Expedia Group Inc. (NASDAQ:EXPE)

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Expedia Group Inc., adjusted total assets

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total assets	21,548)	18,690)	21,416)	18,033)	18,516)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	759)	692)
Add: Allowance for expected credit losses	65)	101)	41)	34)	31)
Less: Deferred tax assets²	766)	659)	145)	69)	18)
After Adjustment
Adjusted total assets	20,847)	18,132)	21,312)	18,757)	19,220)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets. See details »

An analysis of the asset base between 2017 and 2021 reveals a volatile trend characterized by significant fluctuations in both total and adjusted asset values. Total assets experienced a slight contraction in 2018, followed by a sharp expansion in 2019, a substantial decline in 2020, and a recovery to peak levels by the end of 2021.

Total Asset Trajectory: Total assets grew from 18,516 million USD in 2017 to 21,548 million USD in 2021. The most notable period of instability occurred between 2019 and 2021, where assets dropped from 21,416 million USD to 18,690 million USD before rebounding by approximately 15.2% in the final year of the period.
Adjusted Asset Variance: A shift in the relationship between total assets and adjusted total assets is observed. In 2017 and 2018, adjusted total assets were higher than reported total assets, with a positive variance of 704 million USD and 724 million USD, respectively. Conversely, from 2019 onward, adjusted total assets remained consistently lower than total assets.
Adjustment Divergence: The magnitude of negative adjustments increased progressively over the latter half of the analyzed period. The difference between total assets and adjusted total assets shifted from a minor negative variance of 104 million USD in 2019 to a significant negative variance of 701 million USD by 2021. This indicates a growing divergence where the adjusted asset base is increasingly conservative relative to the reported total assets.
Correlation of Trends: Despite the diverging variances, adjusted total assets maintained a strong positive correlation with the movements of total assets. Both metrics peaked in 2019 and reached their lowest points in 2020, confirming that the underlying drivers of asset volatility affected both the reported and adjusted figures similarly.

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Expedia Group Inc., adjusted current liabilities

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Current liabilities	9,450)	5,406)	10,714)	8,060)	7,879)
Adjustments
Less: Current deferred merchant bookings and deferred revenue	5,854)	3,279)	6,000)	4,691)	3,545)
After Adjustment
Adjusted current liabilities	3,596)	2,127)	4,714)	3,369)	4,334)

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 financial trajectory of current liabilities exhibits significant volatility over the five-year period from 2017 to 2021, characterized by a substantial and consistent divergence between reported current liabilities and adjusted figures.

Current Liabilities Trend: Reported current liabilities showed a steady increase from US$ 7,879 million in 2017 to a peak of US$ 10,714 million in 2019. This was followed by a sharp contraction in 2020, where liabilities fell to US$ 5,406 million, before rebounding to US$ 9,450 million by the end of 2021.
Adjusted Current Liabilities Trend: Adjusted current liabilities followed a similar, though more compressed, pattern. After an initial decrease to US$ 3,369 million in 2018, figures rose to US$ 4,714 million in 2019, reached a period low of US$ 2,127 million in 2020, and subsequently increased to US$ 3,596 million in 2021.
Variance and Adjustment Magnitude: A substantial gap persists between total and adjusted current liabilities across the entire timeframe. The magnitude of these adjustments is significant, peaking in 2019 with a difference of US$ 6,000 million. This indicates that a large portion of the reported current liabilities is consistently excluded from the adjusted balance, suggesting the presence of specific liability components that are treated as non-core or excluded for the purposes of adjusted financial analysis.
Comparative Volatility: Both metrics experienced a severe decline in 2020, coinciding with a broader reduction in obligations, followed by a recovery in 2021. However, the adjusted current liabilities remained consistently lower than 50% of the total current liabilities in every year observed, highlighting a persistent structural difference in how these two figures are calculated.

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Expedia Group Inc., adjusted total liabilities

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total liabilities	17,996)	14,651)	15,865)	12,352)	12,365)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	759)	692)
Less: Deferred tax liabilities²	58)	67)	56)	69)	329)
Less: Deferred merchant bookings and deferred revenue	5,854)	3,279)	6,000)	4,691)	3,545)
Less: Restructuring and related reorganization accrued liability	26)	103)	17)	—)	9)
After Adjustment
Adjusted total liabilities	12,058)	11,202)	9,792)	8,351)	9,174)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

The financial data from 2017 to 2021 indicates a general upward trajectory for both total and adjusted liabilities, although the growth patterns differ in consistency and magnitude.

Total Liabilities Analysis: Total liabilities exhibited a volatile growth pattern. After remaining nearly flat between 2017 and 2018, there was a sharp increase to 15,865 million US$ in 2019. This was followed by a temporary contraction to 14,651 million US$ in 2020, before surging to a period peak of 17,996 million US$ by December 31, 2021.
Adjusted Total Liabilities Analysis: Adjusted total liabilities demonstrated more linear growth following a decline in 2018. From a low of 8,351 million US$ in 2018, the adjusted figure increased consistently for three consecutive years, ending the period at 12,058 million US$ in 2021.
Analysis of Adjustment Variance: A significant divergence between total and adjusted liabilities is observed, particularly in 2019 and 2021. The gap between these two metrics widened to over 6,000 million US$ in 2019 and remained substantial at 5,938 million US$ in 2021. A notable convergence occurred in 2020, where the difference narrowed to 3,449 million US$, suggesting a reduction in the specific liability components being adjusted during that fiscal year.

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Expedia Group Inc., adjusted total Expedia Group, Inc. stockholders’ equity

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total Expedia Group, Inc. stockholders’ equity	2,057)	2,532)	3,967)	4,104)	4,522)
Adjustments
Less: Net deferred tax assets (liabilities)¹	708)	592)	89)	—)	(311)
Add: Allowance for expected credit losses	65)	101)	41)	34)	31)
Add: Deferred merchant bookings and deferred revenue	5,854)	3,279)	6,000)	4,691)	3,545)
Add: Restructuring and related reorganization accrued liability	26)	103)	17)	—)	9)
Add: Redeemable non-controlling interests	—)	13)	15)	30)	22)
Add: Non-redeemable non-controlling interests	1,495)	1,494)	1,569)	1,547)	1,606)
After Adjustment
Adjusted total stockholders’ equity	8,789)	6,930)	11,520)	10,406)	10,047)

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).

¹ Net deferred tax assets (liabilities). See details »

A comparative analysis of equity positions between 2017 and 2021 reveals a significant divergence between total stockholders’ equity and adjusted total stockholders’ equity. While the reported total equity exhibits a continuous downward trajectory, the adjusted figure shows a pattern of initial growth, a severe contraction, and a subsequent partial recovery.

Total Stockholders’ Equity Trend: A consistent decline in total stockholders’ equity is observed over the five-year period, decreasing from 4,522 million US dollars in 2017 to 2,057 million US dollars by 2021. The most pronounced reduction occurred between 2019 and 2020, where equity fell from 3,967 million US dollars to 2,532 million US dollars, representing a decrease of approximately 36% within a single fiscal year.
Adjusted Total Stockholders’ Equity Volatility: The adjusted equity metric followed a different trajectory, increasing steadily from 10,047 million US dollars in 2017 to a peak of 11,520 million US dollars in 2019. This growth was followed by a sharp decline in 2020 to 6,930 million US dollars. However, unlike the total equity figure, the adjusted equity demonstrated resilience in 2021, recovering to 8,789 million US dollars.
Analysis of Equity Variance: There is a substantial and persistent gap between the reported total stockholders’ equity and the adjusted total stockholders’ equity. By 2021, the adjusted equity figure was more than four times larger than the total stockholders’ equity. This disparity indicates that significant adjustments are being applied to the equity base, which effectively buffer the adjusted metric against the steady erosion observed in the reported total equity values.

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Expedia Group Inc., adjusted capitalization table

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Current maturities of long-term debt	735)	—)	749)	—)	500)
Long-term debt, excluding current maturities	7,715)	8,216)	4,189)	3,717)	3,749)
Total reported debt	8,450)	8,216)	4,938)	3,717)	4,249)
Total Expedia Group, Inc. stockholders’ equity	2,057)	2,532)	3,967)	4,104)	4,522)
Total reported capital	10,507)	10,748)	8,905)	7,821)	8,771)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	759)	692)
Add: Current operating lease liabilities (included within Accrued expenses and other current liabilities)²	77)	126)	119)	—)	—)
Add: Long-term operating lease liabilities³	360)	513)	532)	—)	—)
Adjusted total debt	8,887)	8,855)	5,589)	4,476)	4,941)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	708)	592)	89)	—)	(311)
Add: Allowance for expected credit losses	65)	101)	41)	34)	31)
Add: Deferred merchant bookings and deferred revenue	5,854)	3,279)	6,000)	4,691)	3,545)
Add: Restructuring and related reorganization accrued liability	26)	103)	17)	—)	9)
Add: Redeemable non-controlling interests	—)	13)	15)	30)	22)
Add: Non-redeemable non-controlling interests	1,495)	1,494)	1,569)	1,547)	1,606)
Adjusted total stockholders’ equity	8,789)	6,930)	11,520)	10,406)	10,047)
After Adjustment
Adjusted total capital	17,676)	15,785)	17,109)	14,882)	14,987)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities (included within Accrued expenses and other current liabilities). See details »

³ Long-term operating lease liabilities. See details »

⁴ Net deferred tax assets (liabilities). See details »

A significant increase in leverage is evident over the five-year period, accompanied by a diverging trend between reported and adjusted stockholders' equity. While reported capital figures remained relatively stable, adjusted capital figures show a more substantial expansion, reflecting a significant difference in how the company's capital structure is assessed after adjustments.

Debt Growth Trends: Total reported debt experienced a steady upward trajectory, nearly doubling from US$ 4,249 million in 2017 to US$ 8,450 million in 2021. The most pronounced increase occurred between 2019 and 2020, where reported debt rose from US$ 4,938 million to US$ 8,216 million. Adjusted total debt followed a nearly identical pattern, ending the period at US$ 8,887 million.
Equity Divergence: A stark contrast is observed between reported and adjusted stockholders' equity. Reported equity shows a continuous downward trend, falling from US$ 4,522 million in 2017 to US$ 2,057 million in 2021. In contrast, adjusted equity remained substantially higher throughout the period. Despite a dip in 2020 to US$ 6,930 million, adjusted equity rebounded to US$ 8,789 million by 2021, suggesting that adjustments offset the decline seen in reported figures.
Capitalization Impact: The gap between reported and adjusted total capital expanded over time. Reported total capital grew moderately from US$ 8,771 million in 2017 to US$ 10,507 million in 2021. However, adjusted total capital started at a much higher baseline of US$ 14,987 million and reached US$ 17,676 million by 2021. This indicates that the capitalization adjustments primarily impact the equity component, providing a more robust view of the total capital base than reported figures alone.

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Expedia Group Inc., adjusted revenue

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Revenue	8,598)	5,199)	12,067)	11,223)	10,060)
Adjustment
Add: Increase (decrease) in deferred merchant bookings and deferred revenue	2,575)	(2,721)	1,309)	1,146)	645)
After Adjustment
Adjusted revenue	11,173)	2,478)	13,376)	12,369)	10,705)

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).

An analysis of revenue and adjusted revenue from 2017 to 2021 reveals a period of steady growth followed by a sharp contraction and a subsequent recovery. While both metrics followed a similar trajectory between 2017 and 2019, the year 2020 represents a critical anomaly in both the overall financial performance and the relationship between reported and adjusted figures.

Revenue Growth and Contraction: Reported revenue exhibited a consistent upward trend from 2017 to 2019, increasing from 10,060 million to 12,067 million. A significant decline occurred in 2020, where revenue fell to 5,199 million, representing a decrease of approximately 57% relative to 2019. A recovery phase is observed in 2021, with revenue rising to 8,598 million, although this figure remained below the 2019 peak.
Adjusted Revenue Dynamics: Adjusted revenue mirrored the growth pattern of reported revenue through 2019, reaching a peak of 13,376 million. However, the contraction in 2020 was substantially more severe for the adjusted metric, which dropped to 2,478 million, a decline of approximately 81% from the previous year. By 2021, adjusted revenue rebounded to 11,173 million, demonstrating a more aggressive recovery trajectory than reported revenue.
Variance Between Reported and Adjusted Revenue: From 2017 to 2019, adjusted revenue was consistently higher than reported revenue, with the positive variance widening from 645 million in 2017 to 1,309 million in 2019. This relationship inverted sharply in 2020, as adjusted revenue fell 2,721 million below reported revenue. The trend reverted in 2021, with adjusted revenue again exceeding reported revenue by 2,575 million, indicating a significant shift in the nature or scale of the adjustments applied during the 2020 fiscal year.

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Expedia Group Inc., adjusted net income (loss) attributable to Expedia Group, Inc.

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Net income (loss) attributable to Expedia Group, Inc.	12)	(2,612)	565)	406)	378)
Adjustments
Add: Deferred income tax expense (benefit)¹	(145)	(488)	(91)	(308)	(103)
Add: Increase (decrease) in allowance for expected credit losses	(36)	60)	7)	3)	5)
Add: Increase (decrease) in deferred merchant bookings and deferred revenue	2,575)	(2,721)	1,309)	1,146)	645)
Add: Increase (decrease) in restructuring and related reorganization accrued liability	(77)	86)	17)	(9)	(9)
Add: Other comprehensive income (loss), net of tax	2)	67)	(5)	(86)	183)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	(24)	(88)	(1)	(26)	45)
After Adjustment
Adjusted net income (loss)	2,307)	(5,696)	1,801)	1,126)	1,143)

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).

¹ Deferred income tax expense (benefit). See details »

An analysis of the financial results from 2017 through 2021 reveals a period of moderate growth followed by extreme volatility and a divergent recovery pattern between reported and adjusted earnings.

Net Income Trends: Reported net income demonstrated steady year-over-year growth from 2017 to 2019, rising from 378 million USD to 565 million USD. This trend was abruptly reversed in 2020, resulting in a substantial net loss of 2,612 million USD. By 2021, the company returned to a positive position, although the recovery was marginal at 12 million USD.
Adjusted Net Income Trends: Adjusted net income followed a similar trajectory to reported income through 2019, peaking at 1,801 million USD. However, the 2020 contraction was significantly more pronounced in adjusted terms, with losses widening to 5,696 million USD. A sharp rebound occurred in 2021, with adjusted net income surging to 2,307 million USD.
Comparative Divergence and Adjustments: A persistent gap exists between reported and adjusted figures. From 2017 to 2019, adjusted net income was consistently and significantly higher than reported net income, indicating the presence of substantial non-cash or one-time expenses. In 2020, this relationship inverted; the adjusted loss was more than double the reported loss, suggesting that specific adjustments further penalized the adjusted result during the downturn.
Recovery Analysis: The 2021 fiscal year shows the most significant divergence in the dataset. While reported net income barely surpassed the break-even point at 12 million USD, adjusted net income reached 2,307 million USD. This indicates that the reported net income was heavily weighed down by expenses or losses that are excluded from the adjusted metric, masking a much stronger underlying operational recovery.

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