SiteMinder narrows FY loss, targets 30% revenue growth
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The news: SiteMinder narrowed its net loss in the 2024 financial year, as the hotel booking company notched double-digit revenue gains year on year.
The numbers: Siteminder reduced its net loss from $49.3 million to $25.1 million as EBITDA of $900,000 swung from a loss of $21.9 million in FY23. Underlying EBITDA improved from a $1.2 million loss in the first half of the year to a gain of $2.1 million in the second half.
Full-year revenue, pre-announced in July, rose 26% year on year to $190.7 million. Subscription revenue grew 16.2% while transaction revenue climbed 30%.
Annual recurring revenue was up 20.8% to $209 million with underlying free cash flow (FCF) turning positive in the second half at $2.3 million.
Regional revenue grew 20.8% in the Americas, 18.1% in Europe, the Middle East and Africa (EMEA), and 23.7% in Asia Pacific, supported by property growth of 15.8% in the Americas, 17% in EMEA and 3.3% in APAC.
The context: The Sydney-based e-commerce platform, which allows hotels to sell their rooms on their own websites and through third parties, said it expects to be "underlying EBITDA profitable and underlying free cash flow positive" in FY25.
Siteminder said it is also targeting 30% organic annual revenue growth in the medium term, aided by contributions from its 'Smart Platform', which allows accommodation providers to forecast revenue performance and take targeted action.
What they said: "Not only did we sustain strong growth and execute a significant turnaround in profitability to deliver a 230% improvement on the Rule of 40; it was achieved while embarking on an ambitious Smart Platform strategy, leveraging our platform and go-to-market capabilities, and forging significant new partnerships that have reinforced our global leadership and future growth outlook," said SiteMinder CEO and managing director Sankar Narayan.
"Siteminder has never been better positioned to deliver high, sustainable organic growth and progress towards industry-leading SaaS economics."
The source: ASX announcement
