Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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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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Long-term Activity Ratios (Summary)
Expedia Group Inc., long-term (investment) activity ratios
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a declining trend from 6.39 in 2017 to 5.49 in 2019, followed by a significant drop to 2.3 in 2020. In 2021, there was a partial recovery to 3.94. This pattern indicates a reduction in the efficiency of using fixed assets to generate revenue, especially pronounced during 2020, likely reflecting operational disruptions or asset underutilization in that year.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When accounting for operating leases and right-of-use assets, a similar but more marked decline is observed. The ratio decreased from 6.39 in 2017 to 4.3 in 2019, then plummeted further to 1.84 in 2020 before rebounding to 3.32 in 2021. This suggests that including these leased assets shows even lower efficiency in asset utilization amidst the same challenging period.
- Total Asset Turnover
- The total asset turnover ratio increased initially from 0.54 in 2017 to 0.62 in 2018, decreased to 0.56 in 2019, and then sharply declined to 0.28 in 2020. A slight recovery to 0.4 was noted in 2021. This trend signals reduced overall asset utilization to generate sales during the pandemic-impacted year, with only partial recovery afterward.
- Equity Turnover
- Equity turnover showed a generally positive trend from 2.22 in 2017 up to 3.04 in 2019, followed by a dip to 2.05 in 2020. However, by 2021, the ratio increased significantly to 4.18, surpassing prior period levels. This could indicate improved use of equity capital to drive revenue in the latest year, reflecting enhanced operational performance or financial management efficiency post-2020.
Net Fixed Asset Turnover
Expedia Group Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Property and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Amazon.com Inc. | ||||||
| Home Depot Inc. | ||||||
| Lowe’s Cos. Inc. | ||||||
| TJX Cos. Inc. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Consumer Discretionary Distribution & Retail | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Net fixed asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
2 Click competitor name to see calculations.
- Revenue
-
Revenue increased consistently from 2017 to 2019, rising from 10,060 million USD to 12,067 million USD. However, in 2020, there was a pronounced decline to 5,199 million USD, reflecting a significant drop of more than 50%. The subsequent year, 2021, showed a partial recovery with revenue increasing to 8,598 million USD, though it remained below pre-2020 levels.
- Property and Equipment, Net
-
The net value of property and equipment displayed a steady upward trend from 1,575 million USD in 2017 to 2,257 million USD in 2020, indicating ongoing investment or capital expenditures. In 2021, there was a slight decrease to 2,180 million USD, suggesting a reduction or asset disposals during that period.
- Net Fixed Asset Turnover Ratio
-
The net fixed asset turnover ratio demonstrated a declining trend from 6.39 in 2017 to 5.49 in 2019, suggesting diminishing efficiency in generating revenue from fixed assets. This ratio sharply dropped to 2.30 in 2020, coinciding with the steep revenue decline and stable or growing asset base. In 2021, the ratio partially rebounded to 3.94, reflecting some recovery in operational efficiency alongside revenue improvement.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Expedia Group Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Property and equipment, net | ||||||
| Operating lease right-of-use assets | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Amazon.com Inc. | ||||||
| Home Depot Inc. | ||||||
| Lowe’s Cos. Inc. | ||||||
| TJX Cos. Inc. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Consumer Discretionary Distribution & Retail | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue experienced a steady increase from 2017 to 2019, growing from approximately $10,060 million to $12,067 million. However, there was a significant decline in 2020, with revenue dropping sharply to $5,199 million, likely due to external factors impacting the business environment. In 2021, revenue partially recovered, increasing to $8,598 million, but it did not return to pre-2020 levels.
- Property and Equipment, Net
- The net value of property and equipment, including operating lease right-of-use assets, showed a consistent upward trend from 2017 through 2020, rising from $1,575 million to $2,831 million. In 2021, a slight decrease was observed, with the figure falling to $2,587 million. This pattern suggests continued investment in assets until 2020, followed by some divestment or depreciation effects in the following year.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures efficiency in using fixed assets to generate revenue, demonstrated a declining trend over the period. It decreased steadily from 6.39 in 2017 to 4.3 in 2019. This decline became more pronounced in 2020 with a significant drop to 1.84, reflecting drastically reduced revenue relative to asset base during that year. In 2021, there was some improvement in turnover to 3.32, indicating partial recovery in asset utilization, although still below earlier years.
Total Asset Turnover
Expedia Group Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Amazon.com Inc. | ||||||
| Home Depot Inc. | ||||||
| Lowe’s Cos. Inc. | ||||||
| TJX Cos. Inc. | ||||||
| Total Asset Turnover, Sector | ||||||
| Consumer Discretionary Distribution & Retail | ||||||
| Total Asset Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Total asset turnover = Revenue ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The financial data over the five-year period presents several notable trends and changes.
- Revenue
- The revenue shows a growth trend from 2017 to 2019, increasing from 10,060 million US dollars to 12,067 million US dollars. This represents a steady upward trajectory during this period. However, in 2020, there is a significant decline with revenue dropping sharply to 5,199 million US dollars. This decline is likely indicative of external disruptions or challenges faced during that year. In 2021, revenue recovers to some extent, reaching 8,598 million US dollars, but it remains below the pre-2020 level.
- Total assets
- Total assets fluctuate over the period. After a slight decrease from 18,516 million US dollars in 2017 to 18,033 million US dollars in 2018, total assets increase substantially to 21,416 million US dollars in 2019. The following year, 2020, sees a decrease to 18,690 million US dollars, which aligns with the revenue drop, suggesting possible asset write-downs or divestitures. By 2021, total assets rise again to 21,548 million US dollars, nearly matching the 2019 peak.
- Total asset turnover
- The total asset turnover ratio, which measures the efficiency of asset use to generate revenue, follows a complementary pattern to revenue trends. The ratio initially increases from 0.54 in 2017 to 0.62 in 2018, indicating improved efficiency. In 2019, the ratio declines to 0.56, then significantly drops to 0.28 in 2020, corresponding with the sharp revenue decrease, reflecting lower asset utilization. In 2021, the asset turnover recovers to 0.4, marking improved efficiency relative to 2020 but still below earlier years.
In summary, the data reveals a period of growth and asset accumulation up to 2019, followed by a disruptive event in 2020 causing declines in revenue, asset value, and asset utilization efficiency. Partial recovery in 2021 is evident but not to the prior peak levels, suggesting continuing but improving operational challenges.
Equity Turnover
Expedia Group Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Total Expedia Group, Inc. stockholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Amazon.com Inc. | ||||||
| Home Depot Inc. | ||||||
| Lowe’s Cos. Inc. | ||||||
| TJX Cos. Inc. | ||||||
| Equity Turnover, Sector | ||||||
| Consumer Discretionary Distribution & Retail | ||||||
| Equity Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Equity turnover = Revenue ÷ Total Expedia Group, Inc. stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the five-year period ended December 31, 2021.
- Revenue
- The revenue exhibited growth from 2017 through 2019, increasing from 10,060 million US dollars to 12,067 million US dollars, indicating a positive upward trend in business activity during this period. However, there was a sharp decline in 2020, where revenue dropped significantly to 5,199 million US dollars. This represents a reduction of more than 50% from the previous year, reflecting a substantial disruption likely impacting the company's operations. In 2021, revenue partially recovered to 8,598 million US dollars but remained below pre-2020 levels.
- Total Stockholders’ Equity
- Stockholders’ equity showed a steady decline over the entire period. Starting from 4,522 million US dollars in 2017, it decreased consistently to 2,057 million US dollars by the end of 2021. This decline indicates a reduction in the net asset base, which could be attributed to losses sustained during the downturn period or distributions to shareholders exceeding earnings.
- Equity Turnover
- The equity turnover ratio demonstrated variability correlated with the changes in revenue and equity. Initially, the ratio increased from 2.22 in 2017 to 3.04 in 2019, coinciding with rising revenue and a slightly declining equity base. In 2020, the ratio dropped to 2.05, reflecting the significant decrease in revenue alongside a reduced equity base. Interestingly, in 2021, the equity turnover ratio surged to 4.18, the highest in the observed period. This spike is likely related to a partial recovery in revenue combined with the continued decrease in equity, indicating more efficient utilization of equity to generate sales, albeit in the context of a diminished equity base.
Overall, the data suggests the company experienced robust revenue growth until 2019, followed by a severe disruption in 2020, with partial recovery in 2021. Concurrently, the declining equity base through the years has intensified the equity turnover ratio, especially in the latest period analyzed.