Expedia Group Inc. (NASDAQ:EXPE)

The analysis of the annual data reveals several notable trends in the composition of total assets over the five-year period.

Liquidity and Cash Position

Cash and cash equivalents as a percentage of total assets show a general upward trend, increasing from 15.37% in 2017 to 19.08% in 2021. Restricted cash and cash equivalents exhibit a significant rise, particularly between 2019 and 2021, growing from 3.64% to 7.86%. Short-term investments fluctuate during the period without a clear trend, peaking at 2.53% in 2017, dipping sharply afterward, and ending at 0.93% in 2021.

Receivables and Current Assets

Accounts receivable as a percentage of total assets increased from 10.08% in 2017 to nearly 12% in 2018 and 2019 but then drastically declined to 3.75% in 2020, before marginally recovering to 5.87% in 2021. Income taxes receivable show a gradual increase over the years, peaking at 0.64% in 2020 before a slight decline. Prepaid expenses and other current assets steadily rise from 1.45% to 3.84%, indicating growing prepaid or deferred expenditures. Overall, current assets as a percentage of total assets have remained variable, with a dip in 2020 to 30.14%, but culminating at the highest level in 2021 at 37.97%.

Fixed and Long-Term Assets

Property and equipment, net, reveal a fluctuating pattern, increasing from 8.51% in 2017 to a peak of 12.08% in 2020, then decreasing to 10.12% in 2021. Operating lease right-of-use assets emerge in 2019, peaking in 2020 at 3.07%, but declining thereafter to 1.89%. Long-term investments and other assets remained relatively stable initially, followed by a notable increase in 2021 to 6.73%, suggesting a possible shift toward longer-term holdings or asset reclassification. Deferred income taxes rise progressively from 0.10% in 2017 to 3.55% in 2021, with a significant jump in 2020, possibly due to changes in tax positions or asset valuation.

Intangible Assets and Goodwill

Both intangible assets and goodwill as proportions of total assets exhibit a downward trend. Intangible assets decrease steadily from 12.47% in 2017 to 6.46% in 2021. Goodwill shows a notable decline from an initial 44.44% in 2017, reaching 33.28% by 2021. This reduction may reflect asset impairments, divestitures, or changes in acquisition accounting.

Asset Structure and Composition

The share of non-current assets generally remains dominant but shows a decreasing trend from 70.08% in 2017 to 62.03% in 2021, indicating a relative increase in current assets. Total assets are consistently normalized to 100% each year, confirming that the changes are reflective of internal rebalancing among asset categories rather than absolute growth or shrinkage.

In summary, the data indicates a strategic shift toward enhanced liquidity and higher current assets, alongside reductions in intangible assets and goodwill proportions. The increase in restricted cash and deferred income taxes also suggests changing financial and tax strategies. The fluctuations in property, equipment, and lease assets likewise illustrate adjustments in capital investment or leasing policies during the period under review.