Full Year 2024 Webjet Ltd Earnings Call Transcript
Key Points
- Webjet Ltd (ASX:WEB) reported record levels in key metrics, with bookings up 21% to 8.7 million and TTV up 29% to $5.6 billion.
- EBITDA increased by 40% to $188.1 million, showcasing strong profitability.
- WebBeds, the B2B wholesaling business, saw a 39% increase in revenue to $327.9 million and a 39% rise in EBITDA to $162.4 million.
- The Webjet OTA business achieved record EBITDA margins and increased its market share, particularly in international bookings.
- The company maintains a strong cash position with total cash up $116 million as of March '23, and generated significant cash from operations.
- GoSee business showed only modest growth, with EBITDA at $1.7 million, impacted by supply challenges and lack of inbound tourism.
- Expenses increased by 38%, which, although in line with revenue growth, indicates rising operational costs.
- The Middle East market remains materially lower due to trading policies, affecting overall regional performance.
- The company expects a decline in TTV margins due to changes in business mix, which could impact future profitability.
- No dividend was declared for the full year, and the potential demerger adds uncertainty to future capital management strategies.
Don't stop me now. I'm having such a good time. I'm having a ball. Good morning. Welcome to the Webjet Limited FY24 results. Joining me today is our CFO, Tony Ristevski. Let's get stuck into it.
So, as we see on slide 3, key metrics are all at record levels, materially ahead of FY23, and obviously, ahead of pre-pandemic numbers. Bookings are up to -- up 21% to 8.7 million. TTV is up 29% on last year to $5.6 billion. Revenue up 29% to $471.5 million and most importantly, EBITDA up 40% to $188.1 million.
Let's go through the key divisions and look at the highlights. The most important thing that these results encapsulate are the revised strategies of the business over the last three years and we're seeing a significant outperformance against the market for all of our business units. And let's go through them individually.
WebBeds, the B2B wholesaling business is up 39% on FY23, 27% on a functional currency basis with a result of $162.4 million, Obviously, all key metrics are up significantly ahead of FY23, and we
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