The Company and its subsidiaries provide travel products and services to leisure and corporate travelers in the United States and abroad.
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Balance sheet shows $1.9 billion negative tangible value, current assets minus current liabilities is negative $800 million, cash flow for last year break even only because they increased liabilities. They have a small profit on paper but not nearly enough to cover the debt and the $800 million they need to come up with to cover the liabilities coming due in the next year. Add to this the declining economy and increasing competition and it looks bad for Expedia. To raise funds, they need to increase debt a lot or issue stock, both of which should drive the price down.