DESP - Despegar.com -2% post Q1 results

Despegar.com ([[DESP]] -2.2%) Q1 revenues declined 31% Y/Y and excluding the impact of extraordinary cancellations declined 37% Y/Y to $51.9M.Impacted by the quarter spike in COVID-19 pandemic, Gross Bookings declined 8% Q/Q to $369.2M, 53% Y/Y and excluding Brazil and Argentina, Gross Bookings would have increased 11% Q/Q.Packages, Hotels and Other Travel Products accounted for 68% of total revenue.On a Q/Q basis, Revenue margin improved 78 bps and by 69 bps when excluding extraordinary cancellations, reflecting the Company’s profitability focus.Transactions decreased 2% Q/Q; excluding Brazil, transactions grew 12% sequentially. Transactions declined 40% Y/Y.Room Nights decreased 9% Q/Q, 49% Y/Y. Mobile accounted for 50% of Transactions in 1Q21, up 584 bps Y/Y.Adj. EBITDA as reported in 1Q21 was a loss of $20M reflecting the second wave of the COVID-19 pandemic, particularly in Brazil and Argentina.Cash and equivalents, including restricted cash, amounted to $325.7M, as of Mar. 31, 2021, a sequential decrease

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Despegar.com -2% post Q1 results