Expedia trades higher after saying leisure travel demand is still strong
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Expedia Group (NASDAQ:EXPE) gains after matching expectations with its Q1 earnings report. Gross bookings soared 58% from a year ago and narrowed to a 17% gap from the pre-pandemic level in Q1 of 2019.
Revenue was up across lodging (+78%), air (+50%) and advertising/media (+88%). As a percentage of total revenue in Q1, lodging accounted for 72%, advertising and media accounted for 7%, air accounted for 3%, and all other revenues accounted for the remaining 18%.
Adjusted EBITDA was $173M to roughly match the level seen in the same quarter in 2019, despite the revenue tally being lower.
Consolidated free cash flow totaled $2.8B vs. $2.0B a year ago, primarily due to an increase in cash provided by operating activities related to changes in working capital and an improvement in adjusted EBITDA. Expedia’s cash position totaled $5.6B at the end of the quarter vs. $4.3B at the end of Q4.
CEO Peter Kern: “All in, while we are keeping an eye on various macro indicators including inflation and ongoing geopolitical tensions, we continue to see positive indicators for a strong recovery in leisure travel this summer. We are also pleased to see city, business, and international travel coming back, three components key to the complete return of travel,” said Peter Kern, Vice Chairman and CEO, Expedia Group.”
Shares of Expedia gained 4.28% in after-hours trading on Monday to land at $182.30 after the earnings topper.
See how the growth metrics on Expedia compare to peers.
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