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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: Liabilities and Stockholders’ Equity
Quarterly Data

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

Microsoft Excel
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
Accounts payable, merchant 5.26 6.19 5.76 4.78 3.32 3.22 2.95 2.42 4.09 8.97 8.48 8.87 8.28 9.42 9.81 8.81 8.39 9.93 9.35 9.21 8.06
Accounts payable, other 3.80 3.19 3.50 3.22 2.58 2.65 2.65 2.36 4.21 4.23 4.51 5.19 4.93 4.37 4.57 4.42 4.10 3.77 4.33 4.30 3.89
Deferred merchant bookings 37.45 26.40 26.63 34.08 27.65 16.62 16.50 21.15 28.92 26.52 26.39 31.77 31.54 23.99 25.05 29.71 28.71 17.39 19.14 25.00 25.05
Deferred revenue 0.72 0.77 0.73 0.71 0.80 0.92 0.90 0.90 1.08 1.50 1.78 2.35 2.54 2.02 1.81 2.24 2.30 1.76 1.66 2.12 2.09
Income taxes payable 0.08 0.07 0.21 1.36 1.44 0.27 0.17 0.36 0.29 0.41 0.47 0.13 0.12 0.41 0.91 0.09 0.04 0.18 0.14 0.10 0.45
Accrued expenses and other current liabilities 3.43 3.82 4.17 4.29 4.33 5.24 5.47 5.32 4.79 4.90 4.36 4.28 3.75 4.48 3.63 3.37 2.92 6.83 6.21 6.24 5.86
Current maturities of long-term debt 0.00 3.41 3.43 0.00 0.00 0.00 0.00 3.42 3.67 3.50 3.50 0.00 0.00 0.00 0.00 2.43 2.45 2.70 2.63 0.00 0.00
Current liabilities 50.73% 43.86% 44.44% 48.44% 40.13% 28.92% 28.64% 35.94% 47.06% 50.03% 49.49% 52.59% 51.17% 44.70% 45.78% 51.07% 48.91% 42.55% 43.46% 46.95% 45.39%
Long-term debt, excluding current maturities 31.41 35.80 35.14 35.07 38.71 43.96 41.55 31.51 20.47 19.56 19.50 16.73 17.67 20.61 19.47 18.15 18.46 20.25 19.63 17.30 17.95
Revolving credit facility 0.00 0.00 0.00 0.00 0.00 0.00 3.30 8.67 9.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred income taxes 0.24 0.27 0.25 0.09 0.11 0.36 0.53 0.34 0.28 0.26 0.28 0.29 0.31 0.38 1.31 1.53 1.98 1.77 2.07 2.50 2.81
Long-term operating lease liabilities 1.42 1.67 1.76 1.69 2.01 2.74 2.65 2.48 2.68 2.48 2.07 2.10 2.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other long-term liabilities 1.68 1.92 2.00 1.92 2.09 2.47 2.32 1.77 1.88 1.75 1.66 1.54 1.58 2.81 2.38 2.14 2.11 2.21 2.08 1.98 1.83
Long-term liabilities 34.75% 39.66% 39.15% 38.77% 42.91% 49.53% 50.35% 44.78% 34.62% 24.05% 23.51% 20.67% 21.82% 23.80% 23.15% 21.82% 22.56% 24.23% 23.77% 21.78% 22.58%
Total liabilities 85.49% 83.52% 83.59% 87.21% 83.03% 78.46% 78.99% 80.71% 81.68% 74.08% 73.00% 73.26% 72.99% 68.50% 68.94% 72.89% 71.46% 66.78% 67.23% 68.74% 67.97%
Redeemable non-controlling interests 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.15 0.13 0.14 0.17 0.10 0.10 0.11 0.12 0.12 0.00 0.00
Series A Preferred Stock $.001 par value 0.00 0.00 2.33 2.11 4.67 5.47 5.19 4.67 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
Common stock $.0001 par value 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 0.00 0.00
Class B common stock $.0001 par value 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 0.00 0.00
Additional paid-in capital 58.72 66.03 64.60 57.88 63.66 72.58 67.89 60.72 64.28 60.60 60.25 44.24 46.24 52.95 49.51 45.40 45.17 49.49 47.65 48.46 50.35
Treasury stock, at cost -41.95 -47.62 -46.50 -42.11 -46.43 -54.02 -51.28 -46.05 -49.39 -45.17 -43.45 -25.99 -27.51 -31.84 -28.42 -25.53 -24.60 -26.05 -24.51 -24.83 -25.78
Retained earnings (deficit) -7.66 -8.17 -9.78 -10.47 -10.79 -9.53 -7.10 -5.51 -2.30 4.10 3.98 2.29 1.78 2.87 2.88 0.36 0.57 1.79 1.69 0.08 0.00
Accumulated other comprehensive loss -0.66 -0.69 -1.01 -0.77 -0.91 -0.95 -1.21 -1.25 -1.47 -1.01 -1.21 -0.97 -1.04 -1.22 -1.06 -0.92 -0.61 -0.80 -0.65 -1.01 -1.42
Total Expedia Group, Inc. stockholders’ equity 8.46% 9.55% 9.63% 6.65% 10.20% 13.55% 13.49% 12.58% 11.12% 18.52% 19.57% 19.56% 19.48% 22.76% 22.91% 19.30% 20.53% 24.42% 24.18% 22.69% 23.14%
Non-redeemable non-controlling interests 6.06 6.94 6.78 6.15 6.76 7.99 7.52 6.71 7.20 7.33 7.27 7.05 7.40 8.58 8.05 7.71 7.90 8.68 8.47 8.57 8.88
Total stockholders’ equity 14.51% 16.48% 16.41% 12.79% 16.97% 21.54% 21.01% 19.29% 18.32% 25.85% 26.84% 26.61% 26.88% 31.34% 30.96% 27.01% 28.43% 33.10% 32.65% 31.26% 32.03%
Total liabilities and stockholders’ equity 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%

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).

An analysis of the common-size balance sheet reveals a significant shift in the capital structure from March 2017 to March 2022, characterized by a substantial increase in total liabilities and a corresponding decline in total stockholders' equity.

Liability Structure and Leverage
Total liabilities grew from 67.97% of the total balance sheet in March 2017 to 85.49% by March 2022. This trend accelerated sharply during 2020, reflecting an increased reliance on debt financing. Long-term debt, excluding current maturities, exhibited a marked increase, rising from a range of 17% to 20% between 2017 and 2019 to a peak of 43.96% in December 2020, before moderating to 31.41% by March 2022.
The temporary utilization of a revolving credit facility is observed during 2020, peaking at 9.31% in March 2020 and declining thereafter, indicating a strategic move to secure immediate liquidity during a period of volatility.
Operational Liabilities and Deferred Obligations
Deferred merchant bookings constitute a volatile yet dominant portion of the liability profile. These obligations fluctuated between a low of 16.50% in September 2020 and a high of 37.45% in March 2022. The cyclical nature of these figures reflects the timing of customer bookings relative to travel dates.
Current liabilities showed a significant dip during 2020, reaching a low of 28.64% in September 2020, before returning to 50.73% by March 2022. This fluctuation is primarily driven by the volatility in deferred merchant bookings and accounts payable.
Stockholders' Equity and Retained Earnings
Total stockholders' equity experienced a steady erosion, declining from 32.03% in March 2017 to 14.51% by March 2022. A critical driver of this decline was the transition of retained earnings from positive values—peaking at 4.10% in December 2019—to a persistent deficit starting in March 2020, which reached as low as -10.79% in March 2021.
The impact of share repurchases is evident in the treasury stock account, which expanded from -25.78% in March 2017 to a peak of -54.02% in December 2020. While the magnitude of treasury stock as a percentage of the balance sheet decreased to -41.95% by March 2022, it remains a significant contra-equity component.

Overall, the data indicates a transition toward a more highly leveraged financial position. The combination of increasing long-term debt, the emergence of a retained earnings deficit, and the substantial reduction in total equity suggests a period of significant financial stress and a strategic restructuring of the balance sheet to maintain operations through 2020 and 2021.

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