Slide 1: FY22 Performance Update: 1H22 Results
FY22 Performance Update 1H22 Results. 24 November 2021 1
Slide 2: Targeting growth as global travel markets reopen
Targeting growth as global travel markets reopen. 1H22 • Business turning around; cash flow positive for 1H22 in review. − Cash: $446 million − 1H22 cash surplus: $3.5 million/ month − Deferred FY20 interim dividend to be paid(1) • B2B - WebBeds: Profitable since July driven by domestic North Americ
Slide 3: 1H22 - Key Metrics
1H22 - Key Metrics. (1) Revenue TTV Revenue Expenses starting to return, costs materially down. EBITDA Impact of Covid-19 Recovery The comparative unaudited 1H20 period shows the six months ending 30 September 2019 (ie pre-Covid) and 1H21 shows the six months ending 30 September 2020 1H20 B2C B2B Co
Slide 4: WebBeds
B2B Division Update WebBeds. Digital Provision of Hotel Rooms to Global Partners 4
Slide 5: Taking advantage of changing market dynamics
Taking advantage of changing market dynamics. The world has Our market opportunity has increased - making WebBeds more relevant than ever; changed, and • Domestic markets are the first to open up • B2C channels are seeking greater access to B2B content our opportunity • API connections are increasin
Slide 6: Targeting greater share of a larger market opportunity
Targeting greater share of a larger market opportunity. Strategic B2B market opportunity objective: now greater than $70Bn TTV To become the #1 global B2B provider. Transformation initiatives Increased profitability target (1) • Diversifying into previously untapped markets • Increasing North Americ
Slide 7: 1H22 Summary - WebBeds Global
1H22 Summary - WebBeds Global. Profitable for 6 months ending 30-September 2Q22. WebBeds 1H22 1H21 Change 1H20 (Pre-Covid) Change Bookings ('000s) 1,086 247 340% 2,343 54% Costs down 31% Average Booking Value $401 $292 37% $649 38% TTV $436m $72m 504% $1,521m 71% over pre-Covid. (1) Reve
Slide 8: Profitable since July
Profitable since July. Post-Covid • WebBeds has been profitable since July Bookings (% of Pre-Covid (1)) driven by domestic sales in North America strategy is and Europe delivering • Recognising domestic markets would be first to open, WebBeds pivoted contracting 3Q22 on track to and sales efforts t
Slide 9: Initiatives driving return to profitability
Initiatives driving return to profitability. 1H22 recovery Pivoted to domestic travel while waiting Domestic sales as % total sales International vs Domestic sales – 1H22 for international markets to open driven by new • Global travel volume has not yet returned Pre-Covid TTV Post-Covid TTV business
Slide 10: Significant growth potential as more markets recover
Significant growth potential as more markets recover. Dec-21 forward Many key markets are yet to recover When international markets fully TTV (1) on track to • Seeing bifurcation as some markets reopen while others remain effectively closed to international travel reopen, in addition to our existing
Slide 11: Webjet OTA
B2C Division Update Webjet OTA. Australia & New Zealand 11
Slide 12: 1H22 Summary - Webjet OTA
1H22 Summary - Webjet OTA. Return to 6 months ending 30-September profitability Webjet OTA Bookings ('000s) 1H22 296 1H21 77 Change 284% 1H20 (Pre-Covid) 809 Change 63% driven by Average Booking Value $620 $571 9% $886 30% domestic leisure TTV Revenue $184m $18.2m $44m ($2.6m) 317% 802%
Slide 13: Domestic border openings drive return to profitability
Domestic border openings drive return to profitability. Uniquely placed • Profitability highly correlated to domestic Bookings (% of Pre-Covid (1)) border openings - 2Q impacted by extended to benefit as NSW and VIC lockdowns; bookings increase as borders open. lockdowns start to lift Significant •
Slide 14: Targeting significant market share growth
Targeting significant market share growth. Outperforming Opportunity to significantly grow market share market by 1.5x. $Webjet 87.4OTA M • Structural shift to online continues to accelerate EBITDA bookings • Unique “mix and match” offering 1.5x • Broadest range of payment options for OTAs in Up 71%
Slide 15: Innovation
Innovation. 15
Slide 16: Acquisition of Trip Ninja
Acquisition of Trip Ninja. Investing in the • In November 2021, we agreed to acquire 100% of Trip Ninja Products Canadian travel technology company Trip Ninja international • Trip Ninja has developed several key products for • FareStructure – a tool that will automatically mix and match fares for mu
Slide 17: Investment: LockTrip
Investment: LockTrip. Investment in • In March 2021, Webjet Limited made a 25% investment in LockTrip Holdings UK (LockTrip), with a further an Open Source option to increase that to 51% • LockTrip provides a B2C hotel marketplace, underpinned by a blockchain economy powered by a utility Blockchain.
Slide 18: GoSee
B2C Division Update GoSee. (formerly Online Republic) Global Marketplace 18
Slide 19: 1H22 Summary - GoSee
1H22 Summary - GoSee. Profitability 6 months ending 30-September driven by border GoSee 1H22 1H21 Change 1H20 (Pre-Covid) Change Bookings ('000s) 66 21 215% 255 74% openings Average Booking Value $659 n/a nm $591 11% Costs down 30% TTV Revenue $43m $4.6m ($22m) ($0.5m) 294% nm $151m $15.
Slide 20: Rebrand launched October 2021
Rebrand launched October 2021. One core brand All cars and motorhome content on one easy-to-use website across cars and Improving underlying Improving the customer Global growth motorhomes performance experience opportunities opportunity to • One core brand providing all cars and motorhome content •
Slide 21: All content on one easy-to-use website
All content on one easy-to-use website. Greater choice and enhanced functionality. 21
Slide 22: Our Mission: Improved customer experience
Our Mission: Improved customer experience. Customer first mission. Empower travellers by offering unrivalled choice and an effortless experience, backed by people who care. More choice - Great value Easy to use An increased Environmentally 24/7 customer Brilliant travel with car and rental rates web
Slide 23: 1H22 Financial Summary
Group Update 1H22 Financial Summary. 23
Slide 24: 1H22 - Financial Summary
1H22 - Financial Summary. 1H22 reflects new 1H21 Statutory Result Underlying Operations (1) March year end. 1H22 1H21 1H22 1H21 Webjet Group Statutory TTV 6 months to Sep-21 $663m 6 months to Dec-20 $267m 6 months to Sep-21 $663m 6 months to Dec-20 $267m EBITDA result Revenue (2) $55.4m $22.6m $55.4
Slide 25: 1H22 - Strong cash position offers significant flexibility
1H22 - Strong cash position offers significant flexibility. Cash flow Positive 1H22 average monthly cash flow positive. Avg cash surplus: $3.5m per month Deferred +$55m dividend to $446m be paid. +$6m ($34m) $431m ($12m) Proforma (1) Foreign Currency Finance and Working Capital OPEX/CAPEX/ 30 Sep 20
Slide 26: 1H22 - Corporate costs
1H22 - Corporate costs. Corporate 6 months ending 30-September Division. EBITDA (A$) B2B EBITDA 1H22 ($10.4m) 1H21 ($60.1m) Change 83% 1H20 (Pre-Covid) $73.1m Change 114% B2C EBITDA(1) $2.0m ($18.5m) 111% $39.8m 95% Corporate costs (2) ($7.5m) ($6.6m) 13% ($8.3m) 10% Total EBITDA ($15.9m
Slide 27: 1H22 - Summary of non-operating expenses
1H22 - Summary of non-operating expenses. Key items A$m 1H22 include Non-cash items Online Republic • Impairment of Online Republic brand • Fair value loss on embedded derivatives (i.e. Convertible Note) 14.5 0.2 rebrand & ERP Total non-cash items 14.7 implementation. Cash items • Restructure costs
Slide 28: 1H22 - Balance Sheet
1H22 - Balance Sheet. Balance Sheet A$m Sep-21 Mar-21 Change Cash and Equivalents • Cash includes $2.7 million client funds further Cash & cash equivalents 446.1 261.0 185.0 • Cash increase primarily due to $170 million net proceeds strengthened Trade receivables & Other assets 97.9 43.4 54.5 from A
Slide 29: 1H22 - Cash Flow
1H22 - Cash Flow. Recovery A$m 1H22 1H21 Working Capital delivering 6 months to Sep-21 6 months to Dec-20 • Recovery in B2B TTV driving positive working capital benefit Statutory EBITDA (38.2) (114.4) positive working Change in working capital and non-cash items Income tax paid 74.7 (0.1) 100.0 - •
Slide 30: 1H22 - CAPEX Summary
1H22 - CAPEX Summary. Continue to scrutinise CAPEX spend and leverage benefits from B2B platform rationalisation. • 1H22 CAPEX shows spend for 6 months to Sep-21; 1H21 shows 6 months to Dec-20 • FY22 CAPEX expected to be c.$22 million excluding ERP (down from pre-Covid CAPEX of $32.7 million in FY19
Slide 31: FY22 Outlook
Group update FY22 Outlook. 31
Slide 32: Webjet Limited will capitalise on travel recovery
Webjet Limited will capitalise on travel recovery. Some travel • Our geographic diversification has become a markets are core strength as different regions recover at different times open and • Our market opportunity has increased in all demand has businesses – serving new market segments and benefi
Slide 33: FY22 - Outlook
FY22 - Outlook. Group 3Q trading We are seeing rapid returns to high-booking volumes as markets open currently • WebBeds – 3Q22 TTV on track to be higher than 2Q22 despite traditional low seasonality − North America already tracking ahead of pre-Covid TTV volumes tracking ahead − Europe, MEA and APA
Slide 34: Beyond FY22
Beyond FY22. While there remains short term uncertainty with pockets of new outbreaks around the world, we believe ongoing vaccinations, boosters and anti-viral treatments will stabilise the impact of Covid-19 within the next 6-12 months. Based on our current trajectory of outperforming the market i
Slide 35: Thank you
Webjet Limited ——= Webseds
Slide 36: Appendix
1H22 Results Appendix. 36
Slide 37: IATA Industry Forecast
IATA Industry Forecast. Source: IATA Economics Airline Industry Financial Forecast update, October 2021. Click Here 37
Slide 38: WebBeds: Additional information
Additional information WebBeds. 38
Slide 39: 1H22 Summary - By Region
1H22 Summary - By Region. Additional 6 months ending 30-September 12 months ending 31-March APAC 1H22 1H21 Change 1H20 (Pre-Covid) Change FY21 FY20 information. Bookings ('000s) 445 114 290% 700 36% 390 1,384 Average Booking Value $248 $182 36% $446 44% $190 $423 431% 65% Breakdown by TT