Expedia Inc Del (NASDAQ:EXPE) Q4 2019 Earnings Conference Call - Final Transcript

Feb 13, 2020 • 04:30 pm ET


Expedia Inc Del (NASDAQ:EXPE) Q4 2019 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Expedia Group, Inc. Fourth Quarter 2019 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Michael Senno, Vice President of Investor Relations. Please go ahead.

Michael Senno

Good afternoon and welcome to Expedia Group's Financial Results Conference Call for the Fourth Quarter and Full Year ended December 31, 2019. I'm pleased to be joined on the call today by our Chairman, Barry Diller; our Vice Chairman, Peter Kern; and acting CFO, Eric Hart.

The following discussion, including responses to your questions, reflect management's views as of today, February 13, 2020, 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 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'll 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, including today's earnings release. Unless otherwise stated, all references to cost to revenue, selling and marketing expense, general and administrative expense, and technology and content expense, exclude stock-based compensation and depreciation expense. And all comparisons on this call will be against our results for the comparable period of 2018.

A reconciliation of adjusted EBITDA guidance to the closest corresponding GAAP measure is not provided because we are unable to predict the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, foreign exchange, returns on investment spending and acquisition-related or restructuring expenses. As such, the items that are excluded from our non-GAAP guidance are uncertain, depend on various factors and could have a material impact on GAAP results for the guidance period.

And with that, let me turn the call over to Barry.

Barry Diller

Thank you, Michael. I haven't been on one of these analyst calls in, I don't know, endless amount of time. So I'm probably a bit raggy, but I won't ask your indulgence. I'll just kind of plunge in.

Since December 4, which is when we made the management change, Peter Kern and I, not a day has gone by that we have not been engaged in Expedia business. And during this period of time -- and so I mean having been Chairman of Expedia for, I don't know, I think almost 20 years or so, I thought I knew a lot about the company. But there's nothing like being on the ground, and we've been on the ground. And I've gotten to know the leaders of the businesses, and I'm definitely impressed. I believe in the future of