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Expedia, Inc. (EXPE) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Expedia Group, Inc.

CIK: 1324424 Ticker: EXPE

Exhibit 99.1

 

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Expedia, Inc. Reports Fourth Quarter and Full Year 2013 Results

BELLEVUE, WA—February 6, 2014—Expedia, Inc. (NASDAQ: EXPE) today announced financial results for the fourth quarter and year ended December 31, 2013.

 

    Room night growth accelerated sequentially to 25% year-over-year for the fourth quarter of 2013 with domestic room night growth improving to 18% year-over-year.

 

    Revenue grew 18% year-over-year for the fourth quarter of 2013 due to growth in hotel room nights and advertising and media revenue. trivago® grew revenue more than 85% for the year adding approximately 4 percentage points to overall revenue growth for 2013.

 

    Brand Expedia® launched hotel and air products on the Travelocity-branded US website during the fourth quarter of 2013 as part of a strategic marketing agreement signed with Travelocity in August 2013, and expects to complete the majority of the migration for the remaining products and the Canadian website during the first half of 2014.

 

    The combination of healthy top line growth and leverage on fixed costs led to Adjusted EBITDA* improving 31% year-over-year as compared to fourth quarter 2012.

 

    In 2013, Expedia, Inc. repurchased 9.3 million common shares for an aggregate purchase price of $515 million excluding transaction costs.

Financial Summary & Operating Metrics (financial figures in $MMs except per share amounts)

 

Metric

   Quarter
Ended
12.31.13
    Quarter
Ended
12.31.12
    Y / Y
Growth
    Year
Ended
12.31.13
    Year
Ended
12.31.12
    Y / Y
Growth
 

Room night growth

     25     33     (812 ) bps      23     27     (402 ) bps 

Gross bookings

     9,104.1        7,525.8        21     39,442.6        33,959.4        16

Revenue

     1,152.0        974.9        18     4,771.3        4,030.3        18

Adjusted EBITDA*

     242.0        184.6        31     878.7        802.9        9

Operating income

     138.7        1.5        NM        366.1        431.7        (15 %) 

Adjusted net income *

     125.1        88.9        41     452.0        438.5        3

Income from continuing operations

     94.7        6.9        NM        232.9        302.7        (23 %) 

Adjusted EPS *

   $ 0.92      $ 0.63        46   $ 3.22      $ 3.10        4

Diluted EPS from continuing operations

   $ 0.70      $ 0.05        NM      $ 1.67      $ 2.16        (23 %) 

Free cash flow *

     (285.4     (275.4     (4 %)      454.6        1,001.5        (55 %) 

 

* Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization,” “Adjusted net income,” “Adjusted EPS” and “Free cash flow” are non-GAAP measures as defined by the Securities and Exchange Commission (the “SEC”). Please see “Definitions of Non-GAAP Measures” and “Tabular Reconciliations for Non-GAAP Measures” on pages 11-14 herein for an explanation of non-GAAP measures used throughout this release. The definition for adjusted net income was revised in the fourth quarters of 2010, 2011 and 2012 and the definition for adjusted earnings before interest, taxes, depreciation and amortization was revised in the fourth quarter of 2012.

Please refer to the Glossary in the Financial Information section on Expedia’s corporate website for definitions of the business and financial terms discussed within this release.

 

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The following information was filed by Expedia Group, Inc. (EXPE) on Thursday, February 6, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Operations (parenthetical)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Basic And Diluted Earnings Per Share (detail)
Changes In Goodwill By Reportable Segment (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Components Of Deferred Tax Assets And Deferred Tax Liabilities (detail)
Components Of Income Tax Expense Attributable To Continuing Operations (detail)
Components Of Intangible Assets With Definite Lives (detail)
Components Of Property And Equipment Net (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (detail)
Domestic And Foreign Income Loss From Continuing Operations Before Income Taxes (detail)
Earnings Per Share
Earnings Per Share (tables)
Effects Of Changes In Noncontrolling Interest (detail)
Effects Of Changes In Noncontrolling Interest (parenthetical) (detail)
Employee Benefit Plans
Employee Benefit Plans - Additional Information (detail)
Estimated Future Amortization Expense Related To Intangible Assets (detail)
Estimated Future Minimum Rental Payments Under Operating Leases (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (detail)
Goodwill And Intangible Assets Net - Additional Information (detail)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (tables)
Guarantor And Non-guarantor Supplemental Financial Information
Guarantor And Non-guarantor Supplemental Financial Information (tables)
Income Tax Reconciliation Of Beginning And Ending Amount Of Gross Unrecognized Tax Benefits (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Long Term Debt Outstanding (detail)
Organization And Basis Of Presentation
Other Income (expense)
Other Income (expense) (tables)
Other Income Expense (detail)
Property And Equipment Net - Additional Information (detail)
Property And Equipment, Net
Property And Equipment, Net (tables)
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (tables)
Reconciliation Of Redeemable Noncontrolling Interest (detail)
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests (tables)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Schedule Of Balance Sheet Information (detail)
Schedule Of Cash Flow Statement Information (detail)
Schedule Of Commitments And Obligations (detail)
Schedule Of Goodwill And Intangible Assets (detail)
Schedule Of Property And Equipment By Geographic Area (detail)
Schedule Of Quarterly Financial Information (detail)
Schedule Of Quarterly Financial Information (parenthetical) (detail)
Schedule Of Revenue And Income For Discontinued Operations (detail)
Schedule Of Revenue By Geographic Area (detail)
Schedule Of Statement Of Operations Information (detail)
Schedule Of Statutory Federal Income Tax Rate To Income From Continuing Operations Before Income Taxes (detail)
Segment Information
Segment Information (detail)
Segment Information (tables)
Segment Information - Additional Information (detail)
Shares Repurchased (detail)
Shares Repurchased (parenthetical) (detail)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies - Additional Information (detail)
Spin Off Adjustment Details (detail)
Stock-based Awards And Other Equity Instruments
Stock-based Awards And Other Equity Instruments (tables)
Stock-based Awards And Other Equity Instruments - Additional Information (detail)
Stockholders Equity - Additional Information (detail)
Stockholders' Equity
Stockholders' Equity (tables)
Summary Of Changes In Valuation And Qualifying Accounts (detail)
Summary Of Dividends Declared (detail)
Summary Of Fair Value Of Assets Acquired And Liabilities Assumed In Conjunction With Acquisition (detail)
Summary Of Fair Value Of Assets Acquired And Liabilities Assumed In Conjunction With Acquisition (parenthetical) (detail)
Summary Of Restricted Stock Units Activity (detail)
Summary Of Stock Option Activity (detail)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (tables)
Weighted Average Assumptions Of Black-scholes Option-pricing Model (detail)
Ticker: EXPE
CIK: 1324424
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-039090
Submitted to the SEC: Thu Feb 06 2014 6:22:53 PM EST
Accepted by the SEC: Fri Feb 07 2014
Period: Tuesday, December 31, 2013
Industry: Transportation Services

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