     

     

    Three months ended

    December 31,

     

    Year ended

    December 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

     

     

    (In millions, except share and per share data)

    Net income attributable to Expedia Group, Inc.

     

    $

    299

     

     

    $

    132

     

     

    $

    1,234

     

     

    $

    797

     

    Less: Net (income) loss attributable to non-controlling interests

     

     

    (2

    )

     

     

    (4

    )

     

     

    10

     

     

     

    109

     

    Less: Provision for income taxes

     

     

    (34

    )

     

     

    (35

    )

     

     

    (318

    )

     

     

    (330

    )

    Income before income taxes

     

     

    335

     

     

     

    171

     

     

     

    1,542

     

     

     

    1,018

     

    Amortization of intangible assets

     

     

    13

     

     

     

    15

     

     

     

    57

     

     

     

    59

     

    Stock-based compensation

     

     

    93

     

     

     

    99

     

     

     

    458

     

     

     

    413

     

    Legal reserves, occupancy tax and other

     

     

    18

     

     

     

    2

     

     

     

    118

     

     

     

    8

     

    Restructuring and related reorganization charges, excluding stock-based compensation

     

     

    8

     

     

     

    —

     

     

     

    72

     

     

     

    —

     

    Impairment of goodwill

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    297

     

    Impairment of intangible assets

     

     

    114

     

     

     

    114

     

     

     

    147

     

     

     

    129

     

    Unrealized (gain) loss on revenue hedges

     

     

    (7

    )

     

     

    2

     

     

     

    (23

    )

     

     

    13

     

    (Gain) loss on minority equity investments, net

     

     

    (168

    )

     

     

    (89

    )

     

     

    (289

    )

     

     

    (16

    )

    TripAdvisor tax indemnification adjustment

     

     

    —

     

     

     

    —

     

     

     

    (6

    )

     

     

    (67

    )

    Gain on sale of businesses and cost investments

     

     

    —

     

     

     

    (1

    )

     

     

    (5

    )

     

     

    (25

    )

    Adjusted income before income taxes

     

     

    406

     

     

     

    313

     

     

     

    2,071

     

     

     

    1,829

     

     

     

     

     

     

     

     

     

     

    GAAP Provision for income taxes

     

     

    (34

    )

     

     

    (35

    )

     

     

    (318

    )

     

     

    (330

    )

    Provision for income taxes for adjustments

     

     

    (53

    )

     

     

    (32

    )

     

     

    (127

    )

     

     

    (63

    )

    Total Adjusted provision for income taxes

     

     

    (87

    )

     

     

    (67

    )

     

     

    (445

    )

     

     

    (393

    )

    Total Adjusted income tax rate

     

     

    21.5

    %

     

     

    21.5

    %

     

     

    21.5

    %

     

     

    21.5

    %

     

     

     

     

     

     

     

     

     

    Non-controlling interests

     

     

    (4

    )

     

     

    (4

    )

     

     

    (4

    )

     

     

    (18

    )

    Adjusted net income attributable to Expedia Group, Inc.

     

    $

    315

     

     

    $

    242

     

     

    $

    1,622

     

     

    $

    1,418

     

     

     

     

     

     

     

     

     

     

    GAAP diluted earnings per share

     

     

    2.20

     

     

     

    0.92

     

     

     

    8.95

     

     

     

    5.31

     

    Amortization of intangible assets

     

     

    0.09

     

     

     

    0.10

     

     

     

    0.42

     

     

     

    0.40

     

    Stock-based compensation

     

     

    0.71

     

     

     

    0.71

     

     

     

    3.42

     

     

     

    2.82

     

    Legal reserves, occupancy tax and other

     

     

    0.14

     

     

     

    0.01

     

     

     

    0.88

     

     

     

    0.05

     

    Restructuring and related reorganization charges, excluding stock-based compensation

     

     

    0.06

     

     

     

    —

     

     

     

    0.54

     

     

     

    —

     

    Impairment of goodwill

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2.03

     

    Impairment of intangible assets

     

     

    0.86

     

     

     

    0.81

     

     

     

    1.10

     

     

     

    0.88

     

    Unrealized (gain) loss on revenue hedges

     

     

    (0.05

    )

     

     

    0.02

     

     

     

    (0.17

    )

     

     

    0.10

     

    (Gain) loss on minority equity investments, net

     

     

    (1.27

    )

     

     

    (0.64

    )

     

     

    (2.16

    )

     

     

    (0.11

    )

    TripAdvisor tax indemnification adjustment

     

     

    —

     

     

     

    —

     

     

     

    (0.05

    )

     

     

    (0.46

    )

    Gain on sale of businesses and cost investments

     

     

    —

     

     

     

    (0.01

    )

     

     

    (0.04

    )

     

     

    (0.17

    )

    Income tax effects and adjustments

     

     

    (0.41

    )

     

     

    (0.23

    )

     

     

    (0.95

    )

     

     

    (0.43

    )

    Non-controlling interest

     

     

    (0.01

    )

     

     

    —

     

     

     

    (0.10

    )

     

     

    (0.87

    )

    Adjustment to GAAP dilutive securities (1)

     

     

    0.07

     

     

     

    0.03

     

     

     

    0.26

     

     

     

    0.14

     

    Adjusted earnings per share(2)

     

    $

    2.39

     

     

    $

    1.72

     

     

    $

    12.11

     

     

    $

    9.69

     

     

     

     

     

     

     

     

     

     

    GAAP diluted weighted average shares outstanding (000's)

     

     

    135,732

     

     

     

    144,470

     

     

     

    137,919

     

     

     

    150,228

     

    Adjustment to dilutive securities (000's)

     

     

    (3,921

    )

     

     

    (3,921

    )

     

     

    (3,921

    )

     

     

    (3,921

    )

    Adjusted weighted average shares outstanding (000's)

     

     

    131,811

     

     

     

    140,549

     

     

     

    133,998

     

     

     

    146,307

     

     

     

     

     

     

     

     

     

     

    Ex-trivago Adjusted Net Income and Adjusted EPS

     

     

     

     

     

     

     

     

    Adjusted net income attributable to Expedia Group, Inc.

     

    $

    315

     

     

    $

    242

     

     

    $

    1,622

     

     

    $

    1,418

     

    Less: Adjusted net income attributable to trivago

     

     

    5

     

     

     

    2

     

     

     

    4

     

     

     

    27

     

    Adjusted net income excluding trivago

     

    $

    310

     

     

    $

    240

     

     

    $

    1,618

     

     

    $

    1,391

     

     

     

     

     

     

     

     

     

     

    Adjusted earnings per share attributable to Expedia Group, Inc.

     

    $

    2.39

     

     

    $

    1.72

     

     

    $

    12.11

     

     

    $

    9.69

     

    Less: Adjusted earnings per share attributable to trivago

     

     

    0.04

     

     

     

    0.01

     

     

     

    0.03

     

     

     

    0.18

     

    Adjusted earnings per share excluding trivago(2)

     

    $

    2.35

     

     

    $

    1.71

     

     

    $

    12.07

     

     

    $

    9.50

     

     

    (1) In periods for which we have Adjusted net income, the GAAP diluted average shares and diluted earnings (loss) per share is presented adjusted for our convertible debt instruments per the treasury stock method.

    (2) Share and per share numbers may not add due to rounding

    Free Cash Flow

     

     

     

    Three months ended

    December 31,

     

    Year ended

    December 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

     

     

    (In millions)

    Net cash provided by (used in) operating activities

     

    $

    198

     

     

    $

    (238

    )

     

    $

    3,085

     

     

    $

    2,690

     

    Less: Total capital expenditures

     

     

    (191

    )

     

     

    (177

    )

     

     

    (756

    )

     

     

    (846

    )

    Free cash flow

     

    $

    7

     

     

    $

    (415

    )

     

    $

    2,329

     

     

    $

    1,844

     

    Adjusted Expenses (Cost of revenue, direct and indirect selling and marketing, technology and content and general and administrative expenses)

     

     

     

    Three months ended

    December 31,

     

    Year ended

    December 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

     

     

    (In millions)

    Cost of revenue

     

    $

    335

     

    $

    340

     

    $

    1,443

     

    $

    1,573

    Less: stock-based compensation

     

     

    3

     

     

     

    4

     

     

     

    12

     

     

     

    14

     

    Adjusted cost of revenue

     

    $

    332

     

     

    $

    336

     

     

    $

    1,431

     

     

    $

    1,559

     

    Less: trivago cost of revenue(1)

     

     

    3

     

     

     

    3

     

     

     

    16

     

     

     

    17

     

    Adjusted cost of revenue excluding trivago

     

    $

    329

     

     

    $

    333

     

     

    $

    1,415

     

     

    $

    1,542

     

     

     

     

     

     

     

     

     

     

    Selling and marketing - direct

     

    $

    1,548

     

     

    $

    1,370

     

     

    $

    6,846

     

     

    $

    6,107

     

    Less: trivago selling and marketing - direct(2)

     

     

    30

     

     

     

    32

     

     

     

    199

     

     

     

    173

     

    Adjusted selling and marketing excluding trivago - direct

     

    $

    1,518

     

     

    $

    1,338

     

     

    $

    6,647

     

     

    $

    5,934

     

     

     

     

     

     

     

     

     

     

    Selling and marketing - indirect

     

    $

    201

     

     

    $

    193

     

     

    $

    781

     

     

    $

    756

     

    Less: stock-based compensation

     

     

    20

     

     

     

    19

     

     

     

    81

     

     

     

    79

     

    Adjusted selling and marketing expense - indirect

     

    $

    181

     

     

    $

    174

     

     

    $

    700

     

     

    $

    677

     

    Less: trivago selling and marketing - indirect(1)

     

     

    3

     

     

     

    3

     

     

     

    11

     

     

     

    11

     

    Adjusted selling and marketing trivago - indirect

     

    $

    178

     

     

    $

    171

     

     

    $

    689

     

     

    $

    666

     

     

     

     

     

     

     

     

     

     

    Technology and content

     

    $

    322

     

     

    $

    357

     

     

    $

    1,314

     

     

    $

    1,358

     

    Less: stock-based compensation

     

     

    34

     

     

     

    33

     

     

     

    154

     

     

     

    138

     

    Adjusted technology and content

     

    $

    288

     

     

    $

    324

     

     

    $

    1,160

     

     

    $

    1,220

     

    Less: trivago technology and content(1)

     

     

    12

     

     

     

    12

     

     

     

    47

     

     

     

    46

     

    Adjusted technology and content excluding trivago

     

    $

    276

     

     

    $

    312

     

     

    $

    1,113

     

     

    $

    1,174

     

     

     

     

     

     

     

     

     

     

    General and administrative

     

    $

    210

     

     

    $

    199

     

     

    $

    805

     

     

    $

    771

     

    Less: stock-based compensation

     

     

    36

     

     

     

    43

     

     

     

    203

     

     

     

    182

     

    Adjusted general and administrative

     

    $

    174

     

     

    $

    156

     

     

    $

    602

     

     

    $

    589

     

    Less: trivago general and administrative(1)

     

     

    7

     

     

     

    10

     

     

     

    30

     

     

     

    34

     

    Adjusted general and administrative excluding trivago

     

    $

    167

     

     

    $

    146

     

     

    $

    572

     

     

    $

    555

     

     

     

     

     

     

     

     

     

     

    Total adjusted overhead(3)

     

    $

    643

     

     

    $

    654

     

     

    $

    2,462

     

     

    $

    2,486

     

     

    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 B2C direct marketing spend on trivago eliminated in consolidation.

    (3) Total adjusted overhead expenses is the sum of adjusted expenses for Selling and marketing - indirect, Technology and content, and General and administrative.

    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 February 6, 2025. 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.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250206693072/en/

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