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We had a strong start to 2023. In Q1, Nights and Experiences Booked hit a record high with over 120 million….Chesky

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Airbnb, Inc. (NASDAQ: ABNB) Chief Executive Officer, Brian Chesky, has released the following Q1 2023 Shareholder Letter (edited)

Revenue of $1.8 billion grew 20% year-over-year (24% ex-FX). Net income was $117 million—our first profitable Q1 on a GAAP basis. Adjusted EBITDA was $262 million while Free Cash Flow was $1.6 billion, growing 32% year-over-year. We are now twice the size as we were before the pandemic on both a GBV and revenue basis—and with considerably higher profitability and cash flow.

Looking ahead, we remain focused on our three strategic priorities:

• Make hosting mainstream. Traveling on Airbnb is mainstream. We want hosting to be just as popular. To achieve this, we are raising awareness around hosting, making it easier to get started, and providing even better tools for Hosts. We have seen great results from our efforts. In every quarter over the last two years since we went public, we’ve seen acceleration in the year-over-year growth of our total active listings (excluding China). In Q1, total active listings grew 18% compared to the same prior year period, up from 16% in Q4 2022.

• Perfect the core service. We want people to love our service, and that means obsessing over every detail. Millions of people have given us feedback on how to improve Airbnb. Recently, we’ve received a lot of input about rising prices. In today’s economic environment, it’s more important than ever to provide affordable stays for guests. We’ve listened. Last week, we introduced over 50 new features and upgrades as part of our 2023 Summer Release—including Airbnb Rooms, an all-new take on the original Airbnb, improved pricing tools, transparent checkout instructions, and more.

• Expand beyond the core. We have some big ideas for where to take Airbnb next. This year, we’re building the foundation for new products and services that we plan to launch in 2024 and beyond. At the same time, while Airbnb is in over 220 countries and regions, we’re still under-penetrated in many markets. As a result, we’ve increased our focus and investments in less mature international markets and are seeing great results. Due to these efforts, Brazil and Germany have become two of our fastest growing markets and we’re excited to expand the playbook around the world.

Q1 2023 Financial Results
Here is a snapshot of our Q1 2023 results:

• Q1 revenue of $1.8 billion was our highest first quarter ever. Revenue grew 20% year-overyear (24% ex-FX) driven by solid growth in Nights and Experiences Booked and stable Average Daily Rates (“ADR”).

• Q1 net income of $117 million was our first profitable Q1. Net income was $117 million in Q1 2023 compared to a net loss of $19 million in Q1 2022. This increase was primarily due to our revenue growth, expense discipline and interest income. In Q1 2023, we delivered a net income margin of positive 6%, up from negative 1% in Q1 2022.

• Q1 Adjusted EBITDA of $262 million was a record first quarter. Adjusted EBITDA in Q1 2023 increased 14% compared to $229 million in Q1 2022. This improvement in Adjusted EBITDA demonstrates the continued strength of our business and discipline in managing our cost structure. Adjusted EBITDA margin was 14% for Q1 2023, relatively stable from 15% in Q1 2022.

• Q1 Free Cash Flow of $1.6 billion was our highest ever. Q1 2023 net cash provided by operating activities was $1.6 billion, up from $1.2 billion in Q1 2022. The increase in cash flow was driven by revenue and bookings growth as well as net margin expansion. Our TTM FCF was $3.8 billion, representing a FCF margin of 44%.2

Our TTM Free Cash Flow generation enabled us to repurchase $2 billion of our common stock over the same time period. In total, our share repurchases since the start of our buyback program in August 2022 have helped to reduce our fully diluted share count from 706 million in Q1 2022 to 697 million at the end of Q1 2023. We’re announcing today that our Board of Directors approved a new share repurchase authorization of up to $2.5 billion of our Class A common stock.

Business Highlights
Our strong quarter was driven by a number of positive business trends:

• More guests are traveling on Airbnb than ever before. Nights and Experiences Booked grew 19% in Q1 2023 compared to a year ago. Even with continued macroeconomic uncertainties, we have seen our highest number of active bookers, demonstrating both loyalty from our returning guests and a growing base of first-time bookers. Our current backlog of nights is approximately 25% stronger than a year ago.

• Guests are traveling overseas and returning to cities. Cross-border nights booked grew by 36% in Q1 2023 compared to a year ago. We were particularly encouraged by the continued recovery of Asia Pacific as nights booked in Q1 2023 increased over 40% year-over-year. We saw international travel from other regions to Asia Pacific increase 160% during the quarter compared to Q1 2022. In addition, cross-border nights booked to North America increased on a sequential basis, with 34% year-over-year growth in Q1 2023 relative to 31% a quarter ago. Cross-border nights booked to North America also increased on a sequential basis, with 34% year-over-year growth in Q1 2023 relative to 31% a quarter ago.

In addition to the strong cross-border growth, we saw more guests return to cities. High-density urban nights booked increased by 20% in Q1 2023 compared to the same prior year period.

• Guests are continuing to use Airbnb for longer stays. Nights from long-term stays (28 nights or longer) were 18% of total gross nights booked in Q1 2023. Over the past three years, we’ve seen new use cases emerge as guests across all regions and age groups use Airbnb for long-term stays.

• Supply growth continued to accelerate. We grew supply 18% compared to Q1 2022.3 We observed double-digit supply growth across all regions and market types, with the fastest growth in North America and Latin America. Urban and non-urban supply also grew 18% year-over-year.

For More Information CLICK HERE

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Spur Tree Spices Projected Revenue Growth Negatively Impacted By Raw Material Shortages

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Albert Bailey CEO of Spur Tree Spices Jamaica Limited has released the following report for the first quarter ended March 31, 2024, including the presentation of unaudited financial statements, prepared in accordance with International Financial Reporting Standards (IFRS).

Performance Review

Revenue for the quarter moved from $383.6M to $394.5M, an increase of 2.8% over the same quarter for 2023. Projected revenue growth was negatively impacted by raw material shortages experienced in the Agro processing sector since the 2nd quarter of 2023. These shortages impacted the Company’s ability to fulfil customer orders during the quarter.

The Company sustained far higher raw material input costs this quarter, relative to the similar quarter of the previous year due to the impact of raw material shortages. Therefore, Cost of Sales for the quarter rose from $259.5M to $287.6M, an increase of 10.8%.

There are positive signs that raw material supplies are gradually returning to normal levels, and associated costs are also coming down. We expect to see a continued movement in this direction, and a full return to normal raw material prices in the coming months.

The rollout of a wide range of new products to market, that do not use these primary raw material inputs, is a part of the company’s strategic initiatives to reduce the risk and vulnerability associated with this area of our business. The Company’s venture into farming also aligns with our strategy to achieve greater raw material stability and therefore lessen any future negative impact on performance.

Gross Profit for the period was $106.9M, down from $124.2M for the same period in 2024. This represents a 13.9 % decline year over year for the same period. The fall in gross profit resulted from the increase in raw material input costs sustained during the period.

With the initiatives being implemented to reduce costs, and the general downward trend in the price of raw materials inputs, the Company anticipates a full recovery of gross profit margins in the coming quarters.

Administrative Expenses for the 1st quarter was 71.4M, up from $66.8M for the corresponding period in 2023. This is an increase of 6.9%, which is commendable given the current circumstances. This means, administrative expenses as a percentage of revenue ticked up slightly from 17.4 % of sales in the first quarter of 2023, to 18.09% for the similar quarter in 2024.

The company will continue to tightly monitor this area of expenditure while working to get our revenue and gross margin back to targeted levels.

Finance Costs for the 1st quarter were $9.5M, down from $10.4M in 2023. This represents an 8.2% reduction for the quarter.

Net Profit attributable to the owners of the company for the quarter was $31M, down from $47.8M for the same quarter in 2023. While net profit is down compared to the same quarter last year, the company’s profit has improved over the last quarter (4th quarter), in which similar raw material challenges were faced.

The performance for the quarter, while not at the level projected, was commendable given the many challenges faced.

Outlook

The Company’s outlook remains very bright and positive. Spur Tree Spice is strategically positioned for substantial growth and expansion in 2024. The leadership has undertaken several important initiatives to ensure the continued success of the Company as we expand the reach and strength of the brand across all markets.

Some of the initiatives are:

  • Spur Tree Spices Farming Initiative: Raw Materials supplies sourced directly from the farm made a significant contribution to the Company’s ability to fulfil orders during the first quarter. There are currently 13 acres of Scotch Bonnet Pepper under cultivation and 12 acres of West Red Pepper. In addition, there are enough seedlings at our nursery to plant another 18 acres of Scotch Bonnet Pepper in the coming weeks. This will bring the total acreage of pepper under cultivation to 43, with an expected output of over 650,000 lbs. This level of output, supplemented by supplies from our farming partners, will guarantee adequate quantities of pepper for the remainder of 2024. The next phase of the plan is to put into production, other raw material inputs to supplement current supplies from our farming partners.
  • Launch of New Products: Spur Tree Spices has just launched 37 new SKUs across several product lines to include, Dry Seasonings, Fried Chicken Mix, BBQ Sauces, and a range of condiments including dips. Many of these formulations are first to market and based on market research and customer engagement, it is expected that these new items will gain significant traction in all current markets, locally and internationally. Along with these launches, the Company used the opportunity to refresh our brand’s aesthetic to reflect our creativity and to create a compelling brand identity that resonates with both local and global audiences.
  • Additional Upcoming Launches: The company is working to bring to market even more new products by July 2024. These are high demand/high usage items that should have a very positive impact on revenue and profit and generate strong brand response.
  • Improved Ackee Production: Capacity at both Ackee factories is being upgraded to drive production and output of ackee during the next crop which is expected to begin in June 2024. Both entities will be in a much-improved position to maximize its production of ackee moving forward.
  • Diversification of Linstead Market Brand: We are currently working on several new products to be launched under the Linstead Market brand. These items will be introduced to market by August 2024. This will be the first rollout of many items being considered to diversify the offerings under this brand.

We are confident that with these initiatives and others to come, the Company is well on its way to becoming an internationally recognized food brand known for creativity, quality and being ironically Jamaican. The Board of Directors and the Executive Management Team are committed to ensuring the Company remains on track to maximize shareholders’ value while building a strong, sustainable, and profitable brand.

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Strategic Implications of A.S. Bryden & Sons Holdings Limited’s Acquisition of a Stake in Caribbean Producers Jamaica Limited

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A.S. Bryden & Sons Holdings Limited (ASBH), a prominent Trinidad and Tobago-based conglomerate, has recently acquired a 44.8% stake in Caribbean Producers (Jamaica) Limited (CPJ). This strategic move carries significant implications for both companies and the wider Caribbean market.

Expansion and Synergy

ASBH’s acquisition of CPJ represents a strategic expansion of its footprint in the Caribbean. By entering the Jamaican market, ASBH is set to leverage CPJ’s established distribution networks and customer base in Jamaica and St. Lucia, augmenting its regional presence beyond its existing operations in Trinidad, Barbados, and Guyana​​.

Nicholas A. Scott, Director of ASBH, emphasized that this investment aligns with the company’s regional expansion strategy. He noted that ASBH plans to increase its holdings in CPJ with the ultimate goal of gaining control, subject to regulatory disclosures​. This approach suggests a long-term commitment to integrating and scaling CPJ’s operations within ASBH’s broader business model.

Operational and Financial Benefits

For CPJ, this partnership promises enhanced operational capabilities and financial strength. ASBH’s extensive resources and expertise in food and beverage distribution will likely drive efficiencies and innovation within CPJ. The acquisition also provides CPJ with increased access to hard currency earnings, which is crucial for import-driven businesses in the Caribbean region​.

P.B. Scott, Chairman of ASBH, highlighted that this strategic stake would enable ASBH to serve new markets, particularly in the hospitality and restaurant sectors, leveraging CPJ’s strong presence in these industries. The collaboration is expected to generate significant synergies, boosting growth and competitiveness for both companies​​.

“Over the last 30 years, CPJ has become the pre-eminent distributor of food and beverage products to hotels and resorts in Jamaica and beyond because of the talent and dedication of our team and the support of our loyal suppliers and customers. AS Byrden shares our values and culture and has a track record of building and supporting high-performing management teams.” Mark Hart

Market Impact

The acquisition has broader implications for the Caribbean market. By consolidating its position as the largest shareholder of CPJ, ASBH is poised to influence market dynamics, fostering increased competition and potentially driving innovation within the sector. Additionally, ASBH’s listing on the Jamaica Stock Exchange (JSE) underscores its commitment to transparency and regional integration, providing greater opportunities for investors and stakeholders across the Caribbean​.

Leadership

Nicholas Hospedales, who previously led the food and grocery, premium beverage and operations units at ASBH, will be appointed CEO of CPJ. CEO of ASBH Richard Pandohie will be appointed chairman and co-founder of CPJ Tom Tyler will be appointed deputy chairman. He will also serve as a consultant to the company.

Directors Mark Hart and Candace Hart will also retain their roles.

ASBH directors Nicholas Scott, Michael Conyers and David Franco will be appointed as new directors, replacing Christopher Berry, Konrad Berry, Camille Shields, Frank O’Dowd and Mark Hall.

Hart said the two companies will grow significantly through their collaboration. He expected that working together, the two companies would be able to expand their geographic footprint throughout the region.

Seprod Ltd

In 2023, Seprod Ltd, a regional manufacturing and distribution company headquartered in Jamaica, acquired ASBH at $312.7 million, scooping up a 60 per cent share in the company. Seprod said the acquisition would result in a company with combined annual revenues of more than $3.37 billion. ASBH was valued at $267.9 million in 2022 when Seprod sought to acquire it. To fund the transaction, the company used a combination of a loan of $172.4 million and issued preference shares to the tune of TT$140.3 million.

Seprod has been in regional food manufacturing, distribution and agribusiness since the 1940s. Its manufacturing base includes oils and margarine, wheat and corn milling, integrated dairy, biscuits and snacks. It is also a part of the Musson Group of Companies, which is involved in manufacturing, insurance, information technology, logistics and real estate.

In summary, ASBH’s acquisition of a significant stake in CPJ is a strategic maneuver that promises to enhance the operational capabilities, market reach, and financial stability of both companies. This move not only reflects ASBH’s growth ambitions but also signals a transformative shift in the Caribbean’s food and beverage distribution landscape.

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Kevin Gordon Led Simply Secure Limited Acquires 49.1% Stake in tTech Limited

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Edward “Teddy” Alexander

The Directors of tTech Limited announced that two (2) major shareholders, Edward “Teddy” Alexander and G. Christopher Reckord, have sold 52,012,834 tTech shares, representing 49.1% of tTech Limited’s issued shares. The acquiring entity, Simply Secure Limited, is owned by Kevin Gordon and Rob Mayo-Smith. Messrs. Gordon and Mayo-Smith are also the owners of Simply Secure LLC, a Managed Security Services Provider based in Ft. Lauderdale, Florida.

tTech Limited is a leading IT services provider offering a wide range of services to help businesses manage their IT infrastructure efficiently and securely. Our mission is to deliver exceptional IT services and solutions that empower businesses to thrive in an ever-evolving digital landscape.

Simply Secure LLC is a Managed Security Services Provider based in Ft. Lauderdale, Florida. The company specializes in providing comprehensive security solutions to protect businesses from cyber threats and ensure the safety and integrity of their IT environments.

In light of the fact that the acquisition is beyond the 20% threshold of the issued and outstanding ordinary shares of the company, tTech has duly notified the Jamaica Stock Exchange and the Financial Services Commission pursuant to the applicable JSE Junior Market Rules (Appendix 2) and the applicable Regulations promulgated under the Securities Act that relate to Takeovers and Mergers.

Simply Secure has indicated that upon the acquisition of 50% or more of tTech’s shares, it will extend an offer to all remaining tTech shareholders to purchase their shares. This intended offer to the remaining shareholders will be contingent on the completion of additional due diligence, finalization of the terms of the offer, review by the tTech board and approval by the regulators. Simply Secure and tTech have committed to adhering to the Securities TOM Regulations and the JSE Rules.

The Directors of tTech anticipate that the synergies between tTech and Simply Secure will enhance the services provided by tTech, particularly in the area of Cybersecurity.

There will be some changes at the director and management levels. However, Edward Alexander, who continues as the Board Chair, stated, “I am confident that Simply Secure’s involvement will bring new resources and expertise to tTech Limited. Their focus on Managed Security Services aligns perfectly with our strategic goals.”

 “Under this new arrangement, Simply Secure and tTech are committed to leveraging greater resources to meet the growing demand for Managed Security Services. The primary focus will remain the delivery of exceptional value to our customers and optimal growth opportunities for our employees.” Kevin Gordon, CEO of Simply Secure LLC

 

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RedPlate Group Limited: Corporate Profile

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About RedPlate Group

RedPlate Group Limited is a distinguished Caribbean-based investment holding company, specializing in equity investments across various sectors. Our diversified portfolio includes stakes in both established businesses and promising start-ups, with a focus on:

  • Business-to-Business (B2B)
  • Technology
  • Data-Driven Solutions
  • Integrated Fulfillment Logistics
  • Transportation Solutions
  • E-commerce
  • Mobile Payments

Our Companies

RedPlate Group encompasses a range of dynamic companies, each contributing to our overarching mission:

  • InterMetro Transit Jamaica
  • RedPlate Logistics and Fulfilment Group
  • RedPlate MarketPlace
  • RedPlate Technologies Jamaica Limited
  • RedPlate Financial Group

Innovative Business Model

RedPlate Group’s pioneering business model is poised to revolutionize the transportation and logistics sectors in Jamaica and the broader Caribbean. By leveraging cutting-edge technology, we address current inefficiencies, enhancing productivity and profitability across the value chain. Our holistic, horizontal integration of business units fosters seamless collaboration, creating a robust, technology-driven ecosystem.

Market Opportunity

Jamaica’s transportation and logistics landscape is currently fragmented and inefficient, posing significant challenges for businesses and commuters alike. RedPlate Group aims to resolve these issues by developing a cohesive and interconnected platform. This platform optimizes operations, maximizes resource utilization, and delivers an unparalleled experience for both corporate clients and end consumers.

Strategic Vision

RedPlate Group’s strategic vision is centered around building synergistic relationships and fostering a collaborative environment. Our approach not only fortifies the value chain but also enhances productivity and increases income for all stakeholders. By addressing the fundamental challenges within Jamaica’s transportation and logistics sector, we are paving the way for a more efficient and profitable future.

Conclusion

RedPlate Group Limited invites high net worth investors to join us in transforming the Caribbean’s transportation and logistics industry. Our innovative, technology-driven approach and commitment to excellence position us as a leader in the sector, offering substantial growth and investment opportunities. Together, we can achieve remarkable advancements and drive significant value for our stakeholders.

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Indies Pharma Jamaica Reporting 51% Or J$45M Jump In Net Income For Six-Month Ending 30 April 2024

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Vishnu V. Muppuri (Mrs.) Co-Founder, Executive Director & COO for Indies Pharma Jamaica Limited has released the following Executive Summary For the Six-Months (Q2) Unaudited Financial Results Period Ending 30 April 2024 (FY 2023-24 Quarter 2)

For the second quarter, three months ending Apr 30, 2024, Indies Pharma Jamaica Limited earned gross sales of J$ 301 million, versus J$ 231 million in the prior year, an increment of 30.19%.

❖ Gross Profit for the period was recorded at J$ 208 million in comparison to J$ 163 million, which represents a 27.29% increase (J$ 45 million) in comparison to the prior year.
❖ Net Income recorded is a 147.59% increase (J$ 42 million) in the current 2nd Quarter Period, compared to the prior year.
❖ Earnings per share recorded an increase of 147.59% in the current 2nd Quarter Period, in comparison to the prior year.

For the six months ending Apr 30, 2024, Indies Pharma Jamaica Limited earned gross sales of J$570 million, versus J$ 487 million in the prior year (six months) for the period 2022-23, an increment of 17.17%.

❖ Gross Profit for the period recorded J$398 million in comparison to J$ 339 million, which represents a 17.38% increase (J$59 million) in comparison to the prior year.
❖ Net Income recorded is a 51.31% increase (J$45 million) in the current six-month period, compared to the prior year.
❖ Earnings per share recorded an increase of 51.31% in the current six-month period, in comparison to the prior year.

Total assets valued as of 30th April 2024 were J$ 2.35 billion compared to J$ 2.24 billion as of Q2 for the period 2022-23, an increase in value of 4.64% recorded.

Shareholder equity was recorded at a value of J$ 1.35 billion in the Q2 2023-24 period compared to the J$1.095 billion as at Q2 2022-23, an increase of 23.52%.

Total liabilities were recorded in the current year Q2 2023-24 with a value of J$ 0.997 billion compared to Q2 2022-23 of J$ 1.15 billion.

For More Information CLICK THIS LINK

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