Despegar.com Q1: 41% Revenue Jump, Solid Gross Bookings, Recovering Demand For International Traffic & More

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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