Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Solvency Ratios (Summary)
Expedia Group Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Debt to Equity Ratios
- The debt to equity ratio exhibited a generally increasing trend over the analyzed quarters. It started at 0.78 in the first quarter of 2017 and rose steadily, peaking notably during 2020 and 2021, reaching values above 3. In particular, a sharp increase occurred between the first quarter of 2020 (3.01) and the second quarter of 2021 (5.28), indicating a significant rise in leverage. This increase was mirrored when including operating lease liabilities, with similar timing and magnitude, reaching a high of 5.53 in the second quarter of 2021. Subsequently, the ratios showed a decreasing trend towards the first quarter of 2022.
- Debt to Capital Ratios
- The debt to capital ratio remained relatively stable with minor fluctuations from 0.44 to 0.55 from 2017 through 2019. However, starting from early 2020, the ratio rose sharply to about 0.75-0.79 and held at elevated levels through the end of the observation period. When operating lease liabilities were included, the trend was similar but slightly higher in absolute terms, reflecting the impact of recognizing these leases as liabilities. The increase beginning in 2020 suggests a growing proportion of debt in the company's capital structure during that period.
- Debt to Assets Ratios
- Debt to assets ratios were lower relative to the other leverage metrics, mainly fluctuating between 0.17 and 0.26 from 2017 to 2019. A notable increase occurred starting in the first quarter of 2020, when the ratio climbed to between 0.33 and 0.48, indicating a larger share of assets financed by debt. The inclusion of operating lease liabilities amplified this trend, with values peaking slightly higher than the basic ratios. This data supports the observation of increased leverage beginning in early 2020.
- Financial Leverage
- Financial leverage ratios followed a rising trajectory over time, consistent with the other leverage measures. From a range of approximately 4.09 to 5.4 during 2017-2019, leverage jumped significantly starting in 2020, reaching levels as high as 15.05 in the second quarter of 2021. Despite some fluctuations, the elevated leverage persisted through 2022, indicating increased total asset exposure relative to equity during the pandemic and its aftermath.
- Interest Coverage Ratio
- Interest coverage showed healthy values above 3 during most of 2017 and 2018, improving to values above 5 in late 2019. However, in 2020, a dramatic decline is visible, with negative values recorded from the first quarter onward, reaching as low as -7.75 in the fourth quarter of 2020. This indicates losses or earnings insufficient to cover interest expenses during that period. A gradual recovery began in 2021, with values moving back toward positive territory by early 2022, though not consistently strong as in prior years.
- Overall Analysis
- The financial data reveals a marked increase in leverage starting in 2020, likely driven by significant borrowing or adoption of lease liabilities amidst challenging market conditions. The heightened financial leverage persisted through 2021, accompanied by deteriorated interest coverage ratios indicative of financial strain or reduced profitability. The modest improvements in leverage and interest coverage toward the beginning of 2022 suggest a gradual stabilization. The patterns highlight increased financial risk during the pandemic period, with partial recovery in the following quarters.
Debt Ratios
Coverage Ratios
Debt to Equity
Expedia Group Inc., debt to equity calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current maturities of long-term debt | ||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | ||||||||||||||||||||||||||||
| Revolving credit facility | ||||||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||||||
| Total Expedia Group, Inc. stockholders’ equity | ||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to equity1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to equity = Total debt ÷ Total Expedia Group, Inc. stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibited a general upward trend from March 31, 2017, to June 30, 2020, increasing from $3,171 million to a peak of $9,553 million. Following this peak, the total debt declined gradually, reaching $7,719 million by March 31, 2022. Notably, the period from March 31, 2020, to June 30, 2020, displayed the steepest increase in debt, likely associated with significant financing activity during that timeframe.
- Total Stockholders’ Equity
- Stockholders’ equity showed relative stability with fluctuations from March 31, 2017, through the end of 2019, ranging between approximately $3,967 million and $4,603 million. However, from March 31, 2020, a marked decline was observed, dropping to a low of $1,607 million on June 30, 2021. There was a slight recovery afterward, reaching $2,078 million by March 31, 2022, but the equity remained substantially lower than the levels seen before 2020.
- Debt to Equity Ratio
- The debt to equity ratio increased moderately from 0.76 at June 30, 2017, to just above 1.2 by December 31, 2019, indicating a rising leverage but still within a moderate range. Beginning in early 2020, this ratio escalated sharply, reaching a maximum of 5.28 on June 30, 2021. This surge reflects the combined effect of rising debt and diminishing equity during the same period. The ratio somewhat moderated afterward but remained elevated at 3.71 as of March 31, 2022, signifying sustained high leverage compared to prior years.
- Overall Insights
- The pattern suggests that the company significantly increased its debt load beginning in early 2020, coinciding with a pronounced reduction in stockholders’ equity, which could indicate financial stress or strategic borrowing during this period. The elevated debt to equity ratio post-2020 points to increased financial leverage compared to historical levels. While some deleveraging is apparent by the first quarter of 2022, leverage remains considerably higher than in pre-2020 periods, implying a cautious financial position or ongoing debt management efforts.
Debt to Equity (including Operating Lease Liability)
Expedia Group Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current maturities of long-term debt | ||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | ||||||||||||||||||||||||||||
| Revolving credit facility | ||||||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||||||
| Long-term operating lease liabilities | ||||||||||||||||||||||||||||
| Total debt (including operating lease liability) | ||||||||||||||||||||||||||||
| Total Expedia Group, Inc. stockholders’ equity | ||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Expedia Group, Inc. stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several significant trends in the leverage and equity position over the observed periods.
- Total Debt (including operating lease liability)
-
The total debt showed a gradual increase from $3,171 million in March 2017 to $5,470 million by December 2019. There was a marked rise in total debt beginning in the first quarter of 2020, peaking at $10,096 million in June 2020, likely attributable to external factors impacting liquidity needs. After this peak, total debt declined progressively to $8,069 million by March 2022, indicating efforts to deleverage or manage liabilities more effectively.
- Total Expedia Group, Inc. Stockholders’ Equity
-
Stockholders’ equity exhibited a modest fluctuation in the initial periods, generally ranging between approximately $4,000 million and $4,600 million from 2017 through 2019. However, from March 2020 onwards, equity values declined sharply to $2,270 million, reflecting a significant reduction in net asset value. Following this downturn, equity remained relatively stable but at a considerably lower level, fluctuating around $2,000 million through March 2022, suggesting a diminished equity base post significant-value impairment or other impacting events.
- Debt to Equity Ratio (including operating lease liability)
-
The debt to equity ratio displayed moderate volatility from 2017 through 2019, generally oscillating between 0.76 and 1.38, indicating balanced leverage levels relative to equity. Starting in early 2020, there was a dramatic increase in the ratio, surging from 3.25 in March 2020 to a high of 5.53 in June 2021. This spike results from the combined effect of increased debt and substantially reduced equity, reflecting heightened financial leverage and potentially elevated risk. Towards the end of the analyzed periods, the ratio decreased but remained significantly elevated, ending at 3.88 in March 2022, which is well above the pre-2020 levels.
Overall, the data portrays a financial profile that underwent substantial stress starting in early 2020, characterized by a sharp increase in debt combined with a marked decline in equity, culminating in a significantly higher leverage ratio. Subsequent quarters show efforts to reduce debt levels and stabilize equity, yet leverage remains considerably higher than in the years prior to 2020. This pattern suggests altered capital structure dynamics potentially influenced by external market or operational challenges during this period.
Debt to Capital
Expedia Group Inc., debt to capital calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current maturities of long-term debt | ||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | ||||||||||||||||||||||||||||
| Revolving credit facility | ||||||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||||||
| Total Expedia Group, Inc. stockholders’ equity | ||||||||||||||||||||||||||||
| Total capital | ||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to capital1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibited a generally increasing trend from the first quarter of 2017 through mid-2020. Starting at approximately $3.17 billion in March 2017, it rose steadily to peak at around $9.55 billion by June 2020. Subsequently, total debt showed a decline through to March 2022, dropping to approximately $7.72 billion. This pattern indicates a significant increase in leverage up to mid-2020, followed by efforts to reduce total debt thereafter.
- Total Capital
- Total capital fluctuated over the same period with a moderate upward trend until early 2019, reaching around $9.1 billion. From early 2019 through mid-2020, total capital increased considerably, peaking near $12.3 billion by June 2020. After this peak, total capital declined steadily to about $9.8 billion by March 2022. This suggests that capital structure expanded notably during the pandemic period but then contracted moderately in the subsequent recovery phase.
- Debt to Capital Ratio
- The debt to capital ratio was relatively stable around the mid-0.4 to high-0.4 range from March 2017 through early 2019, indicating a consistent capital structure with less than 50% leverage. Beginning in 2019 and intensifying in 2020, the ratio increased sharply from approximately 0.54 to a high of 0.84 by June 2021, reflecting a considerable rise in leverage. After this peak, the ratio slightly decreased but remained elevated near 0.79 by March 2022, suggesting sustained higher leverage levels compared to pre-2019 periods.
- Summary Insights
- Overall, the data display a significant increase in debt and leverage starting in late 2018 and through 2020, reaching peak levels amid the COVID-19 pandemic period. Total capital grew in parallel, indicating capital sourcing during this time, potentially through debt financing. Following mid-2020, both debt and total capital decreased, accompanied by a modest reduction in leverage, although the company's leverage remains substantially higher than in previous years. This pattern might reflect strategic refinancing or deleveraging efforts as market conditions evolved post-pandemic. The relatively high leverage levels as of March 2022 may warrant attention regarding financial risk and capital management going forward.
Debt to Capital (including Operating Lease Liability)
Expedia Group Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current maturities of long-term debt | ||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | ||||||||||||||||||||||||||||
| Revolving credit facility | ||||||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||||||
| Long-term operating lease liabilities | ||||||||||||||||||||||||||||
| Total debt (including operating lease liability) | ||||||||||||||||||||||||||||
| Total Expedia Group, Inc. stockholders’ equity | ||||||||||||||||||||||||||||
| Total capital (including operating lease liability) | ||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data over the period from March 31, 2017, to March 31, 2022, reveals several notable trends in the company’s debt, capital structure, and leverage ratios.
- Total Debt (including operating lease liability)
- The total debt exhibited a general increasing trend from Q1 2017 to Q2 2020, rising from 3,171 million USD to a peak of 10,096 million USD. This signifies more than a threefold increase over this period, indicating significant leverage expansion. From Q2 2020 onwards, the debt level decreased moderately, falling to approximately 8,069 million USD by Q1 2022. This suggests a partial reduction of debt in the latest quarters after a period of substantial debt accumulation.
- Total Capital (including operating lease liability)
- Total capital showed a less pronounced increase and greater volatility over the same period. Starting at 7,260 million USD in Q1 2017, it generally increased with intermittent declines, reaching a high of roughly 12,852 million USD in Q2 2020. Following this peak, the capital base declined somewhat and stabilized around the range of 10,000 to 11,000 million USD through early 2022. The moderate fluctuations in capital imply adjustments in the equity and debt financing mix, with capital expansion driven partly by increased debt levels.
- Debt to Capital Ratio
- The debt to capital ratio trends closely mirror the movements in total debt and capital. Starting at 0.44 in Q1 2017, the ratio gradually increased, reflecting a growing reliance on debt financing relative to total capital. The ratio peaked sharply at 0.79 in Q2 2020, during the period when total debt reached its maximum. Following this peak, despite some reduction in total debt, the ratio remained elevated around 0.80, indicating a sustained high leverage level relative to the capital structure through March 2022.
Overall, the financial data indicates an aggressive increase in leverage over the analyzed period, culminating in a peak in mid-2020. This increase likely reflects strategic financing decisions possibly linked to external market conditions or company initiatives. Despite some debt reduction after this peak, the leverage ratio remains substantially higher than the initial periods, suggesting a persistently higher risk profile and greater financial obligations compared to the earlier years.
Debt to Assets
Expedia Group Inc., debt to assets calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current maturities of long-term debt | ||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | ||||||||||||||||||||||||||||
| Revolving credit facility | ||||||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to assets1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Total Debt
-
Total debt showed relative stability from early 2017 to early 2019, fluctuating roughly between 3,171 million USD and 4,938 million USD. There was a notable increase starting in the first quarter of 2020, coinciding with a period of global economic uncertainty, where total debt reached a peak of 9,553 million USD in the second quarter of 2020. Following this peak, total debt gradually declined but remained elevated compared to the pre-2020 levels, ending at 7,719 million USD in the first quarter of 2022.
- Total Assets
-
Total assets exhibited a generally upward trend over the analyzed period with some volatility. From the first quarter of 2017 to the end of 2019, total assets increased from 17,669 million USD to a peak of 22,416 million USD. However, this was followed by a reduction during 2020, dipping below 20,000 million USD in parts of that year. Recovery ensued in 2021 and into early 2022, with total assets reaching a new high of 24,577 million USD by the first quarter of 2022.
- Debt to Assets Ratio
-
The debt to assets ratio was relatively stable and low, generally between 0.17 and 0.23, prior to 2020, indicating conservative leverage. A sharp rise occurred in 2020, reaching a maximum of 0.45 in the third quarter, reflecting the significant increase in debt combined with the temporary decline in assets. After this peak, the ratio steadily declined through 2021 and into early 2022, reaching 0.31 by the first quarter of 2022, suggesting improvement in balance sheet leverage and asset base strength post the 2020 economic disruptions.
- Overall Insights
-
The data highlights a critical impact period around 2020, where total debt increased substantially while assets declined, resulting in a marked rise in leverage ratio. This suggests the company likely increased debt to manage operational or strategic challenges during this time. The subsequent improvement in both total assets and leverage ratio indicates recovery and deleveraging efforts post-2020. Despite this recovery, leverage remains higher than levels observed before 2020, implying a more leveraged financial position moving forward.
Debt to Assets (including Operating Lease Liability)
Expedia Group Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current maturities of long-term debt | ||||||||||||||||||||||||||||
| Long-term debt, excluding current maturities | ||||||||||||||||||||||||||||
| Revolving credit facility | ||||||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||||||
| Long-term operating lease liabilities | ||||||||||||||||||||||||||||
| Total debt (including operating lease liability) | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The analysis reveals notable fluctuations in the company’s financial leverage and asset base over the observed quarters. Total debt, inclusive of operating lease liabilities, demonstrated an overall upward trajectory from March 2017 through mid-2020, increasing from approximately $3.2 billion to a peak exceeding $10 billion by June 2020. This peak was followed by a gradual decline, with debt levels reducing to about $8.1 billion by March 2022. Such variation suggests periods of increased borrowing, potentially to finance operations or investments, followed by deleveraging efforts in more recent periods.
Total assets exhibited a less volatile but generally upward pattern. Starting at around $17.7 billion in March 2017, assets peaked intermittently above $24 billion by June 2021 and March 2022. Despite a dip during late 2017 through 2020, the asset base showed resilience and recovery, culminating in the highest levels toward the end of the observation period. This indicates growth or acquisition of asset holdings aligning with company activity and expansion strategies.
Focusing on the debt-to-assets ratio, a clear increase occurred from 0.18 in early 2017 to a peak of 0.48 by September 2020. This sharp rise indicates a substantial increase in financial leverage, implying that debt financing grew faster than asset accumulation during this timeframe. Subsequently, the ratio declined steadily to 0.33 by March 2022, reflecting efforts to reduce leverage by either lowering debt, increasing assets, or both. Despite these adjustments, the leverage ratio remained elevated compared to the initial periods.
Overall, the data outlines a phase of heightened leverage culminating in 2020, likely linked to strategic financial decisions or external market conditions, followed by a partial deleveraging and asset growth phase through 2021 and early 2022. This pattern underscores a dynamic capital structure management approach in response to the company’s operational and market environment.
Financial Leverage
Expedia Group Inc., financial leverage calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Total Expedia Group, Inc. stockholders’ equity | ||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Financial leverage1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Financial leverage = Total assets ÷ Total Expedia Group, Inc. stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in the financial structure over the period from March 31, 2017, to March 31, 2022.
- Total Assets
- Total assets exhibit a general upward trend, increasing from US$17,669 million at the beginning of the period to US$24,577 million by March 31, 2022. The asset base showed moderate fluctuation within the timeline, with a noticeable dip occurring towards the end of 2018 and 2020, followed by recoveries in subsequent quarters.
- Total Stockholders’ Equity
- Stockholders’ equity experienced considerable volatility during the analyzed period. Starting at US$4,089 million in March 2017, equity levels generally trended downward, particularly after 2019. There was a marked decline in equity in 2020, reaching a low of US$2,270 million during the first quarter of that year. Although there was some recovery in 2020 and early 2021, equity figures remained substantially below earlier levels and stabilized around the US$2,000 million mark towards the end of the period.
- Financial Leverage
- Financial leverage ratios indicate a significant increase in the use of debt over equity across the timeframe. Initial leverage was moderate, with values around 4 to 5 times in the 2017 to 2019 range. However, from 2020 onward, leverage escalated dramatically, peaking at 15.05 times in the second quarter of 2021. This spike in leverage corresponds with the period when stockholders’ equity was at its lowest, reflecting that debt has grown much faster than equity. Although there is a slight reduction after the peak, leverage remained elevated above 10 times through to March 2022.
In summary, the financial data suggest that the company has grown its asset base over the five-year period but at the cost of increased financial leverage and lower equity levels. The considerable rise in leverage, especially post-2020, indicates higher financial risk and potential vulnerability to adverse business conditions. The declining equity levels paired with high leverage necessitate careful monitoring of solvency and capital structure strategies moving forward.
Interest Coverage
Expedia Group Inc., interest coverage calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
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| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income (loss) attributable to Expedia Group, Inc. | ||||||||||||||||||||||||||||
| Add: Net income attributable to noncontrolling interest | ||||||||||||||||||||||||||||
| Add: Income tax expense | ||||||||||||||||||||||||||||
| Add: Interest expense | ||||||||||||||||||||||||||||
| Earnings before interest and tax (EBIT) | ||||||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Interest coverage1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Interest coverage
= (EBITQ1 2022
+ EBITQ4 2021
+ EBITQ3 2021
+ EBITQ2 2021)
÷ (Interest expenseQ1 2022
+ Interest expenseQ4 2021
+ Interest expenseQ3 2021
+ Interest expenseQ2 2021)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Earnings Before Interest and Tax (EBIT)
- The EBIT figures exhibit significant fluctuations over the analyzed period. During 2017, EBIT transitioned from a negative value of -88 million US dollars in the first quarter to a positive peak of 459 million in the third quarter, before declining slightly at year-end. In 2018, EBIT displayed a volatile pattern with negative values in the first and second quarters, followed by a substantial increase to 659 million in the third quarter and a drop to 97 million in the fourth quarter. The year 2019 showed relatively stable and strong EBIT values, maintaining positive territory with a peak of 601 million in the third quarter. However, 2020 presented a sharply deteriorating trend, with EBIT plunging deeply into negative values, reaching a trough of -1429 million US dollars in the first quarter. This significant negative trend continued throughout the year with large losses recorded each quarter. In 2021, EBIT showed signs of partial recovery, moving from negative values in the first half of the year to positive results in the third and fourth quarters, although the first quarter of 2022 reverted to a negative EBIT figure.
- Interest Expense
- Interest expenses have remained relatively stable throughout most periods, generally fluctuating within a narrow range between 39 million and 53 million US dollars from 2017 to 2019. A notable increase occurred in 2020, with interest expenses rising sharply to 95 million in the second quarter and peaking at 113 million in the third quarter, reflecting potentially higher borrowing or debt servicing costs during the year marked by financial stress. The figures in 2021 and early 2022 show a gradual decrease back toward pre-2020 levels, with interest expenses consistently around the 80-100 million range.
- Interest Coverage Ratio
- Interest coverage ratio data is only available for 2017 Q3 onwards and reveals distinct phases. From the third quarter of 2017 through the end of 2019, the ratio remained comfortably above 2.5, frequently exceeding 3 and peaking over 5.5, indicating sufficient EBIT to cover interest expenses multiple times over, reflective of financial strength and operational profitability during this period. By contrast, during 2020, the ratio deteriorated drastically, becoming negative and hitting lows below -7, consistent with deeply negative EBIT values and inability to cover interest expenses from operating earnings. This negative coverage persisted into early 2021, though gradually improving. By the end of 2021 and into the first quarter of 2022, the interest coverage ratio returned to positive territory, suggesting improvement in financial stability and operational performance.