Codere Online Luxembourg, S.a. · NASDAQ:CDRO
Codere Online Luxembourg — Q1 2023 Earnings Presentation
27 slides from Codere Online Luxembourg's earnings presentation, May 11, 2023
Slide 1: First Quarter 2023 Earnings
Codere Online Nasdaq: CDRO / CDROW First Quarter 2023 Earnings May 11, 2023
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 Aviv Sher Oscar Iglesias CEO CFO
Slide 5: Table of Contents
Table of Contents 1. Corporate Overview Page 6 2. Financial Results (Unaudited) Page 9 3. 2023 Outlook Page 18 4. Appendix Page 21 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: Q1 2023 Highlights
Corporate Overview 1. Q1 2023 Highlights Impressive operating results in the first quarter of 2023 with NGR of nearly €40 mm (55% above Q1 2022) • Consolidated Net Gaming Revenue (NGR) of €39.5 mm in Q1 2023, +55% vs. Q1 Revenue 2022 and +5% vs. Q4 2022 despite the tough comp (World Cup) Growth / Mi
Slide 8: Table of Contents
Table of Contents 1. Corporate Overview Page 6 2. Financial Results (Unaudited) Page 9 3. 2023 Outlook Page 18 4. Appendix Page 21 Corporate presentation 8
Slide 9: Consolidated Net Gaming Revenue and Adj. EBITDA
Financial Results (Unaudited) 2. Consolidated Net Gaming Revenue and Adj. EBITDA(1) 55% NGR increase in Q1 2023 primarily driven by Mexico and Spain resulting in a significant improvement in Adj. EBITDA Net Gaming Revenue Figures in EUR mm Quarter LTM LTM (% Total) Q1-22 Q1-23 Var. % Q1-22 Q1-23 Var
Slide 10: Consolidated Income Statement
Financial Results (Unaudited) 2. Consolidated Income Statement(1) Significant improvement in Adj. EBITDA versus Q1 2022 on the back of higher revenues and lower investment in marketing Consolidated Income Statement Figures in EUR mm Quarter LTM Historical Evolution Q1-22 Q1-23 Var. % Q1-22 Q1-23 Var
Slide 11: Consolidated Financial and Operating Metrics
Financial Results (Unaudited) 2. Consolidated Financial and Operating Metrics(1) 55% NGR growth versus Q1 2022 and 5% sequentially despite a 36% reduction in marketing spend versus Q4 2022 Net Gaming Revenue FTDs 55% 2% 5% (35%) EUR mm # 39.5 121,991 37.7 29.2 30.6 84,868 86,252 79,800 25.5 78,024 2
Slide 12: Spain Financial and Operating Metrics
Financial Results (Unaudited) 2. Spain Financial and Operating Metrics 40% Net Gaming Revenue growth in Q1 2023 versus the prior year period driven by higher spend per customer Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) 40% 20% 3% EUR mm EUR mm 17.8 18.4 65.3 60.0 14.1 14.9 49.8 13.0 12
Slide 13: Mexico Financial and Operating Metrics
Financial Results (Unaudited) 2. Mexico Financial and Operating Metrics Q1 2023 Net Gaming Revenue increased 75% versus Q1 2022 driven by both an increase in active customers and spend per customer Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) 75% 83% 8% EUR mm EUR mm 58.6 17.6 51.1 16.3 1
Slide 14: Colombia Financial and Operating Metrics
Financial Results (Unaudited) 2. Colombia Financial and Operating Metrics 55% Net Gaming Revenue growth versus Q1 2022 on the back of significantly higher spend per active Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) 55% 72% - EUR mm EUR mm 8.7 2.2 2.3 2.3 7.9 1.9 1.4 1.5 1.5 4.6 0.8 0.9
Slide 15: Consolidated Balance Sheet, NWC and Cash
Financial Results (Unaudited) 2. Consolidated Balance Sheet, NWC and Cash (31/03/23) Approximately €49 mm in total cash of which €45 mm is available. Normalized negative NWC position of €22.7 mm Balance Sheet Net Working Capital (NWC) Accounts Payable, Net Figures in EUR mm Figures in EUR mm Figures
Slide 16: Consolidated Cash Flow Statement
Financial Results (Unaudited) 3. Consolidated Cash Flow Statement Q1 2023 Cash Flow Statement Change in NWC – Q1 2023 Cash Impact Figures in EUR mm Q1 2023 Figures in EUR mm Dec 2022 Mar 2023 Chg. Net Income(1) -1.3 Working Capital - Assets 16.1 17.8 -1.7 Plus: Provision for CIT 0.9 Working Capital
Slide 17: Table of Contents
Table of Contents 1. Corporate Overview Page 6 2. Financial Results (Unaudited) Page 9 3. 2023 Outlook Page 18 4. Appendix Page 21 Corporate presentation 17
Slide 18: 2023 Outlook: Net Gaming Revenue and Adj. EBITDA
2023 Outlook 3. 2023 Net Gaming Revenue and Adj. EBITDA 2023 expected to be a pivotal year in our path to profitability with a c.50% reduction in EBITDA losses, paving the way to become EBITDA and cash flow positive for full year 2024. Historicals(1) Outlook 18%(2) 140-150 Net Gaming Revenue 48% (EU
Slide 19: Questions & Answers
Questions & Answers
Slide 20: Table of Contents
Table of Contents 1. Corporate Overview Page 6 2. Financial Results (Unaudited) Page 9 3. 2023 Outlook Page 18 4. Appendix Page 21 Corporate presentation 20
Slide 21: Consolidated Net Gaming Revenue and Adj. EBITDA
Appendix 4. 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 Q3-22 Q4-22 FY-22 Q1-23 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 14.9 17.8 60.0 18.4 Mexico 4.5 3.1 5.6
Slide 22: Consolidated Income Statement
Appendix 4. Consolidated Income Statement(1) Consolidated Income Statement 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 Q3-22 Q4-22 FY-22 Q1-23 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 30.6 37.7 122.9 39.5 (2) Marketi
Slide 23: Regulatory Overview
Appendix 4. 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 18+ 2016 Yes 22% Gobernacion (SEGOB) (
Slide 24: Market Overview - Online B2C (LatAm)
Appendix 4. 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 potential regulation of gaming in Brazil,
Slide 25: Net Gaming Revenue and Adj. EBITDA Reconciliation
Appendix 4. Net Gaming Revenue and Adj. EBITDA Reconciliation Figures in EUR mm GAAP 2020 2021 2022 Q1-23 (1) Accounting Revenue 70.5 80.3 115.7 37.6 (2) -1.2 -0.4 0.0 0.0 (-) Greenplay (+) Accounting Adjustments (3) 2.0 3.3 7.2 1.9 Net Gaming Revenue 71.3 83.2 122.9 39.5 Net Income (Loss) -16.3 -68
Slide 26: Defined Terms
Appendix 4. 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 ir@codereonline.com +34 91 354 28 00 codereonline.com
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