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HomeToGo Reports All-Time High Q3 Results And Positive Adjusted EBITDA After 9M - Fully On Track To Achieve Adj. EBITDA Break-Even, Revising Revenues Guidance

EQS-News: HomeToGo SE / Key word(s): Quarter Results
HomeToGo Reports All-Time High Q3 Results And Positive Adjusted EBITDA After 9M - Fully On Track To Achieve Adj. EBITDA Break-Even, Revising Revenues Guidance

08.11.2023 / 19:55 CET/CEST
The issuer is solely responsible for the content of this announcement.


HomeToGo Reports All-Time High Third Quarter Results And Positive Adjusted EBITDA After Nine Months - Fully On Track To Achieve Adjusted EBITDA Break-Even, Revising Revenues Guidance Due To Softer Demand During Peak Season

Q3/23 Key Financial Results:

  • New all-time high Adjusted EBITDA of €28.1M reflecting a margin of 38% (+3pp YoY). This largely stems from a substantially higher marketing efficiency as demonstrated by an improved marketing and sales cost ratio[1] of 42% (vs. 49% in Q3/22). With this milestone figure, HomeToGo has reached positive Adjusted EBITDA with €4.7M in 9M/23 (vs €(4.6)M in 9M/22)
  • Robust IFRS Revenues growth resulting in a new absolute record high quarterly figure of €73.9M (6% YoY). Due to softer demand during peak season and in light of continued pressure on demand for bookings with check-in dates in 2023, HomeToGo has revised its existing IFRS Revenues guidance for FY/23 from €165-175M to €158-162M. The Company remains fully confident to achieve Adjusted EBITDA break-even as guidance midpoint and narrows the targeted range for Adjusted EBITDA to between €(1.0)-1.0M for FY/23 (previous range of €(2.5)-2.5M)
  • Robust YoY growth in Booking Revenues of 7% to €45.3M driven by CPA Business, with CPA Take Rate reaching an all-time high of 11.6% (+2.0pp YoY). Booking Revenues Backlog[2] grew an outstanding 29% YoY to a record high end-of-Q3 figure of €12.4M
  • Subscriptions & Services reached the highest quarter ever reaching IFRS Revenues of €12.0M (42% YoY), accounting for 19% of HomeToGo Group’s total 9M/23 IFRS Revenues
  • Cash position remains robust at the end of Q3/23, amounting to €135.7M with further inflows expected in Q4/23 as receivables convert into cash
  • Revising existing guidance of IFRS Revenues to a range between €158-162M (previous range of €165-175M), Booking Revenues to a range of €180-190M (previous range of €185-205M) and a Booking Revenues Onsite Share of 52%-56% (previous range of 56%-61%)
  • Due to conscious cost discipline, the Management Board continues to expect an Adjusted EBITDA break-even as guidance midpoint and narrows the targeted range for Adjusted EBITDA to between €(1.0)-1.0M for the financial year 2023 (previous range of €(2.5)-2.5M)

Luxembourg, 8 November 2023 - HomeToGo SE (Frankfurt Stock Exchange: HTG), the marketplace with the world’s largest selection of vacation rentals, today announced a record performance in Q3/23. In the third quarter, HomeToGo delivered a significant improvement in profitability with a substantially higher marketing efficiency exemplified by a marketing to sales cost ratio of 42% (vs. 49% in Q3/22). This resulted in a new all-time high Adjusted EBITDA of €28.1M (16% YoY), equivalent to an Adjusted EBITDA margin of  38% (+3pp YoY).

In Q3/23 HomeToGo achieved robust IFRS Revenues growth of 6% YoY to a record high quarterly result of €73.9M. Booking Revenues grew by 7% YoY to €45.3M with a Booking Revenues Onsite share of 51% (+6pp YoY). Additionally, CPA Take Rate advanced to 11.6% (+2.0pp YoY). HomeToGo also generated its highest ever Q3 Booking Revenues Backlog of €12.4M (29% YoY) to be recognized as IFRS Revenues in Q4/23. Its Subscriptions & Services business, a profitable and strategic priority for the Company, grew 42% YoY to €12.0M in IFRS Revenues.

HomeToGo’s Q3/23 results are coupled with the Company’s strong 9M/23 performance, which represents significant growth and continued strides towards profitability. In 9M/23 Booking Revenues reached a new all-time high of €160.8M (23% YoY), alongside record highs for IFRS Revenues of €138.5M (10% YoY) and Adjusted EBITDA of €4.7M (+€9.3M YoY).

In light of continued pressure on demand for bookings with check-in dates in 2023 due to the more difficult economic conditions in HomeToGo’s core markets, the Company now expects IFRS Revenues in a range between €158-162M (previous range of €165-175M), Booking Revenues in a range of €180-190M (previous range of €185-205M) and a Booking Revenues Onsite Share of 52%-56% (previous range of 56%-61%). Based on its Q3/23 and 9M/23 performance, HomeToGo continues to be fully confident to achieve Adjusted EBITDA break-even this year.

Dr. Patrick Andrae, Co-founder & CEO of HomeToGo: “HomeToGo has once again delivered record high quarterly results despite industry-wide softer demand in our core markets in July and August. Our strong figures include our highest ever quarterly IFRS Revenues, with our third quarter results even surpassing our full-year 2019 IFRS Revenues. This continued progress across all business pillars is a result of our commitment to our long-term sustainable performance. Looking ahead, we already saw booking behaviors start to rebound at the end of the third quarter with the majority of bookings planned for 2024. We remain fully confident to reach our number one priority of Adjusted EBITDA break-even in full-year 2023.”

HomeToGo will hold its virtual Capital Markets Day on 12 December. The Capital Markets Day will include a comprehensive update from HomeToGo’s management on the Company’s business strategy with a particular focus on demand, product, supply and technology, including HomeToGo’s AI developments.

 

About HomeToGo
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

 

Media Contact
Caroline Burns
press@hometogo.com

Investor Relations Contact
Sebastian Grabert, CFA
+49 157 501 63731
IR@hometogo.com

 

Forward-Looking Statements
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/).

[1] Adjusted for expenses for share-based compensation, depreciation, amortization and one-off items in relation to IFRS Revenues.
[2] Booking Revenues before cancellation generated until September 30, 2023 with IFRS Revenues recognition based on check-in date in Q4/23.



08.11.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Language:English
Company:HomeToGo SE
9 rue de Bitbourg
L-1273 Luxembourg
Luxemburg
E-mail:ir@hometogo.com
Internet:ir.hometogo.de
ISIN:LU2290523658, LU2290524383
WKN:A2QM3K , A3GPQR
Listed:Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange
EQS News ID:1768805

 
End of NewsEQS News Service

1768805  08.11.2023 CET/CEST

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