Camplify (CHL) H2 2024 earnings summary

Executive summary

• Achieved FY24 revenue of $47.8 million, up 24.9% year-over-year, with GTV of $165.5 million, and completed major technology and platform consolidation projects, including PaulCamper migration, despite short-term revenue and cost impacts.

• Take rate increased to 28.9% from 26.1% in FY23, driven by premium membership and insurance product uptake.

• Significant investments in global systems, AI, and insurance offerings to support future growth, with new insurance products and operational efficiencies planned for FY25.

• The RV fleet grew 15.4% to 32,786 vehicles, and paid memberships increased to 4,908.

• Confident in achieving FY25 consensus and three- to five-year goals.

Financial highlights

• Revenue grew 24.9% year-over-year to $47.8 million; GTV reached $165.5 million, up 13.1%.

• Take rate rose to 28.9% globally; excluding PaulCamper, take rate was 32.7%.

• Gross profit margin declined to 62% from 68% in FY23 due to inflation and higher damage volumes.

• Net cash at period end was $14.8 million, with sufficient liquidity for growth.

• Normalised EBITDA was a loss of $4.4 million, down from a $0.3 million profit in FY23.

Outlook and guidance

• FY25 will focus on global rollout of new insurance and member service products, with expansion of recurring revenue streams.

• Consensus forecasts project revenue to reach $59.9 million in FY25 and $71.9 million in FY26, with take rates around 28%.

• Marketing spend to normalize at 15-16% of revenue in FY25.

• Confident in achieving FY25 consensus numbers and long-term targets.

• Targeting 20,000 paid Camper+ members over the next 3-5 years.