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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: Liabilities and Stockholders’ Equity

Expedia Group Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Accounts payable, merchant 6.19 3.22 8.97 9.42 9.93
Accounts payable, other 3.19 2.65 4.23 4.37 3.77
Deferred merchant bookings 26.40 16.62 26.52 23.99 17.39
Deferred revenue 0.77 0.92 1.50 2.02 1.76
Income taxes payable 0.07 0.27 0.41 0.41 0.18
Accrued expenses and other current liabilities 3.82 5.24 4.90 4.48 6.83
Current maturities of long-term debt 3.41 0.00 3.50 0.00 2.70
Current liabilities 43.86% 28.92% 50.03% 44.70% 42.55%
Long-term debt, excluding current maturities 35.80 43.96 19.56 20.61 20.25
Deferred income taxes 0.27 0.36 0.26 0.38 1.77
Long-term operating lease liabilities 1.67 2.74 2.48 0.00 0.00
Other long-term liabilities 1.92 2.40 1.75 2.81 2.21
Long-term liabilities 39.66% 49.46% 24.05% 23.80% 24.23%
Total liabilities 83.52% 78.39% 74.08% 68.50% 66.78%
Redeemable non-controlling interests 0.00 0.07 0.07 0.17 0.12
Series A Preferred Stock $.001 par value 0.00 5.47 0.00 0.00 0.00
Common stock $.0001 par value 0.00 0.00 0.00 0.00 0.00
Class B common stock $.0001 par value 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 66.03 72.58 60.60 52.95 49.49
Treasury stock, at cost -47.62 -54.02 -45.17 -31.84 -26.05
Retained earnings (deficit) -8.17 -9.53 4.10 2.87 1.79
Accumulated other comprehensive loss -0.69 -0.95 -1.01 -1.22 -0.80
Total Expedia Group, Inc. stockholders’ equity 9.55% 13.55% 18.52% 22.76% 24.42%
Non-redeemable non-controlling interests 6.94 7.99 7.33 8.58 8.68
Total stockholders’ equity 16.48% 21.54% 25.85% 31.34% 33.10%
Total liabilities and stockholders’ equity 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 capital structure of the organization demonstrates a progressive shift toward higher leverage, characterized by a steady increase in total liabilities and a corresponding decline in total stockholders’ equity from 2017 to 2021. Total liabilities rose from 66.78% of total liabilities and stockholders’ equity in 2017 to 83.52% by 2021, indicating an increased reliance on external financing and obligations to fund assets.

Liability Composition and Trends
Current liabilities exhibited significant volatility, peaking at 50.03% in 2019 before dropping sharply to 28.92% in 2020 and rebounding to 43.86% in 2021. A primary driver of this volatility is deferred merchant bookings, which fluctuated from a low of 16.62% in 2020 to a high of 26.52% in 2019 and 26.40% in 2021.
Long-term liabilities remained relatively stable at approximately 24% between 2017 and 2019, but experienced a substantial surge in 2020, reaching 49.46%. This increase was primarily driven by long-term debt, excluding current maturities, which rose from 19.56% in 2019 to 43.96% in 2020, before moderating to 35.80% in 2021.
Stockholders’ Equity Analysis
Total stockholders’ equity followed a consistent downward trajectory, decreasing from 33.10% in 2017 to 16.48% in 2021. This erosion of equity is reflected in the transition of retained earnings from a positive 4.10% in 2019 to a deficit of -9.53% in 2020 and -8.17% in 2021, suggesting significant net losses during the latter period.
Treasury stock represents a substantial negative component of equity, increasing from -26.05% in 2017 to a peak of -54.02% in 2020, before settling at -47.62% in 2021. This trend indicates an aggressive share repurchase strategy that has significantly reduced the equity base. Conversely, additional paid-in capital grew from 49.49% in 2017 to 66.03% in 2021, partially offsetting the decline in retained earnings.

The overall financial profile suggests a strategic transition toward long-term debt financing and a marked reduction in equity reserves, particularly evidenced by the shift into a retained earnings deficit and the high proportion of treasury stock relative to the total balance sheet.

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