01—Abstract
Summary
Summary of the 10-Q filed May 3, 2024. Cited figures are marked; the original filing is the authoritative source.
Expedia Group, Inc. reported its first-quarter 2024 financial results, showcasing an 8% increase in total revenue to $2.9 billiona, driven by a strong 25% surge in its B2B segment and a 10% rise in lodging revenue.
Despite a reported net loss of $135 millionb, the company saw a significant 38% increase in Adjusted EBITDA to $255 million, highlighting improved operational efficiency and profitability from core segments. The B2C segment's Adjusted EBITDA grew by 46%, and B2B by 29%, indicating positive momentum in these key areas. However, the quarter was impacted by a $48 million restructuring charge related to organizational recalibration and ongoing legal reserves for occupancy and other taxes.
The company also continued its aggressive share repurchase program, buying back $606 millionc of its stock. While revenue and gross bookings showed modest growth, investors should note the persistent net loss and the significant operational expenses, including a substantial increase in direct selling and marketing costs. The company's focus remains on strengthening its core brands and technology platform, with plans to expand its loyalty program internationally.
02—Key points
Key Highlights
- Total revenue increased by 8% year-over-year to $2.9 billion.
- Adjusted EBITDA grew significantly by 38% to $255 million, indicating improved profitability.
- The B2B segment revenue saw robust growth of 25%, driven by increased lodging revenue.
- Lodging revenue increased by 10%, supported by growth in room nights stayed.
- Advertising and media revenue increased by 23%, primarily due to Expedia Group Media Solutions.
- The company incurred $48 million in restructuring and related reorganization charges.
- Expedia repurchased approximately $606 million of its common stock during the quarter.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2024filed May 3, 2024Financial Statements
Q1 FY2024 against Q1 FY2023
| Line item | Q1 FY2024Q1 FY2023 | Change |
|---|---|---|
| Revenue | $2.89B$2.67B | +8.4% |
| Operating Income | -$110.00M-$121.00M | +9.1% |
| Interest Expense | $62.00M$61.00M | +1.6% |
| Net Income | -$135.00M-$145.00M | +6.9% |
| EPS (Basic) | $-0.99$-0.95 | −4.2% |
| EPS (Diluted) | $-0.99$-0.95 | −4.2% |
| Shares Outstanding (Basic) | 135.50M152.48M | −11.1% |
| Shares Outstanding (Diluted) | 135.50M152.48M | −11.1% |
05—Questions
Frequently Asked Questions
What is Expedia Group's net income/loss for the quarter?
For the three months ended March 31, 2024, Expedia Group reported a net loss attributable to Expedia Group, Inc. of $135 million.
How did the B2B segment perform?
The B2B segment demonstrated strong performance with revenue increasing by 25% to $833 million and Adjusted EBITDA growing by 29% to $172 million, primarily driven by increased lodging revenue.
What was the impact of restructuring charges?
Expedia Group incurred $48 million in restructuring and related reorganization charges in the first quarter of 2024, primarily related to employee severance and benefit costs, as part of recalibrating resources after organizational and technological transformation.
What is the company's strategy regarding share repurchases?
Expedia Group has an active share repurchase program. During the first quarter of 2024, the company repurchased approximately $606 million worth of its common stock under its $5 billion repurchase program, with $4.2 billion remaining authorized for future repurchases as of March 31, 2024.
06—Continue