MakeMyTrip(MMYT) - 2024 Q3 - Quarterly Report

Executive Summary & Financial Highlights MakeMyTrip Limited reported record Q3 FY2024 gross bookings, revenue, and profit, driven by robust leisure travel demand and strong growth across all segments Overall Performance Summary MakeMyTrip Limited reported strong unaudited interim financial and operating results for its fiscal third quarter ended December 31, 2023, achieving its highest-ever quarterly gross bookings, revenue, and profit, driven by robust leisure travel demand - MakeMyTrip Limited announced its unaudited interim financial and operating results for its fiscal third quarter ended December 31, 2023[1] - The company witnessed robust demand for leisure travel across all domestic and international destinations, leading to the highest-ever quarterly gross bookings, revenue, and profit for the Group[5] CEO Commentary Group CEO Rajesh Magow highlighted robust leisure travel demand and expressed optimism for future growth, citing increased government investment in travel infrastructure and rising disposable incomes in India as key drivers for the travel and tourism sector - Group Chief Executive Officer, Rajesh Magow, noted robust demand for leisure travel across all domestic and international destinations, resulting in record quarterly gross bookings, revenue, and profit[5] - The CEO expressed excitement about future opportunities, anticipating benefits from increased government investments in travel infrastructure and growing disposable incomes of the middle class in India[5] Key Financial Highlights (Q3 FY2024) For Q3 FY2024, MakeMyTrip reported significant year-over-year growth in key financial metrics, with Gross Bookings increasing by 21.7% and Adjusted Operating Profit rising by 69.5%. All segments showed strong growth in Adjusted Margin, particularly Hotels and Packages at 38.8% Key Financial Highlights (Q3 FY2024) | Metric | Q3 FY2024 (USD millions) | YoY Change (Constant Currency) | | :------------------------- | :----------------------- | :----------------------------- | | Gross Bookings | $2,088.3 | 21.7% | | Adjusted Margin – Air Ticketing | $79.2 | 14.2% | | Adjusted Margin – Hotels and Packages | $98.8 | 38.8% | | Adjusted Margin – Bus Ticketing | $26.9 | 33.8% | | Adjusted Margin – Others | $13.0 | 36.8% | | Adjusted Operating Profit | $33.4 | $13.7 million increase (69.5%) | Detailed Financial Results (Q3 FY2024) MakeMyTrip's Q3 FY2024 results show strong revenue growth across all segments, increased operating expenses due to demand and reclassifications, and significant improvements in overall profitability and EPS Consolidated Revenue Total revenue for Q3 FY2024 increased by 25.6% (26.9% in constant currency) year-over-year to $214.2 million, primarily driven by sustained elevated travel demand in India across all business segments Consolidated Revenue (Q3 FY2024) | Metric | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change | YoY Change (Constant Currency) | | :----- | :------------------------ | :------------------------ | :--------- | :----------------------------- | | Revenue | $170,526 | $214,216 | 25.6% | 26.9% | - The increase in revenue was primarily due to the sustained elevated travel demand in India[7] Segment Performance All segments demonstrated strong revenue and Adjusted Margin growth in Q3 FY2024, reflecting robust travel demand. Hotels and Packages showed the highest Adjusted Margin growth, while Air Ticketing saw a slight decrease in Adjusted Margin percentage Air Ticketing Air ticketing revenue grew by 34.8% (36.4% in constant currency) to $51.7 million, with Adjusted Margin increasing by 12.8% (14.2% in constant currency) to $79.2 million. This was driven by an 18.2% increase in gross bookings and a 9.1% rise in flight segments, though Adjusted Margin % slightly decreased to 6.3% Air Ticketing Performance (Q3 FY2024) | Metric | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change (Constant Currency) | | :-------------------- | :------------------------ | :------------------------ | :----------------------------- | | Revenue | $38,360 | $51,695 | 36.4% | | Adjusted Margin | $70,179 | $79,177 | 14.2% | | Gross Bookings | $1,065,377 | $1,259,314 | 19.8% | | Flight segments | 11,289 | 12,469 | 9.1% | | Adjusted Margin % | 6.6% | 6.3% | (0.3 p.p.) | - The increase was primarily due to sustained elevated travel demand in India[9] Hotels and Packages Hotels and packages revenue increased by 21.5% (22.6% in constant currency) to $125.5 million, and Adjusted Margin surged by 37.2% (38.8% in constant currency) to $98.8 million. This growth was fueled by a 25.5% increase in gross bookings and a 17.4% rise in hotel-room nights, with Adjusted Margin % improving to 17.7% due to a lower proportion of lower-margin package bookings Hotels and Packages Performance (Q3 FY2024) | Metric | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change (Constant Currency) | | :-------------------- | :------------------------ | :------------------------ | :----------------------------- | | Revenue | $103,290 | $125,482 | 22.6% | | Adjusted Margin | $71,989 | $98,789 | 38.8% | | Gross Bookings | $445,655 | $559,206 | 27.0% | | Room nights | 7,021 | 8,240 | 17.4% | | Adjusted Margin % | 16.2% | 17.7% | 1.5 p.p. | - Adjusted Margin % increased primarily due to the comparatively lower proportion of bookings of packages, which have relatively lower margins[10] Bus Ticketing Bus ticketing revenue rose by 23.7% (25.1% in constant currency) to $24.2 million, and Adjusted Margin increased by 32.3% (33.8% in constant currency) to $26.9 million. This was driven by an 18.8% increase in gross bookings and a 16.8% rise in travelled tickets, with Adjusted Margin % improving to 10.0% due to reclassification of distribution costs Bus Ticketing Performance (Q3 FY2024) | Metric | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change (Constant Currency) | | :-------------------- | :------------------------ | :------------------------ | :----------------------------- | | Revenue | $19,542 | $24,177 | 25.1% | | Adjusted Margin | $20,341 | $26,911 | 33.8% | | Gross Bookings | $227,149 | $269,753 | 20.3% | | Travelled tickets | 19,245 | 22,470 | 16.8% | | Adjusted Margin % | 9.0% | 10.0% | 1.0 p.p. | - Adjusted Margin % increased primarily due to the reclassification of distribution costs as a component of 'other operating expenses' from 'service cost'[11] Others Revenue from the 'Others' business increased by 37.8% (39.4% in constant currency) to $12.9 million, with Adjusted Margin growing by 35.2% (36.8% in constant currency) to $13.0 million. This growth was mainly attributed to increased revenue from marketing alliances and other travel services, driven by sustained elevated travel demand Others Segment Performance (Q3 FY2024) | Metric | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change (Constant Currency) | | :-------------------- | :------------------------ | :------------------------ | :----------------------------- | | Revenue | $9,334 | $12,862 | 39.4% | | Adjusted Margin | $9,626 | $13,011 | 36.8% | - The increase was primarily on account of an increase in revenue from marketing alliances and other travel services due to the sustained elevated travel demand in India[12] Operating Expenses The company experienced increases in most operating expenses, notably marketing and sales promotion and other operating expenses, driven by increased travel demand and reclassification of costs. Personnel expenses also rose due to wage increases, while service costs saw a moderate increase Other Income Other income decreased significantly by 62.8% to $0.06 million in Q3 FY2024 from $0.16 million in the prior year Other Income (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | YoY Change | | :----------- | :----------------------- | :----------------------- | :--------- | | Other Income | $0.16 | $0.06 | (62.8%) | Service Cost Service cost increased by 5.5% to $62.4 million in Q3 FY2024, primarily due to elevated travel demand, partially offset by the reclassification of distribution costs to 'other operating expenses' Service Cost (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | YoY Change | | :----------- | :----------------------- | :----------------------- | :--------- | | Service Cost | $59.1 | $62.4 | 5.5% | - Increase primarily due to sustained elevated travel demand, partially offset by the reclassification of distribution costs[14] Personnel Expenses Personnel expenses increased by 8.2% to $35.5 million in Q3 FY2024, mainly due to annual wage increases, partially offset by a reduction in share-based compensation costs Personnel Expenses (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | YoY Change | | :---------------- | :----------------------- | :----------------------- | :--------- | | Personnel Expenses | $32.8 | $35.5 | 8.2% | - Primarily due to annual wage increases effected in Q1 FY2024, partially offset by a reduction in share-based compensation costs[15] Marketing and Sales Promotion Expenses Marketing and sales promotion expenses increased by 25.0% to $36.1 million in Q3 FY2024, driven by higher variable costs and discretionary spending on events and brand building in response to increased travel demand. Customer inducement costs recorded as a reduction of revenue also increased to $66.0 million Marketing and Sales Promotion Expenses (Q3 FY2024) | Metric | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change | | :--------------------------------------- | :------------------------ | :------------------------ | :--------- | | Marketing and sales promotion expenses | $28,868 | $36,084 | 25.0% |\n| Customer inducement costs (reduction of revenue) | $60,733 | $66,039 | 8.7% | - Increase due to higher variable costs and discretionary expenditures on events and brand building initiatives in response to increased travel demand[16] Other Operating Expenses Other operating expenses increased by 43.0% to $50.9 million in Q3 FY2024, mainly due to the reclassification of distribution costs from 'service cost' and an increase in operating expenses such as payment gateway charges, outsourcing fees, and website hosting charges linked to higher bookings Other Operating Expenses (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | YoY Change | | :---------------------- | :----------------------- | :----------------------- | :--------- | | Other Operating Expenses | $35.6 | $50.9 | 43.0% | - Primarily due to the reclassification of distribution costs and an increase in operating expenses (payment gateway charges, outsourcing fees, website hosting charges) linked to an increase in bookings[16] Depreciation, Amortization and Impairment Depreciation, amortization, and impairment expenses marginally decreased by 0.9% to $6.7 million in Q3 FY2024 Depreciation, Amortization and Impairment (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | YoY Change | | :------------------------------------ | :----------------------- | :----------------------- | :--------- | | Depreciation, Amortization and Impairment | $6.8 | $6.7 | (0.9%) | Profitability and EPS The company demonstrated significant improvements in profitability, with operating profit and net profit increasing substantially, both on an IFRS and Adjusted basis, leading to a strong rise in diluted earnings per share Results from Operating Activities Results from operating activities increased significantly to a profit of $22.6 million in Q3 FY2024, up from $7.5 million in the prior year. Adjusted Operating Profit also rose to $33.4 million from $19.7 million Results from Operating Activities (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | YoY Change | | :----------------------------- | :----------------------- | :----------------------- | :--------- | | Results from Operating Activities (IFRS) | $7.5 | $22.6 | 201.3% |\n| Adjusted Operating Profit | $19.7 | $33.4 | 69.5% | Net Finance Income (Costs) The company shifted from a net finance cost of $7.7 million in Q3 FY2023 to a net finance income of $1.5 million in Q3 FY2024, primarily due to increased interest income on term deposits and a decrease in net foreign exchange losses Net Finance Income (Costs) (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | | :---------------------- | :----------------------- | :----------------------- | | Net Finance Income (Costs) | ($7.7) | $1.5 | - Primarily due to an increase of $4.8 million in interest income on term deposits and a decrease in net foreign exchange loss of $5.0 million[19] Profit (Loss) for the Period Profit for the period dramatically increased to $24.2 million in Q3 FY2024 from $0.2 million in the prior year. Adjusted Net Profit also saw substantial growth, reaching $38.9 million compared to $15.9 million Profit (Loss) for the Period (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | | :---------------------- | :----------------------- | :----------------------- | | Profit (Loss) for the Period (IFRS) | $0.2 | $24.2 |\n| Adjusted Net Profit | $15.9 | $38.9 | Diluted Earnings (Loss) per Share Diluted earnings per share significantly increased to $0.22 in Q3 FY2024 from $0.001 in the prior year. Adjusted Diluted Earnings per Share also rose to $0.35 from $0.14 Diluted Earnings (Loss) per Share (Q3 FY2024) | Metric | Q3 FY2022 (USD) | Q3 FY2023 (USD) | | :------------------------------------ | :-------------- | :-------------- | | Diluted Earnings (Loss) per Share (IFRS) | $0.001 | $0.22 |\n| Adjusted Diluted Earnings per Share | $0.14 | $0.35 | Liquidity As of December 31, 2023, the company maintained a strong liquidity position with cash and cash equivalents and term deposits totaling $608.5 million - As at December 31, 2023, the balance of cash and cash equivalents and term deposits (including restricted cash and cash equivalents and term deposits of $6.9 million) on our balance sheet was $608.5 million[23] Recent Business Developments MakeMyTrip recently acquired a majority interest in Savaari, received a favorable CESTAT order regarding a significant service tax demand, and outlined details for potential share and convertible note repurchases Acquisition of Majority Interest in Savaari On December 1, 2023, MakeMyTrip (India) Private Limited acquired a majority interest in Savaari Car Rentals Private Limited, a provider of inter-city car rental services in India, aiming to expand its presence in this market - On December 1, 2023, MakeMyTrip (India) Private Limited completed its acquisition of a majority interest in Savaari Car Rentals Private Limited, a provider of inter-city car rental services in India[24] - This acquisition is intended to expand MakeMyTrip's presence in the inter-city car rental market in India[24] CESTAT Order Relating to Service Tax Demand MMT India received a favorable order from the Customs Excise & Service Tax Appellate Tribunal (CESTAT) on January 10, 2024, setting aside in full a service tax demand of approximately $97.1 million (INR 7,981 million) plus interest and penalties. The Commissioner of Service Tax has 90 days to appeal the decision - On January 10, 2024, MMT India received a favorable order from CESTAT, setting aside in full a demand order from the Commissioner of Service Tax[26] - The original demand was for approximately INR 7,981 million (approximately $97.1 million) along with interest and penalties[25] - The CESTAT order is appealable by the Commissioner of Service Tax within 90 days from the receipt of the order[26] Repurchases of Shares and Convertible Notes Holders of 0.00% convertible senior notes due 2028 have a repurchase right on February 15, 2024. The company's share repurchase plan remains effective until March 31, 2026, with remaining authority to repurchase up to $136.0 million of ordinary shares and 2028 Notes. No repurchases occurred in Q3 FY2024 - Holders of 0.00% convertible senior notes due 2028 have the right to require the Company to repurchase the notes on February 15, 2024[27] - The Company's share repurchase plan remains effective until March 31, 2026, with remaining authority to repurchase up to $136.0 million of outstanding ordinary shares and 2028 Notes as of December 31, 2023[28][29] - No repurchases were made pursuant to the share repurchase plan or of 2028 Notes during the third quarter of fiscal year 2024[29] About Key Performance Indicators and Non-IFRS Measures MakeMyTrip uses various non-IFRS measures like Adjusted Operating Profit and Adjusted Margin to assess financial performance, aiding internal management and competitive analysis by adjusting for non-cash or unusual items Definitions and Rationale MakeMyTrip utilizes non-IFRS measures such as Adjusted Operating Profit, Adjusted Net Profit, Adjusted Diluted EPS, Adjusted Margin, Adjusted Margin %, and constant currency results to evaluate financial performance. These measures are crucial for internal management, budgeting, and competitive analysis, as they adjust for non-cash or unusual items and reflect the value added by travel services - Key non-IFRS measures include 'Adjusted Operating Profit (Loss)', 'Adjusted Net Profit (Loss)', 'Adjusted Diluted Earnings (Loss) per Share', 'Adjusted Margin', 'Adjusted Margin %', and constant currency results[31] - Adjusted Margin represents IFRS revenue after adding back customer inducement costs (recorded as a reduction of revenue) and deducting the cost of acquisition of services, reflecting the value addition of the travel services[32][33] - These non-IFRS measures are used for internal management reporting, budgeting, decision-making, and comparing operating results to competitors, as they exclude items like share-based compensation expense and amortization of acquired intangibles[34][35] Company Information & Investor Relations MakeMyTrip, India's leading travel group, provides comprehensive online travel services, while also issuing a safe harbor statement regarding forward-looking information and offering conference call details for Q3 FY2024 results About MakeMyTrip Limited MakeMyTrip Limited is India's leading travel group, operating well-recognized brands like MakeMyTrip, Goibibo, and redBus. It offers a comprehensive suite of online travel services and products, including air ticketing, hotel and alternative accommodations, holiday planning, rail, bus, and car rentals, catering to both domestic and international travelers - MakeMyTrip Limited is India's leading travel group operating well-recognized travel brands including MakeMyTrip, Goibibo and redBus[40] - The company provides a wide range of travel services and products in India and overseas, including air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire and ancillary travel requirements[40] Safe Harbor Statement The release contains forward-looking statements, as defined by the U.S. Private Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These include economic slowdowns, travel industry disruptions, reliance on suppliers, competition, and inflation. The company does not undertake to update these statements except as required by applicable law - This release contains certain statements concerning the Company's future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995[39] - Forward-looking statements involve inherent risks and uncertainties, such as economic slowdowns, general declines or disruptions in the travel industry, reliance on travel suppliers, competition, and inflation[39] - MakeMyTrip does not undertake any obligation to update any forward-looking statement, except as required under applicable law[39] Conference Call Details MakeMyTrip hosted a live Zoom webinar on January 23, 2024, to discuss its Q3 FY2024 results. A replay of the event is available on the company's Investor Relations website - MakeMyTrip hosted a live Zoom webinar on January 23, 2024, to discuss the Company's results for the quarter ended December 31, 2023[30] - A replay of the event will be available on the 'Investor Relations' section of the Company's website[30] Condensed Consolidated Interim Financial Statements The condensed consolidated interim financial statements for Q3 FY2024 show increased total assets and equity, significant profit growth, and a positive shift in operating cash flow Statement of Financial Position The condensed consolidated interim statement of financial position shows total assets increased to $1,525.5 million as of December 31, 2023, from $1,359.8 million as of March 31, 2023. Total equity also increased to $941.2 million, while total liabilities rose to $584.3 million Condensed Consolidated Interim Statement of Financial Position (Selected Items) | Metric | As at March 31, 2023 (USD thousands) | As at December 31, 2023 (USD thousands) | | :------------------------ | :----------------------------------- | :-------------------------------------- | | Total assets | $1,359,825 | $1,525,491 |\n| Total equity | $876,056 | $941,213 |\n| Total liabilities | $483,769 | $584,278 | Statement of Profit or Loss and Other Comprehensive Income The condensed consolidated interim statement of profit or loss shows total revenue for the three months ended December 31, 2023, was $214.2 million, up from $170.5 million in the prior year. Profit for the period significantly increased to $24.2 million from $0.2 million Condensed Consolidated Interim Statement of Profit or Loss (Selected Items) | Metric | For the three months ended Dec 31, 2022 (USD thousands) | For the three months ended Dec 31, 2023 (USD thousands) | | :------------------------------------ | :-------------------------------------- | :-------------------------------------- | | Total revenue | $170,526 | $214,216 |\n| Results from operating activities | $7,466 | $22,645 |\n| Profit (loss) for the period | $174 | $24,217 |\n| Diluted Earnings (loss) per share | $0.001 | $0.22 | Statement of Changes in Equity The condensed consolidated interim statement of changes in equity shows total equity attributable to owners of the Company increased from $869.6 million as of April 1, 2023, to $936.5 million as of December 31, 2023, primarily driven by profit for the period and share-based payments Condensed Consolidated Interim Statement of Changes in Equity (Selected Items) | Metric | As at April 1, 2023 (USD thousands) | As at December 31, 2023 (USD thousands) | | :------------------------------------ | :---------------------------------- | :-------------------------------------- | | Total equity attributable to owners of the Company | $869,566 | $936,517 |\n| Profit (loss) for the period | N/A | $44,791 (for nine months) |\n| Share-based payment | N/A | $25,162 (for nine months) | Statement of Cash Flows The condensed consolidated interim statement of cash flows indicates a significant shift from net cash used in operating activities of $12.1 million for the nine months ended December 31, 2022, to net cash generated of $126.4 million for the same period in 2023. Cash and cash equivalents increased to $309.8 million Condensed Consolidated Interim Statement of Cash Flows (Selected Items) | Metric | For the nine months ended Dec 31, 2022 (USD thousands) | For the nine months ended Dec 31, 2023 (USD thousands) | | :------------------------------------ | :------------------------------------- | :------------------------------------- | | Net cash generated from (used in) operating activities | ($12,135) | $126,378 |\n| Net cash generated from (used in) investing activities | $30,840 | ($95,468) |\n| Net cash generated used in financing activities | ($5,007) | ($4,800) |\n| Cash and cash equivalents at end of the period | $227,089 | $309,753 | Information About Reportable Segments The report provides a detailed breakdown of revenue and Adjusted Margin by reportable segment (Air Ticketing, Hotels and Packages, Bus Ticketing, Others) for both the three and nine months ended December 31, 2023 and 2022, illustrating the contribution of each segment to overall performance - Detailed segment profitability is provided for Air Ticketing, Hotels and Packages, Bus Ticketing, and Others, showing revenue and Adjusted Margin[53] Segment Revenue and Adjusted Margin (Q3 FY2024) | Segment | Revenue (Q3 2023, USD thousands) | Adjusted Margin (Q3 2023, USD thousands) | | :-------------- | :------------------------------- | :--------------------------------------- | | Air Ticketing | $51,695 | $79,177 |\n| Hotels & Packages | $125,482 | $98,789 |\n| Bus Ticketing | $24,177 | $26,911 |\n| Others | $12,862 | $13,011 | Reconciliation of IFRS to Non-IFRS Financial Measures and Key Performance Indicators The report provides detailed reconciliations of IFRS measures (revenue, results from operating activities, profit/loss for the period, diluted EPS) to their corresponding non-IFRS measures (Adjusted Margin, Adjusted Operating Profit, Adjusted Net Profit, Adjusted Diluted EPS). It also presents revenue and Adjusted Margin in terms of reported and constant currency amounts and growth rates - The report includes detailed reconciliations for Adjusted Margin, Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss), and Adjusted Diluted Earnings (Loss) per Share[54][55][56] - Reconciliations also include the impact of foreign currency translation on revenue and Adjusted Margin for both reported amounts and growth rates[58] Selected Operating and Financial Data The company reported growth in key unit metrics for Q3 FY2024, including a 9.1% increase in Air Ticketing flight segments, a 17.4% increase in Hotels and Packages room nights, and a 16.8% increase in Bus Ticketing travelled tickets, all contributing to the overall growth in Gross Bookings and Adjusted Margins Selected Operating Data (Q3 FY2024) | Metric | Q3 FY2022 | Q3 FY2023 | YoY Change | | :------------------------------------ | :-------- | :-------- | :--------- | | Air Ticketing – Flight segments | 11,289 | 12,469 | 9.1% |\n| Hotels and Packages – Room nights | 7,021 | 8,240 | 17.4% |\n| Standalone Hotels – Online – Room nights | 6,780 | 7,967 | 17.5% |\n| Bus Ticketing – Travelled tickets | 19,245 | 22,470 | 16.8% | Gross Bookings by Segment (Q3 FY2024) | Segment | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change | | :-------------- | :------------------------ | :------------------------ | :--------- | | Air Ticketing | $1,065,377 | $1,259,314 | 18.2% |\n| Hotels & Packages | $445,655 | $559,206 | 25.5% |\n| Bus Ticketing | $227,149 | $269,753 | 18.8% |\n| Total Gross Bookings | $1,738,181 | $2,088,273 | 20.1% |