Slide 1: Investor Presentation 1H23 Results
Investor Presentation 1H23 Results. 17 November 2022 1
Slide 2: 1H23 - Highlights
1H23 - Highlights. 1H23 Group bookings back $72.5m $168m 16% to pre-pandemic EBITDA Cash from operations Lower cost base levels. $77.5 million Return to normal Cost base on constant bank covenant testing materially lower currency basis 6 months early than pre-pandemic WebBeds: $63.7 million EBITDA (
Slide 3: 1H23 - Key Metrics
1H23 - Key Metrics. Group TTV at 90% of pre-Covid TTV Revenue Expenses EBITDA levels. $2,142.8m $175.7m $103.2m $72.5m Expenses (AUD) (AUD) (AUD) (AUD) materially lower. 1H20 1H21 1H22 1H23 1H20 1H21 1H22 1H23 1H20 1H21 1H22 1H23 (Pre-Covid) (Pre-Covid) (Pre-Covid) 1H20 1H21 1H22 1H23 (Pre-Covid) 3
Slide 4: WebBeds
Travel Brands Update WebBeds. Digital Provision of Hotel Rooms to Global Partners 4
Slide 5: 1H23 Summary - WebBeds Global
1H23 Summary - WebBeds Global. 1H23 EBITDA 87% 6 months ending 30-September Constant Currency of pre-pandemic WebBeds 1H23 1H22 Change 1H20 (Pre-Covid) Change 1H23 Bookings ('000s) 2,655 1,086 144% 2,343 13% 2,655 levels. Average Booking Value $536 $401 34% $649 17% $575 EBITDA margin TTV $1
Slide 6: 1H23 trading
1H23 trading. Outperforming • Recovery continues to accelerate. Significant Bookings - % of Pre-Covid (1) organic growth - with several key large markets the market, yet to open bookings ̵ Europe: Strong Northern Hemisphere summer ̵ North America: Now 2nd largest region; Sep-22 exceeding TTV 3x pre-
Slide 7: We have transformed WebBeds
We have transformed WebBeds. We see massive global We are now 35% more efficient (1) We are able to leverage our opportunity. on Booking-per-FTE basis since the massive depository of data Targeting pandemic began Automation to deliver $10 billion TTV. to unlock efficiency Data as an enabler a compet
Slide 8: Webjet OTA
Travel Brands Update Webjet OTA. Australia & New Zealand 8
Slide 9: 1H23 Summary - Webjet OTA
1H23 Summary - Webjet OTA. Domestic travel 6 months ending 30-September driving Webjet OTA Bookings ('000s) 1H23 641 1H22 296 Change 116% 1H20 (Pre-Covid) 809 Change 21% profitability Average Booking Value $957 $620 54% $886 8% EBITDA margins TTV $614m $184m 234% $717m 14% Revenue $51.8m
Slide 10: 1H23 - Trading
1H23 - Trading. Return to • Significant demand but airline capacity yet to return to pre-pandemic levels Domestic Flight Bookings - % of Pre-Covid (1) pre-pandemic ̵ International capacity remains significantly below earnings will pre-pandemic levels, with several large markets yet to reopen to tour
Slide 11: Significant international runway
Significant international runway. Brand strength “The clear #1 OTA” Webjet OTA Average Market Share Across GDS Bookings – Australia Travel Agency Offline & Online(1) outperforming • Unique “mix and match” offering – c.40% of domestic customers mix and match airlines the market. Domestic Bookings • B
Slide 12: GoSee
Travel Brands Update GoSee. 12
Slide 13: 1H23 Summary - GoSee
1H23 Summary - GoSee. Profitable for 6 months ending 30-September 1H23 despite GoSee Bookings ('000s) 1H23 136 1H22 66 Change 107% 1H20 (Pre-Covid) 255 Change 47% lack of inbound Average Booking Value $776 $659 18% $591 31% tourism and TTV $105m $43m 144% $151m 30% Revenue $9.5m $4.6m
Slide 14: 1H23 - Highlights
1H23 - Highlights. Rebrand going 1H23 achievements Our strategic priorities to plan with • Focus on retaining talent – built new focus on people capability and significant lift in employee engagement across the strategic business priorities. • Launched AfterPay in Australia and NZ Improve underlying
Slide 15: Investing in innovation
Investing in innovation. 15
Slide 16: Differentiating our offerings with smart technology
Differentiating our offerings with smart technology. Investing in technology to build out • Acquired in November 2021 • $10 million strategic investment in our core • Automates the highly manual process of February 2022 capabilities. selling complex international itineraries • Market leader in autom
Slide 17: 1H23 Financial Summary
Group Update 1H23 Financial Summary. 17
Slide 18: 1H23 - Financial Summary
1H23 - Financial Summary. Rationalisation Statutory Result Underlying Operations (1) Webjet Limited Group 1H23 1H22 (5) 1H23 1H22 (5) of WebBeds TTV Revenue (2) $2,142.8m $175.7m $662.8m $55.4m $2,142.8m $175.7m $662.8m $55.4m platforms driving Operating expenses Non-operating expenses (3) ($103.2m)
Slide 19: 1H23 - Cash position
1H23 - Cash position. Strong cash 1H23 $25m $86m $70m management Positive average monthly cash flow Average cash surplus per month Debt repayment Cash up on March 2022 and business performance AUD millions delivering $25m per month cash surplus. 31 Mar 2022 Foreign Currency Working Capital OPEX/CAPE
Slide 20: 1H23 - Corporate costs
1H23 - Corporate costs. 1H23 reflects 6 months ending 30-September recovery in EBITDA (A$) 1H23 1H22 Change 1H20 (Pre-Covid) Change Group activity B2B EBITDA $63.7m ($10.4m) 711% $73.1m 13% B2C EBITDA (1) $22.0m $2.0m 986% $39.8m 45% and increased Technology Investments (2) ($2.5m) na nm na
Slide 21: 1H23 - Summary of non-operating expenses
1H23 - Summary of non-operating expenses. ERP system A$m 1H23 1H22 implementation Non-cash items Impairment of Online Republic brand - 14.5 underway across Fair value loss on embedded derivatives (i.e. Convertible Note) - 0.2 Total non-cash items the group. - 14.7 Cash items Restructure costs - 0.8
Slide 22: 1H23 - Balance Sheet
1H23 - Balance Sheet. Balance Sheet A$m Sep-22 Mar-22 (3) Change Cash and Equivalents • Cash increase during the period driven by material continues Cash & cash equivalents (1) Trade receivables & Other assets 503.9 236.4 433.7 120.3 70.2 116.1 uplift in trading whilst also paying down $86 million o
Slide 23: 1H23 - Cash Flow
1H23 - Cash Flow. Significant cash A$m 1H23 1H22 Cash from Operations • Earnings recovery contributing to strong 1H23 generation Statutory EBITDA (1) Change in working capital & non-cash items 63.0 108.0 (38.2) 74.7 cash generation driven by Income tax paid - (0.1) • Velocity in B2B TTV continues to
Slide 24: 1H23 - CAPEX Summary
1H23 - CAPEX Summary. Investment 1H23 CAPEX • B2B continues to invest in platform supporting $18.6m unification and operational technology cost efficiencies improvements. Together with the one- off expensed ERP investment, combined as volumes investment will create a scalable and efficient end-to-en
Slide 25: FY23 Outlook
Group update FY23 Outlook. 25
Slide 26: FY23 Outlook
FY23 Outlook. WebBeds on FY23 FY24 track to exceed pre-pandemic profitability FY23 profitability tracking in FY23. ahead of pre-pandemic levels. 2H23 EBITDA expected to exceed pre-pandemic levels Webjet Group by at least $10 million. expecting to exceed pre-pandemic 2H23 Group underlying earnings bo
Slide 27: Thank you
Thank you. 27
Slide 28: Appendix
1H23 Results Appendix. 28
Slide 29: 1H23 Summary - By Business Unit & Region
1H23 Summary - By Business Unit & Region. 6 months ending 30-September Constant Currency Additional B2C Total 1H23 1H22 Change 1H20 (Pre-Covid) Change 1H23 information. Bookings 777 362 115% 1,064 27% 777 TTV $719m $227m 217% $868m 17% $719m B2C - Webjet OTA Bookings 641 296 116% 809 21%