SEATTLE, March 13, 2020
/PRNewswire/ -- Expedia Group, Inc. (NASDAQ: EXPE) announced
today that it is withdrawing its full-year 2020 Adjusted EBITDA
guidance due to the growing impact from the COVID-19 outbreak and
the resulting uncertainty on travel trends. With the outbreak
spreading significantly since Expedia's fourth quarter earnings
call on February 13, 2020, we now
expect the negative impact in the first quarter related to COVID-19
to be in excess of the $30-$40 million
range provided at that time.
"As COVID-19 has rapidly spread from Asia to Europe and North
America over the past few weeks, travel trends have
continued to worsen. It remains difficult to predict how long this
pandemic will persist, and given the lack of visibility on our
trends we've decided to withdraw our 2020 guidance," said Chairman
Barry Diller and Vice Chairman
Peter
Kern.
Diller and Kern added, "During this time, we continue to focus
on operating efficiently and remain on track to reach run-rate cost
savings of $300-$500 million by the end of the year. We're also
prudently managing our strong balance sheet and have suspended
share repurchases to provide additional flexibility as we navigate
this situation. Additionally, we are focused on ensuring the health
and safety of our customers and employees, and working closely with
our partners to manage through these unfortunate
circumstances."
Forward-Looking Statements
This release may contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve risks and
uncertainties. These forward-looking statements are based on
assumptions that are inherently subject to uncertainties, risks and
changes in circumstances that are difficult to predict, including
the Risk Factors identified in our most recently filed annual
report on Form 10-K. The use of words such as "believe,"
"estimate," "expect" and "will," or the negative of these terms or
other similar expressions, among others, generally identify
forward-looking statements. However, these words are not the
exclusive means of identifying such statements. Unless required by
law, we undertake no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise. However, readers should carefully
review the reports and documents we file or furnish from time to
time with the Securities and Exchange Commission, particularly our
annual report on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K.
About Expedia Group
Expedia Group (NASDAQ: EXPE) is
the world's travel platform. We help knock down the barriers to
travel, making it easier, more enjoyable, more attainable and more
accessible. We are here to bring the world within reach for
customers and partners around the globe. We leverage our platform
and technology capabilities across an extensive portfolio of
businesses and brands to orchestrate the movement of people and the
delivery of travel experiences on both a local and global basis.
Our family of travel brands includes: Brand Expedia®, Hotels.com®,
Expedia® Partner Solutions, Vrbo®, Egencia®, trivago®, HomeAway®,
Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®,
Expedia Group™ Media Solutions, Expedia Local Expert®,
CarRentals.com™, Expedia® CruiseShipCenters®, Classic Vacations®,
Traveldoo®, VacationRentals.com and SilverRail™.
© 2020 Expedia, Inc. All rights reserved. Trademarks and logos
are the property of their respective owners. CST: 2029030-50
View original content to download
multimedia:http://www.prnewswire.com/news-releases/expedia-group-withdraws-2020-guidance-due-to-covid-19-impact-301022813.html
SOURCE Expedia Group