HomeToGo SE · XETR:HTG
HomeToGo — Q2 2022 Earnings Presentation
38 slides from HomeToGo's earnings presentation, Aug 16, 2022
Slide 1: Q2/22 Earnings Call
Q2/22 Earnings Call Dr. Patrick Andrae, Co-founder & CEO Steffen Schneider, CFO 16 August 2022
Slide 2: Strong operational and financial performance in Q2, with record IFRS Revenues
Strong operational and financial performance in Q2, with record IFRS Revenues +83% YoY, significantly improved profitability by 68pp YoY and strong booking backlog exiting July Strong financial performance in Q2, with record Q2 IFRS Revenues, growing +83% YoY (+126% Yo3Y) to 37.6m EUR amid strong lf
Slide 3: Business Update
Business Update Dr. Patrick Andrae, Co-founder & CEO
Slide 4: We continue to progress on our strategic priorities
We continue to progress on our strategic priorities to make incredible homes easily accessible to everyone 1 2 3 Travelers Supply Technology Creating an unparalleled Growing our global footprint Developing new solutions to enable experience to drive return and scaling diversified supply growth for t
Slide 5: Execution against strategic agenda improving key customer and partner metrics
The execution against our strategic agenda is progressing well, resulting in continued and sustained improvement of key customer and partner metrics Booking Revenues from Returning Visitors2 (EUR million) We are building deeper relationships with travelers amidst >65% our effort to deliver on experi
Slide 6: Strong growth in new partner integrations
We have seen strong growth in new partner integrations, helping new partners increase their bookings and connect with our highly engaged customer base New partner integration… >70% YoY growth in new partner launches1 …with above average Take Rates >13% average Take Rate of last 100 partners added 2
Slide 7: Positioned to achieve Adjusted EBITDA break-even by FY/23
As a result of our strong strategic progress, we are comfortably positioned to achieve Adjusted EBITDA break-even by FY/23 1) Adjusted for expenses for share-based payment and non-operating one-off items Q2/22 Earnings Call 7
Slide 8: Roadmap of topline, cost and operating measures toward profitability by FY/23
We continue on our roadmap of topline, cost and operating measures to foster our path to profitability by FY/23 Consolidate contracts within HomeToGo Group for optimal Take Rate Topline Measures Additional potentials identified to leverage existing and new inventory better, particularly in lighthous
Slide 9: Financial Performance Update
Financial Performance Update Steffen Schneider, CFO
Slide 10: Q2 strong IFRS Revenues growth and improved profitability
Q2 has been a tremendous success, with strong IFRS Revenues growth and significantly improved profitability Booking Revenues (EUR million) Onsite Booking Revenues (EUR million) 46 43 41 24 31 22 27 28 20 26 26 23 20 19 13 19 14 6 7 8 8 9 11 6 4 4 3 5 ‘19 ‘20 ‘21 ‘22 ‘19 ‘20 ‘21 ‘22 ‘19 ‘20 ‘21 ‘19 ‘
Slide 11: Continued outstanding IFRS Revenue growth in Q2 on strong onsite performance
Continued outstanding IFRS Revenue growth in Q2 on the back of strong onsite performance… Q2 Performance (EUR million) Core Core Gross Booking Value Booking Revenues IFRS Revenues Onsite KPI Onsite KPI Onsite +423% +410% +320% -4% Yo3Y Yo3Y Yo3Y +10% +83% +12% +258% CPA GBV Estimated GBV (others) CP
Slide 12: Subscription & Services mirrored in H1 performance
… as well as Subscription & Services as mirrored in our H1 performance H1 Performance (EUR million) Core Core Gross Booking Value Booking Revenues IFRS Revenues Onsite Onsite KPI Onsite KPI +274% +249% +292% Yo3Y Yo3Y Yo3Y -0.5% +21% +88% +56% +60% +279% +60% CPA GBV Estimated GBV (others) CPA Onsit
Slide 13: Growing ADRs offset by destination mix and pre-summer travel
Growing ADRs in most markets are off-set by changing destination mix and increasing pre-summer travels 12M rolling average Basket Size (EUR) Q2/22 Earnings Call 13
Slide 14: Take Rate continued to increase
Take Rate continued to increase by strength in onsite business in-line with seasonal patterns Take Rate1 (in %) Overall Take Rate Guidance H1 9.3% 2022E: >8.0% 2021A: 8.4% 1) Take Rate is defined as Booking Revenues divided by Gross Booking Value (excl. Subscriptions & Services) Q2/22 Earnings Call
Slide 15: Onsite share in Europe and growth in the US
While onsite share in Europe increased slightly on an already high base, we took further strides in growing our onsite business in the US Onsite Share Europe Onsite Share North America # of Onsite Bookings % of Booking Revenues1 % of Booking Revenues1 ‘000 of Bookings 2pp 61% 13pp 1) Booking Revenue
Slide 16: Adjusted EBITDA improved strongly YoY
Adjusted EBITDA improved strongly YoY - both in absolute and relative terms despite higher absolute marketing expenses Q2 Adjusted EBITDA1 (EUR million) H1 Adjusted EBITDA1 (EUR million) Please note: Profitability in the first half of the year is usually lower than the +68.1pp +60.3pp second half. H
Slide 17: Profitability improved across major cost lines
Profitability improved across major cost lines Costs and margins1,2 H1 Q2 (in % of IFRS revenues) 2021 2022 Delta 2021 2022 Delta Cost of sales (6.1%) (10.0%) (3.9pp) (5.3%) (10.5%) (5.2pp) Amortization of e-domizil order backlog Gross profit 93.9% 90.0% (3.9pp) 94.7% 89.5% (5.2pp) Sales & Marketing
Slide 18: Record Booking Revenues backlog and positive working capital
Considering our record-high Booking Revenues backlog of 57m EUR, we observe positive working capital Receivables1 (EUR million) Accounts Payables3 (EUR million) Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Account Receivables Bookings Re
Slide 19: Strong Operating Cash Flow
Strong Operating Cash Flow (EUR million) 184 187 1 (2) 4 (100) 87 Q1/22 Operating CF Investing CF2 Other Q2/22 Money Market Cash & cash Liquidity1 changes3 Liquidity1 Funds equivalents Cash Position: +4m EUR Q2/221 1) Both Q2/22 and Q1/22 liquidity include investments into highly liquid short-term d
Slide 20: Outlook
Outlook
Slide 21: Financial profile over the next few years
Our financial profile over the next few years, reflecting strong and profitable growth 2021 Short-term Medium-term Long-term 2022 2023 2028/29 Booking Revenues 30-35% +51% - - % growth CAGR(2021-28/29) (124m EUR) (1bn EUR) IFRS Revenues +43% 40-50% % growth (95m EUR) (133-143m EUR) - - (22.2)% (15%)
Slide 22: Strong booking trends beyond high season
Strong booking trends beyond high season gives us confidence for remainder of the year and enables us to focus on 2023 already Strong bookings backlog1 beyond summer Receivables1 (EUR million) 50% Strong booking backlog post-summer peak travel season, against elevated prior-year baseline… …indicatin
Slide 23: FY/22 outlook confirmed
FY/22 outlook confirmed IFRS Revenues +40% – +50% 133–143m EUR Adjusted EBITDA1 (15%) – (24%) margin (22)–(32)m EUR 1) Adjusted for expenses for share-based payments and one-off items for FY/22 Q2/22 Earnings Call 23
Slide 24: Exceptionally strong July start to Q3 in Booking Revenues
During July, last-minute bookings helped for exceptional strong start into Q3 in terms of Booking Revenues (EUR million) Q2/22 Earnings Call 24
Slide 25: Q&A
Q&A
Slide 26: Appendix
home to go_ Appendix
Slide 27: GBV to IFRS Revenue Bridge
GBV to IFRS Revenue Bridge KPI H1 Q2 (in EUR million) 2021 2022 2021 2022 GBV 928 924 482 464 Take Rate (in %) 7.9% 9.3% 8.5% 9.6% Booking Revenues 74 89 42 46 Cancellations (17) (13) (10) (6) Revenues with different (27) (19) (11) (2) recognition period in IFRS IFRS Revenues 30 57 21 38 Q2/22 Earni
Slide 28: Topline performance vs 2019 levels
Topline performance vs 2019 levels KPI H1 Q2 (in EUR million) 2019, mEUR 2022, m EUR Yo3Y, % 2019, mEUR 2022, m EUR Yo3Y, % GBV 730 921 +26% 321 463 +44% Booking Revenues 47 90 +91% 20 46 +128% 29 57 +97% 17 38 +126% IFRS Revenues Q2/22 Earnings Call 28
Slide 29: The HomeToGo Share
The HomeToGo Share Shareholder Structure1 Share Information Type of Shares Class A Shares (Public Shares) Treasury Shares: 7.1% and Class B Shares (Founder Shares) Insight: 17.9% Stock Exchange Frankfurt Stock Exchange Others: 31.6% Market Segment Regulated Market (General Standard) of Frankfurt Sto
Slide 30: Statements of Profit or Loss incl. Adjusted EBITDA reconciliation
Statements of Profit or Loss incl. Adjusted EBITDA reconciliation in € thousand Q2/2022 Q2/2021 H1/2022 H1/2021 Revenues 37,638 20,522 56,502 30,032 Cost of revenues (3,952) (1,088) (5,631) (1,831) Gross profit 33,686 19,434 50,871 28,201 Product development and operations (6,883) (4,304) (13,405) (
Slide 31: Statements of Financial Position
Statements of Financial Position Assets in € thousand Jun 30, 2022 Dec 31, 2021 Intangible assets 143,855 61,360 Property, plant and equipment 15,044 15,202 Trade and other receivables (non-current) 814 814 Income tax receivables (non-current) 48 79 Other financial assets (non-current) 1,495 8,249 O
Slide 32: Statements of Cash Flows
Statements of Cash Flows in € thousand H1/2022 H1/2021 Profit (loss) before tax (49,211) (62,581) Adjustments for: Depreciation and amortization 5,475 2,062 Non-cash employee benefits expense - share-based payments 12,860 11,073 VSOP - Exercise tax settlement charge (321) - Finance result, net 961 1
Slide 33: Statements of Changes in Equity
Statements of Changes in Equity in € thousand Foreign currency Share-based payments Total shareholders' Subscribed capital Capital reserves Retained earnings translation reserve reserve equity As of January 1, 2021 93 113,280 (112,656) - 22,148 22,865 Net loss - - (62,460) - - (62,460) Other compreh
Slide 34: Upcoming events
Upcoming events Date Event Thu - Fri, September 1+2 Deutsche Bank TMT Conference, London Tuesday, September 20 GS/Berenberg German Corporate Conference, Munich Wed + Thu, September 21 + 22 Baader Investment Conference, Munich Tuesday, September 27 BeNeLux Non-Deal Roadshow, Brussels + Amsterdam Thur
Slide 35: HomeToGo Investor Relations Contact
HomeToGo Investor Relations Contact Jan Team Office Edelmann Contact Location T: +49 157 501 63731 HomeToGo GmbH HomeToGo SE | 9, rue de Bitbourg, Pappelallee 78/79 L-1273 Luxembourg 10437 Berlin Investor Relations IR@hometogo.com IR@hometogo.com jan.edelmann@hometogo.com https://ir.hometogo.de/ htt
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Slide 37: Glossary
Glossary Gross Booking Value (GBV) Non-IFRS operating metric defined as the gross Euro value of bookings on our platform in a period (including all components of the booking amount except for VAT). GBV is recorded Agriturismo at the time of booking and is not adjusted for cancellations or any other
Slide 38: Disclaimer
Disclaimer Forward-Looking Statements This Presentation contains certain forward-looking statements, including statements regarding HomeToGo’s future business and financial performance. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate