Gross bookings increase 20% with record lodging gross bookings; Highest ever first quarter revenue, up 18%.
SEATTLE – Expedia Group, Inc. announced financial results for the first quarter ended March 31, 2023.
“The first quarter saw strong travel demand driven by increasing international travel, major city travel, and the reopening in Asia. We invested into that demand driving record lodging bookings and continued strength in app usage and loyalty member counts. We also saw strong growth in B2B driven by an expanding partner base and growth from our existing partners. Our performance was enhanced by greater testing velocity and accelerating deployment of AI and ML, including our recent integration of ChatGPT into our iOS experience,” said Peter Kern, Vice Chairman and CEO, Expedia Group. “With our strategy gaining momentum, we saw the opportunity to continue to buy our equity attractively. We repurchased $600 million of shares, one of our highest levels ever year-to-date.”
First Quarter Highlights
- Total gross bookings were $29.4 billion, an increase of 20%, compared to 2022.
- Lodging bookings at $21.1 billion were at record levels.
- Highest ever first quarter revenue was $2.7 billion, an increase of 18%, compared to 2022.
- B2B revenue was $668 million, an increase of 55%, compared to 2022.
- Record net cash provided by operating activities of $3.2 billion and record free cash flow of $2.9 billion.
- Repurchased at an accelerated pace $600 million or approximately 6.0 million shares year-to-date.
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