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

c3c0aec28bec786768ead459d126ee5114812abd35662673ffc53b8d617c738c

1cdc5b6f1b3c4b15d6736c3bb5c3bf8c1ecbb93bedfeb136e52396bdbe274e68

United States

All other countries

Total Revenue

d7924b5cc11fd8891197bf6b437a6f5e9e55bcf15b95f9339b862e9333a7d79d

bd9b1f76261ca7608461b4e061702f614a142cbd2d8a4570104e6efaa4e848b5

Prepaid Merchant Bookings (USD millions)

Deferred Merchant Bookings (USD billions)

Deferred Loyalty Rewards (USD millions)

Deferred Revenue (USD millions)

e90f416b1c325370478be2ab63d78278e787118f14702da6c45700850873546e

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)

52c1e04d2a6838a356705246a84f052467a460c50ed141e10855f5d344ca10eb

99752c9fab77d1d5290cb592a131a257ce4b663d377940561e715b675c14a6db

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?

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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?

0321c910e1b5e7294fba24aa608671cfd6e7fb517f766b9aacdc52f984b3d6f0

Expedia Group Inc (EXPE)

Financials