2014 Q4 Form 10-K Financial Statement

#000119312516457822 Filed on February 11, 2016

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q2
Revenue $1.356B $1.713B $1.495B
YoY Change 17.7% 22.16% 24.03%
Cost Of Revenue $284.3M $299.7M $300.5M
YoY Change 14.41% 8.46% 14.43%
Gross Profit $1.072B $1.413B $1.194B
YoY Change 18.62% 25.52% 26.71%
Gross Profit Margin 79.04% 82.5% 79.89%
Selling, General & Admin $743.0M $920.8M $846.2M
YoY Change 27.07% 28.31% 24.0%
% of Gross Profit 69.33% 65.18% 70.86%
Research & Development $181.4M $172.8M $169.1M
YoY Change 17.03% 20.12% 20.18%
% of Gross Profit 16.93% 12.23% 14.16%
Depreciation & Amortization $94.90M $67.47M $65.56M
YoY Change 17.89% 27.38% 28.2%
% of Gross Profit 8.86% 4.78% 5.49%
Operating Expenses $948.7M $1.094B $1.015B
YoY Change 24.57% 26.94% 23.35%
Operating Profit $94.71M $296.8M $129.2M
YoY Change -31.72% 24.36% 37.05%
Interest Expense -$21.90M $25.56M $22.32M
YoY Change 28.07% 16.35% 3.2%
% of Operating Profit -23.12% 8.61% 17.27%
Other Income/Expense, Net $15.20M -$7.311M -$22.62M
YoY Change -1366.67% -72.53% 229.52%
Pretax Income $88.00M $289.5M $106.6M
YoY Change -26.97% 36.52% 21.94%
Income Tax $31.70M $38.90M $20.75M
% Of Pretax Income 36.02% 13.44% 19.47%
Net Earnings $65.97M $257.1M $89.37M
YoY Change -30.35% 50.45% 25.0%
Net Earnings / Revenue 4.87% 15.01% 5.98%
Basic Earnings Per Share $2.01 $0.69
Diluted Earnings Per Share $501.5K $1.94 $0.67
COMMON SHARES
Basic Shares Outstanding 127.9M shares 129.5M shares
Diluted Shares Outstanding 132.3M shares 133.7M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.758B $2.649B $2.372B
YoY Change 30.51% 46.19% 4.49%
Cash & Equivalents $1.403B $2.253B $1.434B
Short-Term Investments $356.0M $396.0M $938.0M
Other Short-Term Assets $370.0M $281.0M $266.0M
YoY Change 90.72% 41.92% -13.64%
Inventory
Prepaid Expenses
Receivables $778.3M $887.4M $927.9M
Other Receivables $17.00M $20.00M $75.00M
Total Short-Term Assets $2.924B $3.837B $3.641B
YoY Change 31.78% 41.8% 11.56%
LONG-TERM ASSETS
Property, Plant & Equipment $553.1M $525.1M $509.8M
YoY Change 15.07% 12.97% 15.67%
Goodwill $3.956B $3.670B $3.697B
YoY Change 7.98% 0.32% 1.47%
Intangibles $1.290B $1.077B $1.087B
YoY Change 16.12% -4.67% -5.09%
Long-Term Investments $287.0M $298.0M $284.0M
YoY Change 14.34% 22.13% 13.15%
Other Assets $10.00M $18.00M $16.00M
YoY Change -28.57%
Total Long-Term Assets $6.096B $5.588B $5.594B
YoY Change 10.43% 1.68% 2.07%
TOTAL ASSETS
Total Short-Term Assets $2.924B $3.837B $3.641B
Total Long-Term Assets $6.096B $5.588B $5.594B
Total Assets $9.021B $9.425B $9.235B
YoY Change 16.55% 14.92% 5.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.550B $1.698B $1.634B
YoY Change 18.68% 9.9% 294.2%
Accrued Expenses $753.6M $669.5M $597.7M
YoY Change 40.37% 38.9% 32.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.187B $4.542B $4.858B
YoY Change 27.08% 22.04% 15.36%
LONG-TERM LIABILITIES
Long-Term Debt $1.747B $1.747B $1.249B
YoY Change 39.81% 39.8% 0.01%
Other Long-Term Liabilities $180.4M $167.3M $182.7M
YoY Change 30.42% 26.66% 43.81%
Total Long-Term Liabilities $1.927B $1.914B $1.432B
YoY Change 38.87% 38.55% 4.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.187B $4.542B $4.858B
Total Long-Term Liabilities $1.927B $1.914B $1.432B
Total Liabilities $6.114B $6.456B $6.290B
YoY Change 30.58% 26.51% 12.58%
SHAREHOLDERS EQUITY
Retained Earnings $28.28M $31.80M -$134.1M
YoY Change -113.52% -110.46% -71.75%
Common Stock $5.921B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.998B $3.935B $3.805B
YoY Change 15.36% 19.3% 23.65%
Treasury Stock Shares 82.54M shares 81.95M shares 80.41M shares
Shareholders Equity $1.784B $1.885B $1.876B
YoY Change
Total Liabilities & Shareholders Equity $9.021B $9.425B $9.235B
YoY Change 16.55% 14.92% 5.61%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income $65.97M $257.1M $89.37M
YoY Change -30.35% 50.45% 25.0%
Depreciation, Depletion And Amortization $94.90M $67.47M $65.56M
YoY Change 17.89% 27.38% 28.2%
Cash From Operating Activities -$199.8M $101.9M $493.5M
YoY Change -5.89% -148.41% 54.95%
INVESTING ACTIVITIES
Capital Expenditures -$88.70M -$82.50M -$82.50M
YoY Change 21.17% 6.31% 16.86%
Acquisitions
YoY Change
Other Investing Activities -$474.3M $486.2M -$248.9M
YoY Change -660.64% -14.97% -1840.56%
Cash From Investing Activities -$563.0M $403.7M -$331.4M
YoY Change -5038.6% -18.33% 486.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.70M 374.4M -217.4M
YoY Change -82.16% -262.5% 1774.14%
NET CHANGE
Cash From Operating Activities -199.8M 101.9M 493.5M
Cash From Investing Activities -563.0M 403.7M -331.4M
Cash From Financing Activities -30.70M 374.4M -217.4M
Net Change In Cash -793.5M 880.0M -55.30M
YoY Change 112.73% 1547.94% -122.08%
FREE CASH FLOW
Cash From Operating Activities -$199.8M $101.9M $493.5M
Capital Expenditures -$88.70M -$82.50M -$82.50M
Free Cash Flow -$111.1M $184.4M $576.0M
YoY Change -20.13% -238.75% 48.03%

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10-K
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CY2015 dei Trading Symbol
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EXPE
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
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CY2015 dei Entity Central Index Key
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0001324424
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
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CY2015 dei Document Period End Date
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2015-12-31
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CY2015 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 18px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Reclassifications</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">We have reclassified certain amounts related to our prior period results to conform to our current period presentation. We also included a reclassification on our consolidated balance sheet as of December&#xA0;31, 2014 to correct the immaterial presentation of cash dividends as a reduction to retained earnings to the extent the Company maintained retained earnings instead of additional paid-in capital.</font></p> </div>
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91000 shares
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--12-31
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FY
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CY2015 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Certain Risks and Concentrations</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Our business is subject to certain risks and concentrations including dependence on relationships with travel suppliers, primarily airlines and hotels, dependence on third-party technology providers, exposure to risks associated with online commerce security and payment related fraud. We also rely on global distribution system partners and third-party service providers for certain fulfillment services<b>.</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Financial instruments, which potentially subject us to concentration of credit risk, consist primarily of cash and cash equivalents and corporate debt securities. We maintain some cash and cash equivalents balances with financial institutions that are in excess of Federal Deposit Insurance Corporation insurance limits. Our cash and cash equivalents are primarily composed of prime institutional money market funds as well as bank (both interest and non-interest bearing) account balances denominated in U.S. dollars, euros, Australian dollar, British pound sterling, Canadian dollar and Japanese yen.</font></p> </div>
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94.13
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0.50 pure
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400984000
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0.0119 pure
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123.42
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1368045000
CY2015 dei Entity Current Reporting Status
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false
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751000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
493000 shares
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1643000 shares
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34.57
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30.56
CY2015 dei Entity Registrant Name
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EXPEDIA, INC.
CY2015 us-gaap Earnings Per Share Basic
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5.87
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CY2015 dei Entity Well Known Seasoned Issuer
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 18px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Accounting Estimates</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">We use estimates and assumptions in the preparation of our consolidated financial statements in accordance with accounting principles generally accepted in the United States (&#x201C;GAAP&#x201D;). Our estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements. These estimates and assumptions also affect the reported amount of net income or loss during any period. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our consolidated financial statements include revenue recognition; recoverability of current and long-lived assets, intangible assets and goodwill; income and transactional taxes, such as potential settlements related to occupancy and excise taxes; loss contingencies; loyalty program liabilities; redeemable noncontrolling interests; acquisition purchase price allocations; stock-based compensation and accounting for derivative instruments.</font></p> </div>
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P4Y10M24D
CY2015 dei Document Fiscal Year Focus
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2015
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4148 pure
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103.73
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85.27
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5.70
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0.35 pure
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P3Y2M12D
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