DLVHF Q2 2024 Earnings

Call Details

• Call Title: Delivery Hero Ag Na Q2 2024 Earnings Call
• Date: August 29, 2024 at 12:00 PM UTC
• Management Team:
  • Christoph Bast (Head of Investor Relations)
  • Niklas Östberg (CEO)
  • Marie-Anne Popp (Interim CFO)

Call Summary

Financial Performance

• Group reported 7% year-on-year GMV growth in constant currency for Q2 2024.
• GMV accelerated to a 10% increase in June 2024 compared to the prior year period.
• Total segment revenues grew to €6 billion in H1 2024, representing 19% year-over-year growth on an IFRS basis.
• Adjusted EBITDA improved materially to €240 million in H1 2024 on a non-GAAP basis, with Niklas reporting an uplift of €231 million year-on-year during the quarter commentary.
• Operating cash flow turned positive at €103 million in H1 2024 and the company reported break-even on free cash flow in H1 2024 on management-defined metrics.
• Cash and cash equivalents finished H1 2024 at approximately €1.8 billion.

Guidance

• Full-year 2024 GMV guidance was reiterated at 7% to 9% year-over-year growth in constant currency, excluding hyperinflation effects.
• Full-year 2024 total segment revenue guidance was reiterated at 18% to 21% year-over-year growth in constant currency, excluding hyperinflation effects.
• The company currently expects FX headwinds of approximately 3% for the full year 2024.
• Full-year adjusted EBITDA guidance was reiterated at €725 million to €775 million and explicitly includes additional investments in South Korea.
• The company expects positive free cash flow for the full year 2024 on management free cash flow definition.
• No quantitative guidance was provided on subscriber penetration or country-level order mix changes beyond top-line ranges.