Despegar.com(DESP)
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Despegar.com(DESP) - 2021 Q4 - Annual Report
2022-04-29 10:55
Table of Contents Title of each classTrading SymbolName of each exchange on which registered Ordinary Shares, no par value DESP The New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION ...
Despegar.com(DESP) - 2021 Q4 - Annual Report
2022-04-28 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15b-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2022 Commission File Number 001-38209 DESPEGAR.COM, CORP. (Exact name of registrant as specified in its charter) British Virgin Islands (Jurisdiction of incorporation or organization) Juana Manso 999 Ciudad Autónoma de Buenos Aires, Argentina C1107CBR (Address of principal executive offices) Indicate by check ...
Despegar.com(DESP) - 2021 Q4 - Earnings Call Transcript
2022-03-10 16:32
Despegar.com, Corp (NYSE:DESP) Q4 2021 Earnings Conference Call March 10, 2022 8:00 AM ET Company Participants Damián Scokin – Chief Executive Officer Natalia Nirenberg – Investor Relations Alberto Gaffney – Chief Financial Officer Conference Call Participants Emily Lavin – Cowen and Co. Alejandra Aranda – ITAU Karen Kenny – Morgan Stanley Operator And welcome to Despegar's Fourth Quarter 2021 earnings call. A slide presentation is accompanying today's webcast and is available at the Investor section of the ...
Despegar.com(DESP) - 2022 Q1 - Quarterly Report
2022-03-09 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15b-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of March 2022 Commission File Number 001-38209 DESPEGAR.COM, CORP. (Exact name of registrant as specified in its charter) British Virgin Islands (Jurisdiction of incorporation or organization) Juana Manso 999 Ciudad Autónoma de Buenos Aires, Argentina C1107CBR (Address of principal executive offices) Indicate by check ...
Despegar.com(DESP) - 2021 Q3 - Earnings Call Transcript
2021-11-17 17:29
Despegar.com, Corp. (NYSE:DESP) Q3 2021 Results Earnings Conference Call November 17, 2021 8:00 AM ET Company Participants Natalia Nirenberg - Investor Relations Damián Scokin - Chief Executive Officer Alberto Gaffney - Chief Financial Officer Conference Call Participants Ed Yruma - KeyBanc Operator Good morning. And welcome to the Despegar Third Quarter '21 Earnings Conference Call. A slide presentation is accompanying today's webcast and is available in the Investors section of the company's website, inve ...
Despegar.com(DESP) - 2021 Q2 - Earnings Call Transcript
2021-08-19 16:18
Despegar.com, Corp. (NYSE:DESP) Q2 2021 Earnings Conference Call August 19, 2021 8:00 AM ET Company Participants Natalia Nirenberg - Investor Relations Damián Scokin - Chief Executive Officer Alberto Gaffney - Chief Financial Officer Conference Call Participants Edward Yruma - KeyBanc Capital Markets Kevin Kopelman - Cowen Brian Nowak - Morgan Stanley Operator Good morning, and welcome to the Despegar Second Quarter 2021 Earnings Call. A slide presentation is accompanying today's webcast and is available in ...
Despegar.com(DESP) - 2021 Q1 - Earnings Call Transcript
2021-05-19 18:18
Despegar.com, Corp. (NYSE:DESP) Q1 2021 Earnings Conference Call May 19, 2021 8:00 AM ET Company Participants Natalia Nirenberg - Investor Relations Damián Scokin - Chief Executive Officer Alberto Gaffney - Chief Financial Officer Conference Call Participants Kevin Kopelman - Cowen & Company Alex Wong - Morgan Stanley Operator Good morning, and welcome to the Despegar First Quarter 2021 Earnings Call. A slide presentation is accompanying today's webcast and is available in the Investors Section of the Compa ...
Despegar.com(DESP) - 2020 Q4 - Annual Report
2021-04-30 20:12
Financial Performance - In 2020, the company incurred a net loss of $142.6 million, operating losses of $177.2 million, and negative operating cash flows of $118.3 million[56]. - Gross bookings declined by 83% during the nine-month period ended December 31, 2020, compared to the same period in 2019, with a 94% decline in Q2 2020 compared to Q1 2020[39]. - The company has experienced unfavorable working capital trends and negative cash flow since Q2 2020 due to lower new bookings and elevated cancellations[182]. - The ongoing COVID-19 pandemic has disrupted typical seasonal patterns for bookings, revenue, and profit, making future forecasts challenging[182]. Market Conditions - Brazil accounted for 47% of transactions in 2020, while Argentina and Mexico accounted for 11% and 20%, respectively[44]. - The Brazilian real depreciated by 29% and the Argentine peso by 40.5% in 2020, impacting revenue due to currency exchange rate fluctuations[52]. - The Mexican peso depreciated by 5% in 2020 against the dollar, which could impact the company's financial condition[204]. - The inflation rate in Brazil was 3.8% in 2018, 4.3% in 2019, and 4.52% in 2020, contributing to economic uncertainty[198]. - Argentina's real GDP is estimated to have decreased by 11.8% in 2020, indicating significant economic volatility[193]. COVID-19 Impact - The company expects continued significant impacts on future revenues and operations due to the ongoing COVID-19 pandemic and related economic conditions[43]. - The COVID-19 pandemic has disrupted the travel industry, adversely affecting the financial condition of many suppliers, which may continue to impact the company's operations and offerings[78]. - The company anticipates that consumer spending on travel will remain weak due to economic uncertainty and potential recessionary conditions in Latin America[49]. - The company has experienced a significant increase in customer service costs due to the pandemic, negatively affecting operational results[39]. Competition and Market Strategy - The company operates in a highly competitive travel market in Latin America, facing pressure from both established and emerging competitors, which may adversely affect its business and results of operations[61]. - The company is focused on increasing consumer traffic and conversion rates, which may require significant increases in marketing expenditures[57]. - The company faces challenges in adapting to the shift towards mobile platforms, which is critical for maintaining market share and user engagement[169]. Supplier Relationships and Risks - The company relies heavily on maintaining relationships with travel suppliers, including airlines and hotels, with a potential $125 million termination fee if the Expedia Outsourcing Agreement is terminated[64]. - Adverse economic developments in the travel industry could impact the company's ability to maintain existing supplier relationships, potentially reducing revenue and margins[65]. - A significant portion of the company's revenue is dependent on airline ticket sales, making it vulnerable to changes in the airline industry, including consolidations and bankruptcies[76]. Regulatory and Compliance Issues - The company is subject to various laws and regulations affecting e-commerce, data protection, and taxation across multiple jurisdictions, which may lead to compliance challenges[127]. - The company is subject to payments-related fraud risks, which could lead to chargebacks and negatively affect results of operations[81]. - The company must comply with PCI DSS regulations to process credit card transactions, and failure to comply could prevent it from accepting credit cards[83]. - The company is subject to anti-corruption and economic sanctions laws, including the U.S. Foreign Corrupt Practices Act, which could negatively impact its operations if not complied with[145]. Acquisitions and Growth Strategies - The company completed the acquisition of Best Day on October 1, 2020, increasing its exposure to the Mexican market[44]. - The company completed the acquisition of Viajes Falabella in June and July 2019, expanding its presence in Chile, Argentina, Peru, and Colombia[115]. - The company acquired an 84% equity stake in Koin, a Brazilian online payment platform, enhancing its payment processing capabilities[115]. - Future acquisitions may require additional financing, and the company cannot guarantee successful identification or consummation of favorable acquisition opportunities[118]. Financial Liabilities and Taxation - As of December 31, 2020, the company has reserved $23.4 million for labor, social security, and tax contingencies, reflecting potential liabilities[120]. - The company has $32.9 million of gross unrecognized tax benefits as of December 31, 2020, which could impact its effective tax rate if recognized[123]. - The company is currently undergoing tax audits, including an examination by the Mexican Tax Authority for the 2014, 2015, and 2017 fiscal years[125]. - The company has benefited from tax exemptions and incentive programs, but the expiration or reduction of these benefits could materially increase its tax expenses[142]. Human Resources and Operational Challenges - The company faces intense competition for attracting and retaining skilled IT professionals, which is critical for its business and future growth[90]. - The company has experienced significant salary increases in Argentina, with private sector salary increases of approximately 44.5% in 2019 and 28% in 2020[159]. - The company expects to continue raising salaries due to high inflation and full employment in the tech industry, which could adversely affect its financial condition[160]. Financial Health and Liquidity - The company may face liquidity constraints and may not be able to access capital when necessary, which could adversely affect its financial condition[176]. - In September 2020, the company raised $200 million in gross proceeds through a private placement of preferred stock and warrants to improve liquidity during the COVID-19 pandemic[178]. - The company may explore additional financing sources, including equity and debt financing, to improve liquidity and lower capital costs[176]. Currency and Economic Controls - Foreign exchange controls in Brazil and Argentina may worsen, potentially impacting the ability to access international credit or capital markets[210]. - Restrictions on fund transfers may hinder the conversion of currencies into dollars and affect dividend or debt payments[211]. - Current Argentine law restricts access to the official foreign exchange market for dividend payments from Argentine subsidiaries without prior approval from the Central Bank[209].
Despegar.com(DESP) - 2020 Q4 - Earnings Call Transcript
2021-03-11 17:04
Despegar.com, Corp. (NYSE:DESP) Q4 2020 Results Conference Call March 11, 2021 8:00 AM ET Company Participants Natalia Nirenberg - Investor Relations Damián Scokin - Chief Executive Officer Alberto Gaffney - Chief Financial Officer Conference Call Participants Edward Yruma - KeyBanc Capital Markets Eric Sheridan - UBS Emily DiNovo - Cowen & Company Natalia Nirenberg Good morning, everyone, and thanks for joining us today for a discussion of our Fourth Quarter 2020 Results. In addition to reporting financial ...
Despegar.com(DESP) - 2020 Q3 - Earnings Call Transcript
2020-11-12 19:49
Despegar.com, Corp. (NYSE:DESP) Q3 2020 Earnings Conference Call November 12, 2020 8:00 AM ET Company Participants Natalia Nirenberg - Head of Investor Relations Damian Scokin - Chief Executive Officer Alberto Lopez Gaffney - Chief Financial Officer Conference Call Participants Edward Yruma - KeyBanc Capital Markets Eric Sheridan - UBS Alex Wong - Morgan Stanley Emily Levin - Cowen & Company Michael Tanzer - Callaway Capital Operator Good morning. Welcome to DespegarÂ's Third Quarter 2020 Earnings Call. A s ...