Codere Online Luxembourg, S.a. · NASDAQ:CDRO
Codere Online Luxembourg — Q2 2022 Earnings Presentation
27 slides from Codere Online Luxembourg's earnings presentation, Sep 1, 2022
Slide 1: Second Quarter 2022 Earnings
Codere Online Nasdaq: CDRO / CDROW Second Quarter 2022 Earnings September 1, 2022
Slide 2: Disclaimer
Disclaimer This presentation (this “Presentation”), its contents and any information provided during the meeting to present this document are for discussion purposes only, and must not be relied upon for any purpose. This Presentation is not for release, publication or distribution, in whole or in p
Slide 3: Disclaimer (cont.)
Disclaimer (cont.) Financial Information and Non-GAAP Financial Measures Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respec
Slide 4: Today's Presenters
Today’s Presenters Moshe Edree Oscar Iglesias CEO CFO
Slide 5: Table of Contents
Table of Contents 1. Corporate Overview Page 6 2. Financial Results (Unaudited) Page 9 3. Appendix Page 19 Corporate presentation 5
Slide 6: Codere Online At a Glance
Corporate Overview 1. Codere Online At a Glance Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. It is Nasdaq listed under symbol CDRO, and majority-owned by Codere Group. Codere Online launched operations in 30+ Codere Group
Slide 7: Q2 2022 Highlights
Corporate Overview 1. Q2 2022 Highlights Strong operating results continue into the second quarter and on track to deliver our full year outlook • Consolidated Net Gaming Revenue of €29.2 mm in Q2 2022, +41% vs. Q2 2021(1) Revenue and +15% vs. Q1 2022 Growth • 49% of NGR generated in Sports Betting
Slide 8: Table of Contents
Table of Contents 1. Corporate Overview Page 6 2. Financial Results (Unaudited) Page 9 3. Appendix Page 19 Corporate presentation 8
Slide 9: Consolidated Net Gaming Revenue and Adj. EBITDA
Financial Results (Unaudited) 2. Consolidated Net Gaming Revenue and Adj. EBITDA(1) 41% NGR increase in Q2 2022, mainly driven by strong performance in Mexico and Spain despite regulatory restrictions Net Gaming Revenue Figures in EUR mm Quarter YTD LTM Q2-21 Q2-22 Var. % Q2-21 Q2-22 Var. % Q2-21 Q2
Slide 10: Consolidated Income Statement
Financial Results (Unaudited) 2. Consolidated Income Statement(1) Increase in EBITDA loss primarily driven by investment in marketing, in furtherance of continued significant future growth. Consolidated Income Statement Figures in EUR mm Quarter YTD LTM Q2-21 Q2-22 Var. % Q2-21 Q2-22 Var. % Q2-21 Q2
Slide 11: Consolidated Financial and Operating Metrics
Financial Results (Unaudited) 2. Consolidated Financial and Operating Metrics(1) Significant acceleration in NGR growth in the quarter and improved trends in customer acquisition volumes and costs Net Gaming Revenue FTDs 41% 47% 15% 9% EUR mm # 84,868 29.2 78,024 25.5 64,359 22.3 20.7 22.2 52,888 57
Slide 12: Spain Financial and Operating Metrics
Financial Results (Unaudited) 2. Spain Financial and Operating Metrics 12% Net Gaming Revenue growth in Q2 2022 versus the prior year period despite marketing restrictions(1) Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) Marketing Restrictions 12% Marketing -2% 7% Restrictions EUR mm EUR m
Slide 13: Mexico Financial and Operating Metrics
Financial Results (Unaudited) 2. Mexico Financial and Operating Metrics Strong Net Gaming Revenue growth in Q2 2022 on the back of both higher Avg. Monthly Actives and higher spend per active Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) Platform Migration 85% 45% 19% EUR mm EUR mm 36.9 11
Slide 14: Colombia Financial and Operating Metrics
Financial Results (Unaudited) 2. Colombia Financial and Operating Metrics Significant increase in Net Gaming Revenue (57%) and Avg. Monthly Actives (38%) in Q2 2022. Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) 57% 80% 46% EUR mm EUR mm 6.0 2.2 1.4 1.5 1.5 3.8 0.8 0.7 0.8 0.9 0.5 0.5 Q1-2
Slide 15: Consolidated Balance Sheet, NWC and Cash (Jun 30, 2022)
Financial Results (Unaudited) 2. Consolidated Balance Sheet, NWC and Cash (Jun 30, 2022) Approximately €85 mm in total cash. Negative NWC position of €25.8 mm driven by €26.7 mm in Accounts Payable, Net Balance Sheet Net Working Capital (NWC) Accounts Payable, Net Figures in EUR mm Figures in EUR mm
Slide 16: Consolidated Cash Flow Statement
Financial Results (Unaudited) 3. Consolidated Cash Flow Statement June 2022 YTD Cash Flow Statement Change in NWC – June 2022 YTD Cash Impact Figures in EUR mm Jun-22 YTD Figures in EUR mm Net Income(1) -16.8 Dec 2021 Plus: Provision for CIT 1.7 As Reported Adjustments(4) Actual Jun 2022 Chg. Less:
Slide 17: Questions & Answers
Questions & Answers
Slide 18: Table of Contents
Table of Contents 1. Corporate Overview Page 6 2. Financial Results (Unaudited) Page 9 3. Appendix Page 19 Corporate presentation 18
Slide 19: Consolidated Net Gaming Revenue and Adj. EBITDA
Appendix 3. Consolidated Net Gaming Revenue and Adj. EBITDA(1) Net Gaming Revenue Figures in EUR mm Q1-20 Q2-20 Q3-20 Q4-20 FY-20 Q1-21 Q2-21 Q3-21 Q4-21 FY-21 Q1-22 Q2-22 Spain 11.2 10.3 12.3 14.4 48.3 13.0 12.6 11.6 12.6 49.8 13.2 14.1 Mexico 4.5 3.1 5.6 7.0 20.2 6.4 6.4 7.1 7.9 27.9 10.0 11.9 Col
Slide 20: Consolidated Income Statement
Appendix 3. Consolidated Income Statement(1) Consolidated Income Statement Q1-20 Q2-20 Q3-20 Q4-20 FY-20 Q1-21 Q2-21 Q3-21 Q4-21 FY-21 Q1-22 Q2-22 Net Gaming Revenue 16.3 13.9 18.9 22.3 71.3 20.5 20.7 19.8 22.2 83.2 25.5 29.2 (2) Marketing -9.6 -5.8 -9.7 -12.0 -37.1 -13.4 -14.2 -12.0 -14.8 -54.4 -22
Slide 21: Regulatory Overview
Appendix 3. Regulatory Overview Regulation / Launch # Licensed Codere Online Codere Online Retail Effective Gaming Regulator Date(1) Operators(2) Launch Date License Expiry Requirements(3) Tax (% NGR 2021) Latin America Secretaria de May 2027 Mexico 2014 / 2016 15+ 2016 Yes 22% Gobernacion (SEGOB) (
Slide 22: Market Overview - Online B2C (LatAm)
Appendix 3. Market Overview - Online B2C (LatAm) Codere Online’s Core Markets (Mexico, Colombia, Argentina and Panama) today represent over 80% of the LatAm market but will only represent approximately 55% by 2024 and 45% of the overall TAM (2027), with the expected regulation of gaming in Brazil, w
Slide 23: Net Gaming Revenue Outlook 2022-2024
Appendix 3. 3 Year Net Gaming Revenue (NGR) Over the 2022-2024 period, we are targeting average annual Net Gaming Revenue growth (Core Market only) in excess of 30% and to be EBITDA and cash flow positive by 2024. Historicals(1) Outlook 3Y CAGR: 34% 2Y CAGR: 36% 38%(2) EUR mm 110- 120 ~200 ~155 71 8
Slide 24: Business Combination Overview
Appendix 3. Business Combination Overview Key Transaction Terms Sources and Uses ($ mm) On November 30, 2021, Codere Online completed its business combination Sources Uses with DD3 Acquisition Corp. II. SPAC Cash in Trust(1) 49 Cash to Balance Sheet 103 $49 mm of SPAC cash in trust(1) plus a PIP
Slide 25: Net Gaming Revenue and Adj. EBITDA Reconciliation
Appendix 3. Net Gaming Revenue and Adj. EBITDA Reconciliation GAAP 2020 2021 Q1-22 Q2-22 H1-22 Accounting Revenue (1) 70.5 80.3 23.9 27.4 51.3 (2) (-) Greenplay -1.2 -0.4 0.0 0.0 0.0 (+) Accounting Adjustments (3) 2.0 3.3 1.6 1.8 3.4 Net Gaming Revenue 71.3 83.2 25.5 29.2 54.6 Net Income (Loss) -16.
Slide 26: Defined Terms
Appendix 3. Defined Terms Avg. Monthly Actives : Average number of sports betting and casino customers who placed a real money bet (i.e. excludes free bets) in a given month. Avg. Monthly Spend per Active: Avg. Monthly Net Gaming Revenue (NGR) during a given period divided by Avg. Monthly Actives du
Slide 27: Codere Online Investor Relations
For additional information, please contact: Codere Online Investor Relations codereonline.com ir@codereonline.com
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