Expedia Group, Inc. (EXPE) 10-K Annual Report February 2015

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

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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.

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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.

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

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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).

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

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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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Expedia Group, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.13: Material Contract

Exhibit 10.14: Material Contract

Exhibit 10.17: Material Contract

Exhibit 10.20: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.3: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 32.3: Section 1350 Certification

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

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