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Expedia Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $4,060 million from $3,929 million in the same quarter the previous year. The increase is attributed to growth in the B2B segment and lodging revenue.
Cost of revenue decreased to $388 million, representing 9.6% of revenue, compared to 10.5% in the same quarter of the previous year. This decrease is due to ongoing initiatives to drive transactional efficiencies.
The company reported an operating income of $762 million for the quarter, compared to $607 million in the previous year, with the increase attributed to lower impairment charges and restructuring actions.
Selling and marketing expenses increased to $1,855 million from $1,671 million, primarily due to higher B2B partner commissions and increased marketing spend at Vrbo (EXPE+1.78%) and international markets.
Net income for the quarter was $684 million, up from $305 million in the previous year. The effective tax rate was 21.7%, compared to 31.2% in the previous year.
Cash provided by operating activities was $2,887 million, while cash used in investing and financing activities was $901 million and $1,590 million, respectively.
Expedia had a working capital of $10,832 million as of September 30, 2024. The company continues to focus on expanding its global market and enhancing its technology infrastructure.
The filing also details various legal proceedings, including developments in occupancy and other tax litigation cases.
Expedia does not anticipate any significant changes in its operational strategy and continues to leverage its brand, supply, and platform technology strength to provide value to travelers and partners.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Expedia Group Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.