Expedia's Q3 Earnings Beat Estimates, Revenues Rise Y/Y

Core Insights - Expedia Group (EXPE) reported third-quarter 2024 adjusted earnings of $6.13 per share, exceeding the Zacks Consensus Estimate by 0.49% and reflecting a 13% year-over-year increase [1] - Total revenues reached $4.06 billion, marking a 3% year-over-year rise but falling short of the Zacks Consensus Estimate by 1.17% [1] Financial Performance - B2B revenues increased by 18% year over year to $1.2 billion, while B2C revenues declined by 1.4% to $2.78 billion [2] - Total gross bookings rose to $27.5 billion, a 7% year-over-year increase, with B2C gross bookings up 3% and B2B gross bookings up 19% [5] - Adjusted EBITDA for the quarter was $1.25 billion, a 3% increase year over year, while adjusted EBIT fell by 1% to $892 million [6] Market Performance - EXPE shares increased by 4.18% in pre-market trading and have returned 14.7% year to date, underperforming the Zacks Internet Commerce industry [3] - The company provided positive guidance for 2024, expecting gross bookings to rise by 5% over 2023 and revenue growth to remain at 6% [8] Debt and Cash Flow - As of September 30, 2024, long-term debt was $6.263 billion, with a gross leverage ratio reduced to 2.2X [7] - The company burned $1.687 billion in free cash flow during the reported quarter, with approximately $3.2 billion remaining under its current share repurchase authorization [7]