Expedia (EXPE) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 2, 2022 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, everyone and welcome to the Expedia Group Q1 2022 Financial Results Teleconference. My name is Jason and I will be your operator for today’s call. For opening remarks, I will turn the call over to our IR Director, Jon Charbonneau. Please go ahead. Sorry about that.

Jon Charbonneau - IR

Great. Good afternoon and welcome to Expedia Group’s financial results conference call for the first quarter ended March 31, 2022. I am pleased to be joined on the call today by our CEO, Peter Kern; and our CFO, Eric Hart.

The following discussion, including responses to your questions, reflects management’s view as of today, May 2, 2022 only. We do not undertake any obligation to update or revise this information. As always, some of the statements made on today’s call are forward-looking typically preceded by words such as we plan, we expect, we believe, we anticipate, we are optimistic or confident that or similar statements. Please refer to today’s earnings release and the company’s filings with the SEC for information about factors which could cause our actual results to differ materially from these forward-looking statements.

You will find reconciliation of non-GAAP measures to the most comparable GAAP measures discussed today in our earnings release, which is posted on the company’s Investor Relations website at ir.expediagroup.com. And I encourage you to consistently visit our IR website for other important information. Unless otherwise stated, any reference to cost of revenue, selling and marketing expense, general and administrative expense and technology and content expense exclude stock-based compensation.

And with that, let me turn the call over to Peter.

Peter Kern - CEO

Thank you, Jon. Good afternoon, everybody and apologies in advance. Eric and I are both recovering from cold. So, our voices may not be as loud as normal, but we will do our best and please ask for clarification on anything you can’t hear.

Let me start by saying we were pleased with the quarter. We continue to see strong demand coming back. We continue to see efficiencies in the business. And in general, it pretty much had the shape we expected, which is to say that we had – we went into the quarter with Omicron looming. Last quarter, we mentioned that we expected that to have some impact early in the quarter, which it did. But very – we are very pleased that demand came back post-Omicron and Omicron hasn’t lived up to sort of our expectations, which were – that it would be the shortest wave. It would be the least impactful. And I think as we now go into BA2 and other things we are seeing, it’s really hard to even detect the blips anymore.