Edreams Odigeo · BME:EDR
Edreams Odigeo — 2Q FY2022 Earnings Presentation
22 slides from Edreams Odigeo's earnings presentation, Nov 17, 2021
Slide 1: Results Presentation 2Q FY2022
RESULTS PRESENTATION 2Q FY2022 17th November 2021
Slide 2: Disclaimer
Disclaimer This presentation is to be read as an introduction to the unaudited condensed consolidated interim financial statements of the Group and contains key information presented in a 1 concise manner on the Group and its financial condition. The information contained in this presentation is ext
Slide 3: 1. Overview
1. Overview 2Q FY22 Results Update Closing remarks Appendix
Slide 4: Strong bookings ahead of pre-COVID-19 levels, gaining market share and Prime nears 2 million members
eDO STRONG BOOKINGS AHEAD OF PRE-COVID-19 LEVELS, GAINING MARKET SHARE AND PRIME 1 ALMOST SURPASSES 2 MILLION MEMBERS STRONG BOOKINGS GROWTH, AHEAD PRE-COVID LEVELS ▪ In 2Q FY22, Bookings 22% above pre-COVID-19 levels (in 1H FY22, Bookings only 1% below pre-COVID 19) ▪ Trading continues to improve a
Slide 5: Strong bookings growth, consecutive months ahead of pre-COVID-19 levels
eDO STRONG BOOKINGS GROWTH, 6 CONSECUTIVE MONTHS AHEAD PRE-COVID-19 1 LEVELS…EVEN IN A NOT FULLY RECOVERED MARKET eDO BOOKINGS GROWTH VS 2019 STRONG DESIRE FOR CONSUMERS TO TRAVEL PRIME PROGRAM DRIVING STRONG BOOKINGS GROWTH - IN OCTOBER WE HAD OUR 2nd PRIME DAY STRONG eDO PERFORMANCE Source: Compan
Slide 6: We continue to outperform the market
WE CONTINUE TO OUTPERFORM THE MARKET 1 YEAR-ON-YEAR TRADING AHEAD OF AIRLINE INDUSTRY AND EXPANDING eDO vs IATA +15pp +14pp +11pp +52pp +74pp (Bookings) 22% -24% -52% -62% -65% -70% -77% -79% -81% -76% 2Q FY21 3Q FY21 4Q FY21 1Q FY22 2Q FY22 eDO Total Bookings IATA Europe Source: IATA Economics & Co
Slide 7: Almost 2M members, achieved much earlier than target
ALMOST 2M MEMBERS, ACHIEVED MUCH EARLIER THAN ACCELERATED TARGET OF 1 SUMMER 2022. ADDED 1M MEMBERS IN 6 MONTHS EVOLUTION OF PRIME MEMBERS AND SHARE OF TOTAL FLIGHT BOOKINGS 2000 50% 1800 1.729 45% IN ● eDO is inventor and leader of subscription in 1600 39% 40% NOVEMBER(*) travel with over 4 years o
Slide 8: Revenue diversification on track and the largest contributor to revenues
REVENUE DIVERSIFICATION ON TRACK AND THE LARGEST CONTRIBUTOR TO REVENUES 1 REVENUE DIVERSIFICATION RATIO (*) (**) REVENUE EVOLUTION (*) (**) +19 56% pp 2% 13% Diversification 67% Classic customer 56% 48% Classic supplier 2Q FY21 29% Advertising & Meta 2Q FY20 2Q FY21 2Q FY22 PRODUCT DIVERSIFICATION
Slide 9: We continue to lead in mobile and maintain a good acquisition cost per booking
WE CONTINUE TO LEAD IN MOBILE AND MAINTAIN A GOOD ACQUISITION COST PER 1 BOOKING MOBILE BOOKINGS AS SHARE OF FLIGHT BOOKINGS (*)(**) ACQUISITION COST PER BOOKING INDEX (*) +14 pp 55% 100 -32pp 47% 41% 75 68 52 2Q FY20 2Q FY21 2Q FY22 FY15 2Q FY20 2Q FY21 2Q FY22 (*) Definitions of Non-GAAP measures
Slide 10: 2. 2Q FY22 Results Update
Overview 2. 2Q FY22 Results Update Closing remarks Appendix
Slide 11: Highlights 2Q FY22: Income Statement
INCOME STATEMENT 2 Highlights 2Q FY22 1. Revenue Margin increased by 190%, to €99.9 million, due to the VAR VAR 222% increase in Bookings which was partly offset by a decrease in 2Q 2Q 1H 1H (IN EUROS MILLION) FY22 FY22 Revenue Margin per Booking of 10%. FY22 FY21 FY22 FY21 VS FY21 VS FY21 2. Variab
Slide 12: Cash EBITDA accelerating due to strong growth in Prime members
eDO CASH EBITDA ACCELERATING DUE TO STRONG GROWTH IN PRIME MEMBERS 2 PRIME P&L ● In FY21, the increase in deferred revenue driven by Prime amounted to €10.7 million euros, a 91% increase year-on-year. In 1H FY22 this growth has accelerated driven by strong growth in Prime members (781,000 more new m
Slide 13: Highlights 2Q FY22: Cash Flow Statement
CASH FLOW STATEMENT 2 Highlights 2Q FY22 (IN EUROS MILLION) 2Q 2Q 1H 1H 1. Net cash from operating activities increased by €41.2 million, FY22 FY21 FY22 FY21 mainly reflecting: ADJUSTED EBITDA (*) 2.7 -2.1 0.7 -16.8 • Working capital inflow of €26.4 million compared to an outflow of €1.8 million in
Slide 14: 3. Closing remarks
Overview 2Q FY22 Results Update 3. Closing remarks Appendix
Slide 15: Closing remarks
CLOSING REMARKS 3 Overall we continue to outperform the market, gaining market share. In the past 6 months we have been continually above Pre-COVID-19 levels with the more recent months at plus 30 to 50% Our customer proposition is unique and very compelling for consumers. In Prime we continue to ad
Slide 16: 4. Appendix
Overview 2Q FY22 Results Update Closing remarks 4. Appendix
Slide 17: Why eDreams ODIGEO?
IN SUMMARY 4 37% European OTA flight market eDO LEADING THE WAY - A PROVEN MODEL share 3 Almost 2 million subscribers 1 1 1 1 WHY EDREAMS ODIGEO? 1 RoW Top 6 Market position Source: Phocuswright Europe Travel Market Report 2020-24 (March 2021) , France, Germany, Italy, UK, Scandinavia and Spain Trav
Slide 18: Diversification revenue continues as the largest contributor
DIVERSIFICATION REVENUE CONTINUES AS THE LARGEST CONTRIBUTOR 4 DIVERSIFICATION REVENUE MARGIN Var (IN EUROS MILLION) 1H FY22 1H FY21 FY22 vs FY21 DIVERSIFICATION 120.3 284% 31.3 284% CLASSIC CUSTOMER 18.7 34% 14.0 120,3 CLASSIC SUPPLIER 26.1 600% 3.7 ADVERTISING & META 3.2 61% 2.0 31,3 TOTAL 168.4 3
Slide 19: Revenue diversification continues to expand beyond top 6
REVENUE DIVERSIFICATION CONTINUES TO EXPAND BEYOND TOP 6 4 TOP 6 REVENUE MARGIN Var (IN EUROS MILLION) 1H FY22 1H FY21 FY22 vs FY21 FRANCE 53.5 205% 17.5 215% 128,8 SPAIN+ITALY 29.9 226% 9.2 GERMANY+NORDICS & UK 44.6 219% 14.0 40,7 TOP 6 128.8 215% 40.7 REST OF THE WORLD 40.4 290% 10.3 1H FY21 1H FY
Slide 20: Glossary of Definitions
Glossary of Definitions Non-reconcilable to GAAP measures 1. Acquisition Cost per Booking Index refers to the most relevant marketing expenses incurred to acquire new customers (encompassing Paid search, Metasearch and Affiliates), divided by the total number of Bookings. For any given period, the r
Slide 21: Glossary of Definitions
Glossary of Definitions 15. Net Financial Debt means “Gross Financial Debt” less “cash and cash equivalents”. This measure offers to the reader a global view of the Financial Debt without considering the payment terms and reduced by the effects of the available cash and cash equivalents to face thes
Slide 22: Glossary of Definitions: Other Defined Terms
Glossary of Definitions Other Defined Terms 30. Rest of the World Markets and RoW segment refers to other countries in which we operate. 31. Fixed Costs includes IT expenses net of capitalization write-off, personnel expenses which are not Variable Costs, external fees, building rentals and other ex