Deliveroo (ROO) Q3 2024 TU earnings summary

Executive summary

• Gross transaction value (GTV) rose 6% year-over-year (YoY) in constant currency, with orders up 2% and GTV per order up 4% YoY.

• UK & Ireland (UKI) saw 7% YoY GTV growth, with order growth improving to 2% as consumer environment stabilized.

• International GTV grew 4% YoY in constant currency, with strong performance in UAE and Italy, but France impacted by Olympics and Hong Kong lagging.

• Enhanced consumer value proposition through loyalty program improvements and expanded retail selection.

Financial highlights

• Group revenue increased 4% YoY in constant currency (2% in Q1 and Q2), with revenue take rate up 30 bps sequentially.

• Q3 2024 GTV: £1,778m (+6% YoY constant currency); Orders: 71.1m (+2% YoY); Revenue: £498m (+4% YoY constant currency).

• UKI Q3 GTV: £1,098m (+7% YoY); Orders: 39.5m (+2% YoY); Revenue: £308m (+4% YoY).

• International Q3 GTV: £680m (+4% YoY constant currency); Orders: 31.6m (+2% YoY); Revenue: £190m (+3% YoY constant currency).

• Average monthly active consumers (MACs) stable YoY at 6.9m in Q3 2024; average monthly order frequency at 3.4.

Outlook and guidance

• FY 2024 GTV growth expected in the 5-9% range (constant currency).

• Adjusted EBITDA anticipated in the upper half of £110-130m range.

• Free cash flow projected to be positive for full year 2024.