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      "text": "We believe Adjusted Net Income (Loss) is useful to investors because it represents Expedia Group's combined results, taking into account depreciation, which management believes is an ongoing cost of doing business, but excluding the impact of certain expenses and items not directly tied to the core operations of our businesses.",
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      "text": "(1) stock-based compensation expense... (2) acquisition-related impacts... (3) currency gains or losses... (4) changes in fair value... (5) certain other items... (6) items included in legal reserves... (7) discontinued operations; (8) non-controlling interest impact; (9) unrealized gains (losses) on revenue hedging.",
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      "text": "Adjusted Net Income (Loss) generally captures all items on the statements of operations that occur in normal course operations and have been, or ultimately will be, settled in cash and is defined as net income (loss) attributable to Expedia Group plus the following items, net of tax(a):",
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      "text": "During the fourth quarter of 2025, an adjustment for the loss related to the conversion option on our Convertible Notes, including amortization of the debt discount and change in fair value of the embedded derivative, was excluded from net income to calculate Adjusted Net Income.",
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      "text": "(a) We use a long-term projected tax rate in the calculation of Adjusted Net Income as we believe this tax rate provides better consistency across reporting periods and produces results that are reflective of Expedia Group's long-term effective tax rate. ... We adjusted our long-term projected tax rate to 20.0% to consider the net effect of U.S. tax law enacted in the third quarter of 2025.",
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