|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
Delaware
|
|
20-2705720
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
|
|
☒
|
|
Accelerated filer
|
|
☐
|
Non-accelerated filer
|
|
☐
|
|
Smaller reporting company
|
|
☐
|
Emerging growth company
|
|
☐
|
|
|
|
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Title of each class
|
|
Trading symbol(s)
|
|
Name of each exchange on which registered
|
Common stock, $0.0001 par value
|
|
EXPE
|
|
The Nasdaq Global Select Market
|
Expedia Group, Inc. 2.500% Senior Notes due 2022
|
|
EXPE22
|
|
New York Stock Exchange
|
|
Common stock, $0.0001 par value per share
|
|
139,362,820
|
|
shares
|
|
Class B common stock, $0.0001 par value per share
|
|
5,523,452
|
|
shares
|
|
|
|
|
|
|
|
|
Part I
|
|
|
|
|
|
Item 1
|
|
|
|
|
|
|
||
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||
|
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Item 2
|
||
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Item 3
|
||
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Item 4
|
||
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Part II
|
|
|
|
|
|
Item 1
|
||
|
|
|
Item 1A
|
||
|
|
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Item 2
|
||
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Item 6
|
||
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
3,558
|
|
|
$
|
3,276
|
|
|
$
|
9,320
|
|
|
$
|
8,664
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of revenue (1)
|
569
|
|
|
504
|
|
|
1,604
|
|
|
1,489
|
|
||||
Selling and marketing (1)
|
1,660
|
|
|
1,501
|
|
|
4,852
|
|
|
4,558
|
|
||||
Technology and content (1)
|
440
|
|
|
404
|
|
|
1,304
|
|
|
1,200
|
|
||||
General and administrative (1)
|
217
|
|
|
202
|
|
|
622
|
|
|
597
|
|
||||
Amortization of intangible assets
|
50
|
|
|
71
|
|
|
154
|
|
|
215
|
|
||||
Impairment of goodwill
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
||||
Legal reserves, occupancy tax and other
|
11
|
|
|
(78
|
)
|
|
25
|
|
|
(74
|
)
|
||||
Restructuring and related reorganization charges
|
2
|
|
|
—
|
|
|
16
|
|
|
—
|
|
||||
Operating income
|
609
|
|
|
672
|
|
|
743
|
|
|
618
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
17
|
|
|
34
|
|
|
45
|
|
|
61
|
|
||||
Interest expense
|
(40
|
)
|
|
(47
|
)
|
|
(120
|
)
|
|
(149
|
)
|
||||
Other, net
|
(25
|
)
|
|
(47
|
)
|
|
(13
|
)
|
|
(101
|
)
|
||||
Total other expense, net
|
(48
|
)
|
|
(60
|
)
|
|
(88
|
)
|
|
(189
|
)
|
||||
Income before income taxes
|
561
|
|
|
612
|
|
|
655
|
|
|
429
|
|
||||
Provision for income taxes
|
(154
|
)
|
|
(81
|
)
|
|
(161
|
)
|
|
(56
|
)
|
||||
Net income
|
407
|
|
|
531
|
|
|
494
|
|
|
373
|
|
||||
Net (income) loss attributable to non-controlling interests
|
2
|
|
|
(6
|
)
|
|
(5
|
)
|
|
16
|
|
||||
Net income attributable to Expedia Group, Inc.
|
$
|
409
|
|
|
$
|
525
|
|
|
$
|
489
|
|
|
$
|
389
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to Expedia Group, Inc. available to common stockholders
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
2.77
|
|
|
$
|
3.51
|
|
|
$
|
3.30
|
|
|
$
|
2.59
|
|
Diluted
|
2.71
|
|
|
3.43
|
|
|
3.24
|
|
|
2.54
|
|
||||
Shares used in computing earnings per share (000's):
|
|
|
|
|
|
|
|
||||||||
Basic
|
147,232
|
|
|
149,482
|
|
|
148,052
|
|
|
150,450
|
|
||||
Diluted
|
150,635
|
|
|
153,153
|
|
|
150,912
|
|
|
153,404
|
|
(1) Includes stock-based compensation as follows:
|
|
|
|
|
|
|
|
||||||||
Cost of revenue
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
9
|
|
|
$
|
8
|
|
Selling and marketing
|
11
|
|
|
11
|
|
|
34
|
|
|
34
|
|
||||
Technology and content
|
18
|
|
|
15
|
|
|
56
|
|
|
46
|
|
||||
General and administrative
|
28
|
|
|
25
|
|
|
76
|
|
|
66
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
407
|
|
|
$
|
531
|
|
|
$
|
494
|
|
|
$
|
373
|
|
Currency translation adjustments, net of tax(1)
|
(58
|
)
|
|
(14
|
)
|
|
(56
|
)
|
|
(63
|
)
|
||||
Comprehensive income
|
349
|
|
|
517
|
|
|
438
|
|
|
310
|
|
||||
Less: Comprehensive income (loss) attributable to non-controlling interests
|
(18
|
)
|
|
3
|
|
|
(13
|
)
|
|
(29
|
)
|
||||
Comprehensive income attributable to Expedia Group, Inc.
|
$
|
367
|
|
|
$
|
514
|
|
|
$
|
451
|
|
|
$
|
339
|
|
(1)
|
Currency translation adjustments include tax expense of $7 million and $8 million associated with net investment hedges for the three and nine months ended September 30, 2019 and tax expense of $1 million and $6 million for the three and nine months ended September 30, 2018.
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,797
|
|
|
$
|
2,443
|
|
Restricted cash and cash equivalents
|
447
|
|
|
259
|
|
||
Short-term investments
|
658
|
|
|
28
|
|
||
Accounts receivable, net of allowance of $43 and $34
|
2,684
|
|
|
2,151
|
|
||
Income taxes receivable
|
62
|
|
|
24
|
|
||
Prepaid expenses and other current assets
|
321
|
|
|
292
|
|
||
Total current assets
|
7,969
|
|
|
5,197
|
|
||
Property and equipment, net
|
2,090
|
|
|
1,877
|
|
||
Operating lease right-of-use assets
|
495
|
|
|
—
|
|
||
Long-term investments and other assets
|
770
|
|
|
778
|
|
||
Deferred income taxes
|
110
|
|
|
69
|
|
||
Intangible assets, net
|
1,843
|
|
|
1,992
|
|
||
Goodwill
|
8,104
|
|
|
8,120
|
|
||
TOTAL ASSETS
|
$
|
21,381
|
|
|
$
|
18,033
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable, merchant
|
$
|
1,813
|
|
|
$
|
1,699
|
|
Accounts payable, other
|
965
|
|
|
788
|
|
||
Deferred merchant bookings
|
5,642
|
|
|
4,327
|
|
||
Deferred revenue
|
381
|
|
|
364
|
|
||
Income taxes payable
|
100
|
|
|
74
|
|
||
Accrued expenses and other current liabilities
|
932
|
|
|
808
|
|
||
Current maturities of long-term debt
|
749
|
|
|
—
|
|
||
Total current liabilities
|
10,582
|
|
|
8,060
|
|
||
Long-term debt, excluding current maturities
|
4,170
|
|
|
3,717
|
|
||
Deferred income taxes
|
60
|
|
|
69
|
|
||
Operating lease liabilities
|
443
|
|
|
—
|
|
||
Other long-term liabilities
|
354
|
|
|
506
|
|
||
Redeemable non-controlling interests
|
33
|
|
|
30
|
|
||
Commitments and contingencies
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Common stock $.0001 par value
|
—
|
|
|
—
|
|
||
Authorized shares: 1,600,000
|
|
|
|
||||
Shares issued: 256,276 and 231,493; Shares outstanding: 139,967 and 134,334
|
|
|
|
||||
Class B common stock $.0001 par value
|
—
|
|
|
—
|
|
||
Authorized shares: 400,000
|
|
|
|
||||
Shares issued: 12,800 and 12,800; Shares outstanding: 5,523 and 12,800
|
|
|
|
||||
Additional paid-in capital
|
12,882
|
|
|
9,549
|
|
||
Treasury stock - Common stock and Class B, at cost
|
(9,290
|
)
|
|
(5,742
|
)
|
||
Shares: 123,586 and 97,159
|
|
|
|
||||
Retained earnings
|
850
|
|
|
517
|
|
||
Accumulated other comprehensive income (loss)
|
(258
|
)
|
|
(220
|
)
|
||
Total Expedia Group, Inc. stockholders’ equity
|
4,184
|
|
|
4,104
|
|
||
Non-redeemable non-controlling interests
|
1,555
|
|
|
1,547
|
|
||
Total stockholders’ equity
|
5,739
|
|
|
5,651
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
21,381
|
|
|
$
|
18,033
|
|
|
Nine months ended
September 30, |
||||||
|
2019
|
|
2018
|
||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
494
|
|
|
$
|
373
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation of property and equipment, including internal-use software and website development
|
530
|
|
|
507
|
|
||
Amortization of stock-based compensation
|
175
|
|
|
154
|
|
||
Amortization of intangible assets
|
154
|
|
|
215
|
|
||
Impairment of goodwill
|
—
|
|
|
61
|
|
||
Deferred income taxes
|
(58
|
)
|
|
(281
|
)
|
||
Foreign exchange loss on cash, restricted cash and short-term investments, net
|
40
|
|
|
94
|
|
||
Realized gain on foreign currency forwards
|
(4
|
)
|
|
(34
|
)
|
||
Loss on minority equity investments, net
|
13
|
|
|
100
|
|
||
Other
|
(16
|
)
|
|
27
|
|
||
Changes in operating assets and liabilities, net of effects from acquisitions:
|
|
|
|
||||
Accounts receivable
|
(543
|
)
|
|
(416
|
)
|
||
Prepaid expenses and other assets
|
—
|
|
|
(12
|
)
|
||
Accounts payable, merchant
|
119
|
|
|
42
|
|
||
Accounts payable, other, accrued expenses and other liabilities
|
207
|
|
|
171
|
|
||
Tax payable/receivable, net
|
(6
|
)
|
|
141
|
|
||
Deferred merchant bookings
|
1,305
|
|
|
957
|
|
||
Deferred revenue
|
16
|
|
|
21
|
|
||
Net cash provided by operating activities
|
2,426
|
|
|
2,120
|
|
||
Investing activities:
|
|
|
|
||||
Capital expenditures, including internal-use software and website development
|
(864
|
)
|
|
(634
|
)
|
||
Purchases of investments
|
(1,283
|
)
|
|
(1,714
|
)
|
||
Sales and maturities of investments
|
635
|
|
|
1,692
|
|
||
Acquisitions, net of cash and restricted cash acquired
|
80
|
|
|
(40
|
)
|
||
Other, net
|
3
|
|
|
41
|
|
||
Net cash used in investing activities
|
(1,429
|
)
|
|
(655
|
)
|
||
Financing activities:
|
|
|
|
||||
Proceeds from issuance of long-term debt, net of issuance costs
|
1,235
|
|
|
—
|
|
||
Payment of long-term debt
|
—
|
|
|
(500
|
)
|
||
Payment of Liberty Expedia Exchangeable Debentures
|
(400
|
)
|
|
—
|
|
||
Purchases of treasury stock
|
(352
|
)
|
|
(620
|
)
|
||
Proceeds from issuance of treasury stock
|
—
|
|
|
31
|
|
||
Payment of dividends to stockholders
|
(145
|
)
|
|
(138
|
)
|
||
Proceeds from exercise of equity awards and employee stock purchase plan
|
277
|
|
|
138
|
|
||
Other, net
|
(8
|
)
|
|
(65
|
)
|
||
Net cash provided by (used in) financing activities
|
607
|
|
|
(1,154
|
)
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents
|
(62
|
)
|
|
(119
|
)
|
||
Net increase in cash, cash equivalents and restricted cash and cash equivalents
|
1,542
|
|
|
192
|
|
||
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
|
$
|
4,247
|
|
|
$
|
3,109
|
|
Supplemental cash flow information
|
|
|
|
||||
Cash paid for interest
|
$
|
156
|
|
|
$
|
196
|
|
Income tax payments, net
|
216
|
|
|
188
|
|
Three months ended September 30, 2018
|
|
Common stock
|
|
Class B
common stock
|
|
Additional
paid-in
capital
|
|
Treasury stock
|
|
Retained
earnings
(deficit)
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Non-redeemable
non-controlling
interest
|
|
Total
|
|||||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||||||||
Balance as of June 30, 2018
|
|
230,158,642
|
|
|
$
|
—
|
|
|
12,799,999
|
|
|
$
|
—
|
|
|
$
|
9,331
|
|
|
93,379,790
|
|
|
$
|
(5,248
|
)
|
|
$
|
74
|
|
|
$
|
(190
|
)
|
|
$
|
1,585
|
|
|
$
|
5,552
|
|
Net income (loss) (excludes $1 of net loss attributable to redeemable non-controlling interest)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
525
|
|
|
|
|
7
|
|
|
532
|
|
||||||||||||||||
Other comprehensive income (loss), net of taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12
|
)
|
|
(2
|
)
|
|
(14
|
)
|
||||||||||||||||
Payment of dividends to stockholders (declared at $0.32 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(47
|
)
|
|
|
|
|
|
(47
|
)
|
|||||||||||||||||
Proceeds from exercise of equity instruments and employee stock purchase plans
|
|
880,328
|
|
|
—
|
|
|
|
|
|
|
71
|
|
|
|
|
|
|
|
|
|
|
|
|
71
|
|
|||||||||||||||
Treasury stock activity related to vesting of equity instruments
|
|
|
|
|
|
|
|
|
|
|
|
15,315
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
(1
|
)
|
||||||||||||||||
Common stock repurchases
|
|
|
|
|
|
|
|
|
|
|
|
1,493,520
|
|
|
(193
|
)
|
|
|
|
|
|
|
|
(193
|
)
|
||||||||||||||||
Issuance of treasury stock
|
|
|
|
|
|
|
|
|
|
27
|
|
|
(269,646
|
)
|
|
4
|
|
|
|
|
|
|
|
|
31
|
|
|||||||||||||||
Purchase of remaining interest in Air Asia
|
|
|
|
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
(57
|
)
|
|
(62
|
)
|
||||||||||||||||
Other changes in ownership of non-controlling interests
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
8
|
|
|
6
|
|
||||||||||||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
54
|
|
|
|
|
|
|
|
|
|
|
|
|
54
|
|
|||||||||||||||||
Other
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
(1
|
)
|
|
(1
|
)
|
|
|
|
|
|
(2
|
)
|
|||||||||||||||
Balance as of September 30, 2018
|
|
231,038,970
|
|
|
$
|
—
|
|
|
12,799,999
|
|
|
$
|
—
|
|
|
$
|
9,476
|
|
|
94,618,979
|
|
|
$
|
(5,439
|
)
|
|
$
|
551
|
|
|
$
|
(202
|
)
|
|
$
|
1,541
|
|
|
$
|
5,927
|
|
Nine months ended September 30, 2018
|
|
Common stock
|
|
Class B
common stock
|
|
Additional
paid-in
capital
|
|
Treasury stock
|
|
Retained
earnings
(deficit)
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Non-redeemable
non-controlling
interest
|
|
Total
|
|||||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||||||||
Balance as of December 31, 2017
|
|
228,467,355
|
|
|
$
|
—
|
|
|
12,799,999
|
|
|
$
|
—
|
|
|
$
|
9,163
|
|
|
89,528,255
|
|
|
$
|
(4,822
|
)
|
|
$
|
331
|
|
|
$
|
(149
|
)
|
|
$
|
1,606
|
|
|
$
|
6,129
|
|
Net income (loss) (excludes $0 of net loss attributable to redeemable non-controlling interest)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
389
|
|
|
|
|
(16
|
)
|
|
373
|
|
||||||||||||||||
Other comprehensive income (loss), net of taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(50
|
)
|
|
(13
|
)
|
|
(63
|
)
|
||||||||||||||||
Payment of dividends to stockholders (declared at $0.92 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(138
|
)
|
|
|
|
|
|
(138
|
)
|
|||||||||||||||||
Proceeds from exercise of equity instruments and employee stock purchase plans
|
|
2,396,575
|
|
|
—
|
|
|
|
|
|
|
138
|
|
|
|
|
|
|
|
|
|
|
|
|
138
|
|
|||||||||||||||
Withholding taxes for stock options
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|||||||||||||||||
Issuance of common stock in connection with acquisitions
|
|
175,040
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||
Treasury stock activity related to vesting of equity instruments
|
|
|
|
|
|
|
|
|
|
|
|
165,577
|
|
|
(18
|
)
|
|
|
|
|
|
|
|
(18
|
)
|
||||||||||||||||
Common stock repurchases
|
|
|
|
|
|
|
|
|
|
|
|
5,194,793
|
|
|
(602
|
)
|
|
|
|
|
|
|
|
(602
|
)
|
||||||||||||||||
Issuance of treasury stock
|
|
|
|
|
|
|
|
|
|
27
|
|
|
(269,646
|
)
|
|
4
|
|
|
|
|
|
|
|
|
31
|
|
|||||||||||||||
Purchase of remaining interest in Air Asia
|
|
|
|
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
(57
|
)
|
|
(62
|
)
|
||||||||||||||||
Other changes in ownership of non-controlling interests
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
21
|
|
|
19
|
|
||||||||||||||||
Impact of adoption of new accounting guidance
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
(31
|
)
|
|
(3
|
)
|
|
|
|
(34
|
)
|
|||||||||||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
157
|
|
|
|
|
|
|
|
|
|
|
|
|
157
|
|
|||||||||||||||||
Other
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
(1
|
)
|
|
—
|
|
|
|
|
|
|
(1
|
)
|
|||||||||||||||
Balance as of September 30, 2018
|
|
231,038,970
|
|
|
$
|
—
|
|
|
12,799,999
|
|
|
$
|
—
|
|
|
$
|
9,476
|
|
|
94,618,979
|
|
|
$
|
(5,439
|
)
|
|
$
|
551
|
|
|
$
|
(202
|
)
|
|
$
|
1,541
|
|
|
$
|
5,927
|
|
Three months ended September 30, 2019
|
|
Common stock
|
|
Class B
common stock
|
|
Additional
paid-in
capital
|
|
Treasury stock - Common and Class B
|
|
Retained
earnings
(deficit)
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Non-redeemable
non-controlling
interest
|
|
Total
|
|||||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||||||||
Balance as of June 30, 2019
|
|
234,102,186
|
|
|
$
|
—
|
|
|
12,799,999
|
|
|
$
|
—
|
|
|
$
|
9,821
|
|
|
97,384,212
|
|
|
$
|
(5,771
|
)
|
|
$
|
508
|
|
|
$
|
(216
|
)
|
|
$
|
1,565
|
|
|
$
|
5,907
|
|
Net income (loss) (excludes $2 of net loss attributable to redeemable non-controlling interest)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
409
|
|
|
|
|
—
|
|
|
409
|
|
||||||||||||||||
Other comprehensive income (loss), net of taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(42
|
)
|
|
(16
|
)
|
|
(58
|
)
|
||||||||||||||||
Payment of dividends to stockholders (declared at $0.34 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(50
|
)
|
|
|
|
|
|
(50
|
)
|
|||||||||||||||||
Proceeds from exercise of equity instruments and employee stock purchase plans
|
|
1,428,632
|
|
|
—
|
|
|
|
|
|
|
121
|
|
|
|
|
|
|
|
|
|
|
|
|
121
|
|
|||||||||||||||
Treasury stock activity related to vesting of equity instruments
|
|
|
|
|
|
|
|
|
|
|
|
23,791
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
(2
|
)
|
||||||||||||||||
Liberty Expedia Holdings transaction
|
|
20,745,181
|
|
|
|
|
|
|
|
|
2,883
|
|
|
23,876,671
|
|
|
(3,217
|
)
|
|
|
|
|
|
|
|
(334
|
)
|
||||||||||||||
Common stock repurchases
|
|
|
|
|
|
|
|
|
|
|
|
2,300,944
|
|
|
(300
|
)
|
|
|
|
|
|
|
|
(300
|
)
|
||||||||||||||||
Adjustment to the fair value of redeemable non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17
|
)
|
|
|
|
|
|
(17
|
)
|
|||||||||||||||||
Other changes in ownership of non-controlling interests
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
6
|
|
||||||||||||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
58
|
|
|
|
|
|
|
|
|
|
|
|
|
58
|
|
|||||||||||||||||
Other
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|||||||||||||||||
Balance as of September 30, 2019
|
|
256,275,999
|
|
|
$
|
—
|
|
|
12,799,999
|
|
|
$
|
—
|
|
|
$
|
12,882
|
|
|
123,585,618
|
|
|
$
|
(9,290
|
)
|
|
$
|
850
|
|
|
$
|
(258
|
)
|
|
$
|
1,555
|
|
|
$
|
5,739
|
|
Nine months ended September 30, 2019
|
|
Common stock
|
|
Class B
common stock
|
|
Additional
paid-in
capital
|
|
Treasury stock - Common and Class B
|
|
Retained
earnings
(deficit)
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Non-redeemable
non-controlling
interest
|
|
Total
|
|||||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||||||||
Balance as of December 31, 2018
|
|
231,492,986
|
|
|
$
|
—
|
|
|
12,799,999
|
|
|
$
|
—
|
|
|
$
|
9,549
|
|
|
97,158,586
|
|
|
$
|
(5,742
|
)
|
|
$
|
517
|
|
|
$
|
(220
|
)
|
|
$
|
1,547
|
|
|
$
|
5,651
|
|
Net income (loss) (excludes $2 of net loss attributable to redeemable non-controlling interest)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
489
|
|
|
|
|
7
|
|
|
496
|
|
||||||||||||||||
Other comprehensive income (loss), net of taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(38
|
)
|
|
(18
|
)
|
|
(56
|
)
|
||||||||||||||||
Payment of dividends to stockholders (declared at $0.98 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(145
|
)
|
|
|
|
|
|
(145
|
)
|
|||||||||||||||||
Proceeds from exercise of equity instruments and employee stock purchase plans
|
|
4,037,832
|
|
|
—
|
|
|
|
|
|
|
277
|
|
|
|
|
|
|
|
|
|
|
|
|
277
|
|
|||||||||||||||
Withholding taxes for stock options
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|||||||||||||||||
Treasury stock activity related to vesting of equity instruments
|
|
|
|
|
|
|
|
|
|
|
|
249,417
|
|
|
(31
|
)
|
|
|
|
|
|
|
|
(31
|
)
|
||||||||||||||||
Liberty Expedia Holdings transaction
|
|
20,745,181
|
|
|
|
|
|
|
|
|
2,883
|
|
|
23,876,671
|
|
|
(3,217
|
)
|
|
|
|
|
|
|
|
(334
|
)
|
||||||||||||||
Common stock repurchases
|
|
|
|
|
|
|
|
|
|
|
|
2,300,944
|
|
|
(300
|
)
|
|
|
|
|
|
|
|
(300
|
)
|
||||||||||||||||
Adjustment to the fair value of redeemable non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17
|
)
|
|
|
|
|
|
(17
|
)
|
|||||||||||||||||
Other changes in ownership of non-controlling interests
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
19
|
|
|
16
|
|
||||||||||||||||
Impact of adoption of new accounting guidance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
6
|
|
|||||||||||||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
177
|
|
|
|
|
|
|
|
|
|
|
|
|
177
|
|
|||||||||||||||||
Other
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|||||||||||||||||
Balance as of September 30, 2019
|
|
256,275,999
|
|
|
$
|
—
|
|
|
12,799,999
|
|
|
$
|
—
|
|
|
$
|
12,882
|
|
|
123,585,618
|
|
|
$
|
(9,290
|
)
|
|
$
|
850
|
|
|
$
|
(258
|
)
|
|
$
|
1,555
|
|
|
$
|
5,739
|
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
|
(in millions)
|
||||||
Cash and cash equivalents
|
$
|
3,797
|
|
|
$
|
2,443
|
|
Restricted cash and cash equivalents
|
447
|
|
|
259
|
|
||
Restricted cash included within long-term investments and other assets
|
3
|
|
|
3
|
|
||
Total cash, cash equivalents and restricted cash and cash equivalents in the consolidated statement of cash flow
|
$
|
4,247
|
|
|
$
|
2,705
|
|
|
Total
|
|
Level 1
|
|
Level 2
|
||||||
|
(In millions)
|
||||||||||
Assets
|
|
|
|
|
|
||||||
Cash equivalents:
|
|
|
|
|
|
||||||
Money market funds
|
$
|
26
|
|
|
$
|
26
|
|
|
$
|
—
|
|
Time deposits
|
1,028
|
|
|
—
|
|
|
1,028
|
|
|||
Derivatives:
|
|
|
|
|
|
||||||
Foreign currency forward contracts
|
20
|
|
|
—
|
|
|
20
|
|
|||
Investments:
|
|
|
|
|
|
||||||
Time deposits
|
647
|
|
|
—
|
|
|
647
|
|
|||
Marketable equity securities
|
109
|
|
|
109
|
|
|
—
|
|
|||
Total assets
|
$
|
1,830
|
|
|
$
|
135
|
|
|
$
|
1,695
|
|
|
Total
|
|
Level 1
|
|
Level 2
|
||||||
|
(In millions)
|
||||||||||
Assets
|
|
|
|
|
|
||||||
Cash equivalents:
|
|
|
|
|
|
||||||
Money market funds
|
$
|
35
|
|
|
$
|
35
|
|
|
$
|
—
|
|
Time deposits
|
624
|
|
|
—
|
|
|
624
|
|
|||
Derivatives:
|
|
|
|
|
|
||||||
Foreign currency forward contracts
|
22
|
|
|
—
|
|
|
22
|
|
|||
Investments:
|
|
|
|
|
|
||||||
Time deposits
|
28
|
|
|
—
|
|
|
28
|
|
|||
Marketable equity securities
|
119
|
|
|
119
|
|
|
—
|
|
|||
Total assets
|
$
|
828
|
|
|
$
|
154
|
|
|
$
|
674
|
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
|
(In millions)
|
||||||
5.95% senior notes due 2020
|
$
|
749
|
|
|
$
|
748
|
|
2.5% (€650 million) senior notes due 2022
|
708
|
|
|
740
|
|
||
4.5% senior notes due 2024
|
496
|
|
|
496
|
|
||
5.0% senior notes due 2026
|
743
|
|
|
742
|
|
||
3.8% senior notes due 2028
|
992
|
|
|
991
|
|
||
3.25% senior notes due 2030
|
1,231
|
|
|
—
|
|
||
Long-term debt(1)
|
4,919
|
|
|
3,717
|
|
||
Current maturities of long-term debt
|
(749
|
)
|
|
—
|
|
||
Long-term debt, excluding current maturities
|
$
|
4,170
|
|
|
$
|
3,717
|
|
(1)
|
Net of applicable discounts and debt issuance costs.
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
|
(In millions)
|
||||||
5.95% senior notes due 2020
|
$
|
774
|
|
|
$
|
778
|
|
2.5% (€650 million) senior notes due 2022 (1)
|
753
|
|
|
771
|
|
||
4.5% senior notes due 2024
|
543
|
|
|
504
|
|
||
5.0% senior notes due 2026
|
846
|
|
|
760
|
|
||
3.8% senior notes due 2028
|
1,050
|
|
|
915
|
|
||
3.25% senior notes due 2030
|
1,251
|
|
|
—
|
|
(1)
|
Approximately 688 million Euro as of September 30, 2019 and 674 million Euro as of December 31, 2018.
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||
|
2019
|
|
2019
|
||||
|
(in millions)
|
||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
|
||||
Operating cash flows from operating leases
|
$
|
40
|
|
|
$
|
113
|
|
Right-of-use assets obtained in exchange for lease obligations:
|
|
|
|
||||
Operating leases
|
16
|
|
|
43
|
|
|
September 30, 2019
|
||
|
(in millions)
|
||
Operating lease right-of-use assets
|
$
|
495
|
|
|
|
||
Current lease liabilities included within Accrued expenses and other current liabilities
|
$
|
101
|
|
Long-term lease liabilities included within Operating lease liabilities
|
443
|
|
|
Total operating lease liabilities
|
$
|
544
|
|
|
|
||
Weighted average remaining lease term
|
8.8 years
|
|
|
Weighted average discount rate
|
3.8
|
%
|
|
Operating Leases
|
||
|
(in millions)
|
||
Year ending December 31,
|
|
||
2019 (excluding the nine months ended September 30, 2019)
|
$
|
31
|
|
2020
|
115
|
|
|
2021
|
96
|
|
|
2022
|
76
|
|
|
2023
|
56
|
|
|
2024 and thereafter
|
274
|
|
|
Total lease payments
|
648
|
|
|
Less: imputed interest
|
(104
|
)
|
|
Total
|
$
|
544
|
|
Declaration Date
|
Dividend
Per Share
|
|
Record Date
|
|
Total Amount
(in millions)
|
|
Payment Date
|
||||
Nine Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
||
February 6, 2019
|
$
|
0.32
|
|
|
March 7, 2019
|
|
$
|
47
|
|
|
March 27, 2019
|
May 1, 2019
|
0.32
|
|
|
May 23, 2019
|
|
48
|
|
|
June 13, 2019
|
||
July 24, 2019
|
0.34
|
|
|
August 22, 2019
|
|
50
|
|
|
September 12, 2019
|
||
Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
||
February 7, 2018
|
0.30
|
|
|
March 8, 2018
|
|
46
|
|
|
March 28, 2018
|
||
April 24, 2018
|
0.30
|
|
|
May 24, 2018
|
|
45
|
|
|
June 14, 2018
|
||
July 23, 2018
|
0.32
|
|
|
August 23, 2018
|
|
47
|
|
|
September 13, 2018
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In millions, except share and per share data)
|
||||||||||||||
Net income attributable to Expedia Group, Inc.
|
$
|
409
|
|
|
$
|
525
|
|
|
$
|
489
|
|
|
$
|
389
|
|
Earnings per share attributable to Expedia Group, Inc. available to common stockholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
2.77
|
|
|
$
|
3.51
|
|
|
$
|
3.30
|
|
|
$
|
2.59
|
|
Diluted
|
2.71
|
|
|
3.43
|
|
|
3.24
|
|
|
2.54
|
|
||||
Weighted average number of shares outstanding (000's):
|
|
|
|
|
|
|
|
||||||||
Basic
|
147,232
|
|
|
149,482
|
|
|
148,052
|
|
|
150,450
|
|
||||
Dilutive effect of:
|
|
|
|
|
|
|
|
||||||||
Options to purchase common stock
|
2,336
|
|
|
2,866
|
|
|
2,074
|
|
|
2,396
|
|
||||
Other dilutive securities
|
1,067
|
|
|
805
|
|
|
786
|
|
|
558
|
|
||||
Diluted
|
150,635
|
|
|
153,153
|
|
|
150,912
|
|
|
153,404
|
|
•
|
A Stockholders Agreement Termination Agreement, by and among Mr. Diller, Liberty Expedia Holdings and certain wholly owned subsidiaries of Liberty Expedia Holdings, pursuant to the Stockholders Agreement (as defined above), including the Diller Proxy (as defined above) terminated on July 26, 2019, upon the closing of the Liberty Expedia Transaction;
|
•
|
A Governance Agreement Termination Agreement, by and among Mr. Diller, the Company, Liberty Expedia Holdings and certain wholly owned subsidiaries of Liberty Expedia Holdings, pursuant to which the Former Governance Agreement (as defined above) terminated on July 26, 2019, upon the closing of the Liberty Expedia Transaction;
|
•
|
An Assumption and Joinder Agreement to Tax Sharing Agreement by and among the Company, Liberty Expedia Holdings and Qurate, pursuant to which the Company agreed to assume, effective at the closing of the Liberty Expedia Transaction, Liberty Expedia Holdings’ rights and obligations under the Tax Sharing Agreement, dated as of November 4, 2016, by and between Qurate and Liberty Expedia Holdings;
|
•
|
An Assumption Agreement Concerning Transaction Agreement Obligations by and among the Company, Liberty Expedia Holdings, Qurate and the Malone Group, pursuant to which the Company agreed to assume, effective at the closing of the Liberty Expedia Transaction, certain of Liberty Expedia Holdings’ rights and obligations under the Amended and Restated Transaction Agreement, dated as of September 22, 2016, as amended by the letter agreement dated as of March 6, 2018, as further amended by Amendment No. 2 to the Transaction Agreement dated as of April 15, 2019 (the “Transaction Agreement”), which survive the termination of the Transaction Agreement; and
|
•
|
An Assumption and Joinder Agreement to Reorganization Agreement by and among the Company, Liberty Expedia Holdings and Qurate, pursuant to which the Company agreed to assume, effective at the closing of the Liberty Expedia
|
|
Three months ended September 30, 2019
|
||||||||||||||||||||||
|
Core OTA
|
|
trivago
|
|
Vrbo
|
|
Egencia
|
|
Corporate &
Eliminations |
|
Total
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Third-party revenue
|
$
|
2,732
|
|
|
$
|
190
|
|
|
$
|
467
|
|
|
$
|
145
|
|
|
$
|
24
|
|
|
$
|
3,558
|
|
Intersegment revenue
|
—
|
|
|
89
|
|
|
—
|
|
|
—
|
|
|
(89
|
)
|
|
—
|
|
||||||
Revenue
|
$
|
2,732
|
|
|
$
|
279
|
|
|
$
|
467
|
|
|
$
|
145
|
|
|
$
|
(65
|
)
|
|
$
|
3,558
|
|
Adjusted EBITDA
|
$
|
865
|
|
|
$
|
12
|
|
|
$
|
215
|
|
|
$
|
19
|
|
|
$
|
(199
|
)
|
|
$
|
912
|
|
Depreciation
|
(95
|
)
|
|
(3
|
)
|
|
(26
|
)
|
|
(12
|
)
|
|
(42
|
)
|
|
(178
|
)
|
||||||
Amortization of intangible assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50
|
)
|
|
(50
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(60
|
)
|
|
(60
|
)
|
||||||
Legal reserves, occupancy tax and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
||||||
Restructuring and related reorganization charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||
Realized (gain) loss on revenue hedges
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||||
Operating income (loss)
|
$
|
769
|
|
|
$
|
9
|
|
|
$
|
188
|
|
|
$
|
7
|
|
|
$
|
(364
|
)
|
|
609
|
|
|
Other expense, net
|
|
|
|
|
|
|
|
|
|
|
(48
|
)
|
|||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
561
|
|
|||||||||||
Provision for income taxes
|
|
|
|
|
|
|
|
|
|
|
(154
|
)
|
|||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
407
|
|
|||||||||||
Net loss attributable to non-controlling interests
|
|
|
|
|
|
|
|
2
|
|
||||||||||||||
Net income attributable to Expedia Group, Inc.
|
|
|
|
|
|
|
|
$
|
409
|
|
|
Three months ended September 30, 2018
|
||||||||||||||||||||||
|
Core OTA
|
|
trivago
|
|
Vrbo
|
|
Egencia
|
|
Corporate &
Eliminations |
|
Total
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Third-party revenue
|
$
|
2,527
|
|
|
$
|
200
|
|
|
$
|
410
|
|
|
$
|
139
|
|
|
$
|
—
|
|
|
$
|
3,276
|
|
Intersegment revenue
|
—
|
|
|
95
|
|
|
—
|
|
|
—
|
|
|
(95
|
)
|
|
—
|
|
||||||
Revenue
|
$
|
2,527
|
|
|
$
|
295
|
|
|
$
|
410
|
|
|
$
|
139
|
|
|
$
|
(95
|
)
|
|
$
|
3,276
|
|
Adjusted EBITDA
|
$
|
837
|
|
|
$
|
31
|
|
|
$
|
209
|
|
|
$
|
19
|
|
|
$
|
(184
|
)
|
|
$
|
912
|
|
Depreciation
|
(88
|
)
|
|
(4
|
)
|
|
(17
|
)
|
|
(12
|
)
|
|
(50
|
)
|
|
(171
|
)
|
||||||
Amortization of intangible assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(71
|
)
|
|
(71
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(54
|
)
|
|
(54
|
)
|
||||||
Legal reserves, occupancy tax and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78
|
|
|
78
|
|
||||||
Realized (gain) loss on revenue hedges
|
(21
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
||||||
Operating income (loss)
|
$
|
728
|
|
|
$
|
27
|
|
|
$
|
191
|
|
|
$
|
7
|
|
|
$
|
(281
|
)
|
|
672
|
|
|
Other expense, net
|
|
|
|
|
|
|
|
|
|
|
(60
|
)
|
|||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
612
|
|
|||||||||||
Provision for income taxes
|
|
|
|
|
|
|
|
|
|
|
(81
|
)
|
|||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
531
|
|
|||||||||||
Net income attributable to non-controlling interests
|
|
|
|
|
|
|
|
(6
|
)
|
||||||||||||||
Net income attributable to Expedia Group, Inc.
|
|
|
|
|
|
|
|
$
|
525
|
|
|
Nine months ended September 30, 2019
|
||||||||||||||||||||||
|
Core OTA
|
|
trivago
|
|
Vrbo
|
|
Egencia
|
|
Corporate &
Eliminations |
|
Total
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Third-party revenue
|
$
|
7,249
|
|
|
$
|
505
|
|
|
$
|
1,081
|
|
|
$
|
461
|
|
|
$
|
24
|
|
|
$
|
9,320
|
|
Intersegment revenue
|
—
|
|
|
262
|
|
|
—
|
|
|
—
|
|
|
(262
|
)
|
|
—
|
|
||||||
Revenue
|
$
|
7,249
|
|
|
$
|
767
|
|
|
$
|
1,081
|
|
|
$
|
461
|
|
|
$
|
(238
|
)
|
|
$
|
9,320
|
|
Adjusted EBITDA
|
$
|
1,832
|
|
|
$
|
56
|
|
|
$
|
259
|
|
|
$
|
85
|
|
|
$
|
(576
|
)
|
|
$
|
1,656
|
|
Depreciation
|
(281
|
)
|
|
(9
|
)
|
|
(73
|
)
|
|
(38
|
)
|
|
(129
|
)
|
|
(530
|
)
|
||||||
Amortization of intangible assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(154
|
)
|
|
(154
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(175
|
)
|
|
(175
|
)
|
||||||
Legal reserves, occupancy tax and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
(25
|
)
|
||||||
Restructuring and related reorganization charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
(16
|
)
|
||||||
Realized (gain) loss on revenue hedges
|
(12
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
||||||
Operating income (loss)
|
$
|
1,539
|
|
|
$
|
47
|
|
|
$
|
185
|
|
|
$
|
47
|
|
|
$
|
(1,075
|
)
|
|
743
|
|
|
Other expense, net
|
|
|
|
|
|
|
|
|
|
|
(88
|
)
|
|||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
655
|
|
|||||||||||
Provision for income taxes
|
|
|
|
|
|
|
|
|
|
|
(161
|
)
|
|||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
494
|
|
|||||||||||
Net income attributable to non-controlling interests
|
|
|
|
|
|
|
|
(5
|
)
|
||||||||||||||
Net income attributable to Expedia Group, Inc.
|
|
|
|
|
|
|
|
$
|
489
|
|
|
Nine months ended September 30, 2018
|
||||||||||||||||||||||
|
Core OTA
|
|
trivago
|
|
Vrbo
|
|
Egencia
|
|
Corporate &
Eliminations |
|
Total
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Third-party revenue
|
$
|
6,706
|
|
|
$
|
571
|
|
|
$
|
941
|
|
|
$
|
446
|
|
|
$
|
—
|
|
|
$
|
8,664
|
|
Intersegment revenue
|
—
|
|
|
323
|
|
|
—
|
|
|
—
|
|
|
(323
|
)
|
|
—
|
|
||||||
Revenue
|
$
|
6,706
|
|
|
$
|
894
|
|
|
$
|
941
|
|
|
$
|
446
|
|
|
$
|
(323
|
)
|
|
$
|
8,664
|
|
Adjusted EBITDA
|
$
|
1,721
|
|
|
$
|
(17
|
)
|
|
$
|
266
|
|
|
$
|
76
|
|
|
$
|
(547
|
)
|
|
$
|
1,499
|
|
Depreciation
|
(256
|
)
|
|
(11
|
)
|
|
(46
|
)
|
|
(35
|
)
|
|
(159
|
)
|
|
(507
|
)
|
||||||
Amortization of intangible assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(215
|
)
|
|
(215
|
)
|
||||||
Impairment of goodwill
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
|
(61
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(154
|
)
|
|
(154
|
)
|
||||||
Legal reserves, occupancy tax and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74
|
|
|
74
|
|
||||||
Realized (gain) loss on revenue hedges
|
(17
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
||||||
Operating income (loss)
|
$
|
1,448
|
|
|
$
|
(28
|
)
|
|
$
|
219
|
|
|
$
|
41
|
|
|
$
|
(1,062
|
)
|
|
618
|
|
|
Other expense, net
|
|
|
|
|
|
|
|
|
|
|
(189
|
)
|
|||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
429
|
|
|||||||||||
Provision for income taxes
|
|
|
|
|
|
|
|
|
|
|
(56
|
)
|
|||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
373
|
|
|||||||||||
Net loss attributable to non-controlling interests
|
|
|
|
|
|
|
|
16
|
|
||||||||||||||
Net income attributable to Expedia Group, Inc.
|
|
|
|
|
|
|
|
$
|
389
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Business Model:
|
|
|
|
|
|
|
|
||||||||
Merchant
|
$
|
1,863
|
|
|
$
|
1,688
|
|
|
$
|
4,935
|
|
|
$
|
4,554
|
|
Agency
|
917
|
|
|
876
|
|
|
2,444
|
|
|
2,311
|
|
||||
Advertising and media
|
311
|
|
|
302
|
|
|
860
|
|
|
858
|
|
||||
Vrbo
|
467
|
|
|
410
|
|
|
1,081
|
|
|
941
|
|
||||
Total revenue
|
$
|
3,558
|
|
|
$
|
3,276
|
|
|
$
|
9,320
|
|
|
$
|
8,664
|
|
Service Type:
|
|
|
|
|
|
|
|
||||||||
Lodging
|
$
|
2,599
|
|
|
$
|
2,347
|
|
|
$
|
6,555
|
|
|
$
|
5,951
|
|
Air
|
202
|
|
|
209
|
|
|
678
|
|
|
674
|
|
||||
Advertising and media
|
311
|
|
|
302
|
|
|
860
|
|
|
858
|
|
||||
Other(1)
|
446
|
|
|
418
|
|
|
1,227
|
|
|
1,181
|
|
||||
Total revenue
|
$
|
3,558
|
|
|
$
|
3,276
|
|
|
$
|
9,320
|
|
|
$
|
8,664
|
|
(1)
|
Other includes car rental, insurance, destination services, cruise and fee revenue related to our corporate travel business, among other revenue streams, none of which are individually material. Other also includes product revenue of $24 million during the three and nine months ended September 30, 2019 related to our acquisition of Bodybuilding.com.
|
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Revenue
|
$
|
—
|
|
|
$
|
2,733
|
|
|
$
|
916
|
|
|
$
|
(91
|
)
|
|
$
|
3,558
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue
|
—
|
|
|
408
|
|
|
166
|
|
|
(5
|
)
|
|
569
|
|
|||||
Selling and marketing
|
—
|
|
|
1,258
|
|
|
488
|
|
|
(86
|
)
|
|
1,660
|
|
|||||
Technology and content
|
—
|
|
|
309
|
|
|
131
|
|
|
—
|
|
|
440
|
|
|||||
General and administrative
|
—
|
|
|
140
|
|
|
77
|
|
|
—
|
|
|
217
|
|
|||||
Amortization of intangible assets
|
—
|
|
|
30
|
|
|
20
|
|
|
—
|
|
|
50
|
|
|||||
Legal reserves, occupancy tax and other
|
—
|
|
|
3
|
|
|
8
|
|
|
—
|
|
|
11
|
|
|||||
Restructuring and related reorganization charges
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|||||
Intercompany (income) expense, net
|
—
|
|
|
250
|
|
|
(250
|
)
|
|
—
|
|
|
—
|
|
|||||
Operating income
|
—
|
|
|
335
|
|
|
274
|
|
|
—
|
|
|
609
|
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in pre-tax earnings of consolidated subsidiaries
|
439
|
|
|
170
|
|
|
—
|
|
|
(609
|
)
|
|
—
|
|
|||||
Other, net
|
(40
|
)
|
|
46
|
|
|
(54
|
)
|
|
—
|
|
|
(48
|
)
|
|||||
Total other income (expense), net
|
399
|
|
|
216
|
|
|
(54
|
)
|
|
(609
|
)
|
|
(48
|
)
|
|||||
Income before income taxes
|
399
|
|
|
551
|
|
|
220
|
|
|
(609
|
)
|
|
561
|
|
|||||
Provision for income taxes
|
10
|
|
|
(111
|
)
|
|
(53
|
)
|
|
—
|
|
|
(154
|
)
|
|||||
Net income
|
409
|
|
|
440
|
|
|
167
|
|
|
(609
|
)
|
|
407
|
|
|||||
Net loss attributable to non-controlling interests
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|||||
Net income attributable to Expedia Group, Inc.
|
$
|
409
|
|
|
$
|
441
|
|
|
$
|
168
|
|
|
$
|
(609
|
)
|
|
$
|
409
|
|
Comprehensive income attributable to Expedia Group, Inc.
|
$
|
367
|
|
|
$
|
376
|
|
|
$
|
105
|
|
|
$
|
(481
|
)
|
|
$
|
367
|
|
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Revenue
|
$
|
—
|
|
|
$
|
2,503
|
|
|
$
|
869
|
|
|
$
|
(96
|
)
|
|
$
|
3,276
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue
|
—
|
|
|
362
|
|
|
147
|
|
|
(5
|
)
|
|
504
|
|
|||||
Selling and marketing
|
—
|
|
|
1,096
|
|
|
496
|
|
|
(91
|
)
|
|
1,501
|
|
|||||
Technology and content
|
—
|
|
|
287
|
|
|
117
|
|
|
—
|
|
|
404
|
|
|||||
General and administrative
|
—
|
|
|
129
|
|
|
73
|
|
|
—
|
|
|
202
|
|
|||||
Amortization of intangible assets
|
—
|
|
|
44
|
|
|
27
|
|
|
—
|
|
|
71
|
|
|||||
Legal reserves, occupancy tax and other
|
—
|
|
|
(78
|
)
|
|
—
|
|
|
—
|
|
|
(78
|
)
|
|||||
Intercompany (income) expense, net
|
—
|
|
|
239
|
|
|
(239
|
)
|
|
—
|
|
|
—
|
|
|||||
Operating income
|
—
|
|
|
424
|
|
|
248
|
|
|
—
|
|
|
672
|
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in pre-tax earnings of consolidated subsidiaries
|
560
|
|
|
204
|
|
|
—
|
|
|
(764
|
)
|
|
—
|
|
|||||
Other, net
|
(46
|
)
|
|
(13
|
)
|
|
(1
|
)
|
|
—
|
|
|
(60
|
)
|
|||||
Total other income (expense), net
|
514
|
|
|
191
|
|
|
(1
|
)
|
|
(764
|
)
|
|
(60
|
)
|
|||||
Income before income taxes
|
514
|
|
|
615
|
|
|
247
|
|
|
(764
|
)
|
|
612
|
|
|||||
Provision for income taxes
|
11
|
|
|
(55
|
)
|
|
(37
|
)
|
|
—
|
|
|
(81
|
)
|
|||||
Net income
|
525
|
|
|
560
|
|
|
210
|
|
|
(764
|
)
|
|
531
|
|
|||||
Net (income) loss attributable to non-controlling interests
|
—
|
|
|
1
|
|
|
(7
|
)
|
|
—
|
|
|
(6
|
)
|
|||||
Net income attributable to Expedia Group, Inc.
|
$
|
525
|
|
|
$
|
561
|
|
|
$
|
203
|
|
|
$
|
(764
|
)
|
|
$
|
525
|
|
Comprehensive income attributable to Expedia Group, Inc.
|
$
|
514
|
|
|
$
|
545
|
|
|
$
|
186
|
|
|
$
|
(731
|
)
|
|
$
|
514
|
|
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Revenue
|
$
|
—
|
|
|
$
|
7,274
|
|
|
$
|
2,313
|
|
|
$
|
(267
|
)
|
|
$
|
9,320
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue
|
—
|
|
|
1,162
|
|
|
459
|
|
|
(17
|
)
|
|
1,604
|
|
|||||
Selling and marketing
|
—
|
|
|
3,675
|
|
|
1,427
|
|
|
(250
|
)
|
|
4,852
|
|
|||||
Technology and content
|
—
|
|
|
914
|
|
|
390
|
|
|
—
|
|
|
1,304
|
|
|||||
General and administrative
|
—
|
|
|
400
|
|
|
222
|
|
|
—
|
|
|
622
|
|
|||||
Amortization of intangible assets
|
—
|
|
|
92
|
|
|
62
|
|
|
—
|
|
|
154
|
|
|||||
Legal reserves, occupancy tax and other
|
—
|
|
|
17
|
|
|
8
|
|
|
—
|
|
|
25
|
|
|||||
Restructuring and related reorganization charges
|
—
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|||||
Intercompany (income) expense, net
|
—
|
|
|
661
|
|
|
(661
|
)
|
|
—
|
|
|
—
|
|
|||||
Operating income
|
—
|
|
|
353
|
|
|
390
|
|
|
—
|
|
|
743
|
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in pre-tax earnings of consolidated subsidiaries
|
582
|
|
|
257
|
|
|
—
|
|
|
(839
|
)
|
|
—
|
|
|||||
Other, net
|
(122
|
)
|
|
84
|
|
|
(50
|
)
|
|
—
|
|
|
(88
|
)
|
|||||
Total other income (expense), net
|
460
|
|
|
341
|
|
|
(50
|
)
|
|
(839
|
)
|
|
(88
|
)
|
|||||
Income before income taxes
|
460
|
|
|
694
|
|
|
340
|
|
|
(839
|
)
|
|
655
|
|
|||||
Provision for income taxes
|
29
|
|
|
(109
|
)
|
|
(81
|
)
|
|
—
|
|
|
(161
|
)
|
|||||
Net income
|
489
|
|
|
585
|
|
|
259
|
|
|
(839
|
)
|
|
494
|
|
|||||
Net (income) loss attributable to non-controlling interests
|
—
|
|
|
2
|
|
|
(7
|
)
|
|
—
|
|
|
(5
|
)
|
|||||
Net income attributable to Expedia Group, Inc.
|
$
|
489
|
|
|
$
|
587
|
|
|
$
|
252
|
|
|
$
|
(839
|
)
|
|
$
|
489
|
|
Comprehensive income attributable to Expedia Group, Inc.
|
$
|
451
|
|
|
$
|
522
|
|
|
$
|
189
|
|
|
$
|
(711
|
)
|
|
$
|
451
|
|
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Revenue
|
$
|
—
|
|
|
$
|
6,643
|
|
|
$
|
2,348
|
|
|
$
|
(327
|
)
|
|
$
|
8,664
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue
|
—
|
|
|
1,094
|
|
|
410
|
|
|
(15
|
)
|
|
1,489
|
|
|||||
Selling and marketing
|
—
|
|
|
3,256
|
|
|
1,614
|
|
|
(312
|
)
|
|
4,558
|
|
|||||
Technology and content
|
—
|
|
|
847
|
|
|
353
|
|
|
—
|
|
|
1,200
|
|
|||||
General and administrative
|
—
|
|
|
375
|
|
|
222
|
|
|
—
|
|
|
597
|
|
|||||
Amortization of intangible assets
|
—
|
|
|
134
|
|
|
81
|
|
|
—
|
|
|
215
|
|
|||||
Impairment of goodwill
|
—
|
|
|
—
|
|
|
61
|
|
|
—
|
|
|
61
|
|
|||||
Legal reserves, occupancy tax and other
|
—
|
|
|
(75
|
)
|
|
1
|
|
|
—
|
|
|
(74
|
)
|
|||||
Intercompany (income) expense, net
|
—
|
|
|
654
|
|
|
(654
|
)
|
|
—
|
|
|
—
|
|
|||||
Operating income
|
—
|
|
|
358
|
|
|
260
|
|
|
—
|
|
|
618
|
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in pre-tax earnings of consolidated subsidiaries
|
501
|
|
|
223
|
|
|
—
|
|
|
(724
|
)
|
|
—
|
|
|||||
Other, net
|
(146
|
)
|
|
(22
|
)
|
|
(21
|
)
|
|
—
|
|
|
(189
|
)
|
|||||
Total other income (expense), net
|
355
|
|
|
201
|
|
|
(21
|
)
|
|
(724
|
)
|
|
(189
|
)
|
|||||
Income before income taxes
|
355
|
|
|
559
|
|
|
239
|
|
|
(724
|
)
|
|
429
|
|
|||||
Provision for income taxes
|
34
|
|
|
(54
|
)
|
|
(36
|
)
|
|
—
|
|
|
(56
|
)
|
|||||
Net income
|
389
|
|
|
505
|
|
|
203
|
|
|
(724
|
)
|
|
373
|
|
|||||
Net loss attributable to non-controlling interests
|
—
|
|
|
2
|
|
|
14
|
|
|
—
|
|
|
16
|
|
|||||
Net income attributable to Expedia Group, Inc.
|
$
|
389
|
|
|
$
|
507
|
|
|
$
|
217
|
|
|
$
|
(724
|
)
|
|
$
|
389
|
|
Comprehensive income attributable to Expedia Group, Inc.
|
$
|
339
|
|
|
$
|
435
|
|
|
$
|
147
|
|
|
$
|
(582
|
)
|
|
$
|
339
|
|
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In millions)
|
||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Total current assets
|
$
|
431
|
|
|
$
|
6,685
|
|
|
$
|
2,581
|
|
|
$
|
(1,728
|
)
|
|
$
|
7,969
|
|
Investment in subsidiaries
|
10,795
|
|
|
3,041
|
|
|
—
|
|
|
(13,836
|
)
|
|
—
|
|
|||||
Intangible assets, net
|
—
|
|
|
1,438
|
|
|
405
|
|
|
—
|
|
|
1,843
|
|
|||||
Goodwill
|
—
|
|
|
6,367
|
|
|
1,737
|
|
|
—
|
|
|
8,104
|
|
|||||
Other assets, net
|
—
|
|
|
2,379
|
|
|
1,120
|
|
|
(34
|
)
|
|
3,465
|
|
|||||
TOTAL ASSETS
|
$
|
11,226
|
|
|
$
|
19,910
|
|
|
$
|
5,843
|
|
|
$
|
(15,598
|
)
|
|
$
|
21,381
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Total current liabilities
|
$
|
1,317
|
|
|
$
|
8,537
|
|
|
$
|
2,456
|
|
|
$
|
(1,728
|
)
|
|
$
|
10,582
|
|
Long-term debt
|
4,170
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,170
|
|
|||||
Other long-term liabilities
|
—
|
|
|
477
|
|
|
414
|
|
|
(34
|
)
|
|
857
|
|
|||||
Redeemable non-controlling interests
|
—
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|||||
Stockholders’ equity
|
5,739
|
|
|
10,863
|
|
|
2,973
|
|
|
(13,836
|
)
|
|
5,739
|
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
11,226
|
|
|
$
|
19,910
|
|
|
$
|
5,843
|
|
|
$
|
(15,598
|
)
|
|
$
|
21,381
|
|
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In millions)
|
||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Total current assets
|
$
|
402
|
|
|
$
|
5,261
|
|
|
$
|
2,137
|
|
|
$
|
(2,603
|
)
|
|
$
|
5,197
|
|
Investment in subsidiaries
|
10,615
|
|
|
3,425
|
|
|
—
|
|
|
(14,040
|
)
|
|
—
|
|
|||||
Intangible assets, net
|
—
|
|
|
1,520
|
|
|
472
|
|
|
—
|
|
|
1,992
|
|
|||||
Goodwill
|
—
|
|
|
6,366
|
|
|
1,754
|
|
|
—
|
|
|
8,120
|
|
|||||
Other assets, net
|
—
|
|
|
1,840
|
|
|
913
|
|
|
(29
|
)
|
|
2,724
|
|
|||||
TOTAL ASSETS
|
$
|
11,017
|
|
|
$
|
18,412
|
|
|
$
|
5,276
|
|
|
$
|
(16,672
|
)
|
|
$
|
18,033
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Total current liabilities
|
$
|
1,649
|
|
|
$
|
7,396
|
|
|
$
|
1,618
|
|
|
$
|
(2,603
|
)
|
|
$
|
8,060
|
|
Long-term debt
|
3,717
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,717
|
|
|||||
Other long-term liabilities
|
—
|
|
|
320
|
|
|
284
|
|
|
(29
|
)
|
|
575
|
|
|||||
Redeemable non-controlling interests
|
—
|
|
|
17
|
|
|
13
|
|
|
—
|
|
|
30
|
|
|||||
Stockholders’ equity
|
5,651
|
|
|
10,679
|
|
|
3,361
|
|
|
(14,040
|
)
|
|
5,651
|
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
11,017
|
|
|
$
|
18,412
|
|
|
$
|
5,276
|
|
|
$
|
(16,672
|
)
|
|
$
|
18,033
|
|
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidated
|
||||||||
|
(In millions)
|
||||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities
|
$
|
—
|
|
|
$
|
1,952
|
|
|
$
|
474
|
|
|
$
|
2,426
|
|
Investing activities:
|
|
|
|
|
|
|
|
||||||||
Capital expenditures, including internal-use software and website development
|
—
|
|
|
(800
|
)
|
|
(64
|
)
|
|
(864
|
)
|
||||
Purchases of investments
|
—
|
|
|
(1,217
|
)
|
|
(66
|
)
|
|
(1,283
|
)
|
||||
Sales and maturities of investments
|
—
|
|
|
622
|
|
|
13
|
|
|
635
|
|
||||
Acquisitions, net of cash and restricted cash acquired
|
—
|
|
|
80
|
|
|
—
|
|
|
80
|
|
||||
Other, net
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||
Net cash used in investing activities
|
—
|
|
|
(1,312
|
)
|
|
(117
|
)
|
|
(1,429
|
)
|
||||
Financing activities:
|
|
|
|
|
|
|
|
||||||||
Proceeds from issuance of long-term debt, net of issuance costs
|
1,235
|
|
|
—
|
|
|
—
|
|
|
1,235
|
|
||||
Payment of Liberty Expedia Exchangeable Debentures
|
—
|
|
|
(400
|
)
|
|
—
|
|
|
(400
|
)
|
||||
Purchases of treasury stock
|
(352
|
)
|
|
—
|
|
|
—
|
|
|
(352
|
)
|
||||
Payment of dividends to stockholders
|
(145
|
)
|
|
—
|
|
|
—
|
|
|
(145
|
)
|
||||
Proceeds from exercise of equity awards and employee stock purchase plan
|
277
|
|
|
—
|
|
|
—
|
|
|
277
|
|
||||
Transfers (to) from related parties
|
(1,013
|
)
|
|
1,039
|
|
|
(26
|
)
|
|
—
|
|
||||
Other, net
|
(2
|
)
|
|
6
|
|
|
(12
|
)
|
|
(8
|
)
|
||||
Net cash provided by (used in) financing activities
|
—
|
|
|
645
|
|
|
(38
|
)
|
|
607
|
|
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents
|
—
|
|
|
(16
|
)
|
|
(46
|
)
|
|
(62
|
)
|
||||
Net increase in cash, cash equivalents and restricted cash and cash equivalents
|
—
|
|
|
1,269
|
|
|
273
|
|
|
1,542
|
|
||||
Cash, cash equivalents and restricted cash and cash equivalents at beginning of the period
|
—
|
|
|
1,190
|
|
|
1,515
|
|
|
2,705
|
|
||||
Cash, cash equivalents and restricted cash and cash equivalents at end of the period
|
$
|
—
|
|
|
$
|
2,459
|
|
|
$
|
1,788
|
|
|
$
|
4,247
|
|
|
Parent
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidated
|
||||||||
|
(In millions)
|
||||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities
|
$
|
—
|
|
|
$
|
1,509
|
|
|
$
|
611
|
|
|
$
|
2,120
|
|
Investing activities:
|
|
|
|
|
|
|
|
||||||||
Capital expenditures, including internal-use software and website development
|
—
|
|
|
(533
|
)
|
|
(101
|
)
|
|
(634
|
)
|
||||
Purchases of investments
|
—
|
|
|
(1,714
|
)
|
|
—
|
|
|
(1,714
|
)
|
||||
Sales and maturities of investments
|
—
|
|
|
1,618
|
|
|
74
|
|
|
1,692
|
|
||||
Acquisitions, net of cash and restricted cash acquired
|
—
|
|
|
(40
|
)
|
|
—
|
|
|
(40
|
)
|
||||
Transfers (to) from related parties
|
—
|
|
|
(60
|
)
|
|
60
|
|
|
—
|
|
||||
Other, net
|
—
|
|
|
39
|
|
|
2
|
|
|
41
|
|
||||
Net cash provided by (used in) investing activities
|
—
|
|
|
(690
|
)
|
|
35
|
|
|
(655
|
)
|
||||
Financing activities:
|
|
|
|
|
|
|
|
||||||||
Payment of long-term debt
|
(500
|
)
|
|
—
|
|
|
—
|
|
|
(500
|
)
|
||||
Purchases of treasury stock
|
(620
|
)
|
|
—
|
|
|
—
|
|
|
(620
|
)
|
||||
Payment of dividends to stockholders
|
(138
|
)
|
|
—
|
|
|
—
|
|
|
(138
|
)
|
||||
Proceeds from exercise of equity awards and employee stock purchase plan
|
138
|
|
|
—
|
|
|
—
|
|
|
138
|
|
||||
Transfers (to) from related parties
|
1,092
|
|
|
(666
|
)
|
|
(426
|
)
|
|
—
|
|
||||
Other, net
|
28
|
|
|
1
|
|
|
(63
|
)
|
|
(34
|
)
|
||||
Net cash used in financing activities
|
—
|
|
|
(665
|
)
|
|
(489
|
)
|
|
(1,154
|
)
|
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents
|
—
|
|
|
(55
|
)
|
|
(64
|
)
|
|
(119
|
)
|
||||
Net increase in cash, cash equivalents and restricted cash and cash equivalents
|
—
|
|
|
99
|
|
|
93
|
|
|
192
|
|
||||
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period
|
—
|
|
|
1,321
|
|
|
1,596
|
|
|
2,917
|
|
||||
Cash, cash equivalents and restricted cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
1,420
|
|
|
$
|
1,689
|
|
|
$
|
3,109
|
|
•
|
It requires us to make an assumption because information was not available at the time or it included matters that were highly uncertain at the time we were making the estimate; and
|
•
|
Changes in the estimate or different estimates that we could have selected may have had a material impact on our financial condition or results of operations.
|
•
|
State of Mississippi Litigation. On August 28, 2019, the State filed an application for a permanent injunction, which the defendants will oppose. On October 4, 2019, defendants filed a motion to stay the trial court proceedings with the Mississippi Supreme Court pending disposition of defendants’ petition for interlocutory appeal; the State has opposed the motion, which remains pending.
|
•
|
Arizona Cities Litigation. On September 9, 2019, the Arizona Supreme Court affirmed in part and reversed in part the Arizona Court of Appeals’ decision and remanded the case back to the tax court for further proceedings.
|
•
|
Colorado Department of Revenue Tax Litigation. The parties have reached a settlement in principle.
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||||
Gross Bookings
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core OTA
|
$
|
22,234
|
|
|
$
|
20,217
|
|
|
10
|
%
|
|
$
|
68,568
|
|
|
$
|
62,399
|
|
|
10
|
%
|
trivago(1)
|
—
|
|
|
—
|
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
||||
Vrbo
|
2,633
|
|
|
2,496
|
|
|
5
|
%
|
|
9,657
|
|
|
9,257
|
|
|
4
|
%
|
||||
Egencia
|
2,060
|
|
|
1,963
|
|
|
5
|
%
|
|
6,403
|
|
|
6,114
|
|
|
5
|
%
|
||||
Total gross bookings
|
$
|
26,927
|
|
|
$
|
24,676
|
|
|
9
|
%
|
|
$
|
84,628
|
|
|
$
|
77,770
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue Margin
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core OTA
|
12.3
|
%
|
|
12.5
|
%
|
|
|
|
10.6
|
%
|
|
10.7
|
%
|
|
|
||||||
trivago(1)
|
N/A
|
|
|
N/A
|
|
|
|
|
N/A
|
|
|
N/A
|
|
|
|
||||||
Vrbo
|
17.7
|
%
|
|
16.4
|
%
|
|
|
|
11.2
|
%
|
|
10.2
|
%
|
|
|
||||||
Egencia
|
7.0
|
%
|
|
7.1
|
%
|
|
|
|
7.2
|
%
|
|
7.3
|
%
|
|
|
||||||
Total revenue margin
|
13.2
|
%
|
|
13.3
|
%
|
|
|
|
11.0
|
%
|
|
11.1
|
%
|
|
|
(1)
|
trivago, which is comprised of a hotel metasearch business that differs from our transaction-based websites, does not have associated gross bookings or revenue margin. However, third-party revenue from trivago is included in revenue used to calculate total revenue margin.
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||||
Revenue by Segment
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core OTA
|
$
|
2,732
|
|
|
$
|
2,527
|
|
|
8
|
%
|
|
$
|
7,249
|
|
|
$
|
6,706
|
|
|
8
|
%
|
trivago (Third-party revenue)
|
190
|
|
|
200
|
|
|
(5
|
)%
|
|
505
|
|
|
571
|
|
|
(11
|
)%
|
||||
Vrbo
|
467
|
|
|
410
|
|
|
14
|
%
|
|
1,081
|
|
|
941
|
|
|
15
|
%
|
||||
Egencia
|
145
|
|
|
139
|
|
|
4
|
%
|
|
461
|
|
|
446
|
|
|
3
|
%
|
||||
Corporate (Bodybuilding.com)
|
24
|
|
|
—
|
|
|
N/A
|
|
|
24
|
|
|
—
|
|
|
N/A
|
|
||||
Total revenue
|
$
|
3,558
|
|
|
$
|
3,276
|
|
|
9
|
%
|
|
$
|
9,320
|
|
|
$
|
8,664
|
|
|
8
|
%
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||||
Revenue by Service Type
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Lodging
|
$
|
2,599
|
|
|
$
|
2,347
|
|
|
11
|
%
|
|
$
|
6,555
|
|
|
$
|
5,951
|
|
|
10
|
%
|
Air
|
202
|
|
|
209
|
|
|
(3
|
)%
|
|
678
|
|
|
674
|
|
|
1
|
%
|
||||
Advertising and media(1)
|
311
|
|
|
302
|
|
|
3
|
%
|
|
860
|
|
|
858
|
|
|
—
|
%
|
||||
Other
|
446
|
|
|
418
|
|
|
7
|
%
|
|
1,227
|
|
|
1,181
|
|
|
4
|
%
|
||||
Total revenue
|
$
|
3,558
|
|
|
$
|
3,276
|
|
|
9
|
%
|
|
$
|
9,320
|
|
|
$
|
8,664
|
|
|
8
|
%
|
(1)
|
Includes third-party revenue from trivago as well as our transaction-based websites.
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||||
Revenue by Business Model
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Merchant
|
$
|
1,863
|
|
|
$
|
1,688
|
|
|
10
|
%
|
|
$
|
4,935
|
|
|
$
|
4,554
|
|
|
8
|
%
|
Agency
|
917
|
|
|
876
|
|
|
5
|
%
|
|
2,444
|
|
|
2,311
|
|
|
6
|
%
|
||||
Advertising and media
|
311
|
|
|
302
|
|
|
3
|
%
|
|
860
|
|
|
858
|
|
|
—
|
%
|
||||
Vrbo
|
467
|
|
|
410
|
|
|
14
|
%
|
|
1,081
|
|
|
941
|
|
|
15
|
%
|
||||
Total revenue
|
$
|
3,558
|
|
|
$
|
3,276
|
|
|
9
|
%
|
|
$
|
9,320
|
|
|
$
|
8,664
|
|
|
8
|
%
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||||
Customer operations
|
$
|
245
|
|
|
$
|
229
|
|
|
7
|
%
|
|
$
|
718
|
|
|
$
|
676
|
|
|
6
|
%
|
Credit card processing
|
133
|
|
|
136
|
|
|
(3
|
)%
|
|
393
|
|
|
394
|
|
|
—
|
%
|
||||
Data center, cloud and other
|
191
|
|
|
139
|
|
|
38
|
%
|
|
493
|
|
|
419
|
|
|
18
|
%
|
||||
Total cost of revenue
|
$
|
569
|
|
|
$
|
504
|
|
|
13
|
%
|
|
$
|
1,604
|
|
|
$
|
1,489
|
|
|
8
|
%
|
% of revenue
|
16.0
|
%
|
|
15.4
|
%
|
|
|
|
17.2
|
%
|
|
17.2
|
%
|
|
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||||
Direct costs
|
$
|
1,397
|
|
|
$
|
1,228
|
|
|
14
|
%
|
|
$
|
4,041
|
|
|
$
|
3,731
|
|
|
8
|
%
|
Indirect costs
|
263
|
|
|
273
|
|
|
(4
|
)%
|
|
811
|
|
|
827
|
|
|
(2
|
)%
|
||||
Total selling and marketing
|
$
|
1,660
|
|
|
$
|
1,501
|
|
|
11
|
%
|
|
$
|
4,852
|
|
|
$
|
4,558
|
|
|
6
|
%
|
% of revenue
|
46.7
|
%
|
|
45.8
|
%
|
|
|
|
52.1
|
%
|
|
52.6
|
%
|
|
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||||
Personnel and overhead
|
$
|
209
|
|
|
$
|
197
|
|
|
6
|
%
|
|
$
|
634
|
|
|
$
|
599
|
|
|
6
|
%
|
Depreciation and amortization of technology assets
|
136
|
|
|
127
|
|
|
7
|
%
|
|
399
|
|
|
370
|
|
|
8
|
%
|
||||
Other
|
95
|
|
|
80
|
|
|
19
|
%
|
|
271
|
|
|
231
|
|
|
17
|
%
|
||||
Total technology and content
|
$
|
440
|
|
|
$
|
404
|
|
|
9
|
%
|
|
$
|
1,304
|
|
|
$
|
1,200
|
|
|
9
|
%
|
% of revenue
|
12.4
|
%
|
|
12.3
|
%
|
|
|
|
14.0
|
%
|
|
13.8
|
%
|
|
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||||
Personnel and overhead
|
$
|
127
|
|
|
$
|
128
|
|
|
—
|
%
|
|
$
|
381
|
|
|
$
|
383
|
|
|
—
|
%
|
Professional fees and other
|
90
|
|
|
74
|
|
|
21
|
%
|
|
241
|
|
|
214
|
|
|
13
|
%
|
||||
Total general and administrative
|
$
|
217
|
|
|
$
|
202
|
|
|
7
|
%
|
|
$
|
622
|
|
|
$
|
597
|
|
|
4
|
%
|
% of revenue
|
6.1
|
%
|
|
6.1
|
%
|
|
|
|
6.7
|
%
|
|
6.9
|
%
|
|
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||||
Amortization of intangible assets
|
$
|
50
|
|
|
$
|
71
|
|
|
(30
|
)%
|
|
$
|
154
|
|
|
$
|
215
|
|
|
(29
|
)%
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||
Legal reserves, occupancy tax and other
|
$
|
11
|
|
|
$
|
(78
|
)
|
|
N/A
|
|
$
|
25
|
|
|
$
|
(74
|
)
|
|
N/A
|
% of revenue
|
0.3
|
%
|
|
(2.4
|
)%
|
|
|
|
0.3
|
%
|
|
(0.8
|
)%
|
|
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||||
Operating income
|
$
|
609
|
|
|
$
|
672
|
|
|
(9
|
)%
|
|
$
|
743
|
|
|
$
|
618
|
|
|
20
|
%
|
% of revenue
|
17.1
|
%
|
|
20.5
|
%
|
|
|
|
8.0
|
%
|
|
7.1
|
%
|
|
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||||
Core OTA
|
$
|
865
|
|
|
$
|
837
|
|
|
3
|
%
|
|
$
|
1,832
|
|
|
$
|
1,721
|
|
|
6
|
%
|
trivago
|
12
|
|
|
31
|
|
|
(60
|
)%
|
|
56
|
|
|
(17
|
)
|
|
N/A
|
|
||||
Vrbo
|
215
|
|
|
209
|
|
|
3
|
%
|
|
259
|
|
|
266
|
|
|
(2
|
)%
|
||||
Egencia
|
19
|
|
|
19
|
|
|
(1
|
)%
|
|
85
|
|
|
76
|
|
|
12
|
%
|
||||
Unallocated overhead costs (Corporate) (1)
|
(199
|
)
|
|
(184
|
)
|
|
8
|
%
|
|
(576
|
)
|
|
(547
|
)
|
|
5
|
%
|
||||
Total Adjusted EBITDA (2)
|
$
|
912
|
|
|
$
|
912
|
|
|
—
|
%
|
|
$
|
1,656
|
|
|
$
|
1,499
|
|
|
10
|
%
|
(1)
|
Includes immaterial operating results of Bodybuilding.com subsequent to our acquisition on July 26, 2019.
|
(2)
|
Adjusted EBITDA is a non-GAAP measure. See “Definition and Reconciliation of Adjusted EBITDA” below for more information.
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||||
Interest income
|
$
|
17
|
|
|
$
|
34
|
|
|
(49
|
)%
|
|
$
|
45
|
|
|
$
|
61
|
|
|
(27
|
)%
|
Interest expense
|
(40
|
)
|
|
(47
|
)
|
|
(15
|
)%
|
|
(120
|
)
|
|
(149
|
)
|
|
(19
|
)%
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
($ in millions)
|
||||||||||||||
Foreign exchange rate gains (losses), net
|
$
|
(2
|
)
|
|
$
|
(6
|
)
|
|
$
|
(14
|
)
|
|
$
|
1
|
|
Losses on minority equity investments, net
|
(25
|
)
|
|
(39
|
)
|
|
(13
|
)
|
|
(100
|
)
|
||||
Other
|
2
|
|
|
(2
|
)
|
|
14
|
|
|
(2
|
)
|
||||
Total other, net
|
$
|
(25
|
)
|
|
$
|
(47
|
)
|
|
$
|
(13
|
)
|
|
$
|
(101
|
)
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
($ in millions)
|
|
|
|
($ in millions)
|
|
|
||||||||||||||
Provision for income taxes
|
$
|
154
|
|
|
$
|
81
|
|
|
89
|
%
|
|
$
|
161
|
|
|
$
|
56
|
|
|
186
|
%
|
Effective tax rate
|
27.4
|
%
|
|
13.3
|
%
|
|
|
|
24.5
|
%
|
|
13.1
|
%
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
(In millions)
|
||||||||||||||
Net income attributable to Expedia Group, Inc.
|
|
$
|
409
|
|
|
$
|
525
|
|
|
$
|
489
|
|
|
$
|
389
|
|
Net income (loss) attributable to non-controlling interests
|
|
(2
|
)
|
|
6
|
|
|
5
|
|
|
(16
|
)
|
||||
Provision for income taxes
|
|
154
|
|
|
81
|
|
|
161
|
|
|
56
|
|
||||
Total other expense, net
|
|
48
|
|
|
60
|
|
|
88
|
|
|
189
|
|
||||
Operating income
|
|
609
|
|
|
672
|
|
|
743
|
|
|
618
|
|
||||
Gain (loss) on revenue hedges related to revenue recognized
|
|
2
|
|
|
22
|
|
|
13
|
|
|
18
|
|
||||
Restructuring and related reorganization charges
|
|
2
|
|
|
—
|
|
|
16
|
|
|
—
|
|
||||
Legal reserves, occupancy tax and other
|
|
11
|
|
|
(78
|
)
|
|
25
|
|
|
(74
|
)
|
||||
Stock-based compensation
|
|
60
|
|
|
54
|
|
|
175
|
|
|
154
|
|
||||
Amortization of intangible assets
|
|
50
|
|
|
71
|
|
|
154
|
|
|
215
|
|
||||
Impairment of goodwill
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
||||
Depreciation
|
|
178
|
|
|
171
|
|
|
530
|
|
|
507
|
|
||||
Adjusted EBITDA
|
|
$
|
912
|
|
|
$
|
912
|
|
|
$
|
1,656
|
|
|
$
|
1,499
|
|
|
|
Nine months ended September 30,
|
|
|
||||||||
|
|
2019
|
|
2018
|
|
$ Change
|
||||||
|
|
(In millions)
|
||||||||||
Cash provided by (used in):
|
|
|
|
|
|
|
||||||
Operating activities
|
|
$
|
2,426
|
|
|
$
|
2,120
|
|
|
$
|
306
|
|
Investing activities
|
|
(1,429
|
)
|
|
(655
|
)
|
|
(774
|
)
|
|||
Financing activities
|
|
607
|
|
|
(1,154
|
)
|
|
1,761
|
|
|||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents
|
|
(62
|
)
|
|
(119
|
)
|
|
57
|
|
Declaration Date
|
|
Dividend
Per Share
|
|
Record Date
|
|
Total Amount
(in millions)
|
|
Payment Date
|
||||
Nine Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
||||
February 6, 2019
|
|
$
|
0.32
|
|
|
March 7, 2019
|
|
$
|
47
|
|
|
March 27, 2019
|
May 1, 2019
|
|
0.32
|
|
|
May 23, 2019
|
|
48
|
|
|
June 13, 2019
|
||
July 24, 2019
|
|
0.34
|
|
|
August 22, 2019
|
|
50
|
|
|
September 12, 2019
|
||
Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
||||
February 7, 2018
|
|
0.30
|
|
|
March 8, 2018
|
|
46
|
|
|
March 28, 2018
|
||
April 24, 2018
|
|
0.30
|
|
|
May 24, 2018
|
|
45
|
|
|
June 14, 2018
|
||
July 23, 2018
|
|
0.32
|
|
|
August 23, 2018
|
|
47
|
|
|
September 13, 2018
|
Period
|
|
Total Number of
Shares Purchased
|
|
Average Price
Paid Per Share
|
|
Total Number of
Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs
|
|
Maximum
Number of
Shares that
May Yet Be
Purchased
Under Plans or
Programs
|
|||||
|
|
(In thousands, expect per share data)
|
|||||||||||
July 1-31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
12,223
|
|
August 1-31, 2019
|
|
1,128
|
|
|
128.80
|
|
|
1,128
|
|
|
11,095
|
|
|
September 1-30, 2019
|
|
1,173
|
|
|
131.74
|
|
|
1,173
|
|
|
9,922
|
|
|
Total
|
|
2,301
|
|
|
|
|
2,301
|
|
|
|
Exhibit
No.
|
Exhibit Description
|
Filed
Herewith
|
|
Incorporated by Reference
|
|
|
|
Form
|
SEC File No.
|
Exhibit
|
Filing Date
|
||
|
|
|
|
|
|
|
31.1
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
31.2
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
31.3
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
32.1
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
32.2
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
32.3
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
101
|
The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, formatted in XBRL: (i) Consolidated Statements of Operations, (ii) Consolidated Statements of Comprehensive Income (Loss), (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Changes in Stockholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.
|
X
|
|
|
|
|
November 6, 2019
|
Expedia Group, Inc.
|
|
|
|
|
|
By:
|
/s/ Alan Pickerill
|
|
|
Alan Pickerill
|
|
|
Chief Financial Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Expedia Group, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
a.
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
November 6, 2019
|
|
/s/ BARRY DILLER
|
|
|
|
Barry Diller
|
|
|
|
Chairman and Senior Executive
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Expedia Group, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
a.
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
November 6, 2019
|
|
/s/ MARK D. OKERSTROM
|
|
|
|
Mark D. Okerstrom
|
|
|
|
Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Expedia Group, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
a.
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
November 6, 2019
|
|
/s/ ALAN PICKERILL
|
|
|
|
Alan Pickerill
|
|
|
|
Chief Financial Officer
|
1.
|
the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2019 (the “Report”) which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
2.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
November 6, 2019
|
|
/s/ BARRY DILLER
|
|
|
|
Barry Diller
|
|
|
|
Chairman and Senior Executive
|
1.
|
the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2019 (the “Report”) which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
2.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
November 6, 2019
|
|
/s/ MARK D. OKERSTROM
|
|
|
|
Mark D. Okerstrom
|
|
|
|
Chief Executive Officer
|
1.
|
the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2019 (the “Report”) which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
2.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
November 6, 2019
|
|
/s/ ALAN PICKERILL
|
|
|
|
Alan Pickerill
|
|
|
|
Chief Financial Officer
|