Expedia Inc Del (NASDAQ:EXPE) Q1 2020 Earnings Conference Call - Final Transcript

May 20, 2020 • 04:30 pm ET


Expedia Inc Del (NASDAQ:EXPE) Q1 2020 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Good day, and welcome to the Expedia Group, Inc. Quarter One 2020 Earnings Conference 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, sir.

Michael Senno

Good afternoon, and welcome to Expedia Group's financial results conference call for the first quarter ended March 31, 2020.

I'm pleased to be joined on the call today by our Vice Chairman and CEO, Peter Kern; and our CFO, Eric Hart. The following discussion, including responses to your questions, reflects management's views as of today, May 20, 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 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, including today's earnings release. 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.

Starting in the first quarter, we have updated our segment reporting to reflect our platform operating model and align our reporting with customer segments. Our new segments are: Retail, which includes our consumer-facing brands; B2B, which includes Expedia Partner Solutions and Egencia; trivago; and Corporate. Services provided by our technology platform and supply organizations are primarily allocated to the retail and B2B segments.

Please see the 8-K we issued earlier this week for restated segment data for the prior two years. And with that, let me turn the call over to Peter.

Peter M. Kern

Thanks very much, Michael, and good afternoon, everyone. I hope you are all safe wherever you are and your families and loved ones or likewise. Let me start by saying this is our first virtual earnings call. So if we have any technical difficulties, apologies in advance, and likewise, apologies that our Chairman will not be joining us. Eric and I will do our best to be as informative and transparent, but we may not be quite as quote worthy. So I hope you can live with that. As for Eric and I, we are doing our first formal call today.

And I want to first say that the Company is lucky to have Eric in his seat as