Expedia Gross profit (Q3, 2018)2.8 B

Expedia Gross profit margin (Q3, 2018), %84.6%

Expedia Net income (Q3, 2018)531 M

Expedia EBIT (Q3, 2018)672 M

Expedia Cash, 30-Sep-20182.9 B

Expedia EV18.4 B

Expedia revenue was $10.06 b in FY, 2017 which is a 14.7% year over year increase from the previous period.

Expedia revenue breakdown by business segment: 9.0% from HomeAway, 5.2% from Egencia, 7.5% from trivago and 78.3% from Core OTA

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Revenue | 4.8b | 5.8b | 6.7b | 8.8b | 10.1b |

| 21% | 16% | 31% | 15% | |

## Cost of goods sold | 1.0b | 1.2b | 1.3b | 1.6b | 1.8b |

## Gross profit | 3.7b | 4.6b | 5.4b | 7.2b | 8.3b |

| 78% | 80% | 80% | 82% | 83% |

## Sales and marketing expense | 2.2b | 2.8b | 3.4b | 4.4b | 5.3b |

## R&D expense | 577.8m | 686.2m | 830.2m | 1.2b | 1.4b |

## General and administrative expense | 377.1m | 425.4m | 573.9m | 678.3m | 676.0m |

## Operating expense total | 3.2b | 3.9b | 4.8b | 6.3b | 6.0b |

## Depreciation and amortization | 317.1m | 275.4m | |||

## EBIT | 366.1m | 517.8m | 413.6m | 461.7m | 625.1m |

| 8% | 9% | 6% | 5% | 6% |

## Interest expense | 87.4m | 98.1m | 126.2m | 173.1m | 181.7m |

## Interest income | 24.8m | 27.3m | 16.7m | 19.7m | 34.1m |

## Pre tax profit | 300.7m | 464.6m | 926.0m | 276.6m | 416.8m |

## Income tax expense | 84.3m | 91.7m | 203.2m | 15.3m | 45.4m |

## Net Income | 216.4m | 373.0m | 722.7m | 281.8m | 378.0m |

- Source: SEC Filings

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 1.4b | 1.2b | 1.5b | 1.7b | 1.4b | 1.7b | 1.9b | 1.9b | 2.2b | 2.6b | 2.2b | 2.6b | 3.0b | 2.5b | 5.4b | 3.3b |

## Cost of goods sold | 276.3m | 294.6m | 300.5m | 299.7m | 321.9m | 321.1m | 328.1m | 402.8m | 406.4m | 416.9m | 421.7m | 439.0m | 458.6m | 487.0m | 985.0m | 504.0m |

## Gross profit | 1.1b | 905.8m | 1.2b | 1.4b | 1.1b | 1.3b | 1.6b | 1.5b | 1.8b | 2.2b | 1.8b | 2.1b | 2.5b | 2.0b | 4.4b | 2.8b |

| 80% | 75% | 80% | 82% | 77% | 81% | 83% | 79% | 81% | 84% | 81% | 83% | 85% | 81% | 82% | 85% |

## Sales and marketing expense | 1.5b | 3.1b | 1.5b | |||||||||||||

## R&D expense | 396.0m | 400.0m | 404.0m | |||||||||||||

## General and administrative expense | 92.4m | 99.0m | 102.5m | 105.0m | 116.4m | 141.4m | 130.2m | 147.8m | 192.6m | 165.8m | 158.2m | 179.0m | 141.3m | 199.0m | 395.0m | 202.0m |

## Operating expense total | 92.4m | 99.0m | 102.5m | 105.0m | 116.4m | 141.4m | 130.2m | 147.8m | 192.6m | 165.8m | 158.2m | 179.0m | 141.3m | 1.7b | 3.5b | 2.1b |

## Depreciation and amortization | 72.0m | 144.0m | 71.0m | |||||||||||||

## EBIT | 238.7m | (3.0m) | 129.2m | 296.8m | (51.0m) | 90.1m | 345.0m | (102.4m) | 25.7m | 386.2m | (72.8m) | 102.8m | 481.7m | (165.0m) | (54.0m) | 672.0m |

| 17% | 0% | 9% | 17% | (4%) | 5% | 18% | (5%) | 1% | 15% | (3%) | 4% | 16% | (7%) | (1%) | 21% |

## Interest expense | 22.0m | 21.8m | 22.3m | 25.6m | 28.0m | 28.5m | 33.3m | 44.0m | 42.9m | 43.4m | 43.0m | 42.7m | 44.0m | 51.0m | 102.0m | 47.0m |

## Interest income | 6.6m | 5.8m | 6.9m | 8.1m | 5.5m | 4.7m | 4.2m | 3.6m | 5.0m | 5.8m | 6.3m | 9.3m | 9.3m | 11.0m | 27.0m | 34.0m |

## Pre tax profit | 212.1m | (19.5m) | 106.6m | 289.5m | 31.7m | 558.1m | 342.2m | (170.9m) | (12.2m) | 339.6m | (131.3m) | 56.7m | 415.4m | (169.0m) | (183.0m) | 612.0m |

## Income tax expense | (45.4m) | (319.0k) | (20.8m) | (38.9m) | 910.0k | (131.2m) | (65.9m) | 49.1m | 18.2m | (60.6m) | 46.7m | (3.0m) | (66.1m) | 20.0m | 25.0m | 81.0m |

## Net Income | 166.7m | (19.8m) | 85.9m | 250.6m | 32.6m | 426.8m | 276.2m | (121.8m) | 6.0m | 278.9m | (84.5m) | 53.7m | 349.4m | (149.0m) | (158.0m) | 531.0m |

- Source: SEC Filings

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Cash | 1.0b | 1.4b | 1.7b | 1.8b | 2.8b |

## Accounts Receivable | 1.3b | 1.9b | |||

## Prepaid Expenses | 268.7m | ||||

## Inventories | 101.5m | 166.4m | 161.2m | ||

## Current Assets | 2.2b | 2.9b | 3.0b | 3.5b | 5.5b |

## PP&E | 480.7m | 553.1m | 1.1b | 1.4b | 1.6b |

## Goodwill | 3.7b | 4.0b | 8.0b | 7.9b | 8.2b |

## Total Assets | 7.7b | 9.0b | 15.5b | 15.8b | 18.5b |

## Accounts Payable | 1.5b | 1.8b | |||

## Short-term debt | 500.0m | ||||

## Current Liabilities | 3.3b | 4.2b | 5.9b | 6.1b | 7.9b |

## Long-term debt | 1.2b | 1.7b | 3.2b | 3.2b | 3.7b |

## Total Debt | 1.2b | 1.7b | 3.2b | 3.2b | 4.2b |

## Common Stock | 23.0m | 23.0m | |||

## Additional Paid-in Capital | 5.8b | 5.9b | 8.7b | 8.8b | 9.2b |

## Retained Earnings | (209.2m) | 28.3m | 507.7m | 129.0m | 331.1m |

## Total Equity | 2.3b | 1.9b | 4.9b | 5.7b | 6.1b |

## Debt to Equity Ratio | 0.6 x | 0.9 x | 0.6 x | 0.6 x | 0.7 x |

## Debt to Assets Ratio | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x |

## Financial Leverage | 3.4 x | 4.8 x | 3.1 x | 2.8 x | 3 x |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 1.4b | 1.5b | 1.4b | 2.3b | 1.7b | 3.2b | 1.5b | 2.1b | 2.3b | 1.8b | 2.5b | 2.9b | 3.2b | 3.4b | 3.1b | 2.9b |

## Accounts Receivable | 329.0m | 2.4b | 2.3b | |||||||||||||

## Prepaid Expenses | 329.0m | 361.0m | 278.0m | |||||||||||||

## Current Assets | 2.7b | 3.3b | 3.6b | 3.8b | 3.5b | 5.0b | 3.2b | 3.8b | 4.2b | 3.6b | 5.3b | 6.0b | 6.0b | 7.4b | 7.8b | 6.2b |

## PP&E | 464.8m | 490.6m | 509.8m | 525.1m | 581.0m | 867.1m | 966.6m | 1.2b | 1.2b | 1.3b | 1.4b | 1.5b | 1.5b | 1.6b | 1.7b | 1.8b |

## Goodwill | 3.7b | 3.7b | 3.7b | 3.7b | 4.0b | 4.0b | 5.4b | 8.0b | 8.0b | 8.0b | 8.0b | 8.2b | 8.2b | 8.3b | 8.1b | 8.2b |

## Total Assets | 8.2b | 8.9b | 9.2b | 9.4b | 10.1b | 11.8b | 12.4b | 16.4b | 16.7b | 16.1b | 17.7b | 18.6b | 19.0b | 20.4b | 20.6b | 19.1b |

## Accounts Payable | 1.7b | 1.8b | 1.9b | |||||||||||||

## Short-term debt | 500.0m | 500.0m | ||||||||||||||

## Current Liabilities | 3.7b | 4.4b | 4.9b | 4.5b | 5.4b | 6.0b | 5.9b | 7.0b | 7.4b | 6.6b | 8.0b | 8.7b | 8.3b | 10.0b | 10.5b | 8.8b |

## Long-term debt | 1.2b | 1.2b | 1.2b | 1.7b | 1.7b | 2.5b | 2.5b | 3.2b | 3.2b | 3.2b | 3.2b | 3.2b | 3.8b | 3.7b | 3.7b | |

## Total Debt | 1.2b | 1.2b | 1.2b | 1.7b | 1.7b | 2.5b | 2.5b | 3.2b | 3.2b | 3.2b | 3.2b | 3.2b | 4.3b | 4.2b | 3.7b | |

## Common Stock | 23.0m | 23.0m | 23.0m | 23.0m | 23.0m | 23.0m | 23.0m | |||||||||

## Additional Paid-in Capital | 5.8b | 5.8b | 5.8b | 5.8b | 5.9b | 6.0b | 6.1b | 8.8b | 8.9b | 8.6b | 8.9b | 9.0b | 9.1b | 9.2b | 9.3b | 9.5b |

## Retained Earnings | (303.9m) | (223.5m) | (134.1m) | 31.8m | 417.4m | 666.2m | 373.3m | 7.4m | 666.0k | 14.9m | 321.6m | 117.0m | 74.0m | 551.0m | ||

## Total Equity | 2.3b | 2.1b | 2.0b | 2.0b | 1.8b | 2.2b | 2.5b | 4.7b | 4.3b | 4.0b | 5.7b | 5.8b | 6.2b | 5.8b | 5.6b | 5.9b |

## Debt to Equity Ratio | 0.5 x | 0.6 x | 0.6 x | 0.9 x | 1 x | 1.1 x | 1 x | 0.7 x | 0.7 x | 0.8 x | 0.6 x | 0.6 x | 0.7 x | 0.8 x | 0.6 x | |

## Debt to Assets Ratio | 0.2 x | 0.1 x | 0.1 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | |

## Financial Leverage | 3.6 x | 4.2 x | 4.6 x | 4.7 x | 5.5 x | 5.4 x | 4.9 x | 3.5 x | 3.9 x | 4.1 x | 3.1 x | 3.2 x | 3.1 x | 3.5 x | 3.7 x | 3.2 x |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Net Income | 216.4m | 373.0m | 722.7m | 261.3m | 371.4m |

## Depreciation and Amortization | 477.1m | 614.1m | |||

## Accounts Receivable | (127.3m) | (158.0m) | (198.3m) | (276.2m) | (455.7m) |

## Accounts Payable | 184.4m | 316.0m | |||

## Cash From Operating Activities | 763.2m | 1.4b | 1.4b | 1.6b | 1.8b |

## Cash From Investing Activities | (525.5m) | (924.3m) | (2.4b) | (718.3m) | (1.6b) |

## Dividends Paid | (150.2m) | (175.8m) | |||

## Cash From Financing Activities | (492.5m) | 48.1m | 1.4b | (690.6m) | 687.5m |

## Net Change in Cash | 120.5m | 1.0b | |||

## Interest Paid | 84.1m | 87.6m | 109.5m | 153.8m | 162.9m |

## Income Taxes Paid | 124.3m | 174.2m | |||

## Free Cash Flow | 815.0m | 1.1b |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 122.4m | (19.8m) | 66.1m | 316.7m | 32.6m | 459.4m | 735.6m | (121.8m) | (102.5m) | 176.4m | (84.5m) | (30.9m) | 318.5m | (149.0m) | (158.0m) | 373.0m |

## Depreciation and Amortization | 217.0m | 436.0m | 507.0m | |||||||||||||

## Accounts Receivable | (210.1m) | (196.9m) | (307.0m) | (277.1m) | (215.0m) | (412.7m) | (381.6m) | (267.9m) | (367.2m) | (297.3m) | (232.5m) | (434.4m) | (428.2m) | (345.0m) | (476.0m) | (416.0m) |

## Accounts Payable | (127.0m) | 25.0m | 42.0m | |||||||||||||

## Cash From Operating Activities | 971.4m | 1.5b | 1.1b | 1.7b | 1.5b | 1.1b | 1.7b | 1.5b | 1.7b | 2.4b | 1.9b | 1.7b | 2.5b | 2.1b | ||

## Cash From Investing Activities | (433.6m) | (765.0m) | (627.0m) | (508.8m) | (2.1b) | (159.2m) | (394.5m) | (588.9m) | (949.6m) | (1.3b) | (1.5b) | (728.0m) | (1.4b) | (655.0m) | ||

## Long-term Borrowings | (500.0m) | |||||||||||||||

## Dividends Paid | (46.0m) | (91.0m) | (138.0m) | |||||||||||||

## Cash From Financing Activities | (78.2m) | (295.6m) | (26.7m) | 686.0m | 724.8m | (603.9m) | (748.5m) | (815.3m) | (48.1m) | (80.6m) | 860.5m | (236.0m) | (456.0m) | (1.2b) | ||

## Net Change in Cash | 729.0m | 495.0m | (192.0m) | |||||||||||||

## Interest Paid | 41.8m | 43.1m | 53.4m | 53.9m | 106.4m | 53.0m | 72.8m | 152.0m | 72.0m | 90.4m | 162.4m | 86.0m | 106.0m | 196.0m | ||

## Income Taxes Paid | 67.0m | 136.0m | 188.0m | |||||||||||||

## Free Cash Flow | 1.5b | 2.1b | 1.5b |

USD | Y, 2018 |
---|---|

## EV/EBIT | 27.4 x |

## EV/CFO | 8.7 x |

## EV/FCF | 12.4 x |

## Debt/Equity | 0.6 x |

## Debt/Assets | 0.2 x |

## Financial Leverage | 3.2 x |

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Expedia's Properties was reported to be 590 k in FY, 2017.

Q1, 2014 | Q2, 2014 | Q3, 2014 | Q4, 2014 | FY, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q4, 2015 | FY, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q4, 2016 | FY, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | FY, 2017 | Q1, 2018 | Q2, 2018 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Gross Bookings | $12.62 b | $13.05 b | $13.47 b | $14.95 b | $50.45 b | $14.99 b | $15.50 b | $15.39 b | $14.95 b | $60.83 b | $18.88 b | $18.86 b | $18.59 b | $16.10 b | $72.43 b | $81.30 b | $22.84 b | $22.20 b | $88.41 b | $27.20 b | $25.90 b |

## Properties | 290 k | 325 k | 365 k | 435 k | 435 k | 510 k | 257 k | 271 k | 269 k | 269 k | 282 k | 307 k | 321 k | 350 k | 350 k | 590 k | |||||

## Airlines | 400 | 400 | 500 | 550 | |||||||||||||||||

## Countries | 200 | 200 | 200 | 200 | |||||||||||||||||

## Room Nights | 275 m | ||||||||||||||||||||

## Vacation Rental Listings | 1.20 m | 1.20 m | 1.50 m |

- Source: Expedia Annual Report 2015

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Expedia's employees are reported to be approximately 52% female and 48% male.

Q1, 2017 | |
---|---|

Male Management Percent | 65 % |

Female Management Percent | 35 % |

- Source: www.expediagroup.com

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