Expedia Group, Inc. (EXPE) 10-K Annual Report February 2016

BELLEVUE, WA – February 10, 2016 – Expedia, Inc. (NASDAQ: EXPE) announced financial results today for the fourth quarter and full year ended December 31, 2015.

All figures below exclude eLong and include the impact from acquisitions, unless otherwise noted.

Key Highlights

•

Room night growth accelerated to 39% year-over-year in the fourth quarter of 2015, with domestic and international room nights growing 33% and 47% year-over-year, respectively.

•

Gross bookings increased 40% and revenue increased 29% year-over-year in the fourth quarter of 2015. Foreign exchange had a negative impact of 6 percentage points on gross bookings growth and 5 percentage points on revenue growth in the fourth quarter of 2015.

•

For full year 2015, Expedia delivered $1.2 billion of Adjusted EBITDA⁽¹⁾ representing growth of 11% year-over year. The Paris terrorist attacks in November 2015 negatively impacted Adjusted EBITDA by an estimated $10 million to $15 million.

•

On December 15, 2015, Expedia, Inc. completed its acquisition of HomeAway, Inc., including all of its brands, capping off a year in which Expedia completed a total of over $6 billion in strategic transactions.

Inorganic Impacts

•

Inorganic impact from acquisitions added approximately 15 percentage points of room night growth, 28 points of gross bookings growth and 19 points of revenue growth in the fourth quarter of 2015.

•

For full year 2015, the consolidation of Orbitz Worldwide and HomeAway financial statements (including deal and integration costs) negatively impacted Adjusted EBITDA by approximately $39 million and Adjusted EBITDA growth by 4 percentage points.

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


	Fourth Quarter												Full Year
	Expedia (excluding eLong)⁽²⁾						Expedia, Inc.						Expedia (excluding eLong)⁽²⁾						Expedia, Inc.
Metric	2015			D Y/Y			2015			D Y/Y			2015			D Y/Y			2015			D Y/Y
Room night growth		39	%		1,149	bps		12	%		(1,594	) bps		36	%		1,154	bps		19	%		(635	) bps
Gross bookings	$	14,950			40	%	$	14,950			32	%	$	59,680			24	%	$	60,830			21	%
Revenue		1,699			29	%		1,699			25	%		6,631			19	%		6,672			16	%
Adjusted EBITDA⁽¹⁾		280			1	%		280			12	%		1,165			11	%		1,103			8	%
Operating income		29			(76	%)		29			(69	%)		499			(12	%)		414			(20	%)
Adjusted net income⁽¹⁾		107			(18	%)		107			(6	%)		540			(1	%)		497			(6	%)
Adjusted EPS ⁽¹⁾	$	0.77			(22	%)	$	0.77			(11	%)	$	4.02			(1	%)	$	3.70			(6	%)
Net income (loss) attributable to the Company		(13	)		(114	%)		(13	)		(119	%)		415			(2	%)		764			92	%
Diluted EPS							$	(0.09	)		(119	%)							$	5.70			91	%
Free cash flow⁽¹⁾								(335	)		16	%								581			(44	%)

⁽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 14-18 herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

⁽²⁾

Expedia sold its ownership interest in eLong, Inc. on May 22, 2015 and eLong is excluded from our results from that point forward. Expedia (excluding eLong) measures are non-GAAP measures as they also exclude eLong, Inc. results prior to May 22, 2015. Please see “Definitions of Non-GAAP Measures” and “Tabular Reconciliations for Non-GAAP Measures” on pages 14-18 herein for an explanation and reconciliations of these non-GAAP measures. The classification of certain revenue and expense items as well as foreign exchange rates used for reporting purposes may result in immaterial differences between the above reported amounts and eLong, Inc.’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 Wednesday, February 10, 2016 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 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: 0001193125-16-457822
Submitted to the SEC: Wed Feb 10 2016 5:59:59 PM EST
Accepted by the SEC: Thu Feb 11 2016
Period: Thursday, December 31, 2015
Industry: Transportation Services

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Expedia, Inc. (EXPE) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

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