Expedia Group, Inc. (NASDAQ:EXPE) announced financial results today for the third quarter ended September 30, 2022.

"The third quarter marked another period of robust travel demand despite the uncertain macroeconomic environment. We delivered strong financial performance with record quarterly revenue and adjusted EBITDA, which exceeded $1 billion for the first time. These results reflect our emphasis on driving topline growth while improving margins," said Peter Kern, Vice Chairman and CEO, Expedia Group. "Our active loyalty members and active app users are at all-time highs, reflecting our ongoing focus on enhancing our products, technology and consumer offerings to drive greater engagement with our travelers and a more direct and valuable base of business."

Key Highlights

Record quarterly revenue and third quarter lodging bookings.
Net income up 33% against 2021 and record adjusted EBITDA.
Free cash flow for the first nine months of 2022 was $3.1 billion, more than double 2019 levels.
Resumed share buybacks with 2 million shares repurchased through October for approximately $200 million.
Retired $500 million of debt, resulting in cumulative debt and preferred equity reduction of over $3.4 billion over the past 18 months.

Financial Summary & Operating Metrics ($ millions except per share amounts)⁽¹⁾

	Expedia Group, Inc.
Metric	Q3 2022	Q3 2021	Δ Y/Y
Booked room nights	81.6	65.4	25%
Stayed room nights	93.2	77.8	20%
Gross bookings	$23,987	$18,725	28%
Revenue	3,619	2,962	22%
Operating income	747	524	42%
Net income attributable to Expedia Group common stockholders	482	362	33%
Diluted earnings per share	$2.98	$2.26	32%
Adjusted EBITDA⁽²⁾	1,079	855	26%
Adjusted net income⁽²⁾	640	553	16%
Adjusted EPS⁽²⁾	$4.05	$3.53	15%
Net cash used in operating activities	(997)	(1,221)	(18)%
Free cash flow⁽²⁾	(1,167)	(1,400)	(17)%

⁽¹⁾All comparisons are against comparable period of 2021 unless otherwise noted
⁽²⁾"Adjusted EBITDA" (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization), "Adjusted net income (loss)," "Adjusted EPS" and "Free cash flow" are non-GAAP measures as defined by the Securities and Exchange Commission (the "SEC"). See "Definitions of Non-GAAP Measures" and "Tabular Reconciliations for Non-GAAP Measures" on pages 11-18 herein for an explanation and reconciliation of non-GAAP measures used throughout this release. Expedia Group does not calculate or report net income by segment.

Discussion of Results

The results for Expedia Group, Inc. ("Expedia Group" or "the Company") include Brand Expedia®, Hotels.com®, Expedia® Partner Solutions, Vrbo®, Egencia®, trivago®, HomeAway®, Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia Group™ Media Solutions, CarRentals.com™, Expedia® Cruises™, and Traveldoo®. Results include the related international points of sale for all brands. In April 2021, we completed the sale of Classic Vacations®, and in November 2021 we completed the sale of Egencia®, which is included in results through the date of its sale. All amounts shown are in U.S. dollars.

Gross Bookings & Revenue

Gross Bookings & Revenue by Segment ($ millions)

	Gross Bookings
	Third Quarter
	2022			2021			Δ%
Gross Bookings	$	23,987		$	18,725		28%

	Revenue
	Third Quarter
	2022			2021			Δ%
Retail	$	2,707		$	2,351		15%
B2B		788			490		61%
Expedia Group (excluding trivago)	$	3,495		$	2,841		23%
trivago		185			163		13%
Intercompany eliminations		(61	)		(42	)	47%
Total	$	3,619		$	2,962		22%

For the third quarter of 2022, total gross bookings increased 28%, compared to the third quarter of 2021, as gross bookings for lodging, air, and other travel products grew as travel demand recovered.

Total revenue increased 22% as Retail, B2B, and trivago segments revenue all increased compared to the third quarter of 2021.

Product & Services Detail

Revenue by Service Type ($ millions)

	Revenue
	Third Quarter
	2022		2021		Δ%
Lodging	$	2,881	$	2,300	25%
Air		100		61	61%
Advertising and media		222		202	10%
Other		416		399	4%
Total	$	3,619	$	2,962	22%

As a percentage of total revenue in the third quarter of 2022, lodging accounted for 80%, advertising and media accounted for 6%, air accounted for 3%, and all other revenues accounted for the remaining 11%.

Lodging revenue increased 25% in the third quarter of 2022, compared to the third quarter of 2021, driven by a 20% growth in stayed room nights and a 4% increase in stayed average daily rates ("ADRs").

Air revenue increased 61% in the third quarter of 2022, compared to the third quarter of 2021, primarily driven by 69% growth in revenue per air ticket.

Advertising and media revenue increased 10% in the third quarter of 2022, compared to the third quarter of 2021, driven by growth in Expedia Group Media Solutions. Other revenue increased 4% in the third quarter of 2022, driven by growth from travel insurance products.

Costs and Expenses ($ millions)

	Costs and Expenses						As a % of Revenue
	Third Quarter						Third Quarter
	2022		2021		Δ%		2022		2021		Δ (bps)
Generally Accepted Accounting Principles (GAAP) Expenses - Expedia Group
Cost of revenue	$	455	$	442	3	%	12.6	%	14.9	%	(233	)
Selling and marketing - direct		1,504		1,132	33	%	41.6	%	38.2	%	337
Selling and marketing - indirect		165		182	(10	)%	4.5	%	6.1	%	(161	)
Selling and marketing		1,669		1,314	27	%	46.1	%	44.3	%	176
Technology and content		310		277	12	%	8.6	%	9.4	%	(81	)
General and administrative		187		182	2	%	5.2	%	6.2	%	(101	)
Total GAAP costs and expenses	$	2,621	$	2,215	18	%	72.4	%	74.8	%	(238	)

Adjusted Expenses - Expedia Group
Cost of revenue*	$	451	$	436	4	%	12.5	%	14.7	%	(223	)
Selling and marketing - direct		1,504		1,132	33	%	41.6	%	38.2	%	337
Selling and marketing - indirect*		147		153	(4	)%	4.0	%	5.2	%	(112	)
Selling and marketing*		1,651		1,285	28	%	45.6	%	43.4	%	224
Technology and content*		282		245	15	%	7.8	%	8.3	%	(50	)
General and administrative*		140		133	4	%	3.8	%	4.5	%	(65	)
Total adjusted costs and expenses	$	2,524	$	2,099	20	%	69.7	%	70.9	%	(113	)

Total overhead expenses**	$	569	$	531	7	%	15.7	%	17.9	%	(227	)

Adjusted Expenses - Expedia Group (excluding trivago)***
Cost of revenue*	$	446	$	430	4	%	12.8	%	15.2	%	(237	)
Selling and marketing*		1,583		1,205	31	%	45.3	%	42.4	%	288
Technology and content*		271		233	16	%	7.7	%	8.2	%	(49	)
General and administrative*		133		127	5	%	3.8	%	4.4	%	(66	)
Total adjusted costs and expenses excluding trivago	$	2,433	$	1,995	22	%	69.6	%	70.3	%	(64	)

Note: Some numbers may not add due to rounding.
*Adjusted expenses are non-GAAP measures. See pages 11-18 herein for a description and reconciliation to the corresponding GAAP measures.
**Total overhead expenses is the sum of adjusted expenses for Selling and marketing - indirect, Technology and content, and General and administrative.
***Expedia Group (excluding trivago) figures exclude both trivago costs and expenses and trivago revenue when calculating 'As a % of Revenue.'

Cost of Revenue

For the third quarter of 2022, total GAAP and adjusted cost of revenue increased 3% and 4%, respectively, compared to the third quarter of 2021, driven by higher merchant processing fees and cloud costs as a result of increased transaction volume which offset lower personnel costs related to the sale of Egencia in November 2021.

Selling and Marketing

For the third quarter of 2022, total GAAP and adjusted selling and marketing expense increased 27% and 28%, respectively, compared to the third quarter of 2021, primarily due to a $372 million increase in direct costs driven by an increase in B2B partner commissions, as well as increased spend in Retail marketing channels. Total GAAP and adjusted indirect selling and marketing expenses, decreased 10% and 4%, respectively compared to the third quarter of 2021. The decrease in indirect marketing expense was driven by lower personnel costs related to the sale of Egencia in November 2021. The year-over-year decrease in GAAP indirect costs was driven by lower stock-based compensation.

Technology and Content

For the third quarter of 2022, total GAAP and adjusted technology and content expense increased 12% and 15%, respectively, compared to the third quarter of 2021, due to an increase in personnel costs from increased headcount.

General and Administrative

For the third quarter of 2022, total GAAP and adjusted general and administrative expense increased 2% and 4%, respectively, compared to the third quarter of 2021, due to an increase in personnel costs from increased headcount.

Net Income (Loss) Attributable to Expedia Group and Adjusted EBITDA*

Adjusted EBITDA by Segment ($ millions)

	Third Quarter
	2022			2021			Δ%
Retail	$	943		$	879		7%
B2B		221			74		198%
Unallocated overhead costs		(119	)		(116	)	3%
Expedia Group (excluding trivago)	$	1,045		$	837		25%
trivago⁽¹⁾		34			18		85%
Total Adjusted EBITDA	$	1,079		$	855		26%

Net income attributable to Expedia Group common stockholders⁽²⁾	$	482		$	362		33%

⁽¹⁾trivago is a separately listed company on the Nasdaq Global Select Market and, therefore, is subject to its own reporting and filing requirements which could result in possible differences that are not expected to be material to Expedia Group.
⁽²⁾ Expedia Group does not calculate or report net income (loss) by segment.
* Adjusted EBITDA is a non-GAAP measure. See pages 11-18 herein for a description and reconciliation to the corresponding GAAP measures.
Note: Some numbers may not add due to rounding.

Depreciation and Amortization

Depreciation and amortization decreased 1% in the third quarter of 2022, compared to the third quarter of 2021.

Interest and Other

Consolidated interest income increased $18 million in the third quarter of 2022 compared to the third quarter of 2021, as a result of higher rates of return. Consolidated interest expense decreased $23 million in the third quarter of 2022, as a result of lower interest expense related to the early redemption of senior notes in the first nine months of 2022.

Consolidated other, net was a loss of $87 million in the third quarter of 2022, primarily driven by mark-to-market losses on minority equity investments in American Express Global Business Travel ("GBT") and Despegar compared to a gain of $25 million in the third quarter of 2021, in which we recognized a gain related to the sale of the Alice business.

Income Taxes

The GAAP effective tax rate was a 31% expense on a pre-tax income in the third quarter of 2022, compared to a 19% expense on pre-tax income in the third quarter of 2021. The change in the effective tax rate was primarily due primarily due to nondeductible mark-to-market adjustments to our minority equity investments as well as other discrete items

The effective tax rate on pretax adjusted net income was 24% in the third quarter of 2022, compared to 2% in the third quarter of 2021. The change in effective tax rate was primarily due to the increase in pretax adjusted net income and discrete items.

Balance Sheet, Cash Flows and Capitalization

For the three months ended September 30, 2022, consolidated net cash used in operating activities was approximately $1.0 billion. Consolidated free cash flow totaled negative $1.2 billion, compared to negative $1.4 billion in the prior year, primarily due to an improvement in adjusted EBITDA.

Cash, cash equivalents and short-term investments totaled $4.6 billion at September 30, 2022 compared to $4.3 billion at December 31, 2021. Restricted cash and cash equivalents, which primarily consist of traveler deposits for Vrbo bookings, was $1.8 billion at September 30, 2022 compared to $1.7 billion at December 31, 2021. Prepaid expenses and other current assets was $799 million at September 30, 2022 compared to $827 million at December 31, 2021.

Deferred merchant bookings totaled approximately $7.5 billion at September 30, 2022, including approximately $915 million in deferred loyalty rewards compared to $5.7 billion at December 31, 2021, including approximately $800 million in deferred loyalty rewards.

As of September 30, 2022, Expedia Group had stock-based awards outstanding representing approximately 11 million shares of Expedia Group common stock, consisting of approximately 7 million restricted stock units ("RSUs") and performance share units ("PSUs") in addition to stock options to purchase approximately 4 million shares of common stock with a weighted average exercise price of $135.22 and weighted average remaining life of 3.6 years.

On September 13, 2022, Expedia Group redeemed $500 million of outstanding aggregate principal of the Company's 2.95% Notes due 2031. As a result of these redemptions, we recognized a gain on debt extinguishment of $73 million in the quarter.

During the quarter ended September 30, 2022, Expedia Group repurchased 1.5 million shares of Expedia Group common stock for an aggregate purchase price of $153 million excluding transaction costs (an average of $100.07 per share). As of September 30, 2022, there were approximately 21.8 million shares remaining under the 2018 and 2019 repurchase authorizations. Subsequent to the end of the third quarter of 2022, Expedia Group repurchased an additional 0.5 million shares for a total cost of $47 million excluding transaction costs (an average of $95.65 per share).

EXPEDIA GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share and per share data) (Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021

Revenue	$	3,619		$	2,962		$	9,049		$	6,319
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization shown separately below) ⁽¹⁾		455			442			1,245			1,127
Selling and marketing⁽¹⁾		1,669			1,314			4,724			3,177
Technology and content⁽¹⁾		310			277			864			800
General and administrative ⁽¹⁾		187			182			562			522
Depreciation and amortization		199			201			593			615
Impairment of intangible assets		52			—			81			—
Legal reserves, occupancy tax and other		—			10			23			1
Restructuring and related reorganization charges		—			12			—			54
Operating income		747			524			957			23
Other income (expense):
Interest income		20			2			33			5
Interest expense		(63	)		(86	)		(217	)		(267	)
Gain (loss) on debt extinguishment, net		73			—			49			(280	)
Other, net		(87	)		25			(467	)		10
Total other expense, net		(57	)		(59	)		(602	)		(532	)
Income (loss) before income taxes		690			465			355			(509	)
Provision for income taxes		(214	)		(87	)		(187	)		129
Net income (loss)		476			378			168			(380	)
Net (income) loss attributable to non-controlling interests		6			(2	)		7			6
Net income (loss) attributable to Expedia Group, Inc.		482			376			175			(374	)
Preferred stock dividend		—			(14	)		—			(64	)
Loss on redemption of preferred stock		—			—			—			(107	)
Net income (loss) attributable to Expedia Group, Inc. common stockholders	$	482		$	362		$	175		$	(545	)

Earnings (loss) per share attributable to Expedia Group, Inc. available to common stockholders
Basic	$	3.05		$	2.40		$	1.11		$	(3.67	)
Diluted		2.98			2.26			1.08			(3.67	)
Shares used in computing earnings (loss) per share (000's):
Basic		157,628			151,019			157,100			148,453
Diluted		161,829			160,460			162,495			148,453

(1) Includes stock-based compensation as follows:
Cost of revenue	$	4		$	6		$	10		$	17
Selling and marketing		18			29			50			78
Technology and content		28			32			82			91
General and administrative		47			49			138			133

EXPEDIA GROUP, INC. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value)

	September 30, 2022			December 31, 2021
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	4,588		$	4,111
Restricted cash and cash equivalents		1,778			1,694
Short-term investments		49			200
Accounts receivable, net of allowance of $61 and $65		1,991			1,264
Income taxes receivable		65			85
Prepaid expenses and other current assets		799			827
Total current assets		9,270			8,181
Property and equipment, net		2,169			2,180
Operating lease right-of-use assets		360			407
Long-term investments and other assets		1,122			1,450
Deferred income taxes		626			766
Intangible assets, net		1,223			1,393
Goodwill		7,109			7,171
TOTAL ASSETS	$	21,879		$	21,548

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable, merchant	$	1,535		$	1,333
Accounts payable, other		1,132			688
Deferred merchant bookings		7,457			5,688
Deferred revenue		160			166
Income taxes payable		46			16
Accrued expenses and other current liabilities		789			824
Current maturities of long-term debt		—			735
Total current liabilities		11,119			9,450
Long-term debt, excluding current maturities		6,237			7,715
Deferred income taxes		50			58
Operating lease liabilities		315			360
Other long-term liabilities		445			413
Commitments and contingencies
Stockholders' equity:
Common stock: $.0001 par value; Authorized shares: 1,600,000		—			—
Shares issued: 277,607 and 274,661; Shares outstanding: 150,966 and 150,125
Class B common stock: $.0001 par value; Authorized shares: 400,000		—			—
Shares issued: 12,800 and 12,800; Shares outstanding: 5,523 and 5,523
Additional paid-in capital		14,674			14,229
Treasury stock - Common stock and Class B, at cost; Shares 133,917 and 131,813		(10,503	)		(10,262	)
Retained earnings (deficit)		(1,586	)		(1,761	)
Accumulated other comprehensive income (loss)		(317	)		(149	)
Total Expedia Group, Inc. stockholders' equity		2,268			2,057
Non-redeemable non-controlling interests		1,445			1,495
Total stockholders' equity		3,713			3,552
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	21,879		$	21,548

EXPEDIA GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)

	Nine months ended September 30,
	2022			2021
Operating activities:
Net income (loss)	$	168		$	(380	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of property and equipment, including internal-use software and website development		527			538
Amortization of intangible assets		66			77
Impairment of intangible assets		81			—
Amortization of stock-based compensation		280			319
Deferred income taxes		106			(158	)
Foreign exchange loss on cash, restricted cash and short-term investments, net		193			76
Realized loss on foreign currency forwards		170			21
Loss on minority equity investments, net		423			7
(Gain) loss on debt extinguishment, net		(49	)		280
Other, net		(26	)		(33	)
Changes in operating assets and liabilities:
Accounts receivable		(748	)		(781	)
Prepaid expenses and other assets		31			(190	)
Accounts payable, merchant		202			663
Accounts payable, other, accrued expenses and other liabilities		427			238
Tax payable/receivable, net		6			7
Deferred merchant bookings		1,770			2,787
Deferred revenue		(5	)		(8	)
Net cash provided by operating activities		3,622			3,463
Investing activities:
Capital expenditures, including internal-use software and website development		(485	)		(530	)
Purchases of investments		(60	)		(1	)
Sales and maturities of investments		200			23
Proceeds from initial exchange of cross-currency interest rate swaps		337			—
Payments for initial exchange of cross-currency interest rate swaps		(337	)		—
Other, net		(169	)		2
Net cash used in investing activities		(514	)		(506	)
Financing activities:
Proceeds from issuance of long-term debt, net of issuance costs		—			1,964
Payment of long-term debt		(2,141	)		(1,706	)
Debt extinguishment costs		(22	)		(258	)
Redemption of preferred stock		—			(618	)
Purchases of treasury stock		(241	)		(108	)
Payment of preferred stock dividends		—			(50	)
Proceeds from exercise of equity awards and employee stock purchase plan		125			421
Other, net		34			4
Net cash used in financing activities		(2,245	)		(351	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents		(302	)		(126	)
Net increase in cash, cash equivalents and restricted cash and cash equivalents		561			2,480
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period		5,805			4,138
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$	6,366		$	6,618
Supplemental cash flow information
Cash paid for interest	$	254		$	298
Income tax payments, net		71			15

Expedia Group, Inc. Trended Metrics (All figures in millions)

The supplemental metrics below are intended to supplement the financial statements in this release and in our filings with the SEC, and do not include adjustments for one-time items, acquisitions, foreign exchange or other adjustments. The definition, methodology and appropriateness of any of our supplemental metrics are subject to removal and/or change, and such changes could be material. In the event of any discrepancy between any supplemental metric and our historical financial statements, you should rely on the information filed with the SEC and the financial statements in our most recent earnings release.

	2019												2020												2021												2022									Y/Y
	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1			Q2			Q3			Growth
Gross bookings by business model
Agency	$	17,352		$	16,112		$	14,585		$	11,956		$	9,823		$	1,363		$	3,530		$	3,405		$	6,737		$	10,362		$	8,855		$	8,325		$	11,346		$	12,773		$	10,904		23%
Merchant		12,057			12,180			12,342			11,289			8,062			1,350			5,101			4,162			8,685			10,453			9,870			9,138			13,066			13,366			13,083		33%
Total	$	29,409		$	28,292		$	26,927		$	23,245		$	17,885		$	2,713		$	8,631		$	7,567		$	15,422		$	20,815		$	18,725		$	17,463		$	24,412		$	26,139		$	23,987		28%

Revenue by segment
Retail	$	1,901		$	2,333		$	2,613		$	1,961		$	1,582		$	463		$	1,246		$	702		$	1,025		$	1,715		$	2,351		$	1,730		$	1,740		$	2,420		$	2,707		15%
B2B		556			657			731			635			485			68			203			186			184			305			490			481			432			650			788		61%
Corporate (Bodybuilding.com)		—			—			24			34			39			20			—			—			—			—			—			—			—			—			—		NM
Expedia Group (excluding trivago)	$	2,457		$	2,990		$	3,368		$	2,630		$	2,106		$	551		$	1,449		$	888		$	1,209		$	2,020		$	2,841		$	2,211		$	2,172		$	3,070		$	3,495		23%
trivago		237			251			279			171			154			18			70			38			46			115			163			99			116			154			185		13%
Intercompany eliminations		(85	)		(88	)		(89	)		(54	)		(51	)		(3	)		(15	)		(6	)		(9	)		(24	)		(42	)		(31	)		(39	)		(43	)		(61	)	47%
Total	$	2,609		$	3,153		$	3,558		$	2,747		$	2,209		$	566		$	1,504		$	920		$	1,246		$	2,111		$	2,962		$	2,279		$	2,249		$	3,181		$	3,619		22%

Revenue by geography
U.S. points of sale	$	1,476		$	1,838		$	1,982		$	1,573		$	1,317		$	463		$	1,033		$	698		$	1,001		$	1,736		$	2,177		$	1,655		$	1,656		$	2,208		$	2,358		8%
Non-U.S. points of sale		1,133			1,315			1,576			1,174			892			103			471			222			245			375			785			624			593			973			1,261		61%
Total	$	2,609		$	3,153		$	3,558		$	2,747		$	2,209		$	566		$	1,504		$	920		$	1,246		$	2,111		$	2,962		$	2,279		$	2,249		$	3,181		$	3,619		22%

Revenue by business model
Agency	$	842		$	1,047		$	1,177		$	816		$	562		$	105		$	329		$	271		$	323		$	573		$	800		$	611		$	566		$	808		$	935		17%
Merchant		1,435			1,758			1,980			1,590			1,340			368			1,032			521			796			1,338			1,923			1,480			1,485			2,125			2,427		26%
Advertising & media and other		332			348			401			341			307			93			143			128			127			200			239			188			198			248			257		7%
Total	$	2,609		$	3,153		$	3,558		$	2,747		$	2,209		$	566		$	1,504		$	920		$	1,246		$	2,111		$	2,962		$	2,279		$	2,249		$	3,181		$	3,619		22%

Adjusted EBITDA by segment
Retail	$	208		$	561		$	889		$	513		$	36		$	(191	)	$	440		$	13		$	106		$	316		$	879		$	481		$	188		$	582		$	943		7%
B2B		79			135			155			101			32			(123	)		(47	)		(52	)		(57	)		(4	)		74			97			80			156			221		198%
Unallocated overhead costs		(135	)		(148	)		(144	)		(165	)		(143	)		(106	)		(96	)		(117	)		(103	)		(116	)		(116	)		(119	)		(120	)		(123	)		(119	)	3%
Expedia Group (excluding trivago)	$	152		$	548		$	900		$	449		$	(75	)	$	(420	)	$	297		$	(156	)	$	(54	)	$	196		$	837		$	459		$	148		$	615		$	1,045		25%
trivago		24			20			12			29			(1	)		(16	)		7			(4	)		(4	)		5

Expedia Group Reports Third Quarter 2022 Results