Expedia Group Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income (loss) attributable to Expedia Group, Inc.	12)	(2,612)	565)	406)	378)
Net (income) loss attributable to non-controlling interests	3)	(116)	7)	(8)	(7)
Net noncash charges	1,113)	1,796)	1,004)	1,195)	835)
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions	2,620)	(2,902)	1,191)	382)	593)
Net cash provided by (used in) operating activities	3,748)	(3,834)	2,767)	1,975)	1,799)
Cash paid for interest, net of tax¹	270)	271)	116)	161)	145)
Capital expenditures, including internal-use software and website development	(673)	(797)	(1,160)	(878)	(710)
Free cash flow to the firm (FCFF)	3,345)	(4,360)	1,723)	1,258)	1,234)

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 See details »

Download chart

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Expedia Group Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Expedia Group Inc. FCFF decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Expedia Group Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Effective Income Tax Rate (EITR)
EITR¹	21.00%	13.42%	26.19%	17.94%	10.89%
Interest Paid, Net of Tax
Cash paid for interest, before tax	342)	313)	157)	196)	163)
Less: Cash paid for interest, tax²	72)	42)	41)	35)	18)
Cash paid for interest, net of tax	270)	271)	116)	161)	145)

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 See details »

² 2021 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 342 × 21.00% = 72

Download chart

Expedia Group Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	27,553)
Free cash flow to the firm (FCFF)	3,345)
Valuation Ratio
EV/FCFF	8.24
Benchmarks
EV/FCFF, Competitors¹
Amazon.com Inc.	46.42
Home Depot Inc.	19.48
Lowe’s Cos. Inc.	22.81
TJX Cos. Inc.	24.22
EV/FCFF, Sector
Consumer Discretionary Distribution & Retail	144.75
EV/FCFF, Industry
Consumer Discretionary	62.79

Based on: 10-K (reporting date: 2021-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Expedia Group Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	33,864)	27,651)	19,078)	21,786)	18,262)
Free cash flow to the firm (FCFF)²	3,345)	(4,360)	1,723)	1,258)	1,234)
Valuation Ratio
EV/FCFF³	10.12	—	11.07	17.32	14.80
Benchmarks
EV/FCFF, Competitors⁴
Amazon.com Inc.	—	78.83	74.39	—	—
Home Depot Inc.	20.22	19.11	21.30	—	—
Lowe’s Cos. Inc.	14.88	20.95	18.88	—	—
TJX Cos. Inc.	18.30	19.08	21.16	—	—
EV/FCFF, Sector
Consumer Discretionary Distribution & Retail	130.00	51.35	42.44	—	—
EV/FCFF, Industry
Consumer Discretionary	66.77	52.40	31.02	—	—

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 See details »

² See details »

³ 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 33,864 ÷ 3,345 = 10.12

⁴ Click competitor name to see calculations.

Download chart

Expedia Group Inc. (NASDAQ:EXPE)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical