Despegar.com Registers 46% Sequential Growth In Q4 Gross Bookings

Despegar.com Corp DESP reported fourth-quarter FY21 sales growth of 134% year-on-year, to $124.6 million, beating the consensus of $110.93 million. Revenues declined 14% from 4Q19 levels and increased 49% Q/Q.
Gross Bookings increased 46% Q/Q to $958.8 million, reflecting higher travel demand across the region and reaching 75% of the pre-pandemic level in 4Q19.
Transactions increased 86% Y/Y and decreased 18% against Q4 FY19.
The gross profit increased 169% Y/Y to $73.7 million and fell 22% from 4Q19.
The operating expenses increased 25% Y/Y to $75.7 million. The operating loss was $(1.6) million.
Adjusted EBITDA was $9 million versus a loss of $(19.3) million last year.
EPS loss was $(0.22) versus $(0.40) a year ago. Adjusted EPS loss of $(0.17) missed the consensus loss of $(0.08).
The company held $279.2 million in cash and equivalents as of December 31, 2021.
Damian Scokin, CEO stated, "While Omicron is still dampening travel trends in the current quarter, we anticipate seeing a recovery in travel purchases next quarter and expect to benefit from substantial pent-up demand during the remainder of the year."
Price Action: DESP shares are trading higher by 2.79% at $11.53 on the last check Thursday.