Name: Expedia Group Inc. (NASDAQ:EXPE) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Expedia Group Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Revenue	2,249)	2,279)	2,962)	2,111)	1,246)	920)	1,504)	566)	2,209)	2,747)	3,558)	3,153)	2,609)	2,559)	3,276)	2,880)	2,508)	2,319)	2,966)	2,586)	2,189)
Cost of revenue, exclusive of depreciation and amortization	(371)	(395)	(442)	(374)	(311)	(287)	(375)	(389)	(629)	(539)	(548)	(500)	(490)	(476)	(504)	(498)	(487)	(437)	(459)	(439)	(422)
Gross profit	1,878)	1,884)	2,520)	1,737)	935)	633)	1,129)	177)	1,580)	2,208)	3,010)	2,653)	2,119)	2,083)	2,772)	2,382)	2,021)	1,882)	2,507)	2,147)	1,767)
Selling and marketing	(1,339)	(1,044)	(1,314)	(1,199)	(664)	(511)	(529)	(296)	(1,210)	(1,268)	(1,646)	(1,643)	(1,521)	(1,209)	(1,501)	(1,541)	(1,516)	(1,124)	(1,461)	(1,443)	(1,270)
Technology and content	(270)	(274)	(277)	(276)	(247)	(223)	(224)	(255)	(308)	(321)	(304)	(304)	(297)	(417)	(404)	(400)	(396)	(372)	(350)	(343)	(322)
General and administrative	(186)	(183)	(182)	(184)	(156)	(124)	(134)	(152)	(187)	(216)	(210)	(205)	(184)	(211)	(202)	(196)	(199)	(198)	(141)	(179)	(158)
Depreciation and amortization	(197)	(199)	(201)	(205)	(209)	(212)	(220)	(232)	(229)	(226)	(228)	(228)	(228)	(68)	(71)	(72)	(72)	(71)	(71)	(66)	(67)
Impairment of goodwill	—)	(14)	—)	—)	—)	—)	(14)	(20)	(765)	—)	—)	—)	—)	(25)	—)	(61)	—)	—)	—)	—)	—)
Intangible and other long-term asset impairment	—)	(6)	—)	—)	—)	(3)	(41)	(10)	(121)	—)	—)	—)	—)	(42)	—)	—)	—)	—)	—)	—)	—)
Legal reserves, occupancy tax and other	(21)	—)	(10)	8)	1)	2)	(2)	(8)	21)	(9)	(11)	(4)	(10)	(15)	78)	(1)	(3)	(2)	1)	(3)	(21)
Restructuring and related reorganization charges	—)	(1)	(12)	(13)	(29)	(25)	(78)	(53)	(75)	(8)	(2)	(4)	(10)	—)	—)	—)	—)	(1)	(4)	(10)	(2)
Operating income (loss)	(135)	163)	524)	(132)	(369)	(463)	(113)	(849)	(1,294)	160)	609)	265)	(131)	96)	672)	111)	(165)	113)	482)	103)	(73)
Interest income	3)	4)	2)	1)	2)	2)	3)	3)	10)	14)	17)	17)	11)	10)	34)	16)	11)	9)	9)	9)	6)
Interest expense	(81)	(84)	(86)	(83)	(98)	(102)	(113)	(95)	(50)	(53)	(40)	(39)	(41)	(41)	(47)	(51)	(51)	(52)	(44)	(43)	(43)
Loss on debt extinguishment	—)	—)	—)	—)	(280)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Gain on sale of business, net	—)	456)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	5)	(68)	25)	(10)	(5)	68)	(1)	(12)	(145)	(1)	(25)	(8)	20)	(9)	(47)	(90)	36)	5)	(32)	(13)	(22)
Other expense, net	(73)	308)	(59)	(92)	(381)	(32)	(111)	(104)	(185)	(40)	(48)	(30)	(10)	(40)	(60)	(125)	(4)	(38)	(66)	(46)	(58)
Income (loss) before income taxes	(208)	471)	465)	(224)	(750)	(495)	(224)	(953)	(1,479)	120)	561)	235)	(141)	56)	612)	(14)	(169)	76)	415)	57)	(131)
Provision for income taxes	85)	(76)	(87)	47)	169)	104)	24)	213)	82)	(42)	(154)	(48)	41)	(31)	(81)	5)	20)	(23)	(66)	(3)	47)
Net income (loss)	(123)	395)	378)	(177)	(581)	(391)	(200)	(740)	(1,397)	78)	407)	187)	(100)	25)	531)	(9)	(149)	53)	349)	54)	(85)
Net (income) loss attributable to non-controlling interests	1)	(9)	(2)	5)	3)	8)	8)	4)	96)	(2)	2)	(4)	(3)	(8)	(6)	10)	12)	2)	3)	3)	(2)
Net income (loss) attributable to Expedia Group, Inc.	(122)	386)	376)	(172)	(578)	(383)	(192)	(736)	(1,301)	76)	409)	183)	(103)	17)	525)	1)	(137)	55)	352)	57)	(86)
Preferred stock dividend and loss on redemption of preferred stock	—)	(110)	(14)	(129)	(28)	(29)	(29)	(17)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income (loss) attributable to Expedia Group, Inc. common stockholders	(122)	276)	362)	(301)	(606)	(412)	(221)	(753)	(1,301)	76)	409)	183)	(103)	17)	525)	1)	(137)	55)	352)	57)	(86)

An analysis of the quarterly financial performance reveals a pattern of strong seasonality and a severe disruption occurring in 2020, followed by a gradual recovery phase. Revenue consistently peaks in the third quarter of each fiscal year, reflecting cyclical demand in the travel industry. From 2017 through 2019, the company maintained a steady growth trajectory, with quarterly revenues generally ranging between 2.1 billion and 3.5 billion US dollars.

Revenue and Gross Profit Trends: A precipitous decline in revenue occurred in the first half of 2020, reaching a low of 566 million US dollars in the second quarter of 2020. While gross profit margins remained relatively resilient, the absolute value of gross profit mirrored this contraction. A recovery trend began in the second half of 2020, with revenue returning to pre-pandemic levels by the third quarter of 2021, where it reached 2.96 billion US dollars.
Operating Expense Analysis: Selling and marketing expenses constitute the largest portion of operating costs. During the 2020 downturn, these expenses were reduced but did not decline proportionally with the collapse in revenue, which severely compressed operating margins. Technology and content costs remained more stable throughout the period, showing less volatility than marketing expenditures. General and administrative expenses also showed a slight downward trend during the 2020-2021 period, suggesting an effort to optimize fixed cost structures.
Impact of Non-Cash Charges and Impairments: The first quarter of 2020 was marked by significant non-cash charges, including a 765 million US dollar impairment of goodwill and a 121 million US dollar impairment of intangible and other long-term assets. These charges, combined with the revenue collapse, contributed to a quarterly operating loss of 1.29 billion US dollars.
Net Income and Non-Operating Items: Net income exhibited extreme volatility between 2020 and 2022. Deep losses in 2020 transitioned into a recovery in late 2021, with net income reaching 378 million US dollars in the third quarter and 395 million US dollars in the fourth quarter of 2021. This volatility was further influenced by one-time events, such as a 280 million US dollar loss on debt extinguishment in the first quarter of 2021 and a 456 million US dollar gain on the sale of business in the first quarter of 2022.

Overall, the financial trajectory demonstrates a company that experienced a systemic shock in 2020, leading to substantial asset write-downs and operating losses, but which successfully leveraged a recovery in travel demand to return to profitability by the second half of 2021.

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Expedia Group Inc. (NASDAQ:EXPE)

Income StatementQuarterly Data

Income Statement
Quarterly Data