EQS-News: HomeToGo SE
/ Key word(s): Quarter Results
HomeToGo Delivers Exceptional Performance in Q1/23 - Outstanding Growth in Booking Revenues and Record High Booking Revenues Backlog Gives Full Confidence In Achieving Guidance
Luxembourg, 16 May 2023 - HomeToGo SE (Frankfurt Stock Exchange: HTG), the marketplace with the world's largest selection of vacation rentals, today announced strong results for the first quarter of 2023 following exceptional traveler demand. With exemplified progress across its strategic priorities, HomeToGo is fully confident to achieve Adjusted EBITDA break-even alongside double-digit percentage growth this year.
In Q1/23 HomeToGo continued to deliver strong business advancements supported by the exceptional demand during peak booking season as travelers planned their summer trips at the beginning of the new year. This resulted in a record high growth in the Booking Revenues Backlog to €69.5m, increasing by 80% YoY (vs. €38.6m in Q1/22). Booking Revenues reached the best quarter ever, with €65.3m at 50% YoY growth (vs. €43.4m in Q1/22). This was driven by an increasing CPA Take Rate of 10.6% (vs. 9.4% in Q1/22) and a higher Booking Revenues Onsite Share of 58% (+3pp YoY), additionally supported by a strong U.S. business. Robust IFRS Revenues growth of 16% YoY amounted to an absolute record high for the first quarter of €21.9m, which is in line with the Company’s guidance to reach double-digit IFRS Revenues growth in FY/23.
HomeToGo’s strong Q1/23 results were especially reinforced by the continued momentum of its Subscriptions & Services business. Subscriptions & Services remained a key strategic pillar in Q1/23 and further accelerated by 84% YoY to €5.9m in IFRS Revenues (vs. €3.2m in Q1/22).
Q1/23 resulted in an Adjusted EBITDA of €(24.8)m (vs. €(22.3)m in Q1/22), equivalent to an Adjusted EBITDA margin improvement of +5pp YoY to (113.4)% (vs. (118.3)% in Q1/22). The improvement largely stems from a substantially higher marketing efficiency, visible in an improved marketing and sales cost ratio of +15pp YoY.
Based on an exceptional Q1/23, the Company reiterates its FY/23 guidance of growing IFRS Revenues by 13 - 19% to €165 - 175m and is fully confident to achieve Adjusted EBITDA break-even in 2023.
Dr. Patrick Andrae, Co-founder & CEO of HomeToGo: “Following our record-breaking 2022, HomeToGo is thrilled to have started the new year with such an impressive quarter, both in terms of our financial results and delivering on our strategic approach. We have once again surpassed previous financial records demonstrated by our highest ever Booking Revenues Backlog, further representing the continued resilience of the travel industry and HomeToGo’s growth as the preferred accommodation choice for savvy travelers. Notably, the marketing and sales cost to Booking Revenues ratio improved on a yearly basis by an impressive +21pp from 75% to 54%, providing additional visibility into our profitability. Looking ahead, we will remain focused on our growth and strategic priorities as we head very confidently towards Adjusted EBITDA break-even in 2023.”
Steffen Schneider, CFO, will present the quarterly results in a conference call at 2:00 pm CEST today, 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/hometogo2023-q1
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=3702337&linkSecurityString=4d0b2e652
The Q1 2023 financial 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.
Use of Non-IFRS Performance Measures
This release includes certain financial measures not presented in accordance with IFRS, which may exclude items that are significant in understanding and assessing the Company's financial results. These measures should not be considered in isolation or as an alternative to measures of profitability, liquidity or performance under IFRS. Regarding the alternative performance measures Adjusted EBITDA, Booking Revenues, Onsite Booking Revenues, Onsite Share and CPA Take Rate, the Company refers to the corresponding definitions published on its IR website under IR resources (http://ir.hometogo.de/).
 Booking Revenues generated until March 31, 2023 with IFRS Revenues recognition based on check-in date after the reporting date in FY 2023.
 Marketing and sales adjusted for expenses for share-based compensation, depreciation and amortization, and one-off items in relation to IFRS Revenues.
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