Despegar.com Corp (DESP) 2023 Q1 法說會逐字稿

Good morning, and welcome to Despegar's First Quarter 2023 Earnings Call. A slide presentation is accompanying today's webcast and is available in the Investors section of the company's website, www.investor.despegar.com. (Operator Instructions)

早上好，歡迎來到 Despegar 的 2023 年第一季度收益電話會議。今天的網絡廣播附有幻燈片演示，可在公司網站 www.investor.despegar.com 的投資者部分獲取。 （操作員說明）

This conference call is being recorded. Now I would like to turn the call over to Mr. Luca Pfeifer, Investor Relations. Please go ahead.

正在錄製此電話會議。現在我想把電話轉給投資者關係部的 Luca Pfeifer 先生。請繼續。

Good morning, everyone, and thanks for joining us today. In addition to reporting unaudited financial results in accordance with U.S. generally accepted accounting principles, we discuss certain non-GAAP financial measures and operating metrics, including foreign exchange neutral calculations. Investors should read the definitions of these measures and metrics included in our press release carefully to ensure that they understand them. Non-GAAP financial measures and operating metrics should not be considered in isolation as substitutes for or superior to GAAP financial measures and are provided as supplemental information only.

大家早上好，感謝今天加入我們。除了根據美國公認會計原則報告未經審計的財務業績外，我們還討論了某些非 GAAP 財務措施和運營指標，包括外匯中性計算。投資者應仔細閱讀我們新聞稿中包含的這些措施和指標的定義，以確保他們理解它們。非 GAAP 財務措施和運營指標不應被孤立地視為替代或優於 GAAP 財務措施，僅作為補充信息提供。

Before we begin our prepared remarks, please turn to Slide 2 and allow me to remind you that certain statements made during the course of the discussion may constitute forward-looking statements, which are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to materially differ, including factors that may be beyond the company's control.

在我們開始準備好的發言之前，請翻到幻燈片 2，請允許我提醒您，在討論過程中所做的某些陳述可能構成前瞻性陳述，這些陳述基於管理層當前的預期和信念，並受一些因素的影響可能導致實際結果出現重大差異的風險和不確定性，包括可能超出公司控制範圍的因素。

These include, but are not limited to, expectations and assumptions related to the impact of the COVID-19 pandemic and the integration and performance of the businesses we acquire, including Best Day, Stays, Viajanet and Koin. For a description of these risks, please refer to our filings with the U.S. Securities and Exchange Commission and our press release.

這些包括但不限於與 COVID-19 大流行的影響以及我們收購的業務（包括 Best Day、Stays、Viajanet 和 Koin）的整合和績效相關的預期和假設。有關這些風險的描述，請參閱我們向美國證券交易委員會提交的文件和我們的新聞稿。

Speaking on today's call is our CEO, Damian Scokin who will provide an overview of Despegar's first quarter performance as well as an update on our strategic initiatives. I will then discuss the quarter's financial results in more detail. After which, Damian will end our prepared remarks providing annual guidance and wrap up before opening the call for your questions.

在今天的電話會議上發言的是我們的首席執行官 Damian Scokin，他將概述 Despegar 第一季度的業績以及我們戰略計劃的最新情況。然後我將更詳細地討論該季度的財務結果。之後，Damian 將結束我們準備好的評論，提供年度指導，並在開始徵求您的問題之前進行總結。

Damian will begin his remarks on Slide 3. Damian, please go ahead.

達米安將從幻燈片 3 開始他的發言。達米安，請繼續。

Thanks, Luca, and good day, everyone. Thank you for joining today's earnings call and for your interest in Despegar. Travel demand accelerated to begin the year, helping drive our gross bookings 44% higher in the first quarter when compared to the first quarter of 2022. Step-up demand combined with a healthy take rate, ASPs increasing in the mid-30s and still improving revenue mix, took our revenue to record levels. Importantly, our operating expenses increased at a far slower pace than gross bookings rising only 34%. And the quarter's strong top line growth, coupled with the operating leverage we've built into the business, drove adjusted EBITDA 154% higher to $17.3 million, our strongest in 5 years. Also gratifying was Koin's performance, which took another step towards the breakeven point with EBITDA improving $2.1 million year-on-year.

謝謝，盧卡，大家好。感謝您參加今天的財報電話會議以及對 Despegar 的關注。旅遊需求從年初開始加速增長，與 2022 年第一季度相比，推動我們第一季度的總預訂量增長了 44%。需求增長加上健康的接受率，平均售價在 30 多歲左右增長，並且仍在改善收入組合，使我們的收入達到創紀錄水平。重要的是，我們的運營費用增長速度遠低於總預訂量僅增長 34% 的速度。本季度強勁的營收增長，加上我們在業務中建立的運營槓桿，推動調整後的 EBITDA 增長 154% 至 1,730 萬美元，這是 5 年來的最高水平。同樣令人欣喜的是 Koin 的表現，它向盈虧平衡點又邁進了一步，EBITDA 同比增長 210 萬美元。

Turning to innovation on Page 4. On the left of this slide is a screenshot of a personalized homepage, a feature that we recently launched. This feature helps drive customer engagement by offering tailor-made flight and travel packages based on their purchase history, engagement as well as customer experience are also improved by providing information that enriches travel planning such as discount alerts and (inaudible) with travel tips and destination recommendations.

轉到第 4 頁上的創新。這張幻燈片的左側是個性化主頁的屏幕截圖，這是我們最近推出的一項功能。此功能通過根據客戶的購買歷史提供量身定制的航班和旅行套餐來幫助推動客戶參與，還通過提供豐富旅行計劃的信息（例如折扣提醒和（聽不清）旅行提示和目的地）來改善參與度和客戶體驗建議。

The chart on the right shows the share of transactions completed across our acquired brands as a percentage of consolidated B2C transactions.

右圖顯示了我們收購品牌完成的交易占綜合 B2C 交易的百分比。

When integrating Viajes Falabella, Best Day and Viajanet, we quickly had them running on our app platform while maintaining their brand identity. This has enabled us to drive customer engagement and of course, increase conversion rates. Also noteworthy is that over 60% of online B2C transactions across all our brands today involves some degree of participation of customer activity via our apps. Even though more than half of them are completed online, underscoring the significant potential to increase customer engagement over time. In a moment, we will show our progress to date.

在整合 Viajes Falabella、Best Day 和 Viajanet 時，我們很快就讓它們在我們的應用程序平台上運行，同時保持了它們的品牌標識。這使我們能夠推動客戶參與，當然也提高了轉化率。同樣值得注意的是，如今我們所有品牌超過 60% 的在線 B2C 交易都涉及通過我們的應用程序在一定程度上參與客戶活動。儘管其中超過一半是在線完成的，但凸顯了隨著時間的推移提高客戶參與度的巨大潛力。稍後，我們將展示我們迄今為止的進展。

Moving to Slide 5. Here, we track KPIs that show the progress we have been making in our 3 key focus areas to increase both revenue and profitability. Starting with revenue diversification, higher-margin stand-alone travel packages and [counting] for 34% of gross bookings in the first quarter, up 4 percentage points year-on-year and increasing 13 percentage points since the first quarter of 2019, reflecting our strategy to prioritize our key growth markets, Brazil and Mexico, our operations in these 2 countries now account for 59% of total gross bookings, up from 53% in last year's quarter.

轉到幻燈片 5。在這裡，我們跟踪 KPI，這些 KPI 顯示我們在 3 個關鍵重點領域取得的進展，以增加收入和盈利能力。從收入多元化開始，利潤率更高的獨立遊套餐和 [counting] 佔第一季度總預訂量的 34%，同比增長 4 個百分點，自 2019 年第一季度以來增長 13 個百分點，反映我們的戰略是優先考慮我們的主要增長市場巴西和墨西哥，我們在這兩個國家的業務現在佔總預訂量的 59%，高於去年同期的 53%。

As shown in the middle of the table, our focus on diversified distribution channels is bearing fruit. Our B2B channel which includes white labeling of our platform accounted for 15% of gross bookings in the quarter, more than doubling from 5% in the first quarter of 2018. Our apps continue to attract an increasing number of transactions with nearly 37% of online B2C transactions conducted via our apps, up from over 24% in the same quarter of 2018.

如表中所示，我們對多元化分銷渠道的關注正在取得成果。我們的 B2B 渠道（包括我們平台的白標）佔本季度總預訂量的 15%，比 2018 年第一季度的 5% 翻了一番多。我們的應用程序繼續吸引越來越多的交易，其中近 37% 是在線交易通過我們的應用程序進行的 B2C 交易，高於 2018 年同一季度的 24% 以上。

We also saw a meaningful increase in our installed base, which reached 25.1 million downloads, up 21.4% year-on-year. Customer centricity remains an integral part of our growth strategy. At the end of the first quarter, we had 14 million members in our loyalty program Passaporte, and over the last year, point redemptions by members have doubled to 7%.

我們的安裝基數也有了顯著增長，達到 2510 萬次下載，同比增長 21.4%。以客戶為中心仍然是我們發展戰略不可或缺的一部分。第一季度末，我們的忠誠度計劃 Passaporte 擁有 1400 萬會員，在過去一年中，會員積分兌換率翻了一番，達到 7%。

Our Net Promoter Score increased 800 basis points bringing up within 20 basis points of our first quarter 2019 pre-pandemic to course.

我們的淨推薦值增加了 800 個基點，使我們在 2019 年第一季度大流行前的 20 個基點內達到了正常水平。

I will now turn the call over to Luca for a deeper dive in our performance, starting with revenue and gross profit on Slide 6.

我現在將把電話轉給 Luca，以便更深入地了解我們的業績，從幻燈片 6 的收入和毛利潤開始。

Thanks, Damian. We delivered record revenues of $159 million in the first quarter. supported by accelerated travel demand, which recovered to approximately 80% of first quarter 2019 levels. Revenues grew 41% year-on-year and 19% above what we reported in first quarter 2019. As you can see at the top of the upper bar chart, we remain disciplined with the take rate. At 13.8%, we kept it well above our long-term target of 12% to 12.5%. In other words, we maintain our strong focus on profits, particularly in Mexico, Chile and Argentina.

謝謝，達米安。我們在第一季度實現了創紀錄的 1.59 億美元收入。在旅行需求加速的支持下，旅行需求恢復到 2019 年第一季度水平的約 80%。收入同比增長 41%，比我們在 2019 年第一季度報告的收入增長 19%。正如您在上部條形圖的頂部所看到的，我們對採用率保持紀律。我們將其保持在 13.8%，遠高於我們 12% 至 12.5% 的長期目標。換句話說，我們仍然非常關注利潤，尤其是在墨西哥、智利和阿根廷。

Turning to the bottom chart. Cost of revenue increased 20% year-on-year, which was less than half the increase in our revenues in the quarter. This contributed to record high gross profit of nearly $108 million, up 54% year-on-year and 7% sequentially. Looking across the top of the chart, you can see that we've consistently increased gross profit over the last 5 quarters.

轉到底部圖表。收入成本同比增長 20%，不到本季度收入增長的一半。這促成了近 1.08 億美元的創紀錄毛利潤，同比增長 54%，環比增長 7%。查看圖表頂部，您可以看到我們在過去 5 個季度中一直在增加毛利潤。

On the next slide, we provide a closer look at our cost discipline and improving operating leverage. Operating expenses as a percentage of revenues declined 317 basis points year-on-year even while selectively stepping up sales and marketing expenses and some key higher-margin growth areas.

在下一張幻燈片中，我們將更仔細地審視我們的成本紀律和提高運營槓桿。儘管有選擇地增加銷售和營銷費用以及一些關鍵的利潤率較高的增長領域，但營業費用佔收入的百分比同比下降了 317 個基點。

In the chart on the left, you can see that our fixed costs increased 10% versus last year's quarter, but were down nearly 5% sequentially, even as we continue to absorb costs related to the integration of Viajanet, which accounted for roughly half of a 25% increase in our product and technology development costs in the quarter. That was mainly onboarding Viajanet's Brazil-based developers who are augmenting the Despegar developer team.

在左側的圖表中，您可以看到我們的固定成本與去年同期相比增長了 10%，但環比下降了近 5%，即使我們繼續吸收與 Viajanet 整合相關的成本，該成本約佔本季度我們的產品和技術開發成本增加了 25%。這主要是招募 Viajanet 的巴西開發人員，他們正在擴充 Despegar 開發團隊。

The remainder of the increase was due to FX variations in local currency inflation in Argentina that increased IT personnel expenses. We'd like to draw your attention to the middle chart, which illustrates our improved operating leverage. As you can see, G&A expenses as a percentage of revenues decreased 664 basis points year-on-year while technology and product development costs decreased 208 basis points. G&A declined 4% year-on-year, mostly due to lower stock-based compensation and severance payments.

其餘的增長是由於阿根廷當地貨幣通貨膨脹的外匯變化導致 IT 人員開支增加。我們想提請您注意中間的圖表，它說明了我們改進的運營槓桿。如您所見，一般及行政費用佔收入的百分比同比下降 664 個基點，而技術和產品開發成本下降 208 個基點。 G&A 同比下降 4%，主要是由於基於股票的薪酬和遣散費較低。

Moving to the chart on the right, we continued investing in growth initiatives during the first quarter, with sales and marketing expenses increasing 12% sequentially and 555 basis points as a percentage of revenues. When looking at the 70% year-on-year increase in sales and marketing, recall we substantially reduced marketing spend in the first quarter 2022 due to the COVID Omicron variant back then.

轉到右圖，我們在第一季度繼續投資於增長計劃，銷售和營銷費用環比增長 12%，佔收入的百分比增長 555 個基點。在查看銷售和營銷同比增長 70% 時，回想一下，由於當時的 COVID Omicron 變體，我們在 2022 年第一季度大幅減少了營銷支出。

Approximately half the increase reflects strategic investments in building our higher-margin B2B white labeling business as well as off-line sales channels. Of note, investments in these areas here (inaudible) Viajes Falabella and Best Day brands increased gross bookings over last year's quarter by over 80% and 50%, respectively.

大約一半的增長反映了對建立利潤率更高的 B2B 白標業務以及線下銷售渠道的戰略投資。值得注意的是，在這些領域的投資（聽不清）Viajes Falabella 和 Best Day 品牌使去年同期的總預訂量分別增加了 80% 和 50% 以上。

We also invested more in performance marketing, which included promotional activities for our newly integrated Viajanet brand in Brazil, among other tactical investments to expand in our largest market.

我們還在績效營銷方面投入了更多資金，其中包括為我們在巴西新整合的 Viajanet 品牌開展的促銷活動，以及其他旨在擴大我們最大市場的戰術投資。

Now moving on to profitability on Slide 8. Pulling it all together, our improving cost structure, combined with strengthening travel demand across our markets drove a 154% year-on-year absolute increase in adjusted EBITDA, together with margin expansion of 483 basis points. Also noteworthy is our 11% adjusted EBITDA margin our highest since 2019, and we expect to carry this margin into the seasonally stronger third and fourth quarter.

現在轉到幻燈片 8 的盈利能力。總而言之，我們改進的成本結構，加上我們市場的旅遊需求增強，推動調整後 EBITDA 同比絕對增長 154%，同時利潤率擴大 483 個基點.同樣值得注意的是我們 11% 的調整後 EBITDA 利潤率是自 2019 年以來的最高水平，我們預計將這一利潤率帶入季節性強勁的第三和第四季度。

Let's move to Slide 9 for a closer look at Koin's performance. As Damian noted, Koin is still tracking well to the breakeven point that we are targeting for the second half of this year. Our buy now, pay later business improved $1.5 million sequentially and $2.1 million year-on-year to a negative $2.5 million. In line with our conservative loan origination, total payment volume decreased 12% compared to first quarter 2022.

讓我們轉到幻燈片 9 來更仔細地了解 Koin 的表現。正如 Damian 指出的那樣，Koin 仍能很好地跟踪我們今年下半年設定的收支平衡點。我們的先買後付業務環比增長 150 萬美元，同比增長 210 萬美元至負 250 萬美元。與我們保守的貸款發放一致，與 2022 年第一季度相比，總支付量下降了 12%。

On a sequential basis, we did see a modest increase, largely driven by loan origination for travel purchases as Koin continues to help us expand our addressable market in Brazil. Importantly, Koin maintained a take rate well above expected losses, reflecting our rigorous risk management and effective pricing strategy.

在連續的基礎上，我們確實看到了適度的增長，這主要是由於 Koin 繼續幫助我們擴大我們在巴西的潛在市場而為旅行購買提供的貸款。重要的是，Koin 保持了遠高於預期損失的接受率，反映了我們嚴格的風險管理和有效的定價策略。

I will now turn it back over to Damian, who will walk you through the progress of some of our strategic initiatives and make some closing remarks. Damian?

我現在將把它交還給達米安，他將向您介紹我們一些戰略舉措的進展情況並做一些結束語。達米安？

A few takeaways before we take your questions. The recovery in travel demand remains strong across Latin America. We continue to maintain our focus on profitable growth as our $17.3 million EBITDA in combination with 41% revenue growth show. Top line growth, operating leverage and a more profitable revenue mix generated 154% higher EBITDA than the first quarter of 2022. Koin's profitability continues improving, and the unit is on track to reach EBITDA breakeven later this year.

在我們回答您的問題之前，請先了解一些要點。整個拉丁美洲的旅遊需求復蘇依然強勁。我們繼續關注盈利增長，因為我們的 1730 萬美元 EBITDA 加上 41% 的收入增長。收入增長、經營槓桿和更有利可圖的收入組合使 EBITDA 比 2022 年第一季度高出 154%。Koin 的盈利能力持續改善，該部門有望在今年晚些時候實現 EBITDA 收支平衡。

To summarize, Despegar's strong fundamentals, coupled with a still strong demand recovery mean we are tracking well to our 2023 revenue and EBITDA guidance. Our exceptional financial performance, consistent delivery of higher adjusted EBITDA over the past 5 quarters, and record-breaking revenues as the Latin American travel market continues to recover is a testament to our dedicated team and solid business model.

總而言之，Despegar 強勁的基本面加上仍然強勁的需求復蘇意味著我們正在很好地跟踪我們的 2023 年收入和 EBITDA 指導。我們卓越的財務業績、在過去 5 個季度持續交付更高的調整後 EBITDA 以及隨著拉丁美洲旅遊市場的持續復甦而創紀錄的收入證明了我們敬業的團隊和穩固的商業模式。

Given these strong results and outlook, we continue to see considerable upsell to our share price. Thank you for your continued support, and we look forward to unlocking our potential and creating sustainable value for all our stakeholders.

鑑於這些強勁的業績和前景，我們繼續看到我們的股價大幅上漲。感謝您一直以來的支持，我們期待著釋放我們的潛力，為我們所有的利益相關者創造可持續的價值。

With that, let's open the call for questions. Operator, please proceed.

有了這個，讓我們打開問題的電話。接線員，請繼續。

(Operator Instructions) Our first question today comes from the line of Kevin Kopelman from TD Cowen.

（操作員說明）我們今天的第一個問題來自 TD Cowen 的 Kevin Kopelman。

This is Jacob in for Kevin. What are you seeing in terms of macro in Q2, particularly in Mexico, Chile and Brazil. Also, if you could provide any color on the take rate heading into the rest of the year.

這是凱文的雅各布。您對第二季度的宏觀經濟有何看法，尤其是在墨西哥、智利和巴西。此外，如果您可以提供有關今年剩餘時間的採用率的任何顏色。

This is Damian. Thank you very much for your question. What we are seeing in terms of demand across the Americas is that the trends of Q1 remained very strong. If you ask us, in particular in Mexico and Brazil, we are seeing strong bookings in both markets. And in terms of take rate, our view for the quarter and the remaining of the year is in line with our Investor Day projection. So it would be in the range between 12.5 and 13.5 in that order.

這是達米安。非常感謝你的問題。我們在整個美洲的需求方面看到的是，第一季度的趨勢仍然非常強勁。如果您問我們，特別是在墨西哥和巴西，我們會看到這兩個市場的預訂量都很高。就接受率而言，我們對本季度和今年剩餘時間的看法與我們的投資者日預測一致。所以它會按順序在 12.5 和 13.5 之間的範圍內。

Overall, we see, as I said, travel demand continued to recover during Q2, and that means that our revenue growth and our EBITDA will continue to grow in trajectory. That's our area to beat our annual guidance. We are totally on track to that annual guidance of $640 million to $700 million in revenues and an EBITDA between $80 million and $100 million.

總體而言，正如我所說，我們看到旅遊需求在第二季度繼續復甦，這意味著我們的收入增長和 EBITDA 將繼續保持增長。這是我們超越年度指導的領域。我們完全有望實現 6.4 億至 7 億美元的年度指導收入和 8000 萬至 1 億美元的 EBITDA。

Got it. And I also wanted to ask regarding the sales and marketing, up 12% Q-over-Q due to the increase in B2B investments. Is this a new trend for the rest of the year? Or is this new seasonality that we should be looking at?

知道了。而且我還想詢問有關銷售和營銷的問題，由於 B2B 投資的增加，Q-over-Q 增長了 12%。這是今年剩餘時間的新趨勢嗎？或者我們應該關注這種新的季節性？

Thanks, Jacob. This is Luca speaking. Indeed, as you correctly pointed out, our sales and marketing have increased on a sequential basis, particularly due to our investments in the off-line channels and B2B. Specifically, we will maintain a certain level of investment in those channels as they're very, very profitable for us and positive on operating contribution basis. However, looking into the second quarter, I think it's fair to assume that you will see a decrease in that line item when compared -- when you put it into relation to gross bookings.

謝謝，雅各布。我是盧卡。事實上，正如您正確指出的那樣，我們的銷售和營銷連續增長，特別是由於我們對線下渠道和 B2B 的投資。具體來說，我們將在這些渠道上保持一定水平的投資，因為它們對我們來說非常非常有利可圖，並且在運營貢獻基礎上是積極的。然而，展望第二季度，我認為可以公平地假設，當你將其與總預訂量聯繫起來時，你會看到該訂單項有所減少。

Got it. And my last question is regarding the competitive landscape. Is there any updates that you could provide there? Also, if you're seeing any M&A opportunities?

知道了。我的最後一個問題是關於競爭格局的。您可以在那裡提供任何更新嗎？另外，您是否看到任何併購機會？

Well, regarding the competitive landscape, as we've been mentioning in the last few calls, we see a much more rational behavior of our competitors. That has been the case in Q1, and that's what we still perceive on what's going on in Q2. In terms of M&A opportunities, as we said, we are having very promising conversations with a series of target, but obviously, we cannot disclose any of the specifics of those conversations.

好吧，關於競爭格局，正如我們在最近幾次電話中提到的那樣，我們看到競爭對手的行為更加理性。第一季度就是這種情況，這也是我們對第二季度發生的事情的看法。在併購機會方面，正如我們所說，我們正在與一系列目標進行非常有希望的對話，但顯然，我們不能透露這些對話的任何細節。

Our next question today comes from the line of João Soares from Citigroup.

我們今天的下一個問題來自花旗集團的 João Soares。

I have a couple of questions, if I may. I wanted to dig a little deeper first into Brazil. You guys are -- I know you don't want to comment on competition, but you guys are growing double what CVC is growing. So I just wanted to understand, there are clear consolidation opportunities. So I just wanted to understand how should we expect -- continue in sequential quarters. I mean you guys are still very confident about consolidating the market, specially in terms of OTA, right?

如果可以的話，我有幾個問題。我想先深入挖掘一下巴西。你們是——我知道你們不想評論競爭，但你們的增長是 CVC 增長的兩倍。所以我只是想了解，有明顯的整合機會。所以我只想了解我們應該如何預期 - 繼續連續幾個季度。我的意思是你們對鞏固市場還是很有信心的，特別是在OTA方面，對吧？

It seems like you guys have kind of a clear run rate there. So -- and also in that same context, I want to understand how is the relationship with suppliers? I mean imagine that it is improving. We are seeing in these more irrational players like [Hotel Brand] and all this under a lot of scrutiny. So it seems like it's a much more rational environment. So I wanted to understand how that connects your relationship with suppliers?

看來你們在那裡有一個明確的運行率。所以——也是在同樣的背景下，我想了解與供應商的關係如何？我的意思是想像它正在改善。我們在 [Hotel Brand] 等這些更加非理性的參與者身上看到了，所有這些都受到了嚴格的審查。所以這似乎是一個更加理性的環境。所以我想了解這如何將您與供應商的關係聯繫起來？

And the last one is on the working capital. We saw that receivables last year. You guys have done a lot of receivables in (inaudible) like this quarter much less. I wanted to see -- I want to confirm this, if there's sounding more receivables and thinking about funding and working capital dynamics. I just want to hear your thoughts about that we know that the margins were a bit tougher for funding. So I just want to touch on that.

最後一個是關於營運資金。我們去年看到了應收賬款。你們在這個季度（聽不清）做了很多應收賬款，少得多。我想看看 - 我想確認這一點，如果有更多的應收賬款並考慮資金和營運資金動態。我只想听聽你的想法，我們知道利潤率對資金來說有點困難。所以我只想談一談。

Damian, here. Thanks for your question. In terms of our performance in Brazil, that's one of the aspects of the recent performance in Q1 that is more positive, so many good news. So we're really happy on how the business is evolving in Brazil. In terms of competitors, we don't comment on their performance, but I can tell you that we'll continue to see a lot of opportunities in Brazil, not only in the B2C side of the business, but our B2B is growing particularly well in Brazil. As per the relationship with suppliers and the overall perspective of the Brazilian market, I can tell you that relationship with suppliers, particularly airlines. It's a very high note.

達米安，在這裡。謝謝你的問題。就我們在巴西的表現而言，這是最近第一季度表現更為積極的方面之一，有很多好消息。因此，我們對巴西業務的發展方式感到非常高興。在競爭對手方面，我們不評論他們的表現，但我可以告訴你，我們將繼續在巴西看到很多機會，不僅是在 B2C 業務方面，而且我們的 B2B 增長特別好在巴西。從與供應商的關係和巴西市場的整體來看，我可以告訴你與供應商的關係，特別是與航空公司的關係。這是一個非常高的音符。

We are doing a lot of things with many airlines generating opportunities for consumers to access travel at better prices in more competitive terms. And what we see is that the market is becoming more and more rational, as you're aware, some of the companies that offer products that in the end, they could not deliver, have been hurt by the disclosure of some of those issues and also with Brazilian regulators.

我們正在與許多航空公司合作，為消費者創造機會，以更具競爭力的條件以更優惠的價格進行旅行。我們看到的是市場變得越來越理性，正如你所知，一些提供產品的公司最終無法交付，因為其中一些問題的披露而受到傷害，並且也與巴西監管機構合作。

So we are extremely happy not only with the past performance, but with the perspective of the Brazilian market. In terms of the working capital dynamics, can you repeat the question? I'm not -- we couldn't listen it correctly.

因此，我們不僅對過去的表現感到非常高興，而且對巴西市場的前景也非常滿意。就營運資金動態而言，你能重複這個問題嗎？我不是——我們沒聽對。

Yes, sure, sure. Now in terms of the working capital, looking at your cash flow, it seems that your discount was much less receivables this quarter than you did last year. So I just wanted to confirm if I'm right based on what's there in the cash flow statement. And I understand if this will continue, if you guys are thinking about resuming discount of receivables. So overall, about funding, right, of your working capital.

是的，當然，當然。現在就營運資金而言，看看你們的現金流，本季度你們的折扣似乎比去年少得多。所以我只是想根據現金流量表中的內容確認我是否正確。如果你們正在考慮恢復應收賬款折扣，我知道這是否會繼續下去。總的來說，關於你的營運資金的資金。

João, thanks for clarifying. There are no changes in our working capital dynamics. As you know, Brazilian interest rates are very expensive at the moment. So we take advantage of our solid cash position to minimize -- try to minimize our interest expense. There's nothing else beyond that.

João，謝謝你的澄清。我們的營運資金動態沒有變化。如您所知，目前巴西的利率非常昂貴。因此，我們利用我們穩固的現金狀況來盡量減少——盡量減少我們的利息支出。除此之外沒有別的了。

Very helpful, Damian. And sorry to abuse, but just one last thing. Remind us of the deal with the L Catterton and the dividend of to L Catterton this quarter and if we should see another disbursement related to dividends on that front?

很有幫助，達米安。很抱歉濫用，但只是最後一件事。提醒我們本季度與 L Catterton 的交易和 L Catterton 的股息，我們是否應該看到與這方面的股息相關的另一筆支出？

Sure, João. No problem. Just as a brief reminder, we closed the deal with L Catterton in September 2020. The size was $150 million, and it pays a 10% interest payable semiannually. No changes there, right? We paid the last dividend, which amounted to $8 million and no changes on that front. But the same amount is still outstanding. And just as a reminder, the maturity of that structure is in September 2025.

當然，若昂。沒問題。簡單提醒一下，我們於 2020 年 9 月完成了與 L Catterton 的交易。規模為 1.5 億美元，每半年支付 10% 的利息。那裡沒有變化，對嗎？我們支付了最後一筆股息，總計 800 萬美元，這方面沒有變化。但同樣數額仍未償還。提醒一下，該結構的成熟期為 2025 年 9 月。

(Operator Instructions) I'll now move to a written question. The first written question comes from the line of Andrew Callum and he says, "Hello, congratulations on the very strong results. There has been a lot of news recently with a rapid development in AI and large language models such as ChatGPT. It has been surprising how much better many of these models are than chatbots used by most corporates today. Is there an opportunity to leverage this new technology to bring down cost of revenue."

（操作員說明）我現在轉到一個書面問題。第一個書面問題來自 Andrew Callum 的台詞，他說，“你好，祝賀你取得了非常好的結果。最近有很多新聞，人工智能和大型語言模型（如 ChatGPT）發展迅速。它已經令人驚訝的是，其中許多模型比當今大多數企業使用的聊天機器人要好得多。是否有機會利用這項新技術來降低收入成本。”

Yes. Certainly, cost of revenue is one of the many opportunities that this AI technology provides us. We are already working, particularly in customer service and operations in training models to help us provide more channel for access and better service to our consumers. We've been already working for, I would say, a couple of years to reach sentiment from speech to text, and efforts that have been in place for a while.

是的。當然，收入成本是這項人工智能技術為我們提供的眾多機會之一。我們已經在努力，特別是在客戶服務和培訓模型運營方面，以幫助我們為消費者提供更多的訪問佢道和更好的服務。我想說，我們已經努力了幾年，以從語音到文本表達情緒，並且已經進行了一段時間的努力。

So there's a lot of things that can be done and a lot of things we've been doing with AI and now even more with ChatGPT on the customer service side, but also on the revenue generative. Our ability to offer detailed information in terms of destination, recommendations to customers when you combine this technology with our knowledge and our insights of Latin American consumers is a game changer for us, and we're investing heavily both in what's better service on back office to revenue generation. And obviously, there is also some upset in terms of [engineering] productivity, as you know.

所以有很多事情可以做，我們一直在用 AI 做很多事情，現在在客戶服務方面用 ChatGPT 做的更多，但也在創收方面。當您將這項技術與我們的知識和我們對拉丁美洲消費者的洞察相結合時，我們能夠提供目的地方面的詳細信息、向客戶推薦的能力，這對我們來說是一個遊戲規則的改變者，我們正在大量投資於更好的後台服務創收。顯然，如您所知，[工程] 生產力方面也存在一些問題。

The next question today is another written question from Alejandra Aranda. And he say, "Good morning, Damian and Luca, congratulations on the results. Could you please comment on the gross profit margin trend? And also, what you expect in terms of marketing expenditure per transaction as this is slightly higher than pre-pandemic?"

今天的下一個問題是 Alejandra Aranda 的另一個書面問題。他說，“早上好，Damian 和 Luca，祝賀結果。你能評論一下毛利率趨勢嗎？還有，你對每筆交易的營銷支出的預期是什麼，因為這比大流行前略高？”

Thank you, Alejandra, for submitting your question. With regard to the gross profit margin, indeed, we expect to maintain current levels and carry them on certainly into the next quarter and seasonally stronger second half of this year. So we're quite content with how things are developing on that specific line item.

謝謝你，Alejandra，提交你的問題。事實上，關於毛利率，我們預計將維持目前的水平，並將其延續到下一季度和今年下半年季節性更強的水平。因此，我們對該特定訂單項的發展情況非常滿意。

With regards to the second part of your question on sales and marketing, very much in line with the question that we've received from Cowen. Again, we see a downward trend for the second quarter this year. And then as well for the remainder of the year, you should see, let's say, our numbers to trend into a positive level in line with the operating leverage that we generate.

關於你關於銷售和營銷的問題的第二部分，這與我們從 Cowen 收到的問題非常一致。同樣，我們看到今年第二季度呈下降趨勢。然後在今年餘下的時間裡，你應該看到，比方說，我們的數字趨向於與我們產生的運營槓桿一致的積極水平。

The next question comes from David O. They ask, "Congratulations on reaching 14 million loyalty members. Can you tell us how having 14 million members changes your business versus how you conducted business prior to having this membership program. Is this 14 million membership basis impact on your business, something major that the consensus is missing?"

下一個問題來自 David O。他們問，“祝賀您達到 1400 萬忠誠會員。您能告訴我們擁有 1400 萬會員如何改變您的業務與您在擁有此會員計劃之前開展業務的方式相比嗎？這是 1400 萬會員基礎嗎？對您的業務有影響，這是共識缺失的重大事件嗎？”

Well, maybe thanks a lot for your question. This is, for us, a tremendous opportunity in very several dimensions. One is acquisition cost. As you know, we particularly in terms of our organic traffic, our lower dependence on traffic investment. This is another tool to keep reducing our acquisition cost.

好吧，也許非常感謝你的問題。對我們來說，這在很多方面都是一個巨大的機會。一是收購成本。如您所知，我們特別是在有機流量方面，我們對流量投資的依賴性較低。這是另一個不斷降低購置成本的工具。

Second, it's obviously a component of the growing value proposition to our consumers, and it's a reflection of how strong the brand and how loyal the customers are towards this (inaudible).

其次，它顯然是我們消費者不斷增長的價值主張的一個組成部分，它反映了品牌的強大程度以及客戶對此的忠誠度（聽不清）。

Finally, it opens up a lot of opportunities in terms of building better offers to our consumers. We are extremely happy with how the enrollment of new members has been evolving, and we are growing towards more and more redemptions. Keep in mind that at the moment, only 7% of our transactions involve some type of point redemption, and we expect that to be much higher.

最後，它在為我們的消費者提供更好的服務方面開闢了很多機會。我們對新會員註冊的進展情況感到非常高興，並且我們正在朝著越來越多的贖回方向發展。請記住，目前我們只有 7% 的交易涉及某種類型的積分兌換，我們預計這一比例會更高。

Just as an example, we have the ability to offer our consumers a payment mix in between bonds and cash or credit card that makes the consumers' access to travel products uniquely flexible. So we are extremely excited how this has evolved but are much more excited on what lies ahead of us.

舉個例子，我們有能力為我們的消費者提供介於債券和現金或信用卡之間的支付組合，使消費者對旅遊產品的訪問具有獨特的靈活性。因此，我們對它的演變方式感到非常興奮，但對我們面前的事情更加興奮。

The next written questions today come from Santiago Jariton, and they say, "Two questions. One, what's the total cumulative negative EBITDA you expect to have in Koin until it gets to breakeven? And two, can you please talk about what run rate cash conversion from EBITDA one should expects on $100 million of EBITDA, how much cash would you generate"

今天的下一個書面問題來自 Santiago Jariton，他們說，“兩個問題。第一，在達到盈虧平衡之前，您預計 Koin 的總累計負 EBITDA 是多少？第二，你能談談運行率現金嗎從 EBITDA 轉換一個人應該期望 1 億美元的 EBITDA，你會產生多少現金“

Thank you, Santiago, for submitting your question. With regards to Koin, we are currently eyeing an impact on cumulative negative EBITDA around $23 million, $24 million.

聖地亞哥，謝謝您提交問題。關於 Koin，我們目前正在關注對累計負 EBITDA 的影響，約為 2300 萬、2400 萬美元。

Since we acquired.

自從我們收購了。

Since we acquired, of course, since acquired them, right? And for this year, we are looking at substantially reducing the negative EBITDA impact versus what we've seen in second -- in 2022. With regards to your question on cash conversion, as we guided the market before, we're looking at a cash conversion from EBITDA of around 60% in the future in the long term.

既然我們收購了，當然，既然收購了他們，對吧？今年，我們正在考慮大幅減少 EBITDA 的負面影響，而不是我們在第二年——2022 年看到的。關於你關於現金轉換的問題，正如我們之前引導市場的那樣，我們正在考慮從長期來看，未來 EBITDA 的現金轉換率約為 60%。

Next written question we have is from João Soares from Citi Bank. "What are your plans on physical presence in Brazil?"

我們的下一個書面問題來自花旗銀行的 João Soares。 “你在巴西的實際存在有什麼計劃？”

Thanks for your question. As we always said, we offer multichannel, omnichannel value proposition, and we are exploring all options. And certainly, physical stores are no doubt of the questions for the second half of 2023. We will perhaps test the waters on how that results will leave the number of outlets.

謝謝你的問題。正如我們常說的，我們提供多渠道、全渠道的價值主張，並且我們正在探索所有選項。當然，實體店無疑是 2023 年下半年的問題。我們可能會試水，看看該結果將如何影響門店數量。

(Operator Instructions) There are currently no additional questions waiting at this time. So I'd like to pass the call back over to Damian Scokin for any closing remarks. Please go ahead.

（操作員說明）目前沒有其他問題在等待。因此，我想將電話轉回 Damian Scokin 以聽取任何結束語。請繼續。

Thank you very much, operator. And my I just wanted to thank everybody for your interest in Despegar. We're looking forward to seeing you again when we release the Q2 numbers. Thanks a lot, and take care.

非常感謝你，接線員。我只是想感謝大家對 Despegar 的興趣。我們期待在發布第二季度數據時再次見到您。非常感謝，保重。

This concludes today's conference call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開線路。