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despegar Despegar.com Announces 3021 Financial Results Gross Bookings increased 34 % quarter - over - quarter ( QoQ ) Revenue Margins of 12.7 % and , 13.7 % excluding Extraordinary Cancellations Highest Adjusted EBITDA since 2020 ; nears break - even excluding Extraordinary Charges British Virgin Islands . November 17 , 2021 - Despegar.com , Corp. ( NYSE : DESP ) , ( " Despegar " or the " Company " ) the leading online travel company in Latin America , today announced unaudited results for the three - months ended September 30 , 2021 ( third quarter 2021 or 3021 ) . Financial results are expressed in U.S. dollars and are presented in accordance with U.S. generally accepted accounting principles ( " U.S. GAAP " ) . Third Quarter 2021 Key Financial and Operating Highlights ( For definitions , see page 12 ) Gross Bookings rose 34 % sequentially ( QoQ ) to $ 657.3 million , reflecting higher demand for domestic travel in Brazil , Argentina and Chile . Year - over - year ( YoY ) , Gross Bookings increased 298 % , but declined 44 % compared with the pre - pandemic¹ level of 3Q19 . Transactions increased 44 % QoQ and 221 % YoY , and were 30 % lower compared to 3Q19 . Room nights increased 62 % QoQ , and 162 % YoY and were 42 % lower compared to 3019 . Mobile accounted for 48 % of Transactions in 3Q21 , up 643 bps compared to 3Q19 . Revenues of $ 83.4 million , up 32 % QoQ , and 37 % below 3019 levels . This compares to revenues of $ 11.7 million in 3Q20 . Excluding Extraordinary Cancellations , revenues would have increased 27 % QoQ and 327 % YoY to $ 89.9 million . Selling and Marketing ( S & M ) expenses increased 36 % QoQ , and 393 % YoY . Compared to 3019 , S & M were down 44 % , in line with decline in Gross Bookings . Structural Costs ( management proxy to fixed costs ) 2 excluding Best Day and Koin , were $ 36.7 million , increased 9 % sequentially , primarily reflecting salary adjustments , which were partially offset by FX depreciation in Argentina . Adjusted EBITDA loss of $ 10.3 million in 3Q21 , compared to losses of $ 22.3 million in 2021 and $ 31.2 million in 3020 , and a positive $ 9.4 million Adjusted EBITDA in 3Q19 . Excluding Extraordinary Charges , Adjusted EBITDA loss was $ 3.6 million in 3021 compared to losses of $ 10.5 million in 2021 and $ 16.6 million in 3Q20 , and a gain of $ 9.4 million in 3Q19 . Use of cash of $ 39.8 million in 3Q21 , increasing from $ 9.8 million in 2021 and $ 22.1 million in 3019. This compares to an increase in cash of $ 157.7 million in 3Q20 , mostly explained by the proceeds from the private placements closed on September 21 , 2020 . Cash and cash equivalents of $ 276.2 million at quarter end , including $ 13.0 million in restricted cash . Loyalty Program reached the 1 million - member milestone in 3Q21 . Key Recent Business Events On September 27 , 2021 , the Company jointly launched a co - branded credit card in Mexico with Invex and Mastercard . 1 The Company has chosen to also include comparisons against 3Q19 , a pre - pandemic period , in this press release as a means for the investment community to compare 3Q21 results to a period not affected by the COVID - 19 pandemic . 2 See definition on page 12 1