Selected Financial Data
since 2005
Income Statement
Expedia Group Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenue | Operating income (loss) | Net income (loss) attributable to Expedia Group, Inc. |
|---|---|---|---|
| Dec 31, 2021 | 8,598) | 186) | 12) |
| Dec 31, 2020 | 5,199) | (2,719) | (2,612) |
| Dec 31, 2019 | 12,067) | 903) | 565) |
| Dec 31, 2018 | 11,223) | 714) | 406) |
| Dec 31, 2017 | 10,060) | 625) | 378) |
| Dec 31, 2016 | 8,774) | 462) | 282) |
| Dec 31, 2015 | 6,672) | 414) | 764) |
| Dec 31, 2014 | 5,763) | 518) | 398) |
| Dec 31, 2013 | 4,771) | 366) | 233) |
| Dec 31, 2012 | 4,030) | 432) | 280) |
| Dec 31, 2011 | 3,449) | 480) | 472) |
| Dec 31, 2010 | 3,348) | 732) | 422) |
| Dec 31, 2009 | 2,955) | 571) | 300) |
| Dec 31, 2008 | 2,937) | (2,429) | (2,518) |
| Dec 31, 2007 | 2,665) | 529) | 296) |
| Dec 31, 2006 | 2,238) | 351) | 245) |
| Dec 31, 2005 | 2,119) | 397) | 229) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2021 is characterized by a prolonged period of steady expansion followed by significant volatility induced by systemic shocks. Revenue exhibited a consistent upward trajectory for nearly fifteen years before experiencing a severe contraction and subsequent partial recovery.
- Revenue Trends
- Revenue grew steadily from 2,119 million US dollars in 2005 to a peak of 12,067 million US dollars in 2019. This period represents a sustained growth phase. A sharp decline occurred in 2020, with revenue falling to 5,199 million US dollars, marking a contraction of approximately 57% from the previous year. By 2021, a recovery trend emerged as revenue increased to 8,598 million US dollars.
- Operating Income Analysis
- Operating results were generally positive but susceptible to extreme volatility. Two major deficits are evident: a loss of 2,429 million US dollars in 2008 and a loss of 2,719 million US dollars in 2020. Outside of these outlier years, operating income grew from 397 million US dollars in 2005 to a high of 903 million US dollars in 2019. The return to a positive operating income of 186 million US dollars in 2021 indicates a stabilization of core operations following the 2020 downturn.
- Net Income and Profitability
- Net income closely mirrored the movements of operating income, highlighting a strong correlation between operational efficiency and the bottom line. Significant net losses were recorded in 2008 (2,518 million US dollars) and 2020 (2,612 million US dollars). During the growth phase between 2010 and 2019, net income remained positive, peaking at 565 million US dollars in 2019. The 2021 net income of 12 million US dollars suggests a fragile return to profitability.
Overall, the data indicates a business model with strong scalability during stable economic periods but high vulnerability to global disruptions, as evidenced by the deep losses and revenue collapses observed in 2008 and 2020.
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Balance Sheet: Assets
Expedia Group Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 8,181) | 21,548) |
| Dec 31, 2020 | 5,634) | 18,690) |
| Dec 31, 2019 | 7,735) | 21,416) |
| Dec 31, 2018 | 5,197) | 18,033) |
| Dec 31, 2017 | 5,540) | 18,516) |
| Dec 31, 2016 | 3,450) | 15,778) |
| Dec 31, 2015 | 2,979) | 15,504) |
| Dec 31, 2014 | 2,924) | 9,021) |
| Dec 31, 2013 | 2,219) | 7,739) |
| Dec 31, 2012 | 2,615) | 7,085) |
| Dec 31, 2011 | 2,274) | 6,505) |
| Dec 31, 2010 | 1,702) | 6,651) |
| Dec 31, 2009 | 1,225) | 5,937) |
| Dec 31, 2008 | 1,199) | 5,894) |
| Dec 31, 2007 | 1,046) | 8,295) |
| Dec 31, 2006 | 1,183) | 8,269) |
| Dec 31, 2005 | 590) | 7,757) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory of the assets between 2005 and 2021 is characterized by significant long-term expansion, interrupted by specific periods of contraction and rapid scaling. Total assets grew from 7,757 million US$ in 2005 to 21,548 million US$ by 2021, reflecting a substantial increase in the company's overall resource base.
- Current Assets Trend
- Current assets exhibited a consistent upward trajectory over the 16-year period, increasing from 590 million US$ in 2005 to 8,181 million US$ in 2021. Notable growth occurred between 2016 and 2019, where values rose from 3,450 million US$ to a peak of 7,735 million US$. A sharp contraction was observed in 2020, with current assets falling to 5,634 million US$, followed by a robust recovery to the period high in 2021.
- Total Assets Evolution
- Total assets experienced a period of stability through 2007, followed by a sharp decline to 5,894 million US$ in 2008. A recovery phase ensued, culminating in a significant structural jump in 2015, where total assets surged from 9,021 million US$ in 2014 to 15,504 million US$. Assets continued to climb, reaching a peak of 21,416 million US$ in 2019. Similar to current assets, total assets declined in 2020 to 18,690 million US$ before returning to 21,548 million US$ in 2021.
- Asset Composition and Liquidity Shift
- A significant shift in the balance sheet composition is evident. In 2005, current assets represented approximately 7.6% of total assets. By 2019, this proportion increased to approximately 36%, and by 2021, it reached approximately 38%. This indicates a strategic shift toward higher liquidity or a change in the operational nature of the asset base over time.
The data reveals a high degree of resilience in the asset base, as the company managed to recover from the volatility of 2008 and the significant downturn of 2020, ultimately ending the period at its highest recorded asset valuation.
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Balance Sheet: Liabilities and Stockholders’ Equity
Expedia Group Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Total Expedia Group, Inc. stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2021 | 9,450) | 8,450) | 2,057) |
| Dec 31, 2020 | 5,406) | 8,216) | 2,532) |
| Dec 31, 2019 | 10,714) | 4,938) | 3,967) |
| Dec 31, 2018 | 8,060) | 3,717) | 4,104) |
| Dec 31, 2017 | 7,879) | 4,249) | 4,522) |
| Dec 31, 2016 | 6,127) | 3,159) | 4,132) |
| Dec 31, 2015 | 5,926) | 3,201) | 4,864) |
| Dec 31, 2014 | 4,187) | 1,747) | 1,784) |
| Dec 31, 2013 | 3,294) | 1,249) | 2,145) |
| Dec 31, 2012 | 2,982) | 1,249) | 2,280) |
| Dec 31, 2011 | 2,553) | 1,249) | 2,200) |
| Dec 31, 2010 | 1,889) | 1,645) | 2,673) |
| Dec 31, 2009 | 1,835) | 895) | 2,683) |
| Dec 31, 2008 | 1,566) | 1,545) | 2,328) |
| Dec 31, 2007 | 1,774) | 1,085) | 4,818) |
| Dec 31, 2006 | 1,400) | 500) | 5,904) |
| Dec 31, 2005 | 1,438) | 231) | 5,734) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet for the period between 2005 and 2021 reflects a fundamental shift in the capital structure, moving from a high-equity, low-debt position toward a more leveraged framework characterized by substantial liabilities and a reduced equity base.
- Current Liabilities Evolution
- Current liabilities demonstrated a sustained growth pattern from 2005 through 2019, increasing from 1,438 million to a peak of 10,714 million. This progression represents a significant expansion of short-term obligations over fourteen years. A notable contraction occurred in 2020, where current liabilities decreased to 5,406 million, before rebounding to 9,450 million in 2021.
- Total Debt Accumulation
- Total debt remained relatively low in the first several years of the analysis but began a period of accelerated growth after 2013. A substantial increase is observed between 2014 and 2015, with debt rising from 1,747 million to 3,201 million. The most aggressive expansion occurred between 2019 and 2020, where total debt jumped from 4,938 million to 8,216 million, eventually reaching 8,450 million by the end of 2021.
- Stockholders' Equity Trends
- Total stockholders' equity experienced a long-term downward trajectory. From a high of 5,734 million in 2005, equity fell sharply to 2,328 million by 2008. Although a significant recovery peak of 4,864 million was recorded in 2015, a subsequent steady decline followed over the following six years, ending at 2,057 million in 2021. This indicates a consistent erosion of the equity cushion over the long term.
- Capital Structure and Leverage Insights
- The simultaneous increase in total debt and the decline in stockholders' equity indicate a marked increase in financial leverage. In 2005, the company operated with a conservative profile where equity far exceeded debt. By 2021, this relationship had completely inverted, with total debt exceeding stockholders' equity by approximately four times, signaling a shift toward a more debt-heavy financing strategy.
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Cash Flow Statement
Expedia Group Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 3,748) | (931) | (973) |
| Dec 31, 2020 | (3,834) | (263) | 4,077) |
| Dec 31, 2019 | 2,767) | (1,553) | 175) |
| Dec 31, 2018 | 1,975) | (559) | (1,489) |
| Dec 31, 2017 | 1,799) | (1,582) | 688) |
| Dec 31, 2016 | 1,564) | (718) | (691) |
| Dec 31, 2015 | 1,368) | (2,371) | 1,404) |
| Dec 31, 2014 | 1,367) | (924) | 48) |
| Dec 31, 2013 | 763) | (526) | (493) |
| Dec 31, 2012 | 1,237) | (368) | (273) |
| Dec 31, 2011 | 826) | (463) | (353) |
| Dec 31, 2010 | 777) | (818) | 132) |
| Dec 31, 2009 | 676) | (48) | (660) |
| Dec 31, 2008 | 521) | (860) | 465) |
| Dec 31, 2007 | 712) | (180) | (790) |
| Dec 31, 2006 | 617) | (114) | 10) |
| Dec 31, 2005 | 850) | (801) | 107) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile exhibits a long-term trajectory of operational growth interrupted by a severe volatility event in 2020, followed by a rapid recovery in 2021. For the majority of the period between 2005 and 2019, the organization maintained positive operational cash flows that generally trended upward, supporting investment activities and periodic financing adjustments.
- Operating Activities
- Net cash provided by operating activities demonstrated a general upward trend from 850 million USD in 2005 to a peak of 2,767 million USD in 2019. Despite intermittent fluctuations, such as the declines observed in 2008 and 2013, the growth remained consistent until 2020, when a significant reversal occurred, resulting in a net cash use of 3,834 million USD. This deficit was reversed in 2021, with operating cash flow rebounding to a period high of 3,748 million USD.
- Investing Activities
- Net cash used in investing activities remained consistently negative throughout the entire analyzed period, indicating continuous capital deployment. Significant increases in outflows were noted in 2015 (2,371 million USD) and 2017 (1,582 million USD), suggesting periods of aggressive acquisition or capital expenditure. Conversely, investing outflows were markedly lower in 2009 (48 million USD) and 2020 (263 million USD), reflecting a contraction in investment spending during periods of broader economic or operational instability.
- Financing Activities
- Financing cash flows exhibited high volatility, characterized by alternating periods of net inflows and outflows. Notable funding inflows occurred in 2015 (1,404 million USD) and most prominently in 2020 (4,077 million USD). The 2020 inflow appears to have functioned as a critical liquidity bridge to offset the substantial operational losses of that year. Outflows peaked in 2018 (1,489 million USD), and a return to net financing outflows was observed in 2021 (973 million USD), potentially indicating debt repayment or shareholder distributions following the operational recovery.
A critical analysis of the 2020-2021 transition reveals a strategic pivot to sustain solvency. The collapse in operating cash flow in 2020 was directly countered by a massive influx of financing cash, ensuring liquidity during a period of operational crisis. The subsequent 2021 data indicates a strong restoration of core business cash generation, which allowed the organization to return to a net outflow position in financing activities.
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Per Share Data
Expedia Group Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | -1.80 | -1.80 | 0.00 |
| Dec 31, 2020 | -19.00 | -19.00 | 0.34 |
| Dec 31, 2019 | 3.84 | 3.77 | 1.32 |
| Dec 31, 2018 | 2.71 | 2.65 | 1.24 |
| Dec 31, 2017 | 2.49 | 2.42 | 1.16 |
| Dec 31, 2016 | 1.87 | 1.82 | 1.00 |
| Dec 31, 2015 | 5.87 | 5.70 | 0.84 |
| Dec 31, 2014 | 3.09 | 2.99 | 0.66 |
| Dec 31, 2013 | 1.73 | 1.67 | 0.56 |
| Dec 31, 2012 | 2.09 | 2.00 | 0.96 |
| Dec 31, 2011 | 3.48 | 3.41 | 0.56 |
| Dec 31, 2010 | 2.98 | 2.93 | 0.56 |
| Dec 31, 2009 | 2.08 | 2.05 | 0.00 |
| Dec 31, 2008 | -17.60 | -17.60 | 0.00 |
| Dec 31, 2007 | 1.99 | 1.88 | 0.00 |
| Dec 31, 2006 | 1.44 | 1.40 | 0.00 |
| Dec 31, 2005 | 1.36 | 1.30 | 0.00 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per-share financial performance from 2005 to 2021 is characterized by extreme volatility in earnings and a cyclical approach to shareholder distributions. Earnings per share experienced two severe contractions, while dividend payouts followed a trajectory of initiation, steady growth, and eventual cessation.
- Earnings Per Share Trends
- Basic and diluted earnings per share demonstrated a pattern of rapid recovery following deep downturns. A substantial loss occurred in 2008, with basic earnings per share falling to -17.60 USD, followed by a recovery to 3.48 USD by 2011. Another period of expansion culminated in a peak of 5.87 USD in 2015, before a sharp decline in 2016 to 1.87 USD. The most severe contraction was recorded in 2020, with basic earnings per share reaching -19.00 USD. By 2021, losses narrowed to -1.80 USD, though profitability had not yet been restored.
- Dividend Distribution Analysis
- Dividend payments were absent from 2005 through 2009. Distributions commenced in 2010 at 0.56 USD per share. Between 2010 and 2019, a general upward trend was observed, reaching a peak of 1.32 USD in 2019, notwithstanding a temporary reduction to 0.56 USD in 2013. This sustained increase suggests a strategic effort to return capital to shareholders during periods of operational stability.
- Correlation Between Earnings and Payouts
- A direct correlation exists between the earnings collapse of 2020 and the subsequent adjustment of the dividend policy. The dividend was significantly reduced to 0.34 USD in 2020 and entirely discontinued by 2021. The elimination of the dividend coincides with the period of the most significant earnings losses, indicating a prioritization of liquidity and capital preservation over shareholder distributions during systemic crises.
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