Global Blue AG(US:GB)2023-08-27 16:00Revenue Growth - Total revenue increased by EUR38.4 million or 68.4% to EUR94.5 million for the three months ended June 30, 2023, compared to EUR56.1 million for the same period in 2022[38]. - TFSS revenue rose by EUR29.1 million or 73.5% to EUR68.6 million for the three months ended June 30, 2023, from EUR39.6 million in 2022, reflecting the recovery of tourism post-COVID-19[40]. - AVPS revenue increased by EUR6.2 million or 49.2% to EUR18.8 million for the three months ended June 30, 2023, from EUR12.6 million in 2022[42]. - RTS revenue grew by EUR3.1 million or 78.0% to EUR7.1 million for the three months ended June 30, 2023, from EUR4.0 million in 2022, driven by new client affiliations and business combinations[44]. - Total Sales in Store (SiS) reached EUR6.2 billion for the three months ended June 30, 2023, up from EUR3.7 billion in 2022, marking a 67.6% increase[26]. - TFSS SiS increased by EUR2.1 billion or 93.9% to EUR4.3 billion for the three months ended June 30, 2023, compared to EUR2.2 billion in 2022[27]. - AVPS SiS rose by EUR0.4 billion or 37.2% to EUR1.5 billion for the three months ended June 30, 2023, from EUR1.1 billion in 2022[30]. Profitability - Operating profit for the three months ended June 30, 2023, was EUR24.4 million, a significant improvement from a loss of EUR6.9 million in 2022[37]. - Profit for the period was EUR9.7 million for the three months ended June 30, 2023, compared to a loss of EUR14.9 million in 2022[37]. - Profit for the period changed by EUR24.6 million, or 164.8%, to a profit of EUR9.7 million for the three months ended June 30, 2023, compared to a loss of EUR14.9 million in 2022[68]. - Adjusted EBITDA increased by EUR21.0 million to EUR27.8 million for the three months ended June 30, 2023, from EUR6.8 million in 2022[70]. - Adjusted Net Income improved by EUR13.7 million, or 118.5%, to a profit of EUR2.1 million for the three months ended June 30, 2023, compared to a loss of EUR11.6 million in the same period of 2022[75]. - Basic earnings per ordinary share for the period was EUR0.04, compared to a loss of EUR0.08 in the same period of 2022[152]. Operating Expenses - Total operating expenses increased by EUR7.1 million, or 11.2%, to EUR70.1 million for the three months ended June 30, 2023, compared to EUR63.0 million for the same period in 2022[47]. - Adjusted operating expenses (excluding exceptional items, depreciation and amortization) rose by EUR17.4 million, or 35.3%, to EUR66.7 million for the three months ended June 30, 2023, from EUR49.3 million in 2022[56]. - Operating expenses for the three months ended June 30, 2023, totaled EUR66.690 million, compared to EUR49.277 million in the previous year, marking an increase of 35%[186]. - Employee benefit expenses rose significantly from EUR24,865 thousand in 2022 to EUR30,907 thousand in 2023, driven by an increase in the average number of employees from 1,475 to 1,834[191]. - Fixed adjusted operating expenses increased by EUR9.1 million, or 26.6%, to EUR43.5 million for the three months ended June 30, 2023, from EUR34.3 million in 2022[61]. - Variable adjusted operating expenses increased by EUR8.3 million, or 55.2%, to EUR23.2 million for the three months ended June 30, 2023, from EUR14.9 million in 2022[59]. Cash Flow and Liquidity - Net cash used in operating activities was EUR42.0 million for the three months ended June 30, 2023, driven by an outflow of net working capital of EUR47.2 million[92]. - Cash and cash equivalents as of June 30, 2023, totaled EUR182.2 million, with additional available liquidity of EUR9.1 million[86]. - The company experienced a net decrease in cash and cash equivalents of EUR57.7 million for the three months ended June 30, 2023[90]. - The company believes its cash and cash equivalents are sufficient to meet liquidity needs for at least the next 12 months[88]. - Global Blue recorded a net working capital outflow of EUR47.2 million for the three months ended June 30, 2023, compared to EUR51.7 million for the same period in 2022, reflecting an increase in trade receivables due to higher TFS Refunding activity[106]. Debt and Financing - The company had EUR789.0 million of interest-bearing loans and borrowings as of June 30, 2023, including EUR625.8 million in long-term financing[87]. - The company’s total interest-bearing loans and borrowings amounted to EUR789.0 million as of June 30, 2023, up from EUR723.2 million as of March 31, 2022[134]. - The Term Loan Facility has a variable interest rate of EURIBOR plus a spread of 2.75% per annum, subject to adjustments based on the company's leverage[122]. - Global Blue's leverage ratio must not exceed 4.50:1 as of September 30, 2023, and 4.25:1 by September 30, 2024, as per the Facilities Agreement[125]. - The company has no financial instruments to hedge interest rate risks associated with its indebtedness under the Facilities Agreement[124]. - Global Blue's liquidity condition requires a minimum of EUR35 million in cash and cash equivalents at the end of each calendar month[127]. Taxation - Income tax expense changed to an expense of EUR4.0 million for the three months ended June 30, 2023, compared to a benefit of EUR2.1 million in 2022[65]. - Adjusted effective tax rate increased to 55.9% for the three months ended June 30, 2023, up from 5.0% in the same period of 2022, primarily due to changes in interest cost deductibility and jurisdictional tax rates[78]. - Current income tax expense increased to EUR5,226 thousand in 2023 from EUR1,083 thousand in 2022, reflecting higher taxable income[199]. Exceptional Items - Exceptional items amounted to a benefit of EUR6.7 million for the three months ended June 30, 2023, compared to a benefit of EUR3.8 million in 2022[55]. - Total exceptional items for the three months ended June 30, 2023, amounted to EUR6,710 thousand, compared to EUR3,785 thousand in 2022, indicating increased non-recurring costs[195]. Assets and Liabilities - Total assets increased to EUR 1.19 billion as of June 30, 2023, compared to EUR 1.16 billion as of March 31, 2023[150]. - Total liabilities rose to EUR 1.17 billion as of June 30, 2023, from EUR 1.15 billion as of March 31, 2023[150].