Expedia Group Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income (loss) attributable to Expedia Group, Inc.	12)	(2,612)	565)	406)	378)
Net (income) loss attributable to non-controlling interests	3)	(116)	7)	(8)	(7)
Net noncash charges	1,113)	1,796)	1,004)	1,195)	835)
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions	2,620)	(2,902)	1,191)	382)	593)
Net cash provided by (used in) operating activities	3,748)	(3,834)	2,767)	1,975)	1,799)
Capital expenditures, including internal-use software and website development	(673)	(797)	(1,160)	(878)	(710)
Revolving credit facility borrowings	—)	2,672)	—)	—)	—)
Revolving credit facility repayments	—)	(2,672)	—)	—)	—)
Proceeds from issuance of long-term debt, net of issuance costs	1,964)	3,945)	1,231)	—)	990)
Payment of long-term debt	(1,706)	(750)	—)	(500)	—)
Debt extinguishment costs	(258)	—)	—)	—)	—)
Free cash flow to equity (FCFE)	3,075)	(1,436)	2,838)	597)	2,078)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Expedia Group Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Expedia Group Inc. FCFE decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Expedia Group Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	157,097,831
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	3,075)
FCFE per share	19.57
Current share price (P)	150.31
Valuation Ratio
P/FCFE	7.68
Benchmarks
P/FCFE, Competitors¹
Amazon.com Inc.	111.53
Home Depot Inc.	20.89
Lowe’s Cos. Inc.	17.36
TJX Cos. Inc.	35.76
P/FCFE, Sector
Consumer Discretionary Distribution & Retail	84.14
P/FCFE, Industry
Consumer Discretionary	106.05

Based on: 10-K (reporting date: 2021-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Expedia Group Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	155,754,357	143,864,551	139,989,125	147,190,304	151,833,402
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	3,075)	(1,436)	2,838)	597)	2,078)
FCFE per share³	19.74	-9.98	20.27	4.06	13.69
Share price^1, 4	192.12	146.51	122.80	130.80	104.00
Valuation Ratio
P/FCFE⁵	9.73	—	6.06	32.25	7.60
Benchmarks
P/FCFE, Competitors⁶
Amazon.com Inc.	—	55.66	63.35	—	—
Home Depot Inc.	15.41	14.99	16.61	—	—
Lowe’s Cos. Inc.	12.28	8.69	20.45	—	—
TJX Cos. Inc.	10.55	19.71	21.79	—	—
P/FCFE, Sector
Consumer Discretionary Distribution & Retail	59.10	38.09	38.19	—	—
P/FCFE, Industry
Consumer Discretionary	82.92	32.04	28.99	—	—

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 Data adjusted for splits and stock dividends.

² See details »

³ 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,075,000,000 ÷ 155,754,357 = 19.74

⁴ Closing price as at the filing date of Expedia Group Inc. Annual Report.

⁵ 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 192.12 ÷ 19.74 = 9.73

⁶ Click competitor name to see calculations.

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Expedia Group Inc. (NASDAQ:EXPE)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical