Despegar.com Announces 4Q20 Financial Results
Results for the Quarter Include Three-Months of Best Day’s Operation
Gross Bookings 2.4 Times Higher Quarter-over-Quarter (QoQ)
Revenue Margins Up 190 bps Year-over-Year (YoY)
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 December 31, 2020 (4Q20). Financial results are expressed in U.S. dollars and are presented in accordance with U.S. generally accepted accounting principles. Financial results are preliminary and subject to year-end audit and adjustment.
Fourth Quarter 2020 Key Financial and Operating Highlights
(For definitions, see page 11)
- Transactions grew more than 2X QoQ. Excluding the contribution of Best Day, transactions would have increased 74%. Room nights increased 88% QoQ. On a YoY basis, Transactions and Room Nights decreased 56% and 61% YoY, respectively
- Gross Bookings increased 143% QoQ (Quarter over Quarter) to $401.3 million but declined 69% year-over-year (YoY). Excluding the contribution from Best Day, Gross Bookings would have increased 95% QoQ and decreased 75% YoY.
- As Reported Revenues of $53.2 million, up 354% QoQ but down 63% YoY. Excluding the impact of cancellations, As Reported Revenues would have been $58.2 million, up 177% sequentially, but down 60% YoY.
- Selling and marketing expenses decreased 73% YoY, compared to the 69% decline in Gross Bookings in the period. Sequentially, the ratio of marketing expenses to Gross Bookings remained relatively unchanged. Mobile accounted for 50% of transactions in 4Q20, up 900 bps YoY.
- Excluding Best Day and Koin, Structural Costs declined 44% YoY, reflecting measures implemented throughout 2020, in line with the target set for the prior quarter.
- Excluding Extraordinary Charges, Adjusted EBITDA was a loss of $7.6 million compared to a loss of $16.6 million in 3Q20 and Adjusted EBITDA of $12.5 million in 4Q19. Adjusted EBITDA was a loss of $21.4 million in 4Q20 compared to an Adjusted EBITDA loss of $33.7 million in 3Q20 and positive $8.3 million in 4Q19. Excluding Best Day and Koin, Adjusted EBITDA excluding extraordinary charges would have been a loss of $1.0 million.
- Use of cash of $35.4 million in 4Q20, which includes a $34.8 million investment in working capital. This compares to use of cash of $24.2 million in 3Q20 and cash generation of $15.3 million in 4Q19.
- Solid balance sheet – Cash and cash equivalents of $350.5 million at quarter end, including $16.1 million in restricted cash
Message from CEO
Commenting on the Company’s performance, Damian Scokin, CEO stated, “We’re encouraged by the quarterly results which demonstrate that the efforts and initiatives implemented throughout 2020 are delivering the expected results despite ongoing adverse market circumstances. In 4Q20, we i) consolidated three months of Best Day operations, ii) improved revenue margin, iii) kept our structural costs and marketing spend in check while continuing to focus on gaining further efficiencies and improving profitability, and iv) closed the year with a strong balance sheet.
In this context, Despegar on a standalone basis was close to achieving Adjusted EBITDA break-even in 4Q20 when excluding Extraordinary Charges such as extraordinary cancellations due to Covid-19, restructuring charges and M&A and capital raise expenses.
While Gross Bookings increased significantly quarter-on-quarter, we have all learnt that the path to recovery, although clear in the long-run, is likely to be bumpy. Q4 recovery was strong in October and November, but we observed decreased demand in December and January as COVID cases increased globally. A more linear recovery will depend on the pace of the roll out of the vaccination programs in our relevant markets and on the lifting of travel restrictions globally.
Over the next few quarters, we will continue advancing on the successful integration of both Best Day and Koin, fostering our role as the preferred travel partner for well-known international players and clients, while keeping an eye on our bottom line.
As we look ahead, we have become a significantly leaner company, with a more diverse geographical reach through a broader footprint in Mexico and Brazil.”
| Operating and Financial Metrics Highlights | |||||||
| (In millions, except as noted) | |||||||
| 4Q20 | 4Q19 | % Chg | 2020 | 2019 | % Chg | ||
| Operating metrics | |||||||
| Number of transactions | 1.257 | 2.855 | (56%) | 4.1 | 10.7 | (62%) | |
| Gross bookings | $401.3 | $1,280.9 | (69%) | 1,405.9 | $4,734.3 | (70%) | |
| Financial metrics | |||||||
| Revenues | $53.2 | $145.6 | (63%) | $131.3 | $524.9 | (75%) | |
| Net income (loss) | ($26.6) | ($2.6) | n.m. | ($140.6) | ($20.9) | n.m. | |
| Net income (loss) attributable to Despegar.com, Corp | ($26.4) | ($2.6) | n.m. | ($140.4) | ($20.9) | n.m. | |
| Adjusted EBITDA | ($21.4) | $8.3 | n.m. | ($136.5) | $25.6 | n.m. | |
| EPS Basic | ($0.41) | ($0.04) | n.m. | ($2.03) | ($0.30) | n.m. | |
| EPS Diluted | ($0.41) | ($0.04) | n.m. | ($2.03) | ($0.30) | n.m. | |
| Extraordinary Charges | |||||||
| Adjusted EBITDA | ($21.4) | $8.3 | n.m. | ($136.5) | $25.6 | n.m. | |
| Bad Debt due to Exposure to Avianca Brazil | (2.0) | (2.0) | |||||
| Extraordinary cancellations due to COVID-19 | (5.0) | (40.7) | |||||
| Restructuring charges associated with cost reduction and M&A / Capital raise efforts | (10.0) | (2.2) | (27.8) | (2.2) | |||
| Charges from Exposure to Avianca Brazil | (1.6) | ||||||
| Rebranding Charges | (8.6) | ||||||
| Extraordinary bad debt from four airline bankruptcies | 1.1 | (10.6) | |||||
| Adjusted EBITDA (Excl. Extraordinary Charges) | ($7.6) | $12.5 | n.m. | ($57.5) | $40.0 | n.m. | |
| Average Shares Oustanding – Basic 1 | 80.997 | 69,539 | 73.001 | 69.465 | |||
| Average Shares Oustanding – Diluted 1 | 80.997 | 69,539 | 73.001 | 69.465 | |||
| EPS Basic (Excl. Extraordinary Charges) | (0.24) | 0.01 | (0.94) | (0.13) | |||
| EPS Diluted (Excl. Extraordinary Charges) | (0.24) | 0.01 | (0.94) | (0.13) | |||
| 1. In thousands |
Business Update on COVID-19
Governmental Flight Restrictions
According to ICAO (International Civil Aviation Organization), in 4Q20 airline seat capacity in LatAm was 53% of 2019 levels, behind the 56% registered in North America and 63% in Asia Pacific. The only regions that lagged behind LatAm were Europe and Africa with 36% of 2019 airline seat capacity, respectively.
Most of the travel restrictions that were in place in LatAm at the end of 3Q20 were lifted by November 2020. However, by mid-December mobility restrictions were restored in Mexico and international borders closed again in Argentina. In Chile, restrictions returned in some jurisdictions interrupting travel within the country. In Colombia, some jurisdictions restored complete lockdowns. Throughout 4Q20, Brazil’s aviation sector remained open to commercial travel.
Cost Control Initiatives
The results of initiatives undertaken by the Company throughout the year have resulted in a leaner cost structure, achieving a $28.9 million run-rate for Structural Costs in 4Q20, 44% lower on a YoY basis, in line with the goal set for the prior quarter. Included in these cost savings, were YoY declines of 43% in total payroll and 45% in non-payroll expenses.
Solid Financial Position
The Company maintains a solid balance sheet with cash and cash equivalents of $350.5 million at quarter end, including $16.1 million in restricted cash.
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 $193.5 million as of December 31, 2020, compared to Aggregate Net Operational Short-Term Obligations of $124.1 million as of September 30, 2020. 59% of the sequential increase is explained by the consolidation of Best Day results.
Overview of Fourth Quarter 2020 Results
| Key Operating Metrics | ||||||||
| (In millions, except as noted) | ||||||||
|
| 4Q20 |
| 4Q19 |
| % Chg | FX Neutral % Chg | ||
| $ | % of total | $ | % of total | |||||
| Gross Bookings | $401.3 | $1,280.9 | (69%) | (63%) | ||||
| Average selling price (ASP) (in $) | $319 | $449 | (29%) | (16%) | ||||
| Number of Transactions by Segment & Total | ||||||||
| Air | 0.7 | 54% | 1.7 | 58% | (59%) | |||
| Packages, Hotels & Other Travel Products | 0.6 | 46% | 1.2 | 42% | (52%) | |||
| Total Number of Transactions | 1.3 | 100% | 2.9 | 100% | (56%) | |||
During 4Q20, transactions increased 111% sequentially to 1.3 million, driven mainly by the growth in Mexico reflecting an improved performance of Despegar on a stand-alone basis together with 0.2 million transactions contributed by Best Day for the full quarter. An improved performance was also observed in Brazil and the Andean Region. On a YoY basis, transactions declined 56%.
As reported Gross Bookings increased 143% sequentially to $401.3 million. Year-on-year, however, gross bookings decreased 69% as reported and 63% on an FX neutral basis reflecting the impact of the pandemic in the region. Excluding the contribution from Best Day, Gross Bookings would have increased 95% QoQ and decreased 75% YoY.
Sequentially, the average selling price (“ASP”) in 4Q20 increased 15% to $319 per transaction. YoY, the ASP decreased 16% on an FX neutral basis and 29% as reported. On an as reported basis, the YoY ASP decrease was largely driven by: i) a shift towards domestic products due to the pandemic and the restrictions imposed by different governments to international travel, and ii) FX depreciation across the region.
Geographical Breakdown
| Geographical Breakdown of Select Operating and Financial Metrics | |||||||
| (In millions, except as noted) | |||||||
| 4Q20 vs. 4Q19 – As Reported | |||||||
| Brazil | Mexico | Rest of Latam | Total | ||||
| % Chg. | % Chg. | % Chg. | % Chg. | ||||
| Transactions (‘000) | (48%) | (18%) | (75%) | (56%) | |||
| Gross Bookings | (69%) | (26%) | (79%) | (69%) | |||
| ASP ($) | (41%) | (10%) | (18%) | (29%) | |||
| Revenues | (63%) | ||||||
| Gross Profit | (71%) | ||||||
| 4Q20 vs. 4Q19 – FX Neutral Basis | |||||||
| Brazil | Mexico | Rest of Latam | Total | ||||
| % Chg. | % Chg. | % Chg. | % Chg. | ||||
| Transactions (‘000) | (48%) | (18%) | (75%) | (56%) | |||
| Gross Bookings | (59%) | (21%) | (76%) | (63%) | |||
| ASP ($) | (22%) | (4%) | (7%) | (16%) | |||
| Revenues | (58%) | ||||||
| Gross Profit | (69%) | ||||||
Brazil accounted for 45% of Despegar’s total transactions for the quarter, which increased sequentially by 56% and declined 48% compared to 4Q19. Gross Bookings increased 80% QoQ, but declined 69% YoY primarily driven by i) lower demand as a result of the pandemic, ii) the continued mix shift to domestic travel, and iii) the depreciation of the Brazilian Real. These two factors led to YoY decreases of 41% and 22% as reported and FX neutral ASPs, respectively.
In Mexico, transactions and gross bookings decreased 18% and 26% on a YoY basis, respectively. These figures include three-months of Best Day´s operation. Sequentially, transactions increased by 199% while gross bookings increased 270%, despite restrictions put in place by the Mexican government and slower demand resulting from a spike in COVID-19 cases in December. ASPs increased 3% QoQ, but declined 10% YoY. On an FX neutral basis, gross bookings and ASPs posted YoY declines of 21% and 4%, respectively.
Across the Rest of Latin America, Despegar reported sequential increases of 205% and 161% in transactions and gross bookings, respectively. However, on a YoY basis, transactions and gross bookings declined 75% and 79%, respectively mainly as a result of decreased demand in Argentina albeit observing a small recovery from 3Q20 levels. ASPs decreased 18% year-over-year to $387. On an FX neutral basis, gross bookings decreased 76%, while ASPs decreased 7%.
Revenue
| Revenue Breakdown | ||||||
|
| 4Q20 | 4Q19 |
| % Chg | ||
| $ | % of total | $ | % of total | |||
| Revenue by business segment (in $Ms) (Excluding Cancellations) | ||||||
| Air | $19.1 | 36% | $53.3 | 37% | (64%) | |
| Packages, Hotels & Other Travel Products | $34.2 | 64% | $92.3 | 63% | (63%) | |
| Total Revenue | $53.2 | 100% | $145.6 | 100% | (63%) | |
| Total revenue margin | 13.3% | 11.4% | +190 bps | |||
| Extraordinary Charges | ||||||
| Extraordinary Cancellations due to COVID-19 | ($5.0) | |||||
| Total Revenue (Excluding Extraordinary Charges) | $58.2 | $145.6 | (60%) | |||
| Total revenue margin (Excluding Extraordinary Charges) | 14.5% | 11.4% | +314 bps | |||
During 4Q20, as reported revenues increased 354% sequentially to $53.2 million, up from $11.7 million in the prior quarter. Extraordinary cancellations due to Covid-19 were almost half of 3Q20 levels and amounted to $5.0 million. Excluding extraordinary cancellations, revenues were $58.2 million, 177% higher than the previous quarter.
Compared to 4Q19, as reported revenue declined 63%. The YoY decline was caused by the impact of the Covid-19 pandemic which triggered restrictions to mobility and globally impacted travel demand. Revenues also reflect extraordinary cancellations due to the Covid-19 pandemic, including: i) cancellations that took place in the quarter, ii) provisioning of future refunds and iii) flexibilization of non-refundable bookings.
Revenue margin increased 190 basis points compared to 4Q19, to 13.3% in the quarter driven by the negotiation of better commercial conditions leveraging the integration of Best Day´s sourcing teams and growth in transactions of higher-margin stand-alone Packages. Increased demand for destinations that entail a higher revenue margin for Despegar also contributed to this performance. Excluding the impact of extraordinary cancellations, revenue margin would have been 14.5% in 4Q20, up 314 bps YoY from 11.4% in 4Q19.
Cost of Revenue and Gross Profit / (Loss)
| Cost of Revenue and Gross Profit | |||
| (In millions, except as noted) | |||
| 4Q20 | 4Q19 | % Chg | |
| Revenue | $53.2 | $145.6 | (63%) |
| Cost of Revenue | $26.0 | $51.4 | (49%) |
| Gross Profit / (Loss) | $27.3 | $94.2 | (71%) |
| Extraordinary Charges | |||
| Total Revenue | $53.2 | $145.6 | |
| Extraordinary Cancellations due to COVID-19 | ($5.0) | – | |
| Total Revenue (Excl. Extraordinary Charges) | $58.2 | $145.6 | (60%) |
| Total Cost of Revenue | $26.0 | $51.4 | |
| Extraordinary restructuring charges | ($0.2) | – | |
| Total Cost of Revenue (Excl. Extraordinary Charges) | $25.7 | $51.4 | (50%) |
| Gross Profit / (Loss) (Excl. Extraordinary Charges) | $32.5 | $94.2 | (66%) |
Gross profit reverted back to positive reaching $27.3 million in 4Q20, from negative $0.7 million in 3Q20 and negative $23.5 million in 2Q20. Compared to 4Q19, as reported gross profit was down 71%. Cost of revenue, which is principally composed of credit card processing fees, bank fees related to customer financing installment plans offered and fulfillment center expenses, doubled sequentially while revenues increased 4.5x.
On a YoY basis, cost of revenue decreased 49% to $26.0 million in 4Q20 from $51.4 million in 4Q19. The decline in cost of revenue was mainly driven by a reduction in variable costs such as cost of installments and credit card processing fees reflecting the decrease in demand resulting from the pandemic. To a lesser extent, the outsourcing of the call center operations effective 1Q20 along with reduced fraud and errors also contributed to lower cost of revenue. This was partially offset by Best Day and Koin’s expenses that increased Cost of Revenue by $4.0 million, as well as the cost to serve transactions that entail a higher level of assistance due to cancellations and reschedulings. The latter increased Cost of Revenue by $3.2 million in the quarter.
Excluding the impact of extraordinary cancellations and non-recurring restructuring charges both at Despegar, Best Day and Koin, gross profit would have been $36.5 million, down 61% YoY, less than the revenue decline explained by the Company’s heightened focus on profitability across operations.
Operating Expenses
| Operating Expenses | |||
| (In millions, except as noted) | |||
| 4Q20 | 4Q19 | % Chg | |
| Selling and marketing | $13.2 | $49.6 | (73%) |
| General and administrative | $29.8 | $26.0 | 15% |
| Technology and product development | $17.2 | $18.7 | (8%) |
| Impairment of long-lived assets | $0.6 | – | n.m. |
| Total operating expenses | $60.7 | $94.2 | (36%) |
| Extraordinary Charges | |||
| Total Operating Expenses | $60.7 | $94.2 | (36%) |
| Bad Debt due to Exposure to Avianca Brazil | ($2.2) | ||
| Extraordinary bad debt from four airline bankruptcies | $1.1 | ||
| Restructuring charges associated with cost reduction and M&A / Capital raise efforts | ($9.9) | ($2.0) | |
| Total operating expenses (Excl. Extraordinary Charges) | $51.8 | $90.1 | (42%) |
Operating Expenses decreased 36% YoY to $60.7 million in 4Q20, as a result of lower Structural Costs and the reduction of marketing expenses in connection with the sustained focus on enhancing efficiency and profitability. These improvements were partially offset by the inclusion of the operating expenses from Best Day and Koin, which together added $20.0 million in the quarter.
Excluding extraordinary severance charges incurred both in 4Q20 and in 4Q19 in addition to the impact of Best Day and Koin, total operating expenses for the quarter were 65% lower at $31.3 million compared with $90.1 in 4Q19. The main drivers behind the reduction in expenses in 4Q20 were, lower performance marketing expenses and Covid-19 reductions in Structural Costs implemented during the year. Synergies obtained from the integration of Viajes Falabella also contributed to this cost reduction.
Structural Costs declined YoY to 44% to $28.9 million in 4Q20.
Selling and marketing (S&M) expenses declined 73% YoY, following the overall contraction in travel demand and the Company increasingly capturing traffic through unpaid marketing efforts. These declines were partially offset by $7.2 million S&M expenses at Best Day and Koin. Excluding the impact of Best Day and Koin and severance charges in the quarter, Selling and marketing expenses would have decreased 89% YoY.
On a comparable basis, only half of 4Q19 structural marketing costs remained.
General and administrative (G&A) expenses increased 15% YoY to $29.8 million reflecting the consolidation of Best Day and Koin, partially offset by the cost savings program implemented in connection with the pandemic along with prior savings. G&A expenses in 4Q20 includes $9.3 million from Best Day and Koin and $7.5 million in extraordinary charges as a result of cost reductions, severance and M&A expenses, among others. The Company collected $1.1 million associated with the Bad Debt provisioned in connection with airlines that previously filed for Chapter 11 bankruptcy.
Excluding these extraordinary charges and Best Day and Koin, G&A expenses would have declined 44% YoY
Technology and product development expenses decreased 8% YoY reflecting cost savings initiatives, partially offset by $3.5 million from the consolidation of Best Day and Koin and a reduction in the capitalization of IT spend.
Excluding extraordinary charges in connection with severances both in 4Q20 and 4Q19 and Best Day and Koin, Technology related expenses would have declined 27% YoY.
Financial Income/Expenses
In the fourth quarter of 2020, the Company reported a net financial loss of $1.4 million compared to a net financial loss of $6.7 million in 4Q19.
The decrease was a result of i) lower credit card receivable factoring expenses, ii) benefits from hedging activities and iii) an increase in interest income as a result of an increase in cash invested. These were partially offset by foreign exchange losses resulting mainly from the impact of payables to suppliers in countries affected by currency appreciation such as Brazil, Mexico and Colombia.
Income Taxes
The Company reported an income tax gain of $ 8.2 million in 4Q20, compared to $4,1 million in 4Q19. The effective tax rate in 4Q20 was 24% compared to 61% in 4Q19. The variation in the effective rate is driven mainly by the following milestones: (i) the combination of geographical mix of profits and losses due to pandemic COVID-19; (ii) the reduction of a portion of valuation allowances linked with net operating losses in Brazil due to updated recoverability analyzes for the upcoming years; (iii) the addition of Best Day´s results as a consequence of the acquisition performed during this quarter; and (iv) the recovery of tax provision in US due to the annual estimation of income tax. At the consolidated financial statement´s level, Global Intangible Low-Taxed Income provision is not applicable.
Adjusted EBITDA & Margin
| Adjusted EBITDA Reconciliation & Adjusted EBITDA Margin | |||
| (In millions, except as noted) | |||
| 4Q20 | 4Q19 | % Chg | |
| Net income/ (loss) | ($26.6) | ($2.6) | 906% |
| Add (deduct): | |||
| Financial expense, net | $1.4 | $6.7 | (78%) |
| Income tax expense | ($8.2) | ($4.1) | 103% |
| Depreciation expense | $1.7 | $1.1 | 52% |
| Amortization of intangible assets | $7.1 | $5.1 | 40% |
| Share-based compensation expense | $2.6 | $2.1 | 23% |
| Impairment of long-lived assets | $0.6 | – | n.m. |
| Adjusted EBITDA | ($21.4) | $8.3 | n.m. |
| Extraordinary Charges | |||
| Adjusted EBITDA | ($21.4) | $8.3 | |
| Bad Debt due to Exposure to Avianca Brazil | (2.0) | ||
| Extraordinary cancellations due to COVID-19 | (5.0) | ||
| Restructuring charges associated with cost reduction and M&A / Capital raise efforts | (10.0) | (2.2) | |
| Extraordinary bad debt from four airline bankruptcies | 1.1 | ||
| Adjusted EBITDA (Excl. Extraordinary Charges) | ($7.6) | $12.5 | n.m. |
Despegar reported an Adjusted EBITDA loss of $21.4 million, a sequential improvement from the $33.7 million Adjusted EBITDA loss reported in the prior quarter. This compares with positive Adjusted EBITDA of $8.3 million in 4Q19.
Excluding $13.9 million in Extraordinary Charges in connection with cancellations and restructuring charges resulting from cost reductions, M&A and capital raising efforts implemented in the context of COVID-19 pandemic, Adjusted EBITDA loss in 4Q20 was $7.6 million. This compares to Adjusted EBITDA excluding Extraordinary Charges of $12.5 million in 4Q19, as described in the table above. Excluding Best Day and Koin, Adjusted EBITDA would have been a loss of $1.0 million.
Balance Sheet and Cash Flow
The majority of Despegar’s cash balance is held in US dollars in the US and the 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.
As of December 31, 2020, cash and cash equivalents, including restricted cash, amounted to $350.5 million. During the quarter, cash and cash equivalents including restricted cash decreased by $35.4 million sequentially.
Despegar reported a use of cash from operating activities of $35.4 million compared to cash generation from operating activities of $15.3 million in the year ago quarter.
On Funds from Operations, i) in 4Q20 the Company reported a Net Loss (attributable to Despegar) of $26.6 million, of which $16.5 million are explained by the consolidation of the recently acquired companies, Best Day and Koin, ii) this Net Loss was partially offset by Non-Cash adjustments of $8.5 million which are mostly explained by amortization of intangible assets, stock based compensation expenses and provision for contingencies, among others, iii) an investment of $34.8 million in operating working capital, partially offset by $18 million decrease in Other Working Capital, including the assumption of Best Day initial cash balance.
The investment in working capital reflects an increase of $28.0 million in Accounts Receivables, and a decrease in Travel Payable of $6.8 million.
Argentina Considered Hyperinflationary Economy
As of July 1, 2018, as a result of a three-year cumulative inflation rate greater than 100% and following the guidance of ASC 830 the U.S. dollar became the functional currency of the Company’s Argentine subsidiary. This change in functional currency is being recognized prospectively in the financial statements. As a result, starting 3Q18 the impact of any change in currency exchange rate on the Company’s balance sheet accounts is reported in the Net financial income/(expense) line of the income statement instead of Other comprehensive income.
4Q20 Earnings Conference Call
| When: | 8:00 a.m. Eastern time, March 11, 2021 |
| Who: | Mr. Damián Scokin, Chief Executive Officer |
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| Mr. Alberto López-Gaffney, Chief Financial Officer |
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| Ms. Natalia Nirenberg, Investor Relations |
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| Dial-in: | 1-844-750-4865 (U.S. domestic); 1-412-317-5275 (International) |
Contacts
IR
Natalia Nirenberg
Investor Relations
Phone: (+54911) 26684490
E-mail: [email protected]
