Part I. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Marketscreener.com

Forward-Looking Statements
Overview
All percentages within this section are calculated on actual, unrounded numbers.
Trends
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variant. However, travel bookings remain below and cancellation rates remain slightly elevated compared to pre-COVID levels due largely to the COVID-19 variants and subvariants.
As a result of these cost savings initiatives, we expect Adjusted EBITDA margins to increase compared to historical levels when revenue returns to more normalized levels.
Online Travel
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As of March 31, 2022, our global lodging marketplace had approximately 3 million lodging properties available, including over 2 million online bookable alternative accommodations listings and approximately 840,000 hotels.
Air
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Advertising & Media
Business Strategy
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Seasonality
Critical Accounting Policies and Estimates
There are certain critical estimates that we believe require significant judgment in the preparation of our consolidated financial statements. We consider an accounting estimate to be critical if:
•Changes in the estimate or different estimates that we could have selected may have had a material impact on our financial condition or results of operations.
Occupancy and Other Taxes
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For additional information and other recent developments on these and other legal proceedings, see Part II, Item 1, Legal Proceedings.
Other Jurisdictions. We are also in various stages of inquiry or audit with various tax authorities, some of which, including the City of Los Angeles regarding hotel occupancy taxes, may impose a pay-to-play requirement to challenge an adverse inquiry or audit result in court.
Segments
Operating Metrics
Gross Bookings and Revenue Margin
(1)Includes third-party revenue from trivago as well as our transaction-based websites.
Air revenue increased 50% for the three months ended March 31, 2022 driven by an increase in air tickets sold of 48% as air travel demand improved.
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In addition to the above segment and product revenue discussion, our revenue by business model is as follows:
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General and administrative expense consists primarily of personnel-related costs, including our executive leadership, finance, legal and human resource functions and related stock-based compensation as well as fees for external professional services.
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Legal Reserves, Occupancy Tax and Other
Restructuring and Related Reorganization Charges
Adjusted EBITDA by Segment
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Unallocated overhead costs increased $17 million during the three months ended March 31, 2022, compared to the same period in 2021, primarily due to an increase in general and administrative expenses.
Other, Net
Other, net is comprised of the following:
We determine our provision for income taxes for interim periods using an estimate of our annual effective tax rate. We record any changes affecting the estimated annual tax rate in the interim period in which the change occurs, including discrete items.
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Definition and Reconciliation of Adjusted EBITDA
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The reconciliation of net income (loss) attributable to Expedia Group, Inc. to Adjusted EBITDA is as follows:
Financial Position, Liquidity and Capital Resources
On April 14, 2022, we entered into a new revolving credit facility with aggregate commitments of $2.5 billion, which replaced our two existing credit facilities outstanding as of March 31, 2022.
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Our cash flows are as follows:
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents
Foreign exchange rate changes resulted in a decrease of our cash and restricted cash balances denominated in foreign currency during the three months ended March 31, 2022 and 2021 of $11 million and $73 million reflecting a net depreciation in foreign currencies relative to the U.S. dollar during the periods.
Other than discussed above, there have been no material changes outside the normal course of business to our contractual obligations and commercial commitments since December 31, 2021.
Summarized Financial Information for Guarantors and the Issuer of Guaranteed Securities
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