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Expedia, Inc. (EXPE) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Expedia Group, Inc.

CIK: 1324424 Ticker: EXPE

Exhibit 99.1

 

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Expedia, Inc. Reports Fourth Quarter and Full Year 2014 Results

BELLEVUE, WA – February 5, 2015 – Expedia, Inc. (NASDAQ: EXPE) today announced financial results for the fourth quarter and full year ended December 31, 2014.

 

    Room night growth accelerated to 28% year-over-year in the fourth quarter, with international and domestic room night growth accelerating to 30% and 25% year-over-year, respectively. Fourth quarter gross bookings increased 24% and revenue increased 18% year-over-year.

 

    Strong performance in the core business drove growth in Expedia (excluding eLong) Adjusted EBITDA(1) of 13% in the fourth quarter and 18% for the full year, with consolidated (including eLong) Adjusted EBITDA(1) growth of 3% and 17% for the fourth quarter and full year 2014, respectively.

 

    Trivago completed 2014 with standalone revenue growth of 68% year-over-year on continued global expansion.

 

    During November 2014 Expedia, Inc. completed the acquisition of Wotif Group for total cash consideration of A$703 million ($612 million based on November 13, 2014 exchange rates).

 

    Subsequent to year end, Expedia, Inc. completed the acquisition of the Travelocity brand and related assets for $280 million.

 

    In 2014, Expedia, Inc. repurchased 7.0 million shares of its common stock for approximately $537 million excluding transaction costs.

Financial Summary & Operating Metrics ($ millions except per share amounts)

 

     Expedia (excluding eLong)     eLong(1)     Expedia, Inc.  
     Fourth Quarter     Fourth Quarter     Fourth Quarter  

Metric

   2014     2013     Change     2014     2013     Change     2014     2013     Change  

Room night growth

     28     20     788  bps      27     48     (2,132 ) bps      28     25     285  bps 

Gross bookings

     10,657.4        8,597.1        24     649.7        507.0        28     11,307.1        9,104.1        24

Revenue

     1,318.5        1,109.2        19     37.5        42.8        (12 %)      1,356.0        1,152.0        18

Adjusted EBITDA(2)

     276.6        245.4        13     (26.9     (3.4     (683 %)      249.7        242.0        3

Operating income (loss)

     125.0        149.1        (16 %)      (30.3     (10.4     (191 %)      94.7        138.7        (32 %) 

Adjusted net income

                 113.0        125.3        (10 %) 

Adjusted EPS

               $ 0.86      $ 0.92        (7 %) 

Net income attributable to Expedia, Inc.

                 66.0        94.7        (30 %) 

Diluted EPS

               $ 0.50      $ 0.70        (29 %) 

Free cash flow

                 (288.6     (285.4     (1 %) 
     Expedia (excluding eLong)     eLong     Expedia, Inc.  
     Full Year     Full Year     Full Year  

Metric

   2014     2013     Change     2014     2013     Change     2014     2013     Change  

Room night growth(1)

     24     16     796  bps      32     60     (2,769 ) bps      26     23     323  bps 

Gross bookings

     48,018.1        37,503.2        28     2,428.7        1,939.4        25     50,446.8        39,442.6        28

Revenue(1)

     5,585.4        4,607.3        21     178.1        164.0        9     5,763.5        4,771.3        21

Adjusted EBITDA(2)

     1,051.5        890.7        18     (26.7     (12.0     (122 %)      1,024.8        878.7        17

Operating income (loss)

     568.6        395.0        44     (50.8     (28.9     (76 %)      517.8        366.1        41

Adjusted net income

                 528.1        452.0        17

Adjusted EPS

               $ 3.96      $ 3.22        23

Net income attributable to Expedia, Inc.

                 398.1        232.9        71

Diluted EPS

               $ 2.99      $ 1.67        79

Free cash flow

                 1,038.6        454.6        128

 

(1)  “Adjusted EBITDA” (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 12-15 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 EBITDA was revised in the fourth quarter of 2012.
(2)  The classification of certain revenue and expense items as well as the foreign exchange rates used for reporting purposes may result in immaterial differences between the above reported amounts and eLong’s standalone results.

Please refer to the Glossary in the Quarterly Results section on Expedia’s investor relations 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 5, 2015 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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Ticker: EXPE
CIK: 1324424
Form Type: 10-K Annual Report
Accession Number: 0001193125-15-035706
Submitted to the SEC: Thu Feb 05 2015 6:01:23 PM EST
Accepted by the SEC: Fri Feb 06 2015
Period: Wednesday, December 31, 2014
Industry: Transportation Services

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