Expedia Group Reports Highest Ever Second Quarter Lodging Gross Bookings, Up 7%

Expedia Group, Inc. (NASDAQ: EXPE) announced financial results yesterday for the second quarter ended June 30, 2023.

“The second quarter saw travel demand remain strong, and we were pleased that along with the progress on our tech transformation we were able to post another record quarter. Our focus on driving consumers into our loyalty programs and apps has helped us build the most valuable pool of consumers we have ever had. On top of which, we recently took a major leap forward in our consumer business with the launch of One Key in the U.S., the most flexible and comprehensive rewards program in the industry. Yet another compelling reason that the most desirable online travelers will continue to choose Expedia,” said Peter Kern, Vice Chairman and CEO, Expedia Group. “With the backdrop of continuing innovation in our B2C business, and our B2B business significantly outpacing the industry, we continued to repurchase our stock opportunistically and have purchased a record $1.2 billion year-to-date.”

Second Quarter Highlights

• Lodging gross bookings at $19.2 billion and revenue at $3.4 billion were at record levels for any second quarter.
• Significant earnings growth with net income of $385 million, compared to a net loss of $185 million in 2022, with approximately 1,730 basis points of margin expansion. Adjusted net income was $428 million, an increase of 38%, compared to 2022.
• Record second quarter Adjusted EBITDA was $747 million, an increase of 15% with 190 basis points of margin expansion, compared to 2022.
• B2B revenue at $861 million was a record and was an increase of 32%, compared to 2022.
• For the first half of 2023, net cash from operating activities was $4.3 billion and free cash flow was $3.8 billion.
• Repurchased approximately 12 million shares for a record $1.2 billion year-to-date.

Financial Summary & Operating Metrics (In millions except per share amounts)