Expedia Group, Inc. (EXPE) 10-Q Quarterly Report May 2020

“Like all travel companies, Expedia Group suffered a major reduction in business since the onset of COVID-19. Fortunately, we were ahead of the game having implemented cost savings measures earlier this year, and with the added pressure from COVID-19 we accelerated and expanded our ambition on improving our long-term cost structure,” said Vice Chairman and CEO Peter Kern. “We also raised significant additional capital, to further strengthen our liquidity position as we navigate this disruption and position the business for recovery.”

Kern added, “During the depth of the global shutdown we have focused on helping our customers and suppliers through these unprecedented circumstances. Our teams have done exceptional work in an impossible environment, and much of that work, and all the initiatives we have been executing across the company, will continue to provide benefits when we return to more normalized business levels. I am confident we are truly resetting our company and how we do business for the future. While we cannot control how and when travel recovers, we know it will come back, and when it does, we will emerge as a much stronger company.”

Response to COVID-19 Pandemic


•	As part of the unprecedented customer service demand due to COVID-19, Expedia Group handled 22 million customer contacts over a ten week period, more than double our typical average customer contacts.

•

To service the unprecedented cancellation volume due to COVID-19, teams across Expedia Group rapidly developed customer self-service options to cancel lodging and air bookings without speaking to an agent and built automation capabilities to allow supply partners to initiate cancellations. As a result, the percentage of cancellation inquiries for air travel managed without an agent increased from approximately 65% in February to over 95% in April.


•	Expedia Group secured $3.95 billion in additional funding, including $1.2 billion in preferred equity investments from two of the world's leading alternative asset managers, Apollo Global Management and Silver Lake, as well as $2.75 billion in 5-year unsecured senior notes.


•	In addition to previously announced cost initiatives, Expedia Group took several incremental actions to reduce costs to help mitigate the financial impacts from COVID-19, including a significant reduction in variable marketing and discretionary expenses as well as a deferral of certain capital expenditures.

Financial Summary & Operating Metrics ($ millions except per share amounts)⁽¹⁾



	Expedia Group, Inc.
Metric	Q1 2020	Q1 2019	Δ Y/Y
Room night growth	(14)%	9%	NM
Gross bookings	$17,885	$29,409	(39)%
Revenue	2,209	2,609	(15)%
Operating loss	(1,294)	(131)	888%
Net loss attributable to Expedia Group	(1,301)	(103)	NM
Diluted loss per share	$(9.24)	$(0.69)	NM
Adjusted EBITDA⁽²⁾	(76)	176	NM
Adjusted net loss⁽²⁾	(258)	(40)	545%
Adjusted EPS⁽²⁾	$(1.83)	$(0.27)	577%
Free cash flow⁽²⁾	(1,071)	1,875	NM

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The following information was filed by Expedia Group, Inc. (EXPE) on Wednesday, May 20, 2020 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-Q Quarterly 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-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 10.4: Material Contract

Exhibit 22: Published Report Regarding Matters Submitted To Vote Of Security Holders

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-Q Quarterly Report
Accession Number: 0001324424-20-000040
Submitted to the SEC: Wed May 20 2020 5:43:39 PM EST
Accepted by the SEC: Thu May 21 2020
Period: Tuesday, March 31, 2020
Industry: Transportation Services

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Expedia Group, Inc. (EXPE) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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