DLVHF Q1 2024 Earnings
AI Summary
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Call Details
- Call Title: Delivery Hero Ag Na Q1 2024 Earnings Call
- Date: April 25, 2024 at 12:00 PM UTC
- Management Team:
- Christoph Bast (Head of Investor Relations)
- Niklas Östberg (Chief Executive Officer)
- Emmanuel Thomassin (Chief Financial Officer)
Call Summary
Financial Performance
- GMV increased 8% year-on-year in Q1 on a constant currency basis excluding hyperinflation adjustments.
- Total segment revenues increased 21% year-on-year in Q1 on a constant currency basis.
- Platform gross profit margin was reported as 7.6% in one slide and 7.7% in prepared remarks, representing a ~60 basis-point improvement year-on-year on the higher figure.
- Europe posted GMV growth of 19% and revenue growth of 26% year-on-year on a constant currency basis in Q1.
- Asia delivered flat GMV on constant currency in Q1 while revenues grew 14% year-on-year in Q1.
- Americas grew GMV by 7% and revenues by 6% year-on-year on a constant currency basis in Q1.
- Integrated verticals generated GMV growth of 25% and revenue growth of 27% year-on-year on a constant currency basis in Q1.
- Reported one-off and non-cash items included a goodwill impairment of €858M and aggregate non-cash expenses of roughly €2.0B impacting net income for FY2023 disclosures.
Guidance
- Full-year GMV growth guidance is 7% to 9% year-on-year on a constant currency basis and excluding hyperinflation.
- Full-year segment revenue guidance was increased to 18% to 21% year-on-year on a constant currency basis and excluding hyperinflation.
- FX headwinds for the year are expected to be approximately 2% to 3%.
- Adjusted EBITDA guidance for full-year 2024 is maintained at €725M to €775M despite increased investments in South Korea.
- Full-year free cash flow before interest payments is now expected to be positive for 2024 on the back of adjusted EBITDA and margin expansion.
- Glovo is expected to achieve positive adjusted EBITDA in the second half of 2024 including group cost.
- D-MARTS are targeted to reach positive adjusted EBITDA by the end of 2024, with an internal Q4 margin estimate for D-MARTS around 7%.
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