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MakeMyTrip Limited (NASDAQ: MMYT) Investor Presentation September 2020 Safe Harbor Certain statements contained in this presentation are forward - looking statements within the meaning of the safe harbor provisi ons of the U.S. Private


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MakeMyTrip Limited (NASDAQ: MMYT)

Investor Presentation September 2020

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Safe Harbor

Certain statements contained in this presentation are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations or forecasts of future events and our future performance and do not relate directly to historical or current events or our historical or current performance and are subject to risks and uncertainties, some of which are outside of our control, that could cause actual outcomes and results to differ materially from historical results or current expectations. Most of these statements contain words that identify them as forward looking, such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “seek”, “will”, “may”, “should”, “opportunity”, “target” or other words that relate to future events, as

  • pposed to past or current events. Among the factors that could cause actual results to differ materially include, but are not limited to, the

slowdown of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, the inability to successfully integrate the businesses of MMYT and ibibo Group within the anticipated timeframe or at all, the risk that the acquisition will disrupt current plans and operations, increase in operating costs and potential difficulties in customer or supplier loss and employee retention as a result

  • f the acquisition, the inability to recognize the anticipated benefits of the combination of MMYT and ibibo Group, including the realization of

revenue and cost synergy benefits within the anticipated timeframe or at all, volatility in the trading price of MMYT’s shares, MMYT’s reliance on its relationships with travel suppliers and strategic alliances, failure to further increase MMYT’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop MMYT’s corporate travel business, damage to or failure of MMYT’s infrastructure and technology, loss of services of MMYT’s key executives, and inflation in India and in other countries. In addition to the foregoing factors, a description of certain other risks and uncertainties which may cause actual results to differ materially can be found in the “Risk Factors” section of MMYT's 20-F dated August 17, 2020 filed with the U.S. Securities Exchange Commission (“SEC”), copies of which are available from the SEC, our website or our Investor Relations department. We cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any projections will be realized. We expect that there will be differences between projected and actual results. These forward-looking statements speak only as of the date of this presentation, and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements attributable to us are expressly qualified in their entirety by the cautionary statements contained herein and in our future annual and quarterly reports as filed with the SEC.

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Non-IFRS Metrics & Note on Unaudited Financials The following non-IFRS metrics will be used in this presentation:

Gross Bookings represents total amount paid by our customers for travel services and products booked through us, including

taxes, fees, and other charges, and are net of cancellations, discounts and refunds, but does not include other revenues that are generated from 3rd party advertisement on our website, commissions and fees earned from the sale of rail tickets and fees earned by facilitating travel insurance policies to customers.

Adjusted Margin is our segment profitability measure and represents IFRS revenue after adding back customer inducement costs

in the nature of customer incentives, customer acquisition costs and loyalty program costs, which are reported as a reduction of revenue, and deducting the cost of acquisition of services primarily relating to sales to customers where the company acts as the

  • principal. This metric was previously titled “Adjusted Revenue” in our past public filings in fiscal years 2019 and 2020. For more

information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in our SEC Form 20F, filed on August 17, 2020.

Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings, and represents commissions, fees,

incentive payments and other amounts earned in our business. We follow adjusted margin trends closely across our various lines of business to gain insight into the profitability of our various businesses.

Flight Segment is defined as a flight between two cities, whether or not such flight is part of a larger or longer itinerary. Room Nights, also referred to as a “hotel-room nights,” is the total number of hotel rooms occupied by a customer or group,

multiplied by the number of nights that such customer or group occupies those rooms.

Constant Currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on

the reporting for the historical average rate used in the prior year’s comparable fiscal period.

Fiscal Year End – March 31st

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Key Investment Highlights Strong Market Leadership with Multiple Well Recognized Online Travel Brands Well Positioned to Accelerate Share Gains

1 2 3 4 5

Super App – One Stop for End to End Booking Travel Services Investments in Superior User Experience to Drive Long Term Brand Value Strong Partnerships with Supply Ecosystem Critical in Collaborating to Drive Industry Recovery & Growth Demonstrated Operating Leverage with Scale in Multiple Travel Segments Cost Structure Optimization Accelerated During COVID19 Lockdown Large Long Term Growth Market Available Accelerated Momentum from Offline to Online Buying Behavior Post COVID19

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Large Economy with Reaccelerating Growth Forcasted1

Source: 1IMF World Economic Outlook, Growth Projections 2CIA World Fact book 2020 estimates; China Internet Network Information Center (CNNIC), McKinsey Global Institute Digital India

44% 31% 29% 50% 52% 59% 6% 17% 12% Age 0–24 Age 25–64 Age 65+

Largest Young Population2 to Drive Digital Adoption

2023E 2018 224 817 478 700 US China India India

2nd Largest Base of Smartphone Users (in millions)

96% 60% 44% 60% US China India India 2023E 2018

Growth Driven by Low Internet Penetration

312 829 560 800 US China India India 2023E 2018

2nd Largest Base

  • f Internet Users (in millions)

Compelling Long Term Macro Growth Drivers Intact

2019 2020 2021

4.2%

  • 4.5%

6.0% 6.1% 1.0% 8.2% 2.3%

  • 8.0%

4.5%

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Large Growth Opportunities in Travel Ahead

Air $17 Hotels $11 Outbound $6 Bus $8 Rail $7

India Travel Market FY2019

Air $30 Hotels $21 Outbound $12 Bus $12 Rail $9

India Travel Market FY2025 FY2019: $49 Billion FY2025: $84 Billion

Air 10% Hotels 12% Outbound 11% Bus 8% Rail 4% Total 10%

FY19 – FY25 CAGR Source: Goldman Sachs Research Estimates (In $ billions of Bookings) (In $ billions of Bookings)

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Long Term Online Growth Potential

 Leading Domestic & International Online Market Share  Fast Growing Air Travel Market with Online Share Shift Opportunities Available  Post COVID19 Lockdown Recovery Begins in FY2021 (CAPA Projections for FY21)

  • Domestic Traffic: 55-70 million
  • International Traffic: 20-27 million

 Establishment of Air Travel Bubbles to Aid in Recovery of International Flights  200 operational airports by 2024 (70 airports International ready)

– Aviation Ministry Sept 2019

Flight Ticketing Hotel Booking

 High Fragmentation of Accommodations Supply – Largely Independent Properties  Win-Win Distribution Relationships Available with Property Owners  Enabling Technology to Digitize Property Distribution Management  Low Online Booking Penetration: 10% to 15% online  Estimated Domestic Supply of 2 Million Hotel Rooms  700k+ International Accommodations Available via Direct Contracting & Affiliates

Source: 2020 Company Estimates, 2025 forecast by Goldman Sachs

Inter-City Bus Ticketing

 High Fragmentation of Bus Operators – Seeking Digitization & Online Distribution  25+ Road Transport Corporations within India – State Government Operators  2,500+ Active Bus Operators Signed on Platform with 1+ Million Seats Bookable  Unique Bus Operator GDS Platform to Digitize Inventory & redBus App for Online Distribution  International Growth Opportunities

Inter-City Bus Ticket Distribution

46% 54%

Online Offline

Source: Internal estimates based on revenue share of domestic private bus market

54% 46%

Domestic Air

Online Offline (including Supplier Direct) 30% 70%

Outbound Air

Source: DGCA July 2020, GDS & company estimates

15% 40% 0% 25% 50% 2020 2025

Domestic Online Booking Penetration

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Market Leader with Superior Domestic Brand Awareness Well Placed to Accelerate Share Gains Exiting COVID19 Nationwide Lockdown

Source: March 2020 KANTAR Brand Health Report commissioned by Company Redbus data from 14th Wave of the Brand Track for India conducted by Nepa

47 14 69 7 2 3 20 40 60 80 100 MakeMyTrip gobibo redBus Yatra Cleatrip Others

Top Of Mind Awareness

47 18 87 5 7 5 20 40 60 80 100 MakeMyTrip gobibo redBus Yatra Cleatrip Others

Consideration Top Box Score

Competitors

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Robust & Innovative Technology Platform to Drive Super App Vision

Travel Super App Universal Search Faster Product Discovery Better User Engagement Big Data & AI Driven Cross Sell Experience Common Backend Platform to Drive Faster Innovations & Greater Efficiencies Relevant Persuasions Personalized Recommendations Trip Ideas Destination Discovery & Inspiration Destination Planning Linked to Booking Enhanced Discoverability Contextualized Prompts Area Guides to Build Trust Granular Travel Themes

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Wide Range of Hotel Options

Premium (5 stars)

Positioning MakeMyTrip as Premium Brand Leveraging Loyalty Programs to Drive Retention Targeting High Spending & Repeat Customers Delivering Superior End-to-End User Experience

Mid Tier (3 & 4 stars)

Expanding Selection & Choice Further Driving Online Bookings Enhanced Customer Experience (Pre Booking, Post Sales & On Trip) Offering Accredited Hotels to Deliver Consistent Stay Experience

Budget

Budget Certification Program Good Ratings & Standard Amenities Consistency Across Fragmented Supply goStays Certified Properties Available

Offering Curated International Hotels Catering to Indian Travelers’ Needs

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  • Alternative to Traditional Hotel

Experience – Social Distancing Friendly

  • Supported by Customer

Service Pledge & Guarantee

  • Broadens Customer Reach
  • Marketing via Traditional &

Social Media Channels

  • Partnering with State Tourism

Boards to Promote Local & Community Based Travel

  • Increasing Supply With

+21,000 Properties in India

Alternative Accommodations – Long Term & Nascent Growth Opportunity

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redBus – Leading Intercity Bus Ticketing Brand with Full Stack Technology Solutions Across Entire Value Chain & Deep Operational Expertise

  • Leading Bus Ticketing Brand with Superior Customer

Experience

  • Comprehensive Selection & Choice of Intercity Bus Operators

(Public & Private)

  • Live Bus Tracking & Fleet Management Platform

Covering 80% of Buses in India

  • Supplier Platform for Bus Operators to Quickly Transition

Online for Inventory & Distribution Management – Hosting 45%

  • f Inventory in India’s Private Bus Market
  • Travel Agent & API Distribution Platform

(25K+ agents across India)

  • Model Highly Scalable Beyond India

Operating in LATAM & Southeast Asia

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Activities & Experiences - Greater Brand Stickiness & Solving for Connected Trips

 Solving for ease of fulfilment with skip-the-queue QR code driven solutions, last minute availability & ensuring best pricing  Portfolio of 33,000+ domestic and international products; focus on increasing local & domestic portfolio to cater to current demand  Direct connectivity with global suppliers and channel managers  Partnering with attractions & monuments to enable touchless entry solutions  Mapping user journey to show relevant activities basis flight & hotels booked

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  • Capturing next 100 mln users
  • One of the most frequently used travel

method in India - help extend reach

  • Targeting users from Tier 2 & Tier 3

cities and introducing them to online travel at an early stage of internet adoption

  • Build life time value of onboarded

users - cross selling other travel products

  • High frequency use case helps in user

retention

  • Convenience of online booking
  • Option to pay via multiple payment options
  • Ability to compare prices & cab categories
  • Expert & verified drivers
  • Catering to post lock down demand - Short

drive holidays & Staycations

  • Assuring safety & sanitization using

machine learning algorithm

Outstation Cabs Airport Cabs

  • Convenience of attaching cab while

booking a flight

  • Easy and quick hop on experience -

customers board cabs from partner kiosks

  • Fare lock - no surge pricing
  • Safety & sanitization assurance provided

Metro Ticketing

  • Piloted online booking with

Hyderabad Metro

  • QR Code based e-tickets
  • Cashless, Contactless &

Convenient

  • Connected trip experience for

users of super app

  • New user acquisition channel
  • Cross sell opportunities for other

transportation modes & accommodations

Train Ticketing

Ground Transportation – Cabs, Trains & Metro Ticketing Extending Customer Reach

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Increasing Focus on Gaining Greater Corporate Travel Wallet Share

100% Online Enterprise Platform

  • Customized Modules to Meet Enterprise

Customers’ Needs

  • All Use Cases Automated
  • Leveraging MMYT’s Hotel Supply Advantage
  • 60 Group Level Corporate Accounts Active
  • Simplified User &

Booking Experience

  • Personalized Content

and Features for Corporates

  • Automated Invoice

Management Solution

  • Robust Reporting & MIS
  • Cost Savings Features
  • Leveraging MMYT’s

Supply Advantage

  • 1,000+ Mid Sized

Accounts & 4,000+ SMEs Active

2 Product Approach India’s First Comprehensive Self Serve Solution

$24 Billion Addressable Market - Largely Unconsolidated and Offline Focus on SMEs & Mid-Sized Corporates Addresses Half of Total Market Opportunity

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Brand Expansion into Gulf Coast Council (GCC) Region

  • Growth Market with High Digital Reach
  • High GDP per Capita & High Credit Card Penetration
  • Primarily Offline Travel Booking Market
  • Absence of Large Full Service OTAs
  • High Brand Recall Among Indian Expats
  • Global Supply Inventory Provides Competitive Advantage
  • Targeted Products Catering to Local Travel Preferences
  • Providing a Localized Booking Experience

(Dedicated UAE Sites, Supply, Traffic, Payments, Language)

International Platform with Localized Offerings

Hotels booking with all inventory available in India B2C Flights booking with all inventory available in India B2C Staycation deals for 7 cities and 120+ hotels Future Stays for 5 cities and 50+ hotels Activities booking with global inventory

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Multiple Tech Enabled Distribution Channels to Aggregate Demand

B2C Mobile Apps & Mobile Websites Desktop Websites B2B2C myPartner – Offline & Local Travel Agents Booking Platform Franchise Network for Offline Sales Holiday Experts Assisted Holiday Package Sales

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Industry Recovery Initiatives Post COVID19 Lockdown – Customer Safety Focused

  • Partnerships with Trusted Travel Suppliers to Implement

Safety and Cleanliness Protocols to Ensure Safe Travel

  • Providing Current & Detailed Information on Various Modes
  • f Transport, Hotels & Activities
  • Comprehensive Travel Restriction Guidelines by State & by

Country

  • Highly Flexible Booking Policies, Including Free Cancellation
  • 5,400 Hotel Properties Self Certifying Cleanliness & Hygiene

Protocol Implementations

  • 2,000 Hotels Registered for Independent Safety &

Cleanliness Audit Program

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Aarogya Setu App – Open Source COVID-19 Contact Tracing App

  • Developed by The MakeMyTrip Foundation for the Indian Government to Assist in Contact Tracing of COVID19 Infections
  • Available on Google Play, App Store, KaiOS, Feature Phones & Landline
  • Leverages Bluetooth and Location Based Services
  • Safe & Secure with Data Privacy protections
  • Open Source with Bug Bounty Program for Continuous Improvements
  • Alert Users of Potential Exposure to COVID19 Infected Individuals
  • Mandatory Tool for Government & Private Sector Employee Travel
  • Download & Use Required for Movement in Containment Zones & for Travel by Air & Train

Improved administrative understanding

  • f hotspots

50M+

Downloads In Record Time

40M+

Self- assessment Taken

200K*

Positive Cases Identified

155M+

Downloads

500+

Emerging Hotspots Identified

5M+

Bluetooth Suspects Identified

Functions

Early and accurate identification

  • f risk

candidates Differential actions basis testing capabilities Timely testing based on interaction timestamps Efficient contact tracing

Achievements

* Based in testing results received so far

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The MakeMyTrip Foundation - Corporate Social Responsibility

Ecological Balance

The MakeMyTrip Group takes millions of Indians to different places every year, we believe it’s our responsibility to promote a sustainable and responsible way of travel to Indians

  • Boost cleanliness and sanitation in

popular tourism spots – Zero Waste Destinations in Sahastradhara & Dehradun

  • Partnership with World Wide Fund India to

establish homestays & eco cafes to provide economic opportunities

  • Campaign for responsible tourism with

stakeholders

  • Be part of solution to fight drastic climate

change & global warming

  • Dense afforestation using the

Miyawaki Technique of Plantation with 1.2 million trees planted in Ladakh

  • Partnership with Andaman Islands

Government to make island single use plastic free

  • Single Use Plastics Free office

Responsible Tourism COVID19 Response

  • Supported establishment of Private Hospitals

& Contributions to Prime Minister’s Cares Fund

  • Partnership with Indian Government to

develop & scale COVID19 contact tracing app with 155+ million downloads

  • Supported daily wage earners & migrant

labors via 150k cooked meals, 300 dry ration kits & 6k masks

  • Funded COVID19 test kits and lab testing
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Experienced Founding & Management Team Driving Execution

Deep Kalra

Founder & Group Executive Chairman

  • Started MakeMyTrip in 2000
  • Group Chairman
  • 28+ Years of Experience
  • Prior Experience: GE Capital India, AMF

Bowing Inc. & ABN AMRO Bank

  • Board member & past President of The IndUS

Entrepreneurs (TIE) New Delhi chapter

  • Founding member of Ashoka University &

serves on the Board & Governing Council

  • Bachelor’s degree in Economics –
  • St. Stephen’s College
  • MBA IIM Ahmedabad, India

Rajesh Magow

Co-Founder & Group CEO

  • Senior founding team member
  • Member of the Board of Directors
  • Previously Group CFO and Chief

Operating Officer

  • 27+ Years of Experience
  • Prior Experience: eBookers.com, Aptech

Limited & Voltas Limited

  • On FlipKart Board
  • Chartered Accountant from Institute of

Chartered Accountants of India

Mohit Kabra

Group Chief Financial Officer

  • 26+ Years of Experience
  • Prior Experience: Kohler India, PepsiCo,

Colgate & Seagram

  • Bachelor of Commerce – Osmania

University

  • Chartered Accountant from Institute of

Chartered Accountants of India

  • Cost Accountant from Institute of

Cost Accountants of India

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Financial Overview

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Source: Company data for the 12 months ending March 31, 2020 Note: yoy growth rates in constant currency where applicable

Air Ticketing

42.1 million Flight Segments +6.5% yoy 78.6 million Bus Tickets Sold +27.9% yoy

Hotels & Packages

29.6 million Room Nights Stayed +11.4% yoy

Leading Indian OTA with Unrivaled Business Scale & Strength (FY2020)

Bus Ticketing

$3.6 billion

Gross Bookings +13.0% yoy

$1.6 billion

Gross Bookings +8.8% yoy

$886 million

Gross Bookings +25.5% yoy

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$17.0 $28.8 $37.9 $0 $20 $40 FY18 FY19 FY20

Others

$313.7 $351.6 $360.1 $250 $350 FY18 FY19 FY20

Hotels & Packages

$44.4 $58.8 $75.6 $30 $50 $70 FY18 FY19 FY20

Bus Ticketing

$202.1 $234.2 $249.7 $150 $250 FY18 FY19 FY20

Air Ticketing

38%

Adjusted Margin Growth & Improving Business Mix Since ibibo Group Merger

$ in Millions 7.5% 7.3% 7.0%

34.8% 34.5% 35.0%

22.6% 23.2% 22.1%

54.4% 52.2% 49.8%

8.9% 8.2% 8.5%

7.7% 8.7% 10.5% 2.9% 4.3% 5.2%

Adjusted Margin % Segment Mix % of Group Segment Mix % of Group Segment Mix % of Group

Segment Mix % of Group

Adjusted Margin % Adjusted Margin %

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Ongoing Cost Structure Optimization Since Merger Focused on Marketing, Sales Promotion & Customer Inducement Spend Efficiencies

Operating Costs as % of Gross Bookings

38% 31%

Note: Customer Inducement Costs include adjustments for promotions netted against revenue Personnel Expenses excluded share based compensation charges and severance cost related to a prior acquisition Depreciation and amortization excluded acquisition related intangibles amortization and impairment of intangible assets SGA excluded Merger and acquisitions related expenses and provision for litigations ($154.8) ($98.8) ($69.9) ($200) ($150) ($100) ($50) $0 FY18 FY19 FY20

Adjusted Operating Losses

(in $ millions)

  • Sharp focus on right sizing unit economics
  • Reduction in customer inducement costs related to

promotional activities

  • Increase in brand loyalty and focus on driving higher

customer repeat rates

  • Consolidation of back end infrastructure & other
  • verhead related costs

0.3% 0.2% 0.3% 1.5% 1.4% 1.4% 1.1% 1.0% 1.0% 1.5% 1.4% 1.5% 9.8% 3.6% 2.8% 1.7% 6.6% 5.9% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% FY18 FY19 FY20

Customer Inducement Costs Marketing & Sales Promotion & Certain Loyalty Program Costs SGA Payment Gateway Personnel Expenses Depreciation & Amortization

12.9% 14.2% 15.9%

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Cost Structure Optimization Accelerated & Liquidity Improved Well Placed to Recover Better Financially from COVID19 Disruption

Note: Personnel Expenses excluded share based compensation charges and severance cost related to a prior acquisition Depreciation and amortization excluded acquisition related intangibles amortization and impairment of intangible assets SGA excluded Merger and acquisitions related expenses and provision for litigations Customer Inducement Costs include adjustments for promotions netted against adjusted revenue

Operating Cost Optimizations Implemented in Late March due to COVID19 Disruption

  • Salary reductions
  • In-house headcount right sized
  • Strategic focus on online sales
  • Company stores converted into franchisees to reduce

fixed costs

  • Material reduction in marketing & sales promotions,

loyalty program & customer inducement costs during travel disruption

  • Expect to remain disciplined on spends post COVID19

– benign competitive landscape

  • Investments in technology to drive greater customer

support automation

  • Structurally reduce reliance on outsourced call center

support expenses

  • Development of common backend to accelerate

product development & drive development efficiencies

  • Reduction in office space & other infrastructure costs

Liquidity Profile Improved – Long Operating Runway

Cash & Term Deposits (as of 6/30/2020): $173.8 million Credit Facilities Available (as of 8/31/2020): ~$100.0 million

(in $ millions)

Q1 FY20 Q1 FY21 YoY Change

Gross Booking $1,693.6 $64.5

  • 96.2%

Adjusted Margin 198.5 6.7

  • 96.6%

Air Ticketing 65.0 4.1

  • 93.7%

Hotels & Packages 101.4 1.2

  • 98.8%

Bus Ticketing 21.4 0.3

  • 98.4%

Others 10.7 1.1

  • 89.7%

Operating Costs Customer Inducement Costs 105.3 0.7

  • 99.4%

Marketing & Sales Promotion & Loyalty Program Costs 55.5 1.0

  • 98.2%

Payment Gateway 17.1 0.4

  • 97.7%

Personnel (excluding SBC) 22.1 15.2

  • 31.7%

SGA 23.2 7.2

  • 68.5%

Depreciation & Amortization 4.4 5.0 12.8% Adjusted Operating Profit/(Loss) ($29.2) ($21.3) Adjusted Margin Variable & Semi Variable Costs Fixed & Semi Fixed Costs Q1 FY21 Adjusted Operating Losses Narrowed by $7.9 million year on year despite COVID19 business disruption