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Expedia Group Reports Second Quarter 2021 Results

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Expedia Group Reports Second Quarter 2021 Results Exhibit 99.1 Expedia Group Reports Second Quarter 2021 Results SEATTLE, WA – August 5, 2021 – Expedia Group, Inc. (NASDAQ: EXPE) announced financial results today for the second quarter ended June 30, 2021. “The second quarter saw continued improvement in many global travel segments with North America in particular showing strength. Expedia Group benefited from strong vacation rental performance and improved conventional lodging, offset by continued softness in international travel, corporate travel, and relatively high consumer interest in smaller markets and lower-end accommodations. While that strength has continued into Q3, recent Covid variant news around the world continues to create uncertainty in the travel industry,” said Vice Chairman and CEO, Peter Kern. “Unfortunately, the road to full travel recovery remains bumpy until more of the world is vaccinated. For our part, we just launched our Give the World a Shot program in partnership with UNICEF to help support global Covid-19 vaccine distribution. We invite other companies to join this effort so we can all get the world back on its feet again.” Financial Summary & Operating Metrics ($ millions except per share amounts)(1) Expedia Group, Inc. Metric Q2 2021 Q2 2020 Δ Y/Y Stayed room night growth 196% (81)% NM Gross bookings $20,815 $2,713 667% Revenue 2,111 566 273% Operating income (loss) (132) (849) (84)% Net income (loss) attributable to Expedia Group common stockholders (301) (753) (60)% Diluted earnings (loss) per share $(2.02) $(5.34) (62)% Adjusted EBITDA(2) 201 (436) NM Adjusted net income (loss)(2) (169) (577) (71)% Adjusted EPS(2) $(1.13) $(4.09) (72)% Free cash flow(2) 2,331 (2,052) NM (1)All comparisons are against comparable period of 2020 unless otherwise noted. (2)"Adjusted EBITDA" (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization), "Adjusted net income (loss)," "Adjusted EPS" and "Free cash flow" are non-GAAP measures as defined by the Securities and Exchange Commission (the "SEC"). See "Definitions of Non-GAAP Measures" and "Tabular Reconciliations for Non-GAAP Measures" on pages 10-16 herein for an explanation and reconciliations of non-GAAP measures used throughout this release. Expedia Group does not calculate or report net income by segment. Please refer to the "Glossary of Business Terms," located in the Quarterly Results section on Expedia Group’s investor relations website, for business and financial statement definitions used throughout this release Discussion of Results The results for Expedia Group, Inc. ("Expedia Group" or "the Company") include Brand Expedia®, Hotels.com®, Expedia® Partner Solutions, Vrbo®, Egencia®, trivago®, HomeAway®, Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia Group™ Media Solutions, CarRentals.com™, Expedia® Cruises™, Traveldoo® and VacationRentals.com. Results include the related international points of sale for all brands and the immaterial impact of Bodybuilding.com since the Liberty Expedia Holdings, Inc. transaction on July 26, 2019. In May 2020, Expedia Group completed the sale of Bodybuilding.com. In October 2020, we completed the sale of SilverRail™, and in April 2021, we completed the sale of Classic Vacations®. All amounts shown are in U.S. dollars. Page 1 of 17 Gross Bookings & Revenue Revenue by Segment ($ millions) Revenue Second Quarter 2021 2020 Δ% Retail $ 1,715 $ 463 270% B2B 305 68 348% Corporate (Bodybuilding.com) — 20 NM Expedia Group (excluding trivago) $ 2,020 $ 551 266% trivago 115 18 551% Intercompany eliminations (24) (3) 781% Total $ 2,111 $ 566 273% For the second quarter of 2021, total gross bookings and total revenue both increased significantly compared to the second quarter of 2020. Booking trends for lodging, air, and other travel products all improved sequentially from the first quarter of 2021. Both Retail and B2B segment revenue increased compared to the second quarter of 2020. The growth in gross bookings and revenue largely reflect continued improvement in leisure travel trends during the quarter. Product & Services Detail - Second Quarter 2021 As a percentage of total worldwide revenue in the second quarter of 2021, lodging accounted for 73%, advertising and media accounted for 8%, air accounted for 4% and all other revenues accounted for the remaining 15%. Lodging revenue increased in the second quarter of 2021 driven by a significant increase in room nights stayed and growth in revenue per room night. Revenue per room night benefited from higher average daily rates ("ADRs") driven by an increase in regional rates and a higher mix of U.S. hotels compared to the second quarter of 2020. Air revenue increased in the second quarter of 2021 driven largely by an increase in tickets sold as air travel demand improved. Advertising and media revenue increased in the second quarter of 2021 due to increases at both trivago and Expedia Group Media Solutions. Other revenue increased in the second quarter of 2021 driven by growth from both car and travel insurance products. Other revenue included revenue related to Bodybuilding.com for the second quarter of 2020, but not for the second quarter of 2021 as the Bodybuilding.com business was disposed of in May 2020. Page 2 of 17 Costs and Expenses ($ millions) Costs and Expenses As a % of Revenue Second Quarter Second Quarter 2021 2020 Δ% 2021 2020 Δ (bps) Generally Accepted Accounting Principles (GAAP) Expenses - Expedia Group Cost of revenue $ 374 $ 381 (2) % 17.7 % 67.2 % (4,951) Selling and marketing - direct 1,002 90 1,019 % 47.5 % 15.8 % 3,164 Selling and marketing - indirect 197 201 (2) % 9.4 % 35.5 % (2,613) Selling and marketing 1,199 291 313 % 56.8 % 51.3 % 550 Technology and content 276 271 2 % 13.1 % 48.0 % (3,488) General and administrative 184 149 23 % 8.7 % 26.5 % (1,776) Total GAAP costs and expenses $ 2,033 $ 1,092 86 % 96.3 % 193.0 % (9,664) Adjusted Expenses - Expedia Group Cost of revenue* $ 368 $ 378 (3) % 17.4 % 66.7 % (4,925) Selling and marketing - direct 1,002 90 1,019 % 47.5 % 15.8 % 3,164 Selling and marketing - indirect* 165 188 (12) % 7.8 % 33.2 % (2,539) Selling and marketing* 1,167 278 320 % 55.3 % 49.0 % 625 Technology and content* 244 253 (4) % 11.6 % 44.8 % (3,326) General and administrative* 134 129 4 % 6.4 % 22.9 % (1,648) Total adjusted costs and expenses $ 1,913 $ 1,038 84 % 90.7 % 183.4 % (9,274) Adjusted Expenses - Expedia Group (excluding trivago)** Cost of revenue* $ 364 $ 378 (4) % 18.0 % 68.4 % (5,042) Selling and marketing* 1,107 270 312 % 54.8 % 48.8 % 601 Technology and content* 231 240 (4) % 11.4 % 43.6 % (3,220) General and administrative* 126 121 4 % 6.3 % 22.0 % (1,575) Total adjusted costs and expenses excluding trivago $ 1,828 $ 1,009 81 % 90.5 % 182.9 % (9,236) Note: Expedia Group reclassified certain prior period information to conform to the current period presentation primarily related to the classification of licensing and maintenance costs within operating expenses. Some numbers may not add due to rounding. *Adjusted expenses are non-GAAP measures. See pages 10-16 herein for a description and reconciliation to the corresponding GAAP measures. **Expedia Group (excluding trivago) figures exclude both trivago costs and expenses and trivago revenue when calculating 'As a % of Revenue.' Cost of Revenue • For the second quarter of 2021, total GAAP and adjusted cost of revenue decreased 2% and 3%, respectively, compared to the second quarter of 2020, primarily due to decreased customer service and personnel costs, lower bad debt expense, and the absence of expenses related to Bodybuilding.com which was disposed of in May 2020. Selling and Marketing • For the second quarter of 2021, total GAAP and adjusted total selling and marketing expense increased 313% and 320%, respectively, compared to the second quarter of 2020, primarily due to a $912 million increase in direct costs as marketing spend increased in anticipation of a further recovery in travel demand. Indirect costs, which represented 16% of total GAAP selling and marketing costs in the second quarter of 2021, compared to 69% in the second quarter of 2020, and 14% of total adjusted selling and marketing expense in the second quarter of 2021, compared to 68% in the second quarter of 2020, decreased 2% and 12%, respectively, due to lower personnel costs in connection with previously announced cost savings initiatives. Page 3 of 17 Technology and Content • For the second quarter of 2021, total GAAP technology and content expense increased 2%, and total adjusted technology and content expense decreased 4%, compared to the second quarter of 2020, due to lower personnel and related costs in connection with previously announced cost savings initiatives. The year-over-year benefit for GAAP technology and content expense was offset by higher stock-based compensation. General and Administrative • For the second quarter of 2021, total GAAP and adjusted general and administrative expense increased 23% and 4%, respectively, compared to the second quarter of 2020, mainly due to a shift in personnel costs from bonus to salary. The year-over-year increase in GAAP general and administrative expense was driven by higher stock-based compensation. Net Loss Attributable to Expedia Group and Adjusted EBITDA* Adjusted EBITDA by Segment ($ millions) Second Quarter 2021 2020 Δ% Retail $ 303 $ (203) NM B2B (8) (128) (93)% Unallocated overhead costs (99) (89) 11% Expedia Group (excluding trivago) $ 196 $ (420) NM trivago(1) 5 (16) NM Total Adjusted EBITDA $ 201 $ (436) NM Net income (loss) attributable to Expedia Group common stockholders(2) $ (301) $ (753) (60)% (1) trivago is a separately listed company on the Nasdaq Global Select Market and, therefore, is subject to its own reporting and filing requirements which could result in possible differences that are not expected to be material to Expedia Group.
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