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- Despegar.com Corp DESP reported Q1 2023 sales growth of 41% Y/Y to a record quarterly level of $158.7 million, beating the consensus of $155.9 million.
- Gross Bookings increased 44% Y/Y to $1.1 billion, led by a recovery in Latin American travel demand.
- Transactions increased 5% Y/Y, and average selling prices rose 36% Y/Y to $558.
- Gross profit increased 54% to $107.7 million, with margins (as a % of gross bookings) expanding 66 basis points to 9.4%.
- Total Adjusted EBITDA grew 154% Y/Y to $17.3 million.
- EPS loss of $(0.10) missed the analyst consensus of $0.01.
- Operating cash flow stood at $5.2 million in Q1 2023.
- Despegar held $228 million in cash and equivalents as of March 31, 2023.
- 2023 Outlook Reiterated: The company expects revenues of $640 million to $700 million (consensus: $648.91 million) and adjusted EBITDA of $80 million to $100 million.
- "In summary, our first quarter results demonstrate Despegar's growing earnings power as we leverage the ongoing recovery in international travel, enabling us to meet both our near and long-term performance guidance, all while continually improving the overall customer experience that makes Despegar the preferred choice for Latin American travelers," stated Damian Scokin, CEO.
- Price Action: DESP shares traded higher by 6.69% at $6.30 on the last check Thursday.
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