b2bb3938973105ca3c8ee3c0636719c0f2b645b277b79ffe2ed57b67c34098c9

Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from / Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

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806380d55f70e082cc22a439af4e137278111aca2e980dda4f2f2f4b48d937d9

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Prepaid Merchant Bookings (USD millions)

Deferred Merchant Bookings (USD billions)

Deferred Loyalty Rewards (USD millions)

Deferred Revenue (USD millions)

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Cash and cash equivalents (USD, millions)

Restricted cash and cash equivalents (USD, millions)

Short-term investments (USD, millions)

Accounts receivable, net (USD, millions)

Income taxes receivable (USD, millions)

Prepaid expenses and other current assets (USD, millions)

Total current assets (USD, millions)

Property and equipment, net (USD, millions)

Operating lease right-of-use assets (USD, millions)

Long-term investments and other assets (USD, millions)

Deferred income taxes (Assets) (USD, millions)

Intangible assets, net (USD, millions)

Goodwill (USD, millions)

TOTAL ASSETS (USD, millions)

Accounts payable, merchant (USD, millions)

Accounts payable, other (USD, millions)

Deferred merchant bookings (USD, millions)

Deferred revenue (USD, millions)

Income taxes payable (USD, millions)

Accrued expenses and other current liabilities (USD, millions)

Current maturities of long-term debt (USD, millions)

Total current liabilities (USD, millions)

Long-term debt, excluding current maturities (USD, millions)

Deferred income taxes (Liabilities) (USD, millions)

Operating lease liabilities (USD, millions)

Other long-term liabilities (USD, millions)

Additional paid-in capital (USD, millions)

Treasury stock - Common stock and Class B, at cost (USD, millions)

Retained earnings (deficit) (USD, millions)

Accumulated other comprehensive income (loss) (USD, millions)

Total Expedia Group, Inc. stockholders’ equity (USD, millions)

Non-redeemable non-controlling interest (USD, millions)

Total stockholders’ equity (USD, millions)

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (USD, millions)

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Net Income (USD, millions)

Depreciation of Property and Equipment, Including Internal-Use Software and Website Development (USD, millions)

Amortization of Stock-Based Compensation (USD, millions)

Amortization of Intangible Assets (USD, millions)

Deferred Income Taxes (USD, millions)

Foreign Exchange (Gain) Loss on Cash, Restricted Cash and Short-Term Investments, Net (USD, millions)

Realized (Gain) Loss on Foreign Currency Forwards, Net (USD, millions)

(Gain) Loss on Minority Equity Investments, Net (USD, millions)

Other, net from Operating Activities (USD, millions)

Net Cash Provided by Operating Activities (USD, millions)

Capital Expenditures, Including Internal-Use Software and Website Development (USD, millions)

Purchases of Investments (USD, millions)

Sales and Maturities of Investments (USD, millions)

Other, net from Investing Activities (USD, millions)

Net Cash Used in Investing Activities (USD, millions)

Payment of Long-Term Debt (USD, millions)

Purchases of Treasury Stock (USD, millions)

Proceeds from Exercise of Equity Awards and Employee Stock Purchase Plan (USD, millions)

Other, net from Financing Activities (USD, millions)

Net Cash Used in Financing Activities (USD, millions)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents (USD, millions)

Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents (USD, millions)

Cash Paid for Interest (USD, millions)

Income Tax Payments, Net (USD, millions)

Cash, Cash Equivalents and Restricted Cash and Cash Equivalents at Beginning of Year (USD, millions)

Cash, Cash Equivalents and Restricted Cash and Cash Equivalents at End of Year (USD, millions)

1d6dc854f03064fbc33e9e0e941f4754c55835fc4a1c28fb5b844a38a3756d93

The sharp increase in **Short-term investments** in Q3 2024 is explained by the company's strategic shift in its cash flow activities. Instead of selling investments as in prior periods, Expedia Group made **net purchases of investments** during the nine months ended September 30, 2024, which drove the significant increase from **$28 million as of December 31, 2023** to **$196 million as of September 30, 2024**.  **[0001324424-24-000049_earningsrelease-q32024.htm:5]** **[0001324424-24-000052_expe-20240930.htm:42]** 

What explains the sharp increase in Short-term investments in Q3 2024?

The available documents indicate that total assets were **$25,893 million in Q2 2024**  **[0001324424-24-000038_expe-20240630.htm:2]**  and **$22,388 million in Q4 2024**.  **[0001324424-25-000008_expe-20241231.htm:97]**  However, the explanations provided only detail the increase in total assets from **$21,642 million in Q4 2023** to **$22,388 million in Q4 2024**  **[0001324424-25-000005_earningsrelease-q42024.htm:6]** **[0001324424-25-000008_expe-20241231.htm:97]**  and do not address the substantial drop from Q2 to Q4 2024. Therefore, the reasons for the drop in Q4 2024 relative to Q2 2024 have not been explained in the documents.

Why did Total Assets drop so much in Q4 2024?

The reduction in long-term debt in Q2 2024 was driven by the **reclassification of $1,041 million of 6.25% senior notes due 2025** from long-term debt to current maturities, aligning with standard accounting practices for debt due within the next 12 months.  **[0001324424-24-000038_expe-20240630.htm:12]** **[0001324424-24-000038_expe-20240630.htm:2]** **[0001324424-24-000036_earningsrelease-q22024.htm:5]** 

What drove the reduction in long-term debt in Q2 2024?

The significant drop in Cash and Cash Equivalents during Q3 2024 was primarily due to the heavy use of cash in financing and investing activities. Specifically, **$1.59 billion** was used for share repurchases under the 2023 Share Repurchase Program, and **$901 million** was utilized in investing activities. Although the company generated **$2,887 million** from operating activities, these cash outflows, together with a **$11 million** decrease from foreign exchange impacts, resulted in the overall decline in cash balances.  **[0001324424-24-000049_earningsrelease-q32024.htm:5]** **[0001324424-24-000052_expe-20240930.htm:42]** 

Why was there such a significant drop in Cash and Cash Equivalents in Q3 2024?

7904f0f1d28ecc0214bb4525dc34e2465e7362313e4c3901167f02537a645f1d

In Q3 2024, Expedia Group’s operating cash flow was significantly negative because the net cash provided by operating activities declined due to several factors. **Higher accounts receivable** (increasing to **$1,007 million** from **$704 million**), a **rise in deferred merchant bookings** (from **$1,243 million** to **$1,690 million**), and **increased stock-based compensation** (from **$314 million** to **$365 million**) all contributed to a larger cash outflow. Other adjustments related to operating assets and liabilities further impacted the overall cash flow, leading to a **9% decline** compared to Q3 2023.  **[0001324424-24-000049_earningsrelease-q32024.htm:16]** **[0001324424-24-000049_earningsrelease-q32024.htm:6]** **[0001324424-24-000052_expe-20240930.htm:5]** **[0001324424-24-000049_earningsrelease-q32024.htm:0]** 

Why was Operating Cash Flow so negative in Q3 2024?

The turnaround in **Operating Cash Flow** in Q4 2024 was driven by several factors, including **higher operating income**—which saw a **109% year-over-year increase** to **$216 million**—and **improved adjusted EBITDA**, which grew by **21%** to reach **$643 million**. Additionally, there was notable growth in **deferred merchant bookings** (with full-year figures increasing from **$572 million** to **$794 million**), and **lower restructuring and related costs** contributed to a more stable cost structure, all of which collectively enhanced the operating cash flow performance in Q4 2024.  **[0001324424-25-000005_earningsrelease-q42024.htm:0]** **[EXPE_3414742_4]** **[0001324424-25-000008_expe-20241231.htm:99]** **[0001324424-25-000005_earningsrelease-q42024.htm:7]** **[0001324424-25-000008_expe-20241231.htm:95]** 

What drove the turnaround in Operating Cash Flow in Q4 2024?

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United States

All other countries

Total Revenue

e25c6a7deba974592bfdacff9ed132ce0a6cab7e37356a3731f1094cdc680a96

Revenue (USD, millions)

Cost of Revenue (USD, millions)

Selling and Marketing - Direct (USD, millions)

Selling and Marketing - Indirect (USD, millions)

Technology and Content (USD, millions)

General and Administrative (USD, millions)

Depreciation and Amortization (USD, millions)

Legal Reserves, Occupancy Tax and Other (USD, millions)

Restructuring and Related Reorganization Charges (USD, millions)

Operating Income (USD, millions)

Interest Income (USD, millions)

Interest Expense (USD, millions)

Other, Net (USD, millions)

Total Other Income (Expense), Net (USD, millions)

Income Before Income Taxes (USD, millions)

Provision for Income Taxes (USD, millions)

Net Loss Attributable to Non-Controlling Interests (USD, millions)

Net Income Attributable to Expedia Group, Inc. (USD, millions)

Basic Earnings Per Share Attributable to Expedia Group, Inc. Available to Common Stockholders (USD)

Diluted Earnings Per Share Attributable to Expedia Group, Inc. Available to Common Stockholders (USD)

56b43299b8e00840550999822b3f7fc2c0642c606b1a0790f782df6f2b691847

Expedia Group Inc (EXPE)

Financials