Expedia Group(US:EXPE)2025-05-08 21:38Revenue Performance - Revenue for the three months ended March 31, 2025, was $2,988 million, an increase of 3.4% compared to $2,889 million in the same period of 2024[8]. - Total revenue for Q1 2025 reached $2,988 million, up from $2,889 million in Q1 2024, representing a 3.4% growth[84][85]. - Total revenue for the three months ended March 31, 2025, was $2,988 million, a 3% increase from $2,889 million in the same period of 2024[131]. - B2C segment revenue was $1,956 million in Q1 2025, slightly down from $1,986 million in Q1 2024, indicating a 1.5% decline[84][85]. - B2B segment revenue increased to $947 million in Q1 2025 from $833 million in Q1 2024, marking a significant growth of 13.7%[84][85]. - The trivago segment generated $131 million in revenue for Q1 2025, compared to $110 million in Q1 2024, which is a 19.1% increase[84][85]. - Merchant revenue increased by 4% to $2,046 million, primarily due to an increase in merchant lodging revenue[131]. - Agency revenue decreased by 4% to $652 million, mainly due to a decline in agency lodging and air revenue[131]. Net Loss and Financial Performance - Net loss attributable to Expedia Group, Inc. for Q1 2025 was $200 million, compared to a net loss of $135 million in Q1 2024, representing a 48.1% increase in loss[8]. - Comprehensive loss attributable to Expedia Group, Inc. for Q1 2025 was $188 million, compared to a comprehensive loss of $148 million in Q1 2024, reflecting a 27.0% increase[10]. - For the three months ended March 31, 2025, the net loss was $197 million, compared to a net loss of $136 million for the same period in 2024, representing a 45% increase in losses[19]. - Basic loss per share attributable to common stockholders for Q1 2025 was $(1.56), compared to $(0.99) in Q1 2024, indicating a deterioration in per-share performance[8]. - Operating loss for the three months ended March 31, 2025, was $70 million, an improvement from an operating loss of $110 million in the same period of 2024[8]. - Adjusted EBITDA for Q1 2025 was $296 million, compared to $255 million in Q1 2024, reflecting a 16.1% increase year-over-year[84][85]. - The cost of revenue for Q1 2025 was $354 million, up from $355 million in Q1 2024, showing a slight decrease of 0.3%[84][85]. - Selling and marketing expenses for Q1 2025 totaled $1,803 million, compared to $1,690 million in Q1 2024, reflecting a 6.7% increase[84][85]. Assets and Cash Flow - Total current assets increased to $13,587 million as of March 31, 2025, up from $9,815 million at the end of 2024, reflecting a 38.3% growth[14]. - Cash and cash equivalents rose to $5,715 million as of March 31, 2025, compared to $4,183 million at December 31, 2024, indicating a 36.6% increase[14]. - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled $7,734 million, an increase from $7,622 million at the end of Q1 2024[19]. - Net cash provided by operating activities for Q1 2025 was $2,952 million, an increase of 2.5% from $2,879 million in Q1 2024[19]. - Total assets as of March 31, 2025, were $26,114 million, an increase from $22,388 million at the end of 2024, representing a 16.3% growth[14]. Debt and Equity - Total debt as of March 31, 2025, was $6,211 million, a slight decrease from $6,266 million as of December 31, 2024[49]. - The company early redeemed approximately $1 billion of 6.25% senior unsecured notes in February 2025, resulting in an immaterial loss on debt extinguishment[50]. - In February 2025, the company issued $1 billion of 5.4% senior unsecured notes due in February 2035, with net proceeds of approximately $985 million after deducting discounts and issuance costs[52]. - The company authorized a program to repurchase up to $5 billion of common stock, with $2.9 billion remaining as of March 31, 2025[60]. - The company repurchased 1,742,115 shares of common stock for $330 million during Q1 2025, compared to $606 million for 4,319,981 shares in Q1 2024[19]. Market and Operational Insights - The company experienced weaker than expected travel demand in the U.S. during Q1 2025, which may impact future operational results[95]. - Emerging markets continue to present attractive growth opportunities for the company, despite increased competition from online travel agencies and alternative accommodation providers[98]. - Lodging accounted for 77% of total worldwide revenue in Q1 2025, with room nights booked growing 6% compared to 9% in 2024 and 12% in 2023[100]. - Gross bookings increased by 4% to $31.451 billion in Q1 2025, driven primarily by lodging gross bookings[125][126]. - The company launched One Key, a unified loyalty program across Brand Expedia, Hotels.com, and Vrbo, enhancing customer engagement[117]. Other Financial Metrics - The effective tax rate for the three months ended March 31, 2025, was 9.2%, down from 12.4% for the same period in 2024[68]. - Stock-based compensation expense for Q1 2025 was $116 million, slightly lower than $118 million in Q1 2024[19]. - The company recorded approximately $8 million of incremental allowance for expected uncollectible accounts during the three months ended March 31, 2025[38]. - The company experienced a foreign exchange loss of $37 million in Q1 2025, compared to a gain of $30 million in Q1 2024[19]. - The effect of exchange rate changes resulted in a net increase of $61 million in cash and cash equivalents during Q1 2025[19].