WEBJET LIMITED FY18 RESULTS PRESENTATION JOHN GUSCIC, Managing Director TONY RISTEVSKI, Chief Financial Officer 23 August 2018 B2C TRAVEL B2C TRAVEL B2B HOTELS B2B HOTELS Page 1
$ 3 BN $ 3 BN $291 M $291 M TTV TTV Revenue FY18 Revenue Financial Up 54% Up 54% Up 54% Up 54% highlights (1) $ 55.7 M $ 87.4 M $ 43.2 M $ 87.4 M NPAT EBITDA NPAT EBITDA (before AA) Up 71% Up 30% Up 71% Up 63% (1) For the Continuing Operations- refer to page 33 for full description Page 2
Record financial performance • For the continuing operations FY18 • $87.4 million EBITDA – up 71% • $55.7 million NPAT (before AA) – up 63% Key • 30.0% EBITDA margin – up 303bps highlights Booking CAGR continues to increase • 4-Year Total Booking CAGR - 44% • 4-year Organic Booking CAGR - 28% Scale benefits flowing through in the Webjet OTA • Continuing to gain market share - flight bookings growing at more than 3 times the market • TTV margins continue to increase – from 7.5% to 10.8% in 6 years Fastest growing B2B player in the world • Significantly outperforming market in all regions – more than 15 times market growth • Successful integration of transformational acquisition of JacTravel • Increasing size delivering strong EBITDA growth Page 3
WEBJET.COM.AU AUSTRALIA / NEW ZEALAND Page 4
A$ FY18 FY17 Change Ancillary Bookings ('000s) 1,549 1,404 +10% TTV (1) products 1,345 million 1,176 million +14% Revenue 145.6 million 121.2 million +20% and scale EBITDA 58.7 million 43.1 million +36% driving TTV / Revenue Margin 10.8% 10.3% +52bps EBITDA EBITDA Margin 40.3% 35.6% +473bps growth • Overall bookings up 10% • Average Booking Value (ABV) up 4% • TTV margins up 52bps • EBITDA margins up 473bps (1) For comparative purposes, FY17 TTV adjusted to exclude car TTV earned by • Costs up 11% on 20% revenue growth Online Republic for Webjet volume. Zuji Australia ceased operating during FY18 • Marketing costs constant at 2% of TTV and customers have been transitioned to Webjet. Page 5
Webjet OTA is now 50% of the entire OTA flight market Flight Market Growth Webjet Growth 9 % Bookings 8 % 2.5 % Domestic Webjet Domestic continue to Year-on-year Bookings (1) Bookings Webjet flight outperform bookings 14 % 4.1 % in line with Webjet International International Bookings (2) Bookings growth targets Outperforming the market by more than 3 times • More than 5% of the domestic flight market • More than 3% of the international flight market Domestic Passenger numbers growth – 12 (1) months to June 2018. Source BITRE (2) Seasonally Adjusted Short Term Resident Arrivals – 11 months to May 2018. Source Australian Bureau of Statistics Page 6
Ancillary revenues becoming more meaningful Brand Flights Ancilliaries strength 27% driving 20% 73% increased 80% sales across FY16 FY18 entire • product Technology improvements facilitating greater cross-sell across ancillary products • In aggregate, ancillary products are growing faster than flights range • Cars and Packages growing significantly faster than their underlying markets; Hotels also growing again • All ancillary products (packages, car hire, insurance and hotels) are higher TTV/revenue margin than flights Page 7
ONLINE REPUBLIC Global Marketplace Page 8
A$ FY18 FY17 Change Bookings ('000s) 501 446 +12% TTV (1) Improved 2H 313 million 292 million +7% Revenue 31.5 million 29.9 million +5% reflects 13.3 million 15.0 million -11% EBITDA strategy to TTV / Revenue Margin 10.1% 10.3% -18bps reduce EBITDA Margin 42.1% 50.0% -792bps acquisition costs and • Cars and Motorhomes bookings grew well in excess of their underlying markets but Cruise underperformed reflecting a material slowdown in Australia/NZ cruise market growth increase TTV • Strong TTV growth in Cars and Motorhomes offset by Cruise margins • TTV margins down due to margin erosion from Cruise • FY18 EBITDA impacted by: • Introduction of Netflix tax (GST on inbound tangible supplies made by overseas suppliers to Australian Consumers) from 1 July 2017 – FY impact $1.6 million • Lower contribution from Cruise (1) For comparative purposes, FY17 TTV • On a constant currency basis, FY18 EBITDA would have been $13.8 million includes car TTV earned by Online Republic for Webjet volume. Page 9
MOTORHOMES CAR CRUISE Strong HIRE growth in • • • Motorhomes bookings Car hire bookings growth Cruise bookings fell 6% growth 16% yoy 14% yoy yoy Motorhomes • • • Awarded CLIA NZ “cruise Lower growth in Australia/NZ Strong market and Cars agency of the year” for 3 rd source markets (up 5%) outperformance - global car offset by significant growth in hire bookings growth year in a row. Nominated by but Cruise NTIA for “Best OTA in 2018” around 2% (1) European and North American markets (up 30 • • Improved pricing strategies Continues to be a difficult under- and 21% respectively) for insurance products market for aggregators • Foreign language bookings offset impact of Netflix tax performed • Material slowdown in driving European growth – • Average revenue per regional Cruise market currently supported in 8 growth – CY2017 growth booking up yoy languages; integrating of 4.4% (21% in CY2016) • Continues to be key driver Google translation (2) of car hire growth in Webjet technology for others • Average revenue per OTA • Expanded US domestic booking down; reduced supply during the year capacity due to fewer ships operating than FY17 (1) Source: Avis and Hertz global growth rates (2) Source: CLIA 2018 Cruise Report Page 10
B2B HOTELS WebBeds DIGITAL PROVISION OF HOTEL ROOMS TO GLOBAL PARTNERS Page 11
A$ FY18 FY17 Change Bookings ('000s) 2,277 726 +214% WebBeds TTV 1,354 million 482 million +181% Revenue (1) 114.0 million 37.6 million +203% Strategy EBITDA 27.2 million 0.4 million +7,649% delivering TTV / Revenue Margin (2) 8.4% 7.8% +61bps results 9.2% 8.3% +93bps TTV / Revenue Margin (excl TC) EBITDA Margin 23.8% 0.9% +2,291bps Growing share and growing margins • Organic Bookings up 79%; Organic TTV up 71% • Acquisition of JacTravel in FY18 significantly increased size in all regions. Integration now largely complete • Further technology and back-office efficiency opportunities continue to be worked through • Strong organic bookings growth in all regions – strong growth in Europe; now #2 player in MEA; (1) Revenue is shown net of costs of sale as significant growth in Americas and Asia Pacific principal (i.e. on agency basis) (2) TTV/ Revenue Margin includes Thomas • TTV and EBITDA margin continues to improve Cook TTV for which no revenue is earned • Direct contracts continue to increase, reducing reliance on third parties - 21,000 direct contracts now Page 12 driving more than 50% TTV
Multi-supply aggregation • Full global inventory offering strategy • Highly competitive pricing • Size is a User-friendly technology competitive advantage FY18 FY17 Directly contracted hotels 21,000+ 10,000 Third party suppliers 60 30 Hotel chain connections 25 15 Page 13
Region (1) FY18 FY17 Change WebBeds AMEA 571 273 +109% Bookings Europe (incl TC) 1,296 387 +235% ('000s) Regional Asia 410 65 +530% overview AMEA 385 214 +80% TTV 775 241 +221% Europe (incl TC) (A$M) Asia 195 27 +620% Since 1 January 2018, WebBeds has been structured AMEA 11.6 2.7 +335% around regions rather EBITDA Europe (incl TC) 17.6 0.9 +1,782% (A$M) than brands Asia (2.1) (3.2) +37% (1) Under the new regional format, clients previously recognised in multiple regions have now been allocated to a single region Page 14
A$ FY18 FY17 Change Bookings ('000s) 571 273 +109% TTV 385 million 214 million +80% WebBeds EBITDA 11.6 million 2.7 million +335% AMEA Middle East & Africa – continued strong bookings growth in flat market Highlights • TTV up 43%, 31% in base currency • Organic bookings up 19%. Underlying market growth estimated to be flat • Continues to gain share – now the #2 player operating in 25 markets • Increased sales through higher margin supply sources (direct contract and international hotel chains) driving EBITDA growth The Americas • TTV up 380%, 335% in base currency • Organic bookings up 145%. Underlying market growth estimated at around 3% • Significant bookings growth coming through in both North and South American markets • Operating in 15 markets across Latin America • USA now the largest destination for WebBeds customers • Higher margin supply sources and increased size driving EBITDA contribution • Americas now profitable Page 15
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