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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 Income Statement
Quarterly Data

Expedia Group Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of revenue, exclusive of depreciation and amortization -16.50 -17.33 -14.92 -17.72 -24.96 -31.20 -24.93 -68.73 -28.47 -19.62 -15.40 -15.86 -18.78 -18.60 -15.38 -17.29 -19.42 -18.85 -15.46 -16.98 -19.27
Gross profit 83.50% 82.67% 85.08% 82.28% 75.04% 68.80% 75.07% 31.27% 71.53% 80.38% 84.60% 84.14% 81.22% 81.40% 84.62% 82.71% 80.58% 81.15% 84.54% 83.02% 80.73%
Selling and marketing -59.54 -45.81 -44.36 -56.80 -53.29 -55.54 -35.17 -52.30 -54.78 -46.16 -46.26 -52.11 -58.30 -47.25 -45.82 -53.51 -60.45 -48.45 -49.25 -55.82 -58.03
Technology and content -12.01 -12.02 -9.35 -13.07 -19.82 -24.24 -14.89 -45.05 -13.94 -11.69 -8.54 -9.64 -11.38 -16.30 -12.33 -13.89 -15.79 -16.05 -11.80 -13.25 -14.71
General and administrative -8.27 -8.03 -6.14 -8.72 -12.52 -13.48 -8.91 -26.86 -8.47 -7.86 -5.90 -6.50 -7.05 -8.25 -6.17 -6.81 -7.93 -8.52 -4.76 -6.92 -7.23
Depreciation and amortization -8.76 -8.73 -6.79 -9.71 -16.77 -23.04 -14.63 -40.99 -10.37 -8.23 -6.41 -7.23 -8.74 -2.66 -2.17 -2.50 -2.87 -3.08 -2.39 -2.56 -3.05
Impairment of goodwill 0.00 -0.61 0.00 0.00 0.00 0.00 -0.93 -3.53 -34.63 0.00 0.00 0.00 0.00 -0.98 0.00 -2.12 0.00 0.00 0.00 0.00 0.00
Intangible and other long-term asset impairment 0.00 -0.26 0.00 0.00 0.00 -0.33 -2.73 -1.77 -5.48 0.00 0.00 0.00 0.00 -1.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Legal reserves, occupancy tax and other -0.93 0.00 -0.34 0.38 0.08 0.22 -0.13 -1.41 0.95 -0.33 -0.31 -0.13 -0.38 -0.59 2.38 -0.03 -0.12 -0.11 0.05 -0.13 -0.96
Restructuring and related reorganization charges 0.00 -0.04 -0.41 -0.62 -2.33 -2.72 -5.19 -9.36 -3.40 -0.29 -0.06 -0.13 -0.38 0.00 0.00 0.00 0.00 -0.05 -0.13 -0.38 -0.09
Operating income (loss) -6.00% 7.15% 17.69% -6.25% -29.61% -50.33% -7.51% -150.00% -58.58% 5.82% 17.12% 8.40% -5.02% 3.75% 20.51% 3.85% -6.58% 4.89% 16.24% 3.97% -3.33%
Interest income 0.13 0.18 0.07 0.05 0.16 0.22 0.20 0.53 0.45 0.51 0.48 0.54 0.42 0.39 1.04 0.56 0.44 0.40 0.31 0.36 0.29
Interest expense -3.60 -3.69 -2.90 -3.93 -7.87 -11.09 -7.51 -16.78 -2.26 -1.93 -1.12 -1.24 -1.57 -1.60 -1.43 -1.77 -2.03 -2.25 -1.48 -1.65 -1.96
Loss on debt extinguishment 0.00 0.00 0.00 0.00 -22.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Gain on sale of business, net 0.00 20.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other, net 0.22 -2.98 0.84 -0.47 -0.40 7.39 -0.07 -2.12 -6.56 -0.04 -0.70 -0.25 0.77 -0.35 -1.43 -3.13 1.44 0.22 -1.07 -0.49 -0.99
Other expense, net -3.25% 13.51% -1.99% -4.36% -30.58% -3.48% -7.38% -18.37% -8.37% -1.46% -1.35% -0.95% -0.38% -1.56% -1.83% -4.34% -0.16% -1.62% -2.24% -1.78% -2.67%
Income (loss) before income taxes -9.25% 20.67% 15.70% -10.61% -60.19% -53.80% -14.89% -168.37% -66.95% 4.37% 15.77% 7.45% -5.40% 2.19% 18.68% -0.49% -6.74% 3.27% 14.01% 2.19% -6.00%
Provision for income taxes 3.78 -3.33 -2.94 2.23 13.56 11.30 1.60 37.63 3.71 -1.53 -4.33 -1.52 1.57 -1.21 -2.47 0.17 0.80 -0.99 -2.23 -0.12 2.13
Net income (loss) -5.47% 17.33% 12.76% -8.38% -46.63% -42.50% -13.30% -130.74% -63.24% 2.84% 11.44% 5.93% -3.83% 0.98% 16.21% -0.31% -5.94% 2.28% 11.78% 2.08% -3.86%
Net (income) loss attributable to non-controlling interests 0.04 -0.39 -0.07 0.24 0.24 0.87 0.53 0.71 4.35 -0.07 0.06 -0.13 -0.11 -0.31 -0.18 0.35 0.48 0.10 0.10 0.12 -0.07
Net income (loss) attributable to Expedia Group, Inc. -5.42% 16.94% 12.69% -8.15% -46.39% -41.63% -12.77% -130.04% -58.90% 2.77% 11.50% 5.80% -3.95% 0.66% 16.03% 0.03% -5.46% 2.38% 11.88% 2.19% -3.93%
Preferred stock dividend and loss on redemption of preferred stock 0.00 -4.83 -0.47 -6.11 -2.25 -3.15 -1.93 -3.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net income (loss) attributable to Expedia Group, Inc. common stockholders -5.42% 12.11% 12.22% -14.26% -48.64% -44.78% -14.69% -133.04% -58.90% 2.77% 11.50% 5.80% -3.95% 0.66% 16.03% 0.03% -5.46% 2.38% 11.88% 2.19% -3.93%

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The financial performance from early 2017 through early 2022 is characterized by a period of relative stability followed by extreme volatility coinciding with the 2020 global economic disruption, and a subsequent return toward pre-crisis margins by early 2022.

Gross Profitability and Direct Costs
Gross profit margins remained consistently high between 80% and 85% from 2017 through 2019. A severe contraction occurred in the second quarter of 2020, where gross profit plummeted to 31.27% due to a surge in the cost of revenue, which spiked to 68.73% of revenue. Following this trough, margins recovered steadily, returning to a level of 83.50% by March 31, 2022, indicating a restoration of the core revenue-to-cost relationship.
Operating Expense Trends
Selling and marketing expenses represent the most significant operational cost, typically fluctuating between 44% and 60% of revenue. While these costs remained substantial throughout the period, they showed relative resilience compared to other overheads during the 2020 downturn. Technology and content costs, which generally averaged between 8% and 16%, experienced a massive proportional increase in June 2020, reaching 45.05% of revenue. General and administrative expenses followed a similar pattern, peaking at 26.86% of revenue in June 2020 before normalizing to approximately 8% by 2022.
Non-Recurring Charges and Impairments
Significant non-cash charges heavily impacted the bottom line during 2020. Impairment of goodwill reached a peak of 34.63% of revenue in March 2020, while depreciation and amortization spiked to 40.99% in June 2020. Restructuring and reorganization charges also became prominent during this window, peaking at 9.36% of revenue in June 2020. These items contributed to the profound operating losses observed during the 2020 fiscal year.
Operating and Net Income Volatility
Operating income demonstrated strong seasonality from 2017 to 2019, with consistent peaks in the third quarter (September), reaching as high as 20.51% in 2018. This trend was completely inverted in 2020, with an operating loss of 150% of revenue recorded in June 2020. Net income reflected this volatility, swinging from a high of 16.21% in September 2018 to a low of -133.04% for common stockholders in June 2020. Recovery began in late 2021, with net income returning to positive territory, peaking at 12.11% in December 2021, before dipping again in the first quarter of 2022.
Financial and Tax Considerations
Interest expenses remained relatively stable between 1% and 3% of revenue for most of the period, though they spiked to 16.78% in June 2020 relative to the diminished revenue base. A significant one-time event is noted in March 2021, where a loss on debt extinguishment equaled 22.47% of revenue. Conversely, a gain on the sale of business provided a positive boost of 20.01% in December 2021. Tax provisions fluctuated significantly, including a substantial tax benefit (represented as a positive percentage of revenue) of 37.63% in June 2020, which partially mitigated the net loss during that quarter.

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