Q1 2023 Amadeus IT Group SA Earnings Call Transcript
Key Points
- Group revenue increased by 43% year-over-year, indicating strong financial performance.
- EBITDA grew by 72%, showcasing significant operational efficiency.
- Adjusted profit expanded by 188%, reflecting robust profitability.
- Free cash flow amounted to EUR 273 million, supporting a net financial debt of EUR 2 billion.
- Strong performance in Air Distribution with 20 new contracts or renewals signed in the first quarter.
- Booking growth rates are expected to slow down in the coming quarters due to the recovery experienced by the travel industry.
- Cost of revenue grew by 59.7% in the quarter, driven by volume expansion and other factors.
- P&L fixed costs increased by 14% compared to the same quarter last year, impacting overall expenses.
- Revenue per PB in Air IT Solutions decreased by 12.5%, driven by a proportion of Air IT revenues not linked to PBs.
- Corporate travel recovery is still behind leisure travel, impacting overall booking volumes.
Welcome to the Amadeus First Quarter 2023 Presentation Webcast. (Operator Instructions) I am now pleased to turn over to you, Mr. Luis Maroto, President and CEO of Amadeus. Please, sir, go ahead.
Good afternoon. Welcome to our first quarter results presentation, and thank you very much for joining us today. I'm Here with Till. I will start, as usual, with an overview of our most important developments in the quarter until we elaborate on the key financial aspects.
We'll start to Slide 4, please, for an overview of our performance over the period. In the first quarter of the year, the airline industry continued to make progress. Flow of traffic further recovered, and capacity and load factors continued to increase. (inaudible) domestic traffic approach 2019 levels, supported by travel policy loosening in China. Global international traffic also improved, although more modestly than domestic traffic led by the Asia Pacific region. In this context, Amadeus' financial
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