Q1 2022 Amadeus IT Group SA Earnings Call Transcript
Key Points
- Amadeus IT Group SA (XMAD:AMS) reported strong revenue recovery, reaching 65% of 2019 levels in Q1 2022.
- The company saw significant market share gains, particularly in North America.
- Free cash flow generation was robust, with EUR 143 million excluding implementation costs.
- The hospitality segment showed strong performance, reaching 85% of 2019 revenue levels.
- Amadeus IT Group SA (XMAD:AMS) signed 21 new distribution contracts or renewals with airlines in Q1 2022.
- Revenue per booking was 0.8% lower than in 2019 due to higher domestic travel and booking cancellations.
- The company’s leverage remains high, closing the quarter at 3.4x last 12 months EBITDA.
- APAC remains the slowest region in terms of recovery, impacting overall performance.
- The company faces ongoing macroeconomic and geopolitical uncertainties that could affect future travel volumes.
- Cost of revenue and fixed costs have increased, driven by higher R&D investment and discretionary spending.
Welcome to the Amadeus First Quarter 2022 Presentation Webcast. The management of Amadeus will run you through the presentation, which will be followed by a Q&A session. (Operator Instructions) I'm now pleased to hand over to you, Mr. Luis Maroto, President and CEO of Amadeus. Please go ahead, sir. Thank you.
Good afternoon, and welcome to our first quarter result presentation. Thank you for joining us today. As always, I joined by Till, I will focus on our most important developments in the quarter until we elaborate on the key financial aspects.
So let's start with Slide 4 for an overview of our results. In the first quarter of '22, our performance continued to advance towards recovery levels. As you can see, our quarterly revenue, EBITDA and adjusted profit reached 65%, 50% and 28% of 2019 levels, respectively. The continued strengthening of our performance was supported by progress in global traffic and travel volumes. At the beginning of the quarter, Omicron
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