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Budgeting 2020

Back to Profitability
Growth > Profit? “Hot” Properties in 2019

WeWork Rework-ed

IPO Postponed due to


YTD = -25% YTD = -49%
revised valuation of 47
bio USD to 15 bio USD

Investors are worried about Analysts predict that Lyft is Investors question whether the
Uber’s path to profitability likely to be burning cash for at business will be successful in
Source: Barrons.com least the next 30 months the long run. Long way from
Source: Barrons.com becoming profitable
Source: The Guardian
Learning from The Giants

Consistent earnings and clear path to profitability is reflected on the stock market performance.
This proves Tech companies can grow without sacrificing profitability
Looking at the OTA Peers
Show me The Money: Shift to Profitability

• In the past few years, VC act


more like PE

• VC are now seeking stronger


business cases, proof of
concepts and paths to
profitability
Angel – Series B funding that constructed >50% of the total fund in 2017 plummeted to ~48% in 2018

• According to KPMG, startup


now needs to focus more on
sustaining business rather
than simply on revenue
growth

Source: KPMG

VC are now securing more deals on later stage due to better chance of and clearer path to profitability
The Budget
Rp bn 2018 2019 2020 2018/19 YoY 2019/20 YoY
GBV FYA 9M19 FY19 low FY19 high Budget Difference FYE Low High Low High Average
Flight 7,624 11,874 15,878 18,346 20,226 -9% 22,992 108% 141% 45% 25% 35%
Hotel 832 1,609 2,509 3,667 5,716 -36% 7,019 202% 341% 180% 91% 136%
Train 522 492 642 649 588 10% 756 23% 24% 18% 16% 17%
Event + TTD 61 139 157 157 68 131% 711 159% 159% 353% 353% 353%
Car Rental 12 9 10 41 81 -49% 92 -10% 255% 774% 122% 448%
Other 4 11 16 29 58 -49% 113 295% 632% 614% 286% 450%
Total 9,054 14,134 19,213 22,890 26,737 -14% 31,683 112% 153% 65% 38% 52%

Hotels & Alternative Car Events &


Flights Accommodations Trains Rental Entertainment
35% YoY 136% YoY 17% YoY 448% YoY 353% YoY