Delaware 20-2705720 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.)

Expedia Group, Inc.
10-K
02/14/2020
EXPEDIA GROUP, INC.
Delaware 20-2705720
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
____________________________
Created by Morningstar Document Research.
http://documentresearch.morningstar.com/
Expedia Group, Inc.
10-K
02/14/2020
Registrant s telephone number, including area code:
Title of each class Trading symbol(s)

Common stock, $0.0001 par value EXPE
Expedia Group, Inc. 2.500% Senior Notes EXPE22
due 2022
____________________________
Name of each exchange on which registered
The Nasdaq Global Select Market
New York Stock Exchange
Expedia Group, Inc.
10-K
02/14/2020
Large accelerated filer ? Accelerated filer ?

Non-accelerated filer ? Smaller reporting company ?
Emerging growth company ?
____________________________
Expedia Group, Inc.
10-K
02/14/2020
Class Outstanding Shares at Jan

were approximately,
Common stock, $0.0001 par value per share 134,465,673 shares
Class B common stock, $0.0001 par value 5,523,452 shares
per share
____________________________
Expedia Group, Inc.
10-K
02/14/2020
Contents
Part I
Item 1 Business 1
Item 1A Risk Factors 9
Item 1B Unresolved Staff Comments 27
Item 2 Properties 27
Item 3 Legal Proceedings 27
Item 4 Mine Safety Disclosures 33
Part II
Item 5 Market for Registrant?s Common Equity, 33
Related Stockholder Matters and Issuer
Purchases of Equity Securities
Item 6 Selected Financial Data 36
Item 7 Management?s Discussion and Analysis 36
of Financial Condition and Results of Operations
Item 7A Quantitative and Qualitative Disclosures 54
About Market Risk
Item 8 Consolidated Financial Statements and 56
Supplementary Data
Item 9 Changes in and Disagreements with Accountants 56
on Accounting and Financial Disclosure
Item 9A Controls and Procedures 56
Item 9B Other Information 58
Part III
Item 10 Directors, Executive Officers and Corporate 58
Governance
Item 11 Executive Compensation 58
Item 12 Security Ownership of Certain Beneficial 58
Owners and Management and Related Stockholder
Matters
Item 13 Certain Relationships and Related Transactions, 58
and Director Independence
Item 14 Principal Accountant Fees and Services 58
Part IV
Item 15 Exhibits, Consolidated Financial Statements 58
and Financial Statement Schedules
Item 16 Form 10-K Summary 65
Signatures 66
____________________________
Expedia Group, Inc.
10-K
02/14/2020
Dividend Policy
Declaration Date Dividend

Per Share
Year ended December 31, 2019:
February 6, 2019 $0.32
May 1, 2019 0.32
July 24, 2019 0.34
November 6, 2019 0.34
February 7, 2018 $0.30
April 24, 2018 0.30
July 23, 2018 0.32
October 19, 2018 0.32
____________________________
Record Date Total Amount Payment Date
(in millions)
March 7, 2019 $47 March 27, 2019

May 23, 2019 48 June 13, 2019
August 22, 2019 50 September 12, 2019
November 19, 2019 50 December 12, 2019
March 8, 2018 $46 March 28, 2018

May 24, 2018 45 June 14, 2018
Expedia Group, Inc.
10-K
02/14/2020
Issuer Purchases of Equity Securities
Period Total Number of Average Price Total Number of

Shares Purchased Paid Per Share Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs
(In thousands, except per share data)
October 1-31, 2019 873 $135.58 873
November 1-30, 2019 - - -
December 1-31, 2019 2,388 110.72 2,388
Total 3,261 3,261
____________________________
tal Number of Maximum
ares Number of
rchased as Shares that
rt of Publicly May Yet Be
nounced Purchased
ans or Under Plans or
ograms Programs
9,048
9,048
26,660
Expedia Group, Inc.
10-K
02/14/2020
SELECTED FINANCIAL DATA
Year Ended December 31,

7/11/1905 7/10/190
(in millions, except for share and per share
data)
Consolidated Statements of Operations
Data:
Revenue $12,067 $11,223
Operating income 903 714
Net income attributable to Expedia Group, 565 406
Inc. (1)
Earnings per share attributable to Expedia
Group, Inc. available to common stockholders:
Basic $3.84 $2.71
Diluted 3.77 2.65
Shares used in computing earnings per share
(000's):
Basic 147,194 149,961
Diluted 149,884 152,889
Dividends declared per common share $1.32 $1.24
December 31,
7/11/1905 7/10/190
Consolidated Balance Sheet Data:
Working deficit ($2,979) ($2,863)
Total assets 21,416 18,033
Senior notes debt (2) 4,938 3,717
Non-redeemable non-controlling interest (3) 1,569 1,547
Total stockholders? equity 5,536 5,651
____________________________
7/10/1905 7/9/1905 7/8/1905 7/7/190
$10,060 $8,774 $6,672

625 462 414
378 282 764
$2.49 $1.87 $5.87

2.42 1.82 5.70
151,619 150,367 130,159

156,385 154,517 134,018
$1.16 $1.00 $0.84
7/10/1905 7/9/1905 7/8/1905 7/7/190
($2,339) ($2,677) ($2,950)

18,516 15,778 15,486
4,249 3,159 3,183
1,606 1,561 65
6,129 5,693 4,930
7/7/1905
7/7/1905
Expedia Group, Inc.
10-K
02/14/2020
Gross Bookings and Revenue Margin
Year ended December 31,

7/11/1905 7/10/1905 7/9/1905
($ in millions)
Gross Bookings
Core OTA $87,644 $80,320 $72,701
trivago (1) - - -
Vrbo 11,933 11,449 8,746
Egencia 8,296 7,958 6,963
Total gross bookings $107,873 $99,727 $88,410
Revenue Margin
Core OTA 10.80 % 10.90 % 10.80 %
trivago (1) N/A N/A N/A
Vrbo 11.20 % 10.20 % 10.40 %
Egencia 7.50 % 7.60 % 7.50 %
Total revenue margin 11.20 % 11.30 % 11.40 %
____________________________
% Change
2019 vs 2018 vs
9 % 10 %
N/A N/A
4 % 31 %
4 % 14 %
8 % 13 %
Expedia Group, Inc.
10-K
02/14/2020
Revenue

7/11/1905 7/10/1905
($ in millions)
Revenue by Segment
Core OTA $9,427 $8,760
trivago (Third-party revenue) 622 691
Vrbo 1,340 1,171
Egencia 620 601
Corporate (Bodybuilding.com) 58 -
Total revenue $12,067 $11,223
____________________________
% Change
7/9/1905 2019 vs 2018 vs
$7,881 8 % 11 %
752 (10) % (8) %
906 14 % 29 %
521 3 % 16 %
- N/A N/A
$10,060 8 % 12 %
Expedia Group, Inc.
10-K
02/14/2020
Revenue

7/11/1905 7/10/1905
($ in millions)
Revenue by Service Type
Lodging $8,472 $7,712
Air 869 881
Advertising and media (1) 1,103 1,092
Other 1,623 1,538
____________________________
% Change
7/9/1905 2019 vs 2018 vs
$6,851 10 % 13 %
784 (1) % 12 %
1,073 1 % 2 %
1,352 6 % 14 %
$10,060 8 % 12 %
Expedia Group, Inc.
10-K
02/14/2020
Revenue

7/11/1905 7/10/1905
($ in millions)
Revenue by Business Model
Merchant $6,459 $5,950
Agency 3,165 3,010
Advertising and media 1,103 1,092
Vrbo 1,340 1,171
____________________________
% Change
7/9/1905 2019 vs 2018 vs
$5,394 9 % 10 %
2,687 5 % 12 %
1,073 1 % 2 %
906 14 % 29 %
$10,060 8 % 12 %
Expedia Group, Inc.
10-K
02/14/2020
Cost of Revenue

7/11/1905 7/10/1905 7/9/1905
($ in millions)
Customer operations $952 $894 $781
Credit card processing 522 508 506
Data center, cloud and other 689 563 470
Total cost of revenue $2,163 $1,965 $1,757
% of revenue 17.90 % 17.50 % 17.50
____________________________
% Change
7/9/1905 2019 vs 2018 vs
$781 6 % 14 %
506 3 % - %
470 22 % 20 %
$1,757 10 % 12 %
17.50 %
Expedia Group, Inc.
10-K
02/14/2020
Selling and Marketing

7/11/1905 7/10/1905 7/9/1905
($ in millions)
Direct costs $5,043 $4,670 $4,360
Indirect costs 1,092 1,097 938
Total selling and marketing $6,135 $5,767 $5,298
% of revenue 50.80 % 51.40 % 52.70
____________________________
% Change
/9/1905 2019 vs 2018 vs
8 % 7 %
(1) % 17 %
6 % 9 %
%
Expedia Group, Inc.
10-K
02/14/2020
Technology and Content

7/11/1905 7/10/1905
($ in millions)
Personnel and overhead $853 $808
Depreciation and amortization of technology 537 495
assets
Other 373 314
Total technology and content $1,763 $1,617
% of revenue 14.60 % 14.40 %
____________________________
% Change
7/9/1905 2019 vs 2018 vs
$678 6 % 19 %
445 8 % 11 %
264 19 % 19 %
$1,387 9 % 17 %
13.80 %
Expedia Group, Inc.
10-K
02/14/2020
General and Administrative

7/11/1905 7/10/1905 7/9/190
($ in millions)
Personnel and overhead $522 $520 $453
Professional fees and other 325 288 223
Total general and administrative $847 $808 $676
% of revenue 7.00 % 7.20 % 6.70
____________________________
% Change
7/9/1905 2019 vs 2018 vs
$453 - % 15 %
223 13 % 29 %
$676 5 % 20 %
6.70 %
Expedia Group, Inc.
10-K
02/14/2020
Amortization and Impairment of Intangible Assets

7/11/1905 7/10/1905
($ in millions)
Amortization of intangible assets $198 $283
Impairment of intangible assets - 42
____________________________
% Change
7/9/1905 2019 vs 2 2018 vs
$275 (30) % 3 %
- N/A N/A
Expedia Group, Inc.
10-K
02/14/2020
Legal Reserves, Occupancy Tax and Other

7/11/1905 7/10/1905
($ in millions)
Legal reserves, occupancy tax and other $34 ($59)
____________________________
% Change
7/10/1905 7/9/1905 2019 vs 2018 2018 vs 2017
$25 N/A N/A

Expedia Group, Inc.
10-K
02/14/2020
Operating Income

7/11/1905 7/10/1905 7/9/1905
($ in millions)
Operating income $903 $714 $625
% of revenue 7.50 % 6.40 % 6.20 %
____________________________
% Change
2019 vs 2018 vs
26 % 14 %
Expedia Group, Inc.
10-K
02/14/2020
Adjusted EBITDA by Segment

7/11/1905 7/10/1905
($ in millions)
Core OTA $2,447 $2,305
trivago 85 16
Vrbo 281 288
Egencia 116 107
Unallocated overhead costs (Corporate) (1) (795) (746)
Total Adjusted EBITDA (2) $2,134 $1,970
____________________________
% Change
7/10/1905 7/9/1905 2019 vs 2018 vs
$2,057 6 % 12 %
5 447 % 186 %
202 (2) % 43 %
95 8 % 13 %
(646) 7 % 15 %
$1,713 8 % 15 %
Expedia Group, Inc.
10-K
02/14/2020
Interest Income and Expense

7/11/1905 7/10/1905 7/9/1
($ in millions)
Interest income $59 $71 $34
Interest expense (173) (190) (182)
____________________________
% Change
7/9/1905 2019 vs 2 2018 vs 2
$34 (17) % 108 %

(182) (9) % 5 %
Expedia Group, Inc.
10-K
02/14/2020
Other, Net

7/11/1905 7/10/19
(In millions)
Foreign exchange rate gains (losses), ($34) $3
net
(Gains) losses on minority equity investments, 8 (111)
net
Other 12 (2)
Total other, net ($14) ($110)
____________________________
7/10/1905 7/9/1905
($46)
(14)
-
($60)
Expedia Group, Inc.
10-K
02/14/2020
Provision for Income Taxes

7/11/1905 7/10/1905 7/9/1905
($ in millions)
Provision for income taxes $203 $87 $45
Effective tax rate 26.20 % 18.10 % 10.90
____________________________
% Change
/9/1905 2019 vs 2 2018 vs
131 % 94 %
%
Expedia Group, Inc.
10-K
02/14/2020
Definition and Reconciliation of Adjusted EBITDA

7/11/1905 7/10
(In millions)
Net income attributable to Expedia Group, $565 $406
Inc.
Net income (loss) attributable to non-controlling 7 (8)
interests
Provision for income taxes 203 87
Total other expense, net 128 229
Gain (loss) on revenue hedges related to 22 25
revenue recognized
Restructuring and related reorganization 24 -
charges
Legal reserves, occupancy tax and other 34 (59)
Stock-based compensation 241 203
Amortization of intangible assets 198 283
Impairment of goodwill - 86
Depreciation 712 676
Adjusted EBITDA $2,134 $1,970
____________________________
7/10/1905 7/9/1905
$406 $378
(8) (6)
87 45
229 208
714 625
25 8
17
(59) 25
203 149
283 275
86 -
42 -
676 614
$1,970 $1,713
Expedia Group, Inc.
10-K
02/14/2020
Financial Position, Liquidity and Capital Resources

7/11/1905 7/10/1905
(In millions)
Cash provided by (used in) operations:
Operating activities $2,767 $1,975
Investing activities (1,553) (559)
Financing activities 175 (1,489)
Effect of foreign exchange rate changes 3 (139)
on cash and cash equivalents
____________________________
$ Change
7/10/1905 7/9/1905 2019 vs 2018 2018 vs 2017
$1,845 $792 $130

(1,581) (994) 1,022
688 1,664 (2,177)
147 142 (286)
7
Expedia Group, Inc.
10-K
02/14/2020
Financial Position, Liquidity and Capital Resources

7/11/1905 7/10/1905
Number of shares repurchased 5.6 million 7.7 million
Average price per share $122.72 $117.02
Total cost of repurchases (in millions) (1) $683 $903
____________________________
7/10/1905 7/9/1905
2.3 million
$127.04
$294
Expedia Group, Inc.
10-K
02/14/2020
Contractual Obligations and Commercial Commitments
By Period
Total Less than
1 year
(In millions)
Senior notes debt (1) $6,241 $951
Operating leases, including imputed interest 881 154
(2)
Purchase obligations (3) 487 339
Guarantees (4) 68 68
Letters of credit (4) 39 22
Total (5) $7,716 $1,534
____________________________
1 to 3 years 3 to 5 years More than
5 years
$1,042 $777 $3,471

256 146 325
133 15 -
- - -
13 - 4
$1,444 $938 $3,800
Expedia Group, Inc.
10-K
02/14/2020
Exhibits
Exhibit Filed Incorporated by R

No. Exhibit Description Herewith Form
1.10 Underwriting Agreement, dated as of May 8-K
28, 2015, Expedia, Inc., as Issuer, the
Guarantors party thereto, and BNP Paribas,
____________________________
Indenture on Exhibit 4.6)
Incorporated by Reference
SEC File No. Exhibit Filing Date
000-51447 1.10 6/3/2015
Expedia Group, Inc.
10-K
02/14/2020
Exhibits
2.10 Share Purchase Agreement, dated as of December 21, 8-K

2012, by and among Expedia, Inc., trivago
GmbH, a wholly owned subsidiary of Expedia
and the shareholders of trivago GmbH party
thereto.
2.20 Shareholders Agreement, dated as of December 21, 8-K
2012 by and among trivago GmbH, Expedia,
Inc., a wholly owned subsidiary of Expedia
and certain shareholders of trivago GmbH.
2.30 Purchase and Sale Agreement (Cruise), 8-K
dated March 10, 2015, by and between Immunex
Corporation and Cruise, LLC
2.40 First Amendment to Purchase and Sale, dated 8-K
March 25, 2015, by and between Immunex Corporation
and Cruise, LLC
2.50 Share Purchase Agreement, dated May 22, 8-K
2015, by and among Expedia, Inc., Expedia
Asia Pacific - Alpha Limited, Ctrip.com
International, Ltd., C-Travel International
Limited, Luxuriant Holdings Limited,
Keystone Lodging Holdings Limited and
Plateno Group Limited
2.60 Agreement and Plan of Merger by and among 8-K
Expedia Group, Inc., LEMS II Inc., LEMS
I LLC and Liberty Holdings, Inc., dated
as of April 15, 2019
2.70 Amendment No. 1 to Agreement and Plan of 8-K
Merger, by and among Expedia Group, Inc.,
LEMS I LLC, LEMS II Inc. and Liberty Holdings,
Inc., dated as of June 5, 2019
3.10 Amended and Restated Certificate of Incorporation 8-K
of Expedia Group, Inc., dated as of December
3, 2019
3.20 Amended and Restated By-Laws of Expedia 8-K
Group, Inc. dated as of April 15, 2019
4.10 Indenture, dated as of August 5, 2010, among 8-K
Expedia, Inc., as Issuer, the Subsidiary
Guarantors from time to time parties thereto
and The Bank of New York Mellon Trust Company,
N.A., as Trustee, governing Expedia, Inc.?s
5.95% Senior Notes due 2020
4.20 Ninth Supplemental Indenture, dated as 8-K
of September 30, 2016, among Expedia, Inc.,
as Issuer, the Subsidiary Guarantors party
thereto and The Bank of New York Mellon Trust
Company, N.A., as Trustee
4.30 Indenture, dated as of August 18, 2014, 8-K
among Expedia, Inc., as Issuer, the Subsidiary
N.A., as Trustee
4.40 First Supplemental Indenture, dated as 8-K
of August 18, 2014, among Expedia, Inc.,
the Subsidiary Guarantors party thereto
____________________________
000-51447 2.10 12/21/2012
000-51447 2.20 12/21/2012
000-51447 10.10 4/2/2015
000-51447 10.20 4/2/2015
000-51447 2.10 5/22/2015
001-37429 2.10 4/16/2019
001-37429 2.10 6/5/2019
001-37429 3.10 12/4/2019
001-37429 3.10 4/16/2019
000-51447 4.10 8/10/2010
001-37429 4.10 10/3/2016

000-51447 4.10 8/18/2014
000-51447 4.20 8/18/2014

Expedia Group, Inc.
10-K
02/14/2020
Exhibits
4.50 Fourth Supplemental Indenture, dated

as of June 3, 2015, among Expedia, Inc.,
as Issuer, the Subsidiary Guarantors party
thereto and The Bank of New York Mellon Trust Company,
4.60 Indenture, dated as of December 8, 2015,
among Expedia, Inc., as Issuer, the Subsidiary
4.70 Indenture, dated as of September 21, 2017,
among Expedia, Inc., the guarantors party
thereto and U.S. Bank National Association
4.80 Indenture, dated as of September 19, 2019,
among Expedia Group, Inc., the guarantors
party thereto and U.S. Bank National Association.
4.90 Registration Rights Agreement, dated
as of September 19, 2019, among Expedia
Group, Inc., the guarantors party thereto
and BofA Securities, Inc., J.P. Morgan
Securities LLC and Goldman Sachs & Co.,
LLC.
4.10 Description of Securities X
10.10 Amended and Restated Governance Agreement
among Expedia, Inc., Liberty Interactive
Corporation and Barry Diller, dated as
of December 20, 2011
10.20 Assignment and Assumption of Governance
Agreement, among Liberty Expedia holdings,
Inc., LEXE Marginco, LLC, LEXEB, LLC, Liberty
Interactive Corporation, Barry Diller
and Expedia, Inc., dated as of November
4, 2016
10.30 Amended and Restated Stockholders Agreement
between Liberty Interactive Corporation
and Barry Diller, dated as of December 20,
7/3/1905
10.40 Assignment and Assumption of Stockholders
Agreement, by and among Liberty Expedia
Holdings, Inc., Liberty Interactive Corporation
and Barry Diller, dated November 4, 2016
10.50 Amendment No. 1 to Stockholders Agreement,
by and between Liberty Expedia Holdings,
Inc. and Barry Diller, dated November 4,
7/8/1905
10.60 Letter Agreement, dated as of March 6, 2018,
by and among Liberty Expedia Holdings,
Inc., Liberty Interactive Corporation,
Barry Diller, John C. Malone and Leslie
Malone.
10.70 Amended and Restated Transaction Agreement,
by and among Liberty Interactive Corporation,
Liberty Expedia Holdings, Inc., Barry
Diller, John C. Malone and Leslie Malone,
dated as of September 22, 2016
10.80 Assignment Agreement, by and between Barry
Diller and Liberty Expedia Holdings, Inc.,
dated November 4, 2016
10.90 Tax Sharing Agreement by and between Expedia,
Inc. and TripAdvisor, Inc., dated as of
December 20, 2011
____________________________
8-K 000-51447 4.20 6/3/2015
8-K 001-37429 4.10 12/8/2015
8-K 001-37429 4.10 9/21/2017
8-K 001-37429 4.10 9/20/2019
8-K 001-37429 4.20 9/20/2019
8-K 000-51447 10.10 12/27/2011
8-K*? 001-37938 10.60 11/7/2016
10-K 000-51447 10.11 2/10/2012
8-K*? 001-37938 10.70 11/7/2016
8-K*? 001-37938 10.80 11/7/2016

8-K*? 001-37938 10.10 3/7/2018
S-4/A*? 333-210377 10.13 9/23/2016
8-K*? 001-37938 10.10 11/7/2016
8-K 000-51447 10.20 12/27/2011

Expedia Group, Inc.
10-K
02/14/2020
Exhibits
10.29 Assumption and Joinder Agreement to Reorganization

Agreement by and among Expedia Group, Inc.,
Liberty Expedia Holdings, Inc. and Qurate
Retail, Inc., dated as of April 15, 2019
10.30 Reorganization Agreement by and between
Liberty Interactive Corporation and the
Registrant, dated as of October 26, 2016
10.31* Fourth Amended and Restated Expedia, Inc.
2005 Stock and Annual Incentive Plan
10.32* Orbitz Worldwide, Inc. 2007 Equity and
Incentive Plan
10.33* HomeAway, Inc. 2011 Equity Incentive Plan
10.34* Expedia Group, Inc. 2013 Employee Stock
Purchase Plan, as Amended and Restated
10.35* Expedia Group, Inc. 2013 International
Employee Stock Purchase Plan, As Amended
and Restated
10.36* Form of Expedia, Inc. Restricted Stock
Unit Agreement (Directors)
10.37* Form of Expedia, Inc. Restricted Stock
Unit Agreement
10.38* Form of Expedia Group, Inc. Restricted
Stock Unit Agreement
10.39* Form of Expedia, Inc. Stock Option Agreement
10.40* Form of Expedia Group, Inc. Stock Option
Agreement
10.41* Form of Expedia, Inc. 2018 Performance-Based
Stock Option Agreement
10.42* Amended and Restated Expedia, Inc. Non-Employee
Director Deferred Compensation Plan,
effective as of January 1, 2009
10.43* Amended and Restated Expedia, Inc. Executive
Deferred Compensation Plan, effective
as of January 1, 2009
10.44* First Amendment of the Executive Deferred
Compensation Plan, effective as of December 31,
7/6/1905
10.45* Employment Agreement between Mark Okerstrom
and Expedia, Inc., effective September
15, 2017
10.46* Expedia, Inc. Stock Option Agreement for
Mark D. Okerstrom, dated as of March 7, 2016
10.47* Expedia, Inc. Stock Option Agreement for
Mark D. Okerstrom, dated as of March 7, 2016
(Performance Options)
10.48* Stock Option Agreement between Mark Okerstrom
15, 2017 (Performance Options)
10.49* Stock Option Agreement between Mark D.
Okerstrom and Expedia, Inc., effective
as of March 2, 2018 (Performance-Based
Options)
10.50* Employment Agreement between Alan Pickerill
15, 2017
10.51* Stock Option Agreement between Alan R.
Pickerill and Expedia, Inc., effective
as of March 2, 2018 (Performance-Based
Options)
10.52* Amended and Restated Employment Agreement
between Robert J. Dzielak and Expedia,
Inc., effective March 3, 2018
____________________________
8-K 001-37429 10.10 4/16/2019
POS-AM*? 333-210377 2.10 11/4/2016
DEF 14A 001-37429 App. A 8/23/2016
S-8 333-206990 99.10 9/17/2015
S-8 333-208548 99.10 12/15/2015

10-K 001-37429 10.22 2/8/2019
10-K 001-37429 10.23 2/8/2019
10-Q 000-51447 10.10 8/1/2014
10-K 001-37429 10.22 2/10/2017
10-Q 001-37429 10.10 4/27/2018
10-K 001-37429 10.23 2/10/2017

10-Q 001-37429 10.20 4/27/2018
10-Q 001-37429 10.30 4/27/2018
10-K 000-51447 10.13 2/19/2009
10-K 000-51447 10.17 2/19/2009
10-K 000-51447 10.20 2/6/2015
8-K/A 001-37429 10.10 9/21/2017
8-K 001-37429 10.20 3/9/2016
8-K 001-37429 10.30 3/9/2016

8-K/A 001-37429 10.20 9/21/2017
10-Q 001-37429 10.40 4/27/2018
8-K/A 001-37429 10.30 9/21/2017
10-Q 001-37429 10.50 4/27/2018
8-K 001-37429 10.10 3/7/2018

Expedia Group, Inc.
10-K
02/14/2020
Exhibits
10.53* Stock Option Agreement between Robert 10-Q

J. Dzielak and Expedia, Inc., effective
March 2, 2018 (Performance-Based Options)
10.54* Stock Option Agreement between Robert 10-Q
J. Dzielak and Expedia, Inc., effective
March 2, 2018 (Cliff Vest Options)
10.55* Equity Treatment Agreement between Dara 8-K/A
Khosrowshahi and Expedia, Inc., effective
September 20, 2017
10.56* Expedia, Inc. Stock Option Agreement for 8-K
Dara Khosrowshahi, dated as of March 31,
2015 (Performance Options)
10.57* Expedia Group, Inc. Restricted Stock Unit 10-K
Agreement between Peter M. Kern and Expedia
Group, Inc., dated as of August 17, 2018
10.58* Form Expedia, Inc. Stock Option Agreement 10-K
10.59* Form Expedia Group, Inc. Stock Option Agreement 10-Q
10.60* Form Expedia Group, Inc. Restricted Stock 10-Q
Unit Agreement
10.61* Expedia Group, Inc. Restricted Stock Unit 10-Q
Agreement between Peter M. Kern and Expedia
Group, Inc., dated as of March 7, 2019
10.62* Employment Agreement between Eric Hart X
and Expedia Group, Inc., effective November
1, 2019
21 Subsidiaries of the Registrant X
23.10 Consent of Independent Registered Public X
Accounting Firm
31.10 Certifications of the Chairman and Senior X
Executive Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
31.20 Certification of the Vice Chairman (Co-Principal X
Executive Officer) Pursuant to Section 302
of the Sarbanes-Oxley Act of 2002
31.30 Certification of the Acting Chief Financial X
Officer (Principal Financial Officer)
pursuant Section 302 of the Sarbanes-Oxley
Act of 2002
32.1*** Certification of the Chairman and Senior
Executive pursuant Section 906 of the Sarbanes-Oxley
Act of 2002
32.2*** Certification of the Vice Chairman (Co-Principal
Executive Officer) pursuant Section 906
of the Sarbanes-Oxley Act of 2002
32.3*** Certification of the Acting Chief Financial
Officer (Principal Financial Officer)
pursuant Section 906 of the Sarbanes-Oxley
Act of 2002
101.INS Inline XBRL Instance Document-the instance X
document does not appear in the Interactive
Data File as its XBRL tags are embedded within
the Inline XBRL document
101.SCH Inline XBRL Taxonomy Extension Schema X
101.CAL Inline XBRL Taxonomy Extension Calculation X
Linkbase
101.DEF Inline XBRL Taxonomy Extension Definition X
Linkbase
101.LAB Inline XBRL Taxonomy Extension Label Linkbase X
____________________________
001-37429 10.60 4/27/2018
001-37429 10.70 4/27/2018
001-37429 10.40 9/21/2017
000-51447 10.30 4/1/2015
001-37429 10.45 2/8/2019
001-37429 10.46 2/8/2019

001-37429 10.20 5/3/2019
001-37429 10.30 5/3/2019
001-37429 10.40 5/3/2019

Expedia Group, Inc.
10-K
02/14/2020
Exhibits
* Indicates a management contract or compensatory

plan or arrangement.
*? Indicates reference to filing of Liberty
Expedia Holdings, Inc.
*? Indicates reference to filing of Qurate
Retail, Inc.
*** Furnished herewith
____________________________
Expedia Group, Inc.
10-K
02/14/2020
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS, SCHEDULES AND EXHIBITS
Consolidated Financial Statements
Report of Independent Registered Public F- 2

Accounting Firm
Consolidated Statements of Operations F- 4
Consolidated Statements of Comprehensive F- 5
Income
Consolidated Balance Sheets F- 6
Consolidated Statements of Changes in F- 7
Stockholders? Equity
Consolidated Statements of Cash Flows F- 9
Notes to Consolidated Financial Statements F- 10
____________________________
Expedia Group, Inc.
10-K
02/14/2020
CONSOLIDATED STATEMENTS OF OPERATIONS

7/11/1905 7/10/1905
(In millions, except for per share data)
Revenue $12,067 $11,223
Costs and expenses:
Cost of revenue (1) 2,163 1,965
Selling and marketing (1) 6,135 5,767
Technology and content (1) 1,763 1,617
General and administrative (1) 847 808
Amortization of intangible assets 198 283
Legal reserves, occupancy tax and other 34 ( 59 )
Restructuring and related reorganization 24 -
charges
Other income (expense):
Interest income 59 71
Interest expense ( 173 ) ( 190 )
Other, net ( 14 ) ( 110 )
Total other expense, net ( 128 ) ( 229 )
Income before income taxes 775 485
Provision for income taxes ( 203 ) ( 87 )
Net income 572 398
Net (income) loss attributable to non-controlling ( 7 ) 8
interests
Inc.
Basic $3.84 $2.71
Diluted 3.77 2.65
Shares used in computing earnings per share
(000's):
Basic 147,194 149,961
Diluted 149,884 152,889
____________________________
7/9/1905
$10,060
1,757
5,298
1,387
676
275
-
-
25
17
625
34
( 182 )
( 60 )
( 208 )
417
( 45 )
372
6
$378
$2.49
2.42
151,619
156,385
Expedia Group, Inc.
10-K
02/14/2020
CONSOLIDATED STATEMENTS OF OPERATIONS
(1) Includes stock-based compensation

as follows:
Cost of revenue $12 $11
Selling and marketing 45 44
Technology and content 74 61
General and administrative 110 87
____________________________
$10
40
55
44
Expedia Group, Inc.
10-K
02/14/2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

7/11/1905 7/10/1905
(In millions)
Net income $572 $398
Other comprehensive income (loss), net
of tax
Currency translation adjustments, net ( 5 ) ( 86 )
of taxes
Unrealized losses on available for sale - -
securities, net of taxes
Other comprehensive income (loss), net ( 5 ) ( 86 )
of tax
Comprehensive income 567 312
Less: Comprehensive income (loss) attributable ( 1 ) ( 26 )
to non-controlling interests
Comprehensive income attributable to $568 $338
Expedia Group, Inc.
____________________________
7/9/1905
$372
189
( 7 )
182
554
45
$509
Expedia Group, Inc.
10-K
02/14/2020
CONSOLIDATED BALANCE SHEETS
December 31,
7/11/1905 7/10/1905
(In millions, except per share data)
ASSETS
Current assets:
Cash and cash equivalents $3,315 $2,443
Restricted cash and cash equivalents 779 259
Short-term investments 526 28
Accounts receivable, net of allowance 2,524 2,151
of $41 and $34
Income taxes receivable 70 24
Prepaid expenses and other current assets 521 292
Total current assets 7,735 5,197
Property and equipment, net 2,198 1,877
Operating lease right-of-use assets 611 -
Long-term investments and other assets 796 778
Deferred income taxes 145 69
Intangible assets, net 1,804 1,992
Goodwill 8,127 8,120
TOTAL ASSETS $21,416 $18,033
LIABILITIES AND STOCKHOLDERS? EQUITY
Current liabilities:
Accounts payable, merchant $1,921 $1,699
Accounts payable, other 906 788
Deferred merchant bookings 5,679 4,327
Deferred revenue 321 364
Income taxes payable 88 74
Accrued expenses and other current liabilities 1,050 808
Current maturities of long-term debt 749 -
Total current liabilities 10,714 8,060
Long-term debt, excluding current maturities 4,189 3,717
Deferred income taxes 56 69
Operating lease liabilities 532 -
Other long-term liabilities 374 506
Commitments and contingencies
Redeemable non-controlling interests 15 30
Stockholders? equity:
Common stock $.0001 par value - -
Authorized shares: 1,600,000
Shares issued: 256,692 and 231,493; Shares
outstanding: 137,076 and 134,334
Class B common stock $.0001 par value - -
Authorized shares: 400,000
Shares issued: 12,800 and 12,800; Shares
outstanding: 5,523 and 12,800
Additional paid-in capital 12,978 9,549
Treasury stock - Common stock and Class ( 9,673 ) ( 5,742 )
B, at cost
Shares: 126,893 and 97,159
Retained earnings 879 517
Accumulated other comprehensive income ( 217 ) ( 220 )
(loss)
Total Expedia Group, Inc. stockholders? 3,967 4,104
equity
Non-redeemable non-controlling interests 1,569 1,547
Total stockholders? equity 5,536 5,651
TOTAL LIABILITIES AND STOCKHOLDERS? EQUITY $21,416 $18,033
____________________________
Expedia Group, Inc.
10-K
02/14/2020
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY
Common stock
Shares Amount
Balance as of December 31, 2016 224,309,769 $-
Net income (loss) (excludes $3 of net income
attributable to redeemable non-controlling
interest)
of taxes
Payment of dividends to stockholders (declared
at $1.16 per share)
Proceeds from exercise of equity instruments 3,982,546 -
and employee stock purchase plans
Withholding taxes for stock options
Issuance of common stock in connection 175,040 -
with acquisitions
Treasury stock activity related to vesting
of equity instruments
Common stock repurchases
Other changes in non-controlling interests
Stock-based compensation expense
Other
Net income (loss) (excludes $1 of net income
attributable to redeemable non-controlling
interest)
of taxes
at $1.24 per share)
Issuance of common stock in connection 175,040 -
with acquisitions
Proceeds from issuance of treasury stock
Adjustment to the fair value of redeemable
non-controlling interests
Purchase of remaining interest in Air Asia
Other changes in non-controlling interests
Impact of adoption of new accounting guidance
Other
____________________________
Class B Additional
common stock paid-in
capital
ount Shares Amount
12,799,999 $- $8,794
228
( 9
-
3
148
( 1
12,799,999 $- $9,163
166
( 2
-
27
-
( 5
( 7
208
( 1
12,799,999 $- $9,549
ditional Treasury stock - Common and Class B Retained
id-in earnings
pital (deficit)
Shares Amount
$8,794 87,077,319 $( 4,511 ) $129
378
( 176 )
228
9 )
133,319 ( 17 )
2,317,617 ( 294 )
3
148
1 )
$9,163 89,528,255 $( 4,822 ) $331
406
( 186 )
166
2 )
179,783 ( 20 )
7,720,194 ( 904 )
27 ( 269,646 ) 4
( 3 )
5 )
7 )
208
( 31 )
1 )
$9,549 97,158,586 $( 5,742 ) $517
Accumulated Non-redeemable Total
other non-controlling
comprehensive interest
income (loss)
$( 280 )
( 9 ) 369
131 51 182
( 176 )
228
( 9 )
-
( 17 )
( 294 )
3 6
148
( 1 )
$( 149 ) $1,606 $6,129
( 9 ) 397
( 68 ) ( 18 ) ( 86 )
( 186 )
166
( 2 )
-
( 20 )
( 904 )
31
( 3 )
( 57 ) ( 62 )
25 18
208
( 3 ) ( 34 )
( 1 )
$( 220 ) $1,547 $5,651
$1,561 $5,693
Expedia Group, Inc.
10-K
02/14/2020
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY
Common stock
Shares Amount
Net income (excludes $2 of net loss attributable
to redeemable non-controlling interest)
of taxes
at $1.32 per share)
Liberty Expedia Holdings transaction 20,745,181 -
Adjustment to the fair value of redeemable
non-controlling interests
Other changes in ownership of non-controlling
interests
Impact of adoption of new accounting guidance
Other
____________________________
Class B Additional
common stock paid-in
capital
ount Shares Amount
301
( 2
2,883
246
-
12,799,999 $- $12,978
ditional Treasury stock - Common and Class B Retained
id-in earnings
pital (deficit)
Shares Amount
565
( 195 )
301
2 )
2,883 23,876,671 ( 3,212 )
295,185 ( 36 )
5,562,083 ( 683 )
( 14 )
6
246
$12,978 126,892,525 $( 9,673 ) $879

Accumulated Non-redeemable Total
other non-controlling
comprehensive interest
income (loss)
3 ( 8 ) ( 5 )
( 195 )
301
( 2 )
( 329 )
( 36 )
( 683 )
( 14 )
21 22
6
246
-
$( 217 ) $1,569 $5,536
9 574
Expedia Group, Inc.
10-K
02/14/2020
CONSOLIDATED STATEMENTS OF CASH FLOWS
December 31,
7/11/1905 7/10/1905
(In millions)
Operating activities:
Net income $572 $398
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation of property and equipment, 712 676
including internal-use software and website
development
Amortization of stock-based compensation 241 203
Amortization and impairment of intangible 198 325
assets
Deferred income taxes ( 91 ) ( 308 )
Foreign exchange (gain) loss on cash, restricted ( 5 ) 111
cash and short-term investments, net
Realized (gain) loss on foreign currency ( 22 ) ( 31 )
forwards
(Gain) loss on minority equity investments, ( 8 ) 111
net
Other ( 21 ) 22
Changes in operating assets and liabilities,
net of effects from acquisitions:
Accounts receivable ( 368 ) ( 282 )
Prepaid expenses and other assets ( 193 ) ( 29 )
Accounts payable, merchant 224 ( 134 )
Accounts payable, other, accrued expenses 254 196
and other liabilities
Tax payable/receivable, net ( 23 ) 102
Deferred merchant bookings 1,342 489
Deferred revenue ( 45 ) 40
Net cash provided by operating activities 2,767 1,975
Investing activities:
Capital expenditures, including internal-use ( 1,160 ) ( 878 )
software and website development
Purchases of investments ( 1,346 ) ( 1,803 )
Sales and maturities of investments 852 2,137
Acquisitions, net of cash and restricted 80 ( 53 )
cash acquired
Other, net 21 38
Net cash used in investing activities ( 1,553 ) ( 559 )
Financing activities:
Proceeds from issuance of long-term debt, 1,231 -
net of issuance costs
Payment of long-term debt - ( 500 )
Payment of Liberty Expedia Exchangeable ( 400 ) -
Debentures
Purchases of treasury stock ( 743 ) ( 923 )
Proceeds from issuance of treasury stock - 31
Payment of dividends to stockholders ( 195 ) ( 186 )
Proceeds from exercise of equity awards 301 166
and employee stock purchase plan
Changes in controlled subsidiaries, net ( 28 ) ( 62 )
Other, net 9 ( 15 )
Net cash provided by (used in) financing 175 ( 1,489 )
activities
Effect of exchange rate changes on cash, 3 ( 139 )
cash equivalents and restricted cash and
cash equivalents
Net increase (decrease) in cash, cash equivalents 1,392 ( 212 )
and restricted cash and cash equivalents
Cash, cash equivalents and restricted 2,705 2,917
cash and cash equivalents
at beginning of year
Cash, cash equivalents and restricted $4,097 $2,705
cash and cash equivalents at end of year
Supplemental cash flow information
Cash paid for interest $157 $196
Income tax payments, net 304 282
____________________________
7/9/1905
$372
614
149
275
-
( 103 )
( 79 )
( 6 )
14
( 30 )
( 456 )
( 71 )
316
257
( 30 )
593
30
1,845
( 710 )
( 1,811 )
1,096
( 169 )
13
( 1,581 )
990
-
-
( 312 )
-
( 176 )
229
( 18 )
( 25 )
688
147
1,099
1,818
$2,917
$163
174
Expedia Group, Inc.
10-K
02/14/2020
Cash, Restricted Cash, and Cash Equivalents
December 31,
7/11/1905 7/10/190
(in millions)
Cash and cash equivalents $3,315 $2,443
Restricted cash and cash equivalents 779 259
Restricted cash included within long-term 3 3
investments and other assets
Total cash, cash equivalents and restricted $4,097 $2,705
cash and cash equivalents in the consolidated
statement of cash flow
____________________________
7/10/1905
Expedia Group, Inc.
10-K
02/14/2020
2018 Acquisition and Other Investment Activity
Goodwill $31
Intangibles with definite lives (1) 24
Deferred tax liabilities, net ( 1 )
Total (2) $54
____________________________
Expedia Group, Inc.
10-K
02/14/2020
2017 Acquisition Activity
Goodwill $124
Intangibles with definite lives (1) 76
Net assets and non-controlling interests 15
acquired (2)
Deferred tax liabilities ( 21 )
Total (3) $194
____________________________
Expedia Group, Inc.
10-K
02/14/2020
NOTE 4 Fair Value Measurements
Total Level 1
(In millions)
Assets
Cash equivalents:
Money market funds $36 $36
Term deposits 865 -
U.S. treasury securities 10 10
Investments:
Term deposits 526 -
Marketable equity securities 129 129
Total assets $1,566 $175
Liabilities
Derivatives:
Foreign currency forward contracts $8 $-
____________________________
Level 2
$-
865
-
526
-
$1,391
$8
Expedia Group, Inc.
10-K
02/14/2020
NOTE 4 Fair Value Measurements
Total Level 1
(In millions)
Assets
Cash equivalents:
Money market funds $35 $35
Term deposits 624 -
Derivatives:
Foreign currency forward contracts 22 -
Investments:
Term deposits 28 -
Marketable equity securities 119 119
Total assets $828 $154
____________________________
Level 2
$-
624
22
28
-
$674
Expedia Group, Inc.
10-K
02/14/2020
NOTE 5 Property and Equipment, Net
December 31,
7/11/1905 7/10/1905
(In millions)
Capitalized software development $2,947 $2,643
Computer equipment 643 597
Furniture and other equipment 114 94
Buildings and leasehold improvements 688 435
Land 129 129
4,521 3,898
Less: accumulated depreciation ( 2,833 ) ( 2,552 )
Projects in progress 510 531
Property and equipment, net $2,198 $1,877
____________________________
Expedia Group, Inc.
10-K
02/14/2020
NOTE 6 Leases
Year ended
December 31,
7/11/1905
Cash paid for amounts included in the measurement

of lease liabilities:
Operating cash flows for operating lease $152
payments
Right-of-use assets obtained in exchange
for lease obligations:
Operating leases 183
____________________________
Expedia Group, Inc.
10-K
02/14/2020
NOTE 6 Leases
December 31, 2019

(in millions)
Operating lease right-of-use assets $611
Current lease liabilities included within $119

Accrued expenses and other current liabilities
Long-term lease liabilities included 532
within Operating lease liabilities
Total operating lease liabilities $651
Weighted average remaining lease term 8.8 years

Weighted average discount rate 3.50 %
____________________________
Expedia Group, Inc.
10-K
02/14/2020
NOTE 6 Leases
Operating Leases
(in millions)
Year ending December 31,
7/12/1905 $139
7/13/1905 121
7/14/1905 94
7/15/1905 67
7/16/1905 53
2025 and thereafter 291
Total lease payments 765
Less: imputed interest ( 114 )
Total $651
____________________________
Expedia Group, Inc.
10-K
02/14/2020
NOTE 7 Goodwill and Intangible Assets, Net
December 31,
7/11/1905 7/10/1905
(In millions)
Goodwill $8,127 $8,120
Intangible assets with indefinite lives 1,284 1,400
Intangible assets with definite lives, 520 592
net
$9,931 $10,112
____________________________
7/10/1905
Expedia Group, Inc.
10-K
02/14/2020
Goodwill.
Core OTA trivago

(In millions)
Balance as of January 1, 2018 $4,840 $588
Additions - -
Impairment charge ( 86 ) -
Foreign exchange translation and other ( 13 ) ( 27 )
Balance as of December 31, 2018 4,741 561
Additions - -
Foreign exchange translation and other - ( 12 )
Balance as of December 31, 2019 $4,741 $549
____________________________
Vrbo Egencia Total
$2,656 $145 $8,229

31 - 31
- - ( 86 )
( 5 ) ( 9 ) ( 54 )
2,682 136 8,120
21 - 21
- ( 2 ) ( 14 )
$2,703 $134 $8,127
Expedia Group, Inc.
10-K
02/14/2020
Intangible Assets with Definite Lives.
December 31, 2019

Cost Accumulated Net
Amortization
(In millions)
Customer relationships $658 $( 499 ) $159
Supplier relationships 651 ( 483 ) 168
Domain names 183 ( 109 ) 74
Technology 529 ( 521 ) 8
Other (1) 563 ( 452 ) 111
Total $2,584 $( 2,064 ) $520
____________________________
December 31, 2018
t Cost Accumulated Net
Amortization
$159 $659 $( 419 ) $240

168 650 ( 426 ) 224
74 159 ( 83 ) 76
8 544 ( 510 ) 34
111 450 ( 432 ) 18
$520 $2,462 $( 1,870 ) $592
t
$240
224
76
34
18
$592
Expedia Group, Inc.
10-K
02/14/2020
Intangible Assets with Definite Lives.
7/12/1905 $163
7/13/1905 117
7/14/1905 95
7/15/1905 55
7/16/1905 50
2025 and thereafter 40
Total $520
____________________________
Expedia Group, Inc.
10-K
02/14/2020
NOTE 8 Debt
December 31,
7/11/1905 7/10/1905
(In millions)
5.95% senior notes due 2020 $749 $748
2.5% (?650 million) senior notes due 2022 725 740
4.5% senior notes due 2024 497 496
3.25% senior dues due 2030 1,232 -
Total debt (1) 4,938 3,717
Current maturities of long-term debt ( 749 ) -
Long-term debt, excluding current maturities $4,189 $3,717
____________________________
Expedia Group, Inc.
10-K
02/14/2020
Outstanding Debt
December 31,
7/11/1905 7/10/190
(In millions)
5.95% senior notes due 2020 $767 $778
2.5% (?650 million) senior notes due 2022 (1) 764 771
3.8% senior notes due 2028 1,021 915
3.25% senior notes due 2030 1,206 -
____________________________
7/10/1905
Expedia Group, Inc.
10-K
02/14/2020
NOTE 10 Stock-Based Awards and Other Equity Instruments
RSUs Weighted Average

Grant-Date Fair
Value
(In thousand
Balance as of January 1, 2017 1,349 $114.58
Granted 1,350 123.24
Vested ( 492 ) 115.29
Cancelled ( 266 ) 116.26
Balance as of December 31, 2017 1,941 120.19
Granted 1,821 107.37
Vested ( 615 ) 118.41
Cancelled ( 386 ) 113.55
Granted 2,937 121.39
Vested ( 952 ) 114.33
Cancelled ( 616 ) 117.54
____________________________
Expedia Group, Inc.
10-K
02/14/2020
Options Weighted Average

Exercise Price
(In thousands
Balance as of January 1, 2017 18,841 $84.07
Granted 3,618 124.08
Exercised ( 3,422 ) 62.67
Cancelled ( 3,384 ) 96.86
Granted 5,342 104.72
Exercised ( 2,098 ) 71.36
Cancelled ( 1,197 ) 107.26
Granted 31 123.31
Exercised ( 3,370 ) 85.04
Cancelled ( 1,246 ) 111.31
Exercisable as of December 31, 2019 7,559 98.75
Vested and expected to vest after December 13,115 102.97
31, 2019
____________________________
Remaining Aggregate
Contractual Life Intrinsic Value
(In years) (In millions)
3.30 $112
2.50 94
3.30 112
Expedia Group, Inc.
10-K
02/14/2020
7/10/1905 7/9/1905
Risk-free interest rate 2.47 % 1.58 %
Expected volatility 32.81 % 32.47 %
Expected life (in years) 3.80 3.65
Dividend yield 1.11 % 0.92 %
Weighted-average estimated fair value $24.97 $30.17
of options granted during the year
____________________________
Expedia Group, Inc.
10-K
02/14/2020
NOTE 11 Income Taxes

7/11/1905 7/10/1905 7/9/1905
(In millions)
U.S. $172 $32 $( 45 )
Foreign 603 453 462
Total $775 $485 $417
____________________________
Expedia Group, Inc.
10-K
02/14/2020
Provision for Income Taxes

7/11/1905 7/10/1905
(In millions)
Current income tax expense:
Federal $76 $186
State 20 42
Foreign 198 167
Current income tax expense 294 395
Deferred income tax (benefit) expense:
Federal ( 53 ) ( 273 )
State ( 9 ) ( 25 )
Foreign ( 29 ) ( 10 )
Deferred income tax (benefit) expense ( 91 ) ( 308 )
Income tax expense $203 $87
____________________________
7/9/1905
$12
6
130
148
( 94 )
( 1 )
( 8 )
( 103 )
$45
Expedia Group, Inc.
10-K
02/14/2020
Deferred Income Taxes
December 31,
7/11/1905 7/10/1905
(In millions)
Deferred tax assets:
Provision for accrued expenses $100 $87
Deferred loyalty rewards 183 166
Net operating loss and tax credit carryforwards 100 123
Stock-based compensation 86 67
Property and equipment 102 55
Operating lease liabilities 136 -
Other 72 68
Total deferred tax assets 779 566
Less valuation allowance ( 77 ) ( 80 )
Net deferred tax assets $702 $486
Deferred tax liabilities:
Goodwill and intangible assets ( 485 ) ( 486 )
Operating lease ROU assets ( 128 ) -
Total deferred tax liabilities $( 613 ) $( 486 )
Net deferred tax liability $89 $-
____________________________
Expedia Group, Inc.
10-K
02/14/2020
Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate

7/11/1905 7/10/1905
(In millions)
Income tax expense at the federal statutory $163 $102
rate of 21% for 2019 and 2018 and 35% for 2017
Foreign tax rate differential 40 ( 42 )
Federal research and development credit ( 25 ) ( 23 )
Excess tax benefits related to stock-based ( 13 ) ( 10 )
compensation
Unrecognized tax benefits and related 17 23
interest
Change in valuation allowance ( 3 ) 8
Return to provision true-ups ( 12 ) ( 7 )
trivago stock-based compensation 7 7
State taxes 22 11
Non-deductible goodwill impairment - 16
Tax Act transition tax - -
U.S. statutory tax rate change - -
Global intangible low-taxed income - 13
Foreign-derived intangible income ( 14 ) ( 38 )
Other, net 21 27
Income tax expense $203 $87
____________________________
7/9/1905
$146
( 82 )
( 16 )
( 60 )
27
4
1
5
3
-
144
( 158 )
-
-
31
$45
Expedia Group, Inc.
10-K
02/14/2020
Unrecognized Tax Benefits and Interest
7/11/1905 7/10/1905
(In millions)
Balance, beginning of year $293 $261
Increases to tax positions related to the 12 24
current year
Increases to tax positions related to prior 5 2
years
Decreases to tax positions related to prior - -
years
Reductions due to lapsed statute of limitations ( 2 ) ( 2 )
Settlements during current year ( 11 ) -
Interest and penalties 8 8
Balance, end of year $305 $293
____________________________
7/9/1905
$220
35
( 1 )
( 3 )
( 1 )
7
$261
Expedia Group, Inc.
10-K
02/14/2020
NOTE 12 Redeemable Non-controlling Interests

7/11/1905 7/10/1905
(In millions)
Balance, beginning of the period $30 $22
Acquisition of redeemable non-controlling - -
interest
Purchase of subsidiary shares at fair value ( 28 ) -
Net income (loss) attributable to non-controlling ( 2 ) 1
interests
Fair value adjustments 14 3
Currency translation adjustments ( 1 ) ( 2 )
Other 2 6
Balance, end of period $15 $30
____________________________
7/9/1905
$-
20
-
3
-
-
( 1 )
$22
Expedia Group, Inc.
10-K
02/14/2020
Share Repurchases.

7/11/1905 7/10/1905
Number of shares repurchased 5.6 million 7.7 million
Average price per share $122.72 $117.02
Total cost of repurchases (in millions) (1) $683 $903
____________________________
7/10/1905 7/9/1905
2.3 million
$127.04
$294
Expedia Group, Inc.
10-K
02/14/2020
Dividends on our Common Stock
Declaration Date Dividend

Per Share
February 6, 2019 $0.32
May 1, 2019 0.32
July 24, 2019 0.34
November 6, 2019 0.34
February 7, 2018 $0.30
April 24, 2018 0.30
July 23, 2018 0.32
October 19, 2018 0.32
February 7, 2017 $0.28
April 26, 2017 0.28
July 26, 2017 0.30
October 25, 2017 0.30
____________________________
Record Date Total Amount Payment Date
(in millions)
March 7, 2019 $47 March 27, 2019

May 23, 2019 48 June 13, 2019
March 8, 2018 $46 March 28, 2018

May 24, 2018 45 June 14, 2018
March 9, 2017 $42 March 30, 2017

May 25, 2017 43 June 15, 2017
Expedia Group, Inc.
10-K
02/14/2020
Diluted Earnings Per Share

7/11/1905 7/10/190
(In millions, except share and per share
data)
Inc.
Basic $3.84 $2.71
Diluted 3.77 2.65
Weighted average number of shares outstanding
(000's):
Basic 147,194 149,961
Dilutive effect of:
Options to purchase common stock 1,873 2,317
Other dilutive securities 817 611
Diluted 149,884 152,889
____________________________
7/10/1905 7/9/1905
$378
$2.49
2.42
151,619
4,218
548
156,385
Expedia Group, Inc.
10-K
02/14/2020
Other, net
For the Year Ended December 31,

7/11/1905 7/10/1905
(In millions)
Foreign exchange rate gains ( losses), $( 34 ) $3
net
Gains (losses) on minority equity investments, 8 ( 111 )
net
Other 12 ( 2 )
Total $( 14 ) $( 110 )
____________________________
7/9/1905
$( 46 )
( 14 )
-
$( 60 )
Expedia Group, Inc.
10-K
02/14/2020
Letters of Credit, Purchase Obligations and Guarantees
By Period
Total Less than 1 to 3
1 year years
(In millions)
Purchase obligations $487 $339 $133
Guarantees 68 68 -
Letters of credit 39 22 13
$594 $429 $146
____________________________
to 3 3 to 5 More than
ars years 5 years
$133 $15 $-
- -
13 - 4
$146 $15 $4
Expedia Group, Inc.
10-K
02/14/2020
NOTE 20 Segment Information
Year ended December 31, 2019

Core OTA trivago
(In millions)
Third-party revenue $9,427 $622
Intersegment revenue - 316
Revenue $9,427 $938
Adjusted EBITDA $2,447 $85
Depreciation ( 379 ) ( 11 )
Amortization of intangible assets - -
Stock-based compensation - -
Legal reserves, occupancy tax and other - -
Restructuring and related reorganization - -
charges
Realized (gain) loss on revenue hedges ( 21 ) -
Operating income (loss) $2,047 $74
Other expense, net
Income before income taxes
Provision for income taxes
Net income
Net income attributable to non-controlling
interests
Net income attributable to Expedia Group,
Inc.
____________________________
Vrbo Egencia Corporate & Total
Eliminations
$1,340 $620 $58 $12,067

- - ( 316 ) -
$1,340 $620 $( 258 ) $12,067
$281 $116 $( 795 ) $2,134
( 100 ) ( 50 ) ( 172 ) ( 712 )
- - ( 198 ) ( 198 )
- - ( 241 ) ( 241 )
- - ( 34 ) ( 34 )
- - ( 24 ) ( 24 )
( 1 ) - - ( 22 )
$180 $66 $( 1,464 ) 903
( 128 )
775
( 203 )
572
( 7 )
$565
Expedia Group, Inc.
10-K
02/14/2020

Core OTA trivago
(In millions)
Revenue $8,760 $1,084
Impairment of goodwill - -
Impairment of intangible assets - -
Operating income (loss) $1,937 $1
Other expense, net
Net income
Net loss attributable to non-controlling
interests
Inc.
____________________________
Vrbo Egencia Corporate & Elimina Total
$1,171 $601 $- $11,223

- - ( 393 ) -
$1,171 $601 $( 393 ) $11,223
$288 $107 $( 746 ) $1,970
( 66 ) ( 47 ) ( 204 ) ( 676 )
- - ( 283 ) ( 283 )
- - ( 86 ) ( 86 )
- - ( 42 ) ( 42 )
- - ( 203 ) ( 203 )
- - 59 59
( 1 ) - - ( 25 )
$221 $60 $( 1,505 ) 714
( 229 )
485
( 87 )
398
8
$406
Expedia Group, Inc.
10-K
02/14/2020

Core OTA trivago
(In millions)
Revenue $7,881 $1,166
Restructuring and related reorganization - -
charges
Operating income (loss) $1,739 $( 4 )
Other income, net
Net income
Net loss attributable to non-controlling
interests
Inc.
____________________________
Vrbo Egencia Corporate & Elimina Total
$906 $521 $- $10,060

- - ( 414 ) -
$906 $521 $( 414 ) $10,060
$202 $95 $( 646 ) $1,713
( 40 ) ( 41 ) ( 214 ) ( 614 )
- - ( 275 ) ( 275 )
- - ( 149 ) ( 149 )
- - ( 25 ) ( 25 )
- - ( 17 ) ( 17 )
- - - ( 8 )
$162 $54 $( 1,326 ) 625
( 208 )
417
( 45 )
372
6
$378
Expedia Group, Inc.
10-K
02/14/2020
Revenue by Business Model and Service Type

7/11/1905 7/10/1905 2017 (1)
(In millions)
Business Model
Merchant $6,459 $5,950 $5,394
Agency 3,165 3,010 2,687
Advertising and media 1,103 1,092 1,073
Vrbo 1,340 1,171 906
Total revenue $12,067 $11,223 $10,060
Service Type
Lodging $8,472 $7,712 $6,851
Air 869 881 784
Advertising and media 1,103 1,092 1,073
Other (2) 1,623 1,538 1,352
Total revenue $12,067 $11,223 $10,060
____________________________
17 (1)
$5,394
2,687
1,073
906
$10,060
$6,851
784
1,073
1,352
$10,060
Expedia Group, Inc.
10-K
02/14/2020
Geographic Information

7/11/1905 7/10/1905 7/
(In millions)
Revenue
United States $6,869 $6,202 $5,542
All other countries 5,198 5,021 4,518
$12,067 $11,223 $10,060
____________________________
7/9/1905
$5,542
4,518
$10,060
Expedia Group, Inc.
10-K
02/14/2020
Geographic Information
As of December 31,
7/11/1905 7/10/1905
(In millions)
Property and equipment, net
United States $2,038 $1,571
All other countries 160 306
$2,198 $1,877
____________________________
Expedia Group, Inc.
10-K
02/14/2020
NOTE 21 Valuation and Qualifying Accounts
Description Balance at Charges to

Beginning of Earnings
Period
(In millions)
7/11/1905
Allowance for doubtful accounts $34 $25
Other reserves 19
7/10/1905
Other reserves 22
7/9/1905
Other reserves 24
____________________________
Charges to Deductions Balance at End
Other of Period
Accounts (1)
$( 3 ) $( 15 ) $41
19
$( 8 ) $( 16 ) $34
19
$1 $( 14 ) $31
22
Expedia Group, Inc.
10-K
02/14/2020
NOTE 22 Quarterly Financial Information (Unaudited)
Three Months Ended

December 31 September 30
(In millions, except per share data)
Revenue $2,747 $3,558
Operating income (loss) 160 609
Net income (loss) attributable to Expedia 76 409
Group, Inc
Basic earnings (loss) per share (1) $0.52 $2.77
Diluted earnings (loss) per share (1) 0.52 2.71
Revenue $2,559 $3,276
Operating income (loss) 96 672
Net income (loss) attributable to Expedia 17 525
Group, Inc. (2)
Basic earnings (loss) per share (1) $0.11 $3.51
Diluted earnings (loss) per share (1) 0.11 3.43
____________________________
0 June 30 March 31
$3,153 $2,609
265 ( 131 )
183 ( 103 )
$1.23 $( 0.69 )
1.21 ( 0.69 )
$2,880 $2,508
111 ( 165 )
1 ( 137 )
$0.01 $( 0.91 )
0.01 ( 0.91 )
Expedia Group, Inc.
10-K
02/14/2020
Year Ended December 31, 2019
Parent Guarantor
Subsidiaries
(In millions)
Revenue $- $9,463
Costs and expenses:
Cost of revenue - 1,569
Selling and marketing - 4,666
Technology and content - 1,247
General and administrative - 557
Amortization of intangible assets - 117
Legal reserves, occupancy tax and other - 16
Restructuring and related reorganization - 13
charges
Intercompany (income) expense, net 2 856
Operating income ( 2 ) 422
Equity in pre-tax earnings of consolidated 702 372
subsidiaries
Other, net ( 176 ) 39
Total other income (expense), net 526 411
Provision for income taxes 41 ( 129 )
Net income 565 704
Net (income) loss attributable to non-controlling - 3
interests
Inc.
Expedia Group, Inc.
____________________________
Non-Guarantor Eliminations Consolidated
Subsidiaries
$2,929 $( 325 ) $12,067
616 ( 22 ) 2,163
1,772 ( 303 ) 6,135
516 - 1,763
290 - 847
81 - 198
18 - 34
11 - 24
( 858 ) - -
483 - 903
- ( 1,074 ) -
9 - ( 128 )
9 ( 1,074 ) ( 128 )
492 ( 1,074 ) 775
( 115 ) - ( 203 )
377 ( 1,074 ) 572
( 10 ) - ( 7 )
$367 $( 1,074 ) $565
$359 $( 1,055 ) $568

Expedia Group, Inc.
10-K
02/14/2020
Parent Guarantor
Subsidiaries
(In millions)
Revenue $- $8,650
Costs and expenses:
Technology and content - 1,143
Impairment of goodwill - -
Impairment of intangibles - 42
Legal reserves, occupancy tax and other - ( 60 )
Intercompany (income) expense, net - 808
Operating income - 439
subsidiaries
Other, net ( 187 ) ( 81 )
Total other income, net 362 128
Net income 406 555
Net loss attributable to non-controlling - 2
interests
Inc.
Expedia Group, Inc.
____________________________
Subsidiaries
$2,973 $( 400 ) $11,223
550 ( 21 ) 1,965
1,993 ( 379 ) 5,767
474 - 1,617
293 - 808
109 - 283
86 - 86
- - 42
1 - ( 59 )
( 808 ) - -
275 - 714
- ( 758 ) -
39 - ( 229 )
39 ( 758 ) ( 229 )
314 ( 758 ) 485
( 119 ) - ( 87 )
195 ( 758 ) 398
6 - 8
$201 $( 758 ) $406
$103 $( 562 ) $338

Expedia Group, Inc.
10-K
02/14/2020
Parent Guarantor
Subsidiaries
(In millions)
Revenue $- $7,662
Costs and expenses:
Technology and content - 991
Legal reserves, occupancy tax and other - 25
Restructuring and related reorganization - 5
charges
Intercompany (income) expense, net - 695
Operating income - 297
subsidiaries
Other, net ( 179 ) ( 60 )
Total other income (expense), net 314 276
Net income 378 506
Net loss attributable to non-controlling - 1
interests
Inc.
Expedia Group, Inc.
____________________________
Subsidiaries
$2,817 $( 419 ) $10,060
431 ( 17 ) 1,757
1,985 ( 402 ) 5,298
396 - 1,387
267 - 676
93 - 275
- - 25
12 - 17
( 695 ) - -
328 - 625
- ( 829 ) -
31 - ( 208 )
31 ( 829 ) ( 208 )
359 ( 829 ) 417
( 42 ) - ( 45 )
317 ( 829 ) 372
5 - 6
$322 $( 829 ) $378
$564 $( 1,262 ) $509

Expedia Group, Inc.
10-K
02/14/2020
December 31, 2019
Parent Guarantor
Subsidiaries
(In millions)
ASSETS
Total current assets $443 $7,416
Investment in subsidiaries 11,345 3,297
Intangible assets, net - 1,414
Goodwill - 6,366
Other assets, net - 2,540
TOTAL ASSETS $11,788 $21,033
Total current liabilities $2,063 $9,097
Long-term debt, excluding current maturities 4,189 -
Other long-term liabilities - 506
Redeemable non-controlling interests - 15
Stockholders? equity 5,536 11,415
____________________________
s Subsidiaries
$2,588 $( 2,712 ) $7,735

- ( 14,642 ) -
390 - 1,804
1,761 - 8,127
1,248 ( 38 ) 3,750
$5,987 $( 17,392 ) $21,416
$2,266 $( 2,712 ) $10,714

- - 4,189
494 ( 38 ) 962
- - 15
3,227 ( 14,642 ) 5,536
$5,987 $( 17,392 ) $21,416
d
Expedia Group, Inc.
10-K
02/14/2020
December 31, 2018
Parent Guarantor
Subsidiaries
(In millions)
ASSETS
Total current assets $402 $5,261
Investment in subsidiaries 10,615 3,425
Intangible assets, net - 1,520
Goodwill - 6,366
Other assets, net - 1,840
TOTAL ASSETS $11,017 $18,412
Total current liabilities $1,649 $7,396
Long-term debt, excluding current maturities 3,717 -
Other long-term liabilities - 320
Redeemable non-controlling interests - 17
Stockholders? equity 5,651 10,679
____________________________
s Subsidiaries
$2,137 $( 2,603 ) $5,197

- ( 14,040 ) -
472 - 1,992
1,754 - 8,120
913 ( 29 ) 2,724
$5,276 $( 16,672 ) $18,033
$1,618 $( 2,603 ) $8,060

- - 3,717
284 ( 29 ) 575
13 - 30
3,361 ( 14,040 ) 5,651
$5,276 $( 16,672 ) $18,033
d
Expedia Group, Inc.
10-K
02/14/2020
Parent Guarantor
Subsidiaries
(In millions)
Net cash provided by operating activities $- $2,113
Capital expenditures, including internal-use - ( 1,058 )
Purchases of investments - ( 1,280 )
Sales and maturities of investments - 816
Acquisitions, net of cash and restricted - 80
cash acquired
Transfers (to) from related parties ( 351 ) 296
Other, net - 21
Net cash used in investing activities ( 351 ) ( 1,125 )
Proceeds from issuance of long-term debt, 1,231 -
net of debt issuance costs
Payment of Liberty Expedia Exchangeable - ( 400 )
Debentures
Purchases of treasury stock ( 743 ) -
Payment of dividends to stockholders ( 195 ) -
Proceeds from exercise of equity awards 301 -
Changes in controlled subsidiaries, net - ( 17 )
Other, net ( 1 ) 11
Net cash provided by (used in) financing 351 37
activities
Effect of exchange rate changes on cash, - 8
cash equivalents, and restricted cash
and cash equivalents
Net increase in cash, cash equivalents, - 1,033
Cash, cash equivalents, and restricted - 1,190
cash and cash equivalents at beginning
of year
Cash, cash equivalents, and restricted $- $2,223
____________________________
Non-Guarantor Consolidated
Subsidiaries
$654 $2,767
( 102 ) ( 1,160 )
( 66 ) ( 1,346 )
36 852
- 80
55 -
- 21
( 77 ) ( 1,553 )
- 1,231
- ( 400 )
- ( 743 )
- ( 195 )
- 301
( 11 ) ( 28 )
( 201 ) -
( 1 ) 9
( 213 ) 175
( 5 ) 3
359 1,392
1,515 2,705
$1,874 $4,097
Expedia Group, Inc.
10-K
02/14/2020
Parent Guarantor
Subsidiaries
(In millions)
Capital expenditures, including internal-use - ( 752 )
Sales and maturities of investments - 2,063
Acquisitions, net of cash and restricted - ( 53 )
cash acquired
Transfers (to) from related parties - ( 86 )
Other, net - 35
Net cash used in investing activities - ( 513 )
Payment of long-term debt ( 500 ) -
Proceeds from issuance of treasury stock 31 -
Changes in controlled subsidiaries, net - -
Transfers (to) from related parties 1,415 ( 785 )
Other, net ( 3 ) ( 10 )
Net cash used in financing activities - ( 795 )
Effect of exchange rate changes on cash, - ( 71 )
cash equivalents
Net decrease in cash, cash equivalents, - ( 131 )
Cash, cash equivalents, and restricted - 1,321
of year
____________________________
Subsidiaries
$727 $1,975
( 126 ) ( 878 )
( 83 ) ( 1,803 )
74 2,137
- ( 53 )
86 -
3 38
( 46 ) ( 559 )
- ( 500 )
- ( 923 )
- 31
- ( 186 )
- 166
( 62 ) ( 62 )
( 630 ) -
( 2 ) ( 15 )
( 694 ) ( 1,489 )
( 68 ) ( 139 )
( 81 ) ( 212 )
1,596 2,917
$1,515 $2,705
Expedia Group, Inc.
10-K
02/14/2020
Parent Guarantor
Subsidiaries
(In millions)
Capital expenditures, including internal-use - ( 546 )
Sales and maturities of investments - 875
Acquisitions, net of cash acquired - ( 168 )
Transfers (to) from related parties - ( 5 )
Other, net - 7
Net cash used in investing activities - ( 1,059 )
Proceeds from issuance of long-term debt, 990 -
net of debt issuance costs
Changes in controlled subsidiaries, net - -
Other, net ( 5 ) ( 15 )
Net cash provided by financing activities - 590
Effect of exchange rate changes on cash, - 36
cash equivalents
Net increase in cash, cash equivalents, - 879
Cash, cash equivalents, and restricted - 442
of year
____________________________
Subsidiaries
$533 $1,845
( 164 ) ( 710 )
( 589 ) ( 1,811 )
221 1,096
( 1 ) ( 169 )
5 -
6 13
( 522 ) ( 1,581 )
- 990
- ( 312 )
- ( 176 )
1 229
( 18 ) ( 18 )
120 -
( 5 ) ( 25 )
98 688
111 147
220 1,099
1,376 1,818
$1,596 $2,917
Expedia Group, Inc.
10-K
02/14/2020
As of December 31, 2019
U.S. Subsidiaries Jurisdiction
Classic Vacations, LLC United States - NV
Cruise, LLC United States - WA
EAN.com, LP United States - DE
Egencia LLC United States - NV
EXP Global Holdings, Inc. United States - DE
Expedia, Inc. United States - WA
HomeAway.com, Inc. United States - DE
Hotels.com GP, LLC United States - TX
Hotwire, Inc. United States - DE
HRN 99 Holdings, LLC United States - NY
Interactive Affiliate Network, LLC United States - DE
Orbitz Travel Insurance Services, LLC United States - DE
Orbitz Worldwide, Inc. United States - DE
Orbitz Worldwide, LLC United States - DE
Orbitz, Inc. United States - DE
Orbitz, LLC United States - DE
SilverRail Technologies, Inc United States - DE
Travelscape, LLC United States - NV
Trip Network, Inc. United States - DE
Vrbo Holdings, Inc. United States - DE
Foreign Subsidiaries Jurisdiction

BEX Travel Asia Pte. Ltd. Singapore
Ebookers Limited United Kingdom
Egencia France SAS France
Egencia UK Ltd. United Kingdom
EXP Holdings Luxembourg S.? r.l. Luxembourg
Expedia Asia Holdings Mauritius Mauritius
Expedia do Brasil Agencia de Viagens e Turismo Brazil

Ltda.
Expedia Lodging Group S?rl Switzerland
Expedia Lodging Partner Services S?rl Switzerland
Expedia Southeast Asia Pte. Ltd. Singapore
Expedia.com Limited United Kingdom
HomeAway UK Ltd. United Kingdom
____________________________
Expedia Group, Inc.
10-K
02/14/2020
As of December 31, 2019
Foreign Subsidiaries (continued) Jurisdiction
HotelClub Pty Ltd Australia
HomeAway S?rl Switzerland
HomeAway Spain SL Spain
Orbitz Worldwide (UK) Limited United Kingdom
trivago N.V.* Netherlands
Vrbo Netherlands Holdings B.V. Netherlands
WWTE Travel S.? r.l. Luxembourg
____________________________

Delaware 20-2705720 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.)

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Expedia Group, Inc.

EXPEDIA GROUP, INC.

Registrant s telephone number, including area code:

Title of each class Trading symbol(s)

Registrant s telephone number, including area code:

Large accelerated filer ? Accelerated filer ?

Registrant s telephone number, including area code:

Class Outstanding Shares at Jan

Declaration Date Dividend

March 7, 2019 $47 March 27, 2019

March 8, 2018 $46 March 28, 2018

Issuer Purchases of Equity Securities

Period Total Number of Average Price Total Number of

SELECTED FINANCIAL DATA

Year Ended December 31,

$10,060 $8,774 $6,672

$2.49 $1.87 $5.87

151,619 150,367 130,159

7/10/1905 7/9/1905 7/8/1905 7/7/190

($2,339) ($2,677) ($2,950)

Gross Bookings and Revenue Margin

Year ended December 31,

Year ended December 31,

Year Ended December 31,

Year ended December 31,

Year ended December 31,

Selling and Marketing

Year ended December 31,

Technology and Content

Year ended December 31,

General and Administrative

Year ended December 31,

Amortization and Impairment of Intangible Assets

Year ended December 31,

Legal Reserves, Occupancy Tax and Other

Year ended December 31,

$25 N/A N/A

Year ended December 31,

Adjusted EBITDA by Segment

Year ended December 31,

Interest Income and Expense

Year ended December 31,

$34 (17) % 108 %

Year ended December 31,

Provision for Income Taxes

Year ended December 31,

Definition and Reconciliation of Adjusted EBITDA

Year ended December 31,

Financial Position, Liquidity and Capital Resources

Year ended December 31,

$1,845 $792 $130

Financial Position, Liquidity and Capital Resources

Year ended December 31,

Contractual Obligations and Commercial Commitments

$1,042 $777 $3,471

Exhibit Filed Incorporated by R

2.10 Share Purchase Agreement, dated as of December 21, 8-K

000-51447 2.20 12/21/2012

000-51447 10.10 4/2/2015