As publicly traded travel companies continue to report their earnings for the second quarter of this year, we round up the latest reports.
Amex GBT
American Express Global Business Travel is reporting revenue
of $592 million in the second quarter of this year, up 22% compared with Q2 2022.
Adjusted EBITDA in the quarter totaled $106 million, an
increase of 126% compared with the same period last year.
AmexGBT said transactions for small and medium enterprises
(SME) were up 15% year over year and approximately 30% of its new SME business
came from the unmanaged category.
Subscribe to our newsletter below
“We reported strong second quarter 2023 results, including
the highest quarterly revenue in our company’s history and strong adjusted
EBITDA growth and reached a huge milestone returning to positive free cash flow
ahead of projections,” said Paul Abbott, Amex GBT’s CEO.
“Specifically, we delivered strong SME growth, including yet
more traction in the unmanaged segment, and record SME new wins. This positive
momentum gives us the confidence to raise our full-year 2023 guidance.”
The company is raising its revenue guidance to a range of
$2.25 billion to $2.28 billion and raising adjusted EBITDA guidance to $365 million to $385 million
for the full year.
Sonder
Short-term accommodation provider Sonder’s revenue per
available room and average daily rate were both down slightly in the second
quarter compared with Q2 2022, but total revenue in the quarter was up.
Q2 RevPAR was $164, down 2% year over year, and average daily
rate was $200, down 1%. Total revenue was $157 million, up 30% compared with Q2
2022. The company’s number of live units increased 32% year over year to just
over 11,000. In July Sonder launched “Powered by Sonder,” its first hotel
collection that currently has 23 properties in 13 markets.
In a letter to shareholders, Sonder co-founder and CEO
Francis Davidson wrote, “Our cash flow positive plan is in full swing. ... So
far this year, our efforts to improve costs have been notable – in both direct
costs and overhead – with much of our improvement in free cash flow coming from
those efforts.”
Sonder has scheduled a special meeting of its stockholders
on September 15 to vote on whether to authorize a reverse stock split, which
could enable it to continue trading on Nasdaq. The company received
notice it is at risk of delisting in April.
Vacasa
Property management company Vacasa saw its adjusted EBITDA
improve in the second quarter of this year, to $16 million from a $2 million
loss in Q2 2022.
In a letter to shareholders, CEO Rob Greyber and chief financial officer Bruce Schuman
wrote, “We believe the $19 million year-over-year improvement is indicative of
the progress our teams are making in operating the business with increased
discipline.”
Vacasa said examples of this include steps it has taken to
better align “staffing levels within a dynamic reservation environment,” removing
“layers of management” and releasing “technology enhancements for key
workflows.”
In Q2, Vacasa’s revenue was $305 million, a 2% decrease
year-over-year. Gross booking value in the quarter was $622 million, down 8% compared with Q2 2022.
The company said it expects to continue improving its efficiency
and is forecasting “slight” adjusted EBITDA profitability for 2023.
Like Sonder, Vacasa
received notice of potential delisting from Nasdaq in late April. The
company said it has more than 40,000 homes on its platform across the United
States, Canada, Mexico, Costa Rica and Belize.
TUI Group
TUI Group announced a return to profitability in the three
months ending June 30, the third quarter of its fiscal year, with an underlying
EBIT of €169.4 million, an increase of €196.5 million compared with Q3 2022.
The travel and tourism company's revenue was €5.3 billion in the quarter, up
19% year over year.
Despite challenges posed by wildfires in Greece and subsequent
flight cancellations, the company said its booking levels for the summer season
rose 12.5 million, about 95% of pre-pandemic figures.
TUI Group’s cruise division had its fifth successive positive
quarter since the start of the pandemic, with underlying EBIT for the sector
reaching €64 million, up from €3 million in the same period last year. The
company’s hotel sector achieved underlying EBIT of €112 million and a five
percentage point boost in occupancy to 79%. And TUI Musement, the company’s
tours and activities platform, sold 2.7 million excursions, tours and activities
in the quarter – a 33% rise in sales. The segment’s underlying EBIT was €13.1
million, down slightly from Q3 2022.