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Delaware
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001-37429
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20-2705720
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company ☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Title of each class
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Trading symbol(s)
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Name of each exchange on which registered
|
Common stock, $0.0001 par value
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EXPE
|
The Nasdaq Global Select Market
|
Expedia Group, Inc. 2.500% Senior Notes due 2022
|
EXPE22
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New York Stock Exchange
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|
Exhibit
Number
|
|
Description
|
|
|
EXPEDIA GROUP, INC.
|
|
|
|
|
|
By:
|
/s/ ALAN PICKERILL
|
|
|
Alan Pickerill
|
|
|
Chief Financial Officer
|
•
|
Gross bookings
increased
8%
and revenue
increased
4%
year-over-year. Excluding the impact of foreign exchange, gross bookings increased 11% and revenue increased 7% year-over-year.
(1)
|
•
|
Expedia Group's net loss improved
25%
and Adjusted EBITDA grew
42%
year-over-year.
|
•
|
Total stayed lodging room nights
increased
9%
year-over-year.
|
•
|
Expedia Group exceeded
1.1 million
properties available on its core lodging platform as of
March 31, 2019
, including approximately
460,000
integrated Vrbo listings.
|
•
|
In April, Expedia Group agreed to acquire Liberty Expedia Holdings, Inc. in an all-stock transaction. As a result of the transaction Expedia Group expects to retire approximately 3.1 million shares.
|
|
Expedia Group (excluding trivago)
(2)
|
Expedia Group, Inc.
|
||||
Metric
|
Q1 2019
|
Q1 2018
|
Δ Y/Y
|
Q1 2019
|
Q1 2018
|
Δ Y/Y
|
Room night growth
|
9%
|
15%
|
(605) bps
|
9%
|
15%
|
(605) bps
|
Gross bookings
|
$29,409
|
$27,196
|
8%
|
$29,409
|
$27,196
|
8%
|
Revenue
|
2,457
|
2,311
|
6%
|
2,609
|
2,508
|
4%
|
Operating loss
|
(146)
|
(129)
|
(14)%
|
(131)
|
(165)
|
21%
|
Net loss attributable to Expedia Group
|
|
|
|
(103)
|
(137)
|
25%
|
Diluted loss per share
|
|
|
|
$(0.69)
|
$(0.91)
|
23%
|
Adjusted EBITDA
(1)
|
152
|
152
|
—%
|
176
|
124
|
42%
|
Adjusted net income (loss)
(1)
|
(52)
|
(54)
|
4%
|
(40)
|
(69)
|
42%
|
Adjusted EPS
(1)
|
$(0.35)
|
$(0.36)
|
1%
|
$(0.27)
|
$(0.46)
|
41%
|
Free cash flow
(1)
|
|
|
|
1,875
|
1,484
|
26%
|
|
Gross Bookings
|
|
|
Revenue
|
||||||||||||||||
|
First Quarter
|
|
|
First Quarter
|
||||||||||||||||
|
2019
|
|
2018
|
|
Δ%
|
|
|
2019
|
|
2018
|
|
Δ%
|
||||||||
Core OTA
|
$
|
23,029
|
|
|
$
|
21,171
|
|
|
9%
|
|
|
$
|
2,037
|
|
|
$
|
1,926
|
|
|
6%
|
Vrbo
|
4,163
|
|
|
3,947
|
|
|
5%
|
|
|
267
|
|
|
234
|
|
|
14%
|
||||
Egencia
|
2,217
|
|
|
2,078
|
|
|
7%
|
|
|
153
|
|
|
151
|
|
|
2%
|
||||
Expedia Group (excluding trivago)
|
$
|
29,409
|
|
|
$
|
27,196
|
|
|
8%
|
|
|
$
|
2,457
|
|
|
$
|
2,311
|
|
|
6%
|
trivago
|
—
|
|
|
—
|
|
|
—%
|
|
|
237
|
|
|
319
|
|
|
(26)%
|
||||
Intercompany eliminations
|
—
|
|
|
—
|
|
|
—%
|
|
|
(85
|
)
|
|
(122
|
)
|
|
30%
|
||||
Total
|
$
|
29,409
|
|
|
$
|
27,196
|
|
|
8%
|
|
|
$
|
2,609
|
|
|
$
|
2,508
|
|
|
4%
|
|
Costs and Expenses
|
|
|
As a % of Revenue
|
||||||||||||||||
|
First Quarter
|
|
|
First Quarter
|
||||||||||||||||
|
2019
|
|
2018
|
|
Δ%
|
|
|
2019
|
|
2018
|
|
Δ (bps)
|
||||||||
Generally Accepted Accounting Principles (GAAP) Expenses - Expedia Group
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenue
|
$
|
513
|
|
|
$
|
487
|
|
|
5
|
%
|
|
|
19.7
|
%
|
|
19.4
|
%
|
|
25
|
|
Selling and marketing
|
1,535
|
|
|
1,516
|
|
|
1
|
%
|
|
|
58.8
|
%
|
|
60.4
|
%
|
|
(163
|
)
|
||
Technology and content
|
429
|
|
|
396
|
|
|
9
|
%
|
|
|
16.5
|
%
|
|
15.8
|
%
|
|
68
|
|
||
General and administrative
|
191
|
|
|
199
|
|
|
(4
|
)%
|
|
|
7.3
|
%
|
|
7.9
|
%
|
|
(61
|
)
|
||
Total GAAP costs and expenses
|
$
|
2,668
|
|
|
$
|
2,598
|
|
|
3
|
%
|
|
|
102.3
|
%
|
|
103.6
|
%
|
|
(130
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Expenses - Expedia Group
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenue*
|
$
|
487
|
|
|
$
|
458
|
|
|
6
|
%
|
|
|
18.7
|
%
|
|
18.2
|
%
|
|
43
|
|
Selling and marketing*
|
1,510
|
|
|
1,494
|
|
|
1
|
%
|
|
|
57.9
|
%
|
|
59.6
|
%
|
|
(170
|
)
|
||
Technology and content
|
278
|
|
|
262
|
|
|
6
|
%
|
|
|
10.7
|
%
|
|
10.4
|
%
|
|
22
|
|
||
General and administrative*
|
161
|
|
|
167
|
|
|
(4
|
)%
|
|
|
6.2
|
%
|
|
6.7
|
%
|
|
(51
|
)
|
||
Total adjusted costs and expenses
|
$
|
2,436
|
|
|
$
|
2,381
|
|
|
2
|
%
|
|
|
93.4
|
%
|
|
94.9
|
%
|
|
(155
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Expenses - Expedia Group (excluding trivago)**
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenue*
|
$
|
485
|
|
|
$
|
456
|
|
|
7
|
%
|
|
|
19.7
|
%
|
|
19.7
|
%
|
|
5
|
|
Selling and marketing*
|
1,411
|
|
|
1,302
|
|
|
8
|
%
|
|
|
57.4
|
%
|
|
56.4
|
%
|
|
108
|
|
||
Technology and content
|
261
|
|
|
245
|
|
|
7
|
%
|
|
|
10.6
|
%
|
|
10.6
|
%
|
|
4
|
|
||
General and administrative*
|
151
|
|
|
153
|
|
|
(2
|
)%
|
|
|
6.1
|
%
|
|
6.6
|
%
|
|
(51
|
)
|
||
Total adjusted costs and expenses excluding trivago
|
$
|
2,308
|
|
|
$
|
2,156
|
|
|
7
|
%
|
|
|
94.0
|
%
|
|
93.3
|
%
|
|
66
|
|
•
|
For the
first
quarter of
2019
, total GAAP and adjusted cost of revenue
increased
5%
and
6%
, respectively, compared to the
first
quarter of
2018
, primarily due to an increase in customer operations expenses, primarily at Expedia Partner Solutions and Egencia, as well as an increase in cloud expense. Cloud expense in cost of revenue was $32 million during the first quarter of 2019 compared to $23 million in the first quarter of 2018.
|
•
|
For the
first
quarter of
2019
, both total GAAP and adjusted selling and marketing expense
increased
1%
compared to the
first
quarter of
2018
, primarily due to a
$22 million
increase in direct costs partly offset by a decrease in indirect costs. Indirect costs represented 18% of total GAAP selling and marketing costs and 16% of total adjusted selling and marketing expense in the
first
quarter of
2019
compared to 18% and 17%, respectively, in the
first
quarter of
2018
.
|
•
|
Adjusted selling and marketing expense excluding trivago
increased
8%
in the first quarter of
2019
reflecting higher direct costs at Vrbo, Expedia Partner Solutions and Brand Expedia. The increase was partly offset by a decline in indirect selling and marketing costs.
|
•
|
For the
first
quarter of
2019
, total GAAP and adjusted technology and content expense
increased
9%
and
6%
, respectively, compared to the
first
quarter of
2018
, primarily due to investments in our ecommerce platform and products. The growth in GAAP technology and content expense includes an increase in depreciation and amortization of technology assets, which is excluded from adjusted expenses. Cloud
|
•
|
For the
first
quarter of
2019
, both total GAAP and adjusted general and administrative expense
decreased
4%
compared to the
first
quarter of
2018
, primarily driven by declines at trivago, as well as lower people costs.
|
|
First Quarter
|
||||||||
|
2019
|
|
2018
|
|
Δ%
|
||||
Core OTA
|
$
|
344
|
|
|
$
|
323
|
|
|
6%
|
Vrbo
|
(40
|
)
|
|
(21
|
)
|
|
(85)%
|
||
Egencia
|
29
|
|
|
27
|
|
|
9%
|
||
Unallocated overhead costs
|
(181
|
)
|
|
(177
|
)
|
|
(3)%
|
||
Expedia Group (excluding trivago)
|
$
|
152
|
|
|
$
|
152
|
|
|
—%
|
trivago
(1)
|
24
|
|
|
(28
|
)
|
|
NM
|
||
Total Adjusted EBITDA
|
$
|
176
|
|
|
$
|
124
|
|
|
42%
|
|
|
|
|
|
|
||||
Net loss attributable to Expedia Group
(2)
|
$
|
(103
|
)
|
|
$
|
(137
|
)
|
|
25%
|
•
|
In April,
Expedia Group agreed to acquire Liberty Expedia Holdings, Inc.
in an all-stock transaction. As a result of the transaction Expedia Group will simplify and improve its corporate and governance structure and
expects to retire approximately 3.1 million shares
.
|
•
|
Expedia Group exceeded 1.1 million properties available on its core lodging platform
as of March 31, 2019, including approximately 460,000 integrated Vrbo listings.
Vrbo now offers over 1.9 million online bookable listings
.
|
•
|
Fitch Ratings upgraded Expedia Group’s credit to "BBB"
from "BBB-" following Expedia Group's announcement of the agreement to acquire Liberty Expedia Holdings, Inc.
|
•
|
Expedia Group and Marriott International signed a new, expanded multi-year partnership
with mutually beneficial economic terms. The agreement continues the companies’ long-standing distribution arrangement as well as
expands Expedia Group’s role related to Vacations by Marriott, adds Marriott inventory to Hotwire and leverages Expedia Group’s technology capabilities for an innovative distribution arrangement
expected to launch in the fourth quarter.
|
•
|
Brand Expedia recorded triple digit mobile app room night growth
in the first quarter in
Japan
driven by locally relevant Golden Week initiatives.
|
•
|
Hotels.com agreed to a new partnership with CTBC Bank in Taiwan
. CTBC Bank LINE Pay Co-Branded Card customers can earn LINE Points on Hotels.com stays through the end of 2019.
|
•
|
Expedia Partner Solutions released a new version of their versatile API, Rapid
. Rapid Version 2.2 includes a Recommendations API allowing partners to offer real-time, hotel-based recommendations based on Expedia Partner Solutions machine learning, among other features.
|
•
|
Expedia Partner Solutions
commenced an exclusive
agreement with Air Europa. Air Europa has integrated with Expedia Partner Solutions’ template Hotels.com for Partners
to offer competitive flight and hotel packages for their travelers.
|
•
|
CarRentals.com added cross-sell
to display hotel choices from Brand Expedia,
employing Brand Expedia attach technology to improve its offering
to customers.
|
•
|
Expedia Group Media Solutions and Brand USA’s Sound Travels campaign won The Drum Marketing Award
for Best Leisure and Travel Marketing campaign
|
•
|
Royal Caribbean International awarded Expedia Group its 2018 President’s Award
for Overall Achievement.
|
•
|
In March,
Vrbo introduced a new logo
that is inspired by travel and changed the pronunciation to
“ver-boh.”
In celebration of the brand’s new look and pronunciation, Vrbo introduced a new integrated marketing campaign that includes both TV and digital advertising in the U.S. The
HomeAway segment is now known as Vrbo
.
|
•
|
Vrbo introduced Trip Boards and a refreshed Vrbo app
. Trip Boards make it easier for families and friends to plan and travel together and the app now supports push notifications and a new virtual assistant that can answer commonly asked questions about a listing.
|
•
|
Vrbo now offers over 1.2 million instantly bookable listings
and grew stayed property nights 8% in the first quarter.
|
•
|
trivago
continued to grow its alternative accommodation inventory and
now has more than 1.8 million alternative accommodation properties listed
.
|
•
|
trivago is now live on Google Hotel Ads in over 50 markets
.
|
•
|
Egencia introduced Hotel Conversations
, a business travel industry first,
enabling direct two-way conversations between business travelers and hoteliers
.
|
•
|
The newly released
Egencia Air and Hotel packages offering
helps companies
leverage the capabilities of Expedia Group and its relationship with hoteliers to save money
and give business travelers access to more top-rated hotels after they book their flight.
|
|
Three months ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
|
|
|
|
||||
Revenue
|
$
|
2,609
|
|
|
$
|
2,508
|
|
Costs and expenses:
|
|
|
|
||||
Cost of revenue
(1) (2)
|
513
|
|
|
487
|
|
||
Selling and marketing
(1) (2)
|
1,535
|
|
|
1,516
|
|
||
Technology and content
(1) (2)
|
429
|
|
|
396
|
|
||
General and administrative
(1) (2)
|
191
|
|
|
199
|
|
||
Amortization of intangible assets
|
52
|
|
|
72
|
|
||
Legal reserves, occupancy tax and other
|
10
|
|
|
3
|
|
||
Restructuring and related reorganization charges
|
10
|
|
|
—
|
|
||
Operating loss
|
(131
|
)
|
|
(165
|
)
|
||
Other income (expense):
|
|
|
|
||||
Interest income
|
11
|
|
|
11
|
|
||
Interest expense
|
(41
|
)
|
|
(51
|
)
|
||
Other, net
|
20
|
|
|
36
|
|
||
Total other expense, net
|
(10
|
)
|
|
(4
|
)
|
||
Loss before income taxes
|
(141
|
)
|
|
(169
|
)
|
||
Provision for income taxes
|
41
|
|
|
20
|
|
||
Net loss
|
(100
|
)
|
|
(149
|
)
|
||
Net (income) loss attributable to non-controlling interests
|
(3
|
)
|
|
12
|
|
||
Net loss attributable to Expedia Group, Inc.
|
$
|
(103
|
)
|
|
$
|
(137
|
)
|
|
|
|
|
||||
Loss per share attributable to Expedia Group, Inc. available to common stockholders:
|
|
|
|
||||
Basic
|
$
|
(0.69
|
)
|
|
$
|
(0.91
|
)
|
Diluted
|
(0.69
|
)
|
|
(0.91
|
)
|
||
Shares used in computing loss per share (000's):
|
|
|
|
||||
Basic
|
147,882
|
|
|
151,817
|
|
||
Diluted
|
147,882
|
|
|
151,817
|
|
||
_________
|
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,708
|
|
|
$
|
2,443
|
|
Restricted cash and cash equivalents
|
447
|
|
|
259
|
|
||
Short-term investments
|
466
|
|
|
28
|
|
||
Accounts receivable, net of allowance of $40 and $34
|
2,617
|
|
|
2,151
|
|
||
Income taxes receivable
|
146
|
|
|
24
|
|
||
Prepaid expenses and other current assets
|
318
|
|
|
292
|
|
||
Total current assets
|
7,702
|
|
|
5,197
|
|
||
Property and equipment, net
|
1,828
|
|
|
1,877
|
|
||
Operating lease right-of-use assets
|
537
|
|
|
—
|
|
||
Long-term investments and other assets
|
804
|
|
|
778
|
|
||
Deferred income taxes
|
47
|
|
|
69
|
|
||
Intangible assets, net
|
1,936
|
|
|
1,992
|
|
||
Goodwill
|
8,109
|
|
|
8,120
|
|
||
TOTAL ASSETS
|
$
|
20,963
|
|
|
$
|
18,033
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts payable, merchant
|
$
|
1,736
|
|
|
$
|
1,699
|
|
Accounts payable, other
|
1,033
|
|
|
788
|
|
||
Deferred merchant bookings
|
6,612
|
|
|
4,327
|
|
||
Deferred revenue
|
533
|
|
|
364
|
|
||
Income taxes payable
|
25
|
|
|
74
|
|
||
Accrued expenses and other current liabilities
|
787
|
|
|
808
|
|
||
Total current liabilities
|
10,726
|
|
|
8,060
|
|
||
Long-term debt, excluding current maturities
|
3,704
|
|
|
3,717
|
|
||
Deferred income taxes
|
66
|
|
|
69
|
|
||
Operating lease liabilities
|
472
|
|
|
—
|
|
||
Other long-term liabilities
|
332
|
|
|
506
|
|
||
Commitments and contingencies
|
|
|
|
||||
Redeemable non-controlling interests
|
29
|
|
|
30
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock $.0001 par value
|
—
|
|
|
—
|
|
||
Authorized shares: 1,600,000
|
|
|
|
||||
Shares issued: 233,294 and 231,493; Shares outstanding: 135,938 and 134,334
|
|
|
|
||||
Class B common stock $.0001 par value
|
—
|
|
|
—
|
|
||
Authorized shares: 400,000
|
|
|
|
||||
Shares issued and outstanding: 12,800 and 12,800
|
|
|
|
||||
Additional paid-in capital
|
9,694
|
|
|
9,549
|
|
||
Treasury stock - Common stock, at cost
|
(5,767
|
)
|
|
(5,742
|
)
|
||
Shares: 97,356 and 97,159
|
|
|
|
||||
Retained earnings
|
373
|
|
|
517
|
|
||
Accumulated other comprehensive income (loss)
|
(217
|
)
|
|
(220
|
)
|
||
Total Expedia Group, Inc. stockholders’ equity
|
4,083
|
|
|
4,104
|
|
||
Non-redeemable non-controlling interests
|
1,551
|
|
|
1,547
|
|
||
Total stockholders’ equity
|
5,634
|
|
|
5,651
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
20,963
|
|
|
$
|
18,033
|
|
|
Three months ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Operating activities:
|
|
|
|
||||
Net loss
|
$
|
(100
|
)
|
|
$
|
(149
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Depreciation of property and equipment, including internal-use software and website development
|
176
|
|
|
167
|
|
||
Amortization of stock-based compensation
|
56
|
|
|
50
|
|
||
Amortization and impairment of intangible assets
|
52
|
|
|
72
|
|
||
Deferred income taxes
|
17
|
|
|
88
|
|
||
Foreign exchange (gain) loss on cash, restricted cash and short-term investments, net
|
5
|
|
|
(5
|
)
|
||
Realized gain on foreign currency forwards
|
(7
|
)
|
|
(8
|
)
|
||
Gain on minority equity investments, net
|
(22
|
)
|
|
(37
|
)
|
||
Other
|
(7
|
)
|
|
(3
|
)
|
||
Changes in operating assets and liabilities, net of effects from acquisitions:
|
|
|
|
||||
Accounts receivable
|
(468
|
)
|
|
(345
|
)
|
||
Prepaid expenses and other assets
|
(23
|
)
|
|
(57
|
)
|
||
Accounts payable, merchant
|
39
|
|
|
(127
|
)
|
||
Accounts payable, other, accrued expenses and other liabilities
|
146
|
|
|
38
|
|
||
Tax payable/receivable, net
|
(169
|
)
|
|
(178
|
)
|
||
Deferred merchant bookings
|
2,285
|
|
|
2,027
|
|
||
Deferred revenue
|
169
|
|
|
143
|
|
||
Net cash provided by operating activities
|
2,149
|
|
|
1,676
|
|
||
Investing activities:
|
|
|
|
||||
Capital expenditures, including internal-use software and website development
|
(274
|
)
|
|
(192
|
)
|
||
Purchases of investments
|
(438
|
)
|
|
(867
|
)
|
||
Sales and maturities of investments
|
—
|
|
|
317
|
|
||
Other, net
|
6
|
|
|
14
|
|
||
Net cash used in investing activities
|
(706
|
)
|
|
(728
|
)
|
||
Financing activities:
|
|
|
|
||||
Purchases of treasury stock
|
(25
|
)
|
|
(202
|
)
|
||
Payment of dividends to stockholders
|
(47
|
)
|
|
(46
|
)
|
||
Proceeds from exercise of equity awards and employee stock purchase plan
|
91
|
|
|
20
|
|
||
Other, net
|
2
|
|
|
(8
|
)
|
||
Net cash provided by (used in) financing activities
|
21
|
|
|
(236
|
)
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents
|
(11
|
)
|
|
17
|
|
||
Net increase in cash, cash equivalents and restricted cash and cash equivalents
|
1,453
|
|
|
729
|
|
||
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period
|
2,705
|
|
|
2,917
|
|
||
Cash, cash equivalents and restricted cash and cash equivalents at end of period
|
$
|
4,158
|
|
|
$
|
3,646
|
|
Supplemental cash flow information
|
|
|
|
||||
Cash paid for interest
|
$
|
71
|
|
|
$
|
86
|
|
Income tax payments, net
|
105
|
|
|
67
|
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
Y / Y
|
|
|
|||||||||||||||||||||
|
|
|
Q2
|
Q3
|
Q4
|
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
|
|
|
Q1
|
|
|
|
Growth
|
|
|
||||||||||||||||
Gross bookings by segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Core OTA
|
|
|
$
|
18,954
|
|
$
|
18,456
|
|
$
|
16,182
|
|
|
|
|
$
|
21,171
|
|
$
|
21,011
|
|
$
|
20,217
|
|
$
|
17,921
|
|
|
|
|
$
|
23,029
|
|
|
|
|
9%
|
|
|
Vrbo
|
|
|
2,123
|
|
2,013
|
|
1,913
|
|
|
|
|
3,947
|
|
2,814
|
|
2,496
|
|
2,192
|
|
|
|
|
4,163
|
|
|
|
|
5%
|
|
|
||||||||
Egencia
|
|
|
1,761
|
|
1,728
|
|
1,670
|
|
|
|
|
2,078
|
|
2,073
|
|
1,963
|
|
1,844
|
|
|
|
|
2,217
|
|
|
|
|
7%
|
|
|
||||||||
Total
|
|
|
$
|
22,838
|
|
$
|
22,197
|
|
$
|
19,766
|
|
|
|
|
$
|
27,196
|
|
$
|
25,898
|
|
$
|
24,676
|
|
$
|
21,957
|
|
|
|
|
$
|
29,409
|
|
|
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Gross bookings by geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Domestic
|
|
|
$
|
14,730
|
|
$
|
13,540
|
|
$
|
11,800
|
|
|
|
|
$
|
16,582
|
|
$
|
16,213
|
|
$
|
15,232
|
|
$
|
13,362
|
|
|
|
|
$
|
18,363
|
|
|
|
|
11%
|
|
|
International
|
|
|
8,108
|
|
8,657
|
|
7,966
|
|
|
|
|
10,614
|
|
9,685
|
|
9,444
|
|
8,595
|
|
|
|
|
11,046
|
|
|
|
|
4%
|
|
|
||||||||
Total
|
|
|
$
|
22,838
|
|
$
|
22,197
|
|
$
|
19,766
|
|
|
|
|
$
|
27,196
|
|
$
|
25,898
|
|
$
|
24,676
|
|
$
|
21,957
|
|
|
|
|
$
|
29,409
|
|
|
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Gross bookings by business model
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Agency
|
|
|
$
|
11,168
|
|
$
|
10,392
|
|
$
|
9,493
|
|
|
|
|
$
|
12,445
|
|
$
|
12,290
|
|
$
|
11,442
|
|
$
|
10,688
|
|
|
|
|
$
|
13,727
|
|
|
|
|
10%
|
|
|
Merchant
|
|
|
9,546
|
|
9,792
|
|
8,360
|
|
|
|
|
10,803
|
|
10,794
|
|
10,739
|
|
9,077
|
|
|
|
|
11,519
|
|
|
|
|
7%
|
|
|
||||||||
Vrbo
|
|
|
2,123
|
|
2,013
|
|
1,913
|
|
|
|
|
3,947
|
|
2,814
|
|
2,496
|
|
2,192
|
|
|
|
|
4,163
|
|
|
|
|
5%
|
|
|
||||||||
Total
|
|
|
$
|
22,838
|
|
$
|
22,197
|
|
$
|
19,766
|
|
|
|
|
$
|
27,196
|
|
$
|
25,898
|
|
$
|
24,676
|
|
$
|
21,957
|
|
|
|
|
$
|
29,409
|
|
|
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenue by segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Core OTA
|
|
|
$
|
2,009
|
|
$
|
2,314
|
|
$
|
1,857
|
|
|
|
|
$
|
1,926
|
|
$
|
2,253
|
|
$
|
2,527
|
|
$
|
2,054
|
|
|
|
|
$
|
2,037
|
|
|
|
|
6%
|
|
|
Vrbo
|
|
|
224
|
|
305
|
|
193
|
|
|
|
|
234
|
|
297
|
|
410
|
|
230
|
|
|
|
|
267
|
|
|
|
|
14%
|
|
|
||||||||
Egencia
|
|
|
135
|
|
126
|
|
137
|
|
|
|
|
151
|
|
156
|
|
139
|
|
155
|
|
|
|
|
153
|
|
|
|
|
2%
|
|
|
||||||||
Expedia Group (excluding trivago)
|
|
|
$
|
2,368
|
|
$
|
2,745
|
|
$
|
2,187
|
|
|
|
|
$
|
2,311
|
|
$
|
2,706
|
|
$
|
3,076
|
|
$
|
2,439
|
|
|
|
|
$
|
2,457
|
|
|
|
|
6%
|
|
|
trivago
|
|
|
328
|
|
338
|
|
215
|
|
|
|
|
319
|
|
280
|
|
295
|
|
190
|
|
|
|
|
237
|
|
|
|
|
(26)%
|
|
|
||||||||
Intercompany eliminations
|
|
|
(110
|
)
|
(117
|
)
|
(83
|
)
|
|
|
|
(122
|
)
|
(106
|
)
|
(95
|
)
|
(70
|
)
|
|
|
|
(85
|
)
|
|
|
|
30%
|
|
|
||||||||
Total
|
|
|
$
|
2,586
|
|
$
|
2,966
|
|
$
|
2,319
|
|
|
|
|
$
|
2,508
|
|
$
|
2,880
|
|
$
|
3,276
|
|
$
|
2,559
|
|
|
|
|
$
|
2,609
|
|
|
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenue by geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Domestic
|
|
|
$
|
1,459
|
|
$
|
1,578
|
|
$
|
1,255
|
|
|
|
|
$
|
1,351
|
|
$
|
1,632
|
|
$
|
1,792
|
|
$
|
1,426
|
|
|
|
|
$
|
1,476
|
|
|
|
|
9%
|
|
|
International
|
|
|
1,127
|
|
1,388
|
|
1,065
|
|
|
|
|
1,157
|
|
1,248
|
|
1,484
|
|
1,133
|
|
|
|
|
1,133
|
|
|
|
|
(2)%
|
|
|
||||||||
Total
|
|
|
$
|
2,586
|
|
$
|
2,966
|
|
$
|
2,319
|
|
|
|
|
$
|
2,508
|
|
$
|
2,880
|
|
$
|
3,276
|
|
$
|
2,559
|
|
|
|
|
$
|
2,609
|
|
|
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenue by business model
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Agency
|
|
|
$
|
684
|
|
$
|
803
|
|
$
|
629
|
|
|
|
|
$
|
658
|
|
$
|
777
|
|
$
|
876
|
|
$
|
699
|
|
|
|
|
$
|
686
|
|
|
|
|
4%
|
|
|
Merchant
|
|
|
1,376
|
|
1,559
|
|
1,283
|
|
|
|
|
1,334
|
|
1,532
|
|
1,688
|
|
1,396
|
|
|
|
|
1,392
|
|
|
|
|
4%
|
|
|
||||||||
Advertising & media
|
|
|
302
|
|
299
|
|
214
|
|
|
|
|
282
|
|
274
|
|
302
|
|
233
|
|
|
|
|
264
|
|
|
|
|
(6)%
|
|
|
||||||||
Vrbo
|
|
|
224
|
|
305
|
|
193
|
|
|
|
|
234
|
|
297
|
|
410
|
|
230
|
|
|
|
|
267
|
|
|
|
|
14%
|
|
|
||||||||
Total
|
|
|
$
|
2,586
|
|
$
|
2,966
|
|
$
|
2,319
|
|
|
|
|
$
|
2,508
|
|
$
|
2,880
|
|
$
|
3,276
|
|
$
|
2,559
|
|
|
|
|
$
|
2,609
|
|
|
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adjusted EBITDA by segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Core OTA
|
|
|
$
|
486
|
|
$
|
734
|
|
$
|
534
|
|
|
|
|
$
|
323
|
|
$
|
561
|
|
$
|
837
|
|
$
|
584
|
|
|
|
|
$
|
344
|
|
|
|
|
6%
|
|
|
Vrbo
|
|
|
39
|
|
126
|
|
31
|
|
|
|
|
(21
|
)
|
78
|
|
209
|
|
22
|
|
|
|
|
(40
|
)
|
|
|
|
(85)%
|
|
|
||||||||
Egencia
|
|
|
28
|
|
20
|
|
19
|
|
|
|
|
27
|
|
30
|
|
19
|
|
31
|
|
|
|
|
29
|
|
|
|
|
9%
|
|
|
||||||||
Unallocated overhead costs
|
|
|
(162
|
)
|
(163
|
)
|
(173
|
)
|
|
|
|
(177
|
)
|
(186
|
)
|
(184
|
)
|
(199
|
)
|
|
|
|
(181
|
)
|
|
|
|
(3)%
|
|
|
||||||||
Expedia Group (excluding trivago)
|
|
|
$
|
391
|
|
$
|
717
|
|
$
|
411
|
|
|
|
|
$
|
152
|
|
$
|
483
|
|
$
|
881
|
|
$
|
438
|
|
|
|
|
$
|
152
|
|
|
|
|
—%
|
|
|
trivago
|
|
|
2
|
|
(8
|
)
|
(9
|
)
|
|
|
|
(28
|
)
|
(20
|
)
|
31
|
|
33
|
|
|
|
|
24
|
|
|
|
|
NM
|
|
|
||||||||
Total
|
|
|
$
|
393
|
|
$
|
709
|
|
$
|
402
|
|
|
|
|
$
|
124
|
|
$
|
463
|
|
$
|
912
|
|
$
|
471
|
|
|
|
|
$
|
176
|
|
|
|
|
42%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss) attributable to Expedia Group
|
|
|
$
|
57
|
|
$
|
352
|
|
$
|
55
|
|
|
|
|
$
|
(137
|
)
|
$
|
1
|
|
$
|
525
|
|
$
|
17
|
|
|
|
|
$
|
(103
|
)
|
|
|
|
25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|||||||||||||
|
|
|
Q2
|
Q3
|
Q4
|
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
|
|
|
Q1
|
|
|
||||||||
Worldwide lodging (merchant, agency & Vrbo)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Room nights
|
|
|
79.9
|
|
93.5
|
|
74.8
|
|
|
|
|
73.9
|
|
89.6
|
|
105.3
|
|
82.8
|
|
|
|
|
80.8
|
|
|
|
Room night growth
|
|
|
21
|
%
|
16
|
%
|
15
|
%
|
|
|
|
15
|
%
|
12
|
%
|
13
|
%
|
11
|
%
|
|
|
|
9
|
%
|
|
|
Domestic room night growth
|
|
|
17
|
%
|
12
|
%
|
10
|
%
|
|
|
|
10
|
%
|
8
|
%
|
9
|
%
|
9
|
%
|
|
|
|
8
|
%
|
|
|
International room night growth
|
|
|
26
|
%
|
22
|
%
|
21
|
%
|
|
|
|
21
|
%
|
17
|
%
|
16
|
%
|
12
|
%
|
|
|
|
11
|
%
|
|
|
ADR growth
|
|
|
2
|
%
|
4
|
%
|
4
|
%
|
|
|
|
7
|
%
|
6
|
%
|
4
|
%
|
2
|
%
|
|
|
|
(1
|
)%
|
|
|
Revenue per night growth
|
|
|
(4
|
)%
|
(1
|
)%
|
(4
|
)%
|
|
|
|
—
|
%
|
2
|
%
|
(1
|
)%
|
(1
|
)%
|
|
|
|
(2
|
)%
|
|
|
Lodging revenue
|
|
|
$1,744
|
$2,102
|
$1,606
|
|
|
|
$1,612
|
$1,992
|
$2,347
|
$1,761
|
|
|
|
$1,725
|
|
|
||||||||
Revenue growth
|
|
|
16
|
%
|
15
|
%
|
11
|
%
|
|
|
|
15
|
%
|
14
|
%
|
12
|
%
|
10
|
%
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Worldwide air (merchant & agency)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tickets sold growth
|
|
|
2
|
%
|
4
|
%
|
3
|
%
|
|
|
|
1
|
%
|
6
|
%
|
4
|
%
|
10
|
%
|
|
|
|
11
|
%
|
|
|
Airfare growth
|
|
|
1
|
%
|
(2
|
)%
|
1
|
%
|
|
|
|
3
|
%
|
1
|
%
|
4
|
%
|
2
|
%
|
|
|
|
(1
|
)%
|
|
|
Revenue per ticket growth
|
|
|
4
|
%
|
(10
|
)%
|
(3
|
)%
|
|
|
|
10
|
%
|
4
|
%
|
6
|
%
|
7
|
%
|
|
|
|
(7
|
)%
|
|
|
Air revenue
|
|
|
$202
|
$189
|
$176
|
|
|
|
$242
|
$223
|
$209
|
$207
|
|
|
|
$248
|
|
|
||||||||
Revenue growth
|
|
|
6
|
%
|
(7
|
)%
|
—%
|
|
|
|
|
11
|
%
|
10
|
%
|
11
|
%
|
18
|
%
|
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
Advertising & Media Revenue includes 3rd party revenue from trivago. All trivago revenue is classified as international.
|
•
|
During the first quarter of 2018, we updated our allocations methodology and recast the historical domestic and international revenue and Adjusted EBITDA by segment information presented to be on a comparable basis.
|
•
|
Some numbers may not add due to rounding. All percentages above and throughout this release are calculated on precise, unrounded numbers
|
|
Three months ended March 31, 2019
|
||||||||||||||||||||||
|
Core OTA
|
|
trivago
|
|
Vrbo
|
|
Egencia
|
|
Corporate &
Eliminations |
|
Total
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Operating income (loss)
|
$
|
249
|
|
|
$
|
21
|
|
|
$
|
(63
|
)
|
|
$
|
16
|
|
|
$
|
(354
|
)
|
|
$
|
(131
|
)
|
Realized gain (loss) on revenue hedges
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Restructuring and related reorganization charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
||||||
Legal reserves, occupancy tax and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|
56
|
|
||||||
Amortization of intangible assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
52
|
|
||||||
Depreciation
|
92
|
|
|
3
|
|
|
23
|
|
|
13
|
|
|
45
|
|
|
176
|
|
||||||
Adjusted EBITDA
(1)
|
$
|
344
|
|
|
$
|
24
|
|
|
$
|
(40
|
)
|
|
$
|
29
|
|
|
$
|
(181
|
)
|
|
$
|
176
|
|
|
Three months ended March 31, 2018
|
||||||||||||||||||||||
|
Core OTA
|
|
trivago
|
|
Vrbo
|
|
Egencia
|
|
Corporate &
Eliminations |
|
Total
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Operating income (loss)
|
$
|
243
|
|
|
$
|
(31
|
)
|
|
$
|
(35
|
)
|
|
$
|
16
|
|
|
$
|
(358
|
)
|
|
$
|
(165
|
)
|
Realized gain (loss) on revenue hedges
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||||
Legal reserves, occupancy tax and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
50
|
|
||||||
Amortization of intangible assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72
|
|
|
72
|
|
||||||
Depreciation
|
83
|
|
|
3
|
|
|
14
|
|
|
11
|
|
|
56
|
|
|
167
|
|
||||||
Adjusted EBITDA
(1)
|
$
|
323
|
|
|
$
|
(28
|
)
|
|
$
|
(21
|
)
|
|
$
|
27
|
|
|
$
|
(177
|
)
|
|
$
|
124
|
|
|
|
Three months ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
|
|
(In millions)
|
||||||
Operating loss
|
|
$
|
(131
|
)
|
|
$
|
(165
|
)
|
Less: trivago operating income (loss)
(1)
|
|
15
|
|
|
(36
|
)
|
||
Operating loss excluding trivago
|
|
$
|
(146
|
)
|
|
$
|
(129
|
)
|
|
|
Three months ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
|
|
(In millions)
|
||||||
Net loss attributable to Expedia Group, Inc.
|
|
$
|
(103
|
)
|
|
$
|
(137
|
)
|
Net income (loss) attributable to non-controlling interests
|
|
3
|
|
|
(12
|
)
|
||
Provision for income taxes
|
|
(41
|
)
|
|
(20
|
)
|
||
Total other expense, net
|
|
10
|
|
|
4
|
|
||
Operating loss
|
|
(131
|
)
|
|
(165
|
)
|
||
Gain (loss) on revenue hedges related to revenue recognized
|
|
3
|
|
|
(3
|
)
|
||
Restructuring and related reorganization charges
|
|
10
|
|
|
—
|
|
||
Legal reserves, occupancy tax and other
|
|
10
|
|
|
3
|
|
||
Stock-based compensation
|
|
56
|
|
|
50
|
|
||
Amortization of intangible assets
|
|
52
|
|
|
72
|
|
||
Depreciation
|
|
176
|
|
|
167
|
|
||
Adjusted EBITDA
|
|
$
|
176
|
|
|
$
|
124
|
|
|
|
Three months ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
|
|
(In millions, except share and per share data)
|
||||||
Net loss attributable to Expedia Group, Inc.
|
|
$
|
(103
|
)
|
|
$
|
(137
|
)
|
Amortization of intangible assets
|
|
52
|
|
|
72
|
|
||
Stock-based compensation
|
|
56
|
|
|
50
|
|
||
Legal reserves, occupancy tax and other
|
|
10
|
|
|
3
|
|
||
Restructuring and related reorganization charges
|
|
10
|
|
|
—
|
|
||
Unrealized (gain) loss on revenue hedges
|
|
10
|
|
|
(7
|
)
|
||
Gain on minority equity investments, net
|
|
(22
|
)
|
|
(37
|
)
|
||
Release of a non-operating liability
|
|
(12
|
)
|
|
—
|
|
||
Provision for income taxes
|
|
(39
|
)
|
|
(9
|
)
|
||
Non-controlling interests
|
|
(2
|
)
|
|
(4
|
)
|
||
Adjusted net loss attributable to Expedia Group, Inc.
|
|
(40
|
)
|
|
(69
|
)
|
||
Less: Adjusted net income (loss) attributable to trivago
|
|
12
|
|
|
(15
|
)
|
||
Adjusted net loss excluding trivago
|
|
$
|
(52
|
)
|
|
$
|
(54
|
)
|
|
|
|
|
|
||||
GAAP weighted average shares outstanding (000's)
(1)
|
|
147,882
|
|
|
151,817
|
|
||
Additional dilutive securities (000's)
|
|
—
|
|
|
—
|
|
||
Adjusted weighted average shares outstanding (000's)
|
|
147,882
|
|
|
151,817
|
|
||
|
|
|
|
|
||||
GAAP loss per share
|
|
$
|
(0.69
|
)
|
|
$
|
(0.91
|
)
|
|
|
|
|
|
||||
Adjusted loss per share
|
|
$
|
(0.27
|
)
|
|
$
|
(0.46
|
)
|
Less: trivago adjusted earnings (loss) per share
|
|
0.08
|
|
|
(0.10
|
)
|
||
Adjusted loss per share excluding trivago
|
|
$
|
(0.35
|
)
|
|
$
|
(0.36
|
)
|
|
|
Three months ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
|
|
(In millions)
|
||||||
Net cash provided by operating activities
|
|
$
|
2,149
|
|
|
$
|
1,676
|
|
|
|
|
|
|
||||
Headquarters capital expenditures
|
|
(79
|
)
|
|
(32
|
)
|
||
Non-headquarters capital expenditures
|
|
(195
|
)
|
|
(160
|
)
|
||
Less: Total capital expenditures
|
|
(274
|
)
|
|
(192
|
)
|
||
|
|
|
|
|
||||
Free cash flow
|
|
$
|
1,875
|
|
|
$
|
1,484
|
|
|
|
Three months ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
|
|
(In millions)
|
||||||
Cost of revenue
|
|
$
|
513
|
|
|
$
|
487
|
|
Less: stock-based compensation
|
|
3
|
|
|
2
|
|
||
Less: depreciation
|
|
23
|
|
|
27
|
|
||
Adjusted cost of revenue
|
|
$
|
487
|
|
|
$
|
458
|
|
Less: trivago cost of revenue
(1)
|
|
2
|
|
|
2
|
|
||
Adjusted cost of revenue excluding trivago
|
|
$
|
485
|
|
|
$
|
456
|
|
|
|
|
|
|
||||
Selling and marketing expense
|
|
$
|
1,535
|
|
|
$
|
1,516
|
|
Less: stock-based compensation
|
|
11
|
|
|
11
|
|
||
Less: depreciation
|
|
14
|
|
|
11
|
|
||
Adjusted selling and marketing expense
|
|
$
|
1,510
|
|
|
$
|
1,494
|
|
Less: trivago selling and marketing expense
(1)(2)
|
|
99
|
|
|
192
|
|
||
Adjusted selling and marketing expense excluding trivago
|
|
$
|
1,411
|
|
|
$
|
1,302
|
|
|
|
|
|
|
||||
Technology and content expense
|
|
$
|
429
|
|
|
$
|
396
|
|
Less: stock-based compensation
|
|
19
|
|
|
15
|
|
||
Less: depreciation
|
|
132
|
|
|
119
|
|
||
Adjusted technology and content expense
|
|
$
|
278
|
|
|
$
|
262
|
|
Less: trivago technology and content expense
(1)
|
|
17
|
|
|
17
|
|
||
Adjusted technology and content expense excluding trivago
|
|
$
|
261
|
|
|
$
|
245
|
|
|
|
|
|
|
||||
General and administrative expense
|
|
$
|
191
|
|
|
$
|
199
|
|
Less: stock-based compensation
|
|
23
|
|
|
22
|
|
||
Less: depreciation
|
|
7
|
|
|
10
|
|
||
Adjusted general and administrative expense
|
|
$
|
161
|
|
|
$
|
167
|
|
Less: trivago general and administrative expense
(1)
|
|
10
|
|
|
14
|
|
||
Adjusted general and administrative expense excluding trivago
|
|
$
|
151
|
|
|
$
|
153
|
|