Expedia Group, Inc. (NASDAQ:EXPE) announced financial results today for the second quarter ended June 30, 2022.

"We are very pleased with our financial performance this quarter. Lodging bookings reached a record high, and we posted our highest ever second quarter revenue and adjusted EBITDA. These were even more noteworthy given the simplification efforts we undertook two years ago including the sale of our Egencia corporate travel business." said Peter Kern, Vice Chairman and CEO, Expedia Group. "Despite the disruptions during the summer travel season and an uncertain macroeconomic backdrop, travel demand has remained strong. We continue to focus our energy on improving our technology for our travelers and partners and attracting more valuable customers through direct relationships. These actions, along with prior actions to drive efficiency, put us in a better position to withstand any further macroeconomic headwinds should they arise."

Key Highlights

Lodging bookings were the highest in the company's history, while revenue and adjusted EBITDA were the highest for any second quarter.
Lodging gross bookings were up 8% versus the second quarter 2019.
Revenue was $3.2 billion, up 51% versus the second quarter 2021 and up 1% versus the second quarter 2019.
Net loss was $185 million and adjusted net income was $310 million. Adjusted EBITDA was $648 million, up 14% versus the second quarter 2019.
On May 30^th, the Company completed the early redemption of its $500 million Senior Notes due December 2023. On June 13^th, the Company completed the early redemption of its $500 million Senior Notes due August 2024. Since May 2021, the Company has repaid over $2.9 billion of net debt and preferred equity.

Financial Summary & Operating Metrics ($ millions except per share amounts)⁽¹⁾

	Expedia Group, Inc.
Metric	Q2 2022	Q2 2021	Δ Y/Y
Booked room nights	82.5	68.4	21%
Stayed room nights	79.1	56.6	40%
Gross bookings	$26,139	$20,815	26%
Revenue	3,181	2,111	51%
Operating income (loss)	345	(132)	NM
Net income (loss) attributable to Expedia Group common stockholders	(185)	(301)	(39)%
Diluted earnings (loss) per share	$(1.17)	$(2.02)	(42)%
Adjusted EBITDA⁽²⁾	648	201	223%
Adjusted net income (loss)⁽²⁾	310	(169)	NM
Adjusted EPS⁽²⁾	$1.96	$(1.13)	NM
Free cash flow⁽²⁾	1,469	2,331	(37)%

⁽¹⁾All comparisons are against comparable period of 2021 unless otherwise noted.

⁽²⁾"Adjusted EBITDA" (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization), "Adjusted net income (loss)," "Adjusted EPS" and "Free cash flow" are non-GAAP measures as defined by the Securities and Exchange Commission (the "SEC"). See "Definitions of Non-GAAP Measures" and "Tabular Reconciliations for Non-GAAP Measures" on pages 11-18 herein for an explanation and reconciliation of non-GAAP measures used throughout this release. Expedia Group does not calculate or report net income by segment.

Discussion of Results

The results for Expedia Group, Inc. ("Expedia Group" or "the Company") include Brand Expedia®, Hotels.com®, Expedia® Partner Solutions, Vrbo®, Egencia®, trivago®, HomeAway®, Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia Group™ Media Solutions, CarRentals.com™, Expedia® Cruises™, and Traveldoo®. Results include the related international points of sale for all brands. In April 2021, we completed the sale of Classic Vacations®, and in November 2021 we completed the sale of Egencia®, which is included in results through the date of its sale. All amounts shown are in U.S. dollars.

Gross Bookings & Revenue

Gross Bookings & Revenue by Segment ($ millions)

	Gross Bookings
	Second Quarter
		2022			2021		Δ%
Gross Bookings	$	26,139		$	20,815		26	%

	Revenue
	Second Quarter
		2022			2021		Δ%
Retail	$	2,420		$	1,715		41	%
B2B		650			305		113	%
Expedia Group (excluding trivago)	$	3,070		$	2,020		52	%
trivago		154			115		34	%
Intercompany eliminations		(43	)		(24	)	76	%
Total	$	3,181		$	2,111		51	%

For the second quarter of 2022, total gross bookings increased 26%, compared to the second quarter of 2021, as travel demand further improved and gross bookings improved for lodging, air and other travel products. Gross bookings for lodging, air, and other travel products improved sequentially from the first quarter of 2022.

Total revenue increased 51%, compared to the second quarter of 2021. Retail, B2B, and trivago segment revenue all increased compared to the second quarter of 2021.

Product & Services Detail

Revenue by Service Type ($ millions)

	Revenue
	Second Quarter
		2022		2021	Δ%
Lodging	$	2,400	$	1,533	57	%
Air		95		78	22	%
Advertising and media		213		161	33	%
Other		473		339	39	%
Total	$	3,181	$	2,111	51	%

As a percentage of total revenue in the second quarter of 2022, lodging accounted for 75%, advertising and media accounted for 7%, air accounted for 3%, and all other revenues accounted for the remaining 15%.

Lodging revenue increased 57% in the second quarter of 2022, compared to the second quarter of 2021, driven by a 40% increase in room nights stayed across hotels and alternative accommodations, as well as a 9% increase in stayed average daily rates ("ADRs").

Air revenue increased 22% in the second quarter of 2022, compared to the second quarter of 2021, primarily driven by a 21% growth in revenue per ticket, as air travel demand remained stable despite higher airfares.

Advertising and media revenue increased 33% in the second quarter of 2022, compared to the second quarter of 2021, driven by increases from both Expedia Group Media Solutions and trivago. Other revenue increased 39% in the second quarter of 2022, driven by growth from both travel insurance and car products.

Costs and Expenses ($ millions)
	Costs and Expenses						As a % of Revenue
	Second Quarter						Second Quarter
		2022		2021	Δ%		2022		2021		Δ (bps)
Generally Accepted Accounting Principles (GAAP) Expenses - Expedia Group
Cost of revenue	$	419	$	374	12	%	13.2	%	17.7	%	(456	)
Selling and marketing - direct		1,549		1,002	55	%	48.7	%	47.5	%	122
Selling and marketing - indirect		167		197	(15	)%	5.3	%	9.4	%	(409	)
Selling and marketing		1,716		1,199	43	%	53.9	%	56.8	%	(287	)
Technology and content		284		276	3	%	8.9	%	13.1	%	(417	)
General and administrative		189		184	3	%	6.0	%	8.7	%	(275	)
Total GAAP costs and expenses	$	2,608	$	2,033	28	%	82.0	%	96.3	%	(1,434	)

Adjusted Expenses - Expedia Group
Cost of revenue*	$	416	$	368	13	%	13.1	%	17.4	%	(437	)
Selling and marketing - direct		1,549		1,002	55	%	48.7	%	47.5	%	122
Selling and marketing - indirect*		150		165	(9	)%	4.7	%	7.8	%	(310	)
Selling and marketing*		1,699		1,167	46	%	53.4	%	55.3	%	(187	)
Technology and content*		257		244	5	%	8.1	%	11.6	%	(351	)
General and administrative*		143		134	7	%	4.5	%	6.4	%	(185	)
Total adjusted costs and expenses	$	2,515	$	1,913	31	%	79.1	%	90.7	%	(1,161	)

Adjusted Expenses - Expedia Group (excluding trivago)**
Cost of revenue*	$	412	$	364	13	%	13.4	%	18.0	%	(461	)
Selling and marketing*		1,646		1,107	49	%	53.6	%	54.8	%	(119	)
Technology and content*		245		231	6	%	8.0	%	11.4	%	(347	)
General and administrative*		135		126	7	%	4.4	%	6.3	%	(186	)
Total adjusted costs and expenses excluding trivago	$	2,438	$	1,828	33	%	79.4	%	90.5	%	(1,113	)

Note: Some numbers may not add due to rounding.

*Adjusted expenses are non-GAAP measures. See pages 11-18 herein for a description and reconciliation to the corresponding GAAP measures.

**Expedia Group (excluding trivago) figures exclude both trivago costs and expenses and trivago revenue when calculating 'As a % of Revenue.'

Cost of Revenue

For the second quarter of 2022, total GAAP and adjusted cost of revenue increased 12% and 13%, respectively, compared to the second quarter of 2021, driven by higher merchant processing fees, customer service costs, and cloud costs as a result of increased transaction volume which offset lower personnel costs related to the sale of Egencia in November 2021.

Selling and Marketing

For the second quarter of 2022, total GAAP and adjusted selling and marketing expense increased 43% and 46%, respectively, compared to the second quarter of 2021, primarily due to a $547 million increase in direct costs driven by an increase in spend across all main marketing channels as well as an increase in B2B partner commissions. Total GAAP and adjusted indirect selling and marketing expenses, decreased 15% and 9%, respectively compared to the second quarter of 2021. The decrease in indirect marketing expense was driven by lower personnel costs related to the sale of Egencia in November 2021.

Technology and Content

For the second quarter of 2022, total GAAP and adjusted technology and content expense increased 3% and 5%, respectively, compared to the second quarter of 2021, due to an increase in personnel costs. The year-over-year increase in GAAP technology and content expense was offset by lower stock-based compensation.

General and Administrative

For the second quarter of 2022, total GAAP and adjusted general and administrative expense increased 3% and 7%, respectively, compared to the second quarter of 2021, due to an increase in personnel costs. The year-over-year increase in GAAP general and administrative expense was offset by lower stock-based compensation.

Net Income (Loss) Attributable to Expedia Group and Adjusted EBITDA*

Adjusted EBITDA by Segment ($ millions)

	Second Quarter
		2022			2021		Δ%
Retail	$	582		$	316		84	%
B2B		156			(4	)	NM
Unallocated overhead costs		(123	)		(116	)	6	%
Expedia Group (excluding trivago)	$	615		$	196		215	%
trivago⁽¹⁾		33			5		534	%
Total Adjusted EBITDA	$	648		$	201		223	%

Net loss attributable to Expedia Group common stockholders⁽²⁾	$	(185	)	$	(301	)	(39	)%

⁽¹⁾trivago is a separately listed company on the Nasdaq Global Select Market and, therefore, is subject to its own reporting and filing requirements which could result in possible differences that are not expected to be material to Expedia Group.

⁽²⁾ Expedia Group does not calculate or report net income (loss) by segment.

* Adjusted EBITDA is a non-GAAP measure. See pages 11-19 herein for a description and reconciliation to the corresponding GAAP measures.

Note: Some numbers may not add due to rounding.

Depreciation and Amortization

Depreciation and amortization decreased 4% in the second quarter of 2022, compared to the second quarter of 2021, driven by lower amortization of certain intangibles.

Interest and Other

Consolidated interest income increased $9 million in the second quarter of 2022 compared to the second quarter of 2021, as a result of higher rates of return. Consolidated interest expense decreased $10 million in the second quarter of 2022, as a result of interest expense related to senior notes outstanding in the prior year that were redeemed in the first half of 2022.

Consolidated other, net was a loss of $385 million in the second quarter of 2022, compared to a loss of $10 million in the second quarter of 2021, primarily driven by mark-to-market losses on minority equity investments in American Express Global Business Travel ("GBT") and Despegar.

Income Taxes

The GAAP effective tax rate was a 46% expense on a pre-tax loss in the second quarter of 2022, compared to a 21% benefit on a pre-tax loss in the second quarter of 2021. The change in the effective tax rate was primarily due to nondeductible mark-to-market adjustments as well as other discrete items.

The effective tax rate on pretax adjusted net income was 21% in the second quarter of 2022, compared to (114)% in the second quarter of 2021. The change in effective tax rate was primarily due to the increase in pretax adjusted net income and discrete items.

Balance Sheet, Cash Flows and Capitalization

For the three months ended June 30, 2022, consolidated net cash provided by operating activities was approximately $1.6 billion. Consolidated free cash flow totaled $1.5 billion, a decrease of $0.9 billion, compared to the prior year, primarily due to a decrease in cash provided by operating activities related to changes in working capital, which was partially offset by an improvement in Adjusted EBITDA.

Cash, cash equivalents and short-term investments totaled $5.6 billion at June 30, 2022 compared to $4.3 billion at December 31, 2021. The increase was primarily driven by cash provided by operating activities. Restricted cash and cash equivalents, which primarily consist of traveler deposits for Vrbo bookings, was $2.8 billion at June 30, 2022 compared to $1.7 billion at December 31, 2021. Prepaid expenses and other current assets was $1.2 billion at June 30, 2022 compared to $827 million at December 31, 2021.

Deferred merchant bookings totaled approximately $10.0 billion at June 30, 2022, including approximately $855 million in deferred loyalty rewards compared to $5.7 billion at December 31, 2021, including approximately $800 million in deferred loyalty rewards. The trends in deferred merchant bookings reflect the seasonality of our business, deferred merchant bookings increase in the lead-up to the peak travel season and decrease as stays occur during the summer months.

As of June 30, 2022, Expedia Group had stock-based awards outstanding representing approximately 11 million shares of Expedia Group common stock, consisting of approximately 7 million restricted stock units, ("RSUs") and performance share units, ("PSUs") in addition to stock options to purchase approximately 4 million shares of common stock with a weighted average exercise price of $134.89 and weighted average remaining life of 3.9 years.

On May 30, 2022, Expedia Group redeemed all of the $500 million of outstanding aggregate principal amount of the Company's 3.6% Notes due December 2023. On June 13, 2022, Expedia Group redeemed all of the $500 million of outstanding aggregate principal amount of the Company's 4.5% Notes due August 2024. As a result of these redemptions, we recognized a loss on debt extinguishment of $24 million, which primarily included the payment of early payment premiums as well as the write-off of unamortized discount and debt issuance costs.

EXPEDIA GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share and per share data) (Unaudited)

	Three months ended June 30,						Six months ended June 30,
		2022			2021			2022			2021

Revenue	$	3,181		$	2,111		$	5,430		$	3,357
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization shown separately below) ⁽¹⁾		419			374			790			685
Selling and marketing⁽¹⁾		1,716			1,199			3,055			1,863
Technology and content⁽¹⁾		284			276			554			523
General and administrative ⁽¹⁾		189			184			375			340
Depreciation and amortization		197			205			394			414
Impairment of intangible assets		29			—			29			—
Legal reserves, occupancy tax and other		2			(8	)		23			(9	)
Restructuring and related reorganization charges		—			13			—			42
Operating income (loss)		345			(132	)		210			(501	)
Other income (expense):
Interest income		10			1			13			3
Interest expense		(73	)		(83	)		(154	)		(181	)
Loss on debt extinguishment		(24	)		—			(24	)		(280	)
Other, net		(385	)		(10	)		(380	)		(15	)
Total other expense, net		(472	)		(92	)		(545	)		(473	)
Loss before income taxes		(127	)		(224	)		(335	)		(974	)
Provision for income taxes		(58	)		47			27			216
Net loss		(185	)		(177	)		(308	)		(758	)
Net loss attributable to non-controlling interests		—			5			1			8
Net loss attributable to Expedia Group, Inc.		(185	)		(172	)		(307	)		(750	)
Preferred stock dividend		—			(22	)		—			(50	)
Loss on redemption of preferred stock		—			(107	)		—			(107	)
Net loss attributable to Expedia Group, Inc. common stockholders	$	(185	)	$	(301	)	$	(307	)	$	(907	)

Loss per share attributable to Expedia Group, Inc. available to common stockholders
Basic	$	(1.17	)	$	(2.02	)	$	(1.96	)	$	(6.16	)
Diluted		(1.17	)		(2.02	)		(1.96	)		(6.16	)
Shares used in computing earnings (loss) per share (000's):
Basic		157,290			149,093			156,831			147,148
Diluted		157,290			149,093			156,831			147,148

(1) Includes stock-based compensation as follows:
Cost of revenue	$	3		$	6		$	6		$	11
Selling and marketing		17			32			32			49
Technology and content		27			32			54			59
General and administrative		46			50			91			84

EXPEDIA GROUP, INC. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value)

	June 30, 2022			December 31, 2021
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	5,568		$	4,111
Restricted cash and cash equivalents		2,756			1,694
Short-term investments		26			200
Accounts receivable, net of allowance of $62 and $65		2,173			1,264
Income taxes receivable		105			85
Prepaid expenses and other current assets		1,158			827
Total current assets		11,786			8,181
Property and equipment, net		2,163			2,180
Operating lease right-of-use assets		378			407
Long-term investments and other assets		1,151			1,450
Deferred income taxes		825			766
Intangible assets, net		1,306			1,393
Goodwill		7,135			7,171
TOTAL ASSETS	$	24,744		$	21,548

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable, merchant	$	1,548		$	1,333
Accounts payable, other		1,178			688
Deferred merchant bookings		10,041			5,688
Deferred revenue		173			166
Income taxes payable		36			16
Accrued expenses and other current liabilities		861			824
Current maturities of long-term debt		—			735
Total current liabilities		13,837			9,450
Long-term debt, excluding current maturities		6,727			7,715
Deferred income taxes		45			58
Operating lease liabilities		334			360
Other long-term liabilities		420			413
Commitments and contingencies
Stockholders' equity:
Common stock: $.0001 par value; Authorized shares: 1,600,000		—			—
Shares issued: 276,967 and 274,661; Shares outstanding: 152,024 and 150,125
Class B common stock: $.0001 par value; Authorized shares: 400,000		—			—
Shares issued: 12,800 and 12,800; Shares outstanding: 5,523 and 5,523
Additional paid-in capital		14,549			14,229
Treasury stock - Common stock and Class B, at cost; Shares 132,220 and 131,813		(10,331	)		(10,262	)
Retained earnings (deficit)		(2,068	)		(1,761	)
Accumulated other comprehensive income (loss)		(240	)		(149	)
Total Expedia Group, Inc. stockholders' equity		1,910			2,057
Non-redeemable non-controlling interests		1,471			1,495
Total stockholders' equity		3,381			3,552
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	24,744		$	21,548

EXPEDIA GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)

	Six months ended June 30,
		2022			2021
Operating activities:
Net loss	$	(308	)	$	(758	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of property and equipment, including internal-use software and website development		351			361
Amortization of intangible assets		43			53
Impairment of intangible assets		29			—
Amortization of stock-based compensation		183			203
Deferred income taxes		(83	)		(241	)
Foreign exchange loss on cash, restricted cash and short-term investments, net		109			20
Realized loss on foreign currency forwards		75			12
(Gain) loss on minority equity investments, net		352			(4	)
Loss on debt extinguishment		24			280
Other, net		(19	)		6
Changes in operating assets and liabilities:
Accounts receivable		(921	)		(729	)
Prepaid expenses and other assets		(330	)		(614	)
Accounts payable, merchant		214			556
Accounts payable, other, accrued expenses and other liabilities		539			353
Tax payable/receivable, net		(1	)		2
Deferred merchant bookings		4,354			5,184
Deferred revenue		8			—
Net cash provided by operating activities		4,619			4,684
Investing activities:
Capital expenditures, including internal-use software and website development		(315	)		(351	)
Purchases of investments		(60	)		(1	)
Sales and maturities of investments		200			12
Proceeds from initial exchange of cross-currency interest rate swaps		337			—
Payments for initial exchange of cross-currency interest rate swaps		(337	)		—
Other, net		(73	)		(73	)
Net cash used in investing activities		(248	)		(413	)
Financing activities:
Proceeds from issuance of long-term debt, net of issuance costs		—			1,964
Payment of long-term debt		(1,724	)		(1,706	)
Debt extinguishment costs		(20	)		(258	)
Redemption of preferred stock		—			(618	)
Purchases of treasury stock		(69	)		(85	)
Payment of preferred stock dividends		—			(50	)
Proceeds from exercise of equity awards and employee stock purchase plan		114			379
Other, net		12			(4	)
Net cash used in financing activities		(1,687	)		(378	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents		(165	)		(26	)
Net increase in cash, cash equivalents and restricted cash and cash equivalents		2,519			3,867
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period		5,805			4,138
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$	8,324		$	8,005
Supplemental cash flow information
	$	167		$	192
		56			16

Expedia Group, Inc.

Trended Metrics

(All figures in millions)

The supplemental metrics below are intended to supplement the financial statements in this release and in our filings with the SEC, and do not include adjustments for one-time items, acquisitions, foreign exchange or other adjustments. The definition, methodology and appropriateness of any of our supplemental metrics are subject to removal and/or change, and such changes could be material. In the event of any discrepancy between any supplemental metric and our historical financial statements, you should rely on the information filed with the SEC and the financial statements in our most recent earnings release.

	2019												2020												2021												2022						Y/Y
	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1			Q2			Growth
Gross bookings by business model
Agency	$	17,352		$	16,112		$	14,585		$	11,956		$	9,823		$	1,363		$	3,530		$	3,405		$	6,737		$	10,362		$	8,855		$	8,325		$	11,346		$	12,773		23	%
Merchant		12,057			12,180			12,342			11,289			8,062			1,350			5,101			4,162			8,685			10,453			9,870			9,138			13,066			13,366		28	%
Total	$	29,409		$	28,292		$	26,927		$	23,245		$	17,885		$	2,713		$	8,631		$	7,567		$	15,422		$	20,815		$	18,725		$	17,463		$	24,412		$	26,139		26	%

Revenue by segment
Retail	$	1,901		$	2,333		$	2,613		$	1,961		$	1,582		$	463		$	1,246		$	702		$	1,025		$	1,715		$	2,351		$	1,730		$	1,740		$	2,420		41	%
B2B		556			657			731			635			485			68			203			186			184			305			490			481			432			650		113	%
Corporate (Bodybuilding.com)		—			—			24			34			39			20			—			—			—			—			—			—			—			—		NM
Expedia Group (excluding trivago)	$	2,457		$	2,990		$	3,368		$	2,630		$	2,106		$	551		$	1,449		$	888		$	1,209		$	2,020		$	2,841		$	2,211		$	2,172		$	3,070		52	%
trivago		237			251			279			171			154			18			70			38			46			115			163			99			116			154		34	%
Intercompany eliminations		(85	)		(88	)		(89	)		(54	)		(51	)		(3	)		(15	)		(6	)		(9	)		(24	)		(42	)		(31	)		(39	)		(43	)	76	%
Total	$	2,609		$	3,153		$	3,558		$	2,747		$	2,209		$	566		$	1,504		$	920		$	1,246		$	2,111		$	2,962		$	2,279		$	2,249		$	3,181		51	%

Revenue by geography
Domestic*	$	1,476		$	1,838		$	1,982		$	1,573		$	1,317		$	463		$	1,033		$	698		$	1,001		$	1,736		$	2,177		$	1,655		$	1,656		$	2,208		27	%
International*		1,133			1,315			1,576			1,174			892			103			471			222			245			375			785			624			593			973		159	%
Total	$	2,609		$	3,153		$	3,558		$	2,747		$	2,209		$	566		$	1,504		$	920		$	1,246		$	2,111		$	2,962		$	2,279		$	2,249		$	3,181		51	%

Revenue by business model
Agency	$	842		$	1,047		$	1,177		$	816		$	562		$	105		$	329		$	271		$	323		$	573		$	800		$	611		$	566		$	808		41	%
Merchant		1,435			1,758			1,980			1,590			1,340			368			1,032			521			796			1,338			1,923			1,480			1,485			2,125		59	%
Advertising & media and other		332			348			401			341			307			93			143			128			127			200			239			188			198			248		24	%
Total	$	2,609		$	3,153		$	3,558		$	2,747		$	2,209		$	566		$	1,504		$	920		$	1,246		$	2,111		$	2,962		$	2,279		$	2,249		$	3,181		51	%

Adjusted EBITDA by segment
Retail	$	208		$	561		$	889		$	513		$	36		$	(191	)	$	440		$	13		$	106		$	316		$	879		$	481		$	188		$	582		84	%
B2B		79			135			155			101			32			(123	)		(47	)		(52	)		(57	)		(4	)		74			97			80			156		NM
Unallocated overhead costs		(135	)		(148	)		(144	)		(165	)		(143	)		(106	)		(96	)		(117	)		(103	)		(116	)		(116	)		(119	)		(120	)		(123	)	6	%
Expedia Group (excluding trivago)	$	152		$	548		$	900		$	449		$	(75	)	$	(420	)	$	297		$	(156	)	$	(54	)	$	196		$	837		$	459		$	148		$	615		215	%
trivago		24			20			12			29			(1	)		(16	)		7			(4	)		(4	)		5			18			20			25			33		534	%
Total	$	176		$	568		$	912		$	478		$	(76	)	$	(436	)	$	304		$	(160	)	$	(58	)	$	201		$	855		$	479		$	173		$	648		223	%

Net income (loss) attributable to Expedia Group common stockholders	$	(103	)	$	183		$	409		$	76		$	(1,301	)	$	(753	)	$	(221	)	$	(412	)	$	(606	)	$	(301	)	$	362		$	276		$	(122	)	$	(185	)	(39	)%

Worldwide lodging (merchant & agency)
Booked room nights		103.9			100.8			101.3			86.3			58.5			12.2			41.1			33.3			54.0			68.4			65.4			59.7			77.0			82.5
Booked room night growth		9	%		10	%		11	%		9	%		(44	)%		(88	)%		(59	)%		(61	)%		(8	)%		462	%		59	%		79	%		43	%		21	%
Booked ADR growth		(2	)%		(1	)%		—	%		—	%		(2	)%		(14	)%		2	%		4	%		34	%		49	%		21	%		23	%		4	%		3	%
Stayed room nights		80.8			100.1			116.5			91.6			69.4			19.2			48.8			36.1			37.1			56.6			77.8			62.9			56.5			79.1
Stayed room night growth		9	%		12	%		11	%		11	%		(14	)%		(81	)%		(58	)%		(61	)%		(47	)%		196	%		59	%		74	%		52	%		40	%
Stayed ADR growth		(1	)%		—	%		(1	)%		—	%		2	%		1	%		8	%		2	%		8	%		21	%		19	%		23	%		20	%		9	%
Revenue per night growth		(2	)%		1	%		—	%		(1	)%		6	%		15	%		14	%		6	%		10	%		7	%		17	%		24	%		17	%		12	%
Lodging revenue growth		7	%		12	%		11	%		9	%

Expedia Group Reports Second Quarter 2022 Results