Corporate Presentation as of 3Q17 January 2018 Disclaimer This - - PowerPoint PPT Presentation
Corporate Presentation as of 3Q17 January 2018 Disclaimer This - - PowerPoint PPT Presentation
Corporate Presentation as of 3Q17 January 2018 Disclaimer This presentation includes forward-looking statements. We have based these forward-looking statements largely on our current beliefs, expectations and projections about future events and
This presentation includes forward-looking statements. We have based these forward-looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting our business and our market. Many important factors could cause our actual results to differ substantially from those anticipated in our forward- looking statements, including: political, social and macroeconomic conditions in Latin America; currency exchange rates and inflation; current competition and the emergence of new market participants in our industry; government regulation; our expectations regarding the continued growth of internet usage and e-commerce in Latin America; failure to maintain and enhance our brand recognition; our ability to maintain and expand our supplier relationships; our reliance on technology; the growth in the usage of mobile devices and our ability to successfully monetize this usage; our ability to attract, train and retain executives and other qualified employees; and our ability to successfully implement our growth strategies. We operate in a competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this presentation. The words “believe,” “may,” “should,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “will,” “expect” and similar words are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, capital expenditures, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or to revise any forward-looking statements after the date of this presentation because of new information, future events or other factors, except as required by law. In light of the risks and uncertainties described above, the future events and circumstances discussed in this presentation might not occur or come into existence and forward-looking statements are thus not guarantees of future performance. Considering these limitations, you should not make any investment decision in reliance on forward-looking statements contained in this presentation. This presentation includes industry, market and competitive position data and forecasts that we have derived from independent consultant reports, publicly available information, industry publications, official government information, other third-party sources and our internal data and estimates. Independent consultant reports, industry publications and other published sources generally indicate that the information contained therein was obtained from sources believed to be reliable. The inclusion of market estimations in this presentation is based upon information obtained from third-party sources and our understanding of industry conditions. Although we believe that this information is reliable, the information has not been independently verified by us. Trademarks and service marks appearing in this presentation are the property of their respective holders. This presentation includes data from
- Euromonitor. Information sourced to Euromonitor is from independent market research carried out by Euromonitor International Limited as part of its annual Passport research.
Euromonitor makes no warranties about the fitness of this intelligence for investment decisions. This presentation is strictly confidential, is for informational purposes only and may not be relied upon in connection with the purchase or sale of any security. You may not disclose any of the information contained herein to any other parties without the company’s prior express written permission. This presentation is made pursuant to Section 5(d) of the Securities Act of 1933, as amended, and is intended solely for investors that are either qualified institutional buyers or institutions that are accredited investors (as such terms are defined under Securities and Exchange Commission (“SEC”) rules) solely for the purpose of determining whether such investors might have an interest in a securities offering contemplated by Despegar.com, Corp. Any such offering of securities will only be made by means of a registration statement (including a prospectus) filed with the SEC, after such registration statement is declared effective. No such registration statement has been declared effective as of the date of this presentation. This presentation shall not constitute an
- ffer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
2
Disclaimer
Leading OTA in Latin America…
- Pan-regional OTA operating across 20 markets with leading
brand awareness in key markets, including Brazil and Argentina(1)
- 18 years operating history
- Deep expertise and ability to address market specific needs
in a growing $30Bn market(2) opportunity
- Comprehensive product offering including air, packages,
hotels and other travel products to a large customer base
- Best in class mobile offering
- Served over 3.6 million customers during 9M17, up 19% YoY
3
$491 Million
Revenue
$4.2 Billion
Gross Bookings(3)
High Growth
27%
Revenue
34%
Gross Profit 9M16 to 9M17(5)
2017 LTM(4)
Revenue Diversification
54% 46%
Air Packages, Hotels and Other Travel Products 9M17 Revenue
41% 34% 25%
9M17 Transactions(6) Other Brazil Argentina
Significant Scale
72%
- Adj. EBITDA
Notes (1) Based on search engine trend data that is based on the relative number of searches of brand related keywords in Google as of September 30, 2017 (2) $30Bn estimated online travel market as of 2016 based on airlines, lodging, attractions and car rentals data from Euromonitor (3) Gross bookings is the aggregate purchase price of all travel products booked by Despegar customers through its platform during a given period (4) As of last twelve months ended September 30, 2017 (5) % change from September 30, 2016 YTD audited consolidated financial statements to September 30, 2017 YTD unaudited consolidated financial statements (6) Number of transactions is the total number of customer orders completed on our platform in a given period
…with a Track Record of Continued Growth in New Markets and Products
4
Start-Up Successfully Established and Grew Our Strategic Platform Path to Further Growth
Launched travel affiliates program and travel insurance product
2015
10 million downloads of
- ur mobile app
Reached ~50% mobile traffic Deepened strategic partnership with Expedia, including its equity investment in our company Launched bus business and local concierge product as part of destination services
2016
Migrated all call center sales to online
2007
Expanded to Peru
2014 2012
Launched packages, rental cars and cruise products
2013
Launched destination services and vacation rentals offering
2009
Expanded to Bolivia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Nicaragua, Panama, Paraguay and Puerto Rico Launched Hotels product Launched mobile app
1999 2000 2001
Launched site in Argentina Expanded to Brazil, Chile, Colombia, Mexico, and Uruguay Expanded to United States and Venezuela Reached 1 million downloads of the mobile app
2.7 MM 4.0 MM
48% Growth in Customers
2012 2016 2017
Why Despegar
Virtuous Cycle Underpinned by Scale, Brand and Effective Marketing Strong Financial Position with Significant Growth Potential Experienced Management Team Significant Market Opportunity Driven by Multiple Secular Trends Leading & Comprehensive Travel Offering, with Numerous Payment Methods Leading Mobile Offering & Powerful Data Analytics
1 2 3 4 5 6
5
Operating at Significant Scale in a Rapidly Growing Online Travel Market…
6
USD Bn
Notes (1) Online travel market from Euromonitor including airlines, lodging, attractions and car rentals. Air segment includes all Latin American countries and outbound globally; US$ ticket values includes round trip for intra-country, single trip for intra-region and single trip for outbound trips; Online Air includes direct and intermediaries sales; Offline Air covers all transactions that are not booked or paid over the internet (2) Despegar market share in terms of online travel market in Latin America by gross bookings
$3.3Bn Bookings $30Bn Online Travel Market $98Bn(1)
Total Travel Market $48Bn Estimated Online Travel Market $131Bn(1) Estimated Total Travel Market
Market Share(2): ~11%
Despegar
Online Travel Market
$30Bn
50% 48%
Airlines Lodging Attractions & Car Rentals
2%
2020E
2016
Source: Euromonitor
Latin America Travel Market Size
1
…That is Highly Underpenetrated
(% Online Penetration)
Source: Euromonitor
2016 Online Travel Penetration by Region
$3.3Bn Bookings
Despegar
30% 36% 49% 52%
Latin America Asia US Western Europe
1
7
Supplier Fragmentation Underpins Revenue Resiliency…
And Hotel Segment in Terms of Market Share
United States Latin America
(% of hotels gross bookings as of 2015)
All Other 32% All Other 85% Top 10 Hotel Chains 15% Latin America Airline Market is Highly Fragmented
United States
All Other 60% Top 4 Airlines 40% All Other 48% Top 10 Hotel Chains 52%
(% of air gross bookings as of 2015)(1)
All Other 32% Top 4 Airlines 68% Major hotel chains in Latin America account for only 46% of total capacity compared to 72% in the United States Growing number of smaller airlines, including low-cost airlines, are driving this fragmentation All Other 85% Top 4 Airlines 68% All Other 32%
Top 10 Hotel Chains
15% All Other 48% Top 4 Airlines 40% All Other 60% Top 10 Hotel Chains 52%
Latin America
Source: Euromonitor, CAPA Center for Aviation, Skift and SiteMinder Note (1) Includes international and domestic flights.
1
8
… while Attractive Consumer & Economic Trends Support Online Travel Growth
35% 74% 71% 52% 82% 81% 50% 66% Asia Pacific Latin America Western Europe North America
Notes (1) Retail value (RSVP) including sales tax, at fixed 2016 exchange rates (2) Percentage of total population using internet (3) Millions of credit card transactions CAGR calculated for 2015-2020E period Source: Euromonitor
Strong Regional Economic Rebound And Increasing Credit Card Use as a Means of Payment Real GDP CAGR (%) 2012 – 2016 2017E – 2021E 2017E – 2021E Secular Ecommerce Growth Driven by Increasing Internet Penetration Internet User Penetration (%)(2) Internet Retail Market Size CAGR (%)(1) 2015 2020E 10% 14% 14% 20% Western Europe North America Asia Pacific Latin America
+2.9x +1.3x
3.5% 6.3% 9.6%
Argentina Brazil U.S. 2015 – 2020E Credit Card Transactions CAGR (%)(3)
1
9
1.8% 2.1% 0.9% 5.6% 1.7% 1.9% 2.6% 5.3% Western Europe US Latin America Asia Pacific
Local Knowledge and Industry Leadership Provide Unique Competitive Advantages
Complexities of Latin America Market Present Significant Barriers to Entry
Over 20 Different Tax Regimes Across Despegar’s Markets Political & Regulatory Intricacies Different Languages, Local Customs and Travel Preferences Transitioning from Cash to Electronic Payments and Installments Proven Experience in Managing Currency Volatility Highly Fragmented Market
10
2
Leveraging Air Purchases to Drive Packages, Hotels & Other Products
Air Products Packages, Hotels & Other Products
Significant Cross Sell Opportunity
Differentiated Platform Connecting Customers with Suppliers
Drive Margin & Profitability Generated 54% of Revenue in 9M17 11
Notes (1) Refers to customers repeat customers who had previously purchased other travel products through Despegar’s platform as of September 30th 2017 (2) Inventory figures as of end of June 2017
2
250+
Airlines
300K+
Hotels (Including Vacation Rentals)
900+
Car Rentals
200+
Bus Carriers
250+ Destination Service Suppliers 6 Cruise Lines 7,000+
Activities Flexible Payments through Financing Arrangements with Banking
Partners
Large Market Opportunity Scalable Technology Platform Full Service Product Offering & Flexible Financing Broad Supplier Base(2) Latin America Travel Market
Flexible Payment Solutions Enhance Market Appeal…
Note (1) In Brazil, we generally receive payment from the installment financing bank only after each scheduled payment due date from the customer (whether or not the makes the scheduled payments to the bank)
- ~54% of Despegar Transactions in
1H2017 were in installments
- Installments Paid Upfront to Despegar in
Most Markets(1)
- No Collection Risk for Despegar
Despegar Primarily Merchant of Record Rather Than Agent
1
Overlapping Customer Base with Banks
2
Brand / Scale Attract Partnerships
3
Dynamic Marketing Campaigns
4
Increase Customers’ Purchase Capacity
5
Key Characteristics
2
12
… and Customer Experience
2
13
Pay with 1 or 2 credit cards Installments with no interest Pay at destination Limited time offer More bank options
Broader and Differentiated Competitive Position
2
14
Global OTAs Local Offline Travel Agencies Smaller Online Travel Agencies Pan Regional Brand and Scale(1) Installment Payment Options Multi-Product Offering Air + Hotel
Insurance + Cars + Dest. Serv.
Latin American Customer Focused
(Argentina)
Pre-Set Packages
(Chile) (Colombia) (Mexico) (Brazil) Note (1) Based on presence across Latin America (Argentina, Brazil, Mexico, Chile, Colombia) measured by branded search recognition for September 30th 2017 from Google’s Share of Voice report (Google’s Trend data)
Vacation Rentals
Virtuous Cycle Based on Increasing Scale and Brand Recognition
3
15
Strong Brand Recognition and Awareness
3
US$1Bn+ Invested Since
- ur Founding(1)
Notes (1) Marketing investments include marketing personnel as of June 30th 2017 (2) Includes traffic on desktop website, mobile desktop and mobile App (3) As of September 30, 2017
Strong Brand Awareness Drives Direct Traffic to Platform
% Traffic Source by Channel as of 1H2017(2)
Direct ~52% Indirect ~48%
1999 9M2017 Cumulative Marketing Investment
Approximately 9MM user generated reviews(3)
16
Marketing Dollars Focused on Driving Profitable Growth…
…Drives Growth Proven Marketing Investment Strategy…
(US$MM)
Dynamic Budget Allocation Performance Optimization Tailored to our Business Needs and Markets Custom Attribution Model Maximize Growth at ROI target “Always On” Strategy Cross-Device Insights and Custom Attribution Model and Bidding Tools
3
$422 $411 $300 $380 40% 30% 30% 32%
20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 100 150 200 250 300 350 400 450 500
FY15 FY16 9M16 9M17
Revenue Sales & Marketing % of Revenue
17
…And Supporting Our High Brand Recognition
3
Argentina Brazil Chile Colombia Mexico Latin America
1st 1st Branded Search Recognition by Country for 3Q2017
Global Player Local Player
Source: Google’s Share of Voice report based on Google’s Trend data as of September 30th 2017. Graph shows the relative number of searches of the Brand related keywords.
23% 15% 11% 8% 7% 7% Tiquetes Decameron Booking Trivago Atrapalo 34% 16% 9% 9% 7% 5% Booking.com Trivago Almundo AirBnB Tripadvisor 28% 18% 14% 11% 7% 4% CVC Booking Trivago AirBnB Hotel Urbano 32% 16% 12% 8% 7% 6% Booking Falabella Trivago AirBnB Cocha 27% 13% 11% 9% 8% 4% Booking Trivago CVC AirBnb Tripadvisor 22% 15% 14% 12% 9% 7% Trivago Bestday AirBnB Expedia Booking
18
Scalable Technology Platform Built for Continuous Innovation
~$189MM(3) Invested in Technology and Product Development Over the Last 3 Years
Notes (1) From company data, in a period of approximately three months (March 20, 2017 to June 12, 2017) during the first half of 2017 (2) As of June 30, 2017 (3) Includes investments in Technology and Product Development during the year ended December 31, 2015 and 2016 and nine months ended September 30, 2017
4
19 Sophisticated Data Collection and Analytics…
- Tracking search history
- Geolocation
- Personalized landing pages
Self-Managed Post Sale Experience Personalization And Cross-Selling Robust User Centric Team Tracking Performance Metrics
…To Better Understand Local Customers And Travel Preferences
Supported by 800 Developers & Technology Professionals Rapid Product Development
(One update approximately every 3 minutes)(1)
Enhanced Fraud Prevention Mechanisms Award Winning Mobile Platform
Our Mobile First Approach
4
20
Source: Internal data Notes (1) Despegar believes its iOS App Store and Google Play apps are the most downloaded OTA apps in Latin America for the period from 2012 to 2017 (2) Downloads based on internal data, and as of November 30, 2017. Star ratings as of December 26, 2017 (3) Includes reviews for both Despegar and Decolar apps on iOS App Store and Google Play as of end-of-month December 2017
35+ Million
Cumulative App Downloads(2)
4.4 Stars Rating on Apple App Store
Based on 2.39k reviews(3)
Most Downloaded OTA App in the Region(1)
Apple App Store Google Play App Store
4.4 Stars Rating on Google Play
Based on 147,405 reviews(3)
Mobile Transactions up +56%
9M16 to 9M17
Share of mobile transactions +550bps YoY to 29%
9M16 to 9M17
Differentiated Pricing to Incentivize Specific Customer Behavior
No Discount Special Discount for Being Logged In as a User Special Discount for Having Booked a Flight Recently Exclusive In-App Special Discount
4
21
Experienced Management Team and Blue Chip Investors Focused on Long Term Success
5
Damián Scokin Chief Executive Officer Mike Doyle Chief Financial Officer Gonzalo Estebarena Commercial Director Sebastián Mackinnon Head of Air Martín Molinari Head of Packages, Hotels and Other Travel Products Andres Patetta Chief Marketing Officer Leandro Malandrini Head of Product Mgmt. & UX Alejandro Stein Head of Operations
Background Title Executive Background Title Executive Ownership Structure* 22
* Includes vested and unvested employees options of 3.8 million @ $26 per share plus ~0.2 million of vested restricted shares
Financial Highlights
6
1. Operating at Significant Scale in a Rapidly Growing, Multi-Billion Dollar Market 2. Accelerating Revenue Growth Driven by Packages and Hotel Segments 3. Strong Transaction Growth Driven by High Repeat Customer Purchase Activity 4. Operating Leverage Driving Increased Margins 5. Favorable Working Capital Dynamics
23
Strong Business Momentum in 2017 with Strategic Initiatives Driving Higher Margin Packages, Hotels and OTPs…
Total Transactions by Segment
In millions
Gross Bookings
In US$ Bn
3.6 3.3 2.3 3.2
'- 0.6 1.1 1.7 2.2 2.8 3.3 3.9
2015 2016 9M16 9M17
6
4.4 4.3 3.0 3.9 3.3 3.0 2.2 2.7 7.7 7.2 5.2 6.6
'- 1.3 2.5 3.8 5.0 6.3 7.5 8.8
2015 2016 9M16 9M17 24
52% 50% 49% 46% 48% 50% 51% 54%
0.25 0.5 0.75 1 1.25
2015 2016 9M16 9M17
Air Packages, Hotels & OTPs
… Supporting Revenue Growth and an Increasingly Diversified Mix…
Total Revenue
In US$ millions
421.7 411.2 300.0 379.9
'- 65.0 130.0 195.0 260.0 325.0 390.0 455.0
2015 2016 9M16 9M17
Revenue Mix
% of total revenue
60.8 69.3 71.2 74.8 2015 2016 9M16 9M17
Revenue per Transaction
In US$
50.1 48.4 48.5 44.9 2015 2016 9M16 9M17
6
25
… along with Robust Adjusted EBITDA Expansion
Adjusted EBITDA and Adjusted EBITDA margin (%)
In US$ millions and % of revenues
- 39.1
48.6 37.4 64.2
2015 2016 9M16 9M17
11.8%
- 9.3%
12.5% 16.9%
Adjusted EBITDA Margin
6
26
Increase in Cash and Cash Equivalents
In US$ millions
- 55
12 39 4
- 19
10
254 1Q16 1Q17 2Q16 2Q17 3Q16 3Q17 Cash Excluding IPO Proceeds IPO Proceeds
Solid Balance Sheet and Strong Cash Flow Generation
Cash Flow Cycle In the Pre-Pay / Merchant Business Model Consolidated Cash Flow Data
In US$ millions
Installments are only offered in transactions sold with the Pre-Pay / Merchant Model and represent ~54% of total transactions(2)
Average Time to Check-in Booking by Customers Despegar Pays Supplier Despegar Receives Cash from Customer Payments
2 1 3 4
Typically less than one month(3)
Brazil w/ Installments All Other
Scheduled payment due date from the customer Cash Positive (+)
Notes (1) Cash flows timeline for illustrative purposes only. Various factors could cause actual payment timing to differ from those in the example timeline, including supplier practices, payment method and factoring arrangements (2) Approximately 54% of our transactions in 1H2017 were paid by installment (3) In all markets except Brazil, we typically receive payment in less than one month after booking
6
27
2015 2016 9M16 9M17 Net cash flow provided by / (used in) operating activities (24.2) (43.3) (60.9) 36.0 Net cash flows (used in) / provided by investing activities (81.0) 14.4 24.2 (11.3) Net cash flows provided by financing activities 198.8 5.1 3.5 255.3
- Net IPO proceeds
254.3 Effect of FX rate changes on cash and cash equivalents (12.5) (2.4) (2.0) 0.1 Net Increase/ (decrease) in cash and cash equivalents 81.1 (26.1) (35.3) 280.1
Operating Model
2015 2016 9M16 9M17
Revenue as % of Gross Bookings
11.7% 12.6% 13.3% 11.9%
Gross Profit
63.4% 69.2% 68.9% 72.6%
Selling & Marketing
40.3% 29.5% 29.7% 31.6%
Technology & Product Development
17.4% 15.4% 15.7% 13.7%
General & Administrative
18.5% 15.7% 14.2% 13.9%
Adjusted EBITDA(2)
- 9.3%
11.8% 12.5% 16.9%
Notes (1) As a percentage of revenue unless otherwise stated (2) Adjusted EBITDA removes the effects of Depreciation, Amortization and Share Based Compensation expense; refer to last page for EBITDA reconciliation (3) Based on unaudited consolidated financial statements for the nine months ended September 30, 2017
6
28
Strategic Priorities Driving Growth and Leadership
REPEAT PURCHASE RATE ADDRESS NEW CUSTOMERS CAPTURE HIGH SHARE OF WALLET INCREASE & OPTIMIZE INVENTORY EXPAND MARGINS
BROADEN PLATFORM & MARKET SHARE GAIN
IMPROVE CUSTOMER EXPERIENCE
INCREASE CONSUMER ENGAGEMENT EXPAND REACH IN THE REGION ENHANCE PRODUCT OFFERING & CROSS-SELL DEEPEN RELATINOSHIPS WITH SUPPLIERS FURTHER INVESTMENT IN MOBILE PRODUCTS INVEST IN IT & DATA TO DRIVE OPERATIONAL EFFICIENCY PURSUE STRATEGIC ACQUISITIONS
29
Appendix
Key Financial & Operating Trended Metrics
(in thousands U.S. dollars, unless otherwise stated)
31
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
FINANCIAL RESULTS Revenue $95,115 $98,797 $106,088 $111,162 $124,999 $123,462 $131,468 Cost of revenue 33,494 33,752 26,150 33,279 31,140 35,087 37,869 Gross profit 61,621 65,045 79,938 77,883 93,859 88,375 93,599 Operating expenses Selling and marketing 28,577 29,133 31,374 32,382 35,546 43,289 41,097 General and administrative 15,186 13,960 13,576 21,961 18,869 18,618 15,318 Technology and product development 15,561 15,942 15,718 16,030 15,408 17,644 18,907 Total operating expenses 59,324 59,035 60,668 70,373 69,823 79,551 75,322 Operating income 2,297 6,010 19,270 7,510 24,036 8,824 18,277 Net financial income (expense) (386) (3,653) (850) (1,863) (6,156) (1,611) (2,880) Net income before income taxes 1,911 2,357 18,420 5,647 17,880 7,213 15,397 Income tax expense 2,646 2,178 4,067 1,647 2,486 3,806 4,190 Net income /(loss) (735) 179 14,353 4,000 15,394 3,407 11,207 Net income/ (loss) ($735) $179 $14,353 $4,000 $15,394 $3,407 $11,207 Add (deduct): Financial expense, net 386 3,653 850 1,863 6,156 1,611 2,880 Income tax expense 2,646 2,178 4,067 1,647 2,486 3,806 4,190 Depreciation expense 1,265 1,263 1,450 1,111 1,343 1,362 1,337 Amortization of intangible assets 1,728 1,918 2,060 2,129 1,517 2,039 2,454 Share-based compensation expense 50 50 50 424 1,176 930 959 Adjusted EBITDA $5,340 $9,241 $22,830 $11,174 $28,072 $13,155 $23,027 Net Increase (Decrease) in Cash & Cash Equivalents ($55,203) $38,656 ($18,707) $9,106 $12,314 $3,825 $263,911
Key Financial & Operating Trended Metrics (cont.)
(in thousands U.S. dollars, unless otherwise stated)
32
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
KEY METRICS Operational Number of transactions 1,632 1,706 1,839 2,035 2,129 2,210 2,298
- YoY growth
(6%) (8%) (9%) (3%) 30% 30% 25%
Air 927 1,009 1,089 1,225 1,246 1,325 1,328
- YoY growth
(1%) (4%) (4%) (3%) 34% 31% 22%
Packages, Hotels & Other Travel Products 704 697 750 810 883 885 970
- YoY growth
(13%) (12%) (16%) (2%) 25% 27% 29%
Gross bookings $661,577 $755,413 $844,782 $998,462 $1,019,102 $1,061,026 $1,116,022
- YoY growth
(19%) (13%) (10%) 3% 54% 40% 32%
Revenue per transaction $58.3 $57.9 $57.7 $54.6 $58.7 $55.9 $57.2
- YoY growth
5% 4% 8% 0% 1% (4%) (1%)
Air
$44.8 $50.2 $50.1 $48.1 $44.8 $46.0 $44.1
- YoY growth
(11%) (4%) 4% (4%) (0%) (8%) (12%)
Packages, Hotels & Other Travel Products
$76.1 $69.1 $68.6 $64.4 $78.4 $70.7 $75.2
- YoY growth
23% 16% 13% 5% 3% 2% 10%
ASP $405 $443 $459 $491 $479 $480 $486
- YoY growth
(13%) (6%) (1%) 6% 18% 8% 6%
Unaudited Consolidated Balance Sheets
(in thousands U.S. dollars)
33
As of September 30, 2017 As of December 31, 2016
LIABILITIES AND SHAREHOLDERS’ DEFICIT Current liabilities
Accounts payable and accrued expenses 39,512 25,335 Travel suppliers payable 132,502 102,237 Related party payable 80,962 71,006 Loans and other financial liabilities 8,092 7,179 Deferred Revenue 24,003 29,095 Other liabilities 51,961 49,686 Contingent liabilities 4,546 3,613
Total current liabilities 341,578 288,151 Non-current liabilities
Other liabilities 1,302 409 Contingent liabilities 10,011 22,413 Related party liability 125,000 125,000
Total non-current liabilities 136,313 147,822 TOTAL LIABILITIES 477,891 435,973 SHAREHOLDERS’ EQUITY (DEFICIT)
Common stock 1 254,311 6 Additional paid-in capital 315,220 312,155 Other reserves (728) (728) Accumulated other comprehensive income 16,469 16,286 Accumulated losses (379,974) (409,982)
Total Shareholders' Equity Attributable to Despegar.com Corp 205,298 (82,263) TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 683,189 353,710
- 1. Represents 58,518 (at USD 0.0001) and 10,579 (issued at USD 26, incorporated at USD 24, net of issuance expenses) thousands
shares issued and outstanding at September 30, 2017 and 58,518 (at USD 0.0001) thousands shares issued and outstanding at December 31, 2016.
As of September 30, 2017 As of December 31, 2016
ASSETS Current assets
Cash and cash equivalents $356,018 $75,968 Restricted cash and cash equivalents 30,020 22,738 Accounts receivable net of allowances 160,061 121,098 Related party receivable 4,581 2,240 Other current assets and prepaid expenses 32,837 27,184
Total current assets 583,517 249,228 Non-current assets
Restricted cash and cash equivalents 10,000 20,459 Property and equipment net 15,413 13,717 Intangible assets net 34,236 31,412 Goodwill 40,023 38,894
Total non-current assets 99,672 104,482 TOTAL ASSETS 683,189 353,710
Investor Relations Contact
Ines Lanusse IR and External Communications Manager Phone: (+5411) 4894 3582 E-mail: investorelations@despegar.com