DESPEGAR.COM, CORP. Despegar.com Announces 2Q24 Financial Results
Profitable Growth Continues with 2Q24 Adjusted EBITDA up 22% YoY and Revenues Increasing 12% YoY; Raising FY24 Adjusted EBITDA Guidance
BRITISH VIRGIN ISLANDS (BUSINESS WIRE). August 15, 2024 - Despegar.com, Corp. (NYSE: DESP) ("Despegar" or the "Company"), Latin America's leading travel technology company, today announced unaudited financial results for the three-monthsended June 30, 2024 ("second quarter 2024" or "2Q24"). Financial results are expressed in U.S. dollars and are presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). Financial results are preliminary and subject to year-endaudit and adjustments. All comparisons in this announcement are year-over-year("YoY"), unless otherwise noted.
2Q24 Financial and Operating Highlights
(for definitions, see page 14)
- Gross Bookings increased 4% YoY to $1.3 billion, impacted by significant foreign exchange (FX) headwinds across the region. Underlying business trends remain robust, as on an FX neutral basis Gross Bookings increased 37% YoY.
- Revenues increased 12% YoY to $185.0 million, driven by strong Take Rate of 13.8% as the Company maintains its focus on profitable growth. On an FX-neutral basis, Revenues grew 46% YoY.
- Adjusted EBITDA increased 22% YoY (+82% YoY when excluding one-time tax benefit in 2Q23) to $36.7 million, mainly attributed to improving operational efficiencies and growing higher-margin Travel Package sales, which increased 190 bps YoY to 35.0% of Gross Bookings. Adjusted EBITDA margin increased 173 bps YoY to 19.8%.
- Adjusted Net Income increased 397% YoY reaching $30.2 million in 2Q24, compared to $6.1 million in 2Q23.
- B2B and White Label Gross Bookings maintained strong performance levels, increasing 43% and 7% YoY, respectively. Combined, these represented 18% of total Gross Bookings, up 281 bps YoY.
- Operating Cash flow was positive $12.7 million while the total Cash was $204 million, down $39.5 million YoY due to (i) temporary changes in working capital (ii) factoring expenses and (iii) dividend payments to Series A Preferred shareholders.
- Loyalty Program members increased 65% YoY to 27.9 million.
- App transactions reached a record 49.1% of total transactions in the quarter, up 1,258 bps from 36.5% in 2Q23.
- Despegar formed a strategic alliance with World2Meet, leading to the sale of the Despegar's Destination Management Company, BDexperience. As part of the transaction nearly 600 employees have transitioned to World2Meet.
- Published Company's ESG report, which is available at: https://investor.despegar.com/
- Included in Russell 2000 and 3000 equity indexes, on July 1, 2024
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Damian Scokin, Despegar's CEO, said: "Despegar's strong performance in the second quarter was driven by our ongoing commercial efforts to improve our revenue mix through higher package sales, in addition to robust demand in our key markets, Brazil and Mexico. Another key pillar of our growth strategy is Despegar's B2B and White Label operations, which continue to grow. We are particularly excited about new White Label partnerships that we have signed with our first global super-app partner in Latin America, with Scotiabank, Chile, a leading financial institution, as well as with Elektra Mexico's retail and financial services conglomerate. These partnerships not only offer substantial growth opportunities, given the strength of our partners' respective brands and their massive customer bases in the region, but also attest to the quality and flexibility of our industry-leading travel technology platform.
To further streamline our business and concentrate our efforts on Despegar's core operations, we formed a strategic alliance with World2Meet, the travel division of the Iberostar Group, a Spain based global tourism company. As part of the transaction World2Meet has acquired our Destination Management Company (DMC), business operating under the brand BDexperience. We have also entered into a long term agreement under which World2Meet will operate as a preferred partner to Despegar for the provision of destination services in the Mexican Riviera and the Dominican Republic. As a result of the strategic alliance, almost 600 of our 4,600 total employees have transitioned to the new owner of the business."
Amit Singh, the Company's CFO, added: "Our focus on growing non-air revenues continued yielding positive results, with our Take Rate increasing 96 basis points year-over-year to 13.8% and revenues increasing 12% year-over-year to $185 million. Moreover, on a constant currency basis, our revenues grew 46% year-over-year. We continue to reinvest a significant portion of our profits back into the business to capture additional market share, particularly in Brazil and Mexico. At the same time, we remain sharply focused on cost efficiencies, especially with regard to General and Administrative and Technology and Product expenses. The resulting operating leverage helped drive a 22% increase in Adjusted EBITDA to $37 million in the quarter which represents an 82% growth when excluding a one-time tax benefit received in the same quarter last year.
Despite the significant FX translation impact across the majority of our markets as well as a transitory impact on reservations caused by the flooding in Rio Grande do Sul, reported top line growth accelerated sequentially due to robust underlying demand trends, while Adjusted EBITDA growth remained quite strong. Given the local currency volatility, we now expect FX to have a materially greater negative impact on our full-year results. Considering this FX trend and our divestment of DMC, despite solid underlying business trends, we are updating our annual revenue guidance from at least $820 million to at least $760 million. However, we are increasing our Adjusted EBITDA guidance to at least $160 million, in line with our progress in driving very robust cost efficiencies. As we look ahead to the second half of the year, we remain committed to delivering unmatched travel experiences at affordable prices to our customers."
2024 Financial Guidance
The Company updates its 2024 annual guidance as follows:
- Revenue: at least $760 million, representing at least 8% YoY growth, from prior guidance of at least $820 million.
- Adjusted EBITDA: at least $160 million, representing at least 39% YoY growth, from prior guidance of at least $155 million
For more information see our Investor Relations website at investor.despegar.com.
Disclaimer: The 2024 financial guidance reflects management's current assumptions regarding numerous evolving factors that are difficult to accurately predict, including those discussed in the Risk Factors set forth in the Company's Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC").
Reconciliations of forward-lookingnon-GAAP measures, specifically the 2024 Adjusted EBITDA guidance, to the relevant forward-looking GAAP measures are not being provided, as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such guidance and reconciliations. Due to this uncertainty, the Company cannot reconcile projected Adjusted EBITDA to projected net income without unreasonable effort.
The 2024 financial guidance constitutes forward-looking statements. For more information, see the "Forward-Looking Statements" section in this release.
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Key Operating and Financial Metrics
(as reported in millions, except as noted)
The following table presents key operating metrics of Despegar's travel and financial services businesses as well as key financial metrics on a consolidated basis, post-intersegment eliminations between these businesses.
2Q24 | 2Q23 | Δ % | |||
Operating metrics | |||||
Number of transactions | 2.431 | 2.204 | 10 % | ||
Gross bookings | $ | 1,339.6 | $ | 1,287.0 | 4 % |
TPV Financial Services (1) | $ | 18.3 | $ | 16.7 | 9 % |
Average selling price (ASP) (in $) | $ | 552 | $ | 585 | (6)% |
Number of transactions by Segment & Total | |||||
Air | 1.2 | 1.0 | 14 % | ||
Packages, Hotels & Other Travel Products | 1.2 | 1.2 | 6 % | ||
Financial Services | 0.0 | 0.0 | 77 % | ||
Total Number of Transactions | 2.4 | 2.2 | 10 % | ||
Financial metrics | |||||
Revenue | $ | 185.0 | $ | 165.5 | 12 % |
Total Adjusted EBITDA (2) | $ | 36.7 | $ | 30.0 | 22 % |
Net Income (4) | $ | 13.4 | $ | 28.0 | (52)% |
Net Income attributable to Despegar.com, Corp (4) | $ | 13.4 | $ | 28.0 | (52)% |
Plus: Accretion of Series A Preferred Stock | $ | (3.7) | $ | (3.3) | 12 % |
Plus: Accrual of dividends of Series A Preferred Stock | $ | (3.7) | $ | (3.7) | - % |
Plus: Accrual of dividends of Series B Preferred Stock | $ | - | $ | (0.5) | n.m. |
Income attributable to common stockholders (3) (4) | $ | 6.0 | $ | 20.5 | (71)% |
Average Shares Outstanding - Basic (5) | 83,004 | 77,109 | 8 % | ||
Effect of Dilutive Participating Securities - Stock Based | 510 | 3 | n.m. | ||
Compensation Plans (3) | |||||
Average Shares Outstanding - Diluted (5) | 83,514 | 77,112 | 8 % | ||
EPS Basic (5) | $ | 0.07 | $ | 0.25 | (71)% |
EPS Diluted (5) | $ | 0.07 | $ | 0.25 | (71)% |
- Presented on a pre intersegment elimination basis. Intersegment TPV amounted to $16.9 million in 2Q24 and $14.9 million in 2Q23.
- Financial services segment reported a Total Adjusted EBITDA of positive $0.9 million compared to negative $0.6 million in 2Q23, as the company's unit economics continues to improve.
- Round numbers. For 2Q24, basic earnings (loss) per share is computed using the two-class method, which is an earnings allocation formula that determines earnings (loss) per share for common stock and any participating securities according to dividend and participating rights in undistributed earnings (losses). The Company's Class B Preferred Shares contained rights to dividends or dividend equivalents and are deemed to be participating securities. The Company's Class B shares were converted to 5.4 million ordinary shares on April 1, 2024. Other instruments granted by the Company (such as restricted stock awards and stock options to employees, as well as Class A Preferred Shares) do not contain non-forfeitable rights to dividends and are not deemed to be participating securities. In periods of net loss, no amounts are allocated to participating securities as they do not have an obligation to absorb such loss. Under the two-class method, net income for the period, after subtracting dividends on and accretion of preferred stock, is allocated between common stockholders and the holders of the participating securities based on the weighted average number of common shares outstanding during the period and the weighted-average number of participating securities outstanding during the period, respectively. The allocated, undistributed income for the period is then divided by the weighted-average number of common shares outstanding during the period to arrive at basic earnings per common share for the period. Pursuant to U.S. GAAP, the Company has elected not to separately present basic or diluted earnings per share attributable to preferred stock. Diluted earnings (loss) per share is computed in a manner consistent with that of basic earnings per share, while considering other potentially dilutive securities.
- 2Q23 Net Income includes $9.8 million of one time benefits due to a reversal of Mexican tax provisions
- In thousands
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Revenue Breakdown
(in millions, except as noted)
The following table reconciles the intersegment revenues of the Company's three business segments for the quarters ended June 30, 2024 and 2023:
2Q24 | 2Q23 | Δ % | ||||||
$ | % of total | $ | % of total | |||||
Revenue by business segment | ||||||||
Travel Business | ||||||||
Air Segment | $ | 62.3 | 34 % $ | 60.7 | 37 % | 3 | % | |
Packages, Hotels & Other Travel Products Segment | $ 118.5 | 64 % $ | 102.0 | 62 % | 16 | % | ||
Total Travel Business | $ 180.8 | 98 % $ | 162.7 | 98 % | 11 % | |||
Financial Business | ||||||||
Financial Services Segment | $ | 12.4 | 7 % $ | 9.4 | 6 % | 31 | % | |
Total Financial Business | $ | 12.4 | 7 % $ | 9.4 | 6 % | 31 % | ||
Intersegment Eliminations | $ | (8.1) | (4)% $ | (6.7) | (4)% | 22 | % | |
Total Revenue | $ 185.0 | 100 % $ | 165.5 | 100 % | 12 % | |||
Total Revenue margin | 13.8 % | 12.8 % | +96 bps |
-- Financial Tables Follow --
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Unaudited Consolidated Statements of Operations for the three-month periods ended June 30, 2024 and 2023 (in thousands of U.S. dollars, except as noted)
2Q24 | 2Q23 | Δ % | ||||
Revenue | $ | 185,047 | $ | 165,524 | 12 | % |
Cost of revenue | $ | (51,952) | $ | (60,000) | (13) % | |
Gross profit | $ | 133,095 | $ | 105,524 | 26 | % |
Operating expenses | ||||||
Selling and marketing | $ | (62,933) | $ | (51,695) | 22 | % |
General and administrative | $ | (16,802) | $ | (8,396) | 100 | % |
Technology and product development | $ | (27,138) | $ | (26,448) | 3 | % |
Total operating expenses | $ | (106,873) | $ | (86,539) | 23 | % |
Loss from equity investments | $ | (80) | $ | (285) | (72) % | |
Operating income | $ | 26,142 | $ | 18,700 | 40 % | |
Financial results, net | $ | (14,464) | $ | (3,948) | 266 | % |
Income before income taxes | $ | 11,678 | $ | 14,752 | (21) % | |
Income tax benefit | $ | 1,759 | $ | 13,251 | (87) % | |
Net Income (1) | $ | 13,437 | $ | 28,003 | (52)% | |
Net Income attributable to Despegar.com, Corp (1) | $ | 13,437 | $ | 28,003 | (52)% |
- 2Q23 Net Income includes $9.8 million of one time benefits due to a reversal of Mexican tax provisions n.m.: Not Meaningful
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Unaudited Consolidated Balance Sheet as of June 30, 2024 and March 31, 2024 (in thousands of U.S. dollars, except as noted)
As of June 30, | As of March | |||
ASSETS | 2024 | 31, 2024 | ||
Current assets | ||||
Cash and cash equivalents | $ | 174,594 | $ | 181,495 |
Restricted cash | $ | 26,432 | $ | 28,568 |
Trade accounts receivable, net of credit expected loss | $ | 221,662 | $ | 204,494 |
Loan receivables, net | $ | 18,029 | $ | 21,647 |
Related party receivable | $ | 16,097 | $ | 13,993 |
Other assets and prepaid expenses | $ | 56,763 | $ | 59,607 |
Assets held for sale | $ | 16,468 | $ | 16,701 |
Total current assets | $ | 530,045 | $ | 526,505 |
Non-current assets | ||||
Restricted cash | $ | 881 | $ | 910 |
Other assets and prepaid expenses | $ | 67,219 | $ | 79,519 |
Loan receivables, net | $ | 1,069 | $ | 1,478 |
Lease right-of-use assets | $ | 20,651 | $ | 20,075 |
Property and equipment, net | $ | 16,358 | $ | 15,956 |
Intangible assets, net | $ | 87,552 | $ | 89,590 |
Goodwill | $ | 139,206 | $ | 152,029 |
Total non-current assets | $ | 332,936 | $ | 359,557 |
TOTAL ASSETS | $ | 862,981 | $ | 886,062 |
LIABILITIES AND SHAREHOLDERS' DEFICIT | ||||
Current liabilities | ||||
Accounts payable and accrued expenses | $ | 57,206 | $ | 56,305 |
Travel accounts payable | $ | 326,787 | $ | 348,753 |
Related party payable | $ | 90,805 | $ | 82,479 |
Short-term debt and other financial liabilities | $ | 29,722 | $ | 28,448 |
Deferred Revenue | $ | 34,181 | $ | 35,219 |
Other liabilities | $ | 81,761 | $ | 91,413 |
Contingent liabilities | $ | 6,130 | $ | 6,349 |
Lease Liabilities | $ | 6,429 | $ | 6,168 |
Liabilities held for sale | $ | 2,079 | $ | 2,620 |
Total current liabilities | $ | 635,100 | $ | 657,754 |
Non-current liabilities | ||||
Other liabilities | $ | 8,113 | $ | 12,188 |
Contingent liabilities | $ | 12,435 | $ | 14,572 |
Long-term debt and other financial liabilities | $ | 1,508 | $ | 1,944 |
Lease liabilities | $ | 15,209 | $ | 14,971 |
Related party liability | $ | 125,000 | $ | 125,000 |
Deferred Revenue | $ | 5,600 | $ | 5,600 |
Total non-current liabilities | $ | 167,865 | $ | 174,275 |
TOTAL LIABILITIES | $ | 802,965 | $ | 832,029 |
Series A non-convertible preferred shares | $ | 134,257 | $ | 126,848 |
Series B convertible preferred shares | $ | - | $ | 46,700 |
Total Mezzanine Equity | $ | 134,257 | $ | 173,548 |
SHAREHOLDERS' DEFICIT | ||||
Common stock | $ | 292,556 | $ | 292,279 |
Additional paid-in capital | $ | 257,338 | $ | 284,290 |
Other reserves | $ | (728) | $ | (728) |
Accumulated other comprehensive loss | $ | (21,027) | $ | (12,060) |
Accumulated losses | $ | (591,592) | $ | (605,029) |
Treasury Stock | $ | (10,788) | $ | (78,267) |
Total Shareholders' Deficit | $ | (74,241) | $ | (119,515) |
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' | $ | 862,981 | $ | 886,062 |
DEFICIT | ||||
Note: Cash & Cash Equivalents including restricted cash as of end of period Q2 2024 is $ 204,484 out of which $ 2.6 million is classified as held for sale
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Unaudited Statements of Cash Flows for the three-month periods ended June 30, 2024 and 2023 (in thousands of U.S. dollars, except as noted)
3 months ended June 30, | ||||
Cash flows from operating activities: | 2024 | 2023 | ||
Net income | $ | 13,437 | $ | 28,003 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||||
Unrealized foreign currency (gain) / loss | $ | (499) | $ | 6,325 |
Changes in fair value of earnout liability | $ | 1,282 | $ | 323 |
Changes in seller indemnification | $ | (1,282) | $ | (323) |
Loss from equity investments | $ | 80 | $ | 285 |
Depreciation expense | $ | 997 | $ | 3,091 |
Amortization expense | $ | 7,664 | $ | 7,257 |
Stock based compensation expense | $ | 1,457 | $ | 910 |
Amortization of lease right-of-use assets | $ | 1,946 | $ | 2,036 |
Interest and penalties | $ | 913 | $ | 793 |
Income tax benefit | $ | (3,079) | $ | (16,178) |
Allowance for credit expected losses | $ | 4,354 | $ | 3,505 |
Provision for contingencies | $ | (5,182) | $ | (7,393) |
Changes in assets and liabilities net of non-cash transactions: | ||||
Increase in trade accounts receivable, net of credit expected loss | $ | (34,729) | $ | (34,200) |
Decrease in loans receivable, net of allowance | $ | 682 | $ | 4,058 |
Increase in related party receivable | $ | (2,153) | $ | (2,705) |
Decrease / (Increase) in other assets and prepaid expenses | $ | 5,824 | $ | (5,883) |
Increase / (Decrease) in accounts payable and accrued expenses | $ | 3,068 | $ | (7,140) |
Increase in travel accounts payable | $ | 6,772 | $ | 36,670 |
Decrease in other liabilities | $ | (7,765) | $ | (4,175) |
Increase / (Decrease) in contingent liabilities | $ | 4,425 | $ | (6,940) |
Increase in related party payable | $ | 11,466 | $ | 20,723 |
Decrease in lease liabilities | $ | (2,173) | $ | (3,540) |
Increase in deferred revenue | $ | 5,241 | $ | 3,371 |
Net cash flows provided by operating activities | $ | 12,746 | $ | 28,873 |
Cash flows from investing activities: | ||||
Origination of loans receivable | $ | (2,658) | $ | (8,402) |
Collection of loans receivable | $ | 1,375 | $ | 2,685 |
Acquisition of property and equipment | $ | (2,189) | $ | (1,529) |
Capital expenditures, including internal-use software and website development | $ | (8,026) | $ | (9,414) |
Net cash flows used in investing activities | $ | (11,498) | $ | (16,660) |
Cash flows from financing activities: | ||||
Net decrease of short term debt | $ | (115) | $ | (5,624) |
Proceeds from issuance of short-term debt | $ | 13,070 | $ | 12,384 |
Payment of short-term debt | $ | (9,847) | $ | (9,123) |
Payment of long-term debt | $ | (335) | $ | (813) |
Payments of debenture issuance by securitization program | $ | (266) | $ | (1,268) |
Collect on debenture issuance by securitization program | $ | - | $ | 3,477 |
Exercise of stock-based awards | $ | 67 | $ | - |
Payment of dividends to stockholders Series A and Series B convertible preferred shares | $ | - | $ | (646) |
Net cash flows provided by / (used in) financing activities | $ | 2,574 | $ | (1,613) |
Effect of exchange rate changes on cash and cash equivalents | $ | (12,449) | $ | 5,312 |
Net (decrease) / increase in cash and cash equivalents | $ | (8,627) | $ | 15,912 |
Cash and cash equivalents and restricted cash as of beginning of the period | $ | 213,111 | $ | 228,022 |
Cash and cash equivalents and restricted cash as of end of period (1) | $ | 204,484 | $ | 243,934 |
- Cash & Cash Equivalents as of end of period Q2 2024 includes $ 2.6 million of Cash & Cash Equivalents related to a business classified as held for sale.
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Adjusted EBITDA Reconciliation
(in thousands, except as noted)
2Q24 | 2Q23 | Δ % | ||||
Net Income (1) | $ | 13,437 | $ | 28,003 | (52) % | |
Add (deduct): | ||||||
Financial result, net | $ | 14,464 | $ | 3,948 | 266 | % |
Income tax benefit | $ | (1,759) | $ | (13,251) | (87) % | |
Depreciation expense | $ | 997 | $ | 3,091 | (68) % | |
Amortization expense | $ | 7,664 | $ | 7,257 | 6 | % |
Share-based compensation expense | $ | 1,457 | $ | 910 | 60 | % |
Restructuring charges and other exit charges | $ | 427 | $ | - | n.m. | |
Total Adjusted EBITDA | $ | 36,687 | $ | 29,957 | 22 % |
- 2Q23 Net Income includes $9.8 million of one time benefits due to a reversal of Mexican tax provisions n.m.: Not Meaningful
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Adjusted Net Income Reconciliation
(in thousands, except as noted)
2Q24 | 2Q23 | Δ % | |||
Net income (1) | $ | 13,437 | $ | 28,003 | (52) % |
Add (deduct): | |||||
(a) Foreign exchange impact | $ | 8,894 | $ | (2,241) | n.m. |
(b) Acquisitions related expenses | $ | 779 | $ | 1,695 | (54) % |
(c) Share-based compensation expense | $ | 1,457 | $ | 910 | 60 % |
(d) Impairment of long-lived assets | $ | - | $ | - | - % |
(e) Restructuring, reorganization and other exit activities charges | $ | 427 | $ | - | - % |
(f) Discontinued operations | $ | - | $ | - | - % |
(g) Amortization expense of intangible assets | $ | 6,676 | $ | 5,725 | 17 % |
(h) Items included in legal reserves related to transactional taxes | $ | (1,754) | $ | (16) | n.m. |
(i) Other atypical impacts not related to the normal course of | $ | - | $ | (14,260) | - % |
business | |||||
(j) Non-controlling interest impact of the aforementioned | $ | - | $ | - | - % |
adjustments | |||||
(k) Tax impact of the non-GAAP adjustments and changes in tax | $ | 307 | $ | (13,737) | n.m. |
estimates | |||||
Total Adjusted Net Income | $ | 30,223 | $ | 6,079 | 397 % |
- 2Q23 Net Income includes $9.8 million of one time benefits due to a reversal of Mexican tax provisions Note: Preferred Dividends are not included in adjusted Net Income calculation as they do not impact Net Income n.m.: Not Meaningful
- Foreign exchange gains or losses.
- Acquisition costs, contingent consideration arrangements and amortization of intangible assets related to acquisitions
- Share-basedcompensation expense related to RSUs and SOPs granted on service-based awards.
- Impairment of long-lived assets
- Restructuring and related reorganization charges intended to simplify our businesses and improve operational efficiencies.
- Costs associated with an exit or disposal of a discontinued operation.
- Amortization expense of intangibles assets, excluding those related to acquisitions
- Items included in legal reserves, which includes reserves for potential settlement of issues related to transactional taxes (e.g., VAT, Revenue Tax and occupancy taxes), related court decisions and final settlements, and charges incurred, if any, for monies that may be required to be paid in advance of litigation in certain transactional tax proceedings, including part of equity method investments
- Reflects atypical impacts that are not related to the normal course of operations.
- Reflects the non-controlling interest impact of the aforementioned adjustment items; and
- The income tax impact of the non-GAAP adjustments and changes in tax estimates
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Geographic Breakdown
(in millions, except as noted)
2Q24 vs. 2Q23 - As Reported | Rest of Latin | |||||||||||
Brazil | Mexico | Total | ||||||||||
America | ||||||||||||
2Q24 2Q23 | Δ % | 2Q24 2Q23 | Δ % | 2Q24 2Q23 | Δ % | 2Q24 2Q23 | Δ % | |||||
Transactions ('000) | 1,247 | 989 | 26% | 421 | 399 | 6% | 762 | 816 | -7% | 2,431 | 2,204 | 10 % |
Gross Bookings | 586 | 508 | 15% | 294 | 268 | 9% | 460 | 511 | -10% | 1,340 | 1,287 | 4 % |
TPV Financial Services (1) | 18 | 17 | 8% | - | - | -% | - | - | -% | 18 | 17 | 9 % |
ASP ($) | 472 | 515 | -8% | 697 | 673 | 4% | 604 | 627 | -4% | 552 | 585 | -6 % |
Revenues | 185 | 166 | 12 % | |||||||||
Gross Profit | 133 | 106 | 26 % | |||||||||
2Q24 vs. 2Q23 - FX Neutral | Rest of Latin | |||||||||||
Brazil | Mexico | Total | ||||||||||
America | ||||||||||||
2Q24 2Q23 | Δ % | 2Q24 2Q23 | Δ % | 2Q24 2Q23 | Δ % | 2Q24 2Q23 | Δ % | |||||
Transactions ('000) | 1,247 | 989 | 26% | 421 | 399 | 6% | 762 | 816 | -7% | 2,431 | 2,204 | 10 % |
Gross Bookings | 618 | 508 | 22% | 285 | 268 | 6% | 855 | 511 | 67% | 1,758 | 1,287 | 37 % |
TPV Financial Services (1) | 19 | 17 | 14% | - | - | -% | - | - | -% | 19 | 17 | 15 % |
ASP ($) | 498 | 515 | -3% | 677 | 673 | 1% | 1,121 | 627 | 79% | 724 | 585 | 24 % |
Revenues | 241 | 166 | 46 % | |||||||||
Gross Profit | 173 | 106 | 64 % |
- Presented on a pre intersegment elimination basis. Intersegment TPV amounted to $16.9 million in 2Q24 and $14.9 million in 2Q23.
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Despegar.com Corp. published this content on 15 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2024 20:11:20 UTC.
