Expedia Group Reports Fourth Quarter and Full Year 2023 Results
Posts record revenue and profitability
Fourth quarter revenue and profitability growth accelerate from the third quarter
Delivers on full-year guidance of double-digit topline growth with margin expansion
Drives largest annual share repurchase on record at over
"We delivered on our full year guidance and drove record results, all while completing a massive transformation and navigating the inherent volatility that comes with that. Our work is finally starting to deliver results, and we are in the best place we've ever been technologically," said
Key Highlights
- Record full year lodging gross bookings growing 11% with record hotel gross bookings growing 18%, compared to 2022.
- Highest ever full year and fourth quarter revenue, both of which grew 10%, compared to 2022.
- Fourth quarter year over year B2C revenue growth accelerates from the third quarter.
- Record quarterly and full year B2B revenue, increasing 28% and 33%, respectively, compared to 2022.
- Highest ever full year GAAP net income grew 127%, compared to 2022.
- Record full year adjusted EBITDA grew 14%, compared to 2022.
- Significant adjusted EBITDA margin expansion at over 130 basis points for the fourth quarter and nearly 75 basis points for the year, compared to 2022.
-
Repurchased over 19 million shares for a record
$2 billion in 2023.
Financial Summary & Operating Metrics (In millions, except per share amounts) - Fourth Quarter 2023
|
|
||
Metric |
Q4 2023 |
Q4 2022 |
Δ Y/Y |
Booked room nights |
77.4 |
70.8 |
9% |
Gross bookings |
|
|
6% |
Revenue |
|
|
10% |
Operating income |
|
|
(19)% |
Net income attributable to |
|
|
(25)% |
Diluted earnings per share |
|
|
(17)% |
Adjusted EBITDA |
|
|
19% |
Adjusted net income |
|
|
24% |
Adjusted EPS |
|
|
37% |
Net cash provided by (used in) operating activities |
|
|
31% |
Free cash flow |
|
|
16% |
* A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this release. |
|||
Financial Summary & Operating Metrics (In millions, except per share amounts) - Full Year 2023
|
|
||
Metric |
2023 |
2022 |
Δ Y/Y |
Booked room nights |
350.9 |
312.0 |
12% |
Gross bookings |
|
|
10% |
Revenue |
|
|
10% |
Operating income |
|
|
(5)% |
Net income attributable to |
|
|
127% |
Diluted earnings per share |
|
|
144% |
Adjusted EBITDA |
|
|
14% |
Adjusted net income |
|
|
32% |
Adjusted EPS |
|
|
43% |
Net cash provided by operating activities |
|
|
(22)% |
Free cash flow |
|
|
(34)% |
* A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this release. |
|||
Conference Call
About
Expedia Group’s three flagship consumer brands includes: Expedia®, Hotels.com®, and Vrbo®. One Key™ is our comprehensive loyalty program that unifies Expedia,
© 2024
Trended Metrics (All figures in millions) |
The metrics below are intended to supplement the financial statements in this release and in our filings with the |
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2021 |
|
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2022 |
|
|
|
2023 |
|
|
|
Full Year |
|
|
|
Y/Y Growth |
|
|
||||||||||||
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
|
|
2021 |
2022 |
2023 |
|
|
|
Q423 |
2023 |
|
|
Units sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Booked room nights |
|
|
54.0 |
68.4 |
65.4 |
59.7 |
|
|
|
77.0 |
82.5 |
81.6 |
70.8 |
|
|
|
94.5 |
89.7 |
89.3 |
77.4 |
|
|
|
247.5 |
312.0 |
350.9 |
|
|
|
9% |
12% |
|
|
Booked air tickets |
|
|
8.9 |
13.4 |
12.7 |
11.3 |
|
|
|
13.1 |
13.5 |
12.2 |
11.1 |
|
|
|
14.0 |
13.6 |
12.8 |
11.4 |
|
|
|
46.3 |
49.9 |
51.9 |
|
|
|
3% |
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross bookings by business model |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—% |
4% |
|
|
Merchant |
|
|
8,685 |
10,453 |
9,870 |
9,138 |
|
|
|
13,066 |
13,366 |
13,083 |
11,042 |
|
|
|
15,976 |
14,951 |
14,758 |
12,233 |
|
|
|
38,146 |
50,557 |
57,918 |
|
|
|
11% |
15% |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6% |
10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging gross bookings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8% |
11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B2C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4% |
4% |
|
|
B2B |
|
|
184 |
305 |
490 |
481 |
|
|
|
432 |
650 |
788 |
676 |
|
|
|
668 |
861 |
995 |
864 |
|
|
|
1,460 |
2,546 |
3,388 |
|
|
|
28% |
33% |
|
|
trivago (third-party revenue) |
|
|
37 |
91 |
121 |
68 |
|
|
|
77 |
111 |
124 |
68 |
|
|
|
76 |
82 |
115 |
65 |
|
|
|
317 |
380 |
338 |
|
|
|
(5)% |
(11)% |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10% |
10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by product |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14% |
15% |
|
|
Air |
|
|
50 |
78 |
61 |
65 |
|
|
|
74 |
95 |
100 |
93 |
|
|
|
113 |
111 |
100 |
86 |
|
|
|
254 |
362 |
410 |
|
|
|
(7)% |
13% |
|
|
Advertising and media(1) |
|
|
88 |
161 |
202 |
152 |
|
|
|
166 |
213 |
222 |
176 |
|
|
|
175 |
201 |
240 |
205 |
|
|
|
603 |
777 |
821 |
|
|
|
16% |
6% |
|
|
Other(2) |
|
|
205 |
339 |
399 |
349 |
|
|
|
399 |
473 |
416 |
335 |
|
|
|
348 |
348 |
356 |
292 |
|
|
|
1,292 |
1,623 |
1,344 |
|
|
|
(13)% |
(17)% |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10% |
10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4% |
3% |
|
|
Non- |
|
|
245 |
375 |
785 |
624 |
|
|
|
593 |
973 |
1,261 |
901 |
|
|
|
917 |
1,186 |
1,489 |
1,100 |
|
|
|
2,029 |
3,728 |
4,692 |
|
|
|
22% |
26% |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10% |
10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA by segment(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B2C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14% |
10% |
|
|
B2B |
|
|
(57) |
(4) |
74 |
97 |
|
|
|
80 |
156 |
221 |
142 |
|
|
|
133 |
206 |
266 |
193 |
|
|
|
110 |
599 |
798 |
|
|
|
36% |
33% |
|
|
Other(4) |
|
|
(107) |
(111) |
(98) |
(99) |
|
|
|
(95) |
(90) |
(85) |
(104) |
|
|
|
(96) |
(112) |
(106) |
(129) |
|
|
|
(415) |
(374) |
(443) |
|
|
|
25% |
18% |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19% |
14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(25)% |
127% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
(1) Our advertising and media business consists of Expedia Group Media Solutions, which is responsible for generating advertising revenue on our global online travel brands, and trivago, a leading hotel metasearch site. | |||||||||||||||||||||||||||||||||
(2) Other revenue primarily includes insurance, car rental, destination services and cruise revenue. | |||||||||||||||||||||||||||||||||
(3) See the section below titled "Tabular Reconciliations for Non-GAAP Measures — Adjusted EBITDA by segment" for additional details. | |||||||||||||||||||||||||||||||||
(4) Other is comprised of trivago, corporate and intercompany eliminations. | |||||||||||||||||||||||||||||||||
(5) |
Notes:
-
All trivago revenue is classified as Non-
U.S. point of sale. -
B2B includes Egencia, our former full-service travel management company, through its sale in
November 2021 . - Some numbers may not add due to rounding. All percentages throughout this release are calculated on precise, unrounded numbers.
CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share and per share data) (Unaudited) |
|||||||||||||||
|
Three months ended
|
|
Year ended
|
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
2,887 |
|
|
$ |
2,618 |
|
|
$ |
12,839 |
|
|
$ |
11,667 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of revenue (exclusive of depreciation and amortization shown separately below) (1) |
|
340 |
|
|
|
412 |
|
|
|
1,573 |
|
|
|
1,657 |
|
Selling and marketing - direct |
|
1,370 |
|
|
|
1,199 |
|
|
|
6,107 |
|
|
|
5,428 |
|
Selling and marketing - indirect (1) |
|
193 |
|
|
|
177 |
|
|
|
756 |
|
|
|
672 |
|
Technology and content (1) |
|
357 |
|
|
|
317 |
|
|
|
1,358 |
|
|
|
1,181 |
|
General and administrative (1) |
|
199 |
|
|
|
186 |
|
|
|
771 |
|
|
|
748 |
|
Depreciation and amortization |
|
208 |
|
|
|
199 |
|
|
|
807 |
|
|
|
792 |
|
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
|
297 |
|
|
|
— |
|
Intangible and other long-term asset impairment |
|
114 |
|
|
|
— |
|
|
|
129 |
|
|
|
81 |
|
Legal reserves, occupancy tax and other |
|
2 |
|
|
|
— |
|
|
|
8 |
|
|
|
23 |
|
Operating income |
|
104 |
|
|
|
128 |
|
|
|
1,033 |
|
|
|
1,085 |
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest income |
|
45 |
|
|
|
27 |
|
|
|
207 |
|
|
|
60 |
|
Interest expense |
|
(61 |
) |
|
|
(60 |
) |
|
|
(245 |
) |
|
|
(277 |
) |
Gain on debt extinguishment, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
49 |
|
Gain on sale of business, net |
|
1 |
|
|
|
4 |
|
|
|
25 |
|
|
|
6 |
|
Other, net |
|
82 |
|
|
|
84 |
|
|
|
(2 |
) |
|
|
(385 |
) |
Total other income (expense), net |
|
67 |
|
|
|
55 |
|
|
|
(15 |
) |
|
|
(547 |
) |
Income before income taxes |
|
171 |
|
|
|
183 |
|
|
|
1,018 |
|
|
|
538 |
|
Provision for income taxes |
|
(35 |
) |
|
|
(8 |
) |
|
|
(330 |
) |
|
|
(195 |
) |
Net income |
|
136 |
|
|
|
175 |
|
|
|
688 |
|
|
|
343 |
|
Net (income) loss attributable to non-controlling interests |
|
(4 |
) |
|
|
2 |
|
|
|
109 |
|
|
|
9 |
|
Net income attributable to |
$ |
132 |
|
|
$ |
177 |
|
|
$ |
797 |
|
|
$ |
352 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.96 |
|
|
$ |
1.14 |
|
|
$ |
5.50 |
|
|
$ |
2.24 |
|
Diluted |
|
0.92 |
|
|
|
1.11 |
|
|
|
5.31 |
|
|
|
2.17 |
|
Shares used in computing earnings per share (000's): |
|
|
|
|
|
|
|
||||||||
Basic |
|
138,184 |
|
|
|
155,404 |
|
|
|
144,967 |
|
|
|
156,672 |
|
Diluted |
|
144,470 |
|
|
|
159,532 |
|
|
|
150,228 |
|
|
|
161,751 |
|
|
|
|
|
|
|
|
|
||||||||
(1) Includes stock-based compensation as follows: |
|
|
|
|
|
|
|
||||||||
Cost of revenue |
$ |
4 |
|
|
$ |
4 |
|
|
$ |
14 |
|
|
$ |
14 |
|
Selling and marketing |
|
19 |
|
|
|
17 |
|
|
|
79 |
|
|
|
67 |
|
Technology and content |
|
33 |
|
|
|
29 |
|
|
|
138 |
|
|
|
111 |
|
General and administrative |
|
43 |
|
|
|
44 |
|
|
|
182 |
|
|
|
182 |
|
CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) |
|||||||
|
|
|
|
||||
|
(unaudited) |
|
|
||||
ASSETS |
|||||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
4,225 |
|
|
$ |
4,096 |
|
Restricted cash and cash equivalents |
|
1,436 |
|
|
|
1,755 |
|
Short-term investments |
|
28 |
|
|
|
48 |
|
Accounts receivable, net of allowance of |
|
2,786 |
|
|
|
2,078 |
|
Income taxes receivable |
|
47 |
|
|
|
40 |
|
Prepaid expenses and other current assets |
|
708 |
|
|
|
774 |
|
Total current assets |
|
9,230 |
|
|
|
8,791 |
|
Property and equipment, net |
|
2,359 |
|
|
|
2,210 |
|
Operating lease right-of-use assets |
|
357 |
|
|
|
363 |
|
Long-term investments and other assets |
|
1,238 |
|
|
|
1,184 |
|
Deferred income taxes |
|
586 |
|
|
|
661 |
|
Intangible assets, net |
|
1,023 |
|
|
|
1,209 |
|
|
|
6,849 |
|
|
|
7,143 |
|
TOTAL ASSETS |
$ |
21,642 |
|
|
$ |
21,561 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||||||
Current liabilities: |
|
|
|
||||
Accounts payable, merchant |
$ |
2,041 |
|
|
$ |
1,709 |
|
Accounts payable, other |
|
1,077 |
|
|
|
947 |
|
Deferred merchant bookings |
|
7,723 |
|
|
|
7,151 |
|
Deferred revenue |
|
164 |
|
|
|
163 |
|
Income taxes payable |
|
26 |
|
|
|
21 |
|
Accrued expenses and other current liabilities |
|
752 |
|
|
|
787 |
|
Total current liabilities |
|
11,783 |
|
|
|
10,778 |
|
Long-term debt |
|
6,253 |
|
|
|
6,240 |
|
Deferred income taxes |
|
33 |
|
|
|
52 |
|
Operating lease liabilities |
|
314 |
|
|
|
312 |
|
Other long-term liabilities |
|
473 |
|
|
|
451 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock: |
|
— |
|
|
|
— |
|
Shares issued: 282,149 and 278,264; Shares outstanding: 131,522 and 147,757 |
|
|
|
||||
Class B common stock: |
|
— |
|
|
|
— |
|
Shares issued: 12,800 and 12,800; Shares outstanding: 5,523 and 5,523 |
|
|
|
||||
Additional paid-in capital |
|
15,398 |
|
|
|
14,795 |
|
|
|
(13,023 |
) |
|
|
(10,869 |
) |
Retained earnings (deficit) |
|
(632 |
) |
|
|
(1,409 |
) |
Accumulated other comprehensive income (loss) |
|
(209 |
) |
|
|
(234 |
) |
|
|
1,534 |
|
|
|
2,283 |
|
Non-redeemable non-controlling interest |
|
1,252 |
|
|
|
1,445 |
|
Total stockholders’ equity |
|
2,786 |
|
|
|
3,728 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
21,642 |
|
|
$ |
21,561 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) |
|||||||
|
Year ended
|
||||||
|
|
2023 |
|
|
|
2022 |
|
Operating activities: |
|
|
|
||||
Net income |
$ |
688 |
|
|
$ |
343 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation of property and equipment, including internal-use software and website development |
|
748 |
|
|
|
704 |
|
Amortization of stock-based compensation |
|
413 |
|
|
|
374 |
|
Amortization of intangible assets |
|
59 |
|
|
|
88 |
|
Impairment of goodwill, intangible and other long-term assets |
|
426 |
|
|
|
81 |
|
Deferred income taxes |
|
62 |
|
|
|
70 |
|
Foreign exchange (gain) loss on cash, restricted cash and short-term investments, net |
|
(16 |
) |
|
|
128 |
|
Realized loss on foreign currency forwards, net |
|
— |
|
|
|
78 |
|
(Gain) loss on minority equity investments, net |
|
(16 |
) |
|
|
345 |
|
Gain on debt extinguishment, net |
|
— |
|
|
|
(49 |
) |
Gain on sale of business, net |
|
(25 |
) |
|
|
(6 |
) |
Other |
|
80 |
|
|
|
23 |
|
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions: |
|
|
|
||||
Accounts receivable |
|
(741 |
) |
|
|
(838 |
) |
Prepaid expenses and other assets |
|
98 |
|
|
|
55 |
|
Accounts payable, merchant |
|
332 |
|
|
|
375 |
|
Accounts payable, other, accrued expenses and other liabilities |
|
101 |
|
|
|
194 |
|
Tax payable/receivable, net |
|
(91 |
) |
|
|
11 |
|
Deferred merchant bookings |
|
572 |
|
|
|
1,464 |
|
Net cash provided by operating activities |
|
2,690 |
|
|
|
3,440 |
|
Investing activities: |
|
|
|
||||
Capital expenditures, including internal-use software and website development |
|
(846 |
) |
|
|
(662 |
) |
Purchases of investments |
|
(28 |
) |
|
|
(60 |
) |
Sales and maturities of investments |
|
49 |
|
|
|
205 |
|
Cash and restricted cash divested from sale of business, net of proceeds |
|
25 |
|
|
|
4 |
|
Proceeds from initial exchange of cross-currency interest rate swaps |
|
— |
|
|
|
337 |
|
Payments for initial exchange of cross-currency interest rate swaps |
|
— |
|
|
|
(337 |
) |
Other, net |
|
— |
|
|
|
(67 |
) |
Net cash used in investing activities |
|
(800 |
) |
|
|
(580 |
) |
Financing activities: |
|
|
|
||||
Payment of long-term debt |
|
— |
|
|
|
(2,141 |
) |
Debt extinguishment costs |
|
— |
|
|
|
(22 |
) |
Purchases of treasury stock |
|
(2,137 |
) |
|
|
(607 |
) |
Proceeds from exercise of equity awards and employee stock purchase plan |
|
101 |
|
|
|
131 |
|
Other, net |
|
(60 |
) |
|
|
15 |
|
Net cash used in financing activities |
|
(2,096 |
) |
|
|
(2,624 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents |
|
16 |
|
|
|
(190 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents |
|
(190 |
) |
|
|
46 |
|
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year |
|
5,851 |
|
|
|
5,805 |
|
Cash, cash equivalents and restricted cash and cash equivalents at end of year |
$ |
5,661 |
|
|
$ |
5,851 |
|
Supplemental cash flow information |
|
|
|
||||
Cash paid for interest |
$ |
231 |
|
|
$ |
291 |
|
Income tax payments, net |
|
281 |
|
|
|
102 |
|
Notes & Definitions:
Booked Room Nights: Represents booked hotel room nights and property nights for our B2C reportable segment and booked hotel room nights for our B2B reportable segment. Booked hotel room nights include both merchant and agency hotel room nights. Property nights are related to our alternative accommodation business.
Booked Air Tickets: Includes both merchant and agency air bookings.
Gross Bookings: Generally represent the total retail value of transactions booked, recorded at the time of booking reflecting the total price due for travel by travelers, including taxes, fees and other charges, adjusted for cancellations and refunds.
Lodging Metrics: Reported on a booked basis except for revenue, which is on a stayed basis. Lodging consists of both merchant and agency model hotel and alternative accommodations.
B2C: The B2C segment (formerly referred to as Retail) provides a full range of travel and advertising services to our worldwide customers through a variety of consumer brands including: Expedia,
B2B: The B2B segment fuels a wide range of travel and non-travel companies including airlines, offline travel agents, online retailers, corporate travel management and financial institutions, who leverage our leading travel technology and tap into our diverse supply to augment their offerings and market
trivago: The trivago segment generates advertising revenue primarily from sending referrals to online travel companies and travel service providers from its localized hotel metasearch websites.
Corporate: Includes unallocated corporate expenses.
Non-GAAP Measures
Adjusted EBITDA
is defined as net income (loss) attributable to
(1) net income (loss) attributable to non-controlling interests;
(2) provision for income taxes;
(3) total other expenses, net;
(4) stock-based compensation expense, including compensation expense related to certain subsidiary equity plans;
(5) acquisition-related impacts, including
(i) amortization of intangible assets and goodwill and intangible asset impairment,
(ii) gains (losses) recognized on changes in the value of contingent consideration arrangements; and
(iii) upfront consideration paid to settle employee compensation plans of the acquiree;
(6) certain other items, including restructuring;
(7) items included in legal reserves, occupancy tax and other, which includes reserves for potential settlement of issues related to transactional taxes (e.g. hotel and excise taxes), related to court decisions and final settlements, and charges incurred, if any, for monies that may be required to be paid in advance of litigation in certain transactional tax proceedings;
(8) that portion of gains (losses) on revenue hedging activities that are included in other, net that relate to revenue recognized in the period; and
(9) depreciation.
The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core operating results and renders comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA is a useful measure for analysts and investors to evaluate our future on-going performance as this measure allows a more meaningful comparison of our performance and projected cash earnings with our historical results from prior periods and to the results of our competitors. Moreover, our management uses this measure internally to evaluate the performance of our business as a whole and our individual business segments. In addition, we believe that by excluding certain items, such as stock-based compensation and acquisition-related impacts, Adjusted EBITDA corresponds more closely to the cash operating income generated from our business and allows investors to gain an understanding of the factors and trends affecting the ongoing cash earnings capabilities of our business, from which capital investments are made and debt is serviced.
Adjusted Net Income (Loss)
generally captures all items on the statements of operations that occur in normal course operations and have been, or ultimately will be, settled in cash and is defined as net income (loss) attributable to
(1) stock-based compensation expense, including compensation expense related to equity plans of certain subsidiaries and equity-method investments;
(2) acquisition-related impacts, including;
(i) amortization of intangible assets, including as part of equity-method investments, and goodwill and intangible asset impairment;
(ii) gains (losses) recognized on changes in the value of contingent consideration arrangements;
(iii) upfront consideration paid to settle employee compensation plans of the acquiree; and
(iv) gains (losses) recognized on non-controlling investment basis adjustments when we acquire or lose controlling interests;
(3) currency gains or losses on
(4) the changes in fair value of equity investments;
(5) certain other items, including restructuring charges;
(6) items included in legal reserves, occupancy tax and other, which includes reserves for potential settlement of issues related to transactional taxes (e.g., hotel occupancy and excise taxes), related court decisions and final settlements, and charges incurred, if any, for monies that may be required to be paid in advance of litigation in certain transactional tax proceedings, including as part of equity method investments;
(7) discontinued operations;
(8) the non-controlling interest impact of the aforementioned adjustment items; and
(9) unrealized gains (losses) on revenue hedging activities that are included in other, net.
Adjusted Net Income (Loss) includes preferred share dividends. We believe Adjusted Net Income (Loss) is useful to investors because it represents
(a)Effective
Adjusted EPS
is defined as Adjusted Net Income (Loss) divided by adjusted weighted average shares outstanding, which, when applicable, include dilution from our convertible debt instruments per the treasury stock method for Adjusted EPS. The treasury stock method assumes we would elect to settle the principal amount of the debt for cash and the conversion premium for shares. If the conversion prices for such instruments exceed our average stock price for the period, the instruments generally would have no impact to adjusted weighted average shares outstanding. This differs from the GAAP method for dilution from our convertible debt instruments, which include them on an if-converted method. We believe Adjusted EPS is useful to investors because it represents, on a per share basis,
Free Cash Flow is defined as net cash flow provided by operating activities less capital expenditures. Management believes Free Cash Flow is useful to investors because it represents the operating cash flow that our operating businesses generate, less capital expenditures but before taking into account other cash movements that are not directly tied to the core operations of our businesses, such as financing activities, foreign exchange or certain investing activities. Free Cash Flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, it is important to evaluate Free Cash Flow along with the consolidated statements of cash flows.
Adjusted Expenses (cost of revenue, direct and indirect selling and marketing, technology and content and general and administrative expenses)
exclude stock-based compensation related to expenses for stock options, restricted stock units and other equity compensation under applicable stock-based compensation accounting standards.
Tabular Reconciliations for Non-GAAP Measures |
||||||||||||||||
Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization) by Segment(1) |
||||||||||||||||
|
Three months ended |
|||||||||||||||
|
B2C |
|
B2B |
|
trivago |
|
Corporate & Eliminations |
|
Total |
|||||||
|
(In millions) |
|||||||||||||||
Operating income (loss) |
$ |
328 |
|
$ |
163 |
|
|
$ |
4 |
|
$ |
(391 |
) |
|
$ |
104 |
Realized gain (loss) on revenue hedges |
|
7 |
|
|
(2 |
) |
|
|
— |
|
|
— |
|
|
|
5 |
Legal reserves, occupancy tax and other |
|
— |
|
|
— |
|
|
|
— |
|
|
2 |
|
|
|
2 |
Stock-based compensation |
|
— |
|
|
— |
|
|
|
— |
|
|
99 |
|
|
|
99 |
Intangible and other long-term asset impairment |
|
— |
|
|
— |
|
|
|
— |
|
|
114 |
|
|
|
114 |
Amortization of intangible assets |
|
— |
|
|
— |
|
|
|
— |
|
|
15 |
|
|
|
15 |
Depreciation |
|
133 |
|
|
32 |
|
|
|
1 |
|
|
27 |
|
|
|
193 |
Adjusted EBITDA(1) |
$ |
468 |
|
$ |
193 |
|
|
$ |
5 |
|
$ |
(134 |
) |
|
$ |
532 |
|
Three months ended |
||||||||||||||
|
B2C |
|
B2B |
|
trivago |
|
Corporate & Eliminations |
|
Total |
||||||
|
(In millions) |
||||||||||||||
Operating income (loss) |
$ |
260 |
|
$ |
114 |
|
$ |
20 |
|
$ |
(266 |
) |
|
$ |
128 |
Realized gain (loss) on revenue hedges |
|
23 |
|
|
5 |
|
|
— |
|
|
— |
|
|
|
28 |
Stock-based compensation |
|
— |
|
|
— |
|
|
— |
|
|
94 |
|
|
|
94 |
Amortization of intangible assets |
|
— |
|
|
— |
|
|
— |
|
|
22 |
|
|
|
22 |
Depreciation |
|
128 |
|
|
23 |
|
|
1 |
|
|
25 |
|
|
|
177 |
Adjusted EBITDA(1) |
$ |
411 |
|
$ |
142 |
|
$ |
21 |
|
$ |
(125 |
) |
|
$ |
449 |
|
Year ended |
||||||||||||||||
|
B2C |
|
B2B |
|
trivago |
|
Corporate & Eliminations |
|
Total |
||||||||
|
(In millions) |
||||||||||||||||
Operating income (loss) |
$ |
1,810 |
|
|
$ |
681 |
|
$ |
51 |
|
$ |
(1,509 |
) |
|
$ |
1,033 |
|
Realized gain (loss) on revenue hedges |
|
(11 |
) |
|
|
4 |
|
|
— |
|
|
— |
|
|
|
(7 |
) |
Legal reserves, occupancy tax and other |
|
— |
|
|
|
— |
|
|
— |
|
|
8 |
|
|
|
8 |
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
— |
|
|
413 |
|
|
|
413 |
|
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
— |
|
|
297 |
|
|
|
297 |
|
Intangible and other long-term asset impairment |
|
— |
|
|
|
— |
|
|
— |
|
|
129 |
|
|
|
129 |
|
Amortization of intangible assets |
|
— |
|
|
|
— |
|
|
— |
|
|
59 |
|
|
|
59 |
|
Depreciation |
|
526 |
|
|
|
113 |
|
|
5 |
|
|
104 |
|
|
|
748 |
|
Adjusted EBITDA(1) |
$ |
2,325 |
|
|
$ |
798 |
|
$ |
56 |
|
$ |
(499 |
) |
|
$ |
2,680 |
|
|
Year ended |
|||||||||||||||||
|
B2C |
|
B2B |
|
trivago |
|
Corporate & Eliminations |
|
Total |
|||||||||
|
(In millions) |
|||||||||||||||||
Operating income (loss) |
$ |
1,617 |
|
|
$ |
518 |
|
|
$ |
105 |
|
$ |
(1,155 |
) |
|
$ |
1,085 |
|
Realized gain (loss) on revenue hedges |
|
(2 |
) |
|
|
(4 |
) |
|
|
— |
|
|
— |
|
|
|
(6 |
) |
Legal reserves, occupancy tax and other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
23 |
|
|
|
23 |
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
374 |
|
|
|
374 |
|
Intangible and other long-term asset impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
81 |
|
|
|
81 |
|
Amortization of intangible assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
88 |
|
|
|
88 |
|
Depreciation |
|
509 |
|
|
|
85 |
|
|
|
8 |
|
|
102 |
|
|
|
704 |
|
Adjusted EBITDA(1) |
$ |
2,124 |
|
|
$ |
599 |
|
|
$ |
113 |
|
$ |
(487 |
) |
|
$ |
2,349 |
|
(1) Adjusted EBITDA for our B2C and B2B segments includes allocations of certain expenses, primarily cost of revenue and facilities, the total costs of our global travel supply organizations, the majority of platform and marketplace technology costs, and the realized foreign currency gains or losses related to the forward contracts hedging a component of our net merchant lodging revenue. We base the allocations primarily on transaction volumes and other usage metrics. We do not allocate certain shared expenses such as accounting, human resources, certain information technology and legal to our reportable segments. We include these expenses in Corporate and Eliminations. Our allocation methodology is periodically evaluated and may change. |
||||||||||||||||||
Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization) |
||||||||||||||||
|
|
|
|
|||||||||||||
|
|
Three months ended
|
|
Year ended
|
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(In millions) |
||||||||||||||
Net income attributable to |
|
$ |
132 |
|
|
$ |
177 |
|
|
$ |
797 |
|
|
$ |
352 |
|
Net income (loss) attributable to non-controlling interests |
|
|
4 |
|
|
|
(2 |
) |
|
|
(109 |
) |
|
|
(9 |
) |
Provision for income taxes |
|
|
35 |
|
|
|
8 |
|
|
|
330 |
|
|
|
195 |
|
Total other (income) expense, net |
|
|
(67 |
) |
|
|
(55 |
) |
|
|
15 |
|
|
|
547 |
|
Operating income |
|
|
104 |
|
|
|
128 |
|
|
|
1,033 |
|
|
|
1,085 |
|
Gain (loss) on revenue hedges related to revenue recognized |
|
|
5 |
|
|
|
28 |
|
|
|
(7 |
) |
|
|
(6 |
) |
Legal reserves, occupancy tax and other |
|
|
2 |
|
|
|
— |
|
|
|
8 |
|
|
|
23 |
|
Stock-based compensation |
|
|
99 |
|
|
|
94 |
|
|
|
413 |
|
|
|
374 |
|
Depreciation and amortization |
|
|
208 |
|
|
|
199 |
|
|
|
807 |
|
|
|
792 |
|
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
297 |
|
|
|
— |
|
Intangible and other long-term asset impairment |
|
|
114 |
|
|
|
— |
|
|
|
129 |
|
|
|
81 |
|
Adjusted EBITDA |
|
$ |
532 |
|
|
$ |
449 |
|
|
$ |
2,680 |
|
|
$ |
2,349 |
|
Net income margin(1) |
|
|
4.6 |
% |
|
|
6.8 |
% |
|
|
6.2 |
% |
|
|
3.0 |
% |
Adjusted EBITDA margin(1) |
|
|
18.5 |
% |
|
|
17.2 |
% |
|
|
20.9 |
% |
|
|
20.1 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Long-term debt |
|
|
|
|
|
$ |
6,253 |
|
|
$ |
6,240 |
|
||||
Long-term debt to net income ratio |
|
|
|
|
|
|
7.8 |
|
|
|
17.7 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Long-term debt |
|
|
|
|
|
$ |
6,253 |
|
|
$ |
6,240 |
|
||||
Unamortized discounts and debt issuance costs |
|
|
|
|
|
|
41 |
|
|
|
54 |
|
||||
Adjusted debt |
|
|
|
|
|
$ |
6,294 |
|
|
$ |
6,294 |
|
||||
Leverage ratio(2) |
|
|
|
|
|
|
2.3 |
|
|
|
2.7 |
|
||||
(1) Net income and Adjusted EBITDA margins represent net income (loss) attributable to |
||||||||||||||||
(2) Leverage ratio represents adjusted debt divided by TTM Adjusted EBITDA. |
||||||||||||||||
Adjusted Net Income (Loss) & Adjusted EPS |
||||||||||||||||
|
|
Three months ended
|
|
Year ended
|
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(In millions, except share and per share data) |
||||||||||||||
Net income attributable to |
|
$ |
132 |
|
|
$ |
177 |
|
|
$ |
797 |
|
|
$ |
352 |
|
Less: Net (income) loss attributable to non-controlling interests |
|
|
(4 |
) |
|
|
2 |
|
|
|
109 |
|
|
|
9 |
|
Less: Provision for income taxes |
|
|
(35 |
) |
|
|
(8 |
) |
|
|
(330 |
) |
|
|
(195 |
) |
Income before income taxes |
|
|
171 |
|
|
|
183 |
|
|
|
1,018 |
|
|
|
538 |
|
Amortization of intangible assets |
|
|
15 |
|
|
|
22 |
|
|
|
59 |
|
|
|
88 |
|
Stock-based compensation |
|
|
99 |
|
|
|
94 |
|
|
|
413 |
|
|
|
374 |
|
Legal reserves, occupancy tax and other |
|
|
2 |
|
|
|
— |
|
|
|
8 |
|
|
|
23 |
|
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
297 |
|
|
|
— |
|
Intangible and other long-term asset impairment |
|
|
114 |
|
|
|
— |
|
|
|
129 |
|
|
|
81 |
|
Unrealized (gain) loss on revenue hedges |
|
|
2 |
|
|
|
12 |
|
|
|
13 |
|
|
|
(3 |
) |
(Gain) loss on minority equity investments, net |
|
|
(89 |
) |
|
|
(78 |
) |
|
|
(16 |
) |
|
|
345 |
|
Gain on debt extinguishment, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(49 |
) |
TripAdvisor tax indemnification adjustment |
|
|
— |
|
|
|
— |
|
|
|
(67 |
) |
|
|
— |
|
Gain on sale of business, net |
|
|
(1 |
) |
|
|
(4 |
) |
|
|
(25 |
) |
|
|
(6 |
) |
Adjusted income before income taxes |
|
|
313 |
|
|
|
229 |
|
|
|
1,829 |
|
|
|
1,391 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP Provision for income taxes |
|
|
(35 |
) |
|
|
(8 |
) |
|
|
(330 |
) |
|
|
(195 |
) |
Provision for income taxes for adjustments |
|
|
(32 |
) |
|
|
(26 |
) |
|
|
(63 |
) |
|
|
(100 |
) |
Total Adjusted provision for income taxes |
|
|
(67 |
) |
|
|
(34 |
) |
|
|
(393 |
) |
|
|
(295 |
) |
Total Adjusted income tax rate |
|
|
21.5 |
% |
|
|
14.8 |
% |
|
|
21.5 |
% |
|
|
21.2 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Non-controlling interests |
|
|
(4 |
) |
|
|
1 |
|
|
|
(18 |
) |
|
|
(24 |
) |
Adjusted net income attributable to |
|
$ |
242 |
|
|
$ |
196 |
|
|
$ |
1,418 |
|
|
$ |
1,072 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP diluted weighted average shares outstanding (000's) |
|
|
144,470 |
|
|
|
159,532 |
|
|
|
150,228 |
|
|
|
161,751 |
|
Adjustment to dilutive securities (000's) |
|
|
(3,921 |
) |
|
|
(3,921 |
) |
|
|
(3,921 |
) |
|
|
(3,921 |
) |
Adjusted weighted average shares outstanding (000's) |
|
|
140,549 |
|
|
|
155,611 |
|
|
|
146,307 |
|
|
|
157,830 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP diluted earnings per share |
|
$ |
0.92 |
|
|
$ |
1.11 |
|
|
$ |
5.31 |
|
|
$ |
2.17 |
|
Adjusted earnings per share attributable to |
|
$ |
1.72 |
|
|
$ |
1.26 |
|
|
$ |
9.69 |
|
|
$ |
6.79 |
|
|
|
|
|
|
|
|
|
|
||||||||
Ex-trivago Adjusted Net Income and Adjusted EPS |
|
|
|
|
|
|
|
|
||||||||
Adjusted net income attributable to |
|
$ |
242 |
|
|
$ |
196 |
|
|
$ |
1,418 |
|
|
$ |
1,072 |
|
Less: Adjusted net income attributable to trivago |
|
|
2 |
|
|
|
3 |
|
|
|
27 |
|
|
|
49 |
|
Adjusted net income excluding trivago |
|
$ |
240 |
|
|
$ |
193 |
|
|
$ |
1,391 |
|
|
$ |
1,023 |
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted earnings per share attributable to |
|
$ |
1.72 |
|
|
$ |
1.26 |
|
|
$ |
9.69 |
|
|
$ |
6.79 |
|
Less: Adjusted earnings per share attributable to trivago |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.18 |
|
|
|
0.31 |
|
Adjusted earnings per share excluding trivago |
|
$ |
1.71 |
|
|
$ |
1.24 |
|
|
$ |
9.50 |
|
|
$ |
6.48 |
|
Free Cash Flow |
||||||||||||||||
|
|
Three months ended
|
|
Year ended
|
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(In millions) |
||||||||||||||
Net cash provided by (used in) operating activities |
|
$ |
(238 |
) |
|
$ |
(182 |
) |
|
$ |
2,690 |
|
|
$ |
3,440 |
|
Less: Total capital expenditures |
|
|
(177 |
) |
|
|
(177 |
) |
|
|
(846 |
) |
|
|
(662 |
) |
Free cash flow |
|
$ |
(415 |
) |
|
$ |
(359 |
) |
|
$ |
1,844 |
|
|
$ |
2,778 |
|
Adjusted Expenses (Cost of revenue, direct and indirect selling and marketing, technology and content and general and administrative expenses) |
||||||||||||
|
|
Three months ended
|
|
Year ended
|
||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
|
(In millions) |
||||||||||
Cost of revenue |
|
$ |
340 |
|
$ |
412 |
|
$ |
1,573 |
|
$ |
1,657 |
Less: stock-based compensation |
|
|
4 |
|
|
4 |
|
|
14 |
|
|
14 |
Adjusted cost of revenue |
|
$ |
336 |
|
$ |
408 |
|
$ |
1,559 |
|
$ |
1,643 |
Less: trivago cost of revenue(1) |
|
|
3 |
|
|
4 |
|
|
17 |
|
|
17 |
Adjusted cost of revenue excluding trivago |
|
$ |
333 |
|
$ |
404 |
|
$ |
1,542 |
|
$ |
1,626 |
|
|
|
|
|
|
|
|
|
||||
Selling and marketing expense - direct |
|
$ |
1,370 |
|
$ |
1,199 |
|
$ |
6,107 |
|
$ |
5,428 |
Less: trivago selling and marketing expense - direct(2) |
|
|
32 |
|
|
22 |
|
|
173 |
|
|
160 |
Adjusted selling and marketing expense excluding trivago - direct |
|
$ |
1,338 |
|
$ |
1,177 |
|
$ |
5,934 |
|
$ |
5,268 |
|
|
|
|
|
|
|
|
|
||||
Selling and marketing expense - indirect |
|
$ |
193 |
|
$ |
177 |
|
$ |
756 |
|
$ |
672 |
Less: stock-based compensation |
|
|
19 |
|
|
17 |
|
|
79 |
|
|
67 |
Adjusted selling and marketing expense - indirect |
|
$ |
174 |
|
$ |
160 |
|
$ |
677 |
|
$ |
605 |
Less: trivago selling and marketing expense - indirect(1) |
|
|
3 |
|
|
2 |
|
|
11 |
|
|
12 |
Adjusted selling and marketing expense excluding trivago - indirect |
|
$ |
171 |
|
$ |
158 |
|
$ |
666 |
|
$ |
593 |
|
|
|
|
|
|
|
|
|
||||
Technology and content expense |
|
$ |
357 |
|
$ |
317 |
|
$ |
1,358 |
|
$ |
1,181 |
Less: stock-based compensation |
|
|
33 |
|
|
29 |
|
|
138 |
|
|
111 |
Adjusted technology and content expense |
|
$ |
324 |
|
$ |
288 |
|
$ |
1,220 |
|
$ |
1,070 |
Less: trivago technology and content expense(1) |
|
|
12 |
|
|
11 |
|
|
46 |
|
|
47 |
Adjusted technology and content expense excluding trivago |
|
$ |
312 |
|
$ |
277 |
|
$ |
1,174 |
|
$ |
1,023 |
|
|
|
|
|
|
|
|
|
||||
General and administrative expense |
|
$ |
199 |
|
$ |
186 |
|
$ |
771 |
|
$ |
748 |
Less: stock-based compensation |
|
|
43 |
|
|
44 |
|
|
182 |
|
|
182 |
Adjusted general and administrative expense |
|
$ |
156 |
|
$ |
142 |
|
$ |
589 |
|
$ |
566 |
Less: trivago general and administrative expense(1) |
|
|
10 |
|
|
7 |
|
|
34 |
|
|
30 |
Adjusted general and administrative expense excluding trivago |
|
$ |
146 |
|
$ |
135 |
|
$ |
555 |
|
$ |
536 |
|
|
|
|
|
|
|
|
|
||||
Total adjusted overhead expenses(3) |
|
$ |
654 |
|
$ |
590 |
|
$ |
2,486 |
|
$ |
2,241 |
Note: Some numbers may not add due to rounding. |
||||||||||||
(1) trivago amount presented without stock-based compensation as those are included with the consolidated totals above. |
||||||||||||
(2) Selling and marketing expense adjusted to add back B2C direct marketing spend on trivago eliminated in consolidation. |
||||||||||||
(3) Total adjusted overhead expenses is the sum of adjusted expenses for Selling and marketing - indirect, Technology and content, and General and administrative. |
||||||||||||
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These forward-looking statements are based on assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The use of words such as “believe,” “estimate,” “expect” and “will,” or the negative of these terms or other similar expressions, among others, generally identify forward-looking statements. However, these words are not the exclusive means of identifying such statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements and may include statements relating to future revenues, expenses, margins, profitability, net income (loss), earnings per share and other measures of results of operations and the prospects for future growth of
View source version on businesswire.com: https://www.businesswire.com/news/home/20240208053551/en/
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