Global Blue AG(US:GB)2024-08-28 10:02Revenue Growth - Total revenue increased by EUR23.3 million or 24.6% to EUR117.8 million for the three months ended June 30, 2024, compared to EUR94.5 million for the same period in 2023[18] - TFS revenue rose by EUR22.5 million or 32.8% to EUR91.1 million for the three months ended June 30, 2024, from EUR68.6 million in the prior year, driven by a significant increase in TFS SiS[18] - Total SiS increased to EUR8.1 billion for the three months ended June 30, 2024, up from EUR6.2 billion in 2023, reflecting a strong recovery in international shopping[11] - TFS SiS grew by EUR1.8 billion or 42.4% to EUR6.1 billion for the three months ended June 30, 2024, primarily due to the recovery of Chinese travelers[13] - Post-Purchase Solutions SiS increased by EUR0.1 billion or 16.1% to EUR0.5 billion for the three months ended June 30, 2024, from EUR0.4 billion in the previous year[15] - Revenue for the three months ended June 2024 was EUR 117,753 thousand, an increase of 24.7% compared to EUR 94,484 thousand in June 2023[57] - Total revenue for the three months ended June 30, 2024, was EUR 117,753 thousand, representing a 24.5% increase from EUR 94,484 thousand in the same period of 2023[79][80] Profitability - Operating profit for the three months ended June 30, 2024, was EUR26.7 million, compared to EUR24.4 million in 2023, reflecting improved operational efficiency[17] - Profit before tax increased to EUR38.8 million for the three months ended June 30, 2024, from EUR13.7 million in the same period last year[17] - Profit for the period changed by EUR17.4 million, or 180.4%, to a profit of EUR27.1 million for the three months ended June 30, 2024, compared to EUR9.7 million in 2023[29] - Adjusted EBITDA increased by EUR15.2 million, or 54.7%, to EUR43.0 million for the three months ended June 30, 2024, from EUR27.8 million in 2023[32] - Basic earnings per ordinary share for the period was EUR 0.10, doubling from EUR 0.04 in the same period last year[57] - Profit attributable to the owners of the parent for Q2 2024 was EUR 23,832 thousand, compared to EUR 8,235 thousand in Q2 2023, representing a 189% increase[88] - Total comprehensive income for the period was EUR 25,894 thousand, significantly higher than EUR 10,174 thousand in June 2023[60] Expenses and Costs - Total operating expenses increased by EUR20.9 million, or 29.8%, to EUR91.0 million for the three months ended June 30, 2024, compared to EUR70.1 million for the same period in 2023[21] - Adjusted operating expenses (excluding exceptional items, depreciation, and amortization) rose by EUR8.1 million, or 12.1%, to EUR74.8 million for the three months ended June 30, 2024, from EUR66.7 million in 2023[25] - Variable adjusted operating expenses increased by EUR2.9 million, or 12.4%, to EUR26.1 million for the three months ended June 30, 2024, driven by increased volumes[26] - Depreciation and amortization increased by EUR2.0 million, or 19.5%, to EUR12.1 million for the three months ended June 30, 2024, from EUR10.1 million in 2023[22] - Total operating expenses for Q2 2024 were EUR 91,006 thousand, compared to EUR 70,117 thousand in Q2 2023, reflecting a 29.7% increase[83] Financial Position - As of June 30, 2024, the company had cash and cash equivalents of EUR98.9 million, with additional available liquidity of EUR45.9 million[40] - Interest-bearing loans and borrowings as of June 30, 2024, totaled EUR616.0 million, including EUR558.3 million in long-term financing[40] - The company withdrew EUR55.0 million from its revolving credit facility during the three months ended June 30, 2024, to fund working capital needs[48] - Total interest-bearing loans and borrowings as of June 30, 2024, amounted to EUR 616.0 million, compared to EUR 588.9 million as of March 31, 2024[55] - The company reported a net finance income of EUR 12,047 thousand for the three months ended June 2024, compared to a net finance cost of EUR 10,666 thousand in the same period last year[57] - The company believes its current cash and liquidity are sufficient to meet its needs for at least the next 12 months[40] Shareholder Actions - The Board of Directors authorized a share repurchase program of up to USD10.0 million over the next six months, indicating confidence in the company's financial position[9] - On August 27, 2024, the Board of Directors authorized a share repurchase program of up to USD 10.0 million over the next six months[107] Market and Operational Insights - The Payments business is less affected by seasonal variations, providing a more stable revenue stream throughout the year[74] - The company continues to focus on enhancing its technology platform to support international travelers and merchants, driving performance in Tax Free Shopping and Payments[70] - The segment performance is assessed based on Revenue and Adjusted EBITDA, with a focus on TFS, Payments, and Post-Purchase Solutions[78] - The company maintained a similar level of material merchants and acquirers compared to March 31, 2024, indicating stability in its business operations[74]