Summary
Expedia Group, Inc. reported solid financial results for the third quarter and the first nine months of 2024, demonstrating resilience and growth across its segments. Revenue for the three months ended September 30, 2024, increased by 3% year-over-year to $4.06 billion, with a 6% increase for the nine-month period to $10.51 billion. This growth was primarily driven by a strong performance in the B2B segment and a recovery in the lodging and air travel businesses. Profitability also saw a significant improvement. Net income attributable to Expedia Group, Inc. more than doubled to $684 million in the third quarter of 2024, up from $425 million in the prior year. Diluted earnings per share rose to $5.04 from $2.87. The company continues to execute its strategy of building direct customer relationships and leveraging its unified technology platform, with initiatives like the One Key loyalty program showing promise in driving customer retention. The company maintained a strong liquidity position, with a significant cash balance and an undrawn revolving credit facility, while continuing its share repurchase program.
Financial Highlights
50 data points| Revenue | $4.06B |
| Operating Income | $762.00M |
| Net Income | $684.00M |
| EPS (Basic) | $5.28 |
| EPS (Diluted) | $5.04 |
| Shares Outstanding (Basic) | 129.76M |
| Shares Outstanding (Diluted) | 135.73M |
Key Highlights
- 1Revenue increased by 3% to $4.06 billion for the third quarter of 2024 and by 6% to $10.51 billion for the first nine months of 2024, driven by the B2B segment and improved lodging and air travel performance.
- 2Net income attributable to Expedia Group, Inc. surged to $684 million in Q3 2024, a substantial increase from $425 million in Q3 2023, reflecting improved operational performance and lower impairment charges.
- 3Diluted Earnings Per Share (EPS) significantly increased to $5.04 for the third quarter of 2024, compared to $2.87 in the same period last year.
- 4The B2B segment showed strong growth, with revenue up 18% for the quarter and 21% year-to-date, indicating successful expansion in business-to-business offerings.
- 5The company repurchased approximately $1.5 billion of its common stock under its $5 billion repurchase program during the first nine months of 2024, signaling confidence and a commitment to shareholder returns.
- 6Expedia maintained a strong financial position with $4.9 billion in cash and cash equivalents and short-term investments as of September 30, 2024, and an undrawn $2.5 billion revolving credit facility.
- 7Significant charges related to legal reserves, occupancy tax, and other matters, particularly an Italian VAT settlement reserve of $92 million, impacted profitability in the current period, though overall operating income still showed growth due to lower prior year impairments.