The following is a summary of the Global Blue Group Holding AG (GB) Q3 2024 Earnings Call Transcript:
Financial Performance:
Global Blue reported a 41% increase in revenue for the first nine months, and EBITDA increased by 103% to €115 million.
The company expects an acceleration of annualized adjusted EBITDA at €159 million.
Global Blue completed debt refinancing with a new senior debt of €610 million and free cash flow of nearly €100 million.
The net leverage ratio significantly improved from over 6x to 3.6x, with a target to go below 2.5x.
For Q3, the company reported an increase of €1.5 billion in store sales and a 26.2% increase in group revenue to €109.4 million.
Adjusted net income for Q3 rose to €9.1 million from €6.6 million the previous year.
For the nine-month period, group revenue increased by 41% to €317 million and adjusted EBITDA rose significantly to €115 million.
Business Progress:
Global Blue confirmed recovery in both the European and APAC regions and strong international spending from US and Gulf country shoppers.
Despite visa issuing and high flight cost constraints, the company expects continuous improvement, especially from the Chinese market.
Q3 saw strong performance in TFS, AVPS, and RTS divisions.
The company successfully acquired ZigZag and consolidated Yogoda and ShipUp, driving RTS revenue increase by 11.6% to €6.8 million.
Global Blue confirmed no significant impact from inflation or recession, attributing this to their business model and high net worth consumer base.
The company raised €45 million from Tencent via a strategic equity investment.
More details: Global Blue IR
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