Mission Statement, Vision, & Core Values (2024) of Expedia Group, Inc. (EXPE).

An Overview of Expedia Group, Inc. (EXPE)

General Summary of Expedia Group, Inc.

Expedia Group, Inc. (EXPE), founded in 1996, is a leading online travel agency that offers a comprehensive range of travel services, including hotel bookings, airfare, car rentals, vacation packages, and travel insurance. The company operates various well-known brands, such as Expedia.com, Hotels.com, Vrbo, Orbitz, and Travelocity. As of 2024, Expedia Group reported sales of approximately $10.5 billion for the nine months ended September 30, 2024, reflecting a 6% increase from $9.95 billion in the same period in 2023.

Company's Financial Performance in the Latest Financial Reports

In the third quarter of 2024, Expedia Group achieved a record revenue of $4.06 billion, marking a 3% increase from $3.93 billion in the third quarter of 2023. For the nine months ended September 30, 2024, the total revenue was $10.5 billion, up from $9.95 billion in the previous year. The company's operating income for the third quarter of 2024 was $762 million, a 26% increase from $607 million in the same quarter of 2023. Net income attributable to Expedia Group, Inc. for the third quarter was $684 million, compared to $425 million for the same period last year, resulting in diluted earnings per share of $5.04.

Introduction to Company as a Leader in the Industry

Expedia Group is recognized as one of the leading companies in the online travel industry, leveraging a diverse portfolio of brands and a robust technology platform to serve millions of customers worldwide. The company's strategic focus on enhancing customer experience and expanding its market reach has positioned it strongly against competitors. With an impressive growth trajectory and a solid financial foundation, Expedia Group continues to innovate and adapt in an ever-evolving travel landscape.

Mission Statement of Expedia Group, Inc. (EXPE)

Mission Statement of Expedia Group, Inc. (EXPE)

Expedia Group, Inc. (EXPE) operates with a mission to power travel for everyone, everywhere, through the continuous innovation of its technology and services. This mission is significant as it serves as a guiding principle for the company's long-term goals, focusing on accessibility, customer engagement, and global reach.

Core Component 1: Powering Travel

The first core component of Expedia's mission statement is "Powering Travel." This reflects the company's commitment to facilitating travel experiences for a diverse range of customers. In 2024, Expedia's lodging segment accounted for 82% of total worldwide revenue, indicating a strong focus on hotel and accommodation services. Room nights booked grew by 9% in the first nine months of 2024, showcasing the company's ability to drive significant travel activity.

Core Component 2: Innovation

The second core component is "Innovation." Expedia emphasizes the importance of technological advancements in its business model. The company's investment in technology and content was approximately $992 million for the nine months ended September 30, 2024. This investment supports the development of user-friendly platforms and services that enhance customer experiences, thus reinforcing their commitment to innovation.

Core Component 3: Accessibility

The final core component of the mission statement is "Accessibility." Expedia aims to make travel accessible to all by providing a wide array of options and price points. As of September 30, 2024, Expedia's global lodging marketplace featured over 3.5 million total lodging properties. The company's strategy includes not only traditional hotel bookings but also alternative accommodations through its Vrbo brand, which has over 2.5 million online bookable listings.

Vision Statement of Expedia Group, Inc. (EXPE)

Vision Statement Overview

Expedia Group, Inc. (EXPE) aims to empower global travel for everyone, everywhere. This vision underscores a commitment to providing seamless travel experiences through innovation and technology.

Empowering Global Travel

Expedia's vision emphasizes the empowerment of travelers by offering a comprehensive platform that connects diverse travel options. As of September 30, 2024, the company reported gross bookings of $27.5 billion, reflecting a 7% increase from the previous year, primarily driven by robust demand in lodging and air travel.

Inclusivity in Travel

The vision statement also highlights inclusivity, aiming to cater to a wide range of travelers. In 2024, Expedia's lodging offerings included over 3.5 million properties worldwide, with 2.5 million listings available through its Vrbo brand, focusing on unique home rentals.

Technological Innovation

Technological innovation is a core component of Expedia's vision. The company has unified its technology across its brands, enhancing user experience and operational efficiency. In 2024, Expedia invested significantly in technology, with a reported $1.5 billion spent on stock repurchases and technological advancements.

Building Relationships

Expedia's vision underscores the importance of building lasting relationships with customers and partners. The company reported a 6% increase in total revenue, reaching $10.5 billion for the first nine months of 2024, indicating strong engagement and loyalty among users.

Global Market Expansion

Expedia is focused on expanding its market reach globally, with plans to enhance its presence beyond core markets. The company reported a 9% increase in room nights booked for the first nine months of 2024, highlighting the effectiveness of its expansion strategy.

Commitment to Sustainability

As part of its vision, Expedia Group is committed to sustainable travel practices. The company is actively working on initiatives to reduce its carbon footprint and promote eco-friendly travel options. This is aligned with the growing consumer demand for sustainable travel solutions.

Core Values of Expedia Group, Inc. (EXPE)

Core Value: Customer Centricity

Customer Centricity is a fundamental value for Expedia Group, Inc., emphasizing the importance of understanding and prioritizing the needs of travelers. This value drives the company's initiatives and product offerings, ensuring that customer satisfaction remains at the forefront of its operations.

In 2024, Expedia Group reported a significant increase in customer engagement, with gross bookings reaching $27.5 billion in Q3 2024, a 7% increase from $25.7 billion in Q3 2023. The company’s focus on enhancing user experience is evident through its investment in technology and customer service, which includes the rollout of new features on its platforms, aimed at simplifying the booking process and providing personalized travel recommendations.

Core Value: Innovation

Innovation is critical to Expedia Group's strategy, enabling the company to stay competitive in the rapidly evolving online travel market. By fostering a culture of creativity and technological advancement, Expedia aims to deliver unique solutions to its customers.

In 2024, the company launched several innovative features, including an AI-driven travel assistant that personalizes travel planning. This initiative is part of a broader investment in technology, with Expedia allocating approximately $1 billion to enhance its tech infrastructure. Additionally, the integration of advanced analytics has improved operational efficiency, resulting in a 19% increase in operating income for the nine months ended September 30, 2024.

Core Value: Sustainability

Sustainability is increasingly becoming a core value for Expedia Group, reflecting its commitment to responsible travel. The company recognizes its role in promoting sustainable practices within the travel industry.

As part of its sustainability initiatives, Expedia has committed to reducing its carbon footprint by 50% by 2030. In 2024, the company introduced a new program that highlights eco-friendly accommodations, resulting in a 15% increase in bookings for certified green hotels. Furthermore, Expedia has partnered with various NGOs to support local communities and promote conservation efforts, demonstrating its dedication to making a positive impact on the environment.

Core Value: Diversity and Inclusion

Diversity and Inclusion is a vital value at Expedia Group, driving the company to create a workplace that reflects the diverse communities it serves. The company believes that a diverse workforce enhances creativity and innovation.

In 2024, Expedia reported that 50% of its leadership positions were held by women, an increase from 45% in 2023. The company has also launched several initiatives aimed at promoting inclusion, such as mentorship programs for underrepresented groups. These efforts have contributed to a more inclusive company culture and have positively impacted employee satisfaction, as reflected in their annual employee engagement survey, which showed a 10% increase in positive responses regarding diversity initiatives.

Core Value: Integrity

Integrity is a cornerstone of Expedia Group's business ethics, guiding the company's interactions with customers, partners, and stakeholders. This value emphasizes transparency and accountability in all operations.

In 2024, Expedia enhanced its compliance and ethical standards, which included the implementation of new training programs for employees on corporate governance and ethical decision-making. The company's commitment to integrity is further demonstrated by its proactive approach to legal compliance, with a reported decrease in legal disputes by 30% compared to 2023. This focus not only protects the company’s reputation but also builds trust with its customers and partners.

Updated on 16 Nov 2024

Resources:

1. Expedia Group, Inc. (EXPE) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Expedia Group, Inc. (EXPE)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Expedia Group, Inc. (EXPE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.