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Despegar.com Announces 3Q17 YoY Growth of 32% in Gross Bookings and 24% in RevenuesDespegar.com, Corp. (NYSE: DESP), ("Despegar" or the "Company") a leading online travel company in Latin America, today announced unaudited results for the three- and nine-month periods ended September 30, 2017. Financial results are expressed in U.S. dollars and are presented in accordance with U.S. generally accepted accounting principles. Third Quarter 2017 Key Highlights
Message from CEO "We are pleased today to report our first quarter as a public company with strong and profitable growth," commented Damian Scokin, Despegar's CEO. "Our growth and market share gains were a result of ongoing investment in cross-selling initiatives driving increased gross bookings particularly in higher margin Packages, Hotels and Other Travel Products. We are also successfully executing on our mobile strategy, with the share of mobile transactions up significantly year-on-year." "A milestone for the Company during the quarter was the successful completion of our Initial Public Offering with net proceeds to the Company of $254 million which provides financial flexibility and additional resources to continue growing the business. We are beginning a new chapter as a public company, and are in the early stages of the development of the online travel industry in Latin America. We are focused on driving growth by executing on our long-term strategy of cross-selling, improving the customer experience and further broadening our product portfolio to continue the strong momentum across the business."
To obtain the full text of this earnings release and the 3Q17 earnings presentation, please click on the following link: investor.despegar.com
Use of Non-GAAP Financial Measures This announcement includes certain references to Adjusted EBITDA and Free Cashflow, non-GAAP financial measures. The Company defines: Adjusted EBITDA is defined as net income / (loss) exclusive of financial income / (expense), income tax, depreciation, amortization and share-based compensation. Free cashflow is defined as cashflow from operating activities less capital expenditures including capitalized software. Adjusted EBITDA and Free cashflow are not measures recognized under U.S. GAAP. Accordingly, readers are cautioned not to place undue reliance on this information and should note that these measures as calculated by the Company, may differ materially from similarly titled measures reported by other companies, including its competitors. Adjusted EBITDA margin refers to Adjusted EBITDA as defined above divided by revenue. About Despegar.com Despegar is the leading online travel company in Latin America. Operating across 20 countries, Despegar provides a broad suite of travel products, including airline tickets, travel packages, hotel bookings and other travel products to over 16 million customers. With a mission to make travel possible, the Company's one-stop marketplace enables millions of users to find, compare, plan and easily purchase travel services and products. Through Despegar's websites and leading mobile apps, it offers products from over 250 airlines and more than 300,000 hotels, as well as approximately 900 car rental agencies and approximately 250 destination services suppliers with more than 7,000 activities throughout Latin America. The Company owns and operates two well-recognized brands, Despegar, its global brand, and Decolar, its Brazilian brand. Despegar is traded on the New York Stock Exchange (NYSE: DESP). For more information, please visit www.despegar.com. Forward Looking Statements This press release includes forward-looking statements. We have based these forward-looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting our business and our market. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements. Forward-looking statements are not guarantees of future performance. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or to revise any forward-looking statements.
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