EQS-News: HomeToGo SE / Key word(s): Annual Results/Annual Report
HomeToGo Releases 2023 Outlook: Fully Focused on Reaching Adjusted EBITDA Break-Even Alongside Strong Double-Digit Topline Growth, following an Impressive 2022
Luxembourg, 30 March 2023 - HomeToGo SE (Frankfurt Stock Exchange: HTG), the marketplace with the world's largest selection of vacation rentals, today released its 2023 outlook following an impressive 2022.
Dr. Patrick Andrae, Co-founder & CEO of HomeToGo: “2022 proved that vacation rentals remain one of the fastest growing and resilient travel verticals. Despite the global macroeconomic uncertainty, we managed to deliver another very strong performance, laying foundations for further progress in scaling HomeToGo to become a fast growth and profitable travel technology platform. Looking ahead, today’s 2023 outlook is an exciting milestone on our path to profitability, exemplifying our full focus on sustainable growth to reach break-even on an Adjusted EBITDA basis and rapidly advance towards our goal of €1bn in Booking Revenues by 2028/2029. We will continue to scale our supply across Europe and North America, build an unparalleled experience to efficiently drive repeat demand and further innovate technology solutions that help fuel the entire alternative accommodation ecosystem. We look forward to reaching new milestones on this next chapter of our journey.”
2023 Outlook: Sustainable advancements as HomeToGo very confidently aims to break-even on an Adjusted EBITDA basis
Following a record year, HomeToGo targets IFRS Revenues to grow 13 - 19% YoY to €165 - 175m and is very confident to reach Adjusted EBITDA break-even in financial year 2023 as guidance midpoint. To foster its path to profitability, HomeToGo will continue growing its supply in both Europe and North America and refining its unparalleled experience for travelers, scaling repeat demand at lower costs. This is combined with offering new, engaging add-on services to drive revenues and additional margins.
In addition to its efficient organic growth, HomeToGo plans to continue its successful strategy of lifting valuable synergy potentials from recent acquisitions. In the long term, HomeToGo aims to further leverage the enormous opportunities of the accommodation market with a previously announced target to achieve €1bn in Booking Revenues by 2028/2029, targeting a CAGR of 30-35%.
2022 performance: Significant strides across HomeToGo’s key strategic pillars
HomeToGo finished FY/22 with 55% YoY and 111% Yo3Y growth in IFRS Revenues to €146.8m (vs. €94.8m in FY/21 and €69.6m in FY/19), slightly surpassing the twice upgraded guidance of €141-146m. Booking Revenues grew 32% YoY and 106% Yo3Y to €163.7m (vs. €123.6m in FY/21 and €79.6m in FY/19).
On the supply side, HomeToGo grew its CPA Take Rate to 9.6% (vs. 8.3% in FY/21 and 6.8% in FY/19) and captured an Onsite share of 54% (vs. 44% in FY/21 and 26% in FY/19). The Company’s inorganic growth is underlined by acquiring and scaling healthy, profitable businesses that contribute positively to HomeToGo's operational and financial performance. In 2022 HomeToGo successfully completed the acquisition of AMIVAC, a leading provider of vacation rentals in France, e-domizil, one of its core and trusted partners primarily operating in Germany and Switzerland, and acquired the remaining 81% stake of SECRA, taking full ownership of a key software and service solution provider for the industry.
Q4/22 performance was in line with expectations and dominated by a strong booking high season, building up a record Booking Revenues Backlog of €32.5m (72% YoY). In addition, HomeToGo’s innovative technology, data and supply solutions - such as its all-in-one SaaS solution Smoobu that connects self-service focused hosts more easily to its partners - fueled its Subscriptions & Services business. Q4/22 Subscriptions & Services IFRS Revenues soared to €7.1m (178% YoY and 645% Yo3Y).
Strong improvement on profitability in 2022, surpassing twice upgraded guidance
In view of its financial and operational performance, combined with a resilient market for alternative accommodation, HomeToGo upgraded its guidance twice in 2022 and HomeToGo’s FY/22 Adjusted EBITDA stood at €(20.7)m. This is near the top of the upgraded guidance of €(20) - (25)m and above the initial guidance of Adjusted EBITDA that was in the €(25) - (35)m range.
The Adjusted EBITDA margin also improved by 8pp from (22)% in FY/21 to (14)% in FY/22, again at the top of the upgraded guidance of an Adjusted EBITDA margin of (14)-(18)%.
2022 Results: Annual Report and Presentation
Dr. Patrick Andrae, Co-founder & CEO, and Steffen Schneider, CFO, will present the financial results for 2022 and Q4/22 in a webcast and conference call today at 14:00 CEST, followed by a Q&A session for research analysts and investors.
The presentation will be held via a live audio webcast, and will be in English, hosted at: https://www.webcast-eqs.com/hometogo-fy22-q422
Interested participants can register in advance for the conference call - with the opportunity to take part in the Q&A session - at the following address: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=4974000&linkSecurityString=67277ce50
HomeToGo's Annual Report, as well as the earnings presentation for analysts and investors, is available on the HomeToGo Investor Relations website at ir.hometogo.de.
HomeToGo was founded in 2014 with a vision to make incredible homes easily accessible to everyone. To pursue this vision, HomeToGo was able to build and constantly grow a trusted and easy-to-use technology platform that brings together property suppliers with travelers from all across the world.
HomeToGo operates a marketplace for vacation rentals that connects millions of travelers searching for a perfect place to stay with thousands of inventory suppliers across the globe, resulting in the world's most comprehensive inventory coverage in the alternative accommodation space. HomeToGo's marketplace is beneficial to both of its customer groups: Consumers who visit HomeToGo's websites gain access to the largest inventory in one place, and supply partners who use the platform's reach and technology solutions are better able to serve a wide range of customers and generate more high-quality demand. While HomeToGo SE's registered office is located in Luxembourg, HomeToGo GmbH is headquartered in Berlin, Germany. HomeToGo operates localized apps and websites in 25 countries.
HomeToGo SE is listed on the Frankfurt Stock Exchange under the stock ticker “HTG”. For more information visit: www.hometogo.com/about
Investor Relations Contact
Certain statements contained in this release may constitute "forward-looking statements" that involve a number of risks and uncertainties. Forward-looking statements are generally identifiable by the use of the words "may", "will", "should", "plan", "expect", "anticipate", "estimate", "believe", "intend", "project", "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are based on assumptions, forecasts, estimates, projections, opinions or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change. No representation is made or will be made by HomeToGo SE that any forward-looking statement will be achieved or will prove to be correct. The actual future business, financial position, results of operations and prospects may differ materially from those projected or forecast in the forward-looking statements. Neither HomeToGo SE nor any of their respective affiliates assume any obligation to update, and do not expect to publicly update, or publicly revise, any forward-looking statements or other information contained in this release, whether as a result of new information, future events or otherwise, except as otherwise required by law.
Non-IFRS and Other Financial and Operating Metrics
Adjusted EBITDA: Net income (loss) before (i) income taxes; (ii) finance income, finance expenses; (iii) depreciation and amortization; adjusted for (iv) expenses for share-based compensation and (v) one-off items. One-off items relate to one-time and therefore non-recurring expenses and income outside the normal course of operational business. Among others those would include for example income and expenses for business combinations and other merger & acquisitions (M&A) activities, litigation, restructuring, government grants and other items that are not recurring on a regular basis and thus impede comparison of the underlying operational performance between financial periods.
Booking Revenues: Non-GAAP operating metric to measure performance that is defined as the net Euro value of bookings before cancellations generated by transactions on the HomeToGo platforms in a reporting period (CPA, CPC, CPL and Subscriptions & Services). Booking Revenues do not correspond to, and should not be considered as alternative or substitute for IFRS Revenues recognized in accordance with IFRS. Contrary to IFRS Revenues, Booking Revenues are recorded at the point in time when the booking is made. Revenues from Subscription & Services are considered equally for Booking Revenues as under IFRS to complement the view.
CPA Take Rate CPA Take Rate is the margin realized on the gross booking amount and defined as CPA Booking Revenues divided by GBV from CPA Booking Revenues (excl. Revenues from Hotels and Subscriptions & Services).
Onsite Booking: Where the complete transaction from discovery to payment happens on HomeToGo domains without the user being referred to a third party supplier website.
Onsite Share: Onsite Share is defined as ratio of Onsite CPA Booking Revenues to Booking Revenues excluding Booking Revenues from Subscriptions & Services that measures the penetration of our Partner base with our Onsite Product.
 Yo3Y is defined as the comparison vs. the financial year 2019
 Booking Revenues generated in 2022 or prior with IFRS Revenues recognition in FY2023, incl. SECRA and e-domizil