Top Line Performance Reflects Travel Disruption from COVID-19 Pandemic
Company Maintains Solid Balance Sheet
Implementing Cost Control and Cash Preservation Measures Across the Company
BRITISH VIRGIN ISLANDS–(BUSINESS WIRE)–Despegar.com, Corp. (NYSE: DESP), (“Despegar” or the “Company”) a leading online travel company in Latin America, today announced unaudited results for the three-months ended March 31, 2020. Financial results are expressed in U.S. dollars and are presented in accordance with U.S. generally accepted accounting principles.
First Quarter 2020 Key Financial and Operating Highlights
(For definitions, see page 13)
- Gross bookings on an FX neutral basis declined 19% year-over-year (YoY) and as reported declined 32% YoY to $790 million
- Revenues declined 34% YoY on an FX neutral basis and 43% as reported to $76.1 million. Excluding extraordinary cancellations due to COVID-19, as reported revenues would have declined 33% to $88.6 million.
- Transactions and Room Nights down 23% and 30% YoY, respectively.
- Share of mobile transactions up 551 basis points (bps) YoY, accounting for 44% of total transactions
- Net Promoter Score (NPS) up 250 bps YoY considering January and February activity.
- Packages, Hotels and Other Travel Products accounted for 51% of total revenue, down 1120 bps when compared to 1Q19
- Excluding Extraordinary Charges, Adjusted EBITDA was negative $1.4 million. Reported Adjusted EBITDA was negative $15.6 million compared to positive $15.2 million in 1Q19
- Operating cash flow negative $68.2 million in 1Q20, compared to negative $6.0 million in 1Q19
- Structural Costs declined 17% quarter-over-quarter (QoQ) reflecting streamlining implemented in 4Q19 and first cost containment measures introduced in early January 2020.
Message from CEO
“Our results during the quarter were impacted by the COVID-19 pandemic, which has severely disrupted travel worldwide. We entered this global health crisis, with a strong balance sheet and healthy liquidity, closing 1Q20 with a cash position of $222 million, no long term financial liabilities and only a minimal amount of working capital short term debt. We continue to carefully monitor our liquidity position and believe we have sufficient resources to weather the current challenging environment, for the next twelve months.
We proactively addressed the impact of COVID-19, reducing our costs to better align with the decreasing demand. We substantially reduced marketing spend and we are pulling SG&A levers to cut costs. We are well on track to achieve the reductions in Structural Cost targets, which declined by 17% sequentially to $43 million this quarter, and expect to bring them down to $34 million in 2Q20 and $28 million by 3Q20.
Importantly, despite the measures announced, the Company remains ready to adjust to a quick ramp up of travel activity, when required.
The initiatives we have implemented in recent years have allowed us to set in place a low-cost delivery model and an agile and asset light company. And coupled with the cost savings program recently implemented, we are better positioned to meet the challenges ahead. While the depth and longevity of this health crisis is uncertain, we believe we will ultimately emerge as a stronger and leaner company. Furthermore, due to our competitive advantages, the strength of our brand, our digital capabilities, and our broad and compelling product offering, we are confident we can quickly start re-capturing market share in a more hospitable competitive environment.
In sum, we have also accomplished a great deal toward our overall strategic goals over the past 2 years. While we have had to adjust our near-term priorities, our long-term market opportunities and growth strategies remain intact and could even be more favorable given the accelerated shift to online travel we are already seeing across industries.”
Operating and Financial Metrics Highlights
| (In millions, except as noted) | ||||||
|
|
1Q20 |
1Q19 |
% Chg |
|||
| Operating metrics | ||||||
| Number of transactions |
2.031 |
2.652 |
(23%) |
|||
| Gross bookings |
790.4 |
$1,157.5 |
(32%) |
|||
| Mix of mobile transactions |
44% |
38% |
+551 bps |
|||
| Financial metrics | ||||||
| Revenues |
$76.1 |
$133.1 |
(43%) |
|||
| Air |
$36.9 |
$49.7 |
(26%) |
|||
| Packages, Hotels & Other Travel Products |
$39.1 |
$83.4 |
(53%) |
|||
| Net income (loss) |
($15.2) |
$1.9 |
n.m. |
|||
| Adjusted EBITDA |
($15.6) |
$15.2 |
(203%) |
|||
| EPS Basic |
($0.22) |
$0.03 |
n.m. |
|||
| EPS Diluted |
($0.22) |
$0.03 |
n.m. |
|||
| Extraordinary Charges | ||||||
| Extraordinary Cancellations due to COVID-19 |
(12.5) |
|||||
| Extraordinary restructuring charges |
(1.7) |
|||||
| Adjusted EBITDA (Excl. Extraordinary Charges) |
($1.4) |
$15.2 |
(109%) |
|||
| EPS Basic (Excl. Extraordinary Charges) |
(0.01) |
0.03 |
(148%) |
|||
| EPS Diluted (Excl. Extraordinary Charges) |
(0.01) |
0.03 |
(148%) |
Business Update on COVID-19
Impact of COVID-19 on Travel Trends
Reflecting the unprecedented COVID-19 pandemic that has disrupted global economies and travel worldwide, since mid-March, Despegar has experienced an almost complete stoppage in new travel bookings.
As a result, during the second half of March, 2020, Despegar’s gross bookings declined by over 95% as compared to the comparable period of last year. The Company expects that these minimum levels of activity are likely to persist throughout the second quarter.
In response to this unprecedented situation, the Company is focused on three key pillars: 1) taking care of the health and safety of our employees, 2) supporting our customers’ needs in times of disruption, and 3) ensuring business sustainability.
Cost Control and Cash Preservation Measures: As previously announced, Despegar is taking significant cost control measures to mitigate the impact of the COVID-19 pandemic on the Company.
The outsourcing of the fulfillment center and a restructuring in Argentina undertaken in 4Q19, along with measures to protect cash balances implemented in March 2020, contributed to the following results in 1Q20:
- 12% YoY reduction in Structural Costs to $42.8 million, compared to $48.7 million in 1Q19,
- 26% YoY reduction in cost of revenue aligned with lower transactions; and
- Elimination of direct marketing spend starting as of March 13, 2020.
As announced on April 1 and April 13, the Company undertook additional initiatives to further streamline operations, which entailed 566 layoffs, 397 furloughs and the reduction of working hours of 159 employees, among others.
As a result of the combination of these measures, Despegar estimates that its run-rate for Structural Costs (excluding one-time items such as restructuring costs and other Extraordinary Charges) will be further reduced to:
- Approximately $34 million during 2Q20; and
- Approximately $28 million during 3Q20.
Solid Cash Position: The Company believes that its existing cash and cash equivalents, together with expected cash flows generated from operating activities, will be sufficient to meet its currently-anticipated cash needs for the next twelve months:
- Unrestricted cash and cash equivalents amounted to $222 million as of March 31, 2020, compared to $309.2 million as of December 31, 2019.
- Aggregate Net Operational Short-term Obligations (comprised of travel accounts payable plus related party payables and accounts payable and accrued expenses, minus trade accounts receivable net of credit expected loss and related party receivables) were $52.9 million as of March 31, 2020, compared to Aggregate Net Operational Short-Term Obligations of $120.1 million as of December 31, 2019.
In addition, and as announced on April 13, 2020, the Company is undergoing negotiations with Best Day with respect to the previously announced pending acquisition.
The Company’s current expectation is that, if the parties agree to amend the purchase agreement, such agreement is likely to have significant changes to the original terms of the deal including changes to valuation and timing of payments trying to minimize or eliminate cash outlays associated to the purchase price in the short term, at least until 2022.
Overview of First Quarter 2020 Results
| Key Operating Metrics | ||||||||||||||
| (In millions, except as noted) | ||||||||||||||
|
1Q20 |
1Q19 |
% Chg |
FX Neutral % Chg |
|||||||||||
|
$ |
% of total |
$ |
% of total |
|||||||||||
| Gross Bookings |
$790.4 |
$1157.5 |
(32%) |
(19%) |
||||||||||
| Average selling price (ASP) (in $) |
$389 |
$436 |
(11%) |
5% |
||||||||||
| Number of Transactions by Segment & Total | ||||||||||||||
| Air |
1.2 |
60% |
1.5 |
57% |
(20%) |
|||||||||
| Packages, Hotels & Other Travel Products |
0.8 |
40% |
1.1 |
43% |
(28%) |
|||||||||
| Total Number of Transactions |
2.0 |
100% |
2.7 |
100% |
(23%) |
|||||||||
First quarter 2020 results include three-months of operations from Viajes Falabella in Chile, Argentina, Colombia and Peru.
Transactions declined 23% YoY to $2.0 million in 1Q20, while FX neutral gross bookings declined 19%. As reported gross bookings decreased 32% YoY to $790.4 million in 1Q20 reflecting i) the impact of COVID-19 crisis, ii) the lower demand in Argentina due to the implementation of a new tax on foreign travel and iii) the depreciation of the Brazilian Real.
The share of higher-margin Packages, Hotels and Other Travel Products transactions in 1Q20 was down 244 bps YoY to 40%.
Regarding customer satisfaction, the Company decided to suspend NPS reporting as of March 2020 as the current travel restrictions do not allow for sufficient data to measure Post Trip NPS. January and February NPS improved 250 bps due to improvements in the communication with car rental partners and the implementation of new features associated with the “My trips” feature.
The average selling price (“ASP”) in 1Q20 increased 5% on an FX neutral basis and decreased 11% as reported to $389 per transaction. On an as reported basis, the decrease was largely driven by i) the effects of the pandemic on the product mix, ii) the depreciation of the Real, and iii) the impact of the new tax on international travel in Argentina. These developments were offset by higher ASPs particularly in packages in Mexico, Chile and Colombia throughout January and February.
Despegar continues to drive mobile transaction growth, with aggregate downloads exceeding 62 million at quarter end 1Q20. The number of mobile transactions increased 551 basis points YoY, with 44% of all transactions completed on the mobile platform.
Geographic Breakdown
| Geographical Breakdown of Select Operating and Financial Metrics | |||||||
| (In millions, except as noted) | |||||||
| 1Q20 vs. 1Q19 – As Reported | |||||||
| Argentina | Brazil | Rest of Latam | Total | ||||
| % Chg. | % Chg. | % Chg. | % Chg. | ||||
| Transactions (‘000) |
(47%) |
(18%) |
(14%) |
(23%) |
|||
| Gross Bookings |
(58%) |
(29%) |
(17%) |
(32%) |
|||
| ASP ($) |
(20%) |
(13%) |
(4%) |
(11%) |
|||
| Revenues |
(43%) |
||||||
| Gross Profit |
(52%) |
||||||
| 1Q20 vs. 1Q19 – FX Neutral Basis | |||||||
| Argentina | Brazil | Rest of Latam | Total | ||||
| % Chg. | % Chg. | % Chg. | % Chg. | ||||
| Transactions (‘000) |
(47%) |
(18%) |
(14%) |
(23%) |
|||
| Gross Bookings |
(33%) |
(18%) |
(12%) |
(19%) |
|||
| ASP ($) |
27% |
0% |
3% |
5% |
|||
| Revenues |
(34%) |
||||||
| Gross Profit |
(48%) |
||||||
During 1Q20, Brazil, Despegar’s largest market, accounting for 42% of total orders, reported an 18% YoY decrease in transactions reflecting the travel restrictions imposed by the Government due to the COVID-19 pandemic. Gross bookings decreased 29% driven by the abovementioned industry contraction and a 18% depreciation of the Brazilian real which led to a 13% YoY decrease in as reported ASP [0% FX neutral]. On an FX neutral basis, gross bookings decreased 18%.
In Argentina, transactions and gross bookings decreased 47% and 58% respectively due to the following developments: i) the travel ban imposed by the Government which included a complete lockdown of the country as of mid-March, ii) a reduction in travel demand resulting from the government’s tax on services and hotel accommodations completed outside the country imposed in 4Q19. This new tax also resulted in some advancement of travel purchases in 4Q19. As reported ASPs decreased YoY by 20%, due to a mix shift from international to domestic triggered by this new tax . On an FX neutral basis, gross bookings declined 33% YoY and ASPs increased 27%.
Across the Rest of Latin America, Despegar reported a decrease of 14% in transactions and 17% in gross bookings. In addition, ASPs decreased 4% year-over-year to $404. The COVID-19 related effects particularly on air ASP, were partially offset by an increase in packages ASP in Mexico, Colombia and Chile, in both January and February. On an FX neutral basis, gross bookings decreased 12%, while ASPs increased 3%.
Revenue
| Revenue Breakdown | |||||||||
| 1Q20 | 1Q19 | % Chg | |||||||
|
$ |
% of total |
$ |
% of total |
||||||
| Revenue by business segment (in $Ms) | |||||||||
| Air |
$36.9 |
49% |
$49.7 |
37% |
(26%) |
||||
| Packages, Hotels & Other Travel Products |
$39.1 |
51% |
$83.4 |
63% |
(53%) |
||||
| Total revenue |
$76.1 |
100% |
$133.1 |
100% |
(43%) |
||||
| Revenue per transaction (in $) | |||||||||
| Air |
$30.5 |
$32.8 |
(7%) |
||||||
| Packages, Hotels & Other Travel Products |
$47.7 |
$73.5 |
(35%) |
||||||
| Total revenue per transaction |
$37.5 |
$50.2 |
(25%) |
||||||
| Total revenue margin |
9.6% |
11.5% |
(187) bps |
||||||
| Extraordinary Charges | |||||||||
| Extraordinary Cancellations due to COVID-19 |
($12.5) |
||||||||
| Total Revenue (Excluding Extraordinary Charges) |
$88.6 |
$133.1 |
(33%) |
||||||
| Total revenue margin (Excluding Extraordinary Charges) |
11.2% |
11.5% |
(29) bps |
||||||
Revenues decreased 34% YoY on a FX neutral basis in 1Q20. As reported revenues, decreased 43% to $76.1 million, from $133.1 million in 1Q19, reflecting the effect of: i) the impact of COVID-19 on travel demand; ii) refunds that took place in March primarily due to COVID-19, iii) provisioning of refunds forecasted for the second quarter and in the case of Argentina the refunds forecasted until the end of August, also as a result of COVID-19; and iv) lower customer fees and other incentives resulting from the decline in demand. These effects were partially offset by the contribution of Viajes Falabella. Revenue margin decreased 187 basis points YoY, to 9.6% in the quarter driven by the effect of cancellations made in the quarter as well as those provisioned for the next few months. Excluding the impact from extraordinary cancellations due to COVID-19, the revenue margin would have been 11.2%.
- Air segment revenue was $36.9 million in 1Q20, decreasing 26% YoY from $49.7 million in the year-ago quarter.
- Packages, Hotels & Other Travel Products segment revenue decreased 53% in 1Q20 to $39.1 million, from $83.4 million in the year-ago quarter. Revenues per transaction decreased 35% YoY. The share of Packages, Hotels and Other Travel Products accounted for 51% of total revenues in 1Q20, down from 63% in 1Q19.
Cost of Revenue and Gross Profit
| Cost of Revenue and Gross Profit | ||||||
| (In millions, except as noted) | ||||||
|
1Q20 |
1Q19 |
% Chg |
||||
|
Revenue |
$76.1 |
$133.1 |
(43%) |
|||
| Cost of Revenue |
$33.5 |
$45.2 |
(26%) |
|||
| % of revenues |
44.0% |
34.0% |
+1,004 bps |
|||
| Gross Profit |
$42.6 |
$87.9 |
(52%) |
|||
|
Gross Profit Margin |
|
56.0% |
|
66.0% |
|
(1,004) bps |
| Total Revenue (Excl. Extraordinary Charges) |
$88.6 |
|||||
| Gross Profit (Excl. Extraordinary Charges) |
$55.1 |
$87.9 |
(37%) |
|||
| Gross Profit Margin (Excl. Extraordinary Charges) |
62.2% |
66.0% |
(381) bps |
Cost of revenue, which mainly consists of credit card processing fees, bank fees related to customer financing installment plans offered and fulfillment center expenses, decreased 26% YoY to $33.5 million in 1Q20 from $45.2 million in 1Q19.
As a percentage of revenue, cost of revenue increased 1,004 basis points to 44.0% from 34.0% in the year ago quarter, reflecting the fixed portion of Fulfillment Center fees in a lower revenue context, following the outsourcing of the call centers early January 2020 to further streamline operations.
The absolute year-on-year decrease in cost of revenue was primarily driven by a significant reduction in variable costs, including cost of installments, credit card processing fees as well as fraud and errors.
On an FX neutral basis, gross profit decreased 48% to $45.8 million. As reported gross profit decreased 52% YoY to $42.6 million in 1Q20, and excluding the impact from customers’ extraordinary cancellations due to COVID-19, gross profit would have decreased 37% to $55.1 million.
Operating Expenses
| Operating Expenses | ||||||
| (In millions, except as noted) | ||||||
|
|
1Q20 |
1Q19 |
% Chg |
|||
| Selling and marketing |
$32.0 |
$40.9 |
(22%) |
|||
| % of revenues |
42.0% |
30.8% |
+1,129 bps |
|||
| General and administrative |
$18.0 |
$20.6 |
(13%) |
|||
| % of revenues |
23.7% |
15.5% |
+818 bps |
|||
| Technology and product development |
$17.2 |
$18.7 |
(8%) |
|||
| % of revenues |
22.5% |
14.1% |
+849 bps |
|||
| Total operating expenses |
$67.2 |
$80.3 |
(16%) |
|||
| Total operating expenses as a % of revenues |
88.3% |
60.3% |
+2,796 bps | |||
| Extraordinary Charges | ||||||
| Extraordinary restructuring charges |
$1.7 |
|||||
| General and administrative (Excl. Extraordinary Charges) |
$16.3 |
$20.6 |
(21%) |
|||
| % of revenues |
21.5% |
15.5% |
+596 bps |
|||
| Total operating expenses (Excl. Extraordinary Charges) |
$65.5 |
$80.3 |
(18%) |
|||
| Total operating expenses as a % of revenues (Excl. Extraordinary Charges) |
86.1% |
60.3% |
+2,574 bps |
Total operating expenses in 1Q20 excluding the impact of Viajes Falabella and the Extraordinary Charge described below, decreased 29% YoY to $57.3 million. This cost reduction reflects a combination of cost savings initiated earlier as well as the mitigation measures being implemented in the context of the COVID-19 crisis. These initiatives are also expected to result in further significant reductions in all non-critical spend and the re-adjustment of Structural Costs in the upcoming quarters.
Operating expenses in 1Q20 include $1.7 million in extraordinary restructuring severance expenses. As reported Operating Expenses, which include Viajes Falabella’s contribution this quarter and the aforementioned Extraordinary Charge, decreased 16% YoY to $67.2 million in 1Q20.
As a percentage of revenues, operating expenses excluding the non-recurring restructuring charges increased to 86.1% in 1Q20 from 60.3% in 1Q19, prompted by the higher relevance of the fixed portion of Operating Expenses in a lower revenue scenario.
-
Selling and marketing (S&M) expenses declined 22% YoY and would have decreased 31% YoY to $28.3 million, when excluding Viajes Falabella. This decrease is due to the elimination of direct marketing spend since the COVID-19 outbreak in Latam. Operational costs from Viajes Falabella stores and telesales operations added $3.7 million to S&M expenses in 1Q20.
S&M expenses increased to $15.8 per transaction in 1Q20 from $15.4 in 1Q19 mainly due to the inclusion of Viajes Falabella’s marketing costs and the allocation of structural marketing costs to a lower number of transactions. As a percentage of revenues, S&M expenses increased to 42.0% in 1Q20, from 30.8% in 1Q19. -
General and administrative (G&A) expense declined 13% YoY as reported and would have declined 36% YoY to $13.1 million excluding $1.7 million in extraordinary severance charges in connection with the cost savings program implemented following the COVID-19 outbreak and $3.2 million in G&A expenses at Viajes Falabella.
Excluding this extraordinary severance charges, G&A as a percentage of revenues, increased 596 basis points to 21.5% in 1Q20 from 15.5% in 1Q19, reflecting the negative impact of COVID-19 on Gross Bookings and the higher cost structure of Viajes Falabella’s offline operations. -
Technology and product development expenses declined 8% YoY as reported and would have decreased 15% when excluding $1.3 million in connection with Viajes Falabella’s operations. Additionally, there was a reduction in personnel expenses due to the restructuring process carried out in 4Q19.
As a percentage of revenue, technology and product expenses increased by 849 basis points YoY to 22.5% mainly due to the impact on revenues of the current COVID-19 crisis.
Financial Income/Expenses
In the first quarter of 2020, the Company reported a net financial gain of $10.1 million compared to a net financial expense of $5.2 million in 1Q19. The increase was primarily driven by foreign exchange gains mainly from the impact of operational debt incurred with third parties in countries affected by relevant currency depreciation such as Brazil, Mexico and Colombia. Additionally, in this quarter we benefited from our hedging activities as regional currencies got weaker.
Income Taxes
The Company reported an income tax expense of $0.7 million in 1Q20, compared to $0.5 million in 1Q19. The effective tax rate in 1Q20 was 4.9%, compared to 20.3% in 1Q19.
The decrease in the effective rate is driven by the combination of geographical mix of profits and losses and the reduction on permanent differences.
Adjusted EBITDA & Margin
| Adjusted EBITDA Reconciliation & Adjusted EBITDA Margin | ||||||
| (In millions, except as noted) | ||||||
|
1Q20 |
1Q19 |
% Chg |
||||
| Net income/ (loss) |
($15.2) |
|
$1.9 |
|
(907%) |
|
| Add (deduct): |
|
|
|
|
|
|
| Financial expense, net |
($10.1) |
|
$5.2 |
|
n.m. |
|
| Income tax expense |
$0.7 |
|
$0.5 |
|
48% |
|
| Depreciation expense |
$1.9 |
|
$1.4 |
|
33% |
|
| Amortization of intangible assets |
$4.9 |
|
$3.2 |
|
54% |
|
| Share-based compensation expense |
$2.2 |
|
$3.0 |
|
(28%) |
|
| Adjusted EBITDA |
($15.6) |
|
$15.2 |
|
(203%) |
|
| Adjusted EBITDA Margin |
-20.5% |
|
11.4% |
|
(3,192) bps |
|
| Extraordinary Charges |
|
|
|
|
|
|
| Extraordinary Cancellations due to COVID-19 |
($12.5) |
|
|
|
|
|
| Extraordinary restructuring charges |
($1.7) |
|
|
|
|
|
| Adjusted EBITDA (Excl. Extraordinary Charges) |
($1.4) |
|
$15.2 |
|
(109%) |
|
| Adjusted EBITDA Margin (Excl. Extraordinary Charges) |
-1.8% |
|
11.4% |
|
(1,323) bps |
In 1Q20 Adjusted EBITDA was negative $15.6 million compared to positive $15.2 million in 1Q19. In turn, the Adjusted EBITDA margin was negative 20.5% for 1Q20, compared to positive 11.4% in the same quarter of the prior year.
The above mentioned figures correspond to the Company’s definition of Adjusted EBITDA. However, due to the impact of COVID-19, Despegar: i) experienced an atypical spike in customer travel cancellations which had a negative impact of $12.5 million, and ii) implemented cost savings measures representing additional non-recurring restructuring charges of $1.7 million. Adjusted EBITDA, which excludes these Extraordinary Charges, would have been negative $1.4 million, 109% lower than in 1Q19.
Balance Sheet and Cash Flow
The Company’s cash and treasury operations are managed locally while subsidiaries’ dividends are paid directly to Despegar in Delaware, U.S. Additionally, the majority of Despegar’s cash balance is held in US dollars in the US and UK. Despegar minimizes its foreign currency exposures by managing natural hedges, netting its current assets and current liabilities in similarly denominated foreign currencies, and managing short term loans and investments for hedging purposes.
Cash and cash equivalents, including restricted cash, at March 31, 2020 was $225.9 million. During the quarter, cash and cash equivalents decreased by $87.7 million, while the total debt balance decreased QoQ $1.7 million to $17.5 million.
The Company believes that its existing cash and cash equivalents, will be sufficient to weather the current challenging environment for the next twelve months.
Despegar reported a use of cash from operating activities of $68.2 million compared to a use of cash of $6.0 million in 1Q19.
On Funds from Operations, in 1Q20 we reported a Net Loss of $15.2 million significantly offset by Non-Cash adjustments of $16.6 million which mostly reflects depreciation and amortization and unrealized FX losses.
Regarding the working capital portion of Cash Flow, Despegar’s Tourist Payables position triggered a use of cash of $134.6 million as a consequence of the seasonality of the business which has a natural impact on the first quarter each year. Given the unprecedented times the travel industry is going through, in 1Q20 this seasonal effect was not offset by relevant new sales. On the other hand, the Company’s receivables balance decreased by $80.6 million.
During 1Q20, the Company’s capital expenditures were $8.1 million compared to $7.9 million during the same quarter in the prior year. Funds were primarily invested in platform development.
Business Update
- On April 13, 2020 Despegar Provided an Update on the Agreement to Acquire Best Day
As previously announced, in January 2020, the Company entered into an agreement to acquire Viajes Beda S.
Contacts
IR Contact
Natalia Nirenberg
Investor Relations
Phone: (+54911) 26684490
E-mail: natalia.nirenberg@despegar.com