Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Expedia Group Inc., liquidity ratios (quarterly data)
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).
- Current Ratio
- The current ratio shows a generally stable trend with values fluctuating between 0.64 and 0.76 from 2017 through 2019, indicating a consistently moderate level of liquidity. In 2020, there is a noticeable increase, peaking at 1.19 in September, likely reflecting an increase in current assets relative to current liabilities during a period of greater financial caution. Following this peak, the ratio gradually declines through 2021 and into early 2022, ending at 0.89, which remains higher than the pre-2020 levels but below the peak, suggesting a partial normalization of liquidity conditions.
- Quick Ratio
- The quick ratio mirrors the trend seen in the current ratio, with a steady range from 0.61 to 0.72 between 2017 and 2019, indicating a consistent ability to meet short-term obligations without relying on inventory. In 2020, a marked increase occurs, reaching a peak at 1.05 in September, reflecting improved liquidity through more readily convertible assets. After this peak, the ratio decreases during 2021, settling around 0.77 by March 2022, showing a return towards pre-2020 operating liquidity levels but still elevated relative to the earlier period.
- Cash Ratio
- The cash ratio displays a pattern of gradual decline from 0.47 in early 2018 to a low of 0.34 in late 2018, suggesting lower cash and cash equivalents relative to current liabilities. However, during 2020, there is a sharp increase, peaking at 0.91 in September, indicating a significant strengthening of cash reserves amid prevailing economic uncertainties. Following this peak, the ratio declines but remains higher than pre-2020 figures, with 0.65 recorded in March 2022, signaling an improved but moderated cash position compared to earlier years.
Current Ratio
Expedia Group Inc., current ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current assets | 11,147) | 8,181) | 9,043) | 11,113) | 8,836) | 5,634) | 6,735) | 8,944) | 7,652) | 7,735) | 7,969) | 8,824) | 7,702) | 5,197) | 6,172) | 7,794) | 7,431) | 5,540) | 5,984) | 6,027) | 5,328) | |||||||
| Current liabilities | 12,469) | 9,450) | 9,751) | 11,713) | 8,774) | 5,406) | 5,636) | 7,872) | 9,608) | 10,714) | 10,582) | 11,676) | 10,726) | 8,060) | 8,763) | 10,497) | 9,991) | 7,879) | 8,273) | 8,745) | 8,020) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Current ratio1 | 0.89 | 0.87 | 0.93 | 0.95 | 1.01 | 1.04 | 1.19 | 1.14 | 0.80 | 0.72 | 0.75 | 0.76 | 0.72 | 0.64 | 0.70 | 0.74 | 0.74 | 0.70 | 0.72 | 0.69 | 0.66 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | 0.96 | 1.14 | 1.12 | 1.20 | 1.05 | 1.05 | 1.11 | 1.18 | 1.08 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Home Depot Inc. | 1.10 | 1.23 | 1.36 | 1.30 | 1.17 | 1.08 | 1.08 | 1.10 | 1.04 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Lowe’s Cos. Inc. | 1.17 | 1.19 | 1.38 | 1.30 | 1.20 | 1.01 | 1.04 | 1.06 | 1.09 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| TJX Cos. Inc. | 1.52 | 1.46 | 1.41 | 1.51 | 2.20 | 1.24 | 1.22 | 1.25 | 1.23 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
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).
1 Q1 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 11,147 ÷ 12,469 = 0.89
2 Click competitor name to see calculations.
- Current Assets
- The current assets exhibited moderate fluctuations across the periods. Starting at 5,328 million US$ in March 2017, a general increasing trend is noticed until June 2018, reaching 7,794 million US$. However, a noticeable decline follows through the end of 2018, dropping to 5,197 million US$ in December 2018. From 2019 to early 2020, the values showed a recovery, peaking at 8,824 million US$ in June 2019 before descending again to 5,634 million US$ in December 2020. After this period, there was a significant improvement, surpassing 11,000 million US$ by mid-2021 and maintaining elevated levels close to or above 9,000 million US$ through the first quarter of 2022.
- Current Liabilities
- Current liabilities followed a somewhat parallel pattern to current assets but remained consistently higher. Beginning at 8,020 million US$ in March 2017, liabilities increased steadily, reaching a peak of 10,497 million US$ by June 2018. A decrease occurred at the end of 2020 with the lowest values observed in December 2020 at 5,406 million US$. Subsequently, liabilities sharply increased again, reaching 12,469 million US$ by March 2022. The fluctuations suggest changes in short-term obligations, with a notable reduction during late 2019 to 2020, potentially linked to external economic factors.
- Current Ratio
- The current ratio started below 1.0 throughout 2017 and 2018, ranging between 0.64 and 0.74, indicating liquidity challenges as current liabilities exceeded current assets. A marked improvement occurred in 2020, with the ratio rising above 1.0 starting in June 2020 and peaking at 1.19, reflecting stronger liquidity conditions. However, this improvement was short-lived, as the ratio declined again through 2021 and early 2022, falling below 1.0 and ending at 0.89 in March 2022. This decline suggests a re-emergence of tighter liquidity conditions and a potential increase in short-term obligations relative to liquid assets toward the most recent period.
Quick Ratio
Expedia Group Inc., quick ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | 5,552) | 4,111) | 5,031) | 5,464) | 4,291) | 3,363) | 4,353) | 5,053) | 3,905) | 3,315) | 3,797) | 4,258) | 3,708) | 2,443) | 2,920) | 3,072) | 3,423) | 2,847) | 3,240) | 2,875) | 2,503) | |||||||
| Restricted cash and cash equivalents | 2,583) | 1,694) | 1,587) | 2,541) | 1,972) | 772) | 725) | 1,311) | 813) | 779) | 447) | 619) | 447) | 259) | 186) | 336) | 219) | 69) | 47) | 47) | 34) | |||||||
| Short-term investments | —) | 200) | —) | 11) | 23) | 24) | 23) | 422) | 194) | 526) | 658) | 631) | 466) | 28) | 458) | 1,491) | 1,031) | 469) | 541) | 906) | 851) | |||||||
| Accounts receivable, net of allowance | 1,736) | 1,264) | 1,485) | 1,440) | 1,007) | 701) | 839) | 1,002) | 1,423) | 2,524) | 2,684) | 2,893) | 2,617) | 2,151) | 2,294) | 2,359) | 2,253) | 1,866) | 1,835) | 1,810) | 1,580) | |||||||
| Total quick assets | 9,871) | 7,269) | 8,103) | 9,456) | 7,293) | 4,860) | 5,940) | 7,788) | 6,335) | 7,144) | 7,586) | 8,401) | 7,238) | 4,881) | 5,858) | 7,258) | 6,926) | 5,250) | 5,663) | 5,638) | 4,969) | |||||||
| Current liabilities | 12,469) | 9,450) | 9,751) | 11,713) | 8,774) | 5,406) | 5,636) | 7,872) | 9,608) | 10,714) | 10,582) | 11,676) | 10,726) | 8,060) | 8,763) | 10,497) | 9,991) | 7,879) | 8,273) | 8,745) | 8,020) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Quick ratio1 | 0.79 | 0.77 | 0.83 | 0.81 | 0.83 | 0.90 | 1.05 | 0.99 | 0.66 | 0.67 | 0.72 | 0.72 | 0.67 | 0.61 | 0.67 | 0.69 | 0.69 | 0.67 | 0.68 | 0.64 | 0.62 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | 0.48 | 0.68 | 0.64 | 0.76 | 0.63 | 0.67 | 0.67 | 0.76 | 0.62 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Home Depot Inc. | 0.37 | 0.47 | 0.68 | 0.69 | 0.48 | 0.23 | 0.23 | 0.26 | 0.21 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Lowe’s Cos. Inc. | 0.31 | 0.28 | 0.52 | 0.60 | 0.34 | 0.06 | 0.06 | 0.13 | 0.18 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| TJX Cos. Inc. | 0.95 | 1.01 | 0.93 | 0.92 | 0.96 | 0.50 | 0.33 | 0.39 | 0.40 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
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).
1 Q1 2022 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 9,871 ÷ 12,469 = 0.79
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in liquidity and short-term solvency over the periods examined.
- Total Quick Assets
- The total quick assets showed a general upward trend from March 2017 (US$4,969 million) through June 2019 (US$8,401 million), indicating an improvement in assets readily convertible to cash. This was followed by a period of volatility with declines especially notable at the end of 2020 (US$4,860 million), coinciding with the global disruptions during that period. Beginning in 2021, quick assets recovered and increased steadily, reaching a peak in March 2022 (US$9,871 million), the highest value within the observed timeline.
- Current Liabilities
- Current liabilities followed an increasing trend from March 2017 (US$8,020 million) to June 2019 (US$11,676 million), suggesting a rise in short-term obligations. From the end of 2019 through mid-2020, there was a sharp decline in current liabilities, reaching a low point in December 2020 (US$5,406 million). However, the subsequent quarters saw a rebound with liabilities climbing again, surpassing previous highs by March 2022 (US$12,469 million), indicating growing short-term financial commitments.
- Quick Ratio
- The quick ratio, a key liquidity indicator, maintained relative stability in the range of approximately 0.62 to 0.72 from 2017 through 2019, signifying consistent short-term liquidity. During 2020, there was a pronounced increase, peaking at 1.05 in June 2020, which reflected a period where quick assets substantially exceeded current liabilities, likely influenced by asset management strategies or liability reductions. Post-mid-2020, the quick ratio trended downward, settling near 0.77 by March 2022, but still higher than early period levels, implying a moderate decline in liquidity.
Overall, the data indicates that the company experienced growth in liquid assets and current liabilities up to mid-2019, followed by significant liquidity management adjustments in 2020 amid external pressures. The elevated quick ratio during 2020 reflects a temporary strengthening of liquidity, while the rebound in current liabilities and the moderate decrease in the quick ratio through 2021 into early 2022 suggest a re-balancing of short-term assets and obligations. The company's liquidity position at the end of the period remains relatively solid compared to the earlier years examined.
Cash Ratio
Expedia Group Inc., cash ratio calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | 5,552) | 4,111) | 5,031) | 5,464) | 4,291) | 3,363) | 4,353) | 5,053) | 3,905) | 3,315) | 3,797) | 4,258) | 3,708) | 2,443) | 2,920) | 3,072) | 3,423) | 2,847) | 3,240) | 2,875) | 2,503) | |||||||
| Restricted cash and cash equivalents | 2,583) | 1,694) | 1,587) | 2,541) | 1,972) | 772) | 725) | 1,311) | 813) | 779) | 447) | 619) | 447) | 259) | 186) | 336) | 219) | 69) | 47) | 47) | 34) | |||||||
| Short-term investments | —) | 200) | —) | 11) | 23) | 24) | 23) | 422) | 194) | 526) | 658) | 631) | 466) | 28) | 458) | 1,491) | 1,031) | 469) | 541) | 906) | 851) | |||||||
| Total cash assets | 8,135) | 6,005) | 6,618) | 8,016) | 6,286) | 4,159) | 5,101) | 6,786) | 4,912) | 4,620) | 4,902) | 5,508) | 4,621) | 2,730) | 3,564) | 4,899) | 4,673) | 3,384) | 3,827) | 3,828) | 3,389) | |||||||
| Current liabilities | 12,469) | 9,450) | 9,751) | 11,713) | 8,774) | 5,406) | 5,636) | 7,872) | 9,608) | 10,714) | 10,582) | 11,676) | 10,726) | 8,060) | 8,763) | 10,497) | 9,991) | 7,879) | 8,273) | 8,745) | 8,020) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Cash ratio1 | 0.65 | 0.64 | 0.68 | 0.68 | 0.72 | 0.77 | 0.91 | 0.86 | 0.51 | 0.43 | 0.46 | 0.47 | 0.43 | 0.34 | 0.41 | 0.47 | 0.47 | 0.43 | 0.46 | 0.44 | 0.42 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | 0.48 | 0.68 | 0.64 | 0.76 | 0.63 | 0.67 | 0.67 | 0.76 | 0.62 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Home Depot Inc. | 0.24 | 0.34 | 0.58 | 0.58 | 0.37 | 0.12 | 0.11 | 0.14 | 0.10 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Lowe’s Cos. Inc. | 0.31 | 0.28 | 0.52 | 0.60 | 0.34 | 0.06 | 0.06 | 0.13 | 0.18 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| TJX Cos. Inc. | 0.89 | 0.97 | 0.90 | 0.87 | 0.92 | 0.45 | 0.27 | 0.33 | 0.34 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
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).
1 Q1 2022 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 8,135 ÷ 12,469 = 0.65
2 Click competitor name to see calculations.
The financial data reveals several notable trends related to liquidity and working capital management over the analyzed quarters.
- Total cash assets
- Total cash assets exhibit fluctuations throughout the periods. Initially, cash assets increased modestly from 3,389 million USD in Q1 2017 to a peak of 4,899 million USD in Q2 2018. This was followed by a decline through Q4 2018 to 2,730 million USD. Subsequently, cash assets rebounded, reaching over 5,500 million USD in mid-2019, before experiencing another moderate decline by the end of 2019. A significant increase occurs in 2020, peaking at 6,786 million USD in Q2 2020 during the mid-pandemic phase, which likely reflects strategic liquidity management during uncertain times. However, after Q2 2020, cash assets decrease steadily before climbing again to a high of 8,135 million USD by Q1 2022, marking the highest cash level in the period analyzed.
- Current liabilities
- Current liabilities follow a generally upward trajectory with notable volatility. The liabilities rose from 8,020 million USD in Q1 2017 to a peak of 10,497 million USD in Q2 2018, then dipped moderately by Q4 2018. Starting in 2019, current liabilities trend upwards again, reaching approximately 11,714 million USD in Q4 2019. A sharp decrease in liabilities is observed during the first three quarters of 2020, possibly reflecting liability management or operational adjustments during the pandemic. However, liabilities increase steeply again in late 2021 and early 2022, topping at 12,469 million USD in Q1 2022, which indicates a substantial buildup of short-term obligations near the end of the period.
- Cash ratio
- The cash ratio, representing the ability to cover current liabilities with cash and cash equivalents, varies over time but shows a clear spike in 2020. Beginning around 0.42-0.47 in 2017 through early 2019, the ratio remains relatively stable. In Q2 2020, it sharply rises to 0.86 and peaks at 0.91 in Q3 2020, highlighting a strong liquidity position during this period. Subsequently, the ratio declines steadily but remains above historical levels, settling around 0.64-0.68 toward the end of the dataset in early 2022. This pattern reflects enhanced liquidity buffers maintained during the pandemic, followed by a normalization phase as operational conditions possibly improved.
Overall, the data suggests that the entity actively managed liquidity through cash reserves, especially in response to external uncertainties in 2020. Although current liabilities fluctuate, the buildup toward the end of 2021 and early 2022 warrants attention regarding short-term obligations. The elevated cash ratio during the crisis period indicates a prudent approach to liquidity, while the subsequent decrease suggests a gradual return to pre-pandemic operating dynamics.