Web Travel Group Limited · ASX:WEB
Web Travel — Investor Presentation (May 2021)
37 slides from Web Travel's investor presentation, May 19, 2021
Slide 1: Investor Presentation
Investor Presentation Webjet Limited e
Slide 2: Note on underlying operations and comparisons
Note: In this document all financials are for Underlying Operations (unless otherwise stated) and all comparisons are over the prior corresponding period (pcp) 2
Slide 3: Webjet Limited FY21 in Review
Webjet Limited FY21 in Review Powered for + Webjet OTA returns to profitability as domestic leisure markets reopen; continues to take market share travel recovery + WebBeds sees improved booking performance but many regions continued to be impacted by lockdowns and travel restrictions; Transformatio
Slide 4: Webjet OTA, Online Republic, WebBeds
Webjet OTA • • (1) Online Republic • • • (1) WebBeds 1) Pre-Covid-19 average based on 12 months ending 31 December 2019 (1) 4
Slide 5: Webjet Group results summary
(1) 1H21 Statutory Result Underlying Operations Webjet Group FY21 (9 m ths) FY20 (12 m ths) FY21 (9 m ths) FY20 (12 m ths) TTV $453m $3,021m $453m $3,021m Revenue $38.5m $266.1m $38.5m $266.1m Expenses $163.8m $356.2m $94.8m $238.5m EBITDA(2) ($125.3m) ($90.1m) ($56.3m) $27.6m EBITDA Margin n/a n/a
Slide 6: FY21 average monthly cash burn - $5.5 million
FY21 average monthly cash burn - $5.5 million +$170m $431m +$105m ($4m) $261m (1) $210m ($50m) ($5.5m) per month 30 June 2020 Net Capital Foreign Currency Cash burn 31 March 2021 Net Capital Proforma Proceeds (1) Translation Opex/CAPEX/ Proceeds (2) Cash and cash Cash and cash 31 March 2021 Interest
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Slide 8: WebBeds results
9 months ending 31-March 12 months ending WebBeds 1H21 (6 m ths) 2H21 (3 m ths) FY21 31-Mar-20 31-Mar-21 Bookings ('000s) 442 252 694 4,210 749 TTV $132m $66m $198m $2,507m $207m Revenue $8.0m $4.8m $12.8m $223.2m $6.0m (1) Expenses $40.4m $19.3m $59.7m $130.0m $96.0m EBITDA ($32.4m) ($14.5m) ($46.9
Slide 9: Average Daily TTV
Average Daily TTV • • • • • • • • • • • • Note: All data as at 31 December 2019 9
Slide 10: WebBeds Transformation Strategy underway
Webseds Transformation Strategy underway Strategic Objective: To become the global #1 B2B provider do business Streamlining technology Increased leverage of data analytics and automation Sharpened focus on cost reduction opportunities Refinement of risk management processes Looking at what we sell a
Slide 11: WebBeds cost efficiency targets (8/4/4, 8/3/5)
Note: 8/4/4 = at scale 8% revenue/TTV and 4% costs/TTV to drive 4% EBITDA/TTV 8/3/5 = at scale 8% revenue/TTV and 3% costs/TTV to drive 5% EBITDA/TTV 11
Slide 12: WebBeds margin history and targets
Mar-20: Covid-19 65.00% 55.00% 1H19 45.00% 35.00% 25.00% Aug-17: Nov-18: JacTravel DOTW 15.00% acquisition acquisition 5.00% 1) 8/5/3 = at scale 8% revenue/TTV and 5% costs/TTV to drive 3% FY17 FY18 FY19 1H20 EBITDA/TTV -5.00% 2) 8/4/4 = at scale 8% revenue/TTV and 4% costs/TTV to drive 4% EBITDA/TT
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Slide 14: Webjet OTA results
9 months ending 31-March 12 months ending Webjet OTA 1H21 (6 m ths) 2H21 (3 m ths) FY21 31-Mar-20 31-Mar-21 Bookings ('000s) 183 164 347 1,483 370 TTV $119m $99m $218m $1,307m $230m Revenue $11.4m $9.6m $21.0m $136.4m $15.5m Expenses $10.3m $6.6m $16.9m $84.3m $21.9m EBITDA $1.1m $3.0m $4.1m $52.1m
Slide 15: Average Daily Bookings
Average Daily Bookings • • • • • • • • 15
Slide 16: Domestic bookings performance and market share
Domestic bookings performance (% of 2019 levels) Outperforming 74.9% 1.7x market 65.3% 52.0% 54.2% 51.1% 39.5% 35.9% 36.5% 34.4% 24.8% 19.2% 19.3% 20.2% 18.4% 20.1% 17.6% 12.1% 11.3% 13.7% 10.0% 8.5% 3.6% 6.0% 6.2% May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 11 month
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Slide 18: Online Republic results
9 months ending 31-March 12 months ending Online Republic 1H21 (6 m ths) 2H21 (3 m ths) FY21 31-Mar-20 31-Mar-21 Bookings ('000s) 51 41 92 457 94 TTV $16m $21m $37m $272m $16m Revenue $3.2m $1.5m $4.7m $28.2m $2.9m Expenses $5.3m $2.5m $7.8m $18.2m $11.4m EBITDA ($2.1m) ($1.0m) ($3.1m) $10.0m ($8.4m
Slide 19: Average Daily Bookings
• Average Daily Bookings • • • • • • 1) Government subsidy and 4 day working weeks for majority of staff from 1 April 2020 to 30 September 2020 19
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Slide 21: Summary of non-operating expenses
Webjet Limited Significant non cash items in FY21 Fair Value change in Convertible Note embedded derivative - includes recognition of the conversion incentive Summary of non-operating expenses Non-cash items Debtors written off due to adverse impact of COVID-19 95 - 95 Fair value loss/(gain) on embe
Slide 22: EBITDA by B2B, B2C and corporate
9 months ending 31-March 12 months ending EBITDA (A$) 1H21 (6 m ths) 2H21 (3 m ths) FY21 31-Mar-20 31-Mar-21 B2B EBITDA ($32.4m) ($14.5m) ($46.9m) $93.2m ($90.0m) B2C EBITDA (1) ($1.0m) $1.9m $0.9m $62.0m ($14.8m) Corporate costs (2) ($6.7m) ($3.6m) ($10.3m) ($13.7m) ($13.4m) Total EBITDA ($40.1m) (
Slide 23: Debt covenant tests
(1) (1) (1) • • • • • • • • 1) Test to be done at 30 June 2022, 30 September 2022 and 31 December 2022 but 23 on the basis of annualising the EBITDA for the period commencing 1 April 2022
Slide 24: Summary Balance Sheet
Mar-21 Dec-20 Jun-20 Summary Balance Sheet $m $m $m • • Cash & cash equivalents 261.0 283.0 209.6 Trade receivables & Other assets 43.4 45.8 74.5 Non-current assets 875.6 891.9 931.4 Total Assets 1,180.0 1,220.7 1,215.5 Trade & Other payables 109.4 106.3 97.0 Other current liabilities 161.6 67.2 65.
Slide 25: Cash Flow Summary
FY21 (9 mths) FY20 (12 mths) Cash Flow Summary $m $m • Statutory EBITDA (1) (129.4) (91.3) Change in working capital and non-cash items 103.3 (132.6) Income tax paid (0.2) (11.7) Net Interest paid (6.1) (15.3) • Cash Flow from Operating Activities (32.3) (250.8) Capital Expenditure (14.4) (28.6) (Ac
Slide 26: Capital expenditure
1.1 (3.0) (12.3) $28.6M $29.7M $14.4M FY20 Sale of Land & FY20 (1) B2C B2B FY21 (reported) Buildings (underlying) (reported) • • • 1) Underlying CAPEX defined as CAPEX spend before one-off proceeds from the sale of land and buildings 26
Slide 27: Webjet Limited
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Slide 28: Powered for travel recovery
Webjet Limited Powered for travel recovery. Webjet will capitalise on travel recovery There is strong pent up demand for travel, particularly leisure travel Webjet has retained its global footprint and diverse customer base, allowing it to capture demand when and where the borders open Structural sh
Slide 29: FY22 Outlook
Webjet Limited FY22-Outlook Agile, energised * Vaccine rollouts underway + USA and UK vaccines rollout programs are well advanced; indications that travel restrictions will relax and ready to go heading into Northern hemisphere summer. + Weare hopeful vaccines will allow travel markets to reopen alt
Slide 30: Webjet Limited
Webjet Limited
Slide 31: Appendix
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Slide 33: WebBeds regional results
9 months ending 31-March 12 months ending APAC 1H21 (6 m ths) 2H21 (3 m ths) FY21 31-Mar-20 31-Mar-21 Bookings ('000s) 235 133 368 1,384 390 TTV $46m $24m $71m $586m $74m EBITDA ($12.8m) ($5.6m) ($18.4m) $13.3m ($29.8m) 9 months ending 31-March 12 months ending Europe 1H21 (6 m ths) 2H21 (3 m ths) F
Slide 34: Webjet Limited ‘
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Slide 35: Statutory and underlying results
Statutory Result Underlying Operations (1) FY21 (9 mths) FY20 (12 mths) FY21 (9 mths) FY20 (12 mths) $m $m $m $m TTV 453 3,021 453 3,021 Revenue (2) 38.5 266.1 38.5 266.1 Expenses 163.8 356.2 94.8 238.5 EBITDA (125.3) (90.1) (56.3) 27.6 Share Based Payment (SBP) Expense (4.1) (1.3) (4.1) (1.3) EBITD
Slide 36: Quarterly bookings and TTV
12 months ending 31 March 2021 12 months ending 31 March 2020 (2) 12 months ending 31 March 2019 (2) 1Q21 2Q21 3Q21 4Q21 FY21 1Q20 2Q20 3Q20 4Q20 FY20 1Q19 2Q19 3Q19 4Q19 FY19 Bookings (000s) Webjet OTA 23 54 129 164 370 382 428 367 307 1,483 396 409 376 399 1,579 Online Republic 2 19 32 41 94 120 1
Slide 37: Percentage of pre-COVID level
% of Pre COVID level based on 31 March year end Q1 Q2 1H Q3 Q4 2H FY CY19(2) ($m) Apr to June July to Sept Apr to Sept Oct to Dec Jan to Mar Oct to Mar Apr to Mar Webjet OTA TTV 24% 27% 51% 24% 25% 49% 100% 1,401.6 EBITDA 31% 23% 54% 23% 23% 46% 100% 61.5 Online Republic TTV 23% 26% 49% 25% 26% 51%