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
Financial Summary & Operating Metrics (In millions except per share amounts)
|
Expedia Group, Inc. |
||
Metric |
Q2 2023 |
Q2 2022 |
Δ Y/Y |
Booked room nights |
89.7 |
82.5 |
9% |
Gross bookings |
$27,321 |
$26,139 |
5% |
Revenue |
$3,358 |
$3,181 |
6% |
Operating income |
$443 |
$345 |
28% |
Net income (loss) attributable to Expedia Group, Inc. |
$385 |
$(185) |
NM |
Diluted earnings (loss) per share |
$2.54 |
$(1.17) |
NM |
Adjusted EBITDA |
$747 |
$648 |
15% |
Adjusted net income |
$428 |
$310 |
38% |
Adjusted EPS |
$2.89 |
$1.96 |
48% |
Net cash provided by operating activities |
$1,146 |
$1,628 |
(30)% |
Free cash flow |
$923 |
$1,469 |
(37)% |