Expedia Group Reports First Quarter 2021 Results

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Expedia Group Reports First Quarter 2021 ResultsSEATTLE, WA – May 6, 2021 – Expedia Group, Inc. (NASDAQ: EXPE) announced financial results today for thefirst quarter ended March 31, 2021.“Travel remains a study in contrasts - with strong vacation rental growth and demand for domestic travel continuingto drive us forward, while demand for international and business travel and conventional lodging remain challenged.Beach and outdoor destinations have shown robust rebounds while major cities remain muted, and some regionshave been growing while others remain locked down. As the vaccine rollout continues, we expect to see a nowfamiliar story play out; domestic and leisure demand lead the recovery. However, as the dire situation in Indiareminds us, in some markets, things may get worse before they get better,” said Vice Chairman and CEO, PeterKern. “For our part, we continue to invest in bolstering our technology platform and in marketing where we can bestget ahead of the demand curve. Because the market has clearly shown that when people feel safe to travel, demandcomes roaring back.”Key Highlights Expedia Group received a binding offer from American Express Global Business Travel to acquire Egencia; Thepotential deal includes Expedia Group receiving approximately 14% of the combined entity along with a 10year lodging supply agreement with Expedia Partner Solutions. Given the positive ongoing trends within the business and confidence in the current liquidity position, ExpediaGroup has elected to pay off 50% of the preferred stock issued in 2020 during the second quarter of 2021.Financial Summary & Operating Metrics ( millions except per share amounts)(1)Expedia Group, Inc.Q1 2021Q1 2020Δ Y/Y(47)% 15,422(14)% 17,885NM(14)%Revenue1,2462,209(44)%Operating income (loss)(369)(1,294)(72)%MetricStayed room night growthGross bookingsNet income (loss) attributable to Expedia Group common stockholdersDiluted earnings (loss) per shareAdjustedEBITDA(2)Adjusted net incomeAdjusted(loss)(2)EPS(2)Free cash flow(2)(606)(1,301)(53)% (4.17) (9.24)(55)%(58)(76)(24)%(294)(258)14% (2.02) (1.83)11%2,002(1,071)NM(1)Allcomparisons are against comparable period of 2020 unless otherwise noted.EBITDA" (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization), "Adjusted net income (loss)," "Adjusted EPS" and "Freecash 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 11-17 herein for an explanation and reconciliations of non-GAAP measures used throughout thisrelease. Expedia Group does not calculate or report net income by segment.(2)"AdjustedPlease refer to the "Glossary of Business Terms," located in the Quarterly Results section on Expedia Group’s investor relations website, for businessand financial statement definitions used throughout this release.Page 1 of 18

Discussion of ResultsThe 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 ,Traveldoo and VacationRentals.com. Results include the related international points of sale for all brands and theimmaterial impact of Bodybuilding.com since the Liberty Expedia Holdings, Inc. transaction on July 26, 2019. InMay 2020, Expedia Group completed the sale of Bodybuilding.com. In October 2020, we completed the sale ofSilverRail , and in April 2021, we completed the sale of Classic Vacations . All amounts shown are in U.S.dollars.Gross Bookings & RevenueRevenue by Segment ( millions)RevenueFirst QuarterRetailB2BCorporate (Bodybuilding.com)Expedia Group (excluding trivago)trivagoIntercompany eliminationsTotal2021 1,025184— 1,20946(9) 1,2462020 1,58248539 2,106154(51) 2,209Δ%(35)%(62)%NM(43)%(70)%(82)%(44)%For the first quarter of 2021, total gross bookings decreased 14%. Trends for our lodging, air and other travelproducts all improved sequentially from the fourth quarter, with lodging bookings experiencing year-over-yeargrowth in the first quarter.For the first quarter of 2021, total revenue decreased 44%. Expedia Group's Retail segment revenue declined 35%in the quarter and B2B segment revenue declined 62%. The slower decline in Retail segment revenue reflectsimprovement in leisure travel trends, particularly in North America, while the B2B segment continues to beimpacted by the slower recovery for corporate travel demand.Product & Services Detail - First Quarter 2021As a percentage of total worldwide revenue in the first quarter of 2021, lodging accounted for 72%, advertising andmedia accounted for 7%, air accounted for 4% and all other revenues accounted for the remaining 17%.Lodging revenue decreased 41% in the first quarter of 2021 on a 47% decrease in room nights stayed, partly offsetby a 10% increase in revenue per room night. Revenue per room night benefited from an increase in the percentageof alternative accommodation stayed room nights, which have a higher revenue per room night than the rest of ourlodging business.Air revenue decreased 55% in the first quarter of 2021 reflecting a 50% decline in tickets sold and a 10% decline inrevenue per ticket. The decline in revenue per ticket was primarily related to a shift in product mix.Advertising and media revenue decreased 57% in the first quarter of 2021 due to declines at trivago and ExpediaGroup Media Solutions. Other revenue decreased 42% in the first quarter of 2021. Revenue in thefirst quarter of 2020 related to Bodybuilding.com, which was disposed in the second quarter of 2020 alsoimpacted the year over year comparison.Page 2 of 18

Costs and Expenses ( millions)Costs and ExpensesFirst Quarter20212020Δ%Generally Accepted Accounting Principles (GAAP)Expenses - Expedia GroupCost of revenueSelling and marketing - directSelling and marketing - indirectSelling and marketingTechnology and contentGeneral and administrativeTotal GAAP costs and expensesAdjusted Expenses - Expedia GroupCost of revenue*Selling and marketing - directSelling and marketing - indirect*Selling and marketing*Technology and content*General and administrative*Total adjusted costs and expensesAdjusted Expenses - Expedia Group (excludingtrivago)**Cost of revenue*Selling and marketing*Technology and content*General and administrative*Total adjusted costs and expenses excluding trivagoAs a % of RevenueFirst Quarter20212020Δ (bps) 311487177664247156 1,378 6299542511,205315185 2,334(51)%(49)%(30)%(45)%(22)%(16)%(41)%25.0 %39.1 %14.2 %53.3 %19.8 %12.5 %110.5 %28.5 %43.2 %11.4 %54.5 %14.3 %8.4 %105.7 %(352)(407)280(127)555409485 306487160647220122 1,295 6269542391,193295165 2,279(51)%(49)%(33)%(46)%(25)%(26)%(43)%24.5 %39.1 %12.8 %51.9 %17.6 %9.8 %103.9 %28.4 %43.2 %10.8 %54.0 %13.3 %7.5 %103.2 %(382)(407)197(210)43222970 303629208115 1,255 6181,120279156 2,173(51)%(44)%(25)%(27)%(42)%25.0 %52.0 %17.2 %9.5 %103.7 %29.4 %53.2 %13.2 %7.4 %103.3 %(438)(122)39420740Note: Expedia Group reclassified certain prior period information to conform to the current period presentation primarily related to the classification oflicensing and maintenance costs within operating expenses. Some numbers may not add due to rounding.*Adjusted expenses are non-GAAP measures. See pages 11-17 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 first quarter of 2021, both total GAAP and adjusted cost of revenue decreased 51%, compared to thefirst quarter of 2020, primarily due to a decrease in bad debt expense, which was significantly elevated inthe first quarter of 2020 due to COVID-19, decline in merchant fees resulting from lower transactionvolumes, decreased customer service and personnel costs, and lower cloud expenses. In the first quarter of2020, both GAAP and adjusted cost of revenue included costs related to Bodybuilding.com, which wasdisposed in the second quarter of 2020.Selling and Marketing For the first quarter of 2021, total GAAP and adjusted total selling and marketing expense decreased 45%and 46%, respectively, compared to the first quarter of 2020, primarily due to a 467 million decrease indirect costs, driven by a significant reduction in marketing spend related to the impact on travel demandfrom COVID-19. Indirect costs, which represented 27% of total GAAP selling and marketing costs and25% of total adjusted selling and marketing expense in the first quarter of 2021 compared to 21% and 20%of total GAAP and adjusted selling and marketing costs, in the first quarter of 2020, declined 30% and 33%,respectively, on a GAAP and adjusted basis in the first quarter of 2021 due to lower personnel costsPage 3 of 18

primarily related to previously announced cost initiatives. As a result of Expedia Group's decision in thefourth quarter of 2020 to shift the vast majority of the annual bonus program spend to salary, effective in thesecond quarter of 2021, the year over year comparison of both GAAP and adjusted selling and marketingexpense benefited from a reduced bonus accrual in the first quarter of 2021 compared to the first quarter of2020. The year over year benefit for GAAP selling and marketing expense was largely offset by higherstock-based compensation expense related to the shift from 2020 cash bonuses to equity that will vest in2021.Technology and Content For the first quarter of 2021, total GAAP and adjusted technology and content expense decreased 22% and25%, respectively, compared to the first quarter of 2020, reflecting lower personnel and associated costsprimarily related to previously announced cost initiatives. As a result of Expedia Group's change toemployee compensation structure, the year over year comparison of both GAAP and adjusted technologyand content expense benefited from a reduced bonus accrual in the first quarter of 2021 compared to thefirst quarter of 2020. The year over year benefit for GAAP technology and content expense was largelyoffset by higher stock-based compensation expense related to the shift from 2020 cash bonuses to equitythat will vest in 2021.General and Administrative For the first quarter of 2021, total GAAP and adjusted general and administrative expense decreased 16%and 26%, respectively, compared to the first quarter of 2020, mainly due to a decrease in personnel costsand professional fees. As a result of Expedia Group's change to employee compensation structure, the yearover year comparison of both GAAP and adjusted general and administrative expense benefited from areduced bonus accrual in the first quarter of 2021 compared to the first quarter of 2020. The year over yearbenefit for GAAP general and administrative expense was largely offset by higher stock-basedcompensation expense related to executive awards and to a lesser extent the shift from 2020 cash bonuses toequity that will vest in 2021.Net Loss Attributable to Expedia Group and Adjusted EBITDA*Adjusted EBITDA by Segment ( millions)First QuarterRetailB2BUnallocated overhead costsExpedia Group (excluding trivago)trivago(1)Total Adjusted EBITDANet income (loss) attributable to Expedia Group common stockholders (2)(1) trivago2021 94(60)(88) (54)(4) (58)2020 2226(123) (75)(1) (76)Δ%316%NM(28)%(28)%189%(24)% (606) (1,301)(53)%is a separately listed company on the Nasdaq Global Select Market and, therefore, is subject to its own reporting and filing requirements which couldresult 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 11-17 herein for a description and reconciliation to the corresponding GAAP measure.Note: Some numbers may not add due to rounding.Page 4 of 18

Depreciation and AmortizationDepreciation and amortization decreased 9% in the first quarter of 2021. The decrease in amortization reflects thecompletion of amortization related to certain intangible assets as well as the impact of definite-lived intangibleimpairments in the first quarter of 2020.Impairment of Goodwill & Intangible AssetsThere was no impairment of goodwill or intangible assets recorded in the first quarter of 2021. As a result of theimpact from COVID-19, we recorded an intangible asset impairment charge of 121 million in the first quarter of2020 primarily related to indefinite-lived trade names impacted and we also recorded a goodwill impairment chargeof 765 million in the first quarter of 2020 largely related to the Vrbo and trivago businesses.Restructuring and Related Reorganization ChargesIn connection with the restructuring actions announced in late February 2020 to simplify our businesses andimprove operational efficiencies, as well as the acceleration of further actions to adapt our business to the currentenvironment, we recognized 29 million in restructuring and related reorganization charges in the first quarter of2021. Restructuring and related reorganization charges were 75 million in the first quarter of 2020.Interest and OtherConsolidated interest income decreased 8 million in the first quarter of 2021, compared to the first quarter of 2020.Consolidated interest expense increased 48 million in the first quarter of 2021, compared to the first quarter of2020, due to the issuance of the 2 billion and 750 million senior unsecured notes in May 2020 and the 500million and 750 million senior unsecured notes in July 2020. As a result of the debt refinancing transactions inMarch 2021, we recognized a loss on debt extinguishment of 280 million, which included the payment of earlypayment premiums and fees as well as the write-off of unamortized debt issuance costs.Consolidated other, net was a loss of 5 million in the first quarter of 2021, compared to a loss of 145 million inthe first quarter of 2020. The loss in the first quarter of 2021 was primarily due to foreign exchange losses, partlyoffset by mark-to-market gains on minority equity investments. The loss in the first quarter of 2020 included animpairment charge on a minority equity investment as well as mark-to-market losses on minority equityinvestments.Income TaxesThe GAAP effective tax rate was 22% in the first quarter of 2021, compared to 6% in the first quarter of 2020. Thechange in the effective tax rate was primarily due to nondeductible impairments and a valuation allowance recordedin the prior year period.The effective tax rate on pretax adjusted net loss was 21% in the first quarter of 2021, compared to 16% in the firstquarter of 2020. The change in effective tax rate was primarily due to losses in the prior year period for which nobenefit was recorded.Preferred Stock DividendThe preferred stock dividend related to the preferred equity issued in May of 2020 was 28 million in the firstquarter of 2021.Page 5 of 18

Balance Sheet, Cash Flows and CapitalizationFor the three months ended March 31, 2021, consolidated net cash provided by operating activities was 2.2 billion.Consolidated free cash flow totaled 2.0 billion, including 1.2 billion related to the change in restricted cash,driven by the recovery in deferred merchant bookings. Consolidated free cash flow improved 3.1 billion in the firstquarter of 2021 compared to the prior year period primarily due to a cash benefit from working capital, lowercapital expenditures, and an improvement in Adjusted EBITDA. The impact from COVID-19 resulted in asignificant use of cash for working capital in the first quarter of 2020.Cash, cash equivalents and short-term investments totaled 4.3 billion at March 31, 2021 compared to 3.4 billionat December 31, 2020. The increase was primarily due to positive free cash flow. Restricted cash and cashequivalents, which primarily relates to traveler deposits for bookings made through Vrbo, was approximately 2billion at March 31, 2021 compared to 772 million at December 31, 2020. Prepaid expenses and other currentassets was approximately 1.2 billion at March 31, 2021 compared to 654 million at December 31, 2020. Deferredmerchant bookings totaled approximately 6 billion at March 31, 2021, including approximately 750 million indeferred loyalty rewards compared to 3.1 billion at December 31, 2020, including approximately 770 million indeferred loyalty rewards. The increase in deferred merchant bookings reflects the typical seasonality of our businesswith higher stayed room nights occurring during the summer months. Vrbo was the largest driver of the increase indeferred merchant bookings.In February 2021, Expedia Group issued 1.0 billion of 2026 convertible notes that bear interest at 0.0%. Inaddition, in March 2021, Expedia Group issued 1.0 billion of 2031 senior notes that bear interest at 2.95%. Theproceeds from these offerings were used to redeem 1.7 billion of 2025 senior notes. Expedia Group has alsosubmitted notice of prepayment of 50% of the outstanding Series A Preferred Stock, which is expected to becompleted in mid-May 2021.Page 6 of 18

EXPEDIA GROUP, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except share and per share data)(Unaudited)Three months endedMarch 31,2021RevenueCosts and expenses:Cost of revenue (exclusive of depreciation and amortization shown separately below) (1)Selling and marketing (1)Technology and content (1)General and administrative (1)Depreciation and amortizationImpairment of goodwillImpairment of intangible assetsLegal reserves, occupancy tax and otherRestructuring and related reorganization charges Operating lossOther income (expense):Interest incomeInterest expenseLoss on debt extinguishmentOther, netTotal other expense, netLoss before income taxesProvision for income taxesNet lossNet loss attributable to non-controlling interestsNet loss attributable to Expedia Group, Inc.Preferred stock dividendNet loss attributable to Expedia Group, Inc. common stockholdersLoss per share attributable to Expedia Group, Inc. available to common stockholders:BasicDilutedShares used in computing earnings (loss) per share (000's):BasicDiluted(1) Includes stock-based compensation as follows:Cost of revenueSelling and marketingTechnology and contentGeneral and administrative 1,246 97)96(1,301)—(1,301)(4.17)(4.17) 145,181145,181 Page 7 of 1820205172734(9.24)(9.24)140,823140,823 3122020

EXPEDIA GROUP, INC.CONSOLIDATED BALANCE SHEETS(In millions, except number of shares which are reflected in thousands and par value)March 31, 2021(unaudited)December 31, 2020ASSETSCurrent assets:Cash and cash equivalentsRestricted cash and cash equivalentsShort-term investmentsAccounts receivable, net of allowance of 98 and 101Income taxes receivablePrepaid expenses and other current assetsTotal current assetsProperty and equipment, netOperating lease right-of-use assetsLong-term investments and other assetsDeferred income taxesIntangible assets, netGoodwillTOTAL ASSETS ,36321,866 7275656,0471743159468,7748,46423439456 ,690LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities:Accounts payable, merchantAccounts payable, otherDeferred merchant bookingsDeferred revenueIncome taxes payableAccrued expenses and other current liabilitiesTotal current liabilitiesLong-term debtDeferred income taxesOperating lease liabilitiesOther long-term liabilitiesCommitments and contingenciesSeries A Preferred Stock: .001 par value, Authorized shares: 100,000; Shares issued andoutstanding: 1,200 and 1,200Stockholders’ equity:Common stock: .0001 par value; Authorized shares: 1,600,000Shares issued: 265,207 and 261,564; Shares outstanding: 141,342 and 138,074Class B common stock: .0001 par value; Authorized shares: 400,000Shares issued: 12,800 and 12,800; Shares outstanding: 5,523 and 5,523Additional paid-in capitalTreasury stock - Common stock and Class B, at cost; Shares 131,141 and 130,767Retained earnings (deficit)Accumulated other comprehensive income (loss)Total Expedia Group, Inc. stockholders’ equityNon-redeemable non-controlling interestsTotal stockholders’ equityTOTAL LIABILITIES AND STOCKHOLDERS’ EQUITYPage 8 of 18 690

EXPEDIA GROUP, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)Three months endedMarch 31,2021Operating activities:Net loss Adjustments to reconcile net loss to net cash provided by (used in) operating activities:Depreciation of property and equipment, including internal-use software and websitedevelopmentAmortization of intangible assetsImpairment of goodwill and intangible assetsAmortization of stock-based compensationDeferred income taxesForeign exchange loss on cash, restricted cash and short-term investments, netRealized (gain) loss on foreign currency forwards(Gain) loss on minority equity investments, netLoss on debt extinguishmentProvision for credit losses and other, netChanges in operating assets and liabilities:Accounts receivablePrepaid expenses and other assetsAccounts payable, merchantAccounts payable, other, accrued expenses and other liabilitiesTax payable/receivable, netDeferred merchant bookingsDeferred revenueNet cash provided by (used in) operating activitiesInvesting activities:Capital expenditures, including internal-use software and website developmentPurchases of investmentsSales and maturities of investmentsOther, netNet cash provided by (used in) investing activitiesFinancing activities:Revolving credit facility borrowingsProceeds from issuance of long-term debt, net of issuance costsPayment of long-term debtDebt extinguishment costsPurchases of treasury stockPayment of dividends to common stockholdersProceeds from exercise of equity awards and employee stock purchase planOther, netNet cash provided by financing activitiesEffect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalentsNet increase in cash, cash equivalents and restricted cash and cash equivalentsCash, cash equivalents and restricted cash and cash equivalents at beginning of periodCash, cash equivalents and restricted cash and cash equivalents at end of periodSupplemental cash flow informationCash paid for interestIncome tax payments, netPage 9 of 18 (581)2020 74,1386,2656244,0974,72112911 8756

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 notinclude adjustments for one-time items, acquisitions, foreign exchange or other adjustments. The definition, methodology and appropriatenessof any of our supplemental metrics are subject to removal and/or change, and such changes could be material. In the event of any discrepancybetween any supplemental metric and our historical financial statements, you should rely on the information filed with the SEC and thefinancial statements in our most recent earnings release.2019Q3Q2Gross bookings by business modelAgencyMerchantTotalRevenue by segmentRetailB2BCorporate (Bodybuilding.com)Expedia Group (excluding trivago)trivagoIntercompany eliminationsTotalRevenue by geographyDomesticInternationalTotalRevenue by business modelAgencyMerchantAdvertising & media and otherTotalAdjusted EBITDA by segmentRetailB2BUnallocated overhead costsQ2Q32021Q1Q4Y/YGrowth 14,58512,342 26,927 11,95611,289 23,245 9,8238,062 17,885 1,3631,350 2,713 3,5305,101 8,631 3,4054,162 7,567 6,7378,685 15,422(31)%8%(14)% 2,333657— 2,990251(88) 3,153 2,61373124 3,368279(89) 3,558 1,96163534 2,630171(54) 2,747 1,58248539 2,106154(51) 2,209 463682055118(3)566 1,246203— 1,44970(15) 1,504 702186—88838(6)920 1,025184— 1,20946(9) 1,246(35)%(62)%NM(43)%(70)%(82)%(44)% 1,8381,315 3,153 1,9821,576 3,558 1,5731,174 2,747 1,317892 2,209 463103566 1,033471 1,504 698222920 1,001245 1,246(24)%(73)%(44)% 1,0471,758348 3,153 1,1771,980401 3,558 8161,590341 2,747 5621,340307 2,209 10536893566 3291,032143 1,504 271521128920 323796127 1,246(43)%(41)%(59)%(44)% (203)(128)(89)(420)(16)(436) 6(54)(108)(156)(4)(160) 50296(149)44929478 %(28)%189%(24)% 409 76(53)%Expedia Group (excluding trivago)trivago Total Net income (loss) attributable to ExpediaGroup common stockholders 183Worldwide air (merchant & agency)Tickets sold growthAirfare growthRevenue per ticket growthAir revenue growthQ1 16,11212,180 28,292548130(130)54820568Worldwide lodging (merchant & agency)Stayed room nightsStayed room night growthADR growthRevenue per night growthLodging revenue growth2020Q4 2226(123)(75)(1)(76) (1,301) 429(52)(80)2977304 (753)(221)(412)(606)100.112 %—%1%12 %116.511 %(1)%—%11 %91.611 %—%(1)%9%69.4(14)%2%6%(9)%19.2(81)%1%15 %(78)%48.8(58)%8%14 %(52)%36.1(61)%2%6%(58)%37.1(47)%8%10 %(41)%10 %(35)%(80)%(50)%(26)%(10)%(55)%Notes: Advertising & Media Revenue includes 3rd party revenue from trivago. All trivago revenue is classified as international. Corporate includes product revenue subsequent to our acquisition of Bodybuilding.com on July 26, 2019 through its sale in May 2020. Some numbers may not add due to rounding. All percentages above and throughout this release are calculated on precise, unrounded numbersPage 10 of 18

Notes & Definitions:Gross Bookings: Gross bookings generally represent the total retail value of transactions booked, recorded at thetime of booking reflecting the total price due for travel by travelers, including taxes, fees and other charges, adjustedfor cancellations and refunds.Retail: The Retail segment, which consists of the aggregation of operating segments, provides a full range of traveland advertising services to our worldwide customers through a variety of consumer brands including: Expedia.comand Hotels.com in the United States and localized Expedia and Hotels.com websites throughout the world, Vrbo,Orbitz, Travelocity, Wotif Group, ebookers, CheapTickets, Hotwire.com, CarRentals.com, and Expedia Cruises.B2B: The B2B segment is comprised of our Expedia Business Services organization including Expedia PartnerSolutions, which operates private label and co-branded programs to make travel services available to leisuretravelers though third-party company branded websites, and Egencia, a full-service travel management companythat provides travel services to businesses and their corporate customers.trivago: The trivago segment generates advertising revenue primarily from sending referrals to online travelcompanies and travel service providers from its localized hotel metasearch websites.Corporate: Includes unallocated corporate expenses as well as Bodybuilding.com subsequent to our acquisition onJuly 26, 2019 through its sale in May 2020.Lodging metrics: Reported on a stayed basis and includes both merchant and agency model hotel and alternativeaccommodation stays.Room Nights: Room nights represent stayed hotel room nights and property nights for our Retail reportable segmentand stayed hotel room nights for our B2B reportable segment. Hotel room nights are reported on a stayed basis andinclude both merchant and agency hotel stays. Property nights, which are related to our alternative accommodationbusiness, are reported upon the first day of stay and check-in to a property and represent the total number of nightsfor which a property is rented.Worldwide Air metrics: Reported on a booked basis and includes both merchant and agency air bookings.Definitions of Non-GAAP MeasuresExpedia Group reports Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted EPS, Free Cash Flow andAdjusted Expenses (non-GAAP cost of revenue, non-GAAP selling and marketing, non-GAAP technology andcontent and non-GAAP general and administrative), all of which are supplemental measures to GAAP and aredefined by the SEC as non-GAAP financial measures. These measures are among the primary metrics by whichmanagement evaluates the performance of the business and on which internal budgets are based. Managementbelieves that investors should have access to the same set of tools that management uses to analyze our results.These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, butshould not be considered a substitute for or superior to GAAP. Adjusted EBITDA, Adjusted Net Income (Loss) andAdjusted EPS have certain limitations in that they do not take into account the impact of certain expenses to ourconsolidated statements of operations. We endeavor to compensate for the limitation of the non-GAAP measurespresented by also providing the most directly comparable GAAP measures and descriptions of the reconciling itemsand adjustments to derive the non-GAAP measures. Adjusted EBITDA, Adjusted Net Income (Loss) and AdjustedEPS also exclude certain items related to transactional tax matters, which may ultimately be settled in cash. We urgeinvestors to review the detailed disclosure regarding these matters in the Management Discussion and Analysis andLegal Proceedings sections, as well as the notes to the fi

Page 2 of 18 Discussion of Results The results for Expedia Group, Inc. ("Expedia Group" or "the Company") include Brand Expedia , Hotels.com ,

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VESTA Communicator Reports Introduction to Reports The Reports module is used to work with scenario activations reports and pull custom reports from Contacts, Groups and Scenario Activations. This module allows for several things. Firstly, it tracks all activated scenarios so reports can be generated for any currently running or prior

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Introduction to Phonetics for Students of English, French, German and Spanish This Introduction to Phonetics was originally a booklet produced in the School of Modern Languages at the University of Southampton, to serve as a background and further reading text for the Articulatory Phonetics component of our first-year Linguistics unit. It focuses on the structure and linguistic function of .