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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-37429
 
 
 
EXPEDIA GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
20-2705720
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer Identification No.)
1111 Expedia Group Way W.
Seattle, WA 98119
(Address of principal executive office) (Zip Code)
(206) 481-7200
(Registrant’s telephone number, including area code)
__________________________________ 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes         No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
  
Accelerated filer
 
Non-accelerated filer
 
  
Smaller reporting company
 
Emerging growth company
 
 
 
 
 
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  
Securities registered pursuant to Section 12(b) of the Act:
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
The number of shares outstanding of each of the registrant’s classes of common stock as of October 25, 2019 was:
 
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
 
 
 
 
 


Table of Contents

Expedia Group, Inc.
Form 10-Q
For the Quarter Ended September 30, 2019
Contents
 
 
 
 
Part I
 
 
 
 
Item 1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2
 
 
 
Item 3
 
 
 
Item 4
 
 
 
Part II
 
 
 
 
Item 1
 
 
 
Item 1A
 
 
 
Item 2
 
 
 
Item 6



Table of Contents

Part I. Item 1. Consolidated Financial Statements
EXPEDIA GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
(Unaudited)
 
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
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


See accompanying notes.

2

Table of Contents

EXPEDIA GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
 
 
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.


See accompanying notes.

3

Table of Contents

EXPEDIA GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands and par value)
 
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

See accompanying notes.

4

Table of Contents

EXPEDIA GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 
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

See accompanying notes.

5

Table of Contents

EXPEDIA GROUP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In millions, except share and per share data)
(Unaudited)
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





6

Table of Contents

EXPEDIA GROUP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In millions, except share and per share data)
(Unaudited)
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)