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Expedia (EXPE) Q4 2020 Earnings Call Transcript


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Image source: The Motley Fool.

Expedia (NASDAQ:EXPE)
Q4 2020 Earnings Call
Feb 11, 2021, 4:30 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good afternoon. My name is Katrina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Expedia Group fourth-quarter 2020 conference call. [Operator instructions] Thank you.

I would now like to turn the call over to Patrick Thompson, senior vice president of corporate finance.

Patrick ThompsonSenior Vice President of Corporate Finance

Good afternoon, and welcome to Expedia Group’s financial results conference call for the fourth quarter ended December 31, 2020. I’m pleased to be joined on the call today by our CEO, Peter Kern; and our CFO, Eric Hart. The following discussion, including responses to your questions, reflects management’s views as of today, February 11, 2021 only. We do not undertake any obligation to update or revise this information.

As always, some of the statements made on today’s call are forward-looking, typically preceded by words such as we plan, we expect, we believe, we anticipate, we are optimistic or confident that or similar statements. Please refer to today’s earnings release and the company’s filings with the SEC for information about factors which could cause our actual results to differ materially from these forward-looking statements. You will find reconciliations of non-GAAP measures to the most comparable GAAP measures discussed today in our earnings release, which is posted on the company’s Investor Relations website at ir.expediagroup.com. And I encourage you to periodically visit our IR website for other important content.

Unless otherwise stated, all references to cost of revenue, selling and marketing expense, general and administrative expense, and technology and content expense exclude stock-based compensation. And all comparisons on this call will be against our results for the comparable period of 2019. Please note that depreciation expense is now reported in a separate line item, and prior periods have been restated to reflect this change. And with that, let me turn the call over to Peter.

Peter KernChief Executive Officer

Thank you very much, Pat, and good afternoon, everybody. Thank you for joining us. I’ll be fairly brief as the fourth quarter, of course, kind of reflected what the rest of the year looked like and so much as it was a bumpy ride. COVID news dominated, of course, everything in travel.

And I would say that we saw a mixed world of some optimism coming from the vaccine rollouts beginning mixed with obviously very bad news on case loads across the globe, closures in many countries, restrictions all over the various geographies. So with that as the background, we’re happy to turn the page on the year and move into ’21. I will say that on the whole, as you saw in our release, booking trends in the fourth quarter pretty much near the third quarter at about down 60% for total gross lodging bookings, net of cancellations. That did moderate toward the holiday season and the end of the quarter, and we saw that moderate into the high 50s down.

And that has — that improvement has seemed to continue through January. And in the latter part of January, we’ve seen down in the high 40s. So the trends are generally good, although very bad overall, going in the right direction. But I would caution everybody that we continue to expect it to be bumpy as this is a story of a thousand different geographies and a thousand different fact sets around the virus and, of course, vaccine rollouts, et cetera.

We did see that improvement overall, driven by Vrbo, not a big surprise. That continues to be a terrific use case with the whole home market being very attractive, family travel being very attractive in that form. And North America generally has been a relative bright spot, of course. Our…



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