Analysis of Geographic Areas
Expedia Group Inc. operates in 2 regions: United States and All other countries.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Area Asset Turnover
Expedia Group Inc., asset turnover by geographic area
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | |||||
| All other countries |
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).
- United States Asset Turnover
- The asset turnover ratio in the United States exhibits a generally declining trend from 2017 through 2020, decreasing from 4.16 to 1.66. This represents a significant reduction in the efficiency of asset utilization in this region over this period. Notably, there is a partial recovery in 2021, where the ratio increases to 3.2, indicating an improvement in asset turnover compared to the previous year, though it remains below the levels observed prior to 2020.
- All Other Countries Asset Turnover
- The asset turnover for all other countries shows considerable volatility over the analyzed period. Initial values decrease slightly from 18.51 in 2017 to 16.41 in 2018, followed by a sharp increase to 32.49 in 2019, suggesting a significant improvement in asset use efficiency outside the United States during that year. However, this figure declines substantially in 2020 to 11.8, indicating a notable contraction in asset turnover. In 2021, there is a moderate rebound to 16.36, reflecting some recovery but still not reaching the peak levels seen in 2019.
- Comparative Insights
- Comparing the two regions, asset turnover ratios outside the United States consistently exceed those within the United States across all years, demonstrating higher efficiency in asset utilization in these regions. Both regions experience a decline in 2020, likely influenced by external adverse factors impacting operational performance. The subsequent recovery in 2021 is more pronounced in the United States, though the ratio remains below early-period levels. Conversely, outside the United States, the recovery is moderate but does not fully recoup the sharp decline of 2020 or the peak performance of 2019.
Area Asset Turnover: United States
Expedia Group Inc.; United States; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2021 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
- Revenue
- Revenue exhibited a general upward trend from 2017 to 2019, increasing from 5,534 million USD to 6,869 million USD. There was a significant decline in 2020, with revenue falling to 3,511 million USD, likely reflecting external challenges during that period. In 2021, revenue rebounded strongly, reaching 6,569 million USD, approaching pre-2020 levels.
- Property and Equipment, Net
- The net value of property and equipment steadily increased from 1,331 million USD in 2017 to 2,114 million USD in 2020, indicating ongoing investments or capital expenditures. A minor decrease occurred in 2021, with the value declining slightly to 2,056 million USD, suggesting possible disposals or depreciation effects outpacing additions during that year.
- Area Asset Turnover Ratio
- The area asset turnover ratio demonstrated a downward trend from 4.16 in 2017 to 3.37 in 2019, implying reduced efficiency in generating revenue per unit of property and equipment. This ratio sharply dropped to 1.66 in 2020, consistent with the revenue fall in the same period. In 2021, the turnover improved to 3.20 but remained below the levels observed prior to 2019, indicating partial recovery in asset utilization efficiency.
Area Asset Turnover: All other countries
Expedia Group Inc.; All other countries; area asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2021 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
- Revenue Trends
- Revenue demonstrated a steady increase from 2017 to 2019, rising from 4,525 million US dollars to 5,198 million US dollars. This indicates growth in business activity within the "All other countries" geographic segment during these years. However, there was a significant decline in 2020, with revenue decreasing sharply to 1,688 million US dollars, likely reflecting adverse external factors affecting the business environment. In 2021, revenue showed partial recovery by increasing to 2,029 million US dollars, though it remained considerably below pre-2020 levels.
- Property and Equipment, Net
- The net value of property and equipment decreased consistently over the period, falling from 244 million US dollars at the end of 2017 to 124 million US dollars by the end of 2021. The most substantial decline occurred between 2018 and 2019, followed by continued reductions thereafter. This trend may indicate asset disposals, depreciation, or a revaluation strategy aligning asset levels with operational needs in the region.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures revenue generated per unit of property and equipment, exhibited fluctuating performance. Starting at a high ratio of 18.51 in 2017, it decreased to 16.41 in 2018, then sharply increased to 32.49 in 2019. This peak suggests improved efficiency or higher revenue generation relative to asset base in that year. However, the ratio drastically declined to 11.8 in 2020, reflecting the significant revenue drop coupled with a still relevant asset base. In 2021, the ratio improved to 16.36, demonstrating ongoing recovery but remaining below the high efficiency indicated in 2019.
- Overall Analysis
- The data reveals a pattern of growth followed by disruption and partial recovery within the "All other countries" segment. Revenue growth from 2017 through 2019 was accompanied by a reduction in asset base and a notable peak in asset turnover efficiency in 2019. The sharp drop in revenue and asset turnover in 2020, alongside steady asset base contraction, suggest external challenges impacting operational performance. The recovery in revenue and asset turnover in 2021 implies gradual stabilization but without returning to prior peak efficiency or revenue levels. The persistent decline in property and equipment assets suggests a strategic or reactive adjustment to the operating environment in this geographic area.
Revenue
Expedia Group Inc., revenue by geographic area
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | |||||
| All other countries | |||||
| Total |
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).
- United States Revenue
- The revenue generated in the United States shows an overall upward trend from 2017 to 2019, rising steadily from $5,534 million to $6,869 million. However, there is a sharp decline in 2020 to $3,511 million, likely due to extraordinary circumstances affecting the market. The revenue rebounds in 2021 to $6,569 million, approaching pre-decline levels.
- All Other Countries Revenue
- Revenue from all other countries also exhibits growth from 2017 through 2019, increasing from $4,525 million to $5,198 million. In 2020, the revenue significantly drops to $1,688 million, followed by a modest recovery to $2,029 million in 2021. Despite the rebound, the 2021 revenue remains substantially lower than the figures recorded before 2020.
- Total Revenue
- The total revenue mirrors the patterns seen in the individual regions, climbing from $10,060 million in 2017 to $12,067 million in 2019. Then, a pronounced decrease occurs in 2020, with total revenue falling to $5,199 million, less than half of the previous year's amount. In 2021, there is a partial recovery to $8,598 million, yet this figure still does not reach the levels observed in the years prior to 2020.
- Overall Analysis
- Both the United States and other international markets display a pattern of steady growth from 2017 to 2019 followed by a significant downturn in 2020. The decline is much more pronounced in non-US markets, with a drop of approximately 68% compared to a 49% drop in the United States. The recovery in 2021, although evident, varies between regions, with the United States showing a stronger rebound relative to other countries. The data suggests that external factors in 2020 had a considerable impact on global revenue streams across geographic areas, with uneven recovery trajectories in different regions during 2021.
Property and equipment, net
Expedia Group Inc., property and equipment, net by geographic area
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| United States | |||||
| All other countries | |||||
| Total |
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).
- United States Property and Equipment, Net
- The net value of property and equipment in the United States showed a consistent upward trend from 2017 to 2020, increasing from $1,331 million in 2017 to $2,114 million in 2020. However, in 2021, there was a slight decline to $2,056 million, indicating a minor reduction after several years of growth.
- All Other Countries Property and Equipment, Net
- In contrast, the property and equipment net value in all other countries exhibited a different pattern. It increased from $244 million in 2017 to a peak of $306 million in 2018, followed by a steep decline over the next three years to $124 million in 2021. This trend suggests a significant reduction in assets outside the United States during this period.
- Total Property and Equipment, Net
- The total net property and equipment value mirrored the overall trends of the geographic segments. It rose steadily from $1,575 million in 2017 to $2,257 million in 2020, then decreased to $2,180 million in 2021. The total increase over the five years is notable, but the decline in 2021 aligns with the drops in both the United States and other countries' segments.
- Overall Analysis
- The data indicates a primary expansion of property and equipment assets in the United States, contributing most significantly to total growth. Meanwhile, the other countries' segment has experienced a consistent decrease since 2018. The slight decline in total assets in 2021 reflects reductions in both segments, with the more pronounced decrease occurring outside the United States. This pattern could imply a strategic shift or reallocation of resources geographically, with a focus on domestic holdings over international ones.