SEATTLE - Expedia (NASDAQ:EXPE) Group, Inc. (NASDAQ:EXPE) disclosed its third-quarter financial results and announced the upcoming departure of its Chief Financial Officer, Julie Whalen, according to an 8-K filing with the Securities and Exchange Commission. In the report dated today, Expedia revealed its financial performance for the quarter ending September 30, 2024, alongside a corporate reshuffle. Julie Whalen has agreed to step down from her role as CFO, with her successor expected to be appointed before February 17, 2025.
Whalen will remain with the company until this date to ensure a smooth transition. Her departure entitles her to severance and equity award acceleration as per her employment agreement.
Additionally, Whalen resigned from the company's Board of Directors effective immediately. The filing stated that her resignation did not stem from any disagreements with Expedia's operations, policies, or practices.
The travel services company also provided non-GAAP financial measures in the earnings release, with a reconciliation to GAAP financial measures included in the attached Exhibit 99.1 of the filing. This information, as noted in the filing, is not deemed "filed" for purposes of Section 18 of the Exchange Act and is not incorporated by reference into any other filings unless specifically referenced.
In other recent news, Uber Technologies Inc . (NYSE:UBER) has been under speculation regarding a potential acquisition of Expedia Group Inc., a move that BTIG analysts believe could offer strategic benefits but is generally considered unlikely. BTIG maintains a Buy rating for both Uber and Expedia. On the other hand, TD Cowen has downgraded Expedia's stock from "Buy" to "Hold" due to concerns about the underperforming business-to-consumer sector.
In recent developments, Expedia appointed Ramana Thumu as its new Chief Technology Officer, aiming to leverage technology for future growth. The company's Vice Chairman, Peter Kern, has stepped down from his role and the Board of Directors. On the earnings front, Expedia's business-to-business segment marked $25 billion in bookings and over $100 million in room nights in 2023.
InvestingPro Insights
Expedia Group's recent financial performance and corporate changes can be further contextualized with real-time data from InvestingPro. The company's market capitalization stands at $22.6 billion, reflecting its significant presence in the online travel industry. Expedia's revenue for the last twelve months as of Q2 2024 reached $13.26 billion, with a revenue growth of 8.18% over the same period.
InvestingPro Tips highlight that Expedia has been aggressively buying back shares, which could be seen as a vote of confidence from management in the company's future prospects. Additionally, the company boasts impressive gross profit margins, with the latest data showing a gross profit margin of 88.9% for the last twelve months as of Q2 2024.
These insights are particularly relevant given the upcoming CFO transition and the company's recent financial disclosure. The strong financial metrics and management's confidence through share buybacks may help mitigate any potential market concerns about the leadership change.
Investors interested in a more comprehensive analysis can access 13 additional InvestingPro Tips for Expedia Group, providing a deeper understanding of the company's financial health and market position.
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