Expedia Group Reports Second Quarter 2022 Results
SEATTLE, WA – August 4, 2022 – Expedia Group, Inc. (NASDAQ: EXPE) announced financial results today for the second quarter ended June 30, 2022.
“We are very pleased with our financial performance this quarter. Lodging bookings reached a record high, and we posted our highest ever second quarter revenue and adjusted EBITDA. These were even more noteworthy given the simplification efforts we undertook two years ago including the sale of our Egencia corporate travel business.” said Peter Kern, Vice Chairman and CEO, Expedia Group. “Despite the disruptions during the summer travel season and an uncertain macroeconomic backdrop, travel demand has remained strong. We continue to focus our energy on improving our technology for our travelers and partners and attracting more valuable customers through direct relationships. These actions, along with prior actions to drive efficiency, put us in a better position to withstand any further macroeconomic headwinds should they arise.”
•Lodging bookings were the highest in the company's history, while revenue and adjusted EBITDA were the highest for any second quarter.
•Lodging gross bookings were up 8% versus the second quarter 2019.
•Revenue was $3.2 billion, up 51% versus the second quarter 2021 and up 1% versus the second quarter 2019.
•Net loss was $185 million and adjusted net income was $310 million. Adjusted EBITDA was $648 million, up 14% versus the second quarter 2019.
•On May 30th, the Company completed the early redemption of its $500 million Senior Notes due December 2023. On June 13th, the Company completed the early redemption of its $500 million Senior Notes due August 2024. Since May 2021, the Company has repaid over $2.9 billion of net debt and preferred equity.
Financial Summary & Operating Metrics ($ millions except per share amounts)(1)
|Expedia Group, Inc.|
|Metric||Q2 2022||Q2 2021||Δ Y/Y|
|Booked room nights||82.5||68.4||21%|
|Stayed room nights||79.1||56.6||40%|
Operating income (loss)
Net income (loss) attributable to Expedia Group common stockholders
Diluted earnings (loss) per share
Adjusted net income (loss)(2)
Free cash flow(2)
(1)All comparisons are against comparable period of 2021 unless otherwise noted.
(2)"Adjusted EBITDA" (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization), "Adjusted net income (loss)," "Adjusted EPS" and "Free cash flow" are non-GAAP measures as defined by the Securities and Exchange Commission (the "SEC"). See "Definitions of Non-GAAP Measures" and "Tabular Reconciliations for Non-GAAP Measures" on pages 11-18 herein for an explanation and reconciliation of non-GAAP measures used throughout this release. Expedia Group does not calculate or report net income by segment.
The following information was filed by Expedia Group, Inc. (EXPE) on Thursday, August 4, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.