As publicly
traded travel companies continue to report their third quarter 2022 earnings, we round up the latest reports.
Amex GBT
American
Express Global Business Travel is reporting revenue up 147% year-over-year in
the third quarter to $488 million.
The travel
management company’s adjusted EBITDA totaled $41 million and its transactions in
Q3 were at 71% of 2019 levels, increasing to 76% in October. Amex GBT says its
transaction recovery has been driven by industry recovery, new clients and
growth in the SME market.
Amex GBT
says it is on track to deliver full-year 2022 guidance for revenue of from $1.8 to $1.85 billion and full-year adjusted EBITDA of from $90 to $100 million.
“Our
third quarter results provide yet another proof point of our business momentum
and progress toward our financial and strategic objectives. Travel demand
strengthened meaningfully post-Labor Day, with September transaction volumes up
43% versus July. The recovery continued to gain momentum in October with
transaction recovery reaching 76%,” says Paul Abbott, Amex GBT CEO.
“Additionally,
our SME growth strategy continues to gain momentum. Of our $4.1 billion of
total new wins value over the past twelve months, $2.5 billion is from new SME
customers. Of this, approximately 25% by value and 50% by number of new wins
are customers whose travel programs were previously unmanaged. Our third
quarter results and ongoing momentum give us confidence in delivering our
full-year 2022 guidance.”
Sonder
Hospitality company Sonder finished Q3 with 9,000 units live in its portfolio – up 43%
year-over-year - and nearly 10,000 more in contract.
And it’s bringing in more revenue per available room as well, up
25% in the quarter compared to Q3 2021, to $158. Sonder’s revenue for the
period July through September totaled $125 million, up 85% year-over-year.
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In a letter to shareholders, founder and CEO Francis Davidson says, “Strong unit economics are at the heart of our Cash Flow Positive Plan – and Q3
results reaffirm our conviction in Sonder’s fundamentals. In Q3, we continued
to improve our cash contribution margins (CCM), resulting in five consecutive
quarters of improving unit economics. This sequential CCM improvement in Q3 is
particularly exciting as it demonstrates our cost improvements at the property
level.”
Sonder says for the full year of 2022 it expects revenue of more
than $455 million, nearly double the 2021 revenue of $232.9 million.
“We remain focused on reaching positive quarterly free cash flow
within 2023,” the company says.
Vacasa
Property management company Vacasa saw its adjusted EBITDA drop in
the third quarter this year compared to the same period last year. Adjusted
EBITDA came in at $46.1 million, down from $56.9 million in the prior year and below
the guidance range of $55 to $60 million.
The company says adjusted EBITDA missed guidance due to “higher
than expected local market and customer support costs.”
Revenue in Q3 was $412 million and gross booking value was $969
million, both up 25% year-over-year.
“Given the booking strength we had experienced over the prior two
years, our operations teams were staffed for high levels of demand, trying to
meet and exceed service levels in a high growth environment. Demand was strong
during the third quarter, but we were over-resourced in several areas, and that
caused costs to exceed our forecast.”
The company also says it had cost overruns from “our processes and
approach to managing our operations” and those will “take time to address
fully.” In October, Vacasa laid off
about 280 employees, primarily in its corporate office.