Highlights for the three months ended March 31, 2024 (relative to prior year):
- Air Distribution revenuegrew 12.6%, to €764.4 million.
- Air IT Solutions revenueincreased 17.0%, to €497.0 million.
- Hospitality & Other Solutions revenuegrew 13.2%, to €234.9 million.
- Group Revenueincreased 14.1%, to €1,496.3 million.
- EBITDA grew 14.2%1, to €582.01
million. - Operating Income increased 19.1%1, to €422.1 million.
- Adjusted profit2increased 18.8%1, to €324.5 million1.
- Free Cash Flow3increased 23.1%, to €336.1 million.
- Net financial debt4was €2,460.0 million at March 31, 2024 (1.1 times last-twelve-month EBITDA4).
In the first quarter of 2024, Amadeus continued to have a steady financial evolution. Amadeus’ Group Revenue, EBITDA and Operating Income increased by 14.1%, 14.2%1, and 19.1%1 respectively, and Adjusted Profit expanded by 18.8%1, over the previous year. Our financial performance in the quarter drove solid Free Cash Flow generation of €336.1 million, increasing 23.1% over the previous year. This resulted in Net Financial Debt of €2,460.0 million at March 31, 2024, representing 1.1 times last twelve months' EBITDA.
“Amadeus started the year strongly, reporting double‑digit growth across all our reported segments. We are also advancing on our strategic initiatives. Amadeus will be deploying its NDC technology for Expedia Group, representing an endorsement to our industry‑wide NDC roll‑out, and British Airways signed for Amadeus Nevio, a milestone in the airline’s path to modern retailing.
Based on this solid start to 2024, we look to the rest of the year with confidence.”
Luis Maroto President & CEO, Amadeus
1Excluding related transaction costs for the acquisitions of Vision-Box and Voxel, amounting to €0.6 million (€0.5 million after tax) in aggregate in the first quarter of 2024.
2Excluding after-tax impact of the following items: (i) accounting effects derived from PPA exercises, (ii) non-operating exchange gains (losses), and (iii) other non-operating income (expense).
3Defined as EBITDA, minus capital expenditure, plus changes in our working capital, minus taxes paid, minus interests and financial fees paid.
4Based on our credit facility agreements’ definition.
Business evolution in the quarter
In the quarter, Air Distribution revenue was 12.6% higher than in the previous year, resulting from positive booking volume growth and an increase in our average revenue per booking. Our Air Distribution bookings increased by 2.8% in the quarter, affected by a negative seasonality impact of Easter and Ramadan festivities. Our best performing region in the quarter was Asia-Pacific, which expanded by 31.2%. Over the period, Western Europe and North America were our largest regions in terms of bookings, representing 29.3% and 25.0% respectively. Our volume performance was complemented in the quarter by our positive 9.5% revenue per booking evolution.
Within the large OTA space in the U.S., Expedia announced this quarter an expanded partnership to integrate our NDC content, joining Priceline and Fareportal, which were both announced previously. This offers significant endorsement for our industry-wide roll-out and reinforces Amadeus’ commitment to accelerate the industry’s evolution towards modern retailing.
In the first quarter of 2024, our Air IT Solutions revenue grew by 17.0%, supported by our passengers boarded evolution, which increased by 16.3%, driven by global air traffic growth and the positive impact from Amadeus’ 2023 customer implementations. Asia-Pacific and Middle East and Africa were our best performing regions in the quarter, delivering 21.0% and 29.6% growth respectively, and Western Europe and Asia-Pacific were our largest regions, representing 28.2% and 32.9% of passengers boarded, respectively.
Within Air IT Solutions, British Airways has chosen Amadeus as its technology partner, and Amadeus Nevio, to deliver the airline’s Offer and Order strategic goals. This is a transformative partnership, and a significant step in making modern retailing a reality.
In Airport IT, during the quarter, we continued to expand our customer base and had several upsells for further solutions from our Airport IT offering. Earlier in the quarter we also received all the necessary approvals and closed the acquisition of Vision-Box, a pioneer and market leader in the provision of biometric solutions for airports, airlines and border control customers.
Our Hospitality & Other Solutions revenue grew by 13.2% in the first quarter of 2024. Both Hospitality, which generates the majority of revenues in this segment, and Payments, delivered strong growth, supported by new customer implementations and volume expansion.
In Hospitality, U.S.-based hotel management company Remington Hospitality has expanded its technology partnership with Amadeus to include our business intelligence solution Demand360+.
In Payments, Amadeus’ wholly-owned payments subsidiary, Outpayce, has now been granted the eMoney licence it applied for in 2022 from the Bank of Spain. Finally, on February 29, 2024, we acquired Voxel, a leading provider of electronic invoicing and a B2B electronic payments specialist for travel sellers and the hospitality industry.
Corporate news in the quarter
On February 26, 2024, Amadeus announced it had reached the maximum investment under the share repurchase program announced on November 6, 2023. Under the program, Amadeus acquired 8,807,000 shares (representing 1.955% of Amadeus’ share capital) for a total amount of €556.7 million.
On June 18, 2024, Amadeus will be hosting an Investor Day in London. During the session, Amadeus’ senior leadership team will be providing a strategic update across our businesses, as well as sharing views on our generally-expected evolution into the midterm, followed by a Q&A segment.
For more information about our operating and financial performance during the first quarter of 2024, please visit our Investor Relations website.
Summary of operating and financial information
Summary of KPI | Jan-Mar 2024 | Jan-Mar 2023 | Change |
Operating KPI (millions) |
Bookings (m) | 125.2 | 121.8 | 2.8% |
Passengers boarded (m) | 476.4 | 409.5 | 16.3% |
| Financial results1 (€millions) |
Air Distribution revenue | 764.4 | 678.9 | 12.6% |
Air IT Solutions revenue | 497.0 | 424.9 | 17.0% |
| Hospitality & Other Solutions revenue | 234.9 | 207.5 | 13.2% |
Revenue | 1,496.3 | 1,311.3 | 14.1% |
EBITDA | 582.0 | 509.8 | 14.2% |
| EBITDA margin (%) | 38.9% | 38.9% | 0.0 p.p. |
| Operating income | 422.1 | 354.4 | 19.1% |
| Operating income margin (%) | 28.2% | 27.0% | 1.2 p.p. |
Profit | 313.9 | 262.4 | 19.6% |
Adjusted profit2 | 324.5 | 273.1 | 18.8% |
Adjusted EPS (euros)3 | 0.74 | 0.61 | 22.3% |
| Cash flow(€millions) |
Capital expenditure4 | 158.6 | 148.5 | 6.8% |
Free Cash Flow4 | 336.1 | 273.1 | 23.1% |
| Indebtedness5(€millions) - At month end | Mar 2024 | Dec 2023 | Change |
| Net financial debt | 2,460.0 | 2,140.6 | 319.3 |
| Net financial debt/LTM EBITDA | 1.1x | 1.0x |
1Excluding related transaction costs for the acquisitions of Vision-Box and Voxel, amounting to €0.6 million (€0.5 million after tax) in aggregate in the first quarter of 2024.
2Excluding after-tax impact of the following items: (i) accounting effects derived from PPA exercises, (ii) non-operating exchange gains (losses) and (iii) other non-operating income (expense).
3EPS corresponding to the Adjusted profit attributable to the parent company.
4Defined as EBITDA, minus capital expenditure, plus changes in our working capital, minus taxes paid, minus interests and financial fees paid. From January 1, 2024, capital expenditure is presented net of inflows from sales of assets. For comparison purposes with the prior year, 2023 capital expenditure and free cash flow figures have been restated accordingly.
5Based on our credit facility agreements’ definition.
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