eDreams ODIGEO outperforms market, triples Prime members to 2.9m and makes substantial progress towards 2025 targets

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eDreams ODIGEO

May 26, 2022, 12:33 ET

BARCELONA, Spain, May 26, 2022 /PRNewswire/ -- eDreams ODIGEO (www.edreamsodigeo.com), Europe's largest online travel company, the largest globally in terms of flights outside of China and one of the largest European e-commerce businesses, today reports its results for Q4 and the year ended 31 March 2022.

With 247 websites and apps in 44 countries, 21 languages and 37 different currencies on one central platform, eDreams ODIGEO (eDO) now covers 80% of the global travel market.

Throughout FY22 we have seen the travel market improve and recover significantly, eDO outperformed the market (and its competitors) by a significant margin, and we positioned ourselves for future success with our innovative approach including the first and leading subscription programme in travel – Prime – which today[1] has 2.9 million members, triple that of a year ago.

  • Strong financial and operational improvement, significantly outperforming the market
    • Record 12.5 million Bookings, exceeding pre-pandemic levels, and up 10% above our pre-COVID-19[2] Bookings
    • Diversification Revenue up 340% at 73% of total revenues (FY21: 57%)
    • Cash Revenue Margin rose by 248% to €423.8 million from €121.8 million in FY21
    • Cash Marginal Profit at €107.4 million was three times that of FY21
    • Cash EBITDA turned positive at €44.2 million
    • Balance sheet strong with financial position enhanced further by €75 million equity raise and refinancing of bond in January 2022
  • Revolutionising travel, continued highly successful transition to subscription model
    • Prime membership continues to rapidly increase, adding over 482,000 in the last quarter
    • Today1, it is triple that at the beginning of FY22 at 2.9 million members and growing
    • Entire proprietary infrastructure reworked to enable growth and scaling of Prime
    • Huge global addressable market and potential, 225 million prospective households in Europe alone
  • Significant achievements in FY22
    • Transformed from a flight-centric, transactional service in online flights with best prices and flight options to predominantly a subscription model offering even better value
    • Well ahead of industry average in mobile bookings - best end to end mobile experience
    • High customer retention and lifetime value
    • Significant expansion of market and share of travel wallet by offer of hotels, cars, trains and any other travel ancillaries
    • Continuous enhancement to our technology platform to provide the quickest and best online experience
  • Good progress towards self-set 2025 targets
    • 7.25 million member target: 2.9 million reached, growing at a fast rate
    • Cash EBITDA of €180 million: already at at €44.2 million (up from - €27.4 million in FY21)

Dana Dunne, CEO of eDreams ODIGEO said: "Throughout FY22, we have continued to make strong progress in revolutionising travel and reinventing the travel experience through the ongoing success of our global, leading subscription model, Prime and pre-eminent worldwide position in flight bookings. We have gained market share, further enhanced our proposition and continue to thrive as a global business.

We see immense potential, for example 225 million households alone in Europe that we have targeted to become Prime customers. We know we will reach our targets for 2025 and this will represent a significant milestone while bringing substantial value to all our stakeholders.

FY23 has started very well indeed with travel markets opening as the pandemic subsides. eDreams ODIGEO is optimally placed and in pole position to take advantage of the undoubted desire to travel and the continued digitalisation of our markets. With FY23 volumes continually at record levels, significantly above 2019, and Prime membership continuing to rapidly grow, we are confident of future success."

Financial Information and Income Statement with increase in Prime Deferred Revenue Summary  

(in € million)

4Q

FY22

4Q

FY21

Var. %

12M

FY22

12M

FY21

Var. %

Revenue Margin

 

118.9

30.1

295%

382.6

111.1

244%

Increases Prime Deferred Revenue

 

7.9

2.0

290%

41.2

10.7

284%

Cash Revenue Margin

 

126.8

32.1

295%

423.8

121.8

248%

Cash EBITDA

 

10.8

(8.9)

n/a

44.2

(27.4)

n/a

Adjusted EBITDA

 

2.9

(10.9)

n/a

3.0

(38.2)

n/a

Net Income

 

(10.9)

(54.6)

n/a

(65.9)

(124.2)

n/a

Adjusted Net Income

 

(9.8)

(20.8)

n/a

(52.3)

(86.8)

n/a

(in thousands)

 

Bookings

 

3,602

900

300%

12,531

3,244

286%

For more information, click here.

About eDreams ODIGEO 

eDreams ODIGEO is one of the world's largest online travel companies and one of the largest e-commerce businesses in Europe. The business is the second largest flight retailer globally and the largest in Europe. Under its four leading online travel agency brands – eDreams, GO Voyages, Opodo, Travellink, and the metasearch engine Liligo – it serves more than 17 million customers per year across 44 markets. Listed on the Spanish Stock Market, eDreams ODIGEO works with over 690 airlines and +2.1 million hotels. The business conceptualised Prime, the first subscription product in the travel sector which has attracted 2.9 million members since launching in 2017. The brand offers the best quality products and the widest choice of regular flights, low-cost airlines, hotels, dynamic packages, cruises, car rental services and travel insurance products to make travel easier, more accessible, and better value for consumers across the globe.

[1] eDO Prime members as of 17th May 2022
[2] Last twelve months up to 31 January 2020

SOURCE eDreams ODIGEO

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