Expedia

Introduction

 This paper’s paper’s main objective objective is to analyze analyze the on on line travel travel company Expedia taking into consideration factors such as its nancial standings, present and future strategies, industry standards and competitor and nally, an intricate economic examination. ith the tools !e learned in our "#cc $inancial %tatement #nalysis, !e !ere able to break do!n the company’s available nancial and contextual information, such as it’s history, &orter $ive, current and future strategy and nancial statement numbers, in order to build a more clear and concise picture of Expedia’s current business position.

Introduction and Brief History

Expedia !as rst launched in 0ctober of /556, debuting on the !eb as 1"icrosoft Expedia Travel %ervices3. 'n (ovember /555, Expedia announced their '&0 and by 7anuary -/ sa! their rst protable +uarter. # huge milestone for Expedia in 89 of -/ !as !hen the company surpassed  Traveloci  Travelocity ty as the :/ 0nline 0nline Travel Travel )ompany )ompany.. '#) ;an ecommer ecommerce ce giant< ac+uired =otels.com in 7une ->, Expedia in #ugust ->, =ot!ire in (ovember ->, and in "arch -9 '#) ac+uired Egencia and rebranded it as Expedia )orporate Travel. 'n 7anuary -2, Expedia took a controlling stake in e?ong, a )hina@ focused travel agency. #nd in #ugust -2, '#) merged its online travel businesses into Expedia, '(). Expedia, '() reached yet another milestone in -A, !hen it !as added to the %B& 2.  Today,  Today, the Expedia, Expedia, '() !ebsite !ebsite oCers informatio information n on the /- diCerent diCerent companies that they o!n. These companies areD Expedia, Expedia #liate

Expedia !as rst launched in 0ctober of /556, debuting on the !eb as 1"icrosoft Expedia Travel %ervices3. 'n (ovember /555, Expedia announced their '&0 and by 7anuary -/ sa! their rst protable +uarter. # huge milestone for Expedia in 89 of -/ !as !hen the company surpassed  Traveloci  Travelocity ty as the :/ 0nline 0nline Travel Travel )ompany )ompany.. '#) ;an ecommer ecommerce ce giant< ac+uired =otels.com in 7une ->, Expedia in #ugust ->, =ot!ire in (ovember ->, and in "arch -9 '#) ac+uired Egencia and rebranded it as Expedia )orporate Travel. 'n 7anuary -2, Expedia took a controlling stake in e?ong, a )hina@ focused travel agency. #nd in #ugust -2, '#) merged its online travel businesses into Expedia, '(). Expedia, '() reached yet another milestone in -A, !hen it !as added to the %B& 2.  Today,  Today, the Expedia, Expedia, '() !ebsite !ebsite oCers informatio information n on the /- diCerent diCerent companies that they o!n. These companies areD Expedia, Expedia #liate

that they 1help everyone, every!here, plan and purchase everything in travel3

Industry Economic Characteristics and Competitive Dynamics

Expedia is part of the very competitive online travel industry !ithin the more broad lodging industry. The industry seems to gro! as fast as the internet itself does. ack in /555, the Travel 'ndustry #ssociation of #merica reported that /2./ million consumers booked their travel online.- / years later that number had jumped to A million. )onsumers are transitioning from using the traditional travel agent to booking online. The online travel industry is causing traditional travel agencies to modify and update their business models to compete and stay relevant. #ccording to a $orbes article, )ompetitive ?andscape 0f The H.%.

company is able to surpass the competition nancially despite only reaching a national level, they !ill control the industry. Jynamic pricing is a popular pricing strategy and competitive dynamic !ithin the travel, lodging and hospitality industries. %pecically pertaining to the online travel industry is the dynamic pricing of airline industries. #irlines !ill often change prices based on the day, time of day, and number of days before the Gight. JiCerent factors such as number of remaining seats, departure time, and number of cancellations !ill also aCect the dynamic pricing. 0nline travel agencies bank on being able to provide consumers !ith the lo!est prices for travel. %o, they have to !ork in accordance !ith the airline prices.9

&orter’s 2

and -.>2 billion in (et 'ncome. &riceline also has the highest earnings per share at 99.-A

ahead of the other competitors. 7ust as the traditional travel industry does, the online travel agency has to stay Gexible to changes in the external environment. 'nnovation is important to sustain competitiveness. #ny rst@movers !ho are able to create the 1next big thing3 !ill instantly reap the benets. They !ill be able to earn above@average returns until the competitors are able to catch up and respond. %econd movers in this industry in specic !ould benet in seeing ho! consumers respond to and use ne! technology. %econd movers benet in being able to !ait and !atch. They gain time for research and development to create a more superior product in response. The online travel agency has only been in existence for approximately - years. %o to be able to develop in such a short amount of time, competitors !ould have had to develop and respond to innovations in technology ;and thus the industry<.

entry especially involving economies of scale !ill prevent any small start@up companies from entering if their technology isn’t as advanced as the companies already in the industry. Expedia has been an innovator since inception. The company gained a head start by being created through "icrosoft. "ore recently, Expedia features a service called 1Travel#ds 1, a sponsored search product for hotel advertisers.A 'n -//, Expedia expanded travel ads to Europe. The product !as described as easy to use, Gexible and a high return@on@investment to Expedia hotel partners !orld!ide. # ne! entrant !ould have to create a relationship !ith hotels and airlines to even be considered a competitor and this !ould be extremely dicult to do !hen just starting out. 'f a ne! entrant could oCer lo!er prices on travel and other online services, they may be able to compete. The basis of this industry involves the best deals on travel and easy to use online services. The ne! company’s

industry have a leg up on any ne! entrants due to intangible resources such as information, reputation and kno!ledge that the ne!comers !ouldn’t have access to.

3. Power of suppliers

The online travel industry relies on the suppliers’ services. $or example, Expedia provides hotels, cars, Gights, cruises and vacation packages. #ll of those products and services depend on the actual hotels, car rental agencies, airlines, cruise agencies that actually provide the services. Expedia and the other online travel agencies act as the middleman bet!een the ultimate buyer and the hotel or car ;etc.< service. ith that said, the suppliers do have a large amount of po!er over online travel agencies’ success. ut, there is a balance bet!een the buyer and supplier relationship.

To further demonstrate the idea that although suppliers have the po!er, they do still need Expedia, is the fact that Expedia is the one bringing customers to the hotels or car ;etc.< services. 'f hotels have un@booked rooms, they obviously aren’t reaching their target market. The beauty of the online travel agency industry is the ability to reach billions of potential consumers through the !eb that the hotel or car ;etc.< services !ouldn’t have been able to reach on their o!n. )onsumers traveling through ashington from 0regon may not kno! !hich hotel in the area to stay in. %o, they use Expedia to try and nd a hotel. That ashington hotel may not have had the original resources to reach consumers a state a!ay in 0regon thus Expedia helped them reach a bigger market. =otels are a competitive industry !ithin themselves. There are large +uantities of diCerent types, sizes, and +ualities of hotels. There are lo! s!itching costs for the consumer to book one hotel over another. hile some

losing prot on the room in that sense, versus potentially not selling the room at all.

. Power of Buyers

 The entire platform of the online travel agency industry is about providing the traveler !ith the best deal on !hatever travel service they hope to purchase. uyers have high po!er in this industry due to the fact that if the buyer doesn’t buy the service, there is no prot. Then, the middleman purchased a room or car ;etc.< from the ultimate service and !as unable to resell it. The buyers make the industry competitive. )ompetitors try to price cut their products to beat out other companies oCering similar things.  The target market in relation to the number of total consumers in the

directly from the source. That cuts Expedia directly out of the entire e+uation. 0nline travel agencies just hope that consumers choose to use their company and not go straight to the source. The industry relies on oCering lo!er prices or better deals than their competitors and the source. ut ultimately, the online travel agent middleman isn’t necessary to get the buyer to the ultimate supplier of the service !hich Expedia has to overcome.

!. "hreat of su#stitute products

 The threat of substitutes essentially combines all of the four previous &orter forces into one culminating force. #s discussed !ith buyer po!er, ultimately, the online travel agent middleman isn’t necessary to get the buyer to the ultimate supplier of the

!ould have to focus on oCering higher +uality services at cheaper costs to keep consumers from s!itching.

E$pedia%s Current &trate'y

(ature of %ervice and 0verall %trategy

Expedia, 'nc. is an online travel services company that oCers individuals and businesses the opportunity to book their travel and compare prices for entire vacations packages on line. )urrently, Expedia employs an online shopping mall and merchant strategy ;)hen, ?ee, B arnes /9<. This strategy’s goal is to put the consumer in charge of comparing prices so they can satisfy all of their travel needs, including airfare, hotel, car rental, and excursions, in one place by booking their entire vacation on line. 'n this !ay,

 The company’s competitive strategy is driven by nearly every traveler’s need to receive up@to@the@second, diverse information at any time and any place. Expedia actively supplies travelers !ith real@time personalized information, such as Gight status. 'n order to compete, the company used the push and pull strategyD information is pushed to travelers ;sent to them from Expedia< as !ell as pulled from the company’s portal ;accessed by the travelers through specic in+uiries<. This multichannel provision of timely travel information is the key for attracting ne! customers and for keeping existing customers. To make this happen Expedia needs to connect to many service providers ;airlines, hotels, car rental companies< as !ell as airports, ne!s services, map services, and more. Expedia earns prots through mark@ups, as the company purchases seats on airplanes or hotel rooms in bulk and then sells them to customers at a premium ;"c)artney<. #lso according to "c)artney, currently, 1selling

$or Expedia, the value chain integration in services comes in the form of lo! prices, convenience, and access to special time@sensitive deals and travel packages. Through this model, the company is able to provide diversied travel services as !ell as bargain prices, mostly to attract individual travelers. These services are penetrating to the corporate travel area, !hich has historically been the domain of travel agents’ business. "uch of the Expedia’s success is due to the expanse of its operations, and the competitive advantage due to its many subsidiaries strategic partnerships. %uch attributes give the company the ability to negotiate, oCer lo!er prices to its customers, and reach various market segments. ecause Expedia !as an early entrant to the online travel services market, it has solidied its position and gained valuable expertise. The key to manage all these tiers of service is information. Expedia manages information to make these value chains more ecient and create value for their customers, and it

Examples of the company’s key partners are international hotel chains such as =ilton and %heraton, and local tour operators.

Keographical and 'ndustry diversication

(ot only is Expedia based and present in the Hnited %tates, they also have a very strong presence in Hnited Ringdom, )anada, Kermany, and many other countries. 't oCers travel products and services via its supply portfolio !hich includes more than -6, hotels in - countries, 9 airlines, packages, rental cars, cruises, as !ell as destination services and activities. The online travel giant said approximately 6 million uni+ue visitors visit its sites on a monthly basis and through Jecember >/, -/>, there !ere over 5 million global do!nloads of its mobile applications across its numerous brands.

't used to be that sites like 0rbitz, Travelocity, and Expedia charged customers any!here bet!een Q6.55@Q//.55 per airline ticket booked because they !ere providing a serviceU ho!ever, in "arch -5, Expedia got rid of booking fees on airline tickets amidst the tough competition of the online travel services market ;"c)artney<. The others soon follo!ed. This is  just a small example of ho! much the industry as a !hole has had to diCerentiate and evolve in order to stay competitive and up to date !ith ne! technologies.

(inancial &tatement )uality *ssessment

Note: The results of the following adjustment are shown on the adjusted nancial statement in the Appendix:

competitor of Expedia and made similar adjustments of &riceline of nancial statements for -/> since both companies are in the same industry.

)apitalizing operating leasesD

?essees prefer to treat lease as operating lease rather than capital lease because capital lease appear as assets and liabilities on the balance sheet and make the company more risker. ased on the reason, managers !ill avoid using capital lease and !ill use operating lease instead. The problem is that using the operating lease can cause the analyst to understate the short@term li+uidity or long@term solvency risk of the rm ;ahlen, aginski B radsha!, &95<. #fter converting operation lease to capital lease, the adjusted nancial statement !ill help the analyst to get the appropriate and reasonable analysis. ased on the rational idea, !e decided

e started the adjustment of converting operation lease to capital lease on the balance sheet. The rst step of converting operating lease to capital lease is to calculate the lease commitments in the present values terms. e used the lessee’s incremental borro!ing rate for secured debt !ith similar to that of the leasing arrangement. Expedia’s borro!ing rates, based on interest expense as a percentage of average short and long@term borro!ing for -/> and -/-, are 6.55I and AI respectively. &riceline’s borro!ing rate is 9.2I for -/> using the same calculation method.  The present value of each cash Go! e+uals the cash Go! times a present value factor. The present values of all of Expedia’s operating lease payments are Q-//,-5 thousands and Q/A5,25 thousands for -/> and -/- respectively, and the present value of &riceline’s operating lease payment is Q-62,2/A thousands for -/>. %ince !e capitalized operating lease, !e !ill add the Q-//,-5 thousands and Q/A5,25 thousands into

diCerent amounts added ;ahlen, aginski B radsha!, &95/<. $or example, Expedia’s unadjusted long@term debt to shareholders’ e+uity in -/> !as 22I based on Q/,-95,9/-L Q-,-24,542. #fter adding the long@term portion of the capital lease liability, the ratio !ill increased to 6>I based on ;Q/,-95,9/-PQ/6A,-42. )onsistent !ith changes on the balance sheet, income statement also needs to be adjusted because rent expenses !ill be eliminated and depreciation and interest expenses !ill be added due to the capitalized asset and lease obligation recognized on the balance sheet. $or Expedia, both years’ lease expenses are greater than combining depreciation and interest expenses, !hich increase e+uity after net of tax by Q-4,/2 thousands and Q-A,9A9 thousands for -/> and -/- respectively. 'n comparison, &riceline’s

manner. %alvage life may vary from time to time. $or example, technology upgrade changes so fast that its life !ill be obsolescence shortly ;ahlen, aginski B radsha!, &2>4<. #sset’s life estimation is very subjective since mangers determine the assets’ useful life based on their o!n needs. Jue to the subjective of assets’ useful life, managers often chose to extend asset’s life to a longer period to get a lo!er depreciation expenses in order to get higher earnings on the income statement. K##& allo!s rms in the Hnited %tates to utilize t!o depreciation methods. $irms can use straight@ line depreciation for preparing nancial reporting and accelerated depreciation for tax purpose. ased on the re+uirements of the assignment, !e converted the straight@line basis of Expedia and &riceline to accelerated basis to analyze the nancial statement. e identied the deferred tax liability related to property plant and e+uipment disclosed in the note // of income tax. =o!ever, there is no

%econdly, the calculation of income statement adjustment is based on the diCerence bet!een deferred tax liabilities of current year and previous year. Expedia has a positive deferred tax liability at Q-9,-46 thousands in -/- and a negative deferred tax liability at Q>,944 thousands in -/>. #fter getting the change of deferred tax liability for -/- and -/>, !e used the change divided by the tax rate to get the excess depreciation expenses, !hich determines the relationship !ith net income. 'n -/-, a positive change deferred tax liability Expedia has indicated that Expedia has a higher deprecation expenses and pay lo!er tax expenses no! and higher in the future years if Expedia used the tax method.  Then the eCect of using accelerated method !ill decrease in -/> net income at Q/6-,2-5. =o!ever, the increase in deferred tax liability in -/> is negative. This happens because Expedia has depreciated its assets for several years and assets probably just reach in the middle of life in -/>.

*BJ

&riceline did not have any research and development cost related to the business and !e did not need to make any adjustment.

#llo!ance for doubtful account

ecause the customers of &riceline and Expedia mainly pay !ith credit card, they do not have the allo!ance for doubtful account.

+atio *nalysis

Note: The results of the following adjustment are shown on the adjusted nancial statement in the Appendix:

competitor sho!s !eak operating cash Go! they are doing !ell at net income. )omparatively, Expedia’s operating earnings have been dropping for the past 9 years, despite rising revenues, and as mentioned before, %KB# is on the rise

*isk ratio

)urrent ratio indicates the rm’s ability of using cash and other current assets to cover obligations coming due !ithin one year. !orking capital turnover ratios measure the cash@generating ability of operations and the short@term li+uidity risk. Jebt ratios measure the amount of liabilities, particularly long@term debt, in a rm’s capital structure. The higher this proportion, the greater the long@term solvency risks. 0perating cash Go! to total liabilities ratio assesses !hether the rm could generate cash Go! from

#s Expedia moves for!ard, threats to the rm beyond its competitors include the ease of entry to the online travel company market, !hich allo!s for the introduction of ne! competitors. 'n the modern day, travel and tourism enterprises that have access to the internet can easily set up a !ebsite, and many small hotels, lodges, and tour operators are establishing a presence online. This oCers customers the option to book directly. #lso, the rm’s dependence on the state of the economy and people’s discretionary incomes lends to its susceptibility as demonstrated by the recent economic do!nturn. #nother possible future challenge for the company is the fact that during dicult economic times, people do not have money to spend on vacations, and companies attempt to reduce costs by cutting business related travel. %o, in the past, Expedia’s nancial success !ould often shift !ith the overall economy, and therefore in the future, the company might be especially vulnerable to volatile do!nturns.

#ccording to market research company Euromonitor 'nternational, Expedia !as the top online travel agency globally !ith gross bookings for Q>5.9 billion in -/>, follo!ed by &riceline at Q>5.- billion in the same year. )hinese and 'ndian players such as )trip and "ake"yTrip are also gro!ing rapidly in the 0T# space. Euromonitor said that in this constantly changing environment, a ne! generation of companies coming from the mobile and peer@to@peer sectors and from emerging economies may become the future giants of the travel industry. Expedia’s gro!th !ill be driven by investment in ne! technologies allo!ing a more sophisticated user targeting and more customized service. 0nline travel consumers are constantly evolving as they increasingly embrace mobile devices, re+uest more personalized real@time services, and enjoy sharing travel revie!s and services !ith their peers. #nother research company, &ho)usright, estimates global travel

!ould.3 #lready, 0kerstrom reports, Expedia brands have had more than 5 million do!nloads of their mobile applications and, in Jecember -/>, - percent of current transactions !ere taking place via mobile devices.

 The mobile applications have delivered ne! capabilities to consumers. 0ne application, for example, allo!s users to locate and book a hotel room from the road for check@in at midnight the same night. 1That type of technology didn’t really exist before,3 0kerstrom said. 0ne key benet of the platform upgrades to mobile technologies, says 0kerstrom, is that 1it also enables us to integrate partners very easily.3 #nd the company has moved aggressively to ac+uire and integrate partners, most recently !ith the ac+uisition last "arch of the hotel search engine  Trivago. 1They all have their o!n specic strength,3 said 0kerstrom of Expedia’s broad array of brands. 1e have really no brands that are directly

there are a lot of people !ho like to invest in travel startups, and you see a lot of innovation coming from outside the industry,3 the )$0 said. 1To retain our o!n competitive advantage !e really can’t be complacent.3

*eferenceD

Expedia promotes enterprise data strategy for gro!th, agility. ;n.d.<. *etrieved (ovember -9, -/9, from httpDLLsearchbusinessanalytics.techtarget.comLfeatureLExpedia@ promotes@enterprise@data@strategy@for@gro!th@agility  There are no shortcuts to investing. ;n.d.<. *etrieved (ovember -9, -/9, from httpDLLmarketrealist.comL-/9L9Lmust@kno!@investor@overvie!@ expediaL $orm /@R. ;n.d.<. *etrieved (ovember -9, -/9, from httpDLL!!!.sec.govL#rchivesLedgarLdataL/>-99-9L//5>/-2/>>5 A-Ld996/24d/k.htm aginski, radsha!, and agken. D$inancial *reporting, $inancial %tatement #nalysis, and Faluation3 Ae

#ppendix #@ Expedia consolidated alance %heet and #djustments

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: 152- !

 ;-5,-/4 < /4,/5A 2-1!-5  //>,2-/

@99-,64

@99-,64

-2-24-2!  /5,/-5

4

-2-24-2!  /5,/-5

2-45-41 4

2-3-3 

: 545-53 3

1-2-! !

-2-1! 5

-132- 5

5-511-3 5

#ppendix @ Expedia )onsolidated %tatement of 0perations and #djustments

EO&EJ'#, '(). )0(%0?'J#TEJ %T#TE"E(T% 0$ 0&E*#T'0(%

  Sear ended Jecember >/, -/>

 -,/-

-,/; 'n thousnads, except for per share data<

*evenues D )osts and expenseD )ost of revenue

Q9,AA/,-2 5

9,>,>9 A

9,AA/,-25

9,>,>9A 

 @/,>4, >9.

%elling and marketing ;including Q-/A,AA/,Q-2,-A, and Q-//,/4 !ith a related party<  Technology and content Keneral and administrative #mortization of intangible assets



 @2AA,4- .  @>AA,A4 . @A/,A>/.

;/,>4,>9<  @-,/56,/92. 

@454,69

@454,69 @ /,A-/, >A

;-,/56, /92<

@ /,A-/, >A

;2AA,4-<

@949,454

@949,454

;>AA,A4<

@>92,>29

@>92,>29

;A/,A>/<

@>/,A2

@>/,A2

 lease expenses depreciation expenses #c+uisition@related and other ?efal reserves, occupancy tax and other

 @  @66,9A-.   @AA,5/5. 

/peratin' income

355-454

 @

0ther income ;expense
-9,AA5

'nterest expense

@4A,>24

0ther, net  Total other expense, net Income from continuin' operatations #efor income ta$es &rovisions for income taxes 'ncome from continuing operations Jiscontinued operations, net of taxes et income

49,.

49,



A,

A,

@>,/9A.

A4,A>5



@-2626

@-/-,9A/

/4,446.

;66,9A-<

@/464/2



152-3

;AA,5/5<

@//A,-2

!2-

31-2

@//A,-2 : 12- 1



 @/9,A22.

@-,A44 @62,>6A

@/9,A22

344-53

@49,>>2 -/6,>24

@>,944. @/,5A9

-9,AA5

-6,>56

;/-,//><

@4A,A44

;-,A44<

@-,-A2

@4,/--

@4/,66A

-5

3!4-4!

@ /-6/5. 

@-,-A2 @/-,6/5

@59,-46 1-5

@9A,A4

-9-46

@-A,>/>

>--,44

>-,5A5

@9,2-/

/6A,629

322-4

-/>

@--,2>5

@--,2>5

24-4

1!-11!

 -,/-

/6,95-

/6,95-

->-,42

->-,42 @ ->-,42

->-,42

@/,9A

;/-2,A5A<

  215-3!

-6,>56

 Sear ended Jecember >/,

(et ;income< loss attributable to noncontrolling interests (et income attributable to Expedia, 'nc. #mounts attributable to Expedia, 'nc. 'ncome from continuing operations

2-2!3

-,/-

@-65

@-65

-4,/A/

/99,496  /99,496

-4,/A/

Jiscontinued operations, net of taxes et income

Earnings per share from continuing operations avaliable to common stockholdersD asic Jiluted Earnings per share attributable to Expedia, 'nc. avaliable to common stockholdersD asic Jiluted %hares used in computing earningsper shareD asic Jiluted Jividends declared per common share ;/< 'ncludes stock@based compensation as follo!sD )ost of revenue %elling and marketing  Technology and content Keneral and administrative #c+uisition@related and other

232-!4

@--,2>5

@--,2>5

2!-532

122-34

@



/.A>

-

-

-

/.6A

-

-

-

@ /.A> /.6A />9,5//>5,25> .26 >,A2/6,/5 -,962 >>,/-> 26,69>

#ppendix )@ &riceline )onsolidated alance %heet and #djustments P+ICE0IE C/&/0ID*"ED B*0*CE &HEE"

@  232-! 4

@ />9,5//>5,25> / @ >,A2/6,/5 -,962 >>,/-> 26,69>

 />9,-> />5,5-5 / >,-56 />,9A9 /6,A> >/,A2>

 />9,-> />5,5-5 /  >,-56 />,9A9 /6,A> >/,A2> 

-/>

#dj

#dj -/>

-/-

adj -/-

*&&E"& )urrent assetsD

)ash and cash e+uivalents *estricted cash %hort@term investments #ccounts receivable, net of allo!ance for doubtful accounts of /9,//6 and /,>-- repectively &repaid expenses and other current assets Jeferred income taxes Total current assets

&roperty and e+uipment, net 'ntangible assets, net Kood!ill Jeferred income taxes 0ther assets Total assets

/,-45,55 9 /,9A6 2,96-,A 2>2,56/A,/A9,64A A,94,59 / />2,2> /,/5,54 2 /,A6A,5/ A,22 >>,2/9 /,999,9 6

  -62,2/6 .

-62,2/6

/,-45,55 9 /,9A6 2,96-,A 2>2,56/A,/A9,64A A,94,59 / 

/,2>6,>9 5 6,69/ >,696,49 2 >6A,2/49,-5 9,A>4 2,64-,>A 2

9,265

45,-65

45,-65

-4,//>

-4,//>

2--,6A-

2--,6A-

>/,942 >2,4-4 6,265,A9 -

>/,942 >2,4-4 6,265,A9 -

/,/5,54 2 /,A6A,5/ A,22 >>,2/9 /,A5,5 A6

/,2>6,>9 5 6,69/ >,696,49 2 >6A,2/49,-5 9,A>4 2,64-,>A 2 

-/> 0I*BI0I"IE& *D &"/C;H/0DE+&7 E)
Total current liabilit ies  long@term debt Jeferred income taxes 0ther long@term liabilities )onvertible debt;%ee (ote //< Total liabilities )ommitments and )ontingencies;%ee (ote /6< *edeemable noncontrolling interests;%ee (ote //< )onvertible debt;%ee (ote //< %tockholders] e+uity )ommon stock, Q.4 par value, authorized /,,, shares, 6/,-62,/6 and 24,22,246 shares issued, respectively Treasury stock, 5,-26,A-/ and 4,/49,A4A, respectively #dditional paid@in capital #ccumulated earnings #ccumulated other comprehensive income;loss< Total stockho lders] e+uity Total liabilities and stockholders] e+uity

-9A,>92 292,>99>A,/-A  /2/,5>/ /,>4/,A9 2  >-6,9-2 A2,54/ /,A9-,9 A >,2-6,/5 4

#dj

>A,A9> >A,A9> --A,AA>

>A,A9>

 4,2>>

#dj -/>   -9A,>92 292,>99>A,/-A >A,A9> /2/,5>/ /,9/5,94 4  --A,AA> >-6,9-2 A2,54/ /,A9-,9 A >,A5/,A/ 9    4,2>>  

-/-

/49,694 >4A,55/ >64,4->

adj -/  /49,694 >4A,55/ >64,4->

2-,>99 /,96/,A6

2-,>99 /,96/,A6 

92,/25 64,599

92,/25 64,599

44/,556

44/,556

-,92A,42

-,92A,42   /6,-4A 29,622  

/6,-4A 29,622

9A6

9A6

92

92

@ /,54A,- A 9,25-,5A 5 9,-/4,A2 49,A-5 6,55,A5 /,999,9 6

@ /,54A,- A 9,25-,5A 5 9,-/4,A2 49,A-5 6,55,A5 /,A5,5 A6

@ /,6,6 A -,6/-,/5 A -,>64,6/ / @->,6A6 >,456,5A 2 6,265,A9 -

@ /,6,6 A -,6/-,/5 A -,>64,6/ / @->,6A6 >,456,5A 2 6,265,A9 -

 >A,A9>

#ppendix J@ &riceline (et 'ncome and #djustments &*')E?'(E (ET '()0"E #(J #J7H%T"E(T% #gency revenues "erchant revenues #dvertising and other revenues Total revenues

)ost of revenues Kross prot

#dj -/>

2412

9,9/,64 5 -,-//,9A 9 /A/,/9> 6,A5>,> 6

9,9/,64 5 -,-//,9A 9 /A/,/9> 6,A5>,> 6

>,/9-,4/ 2 -,/9,A2 />,>45 2,-6,52 6

@ /,AA,9 2,A/2,44 6

@ /,AA,9 2,A/2,44 6  @ /,A54,69 2 @/-A,925 @->2,4/A @654,65@-2-,559 @A/,45 9, @/9A,9AA @ >,-5-,5A 9 -,9--,5/  9,/6A @52,->A @>6,A22 @//2,4AA -,>A,> 2 @9>,559 /,5>,9 / />2

2413

#dj

0perating expensesD   #dvertsing@0nline   #dvertsing@0^ine %ales and marketing &ersonnel, including stock@based compensation of /9,2-6,Q62,A-9,respectively Keneral and administrative 'nformation technology lease expenses Jepreciation and amortization Total operating expenses 0perating income 0ther income;expense
@ /,A54,69 2 @/-A,925 @->2,4/A @654,65@-2-,559 @A/,45  @//A,5A2 @ >,>>,9A -,9/-,9/ 9 9,/6A @4>,-45 @>6,A22 @//2,4AA -,-56,2> A @9>,A>5 /,45-,A5 4 />2

9, @-5,2-

@//,594

@-22

adj -/>,/9-,4/2 -,/9,A2/>,>45 2,-6,526

/,/AA,-A 2

/,/AA,-A2

9,4>,64 /

9,4>,64/ 

/,-A>,6> A

/,-A>,6>A

>2,95/52,5>9 966,4>4 /A>,/A/ 9>,642

>2,95/52,5>9 966,4>4 /A>,/A/ 9>,642

62,/9/

62,/9/

-,-2>,44 4

-,-2>,444

/,4-5,A5 >

/,4-5,A5>

>,46 @6-,69 @5,A- @6A,5-9 /,A6/,46 5 >>A,4>/,9-9,> A 9,9A/

 >,46 @6-,69 @5,A- @6A,5-9 /,A6/,465 >>A,4>/,9-9,>A 9,9A/

(et income applicable to common stockholders (et income applicable to common stockholders per basic common share eighted average number of basic common shares outstanding (et income applicable to common stockholders per diluted common share eighted average number of diluted common shares outstanding

(et income 0ther comprehensive income;loss<,net of tax $oreign currency translation adjustments;/< Hnrealized gain;loss
/,45-,66 > >A 2,5-9 >6 2-,9/>

/,45-,66 > >A 2,5-9 >6 2-,9/>

2413 /,45-,A5 4

2412 /,9-9,> A

5A,5A -/ /,55,A4 5 @/,-A5 -,/,6 4

65,64> @6- /,95>,/  5,6-4 /,94>,9A -

/,9/5,26 6 -4 95,49 -A 2/,>-6

/,9/5,266 -4 95,49 -A 2/,>-6

#ppendix E@ )omparative &rot *atios Expedia Frs. &riceline

Pro>t analysis

E xp ed ia -/> 9.44I 6/.AAI >./I

-/>.>I 6.56I /.42I

*eturn on )ommon E+uity

9.44I 6/.AAI >64.2I //.//I

>.>I 6.56I >A.44 I 6.46I

)ost of goods sold margin %elling, general and administration margin Kross prot margin &rot margin

-/.A6I 2>.5>I A4.-9I 6.AAI

--.>I 2/.-AI A A.AI >.6I

&rot "argin #sset Turnover *eturn on #ssets &rot "argin for *0)E #sset Turnover )apital structure leverage

&r ic el in e -/> -4./I 6>.9>I /A.AAI -4./I 6>.9>I /22.I -A.29I

/2.46I >2.22I 49./9I -4./I

#ppendix $@ )omparative )ommon %ize 'ncome %tatement Expedia Frs. &riceline

Common &i?e Income &tatement   &ales )ost of sales @ross pro>t %KB# /peratin' income 'nterest Expense 0ther expense Income #efore income ta$es 'ncome tax provision et income

Expe dia -/>

-/-

&riceli ne -/>

/ @--I A4I @29I //I @-I I 5I @>I 2I

/ @--I A4I @2/I AI @-I @/I 2I @/I >I

/ @/6I 49I @AI >6I @/I @-I >9I @6I -4I

#ppendix K@ )omparative )ommon %ize alance %heet Expedia Frs. &riceline

-/>

-/-

&ricelin e -/>

/>I 4I 9I /I

-I AI /I /I

/-I 2I 2/I /I

/I -5I 6I I /9I 9AI /I

-I 9I @-I I /-I 96I /I

/I AI 9I I I /AI /I

/AI /AI /I

/5I /AI I

2I 9I I

AI

4I

2I

9>I /4I 2I -I

96I -/I 9I -I

/>I -I >I /I

Expedia Common si?e #alance sheet *ssets9 )ash and cash e+uivalents #ccounts receivable, net %hort@term investments Jeferred income taxes Common &i?e Income &tatement &repaid expenses and other current assets "otal current assets &roperty and e+uipment, net Jeferred income taxes 'ntangible assets, net Kood!ill "otal assets 0ia#ilities and shareholders7 e8uity #ccounts payable Jeferred merchant bookings current debt #ccrued expenses and other current liabilities "otal current lia#ilities ?ong@term debt Jeferred income taxes 0ther long@term liabilities

"otal lia#ilities )ommon stock #dditional paid@in capital *etained earnings ;decit< #ccumulated other comprehensive income ;loss< "otal stoc6holders7 e8uity "/"*0 0I*BI0I"IE& *D &"/C;H/0DE+&7 E)
A>I I A2I @>I

A>I I 46I @AI

>2I I 9>I >5I

I

I

/I

-AI

-AI

62I

/

/

/

#ppendix =D *isk #nalysis Expedia Frs. &riceline

+is6 analysis 1. &hort:term li8uidity ris6  ;/< )urrent ratio ;-< 8uick ratio ;>< 0perating cash Go! to current liabilities ratio ;9< orking capital ratios a< #ccounts receivable turnover Jays receivables held b< #ccounts payable turnover Jays payables held ;2< *evenues to cash ratio ;6< Jays revenues held in cash

-/> 66I 2I

Expedia -/4AI 24I

&riceline -/> 2-AI /-5I

->I

9/I

65I

AA6I 9A>I 4I 9256I 96AI A4//I

4A>I 9/4I A>I 2-95I >/-I //A//I

/-6AI -44I 9>6I 4>A5I 2-AI 65>/I

+is6 analysis

Exepida 2. 0on':term solvency ris6  ;/< Jebt ratios a< ?iabilities to assets b< liabilities to shareholders] e+uity c< ?ong@term debt to long@term capital d< ?ong@term debt to shareholders] e+uity

A>I -65I 9I 64I

A>I -A/I 99I A4I

&riceline

>2I 22I >I >I

1. &hort:term li8uidity ris6  ;-< 'nterest coverage ratios ;cash< ;>< 0perating cash Go! to total liabilities ratio

-/> 5A/I

-//>25I

-/> -59/I

/9I

-6I

6/I

4AI

A5I

-65I

3. #an6rupcy prediction

V@core

#ppendix '@ $orecast #ssumptions

*ssumptions Income &tatement &ales @rowth )ost of sales ;I of %ales< %KB# ;I of %ales< interest expense;I of debt< tax rate ;I of pretax income< Balance &heet /peratin' Jays )ash Jays 0ther 'nvestments;%T< days receivable 'nventory Turnover *ssumptions Income &tatement Jays &ayable (inancin' ?ong@term JebtLTotal #ssets

/9I />I /4I 6I -4I

//A.// 24.9/ 9/.4

-/>

-/9

-/2

-/6

-/A

-/4

/4I /6I -I AI -4I

/2.I /2.I -.I A.I -4.I

/2.I /2.I -.I A.I -4.I

/2.I /2.I -.I A.I -4.I

/A.I /2.I -.I A.I -4.I

/A.I /2.I -.I A.I -4.I

A4.// -9.5 9A.>

/. 9. 99.

/. 9. 99.

/. 9. 99.

/. 9. 99.

/. 9. 99.

-/>

-/9

-/2

-/6

-/A

-/4

//-.9

925.6

-2.

-2.

-2.

-2.

-2.

-/./9I

/4.>9I

-.I

-.I

-.I

-.I

-.I

&ales @rowth

/9I

/4I

/2.I

/2.I

/2.I

/A.I

/A.I

-/>

-/9

-/2

-/6

-/A

-/4

9,AA/,-2 5 /,>A-,4  >,>54,92 5 ;A/2,645 <

9,AA/,-2 5 /,2A4,A >,/5-,2> 5 ;A/2,645 <

9,AA/,-2 5 /,49A,/ -,5-9,/2 A ;4//,//9 <

-,46/,4>/

-,64-,AA 

-,9A6,42 

-,//>,9 >

/,A55,>2

-6/,9>5

-6/,9>5

-6/,9>5

-6/,9>5

-6/,9>5 ;6,/25<

#ppendix 7@ Expedia 'ncome %tatement $orecast

Income &tatement et sales A @rowth in &ales

)ost of sales ;I of %ales< @ross mar'in

%KB# ;I of %ales< 0ther 0perating Expenses (onrecuring Kains and ?osses /peratin' income 'nvestment and other income 'nterest 'ncome ;I of investment<

(et 'nterest Expense ;I of net debt< Income #efore income ta$es  ch' in acct principle 'ncome tax provision et income @ &referred dividends

9,AA/,-2 5 /,>4,> 9 >,A>>,-2 ;-,2A>,->< ;AA,5/5< /,4-,4 > -9,AA5 ;/-,//> < /,9,A9 5 -4/,>> /,-46,A 5

9,AA/,-25 /,/5>,A>5 >,2AA,2- ;A/2,645<

;>,2-/< >,//5,A95 4A>,2> >,55>,-A4

;9,2<

;9,62A<

;2,>26<

-,59,/2 5 4->,-92 >,A6>,9 9

-,A>>,6> A62,9/A >,955,9 5

-,>65,/6 66>,>22 >,>-,94 /

9,AA/,-25 -,/6/,// -,6/,/95 ;4//,//9<

-,29,>/2 2A2,-4 -,6-5,2->

 et income to common

#ssuming Jividend &ayoutP Jividends

/,-46,A 5

>,55>,-A4

>,A6>,9 9

>,955,9 5

>,>-,94 /

/ -,-24,9 -

/ -,55,95

/ /,4/5,94 5

-,6-5,2->

/

/

AA/,69A

-,>52,56A

/

-/>

-/9

-/2

-/6

-/A

/,-/, >> -6,9>-2,2/

/,>A,/5 9 -5,594 2--,4A4

/,>A,/ 59 >9,99/ 2--,4A4

/,>A,/ 59 >5,6A 2--,4A4

/,>A,/ 59 96,>9 2--,4A4

6/9,A>2

2A2,/62

2A2,/62

2A2,/62

2A2,/62

2A2,/62

66,/> 69,-56 //,29/ 2-21-2  962,>AA -2,6-6

A6,2 A>,59 //6,AA2-41-  2>2,/49 -44,--

4A,92A 42,>/ />9,-44 2-5- ! 6/2,96/ >>/,92>

/,2A2 5A,A46 /29,9>/ 2--5 3 AA,A4 >4/,/A/

//A,6A> //9,9/ /4,649 2-5-3 ! 4-4,/> 9>4,>96

/>A,6A4 />>,46 -//,9/

/,2AA,A/9

#ppendix R@ Expedia alance %heet $orecast

-/4

Balance &heet #%%ET% )urrent assetsD

)ash and e+uivalents *estricted cash and cash e+uivalent %hort@term investments #ccounts receivable, net of allo!ance of Q//,222 and Q/,AA/ Jeferred income taxes 'ncome taxes receivable &repaid expenses and other current assets "otal current assets

&roperty and e+uipment, net ?ong@term investments and other assets

/,>A,/59 29,-/4 2--,4A4

2-2-33

564,44 29,54

Jeferred income taxes 'ntangible assets, net Kood!ill "/"*0 *&&E"&

/9,/2/  /,///, 9/  >,66>,6 A9 -2-1 !5

/6,-A9 /,-AA,65 A 9,-/>,-2 -432-! 

/4,A/2 /,965,> 29,492,5 14-4255

-/,2-/,645,A 29 2,2A/,5 5 11-15!

-9,A2 /,59>,/4 6,9A,A 45 12-!45!!1

-/>

-/9

-/2

-/6

-/A

/,-62,/ >5 926,559 -,>6/,A /6 65,2/6 /4,-/4 A6,25

-4,96> -,->9,A A,>64,52A 1-4-2

-/4

?'#'?'T'E% #(J %T0)R=0?JE*%] E8H'TS )urrent liabilitiesD #ccounts payable, merchant #ccounts payable, other Jeferred merchant bookings Jeferred revenue 'ncome taxes payable current debt #ccrued expenses and other current liabilities "otal current lia#ilities

?ong@term debt

 /,99,25 -6/,-44  /,>2,> /5 >5,A96 6/,4A9 9>,A99

4/A,6>

59,-A9

>,94/ /,22-,46 A 92,A4 A/,/22 2,>6

>92,22> /,A42,A 5A 2-,269 4/,4-4 2A,42/

 /,4/,> /2 >5A,>46 -,2>,6 66 6,995 59,/> 66,2-5

2>6,452

6/A,9-5

A/,99

4/6,22

5>5,>>

3-33-1 2!  /,9/6,6 5A

3-!!-! ! /,46,2 5  ;/,>24,2 9< 9-2,6A6 /25,92

3-3- 12 -,2,> -5  ;/,2/,4 24< 945,2-A /4-,5-

-!5-  -,->>,5 A/  ;/,6A,9 6A< 26-,526 -/,>>A

!-2-1 2! -,2/,> /  ;/,4-5,9 A-< 624,625 -9/,444

$lex nancial @ ?ong@term Jebt Jeferred income taxes 0ther long@term liabilities

>A,/2> />4,>

/,94,-/2-2,29> -,A/2,5A9 A5,59> /-9,92/ 4A,542 /,A5,444 5-43-5

-,45,954  ;-,A9,>< AA,6>/ -A4,/A/

)ommitments and contingencies *edeemable noncontrolling interests %tockholders] e+uityD )ommon stock Q./ par value #uthorized sharesD /,6, %hares issuedD /5-,26- and /45,-22 %hares outstandingD //6,446 and /--,2> )lass  common stock Q./ par value #uthorized sharesD 9, %hares issued and outstandingD /-,4 and /-,4 #dditional paid@in capital  Treasury stock@)ommno stock, at cost %haresD A2,6A6 and 66,A-2 *etained earnings ;decit< #ccumulated other comprehensive income ;loss<

@ >69,4A/ @ /5 @ @ @ / @

(oncontrolling interest "otal stoc6holders7 e8uity "/"*0 0I*BI0I"IE& *D &"/C;H/0DE+&7 E)
94-,29-

229,5->

695,-6

A25,6>9

/5

/5

/5

/5

/5

/

/

/

/

/

 @  2,4-,/ 9  ;>,962,6 A2< @  ;-5,-/ 4< /4,/5A

Gex nancial @Treasury %tock  Total Espedia, 'nc. stockholders] e+uity

9/5,6-

2-1!- 5 //>,2-/ 2-45-4 14 -2-1 !5

6,6A-,96 /  ;>,542,26<

A,6A>,> >  ;9,24>,> 22<

4,4-9,> >  ;2,-A,4 24<

/,/9A, 5A5  ;6,6/,9 4A<

 /,25A,>/ /

/,22,> 6-

/,>55,6 -

/,-/-,5 5-

/,2/,45 >6,6/

-,5-A ;2,.< -2!!-1 3 />,295 -12-5 3 -432-! 

-9,66

-A,6A2

>/,4-A

;A2,. < -!- 22 /2,/>-3-2 1 14-4255

;/, .< -4- 5 /A-,62/ -4-1 3! 11-15!

;/-2, .< !-245-3 31 /54,295 !-44- 2 12-!45!!1

#ppendix ?@ )ompany’s Faluation #fter the 2th year gro!th !ill be /2I. #ssume the cost of capital is -I. #ssume a dividend payout ratio given belo! #ssume / shares Dividend Discount Fodel @ perptuity and perptuity !ith a constant gro!th rate;these - are not in book, not on test< &rice N Jiv/Lr   Perptuity

//,6A,/A6  ;6,5A,A/<

;/2,.< !-53-5

--4,>>/ !-4-!5 1-4-2

&rice Jiv/ L ;r@ Perptuity with constant N g< 'rowth Dividend Discount Fodel @ - stage. %tage / @ take the present value of forecasted dividends for a period of time ;2, / years< %tage - @ then calculate a terminal value &rice Jiv/L Jiv-L Jiv>L N ;/Pr

P `P )ost of )apital ;r< .-

terminal valueL;/Pr<_n

#fter the 2th year gro!th !ill be /2I. (umber of %hares Kro!th after estimation period ;g<

/,.  ./2

 Sear -,A. -,4. &eriod /. -. &tep 1 @ e have forecast payout ratio and income for 2 years. Thus !e can calculate dividends #ssume the cost of capital is -I. (et income ;earnings< avaiable to common shareholders #ssuming Jividend &ayout 6I Jividends ?essD )ommon %tock 'ssues

>,55>,-A4.45 9 .6 -,>52,566.42> 6 .

&lusD )ommon %tock *epurchase 2,. Total Jividends to )ommon -,452,566.42> E+uity 6 &tep 2 @ )alculate the )ontinuing ;Terminal< Falue  Terminal value N year 6 dividendL;discount rate @ sustainable gro!th<  Sear 6 dividend is Jividend;TP/;/P./2<
&F of Jiv/ -,9/>,>2.A// >

>,A6>,99.A 95 .6 -,-24,9-.99 95 . -2,.  -,24,9-.99 95

-,5. >.

-,/. 9.

-,//. 2.

>,955,94.52 4> .6 -,55,9-5.>A 2 . -2,.  -,>95,9-5.>A 2

>,>-,94/.//4 .6 /,4/5,944.66A A .

-,6-5,2->.>6 6/ .6 /,2AA,A/9./ 5A .

-2,. -,65,944.66A A

-2,. /,4-A,A/9./ 5A

Terminal 2.

6,92/,>2.6 94-

&F of Jiv /,A9/,656./9 ->

&F of Jiv> /,>25,6->.94 5

&F of Jiv9 554,/A.-5A>

&F of Jiv2 A>9,2/A.-A-6

&F of J Terminal -9,-5>,5/2.9 >--