Stock Analysis on Net
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Stock Analysis on Net

Expedia Group Inc. (NASDAQ:EXPE)

This company has been moved to the archive! The financial data has not been updated since May 3, 2022.

Common-Size Balance Sheet: Assets

Expedia Group Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and cash equivalents 19.08 17.99 15.48 13.55 15.37
Restricted cash and cash equivalents 7.86 4.13 3.64 1.44 0.37
Short-term investments 0.93 0.13 2.46 0.16 2.53
Accounts receivable, net of allowance 5.87 3.75 11.79 11.93 10.08
Income taxes receivable 0.39 0.64 0.33 0.13 0.11
Prepaid expenses and other current assets 3.84 3.50 2.43 1.62 1.45
Current assets 37.97% 30.14% 36.12% 28.82% 29.92%
Property and equipment, net 10.12 12.08 10.26 10.41 8.51
Operating lease right-of-use assets 1.89 3.07 2.85 0.00 0.00
Long-term investments and other assets 6.73 3.59 3.72 4.31 4.57
Deferred income taxes 3.55 3.53 0.68 0.38 0.10
Intangible assets, net 6.46 8.11 8.42 11.05 12.47
Goodwill 33.28 39.49 37.95 45.03 44.44
Non-current assets 62.03% 69.86% 63.88% 71.18% 70.08%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The common-size balance sheet analysis from 2017 to 2021 reveals a strategic shift in asset composition, characterized by an increase in liquidity and a simultaneous reduction in the relative weight of intangible assets and goodwill.

Liquidity and Current Asset Trends
Current assets experienced an overall upward trend, increasing from 29.92% of total assets in 2017 to 37.97% by 2021. This growth is primarily driven by a steady rise in cash and cash equivalents, which grew from 15.37% to 19.08%. Notably, restricted cash and cash equivalents saw a substantial increase, rising from a negligible 0.37% in 2017 to 7.86% in 2021. Conversely, accounts receivable, net of allowance, declined significantly from 10.08% in 2017 to 5.87% in 2021, with a sharp drop occurring between 2019 and 2020.
Intangible Asset and Goodwill Compression
Non-current assets declined as a proportion of the total balance sheet, moving from 70.08% in 2017 to 62.03% in 2021. This contraction is largely attributable to the reduction in goodwill and intangible assets. Goodwill, the largest single component of the asset base, decreased from 44.44% in 2017 to 33.28% in 2021. Similarly, net intangible assets followed a consistent downward trajectory, falling from 12.47% to 6.46% over the same period, suggesting significant amortization or impairment of acquired assets.
Other Non-Current Asset Movements
Property and equipment, net, remained relatively stable with a slight increase from 8.51% in 2017 to 10.12% in 2021. A notable increase is observed in deferred income taxes, which rose from 0.10% in 2017 to 3.55% in 2021, with the most significant jump occurring in 2020. Operating lease right-of-use assets appeared in 2019 at 2.85% and remained a minor component of the total assets through 2021.

In summary, the asset structure transitioned toward a more liquid profile. The balance sheet moved away from a heavy concentration in goodwill and intangibles toward a higher proportion of cash and cash equivalents, indicating a more conservative asset allocation or a response to changing operational requirements over the five-year period.

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