On November 2, 2023, Expedia Group Inc (EXPE, Financial) released its financial results for the third quarter ended September 30, 2023. The company reported record revenue and profitability, surpassing its guidance and reflecting the resilience of travel demand and continued improvements from the execution of its strategy.
Financial Highlights
Expedia Group Inc (EXPE, Financial)'s revenue for Q3 2023 was $3.9 billion, a 9% increase compared to the same period in 2022. The company's net income for the third quarter was $425 million. The company's B2B revenue at $995 million was a record and was an increase of 26%, compared to 2022. The company also reported a record adjusted EBITDA of $1.2 billion, an increase of 13% with 110 basis points of margin expansion, compared to 2022.
Expedia Group Inc (EXPE, Financial) also announced a new $5 billion share repurchase authorization. The company has completed a record $1.8 billion in share repurchases year-to-date.
Operational Highlights
Lodging gross bookings at $18.5 billion grew 8% compared to 2022, and were at record levels for any third quarter. B2C revenue growth compared to 2022 accelerated over 400 basis points sequentially. The company's new unified loyalty program, One Key, is showing good early results following its July launch in the US.
Looking Ahead
With the last of its major migrations behind it, Expedia Group Inc (EXPE, Financial) is now well positioned to further accelerate its business and drive stronger shareholder returns. The company reiterated its full-year guidance of double-digit topline growth with margin expansion.
Summary
Expedia Group Inc (EXPE, Financial)'s strong Q3 2023 results reflect the resilience of travel demand and the continued improvements stemming from the execution of its strategy. The company's record revenue and profitability, along with its new $5 billion share repurchase authorization, demonstrate its commitment to delivering value to its shareholders.
Explore the complete 8-K earnings release (here) from Expedia Group Inc for further details.
