SEATTLE–(BUSINESS WIRE)–Expedia Group, Inc. (NASDAQ: EXPE) announced financial results today for the third quarter ended September 30, 2022.
“The third quarter marked another period of robust travel demand despite the uncertain macroeconomic environment. We delivered strong financial performance with record quarterly revenue and adjusted EBITDA, which exceeded $1 billion for the first time. These results reflect our emphasis on driving topline growth while improving margins,” said Peter Kern, Vice Chairman and CEO, Expedia Group. “Our active loyalty members and active app users are at all-time highs, reflecting our ongoing focus on enhancing our products, technology and consumer offerings to drive greater engagement with our travelers and a more direct and valuable base of business.”
Key Highlights
- Record quarterly revenue and third quarter lodging bookings.
- Net income up 33% against 2021 and record adjusted EBITDA.
- Free cash flow for the first nine months of 2022 was $3.1 billion, more than double 2019 levels.
- Resumed share buybacks with 2 million shares repurchased through October for approximately $200 million.
- Retired $500 million of debt, resulting in cumulative debt and preferred equity reduction of over $3.4 billion over the past 18 months.
Financial Summary & Operating Metrics ($ millions except per share amounts)(1)
|
|
Expedia Group, Inc. |
||
|
Metric |
Q3 2022 |
Q3 2021 |
Δ Y/Y |
|
Booked room nights |
81.6 |
65.4 |
25% |
|
Stayed room nights |
93.2 |
77.8 |
20% |
|
Gross bookings |
$23,987 |
$18,725 |
28% |
|
Revenue |
3,619 |
2,962 |
22% |
|
Operating income |
747 |
524 |
42% |
|
Net income attributable to Expedia Group common stockholders |
482 |
362 |
33% |
|
Diluted earnings per share |
$2.98 |
$2.26 |
32% |
|
Adjusted EBITDA(2) |
1,079 |
855 |
26% |
|
Adjusted net income(2) |
640 |
553 |
16% |
|
Adjusted EPS(2) |
$4.05 |
$3.53 |
15% |
|
Net cash used in operating activities |
(997) |
(1,221) |
(18)% |
|
Free cash flow(2) |
(1,167) |
(1,400) |
(17)% |
|
(1)All comparisons are against comparable period of 2021 unless otherwise noted |
|||
|
(2)“Adjusted EBITDA” (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization), “Adjusted net income (loss),” “Adjusted EPS” and “Free cash flow” are non-GAAP measures as defined by the Securities and Exchange Commission (the “SEC”). See “Definitions of Non-GAAP Measures” and “Tabular Reconciliations for Non-GAAP Measures” on pages 11-18 herein for an explanation and reconciliation of non-GAAP measures used throughout this release. Expedia Group does not calculate or report net income by segment. |
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Discussion of Results
The results for Expedia Group, Inc. (“Expedia Group” or “the Company”) include Brand Expedia®, Hotels.com®, Expedia® Partner Solutions, Vrbo®, Egencia®, trivago®, HomeAway®, Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia Group™ Media Solutions, CarRentals.com™, Expedia® Cruises™, and Traveldoo®. Results include the related international points of sale for all brands. In April 2021, we completed the sale of Classic Vacations®, and in November 2021 we completed the sale of Egencia®, which is included in results through the date of its sale. All amounts shown are in U.S. dollars.
Gross Bookings & Revenue
|
Gross Bookings & Revenue by Segment ($ millions) |
|||||||||
|
|
Gross Bookings |
||||||||
|
|
Third Quarter |
||||||||
|
|
2022 |
|
2021 |
|
Δ% |
||||
|
Gross Bookings |
$ |
23,987 |
|
|
$ |
18,725 |
|
|
28% |
|
|
|
|
|
|
|
||||
|
|
Revenue |
||||||||
|
|
Third Quarter |
||||||||
|
|
2022 |
|
2021 |
|
Δ% |
||||
|
Retail |
$ |
2,707 |
|
|
$ |
2,351 |
|
|
15% |
|
B2B |
|
788 |
|
|
|
490 |
|
|
61% |
|
Expedia Group (excluding trivago) |
$ |
3,495 |
|
|
$ |
2,841 |
|
|
23% |
|
trivago |
|
185 |
|
|
|
163 |
|
|
13% |
|
Intercompany eliminations |
|
(61 |
) |
|
|
(42 |
) |
|
47% |
|
Total |
$ |
3,619 |
|
|
$ |
2,962 |
|
|
22% |
For the third quarter of 2022, total gross bookings increased 28%, compared to the third quarter of 2021, as gross bookings for lodging, air, and other travel products grew as travel demand recovered.
Total revenue increased 22% as Retail, B2B, and trivago segments revenue all increased compared to the third quarter of 2021.
Product & Services Detail
|
Revenue by Service Type ($ millions) |
|||||||||
|
|
Revenue |
||||||||
|
|
Third Quarter |
||||||||
|
|
2022 |
|
2021 |
|
Δ% |
||||
|
Lodging |
$ |
2,881 |
|
$ |
2,300 |
|
25% |
||
|
Air |
|
100 |
|
|
|
61 |
|
|
61% |
|
Advertising and media |
|
222 |
|
|
|
202 |
|
|
10% |
|
Other |
|
416 |
|
|
|
399 |
|
|
4% |
|
Total |
$ |
3,619 |
|
|
$ |
2,962 |
|
|
22% |
As a percentage of total revenue in the third quarter of 2022, lodging accounted for 80%, advertising and media accounted for 6%, air accounted for 3%, and all other revenues accounted for the remaining 11%.
Lodging revenue increased 25% in the third quarter of 2022, compared to the third quarter of 2021, driven by a 20% growth in stayed room nights and a 4% increase in stayed average daily rates (“ADRs”).
Air revenue increased 61% in the third quarter of 2022, compared to the third quarter of 2021, primarily driven by 69% growth in revenue per air ticket.
Advertising and media revenue increased 10% in the third quarter of 2022, compared to the third quarter of 2021, driven by growth in Expedia Group Media Solutions. Other revenue increased 4% in the third quarter of 2022, driven by growth from travel insurance products.
Costs and Expenses ($ millions)
|
|
Costs and Expenses |
|
|
As a % of Revenue |
||||||||||||||||
|
|
Third Quarter |
|
|
Third Quarter |
||||||||||||||||
|
|
2022 |
|
2021 |
|
Δ% |
|
|
2022 |
|
2021 |
|
Δ (bps) |
||||||||
|
Generally Accepted Accounting Principles (GAAP) Expenses – Expedia Group |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cost of revenue |
$ |
455 |
|
$ |
442 |
|
3 |
% |
|
|
12.6 |
% |
|
14.9 |
% |
|
(233 |
) |
||
|
Selling and marketing – direct |
|
1,504 |
|
|
|
1,132 |
|
|
33 |
% |
|
|
41.6 |
% |
|
38.2 |
% |
|
337 |
|
|
Selling and marketing – indirect |
|
165 |
|
|
|
182 |
|
|
(10 |
)% |
|
|
4.5 |
% |
|
6.1 |
% |
|
(161 |
) |
|
Selling and marketing |
|
1,669 |
|
|
|
1,314 |
|
|
27 |
% |
|
|
46.1 |
% |
|
44.3 |
% |
|
176 |
|
|
Technology and content |
|
310 |
|
|
|
277 |
|
|
12 |
% |
|
|
8.6 |
% |
|
9.4 |
% |
|
(81 |
) |
|
General and administrative |
|
187 |
|
|
|
182 |
|
|
2 |
% |
|
|
5.2 |
% |
|
6.2 |
% |
|
(101 |
) |
|
Total GAAP costs and expenses |
$ |
2,621 |
|
|
$ |
2,215 |
|
|
18 |
% |
|
|
72.4 |
% |
|
74.8 |
% |
|
(238 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted Expenses – Expedia Group |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cost of revenue* |
$ |
451 |
|
|
$ |
436 |
|
|
4 |
% |
|
|
12.5 |
% |
|
14.7 |
% |
|
(223 |
) |
|
Selling and marketing – direct |
|
1,504 |
|
|
|
1,132 |
|
|
33 |
% |
|
|
41.6 |
% |
|
38.2 |
% |
|
337 |
|
|
Selling and marketing – indirect* |
|
147 |
|
|
|
153 |
|
|
(4 |
)% |
|
|
4.0 |
% |
|
5.2 |
% |
|
(112 |
) |
|
Selling and marketing* |
|
1,651 |
|
|
|
1,285 |
|
|
28 |
% |
|
|
45.6 |
% |
|
43.4 |
% |
|
224 |
|
|
Technology and content* |
|
282 |
|
|
|
245 |
|
|
15 |
% |
|
|
7.8 |
% |
|
8.3 |
% |
|
(50 |
) |
|
General and administrative* |
|
140 |
|
|
|
133 |
|
|
4 |
% |
|
|
3.8 |
% |
|
4.5 |
% |
|
(65 |
) |
|
Total adjusted costs and expenses |
$ |
2,524 |
|
|
$ |
2,099 |
|
|
20 |
% |
|
|
69.7 |
% |
|
70.9 |
% |
|
(113 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total overhead expenses** |
$ |
569 |
|
|
$ |
531 |
|
|
7 |
% |
|
|
15.7 |
% |
|
17.9 |
% |
|
(227 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted Expenses – Expedia Group (excluding trivago)*** |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cost of revenue* |
$ |
446 |
|
|
$ |
430 |
|
|
4 |
% |
|
|
12.8 |
% |
|
15.2 |
% |
|
(237 |
) |
|
Selling and marketing* |
|
1,583 |
|
|
|
1,205 |
|
|
31 |
% |
|
|
45.3 |
% |
|
42.4 |
% |
|
288 |
|
|
Technology and content* |
|
271 |
|
|
|
233 |
|
|
16 |
% |
|
|
7.7 |
% |
|
8.2 |
% |
|
(49 |
) |
|
General and administrative* |
|
133 |
|
|
|
127 |
|
|
5 |
% |
|
|
3.8 |
% |
|
4.4 |
% |
|
(66 |
) |
|
Total adjusted costs and expenses excluding trivago |
$ |
2,433 |
|
|
$ |
1,995 |
|
|
22 |
% |
|
|
69.6 |
% |
|
70.3 |
% |
|
(64 |
) |
|
Note: Some numbers may not add due to rounding. |
||||||||||||||||||||
|
*Adjusted expenses are non-GAAP measures. See pages 11-18 herein for a description and reconciliation to the corresponding GAAP measures. |
||||||||||||||||||||
|
**Total overhead expenses is the sum of adjusted expenses for Selling and marketing – indirect, Technology and content, and General and administrative. |
||||||||||||||||||||
|
***Expedia Group (excluding trivago) figures exclude both trivago costs and expenses and trivago revenue when calculating ‘As a % of Revenue.’ |
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Cost of Revenue
- For the third quarter of 2022, total GAAP and adjusted cost of revenue increased 3% and 4%, respectively, compared to the third quarter of 2021, driven by higher merchant processing fees and cloud costs as a result of increased transaction volume which offset lower personnel costs related to the sale of Egencia in November 2021.
Selling and Marketing
- For the third quarter of 2022, total GAAP and adjusted selling and marketing expense increased 27% and 28%, respectively, compared to the third quarter of 2021, primarily due to a $372 million increase in direct costs driven by an increase in B2B partner commissions, as well as increased spend in Retail marketing channels. Total GAAP and adjusted indirect selling and marketing expenses, decreased 10% and 4%, respectively compared to the third quarter of 2021. The decrease in indirect marketing expense was driven by lower personnel costs related to the sale of Egencia in November 2021. The year-over-year decrease in GAAP indirect costs was driven by lower stock-based compensation.
Technology and Content
- For the third quarter of 2022, total GAAP and adjusted technology and content expense increased 12% and 15%, respectively, compared to the third quarter of 2021, due to an increase in personnel costs from increased headcount.
General and Administrative
- For the third quarter of 2022, total GAAP and adjusted general and administrative expense increased 2% and 4%, respectively, compared to the third quarter of 2021, due to an increase in personnel costs from increased headcount.
Net Income (Loss) Attributable to Expedia Group and Adjusted EBITDA*
|
Adjusted EBITDA by Segment ($ millions) |
|||||||||
|
|
Third Quarter |
||||||||
|
|
2022 |
|
2021 |
|
Δ% |
||||
|
Retail |
$ |
943 |
|
|
$ |
879 |
|
|
7% |
|
B2B |
|
221 |
|
|
|
74 |
|
|
198% |
|
Unallocated overhead costs |
|
(119 |
) |
|
|
(116 |
) |
|
3% |
|
Expedia Group (excluding trivago) |
$ |
1,045 |
|
|
$ |
837 |
|
|
25% |
|
trivago(1) |
|
34 |
|
|
|
18 |
|
|
85% |
|
Total Adjusted EBITDA |
$ |
1,079 |
|
|
$ |
855 |
|
|
26% |
|
|
|
|
|
|
|
||||
|
Net income attributable to Expedia Group common stockholders(2) |
$ |
482 |
|
|
$ |
362 |
|
|
33% |
|
(1) trivago is a separately listed company on the Nasdaq Global Select Market and, therefore, is subject to its own reporting and filing requirements which could result in possible differences that are not expected to be material to Expedia Group. |
|||||||||
|
(2) Expedia Group does not calculate or report net income (loss) by segment. |
|||||||||
|
* Adjusted EBITDA is a non-GAAP measure. See pages 11-18 herein for a description and reconciliation to the corresponding GAAP measures. |
|||||||||
|
Note: Some numbers may not add due to rounding. |
|||||||||
Depreciation and Amortization
Depreciation and amortization decreased 1% in the third quarter of 2022, compared to the third quarter of 2021.
Interest and Other
Consolidated interest income increased $18 million in the third quarter of 2022 compared to the third quarter of 2021, as a result of higher rates of return. Consolidated interest expense decreased $23 million in the third quarter of 2022, as a result of lower interest expense related to the early redemption of senior notes in the first nine months of 2022.
Consolidated other, net was a loss of $87 million in the third quarter of 2022, primarily driven by mark-to-market losses on minority equity investments in American Express Global Business Travel (“GBT”) and Despegar compared to a gain of $25 million in the third quarter of 2021, in which we recognized a gain related to the sale of the Alice business.
Income Taxes
The GAAP effective tax rate was a 31% expense on a pre-tax income in the third quarter of 2022, compared to a 19% expense on pre-tax income in the third quarter of 2021. The change in the effective tax rate was primarily due primarily due to nondeductible mark-to-market adjustments to our minority equity investments as well as other discrete items
The effective tax rate on pretax adjusted net income was 24% in the third quarter of 2022, compared to 2% in the third quarter of 2021. The change in effective tax rate was primarily due to the increase in pretax adjusted net income and discrete items.
Balance Sheet, Cash Flows and Capitalization
For the three months ended September 30, 2022, consolidated net cash used in operating activities was approximately $1.0 billion. Consolidated free cash flow totaled negative $1.2 billion, compared to negative $1.4 billion in the prior year, primarily due to an improvement in adjusted EBITDA.
Cash, cash equivalents and short-term investments totaled $4.6 billion at September 30, 2022 compared to $4.3 billion at December 31, 2021. Restricted cash and cash equivalents, which primarily consist of traveler deposits for Vrbo bookings, was $1.8 billion at September 30, 2022 compared to $1.7 billion at December 31, 2021. Prepaid expenses and other current assets was $799 million at September 30, 2022 compared to $827 million at December 31, 2021.
Deferred merchant bookings totaled approximately $7.5 billion at September 30, 2022, including approximately $915 million in deferred loyalty rewards compared to $5.7 billion at December 31, 2021, including approximately $800 million in deferred loyalty rewards.
As of September 30, 2022, Expedia Group had stock-based awards outstanding representing approximately 11 million shares of Expedia Group common stock, consisting of approximately 7 million restricted stock units (“RSUs”) and performance share units (“PSUs”) in addition to stock options to purchase approximately 4 million shares of common stock with a weighted average exercise price of $135.22 and weighted average remaining life of 3.6 years.
On September 13, 2022, Expedia Group redeemed $500 million of outstanding aggregate principal of the Company’s 2.95% Notes due 2031. As a result of these redemptions, we recognized a gain on debt extinguishment of $73 million in the quarter.
During the quarter ended September 30, 2022, Expedia Group repurchased 1.5 million shares of Expedia Group common stock for an aggregate purchase price of $153 million excluding transaction costs (an average of $100.07 per share). As of September 30, 2022, there were approximately 21.8 million shares remaining under the 2018 and 2019 repurchase authorizations. Subsequent to the end of the third quarter of 2022, Expedia Group repurchased an additional 0.5 million shares for a total cost of $47 million excluding transaction costs (an average of $95.65 per share).
|
EXPEDIA GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share and per share data) (Unaudited) |
|||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Revenue |
$ |
3,619 |
|
|
$ |
2,962 |
|
|
$ |
9,049 |
|
|
$ |
6,319 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
|
Cost of revenue (exclusive of depreciation and amortization shown separately below) (1) |
|
455 |
|
|
|
442 |
|
|
|
1,245 |
|
|
|
1,127 |
|
|
Selling and marketing (1) |
|
1,669 |
|
|
|
1,314 |
|
|
|
4,724 |
|
|
|
3,177 |
|
|
Technology and content (1) |
|
310 |
|
|
|
277 |
|
|
|
864 |
|
|
|
800 |
|
|
General and administrative (1) |
|
187 |
|
|
|
182 |
|
|
|
562 |
|
|
|
522 |
|
|
Depreciation and amortization |
|
199 |
|
|
|
201 |
|
|
|
593 |
|
|
|
615 |
|
|
Impairment of intangible assets |
|
52 |
|
|
|
— |
|
|
|
81 |
|
|
|
— |
|
|
Legal reserves, occupancy tax and other |
|
— |
|
|
|
10 |
|
|
|
23 |
|
|
|
1 |
|
|
Restructuring and related reorganization charges |
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
54 |
|
|
Operating income |
|
747 |
|
|
|
524 |
|
|
|
957 |
|
|
|
23 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
|
Interest income |
|
20 |
|
|
|
2 |
|
|
|
33 |
|
|
|
5 |
|
|
Interest expense |
|
(63 |
) |
|
|
(86 |
) |
|
|
(217 |
) |
|
|
(267 |
) |
|
Gain (loss) on debt extinguishment, net |
|
73 |
|
|
|
— |
|
|
|
49 |
|
|
|
(280 |
) |
|
Other, net |
|
(87 |
) |
|
|
25 |
|
|
|
(467 |
) |
|
|
10 |
|
|
Total other expense, net |
|
(57 |
) |
|
|
(59 |
) |
|
|
(602 |
) |
|
|
(532 |
) |
|
Income (loss) before income taxes |
|
690 |
|
|
|
465 |
|
|
|
355 |
|
|
|
(509 |
) |
|
Provision for income taxes |
|
(214 |
) |
|
|
(87 |
) |
|
|
(187 |
) |
|
|
129 |
|
|
Net income (loss) |
|
476 |
|
|
|
378 |
|
|
|
168 |
|
|
|
(380 |
) |
|
Net (income) loss attributable to non-controlling interests |
|
6 |
|
|
|
(2 |
) |
|
|
7 |
|
|
|
6 |
|
|
Net income (loss) attributable to Expedia Group, Inc. |
|
482 |
|
|
|
376 |
|
|
|
175 |
|
|
|
(374 |
) |
|
Preferred stock dividend |
|
— |
|
|
|
(14 |
) |
|
|
— |
|
|
|
(64 |
) |
|
Loss on redemption of preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(107 |
) |
|
Net income (loss) attributable to Expedia Group, Inc. common stockholders |
$ |
482 |
|
|
$ |
362 |
|
|
$ |
175 |
|
|
$ |
(545 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings (loss) per share attributable to Expedia Group, Inc. available to common stockholders |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
3.05 |
|
|
$ |
2.40 |
|
|
$ |
1.11 |
|
|
$ |
(3.67 |
) |
|
Diluted |
|
2.98 |
|
|
|
2.26 |
|
|
|
1.08 |
|
|
|
(3.67 |
) |
|
Shares used in computing earnings (loss) per share (000’s): |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
157,628 |
|
|
|
151,019 |
|
|
|
157,100 |
|
|
|
148,453 |
|
|
Diluted |
|
161,829 |
|
|
|
160,460 |
|
|
|
162,495 |
|
|
|
148,453 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
(1) Includes stock-based compensation as follows: |
|
|
|
|
|
|
|
||||||||
|
Cost of revenue |
$ |
4 |
|
|
$ |
6 |
|
|
$ |
10 |
|
|
$ |
17 |
|
|
Selling and marketing |
|
18 |
|
|
|
29 |
|
|
|
50 |
|
|
|
78 |
|
|
Technology and content |
|
28 |
|
|
|
32 |
|
|
|
82 |
|
|
|
91 |
|
|
General and administrative |
|
47 |
|
|
|
49 |
|
|
|
138 |
|
|
|
133 |
|
|
EXPEDIA GROUP, INC. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) |
|||||||
|
|
September 30, 2022 |
|
December 31, 2021 |
||||
|
|
(Unaudited) |
|
|
||||
|
ASSETS |
|||||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
4,588 |
|
|
$ |
4,111 |
|
|
Restricted cash and cash equivalents |
|
1,778 |
|
|
|
1,694 |
|
|
Short-term investments |
|
49 |
|
|
|
200 |
|
|
Accounts receivable, net of allowance of $61 and $65 |
|
1,991 |
|
|
|
1,264 |
|
|
Income taxes receivable |
|
65 |
|
|
|
85 |
|
|
Prepaid expenses and other current assets |
|
799 |
|
|
|
827 |
|
|
Total current assets |
|
9,270 |
|
|
|
8,181 |
|
|
Property and equipment, net |
|
2,169 |
|
|
|
2,180 |
|
|
Operating lease right-of-use assets |
|
360 |
|
|
|
407 |
|
|
Long-term investments and other assets |
|
1,122 |
|
|
|
1,450 |
|
|
Deferred income taxes |
|
626 |
|
|
|
766 |
|
|
Intangible assets, net |
|
1,223 |
|
|
|
1,393 |
|
|
Goodwill |
|
7,109 |
|
|
|
7,171 |
|
|
TOTAL ASSETS |
$ |
21,879 |
|
|
$ |
21,548 |
|
|
|
|
|
|
||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable, merchant |
$ |
1,535 |
|
|
$ |
1,333 |
|
|
Accounts payable, other |
|
1,132 |
|
|
|
688 |
|
|
Deferred merchant bookings |
|
7,457 |
|
|
|
5,688 |
|
|
Deferred revenue |
|
160 |
|
|
|
166 |
|
|
Income taxes payable |
|
46 |
|
|
|
16 |
|
|
Accrued expenses and other current liabilities |
|
789 |
|
|
|
824 |
|
|
Current maturities of long-term debt |
|
— |
|
|
|
735 |
|
|
Total current liabilities |
|
11,119 |
|
|
|
9,450 |
|
|
Long-term debt, excluding current maturities |
|
6,237 |
|
|
|
7,715 |
|
|
Deferred income taxes |
|
50 |
|
|
|
58 |
|
|
Operating lease liabilities |
|
315 |
|
|
|
360 |
|
|
Other long-term liabilities |
|
445 |
|
|
|
413 |
|
|
Commitments and contingencies |
|
|
|
||||
|
Stockholders’ equity: |
|
|
|
||||
|
Common stock: $.0001 par value; Authorized shares: 1,600,000 |
|
— |
|
|
|
— |
|
|
Shares issued: 277,607 and 274,661; Shares outstanding: 150,966 and 150,125 |
|
|
|
||||
|
Class B common stock: $.0001 par value; Authorized shares: 400,000 |
|
— |
|
|
|
— |
|
|
Shares issued: 12,800 and 12,800; Shares outstanding: 5,523 and 5,523 |
|
|
|
||||
|
Additional paid-in capital |
|
14,674 |
|
|
|
14,229 |
|
|
Treasury stock – Common stock and Class B, at cost; Shares 133,917 and 131,813 |
|
(10,503 |
) |
|
|
(10,262 |
) |
|
Retained earnings (deficit) |
|
(1,586 |
) |
|
|
(1,761 |
) |
|
Accumulated other comprehensive income (loss) |
|
(317 |
) |
|
|
(149 |
) |
|
Total Expedia Group, Inc. stockholders’ equity |
|
2,268 |
|
|
|
2,057 |
|
|
Non-redeemable non-controlling interests |
|
1,445 |
|
|
|
1,495 |
|
|
Total stockholders’ equity |
|
3,713 |
|
|
|
3,552 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
21,879 |
|
|
$ |
21,548 |
|
|
EXPEDIA GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) |
|||||||
|
|
Nine months ended September 30, |
||||||
|
|
2022 |
|
2021 |
||||
|
Operating activities: |
|
|
|
||||
|
Net income (loss) |
$ |
168 |
|
|
$ |
(380 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation of property and equipment, including internal-use software and website development |
|
527 |
|
|
|
538 |
|
|
Amortization of intangible assets |
|
66 |
|
|
|
77 |
|
|
Impairment of intangible assets |
|
81 |
|
|
|
— |
|
|
Amortization of stock-based compensation |
|
280 |
|
|
|
319 |
|
|
Deferred income taxes |
|
106 |
|
|
|
(158 |
) |
|
Foreign exchange loss on cash, restricted cash and short-term investments, net |
|
193 |
|
|
|
76 |
|
|
Realized loss on foreign currency forwards |
|
170 |
|
|
|
21 |
|
|
Loss on minority equity investments, net |
|
423 |
|
|
|
7 |
|
|
(Gain) loss on debt extinguishment, net |
|
(49 |
) |
|
|
280 |
|
|
Other, net |
|
(26 |
) |
|
|
(33 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
||||
|
Accounts receivable |
|
(748 |
) |
|
|
(781 |
) |
|
Prepaid expenses and other assets |
|
31 |
|
|
|
(190 |
) |
|
Accounts payable, merchant |
|
202 |
|
|
|
663 |
|
|
Accounts payable, other, accrued expenses and other liabilities |
|
427 |
|
|
|
238 |
|
|
Tax payable/receivable, net |
|
6 |
|
|
|
7 |
|
|
Deferred merchant bookings |
|
1,770 |
|
|
|
2,787 |
|
|
Deferred revenue |
|
(5 |
) |
|
|
(8 |
) |
|
Net cash provided by operating activities |
|
3,622 |
|
|
|
3,463 |
|
|
Investing activities: |
|
|
|
||||
|
Capital expenditures, including internal-use software and website development |
|
(485 |
) |
|
|
(530 |
) |
|
Purchases of investments |
|
(60 |
) |
|
|
(1 |
) |
|
Sales and maturities of investments |
|
200 |
|
|
|
23 |
|
|
Proceeds from initial exchange of cross-currency interest rate swaps |
|
337 |
|
|
|
— |
|
|
Payments for initial exchange of cross-currency interest rate swaps |
|
(337 |
) |
|
|
— |
|
|
Other, net |
|
(169 |
) |
|
|
2 |
|
|
Net cash used in investing activities |
|
(514 |
) |
|
|
(506 |
) |
|
Financing activities: |
|
|
|
||||
|
Proceeds from issuance of long-term debt, net of issuance costs |
|
— |
|
|
|
1,964 |
|
|
Payment of long-term debt |
|
(2,141 |
) |
|
|
(1,706 |
) |
|
Debt extinguishment costs |
|
(22 |
) |
|
|
(258 |
) |
|
Redemption of preferred stock |
|
— |
|
|
|
(618 |
) |
|
Purchases of treasury stock |
|
(241 |
) |
|
|
(108 |
) |
|
Payment of preferred stock dividends |
|
— |
|
|
|
(50 |
) |
|
Proceeds from exercise of equity awards and employee stock purchase plan |
|
125 |
|
|
|
421 |
|
|
Other, net |
|
34 |
|
|
|
4 |
|
|
Net cash used in financing activities |
|
(2,245 |
) |
|
|
(351 |
) |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents |
|
(302 |
) |
|
|
(126 |
) |
|
Net increase in cash, cash equivalents and restricted cash and cash equivalents |
|
561 |
|
|
|
2,480 |
|
|
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period |
|
5,805 |
|
|
|
4,138 |
|
|
Cash, cash equivalents and restricted cash and cash equivalents at end of period |
$ |
6,366 |
|
|
$ |
6,618 |
|
|
Supplemental cash flow information |
|
|
|
||||
|
Cash paid for interest |
$ |
254 |
|
|
$ |
298 |
|
|
Income tax payments, net |
|
71 |
|
|
|
15 |
|
|
Expedia Group, Inc. Trended Metrics (All figures in millions) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
The supplemental metrics below are intended to supplement the financial statements in this release and in our filings with the SEC, and do not include adjustments for one-time items, acquisitions, foreign exchange or other adjustments. The definition, methodology and appropriateness of any of our supplemental metrics are subject to removal and/or change, and such changes could be material. In the event of any discrepancy between any supplemental metric and our historical financial statements, you should rely on the information filed with the SEC and the financial statements in our most recent earnings release. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
Y/Y |
|
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
|
|
Q1 |
Q2 |
Q3 |
|
|
|
Growth |
|
|
||||||||||||||||||||||||||||||
|
Gross bookings by business model |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Agency |
|
|
$ |
17,352 |
|
$ |
16,112 |
|
$ |
14,585 |
|
$ |
11,956 |
|
|
|
|
$ |
9,823 |
|
$ |
1,363 |
|
$ |
3,530 |
|
$ |
3,405 |
|
|
|
|
$ |
6,737 |
|
$ |
10,362 |
|
$ |
8,855 |
|
$ |
8,325 |
|
|
|
|
$ |
11,346 |
|
$ |
12,773 |
|
$ |
10,904 |
|
|
|
|
23% |
|
|
|
Merchant |
|
|
|
12,057 |
|
|
12,180 |
|
|
12,342 |
|
|
11,289 |
|
|
|
|
|
8,062 |
|
|
1,350 |
|
|
5,101 |
|
|
4,162 |
|
|
|
|
|
8,685 |
|
|
10,453 |
|
|
9,870 |
|
|
9,138 |
|
|
|
|
|
13,066 |
|
|
13,366 |
|
|
13,083 |
|
|
|
|
33% |
|
|
|
Total |
|
|
$ |
29,409 |
|
$ |
28,292 |
|
$ |
26,927 |
|
$ |
23,245 |
|
|
|
|
$ |
17,885 |
|
$ |
2,713 |
|
$ |
8,631 |
|
$ |
7,567 |
|
|
|
|
$ |
15,422 |
|
$ |
20,815 |
|
$ |
18,725 |
|
$ |
17,463 |
|
|
|
|
$ |
24,412 |
|
$ |
26,139 |
|
$ |
23,987 |
|
|
|
|
28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Revenue by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Retail |
|
|
$ |
1,901 |
|
$ |
2,333 |
|
$ |
2,613 |
|
$ |
1,961 |
|
|
|
|
$ |
1,582 |
|
$ |
463 |
|
$ |
1,246 |
|
$ |
702 |
|
|
|
|
$ |
1,025 |
|
$ |
1,715 |
|
$ |
2,351 |
|
$ |
1,730 |
|
|
|
|
$ |
1,740 |
|
$ |
2,420 |
|
$ |
2,707 |
|
|
|
|
15% |
|
|
|
B2B |
|
|
|
556 |
|
|
657 |
|
|
731 |
|
|
635 |
|
|
|
|
|
485 |
|
|
68 |
|
|
203 |
|
|
186 |
|
|
|
|
|
184 |
|
|
305 |
|
|
490 |
|
|
481 |
|
|
|
|
|
432 |
|
|
650 |
|
|
788 |
|
|
|
|
61% |
|
|
|
Corporate (Bodybuilding.com) |
|
|
|
— |
|
|
— |
|
|
24 |
|
|
34 |
|
|
|
|
|
39 |
|
|
20 |
|
|
— |
|
|
— |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
NM |
|
|
|
Expedia Group (excluding trivago) |
|
|
$ |
2,457 |
|
$ |
2,990 |
|
$ |
3,368 |
|
$ |
2,630 |
|
|
|
|
$ |
2,106 |
|
$ |
551 |
|
$ |
1,449 |
|
$ |
888 |
|
|
|
|
$ |
1,209 |
|
$ |
2,020 |
|
$ |
2,841 |
|
$ |
2,211 |
|
|
|
|
$ |
2,172 |
|
$ |
3,070 |
|
$ |
3,495 |
|
|
|
|
23% |
|
|
|
trivago |
|
|
|
237 |
|
|
251 |
|
|
279 |
|
|
171 |
|
|
|
|
|
154 |
|
|
18 |
|
|
70 |
|
|
38 |
|
|
|
|
|
46 |
|
|
115 |
|
|
163 |
|
|
99 |
|
|
|
|
|
116 |
|
|
154 |
|
|
185 |
|
|
|
|
13% |
|
|
|
Intercompany eliminations |
|
|
|
(85 |
) |
|
(88 |
) |
|
(89 |
) |
|
(54 |
) |
|
|
|
|
(51 |
) |
|
(3 |
) |
|
(15 |
) |
|
(6 |
) |
|
|
|
|
(9 |
) |
|
(24 |
) |
|
(42 |
) |
|
(31 |
) |
|
|
|
|
(39 |
) |
|
(43 |
) |
|
(61 |
) |
|
|
|
47% |
|
|
|
Total |
|
|
$ |
2,609 |
|
$ |
3,153 |
|
$ |
3,558 |
|
$ |
2,747 |
|
|
|
|
$ |
2,209 |
|
$ |
566 |
|
$ |
1,504 |
|
$ |
920 |
|
|
|
|
$ |
1,246 |
|
$ |
2,111 |
|
$ |
2,962 |
|
$ |
2,279 |
|
|
|
|
$ |
2,249 |
|
$ |
3,181 |
|
$ |
3,619 |
|
|
|
|
22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Revenue by geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
U.S. points of sale |
|
|
$ |
1,476 |
|
$ |
1,838 |
|
$ |
1,982 |
|
$ |
1,573 |
|
|
|
|
$ |
1,317 |
|
$ |
463 |
|
$ |
1,033 |
|
$ |
698 |
|
|
|
|
$ |
1,001 |
|
$ |
1,736 |
|
$ |
2,177 |
|
$ |
1,655 |
|
|
|
|
$ |
1,656 |
|
$ |
2,208 |
|
$ |
2,358 |
|
|
|
|
8% |
|
|
|
Non-U.S. points of sale |
|
|
|
1,133 |
|
|
1,315 |
|
|
1,576 |
|
|
1,174 |
|
|
|
|
|
892 |
|
|
103 |
|
|
471 |
|
|
222 |
|
|
|
|
|
245 |
|
|
375 |
|
|
785 |
|
|
624 |
|
|
|
|
|
593 |
|
|
973 |
|
|
1,261 |
|
|
|
|
61% |
|
|
|
Total |
|
|
$ |
2,609 |
|
$ |
3,153 |
|
$ |
3,558 |
|
$ |
2,747 |
|
|
|
|
$ |
2,209 |
|
$ |
566 |
|
$ |
1,504 |
|
$ |
920 |
|
|
|
|
$ |
1,246 |
|
$ |
2,111 |
|
$ |
2,962 |
|
$ |
2,279 |
|
|
|
|
$ |
2,249 |
|
$ |
3,181 |
|
$ |
3,619 |
|
|
|
|
22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Revenue by business model |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Agency |
|
|
$ |
842 |
|
$ |
1,047 |
|
$ |
1,177 |
|
$ |
816 |
|
|
|
|
$ |
562 |
|
$ |
105 |
|
$ |
329 |
|
$ |
271 |
|
|
|
|
$ |
323 |
|
$ |
573 |
|
$ |
800 |
|
$ |
611 |
|
|
|
|
$ |
566 |
|
$ |
808 |
|
$ |
935 |
|
|
|
|
17% |
|
|
|
Merchant |
|
|
|
1,435 |
|
|
1,758 |
|
|
1,980 |
|
|
1,590 |
|
|
|
|
|
1,340 |
|
|
368 |
|
|
1,032 |
|
|
521 |
|
|
|
|
|
796 |
|
|
1,338 |
|
|
1,923 |
|
|
1,480 |
|
|
|
|
|
1,485 |
|
|
2,125 |
|
|
2,427 |
|
|
|
|
26% |
|
|
|
Advertising & media and other |
|
|
|
332 |
|
|
348 |
|
|
401 |
|
|
341 |
|
|
|
|
|
307 |
|
|
93 |
|
|
143 |
|
|
128 |
|
|
|
|
|
127 |
|
|
200 |
|
|
239 |
|
|
188 |
|
|
|
|
|
198 |
|
|
248 |
|
|
257 |
|
|
|
|
7% |
|
|
|
Total |
|
|
$ |
2,609 |
|
$ |
3,153 |
|
$ |
3,558 |
|
$ |
2,747 |
|
|
|
|
$ |
2,209 |
|
$ |
566 |
|
$ |
1,504 |
|
$ |
920 |
|
|
|
|
$ |
1,246 |
|
$ |
2,111 |
|
$ |
2,962 |
|
$ |
2,279 |
|
|
|
|
$ |
2,249 |
|
$ |
3,181 |
|
$ |
3,619 |
|
|
|
|
22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Adjusted EBITDA by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Retail |
|
|
$ |
208 |
|
$ |
561 |
|
$ |
889 |
|
$ |
513 |
|
|
|
|
$ |
36 |
|
$ |
(191 |
) |
$ |
440 |
|
$ |
13 |
|
|
|
|
$ |
106 |
|
$ |
316 |
|
$ |
879 |
|
$ |
481 |
|
|
|
|
$ |
188 |
|
$ |
582 |
|
$ |
943 |
|
|
|
|
7% |
|
|
|
B2B |
|
|
|
79 |
|
|
135 |
|
|
155 |
|
|
101 |
|
|
|
|
|
32 |
|
|
(123 |
) |
|
(47 |
) |
|
(52 |
) |
|
|
|
|
(57 |
) |
|
(4 |
) |
|
74 |
|
|
97 |
|
|
|
|
|
80 |
|
|
156 |
|
|
221 |
|
|
|
|
198% |
|
|
|
Unallocated overhead costs |
|
|
|
(135 |
) |
|
(148 |
) |
|
(144 |
) |
|
(165 |
) |
|
|
|
|
(143 |
) |
|
(106 |
) |
|
(96 |
) |
|
(117 |
) |
|
|
|
|
(103 |
) |
|
(116 |
) |
|
(116 |
) |
|
(119 |
) |
|
|
|
|
(120 |
) |
|
(123 |
) |
|
(119 |
) |
|
|
|
3% |
|
|
|
Expedia Group (excluding trivago) |
|
|
$ |
152 |
|
$ |
548 |
|
$ |
900 |
|
$ |
449 |
|
|
|
|
$ |
(75 |
) |
$ |
(420 |
) |
$ |
297 |
|
$ |
(156 |
) |
|
|
|
$ |
(54 |
) |
$ |
196 |
|
$ |
837 |
|
$ |
459 |
|
|
|
|
$ |
148 |
|
$ |
615 |
|
$ |
1,045 |
|
|
|
|
25% |
|
|
|
trivago |
|
|
|
24 |
|
|
20 |
|
|
12 |
|
|
29 |
|
|
|
|
|
(1 |
) |
|
(16 |
) |
|
7 |
|
|
(4 |
) |
|
|
|
|
(4 |
) |
|
5 |
|
|
18 |
|
|
20 |
|
|
|
|
|
25 |
|
|
33 |
|
|
34 |
|
|
|
|
85% |
|
|
|
Total |
|
|
$ |
176 |
|
$ |
568 |
|
$ |
912 |
|
$ |
478 |
|
|
|
|
$ |
(76 |
) |
$ |
(436 |
) |
$ |
304 |
|
$ |
(160 |
) |
|
|
|
$ |
(58 |
) |
$ |
201 |
|
$ |
855 |
|
$ |
479 |
|
|
|
|
$ |
173 |
|
$ |
648 |
|
$ |
1,079 |
|
|
|
|
26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Net income (loss) attributable to Expedia Group common stockholders |
|
|
$ |
(103 |
) |
$ |
183 |
|
$ |
409 |
|
$ |
76 |
|
|
|
|
$ |
(1,301 |
) |
$ |
(753 |
) |
$ |
(221 |
) |
$ |
(412 |
) |
|
|
|
$ |
(606 |
) |
$ |
(301 |
) |
$ |
362 |
|
$ |
276 |
|
|
|
|
$ |
(122 |
) |
$ |
(185 |
) |
$ |
482 |
|
|
|
|
33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Worldwide lodging (merchant & agency) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Booked room nights |
|
|
|
103.9 |
|
|
100.8 |
|
|
101.3 |
|
|
86.3 |
|
|
|
|
|
58.5 |
|
|
12.2 |
|
|
41.1 |
|
|
33.3 |
|
|
|
|
|
54.0 |
|
|
68.4 |
|
|
65.4 |
|
|
59.7 |
|
|
|
|
|
77.0 |
|
|
82.5 |
|
|
81.6 |
|
|
|
|
|
|
|
|
Booked room night growth |
|
|
|
9 |
% |
|
10 |
% |
|
11 |
% |
|
9 |
% |
|
|
|
|
(44 |
)% |
|
(88 |
)% |
|
(59 |
)% |
|
(61 |
)% |
|
|
|
|
(8 |
)% |
|
462 |
% |
|
59 |
% |
|
79 |
% |
|
|
|
|
43 |
% |
|
21 |
% |
|
25 |
% |
|
|
|
|
|
|
|
Booked ADR growth |
|
|
|
(2 |
)% |
|
(1 |
)% |
|
— |
% |
|
— |
% |
|
|
|
|
(2 |
)% |
|
(14 |
)% |
|
2 |
% |
|
4 |
% |
|
|
|
|
34 |
% |
|
49 |
% |
|
21 |
% |
|
23 |
% |
|
|
|
|
4 |
% |
|
3 |
% |
|
5 |
% |
|
|
|
|
|
|
|
Stayed room nights |
|
|
|
80.8 |
|
|
100.1 |
|
|
116.5 |
|
|
91.6 |
|
|
|
|
|
69.4 |
|
|
19.2 |
|
|
48.8 |
|
|
36.1 |
|
|
|
|
|
37.1 |
|
|
56.6 |
|
|
77.8 |
|
|
62.9 |
|
|
|
|
|
56.5 |
|
|
79.1 |
|
|
93.2 |
|
|
|
|
|
|
|
|
Stayed room night growth |
|
|
|
9 |
% |
|
12 |
% |
|
11 |
% |
|
11 |
% |
|
|
|
|
(14 |
)% |
|
(81 |
)% |
|
(58 |
)% |
|
(61 |
)% |
|
|
|
|
(47 |
)% |
|
196 |
% |
|
59 |
% |
|
74 |
% |
|
|
|
|
52 |
% |
|
40 |
% |
|
20 |
% |
|
|
|
|
|
|
|
Stayed ADR growth |
|
|
|
(1 |
)% |
|
— |
% |
|
(1 |
)% |
|
— |
% |
|
|
|
|
2 |
% |
|
1 |
% |
|
8 |
% |
|
2 |
% |
|
|
|
|
8 |
% |
|
21 |
% |
|
19 |
% |
|
23 |
% |
|
|
|
|
20 |
% |
|
9 |
% |
|
4 |
% |
|
|
|
|
|
|
|
Revenue per night growth |
|
|
|
(2 |
)% |
|
1 |
% |
|
— |
% |
|
(1 |
)% |
|
|
|
|
6 |
% |
|
15 |
% |
|
14 |
% |
|
6 |
% |
|
|
|
|
10 |
% |
|
7 |
% |
|
17 |
% |
|
24 |
% |
|
|
|
|
17 |
% |
|
12 |
% |
|
5 |
% |
|
|
|
|
|
|
|
Lodging revenue growth |
|
|
|
7 |
% |
|
12 |
% |
|
11 |
% |
|
9 |
% |
|
|
|
|
(9 |
)% |
|
(78 |
)% |
|
(52 |
)% |
|
(58 |
)% |
|
|
|
|
(41 |
)% |
|
215 |
% |
|
87 |
% |
|
116 |
% |
|
|
|
|
78 |
% |
|
57 |
% |
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Worldwide air (merchant & agency) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Tickets sold growth |
|
|
|
11 |
% |
|
10 |
% |
|
8 |
% |
|
— |
% |
|
|
|
|
(26 |
)% |
|
(85 |
)% |
|
(74 |
)% |
|
(69 |
)% |
|
|
|
|
(50 |
)% |
|
299 |
% |
|
132 |
% |
|
92 |
% |
|
|
|
|
48 |
% |
|
1 |
% |
|
(4 |
)% |
|
|
|
|
|
|
|
Airfare growth |
|
|
|
(1 |
)% |
|
1 |
% |
|
— |
% |
|
1 |
% |
|
|
|
|
(5 |
)% |
|
(35 |
)% |
|
(36 |
)% |
|
(31 |
)% |
|
|
|
|
(26 |
)% |
|
30 |
% |
|
31 |
% |
|
32 |
% |
|
|
|
|
39 |
% |
|
35 |
% |
|
32 |
% |
|
|
|
|
|
|
|
Revenue per ticket growth |
|
|
|
(7 |
)% |
|
(7 |
)% |
|
(10 |
)% |
|
(9 |
)% |
|
|
|
|
(41 |
)% |
|
NM |
|
|
(48 |
)% |
|
(35 |
)% |
|
|
|
|
(10 |
)% |
|
NM |
|
|
(2 |
)% |
|
(12 |
)% |
|
|
|
|
1 |
% |
|
21 |
% |
|
69 |
% |
|
|
|
|
|
|
|
Air revenue growth |
|
|
|
3 |
% |
|
2 |
% |
|
(3 |
)% |
|
(8 |
)% |
|
|
|
|
(56 |
)% |
|
NM |
|
|
(87 |
)% |
|
(80 |
)% |
|
|
|
|
(55 |
)% |
|
NM |
|
|
128 |
% |
|
68 |
% |
|
|
|
|
50 |
% |
|
22 |
% |
|
61 |
% |
|
|
|
|
|
|
|
Notes:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contacts
Investor Relations
[email protected]
Communications
[email protected]
