Edreams Odigeo · BME:EDR
Edreams Odigeo — Q1 FY2022 Earnings Presentation
24 slides from Edreams Odigeo's earnings presentation, Sep 1, 2021
Slide 1: Results Presentation 1Q FY2022
RESULTS PRESENTATION 1Q FY2022 1st September 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 presentations is ex
Slide 3: 1. Overview
Closing remarks Appendix
Slide 4: Bookings ahead of pre-COVID-19 levels, Prime surpasses 1.5 million members
eDO BOOKINGS AHEAD OF PRE-COVID-19 LEVELS, GAINING MARKET SHARE AND PRIME 1 SURPASSES 1.5 MILLION MEMBERS BOOKINGS AHEAD OF PRE-COVID LEVELS In June 2021, Bookings improved to even surpass pre-COVID-19 levels. In July and August, trading continues to improve and year-on-year growth rates for Boo
Slide 5: Bookings surpass pre-COVID-19 levels in a not fully recovered market
eDO BOOKINGS SURPASS PRE-COVID-19 LEVELS…EVEN IN A NOT FULLY RECOVERED 1 MARKET eDO BOOKINGS GROWTH VS 2019 STRONG DESIRE FOR CONSUMERS TO 40% TRAVEL 27% 20% 6% 2% 0% PENT-UP DEMAND MATERIALISED IN -22% SUMMER BOOKINGS CLOSE TO -20% DEPARTURE DATE -40% -51% -62% -60% STRONG eDO PERFORMANCE -71% -75%
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 +9pp +15pp +14pp +11pp +52pp (Bookings) -24% -62% -65% -70% -77% -79% -76% -81% -87% -97% 1Q FY21 2Q FY21 3Q FY21 4Q FY21 1Q FY22 eDO Total Bookings IATA Europe Source: IATA Economics & Co
Slide 7: Market yet to fully recover
MARKET YET TO FULLY RECOVER 1 Restrictions Demand Revenue per Booking There are still significant restrictions from free As a result consumers are Average basket value is travel including forms, staying closer to home, e.g. 35% below 2019 tests, uncertainty of rules, shorter haul and disparate vacci
Slide 8: eDO surpasses 1.5 million Prime members
eDO SURPASSES 1.5 MILLION PRIME MEMBERS, ADDING 500,000 MEMBERS IN LESS THAN 1 3 MONTHS EVOLUTION OF PRIME MEMBERS AND SHARE OF TOTAL FLIGHT BOOKINGS ● eDO is inventor and leader of subscription in travel with over 4 years of investment ● In the 12 months to June 2021 our subscribers grew by 116% to
Slide 9: Strong liquidity - the liquidity of eDO was never at risk
STRONG LIQUIDITY - THE LIQUIDITY OF eDO WAS NEVER AT RISK 1 LIQUIDITY HAS REMAINED STABLE THROUGHOUT THE PANDEMIC, AT THE END OF JULY, WE HAD A STRONG LIQUIDITY POSITION OF €136 MILLION STRONG LIQUIDITY GOING INTO SEASONALLY LOW PERIOD FROM SEPTEMBER TO DECEMBER WE ARE THE ONLY GLOBAL OTA THAT DID N
Slide 10: Revenue diversification on track and largest contributor to revenues
REVENUE DIVERSIFICATION ON TRACK AND THE LARGEST CONTRIBUTOR TO REVENUES 1 REVENUE DIVERSIFICATION RATIO (*) (**) REVENUE EVOLUTION (*) (**) +17 54% pp 3% 15% Diversification 54% 63% Classic customer 46% Classic supplier 1Q FY21 Advertising & Meta 28% 1Q FY20 1Q FY21 1Q FY22 PRODUCT DIVERSIFICATION
Slide 11: We continue to lead in mobile and maintain 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 (*) +12 pp 100 -30pp 52% 49% 81 40% 70 48 1Q FY20 1Q FY21 1Q FY22 FY15 1Q FY20 1Q FY21 1Q FY22 Note: Definitions of Non-GAAP measures on
Slide 12: 2. 1Q FY22 Results Update
2. 1Q FY22 Results Update
Slide 13: Highlights 1Q FY22: Income Statement
INCOME STATEMENT 2 Highlights 1Q FY22 VAR 1Q 1Q (IN EUROS MILLION) FY22 FY22 FY21 1. Revenue Margin increased by 313%, to €68.4 million, due to VS FY21 the 491% increase in Bookings following the progress of REVENUE MARGIN 68.4 313% 16.6 vaccination rollout and increase in leisure travel demand. Thi
Slide 14: eDO EBITDA positive including full contribution from Prime
2 eDO EBITDA POSITIVE INCLUDING FULL CONTRIBUTION FROM PRIME 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, and in 1Q FY22 it continued to grow amounting to €5.1 million (up 120% year-on-year). This amount is expect
Slide 15: Highlights 1Q FY22: Cash Flow Statement
CASH FLOW STATEMENT 2 Highlights 1Q FY22 1Q 1Q (IN EUROS MILLION) FY22 FY21 1. Net cash from operating activities increased by €45.8 million. mainly reflecting: ADJUSTED EBITDA (*) (1.9) (14.7) Working capital inflow of €35.4 million was driven by the increase ADJUSTED ITEMS (2.3) (0.9) in demand fo
Slide 16: 3. Closing Remarks
Overview 10 FY22 Results Update 3. Closing Remarks — Appendix
Slide 17: In Summary
IN SUMMARY 3 Our business is strong, and we are positioned to be a winner from the Covid pandemic. The travel industry is a €1 trillion market, one of the largest industries in the world. We are emerging from Covid stronger than ever. We have strong growth prospects with the proven desire of consume
Slide 18: 4. Appendix
Overview 1 FY22 Results Updat Closingremarks.— 4, Appendix
Slide 19: Why eDreams ODIGEO?
IN SUMMARY 4 37% European OTA flight market eDO LEADING THE WAY - A PROVEN MODEL share 2 1 Over 1.5 million subscribers 2 1 1 2 1 WHY EDREAMS ODIGEO? 1 1 RoW Top 6 Market position Source: Internal analysis; Amadeus bookings data; PhocusWright Europe Travel Market Report 2020-24 (March 2021) 19
Slide 20: Diversification revenue continues as the largest contributor
DIVERSIFICATION REVENUE CONTINUES AS THE LARGEST CONTRIBUTOR 4 DIVERSIFICATION REVENUE MARGIN (IN € MILLION) Var (IN EUROS MILLION) 1Q FY22 1Q FY21 FY22 vs FY21 DIVERSIFICATION 50.0 368% 10.7 368% CLASSIC CUSTOMER 5.5 64% 3.3 50.0 CLASSIC SUPPLIER 11.5 461% 2.1 ADVERTISING & META 1.5 188% 0.5 TOTAL
Slide 21: Revenue diversification continues to expand beyond Top 6
REVENUE DIVERSIFICATION CONTINUES TO EXPAND BEYOND TOP 6 4 TOP 6 REVENUE MARGIN (IN € MILLION) Var (IN EUROS MILLION) 1Q FY22 1Q FY21 FY22 vs FY21 TOP 6 51.6 300% 12.9 300% 51.6 REST OF THE WORLD 16.8 357% 3.7 TOTAL 68.4 313% 16.6 12.9 1Q FY21 1Q FY22 REST OF THE WORLD 12% 22% 25% 1Q 1Q 1Q 357% FY15
Slide 22: 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 23: Glossary of Definitions
Glossary of Definitions 15. Revenue Margin means our IFRS revenue less cost of supplies. Our management uses Revenue Margin to provide a measure of our revenue after reflecting the deduction of amounts we pay to our suppliers in connection with the revenue recognition criteria used for products sold
Slide 24: Glossary of Definitions
Glossary of Definitions Other Defined Terms 28. Fixed Costs per Booking means fixed costs divided by the number of bookings. See definitions of "Fixed costs" and "Bookings". 29. Adjusted Items refers to share-based compensation, restructuring expenses and other income and expense items which are con