Pointsbet Holdings Ltd. · ASX:PBH
Pointsbet — H1 FY24 Earnings Presentation
24 slides from Pointsbet's earnings presentation, Feb 26, 2024
Slide 1: H1 FY24 Results Presentation
H1 FY24 : RESULTS PRESENTATION | February 2024 N B C U N I V E R S A L M E D I A P A R T N E R S H I P & F Y 2 0 R E S U L T S P R E S E N T A T I O N │ A U G U S T 2 0 2 0
Slide 2: Important Notice and Disclaimer
H1 FY24 RESULTS PRESENTATION FEB 2024 IMPORTANT NOTICE AND DISCLAIMER This document and any oral presentation accompanying it has been Therefore, there can be no assurance that such forecasts, forward Disclosures in this document, the accompanying presentation or any prepared in good faith, however,
Slide 3: Agenda
H1 FY24 RESULTS PRESENTATION FEB 2024 AGENDA AUSTRALIA CANADA GROUP H1 FY24 FY24 BUSINESS BUSINESS FINANCIAL APPENDIX HIGHLIGHTS OUTLOOK REVIEW REVIEW PERFORMANCE 3
Slide 4: H1 FY24 Key Highlights
H1 FY24 RESULTS PRESENTATION FEB 2024 H1 FY24 KEY HIGHLIGHTS Australia Canada Corporate • Ever improving back-end capability • Sports Betting and iGaming record • Initial Completion of US business took and front-end product delivers Net Win half place on the 31st August 2023, with efficiency strateg
Slide 5: Group Trading and Financial Metrics
H1 FY24 RESULTS PRESENTATION FEB 2024 H1 FY24 GROUP TRADING AND FINANCIAL METRICS All figures in A$ H1 FY24 H1 FY23 PCP Gross Profit5 up 21% vs PCP, Turnover / Handle1 $1,587.4m $1,651.8m (4%) outperforming Net Win3 growth Gross of 14% on PCP 10.7% 10.4% +0.3pp Win2 Margin % SPORTS Gross Win2 $169
Slide 6: Agenda
H1 FY24 RESULTS PRESENTATION FEB 2024 AGENDA AUSTRALIA CANADA GROUP H1 FY24 FY24 BUSINESS BUSINESS FINANCIAL APPENDIX HIGHLIGHTS OUTLOOK REVIEW REVIEW PERFORMANCE 6
Slide 7: Australia H1 FY24 Trading and Financial Metrics
H1 FY24 RESULTS PRESENTATION FEB 2024 AUSTRALIA H1 FY24 TRADING AND FINANCIAL METRICS All figures in A$ H1 FY24 H1 FY23 PCP Turnover / Handle1 $1,486.5m $1,550.5m (5%) Improving Gross Win2 margins and promotions efficiency helped deliver Gross Record H1 Net Win and Gross Profit 10.9% 10.7% 0.1pp W
Slide 8: Australia H1 FY24 - Promotions, Marketing and Client Mix Strategy
H1 FY24 RESULTS PRESENTATION FEB 2024 AUSTRALIA H1 FY24 – PROMOTIONS, MARKETING AND CLIENT MIX STRATEGY More efficient promotions spend Improved mix of Cash Active Clients • Cash Active Clients1 were 218,288 at 31 December • Promotions improvements enabled by tokens, 2023, down 7% vs 30 September 20
Slide 9: Agenda
H1 FY24 RESULTS PRESENTATION FEB 2024 AGENDA AUSTRALIA CANADA GROUP H1 FY24 FY24 BUSINESS BUSINESS FINANCIAL APPENDIX HIGHLIGHTS OUTLOOK REVIEW REVIEW PERFORMANCE 9
Slide 10: Canada H1 FY24 Trading and Financial Metrics
H1 FY24 RESULTS PRESENTATION FEB 2024 CANADA H1 FY24 TRADING AND FINANCIAL METRICS1 All figures in A$ H1 FY24 H1 FY23 PCP Turnover / Handle2 $118.9m $101.3m 17% Excellence in in-play betting product drove Cash Active Clients8 to 38,627, Gross 8.4% 5.0% +3.4pp Win3 Margin % up 86% from the PCP SPOR
Slide 11: Canada + Strive Gaming
H1 FY24 RESULTS PRESENTATION FEB 2024 CANADA + STRIVE GAMING What Customers Will See: • Vastly increased game selection, 3x • More flexible & powerful promotions capabilities • Progressive Jackpots and improved engagement tools Key Benefits: • Enhanced acquisition of casino-first customers • Higher
Slide 12: Canada Opportunity
H1 FY24 RESULTS PRESENTATION FEB 2024 CANADA OPPORTUNITY Ontario current market Ontario size opportunity, represents represents 53%4 of total Canada NGR TAM 38% 1 of the Canadian population ~$2.3B GGR2 Alberta and BC would add ~$2.0B NGR3 12%1 and 14%1 to represent 64% of the Canadian Alberta and BC
Slide 13: Agenda
H1 FY24 RESULTS PRESENTATION FEB 2024 AGENDA AUSTRALIA CANADA GROUP H1 FY24 FY24 BUSINESS BUSINESS FINANCIAL APPENDIX HIGHLIGHTS OUTLOOK REVIEW REVIEW PERFORMANCE 13
Slide 14: Normalised Group Results Summary Continuing Operations
H1 FY24 RESULTS PRESENTATION FEB 2024 NORMALISED3 GROUP RESULTS SUMMARY CONTINUING OPERATIONS All amounts in A$m1 H1FY24 H1FY23 REVENUE2 Revenue in H1 FY24 increased by 15% over the PCP. Revenue 117.6 101.9 GROSS PROFIT Cost of sales (59.1) (53.7) Gross profit margin of 49.7%, up from 47.3% in the P
Slide 15: Statutory Group Results Summary
H1 FY24 RESULTS PRESENTATION FEB 2024 STATUTORY GROUP RESULTS SUMMARY A$m1 H1FY24 H1FY23 Change (%) Australia Trading 101.7 95.3 7% Canada Trading 15.9 6.7 138% Technology - - Corporate - - Statutory Revenue2 117.6 101.9 15% Australia Trading 0.9 (20.2) Canada Trading (12.0) (19.4) Technology 1.5 (3
Slide 16: Balance Sheet
H1 FY24 RESULTS PRESENTATION FEB 2024 BALANCE SHEET CASH AND CASH EQUIVALENTS A$m1 HY24 FY232 At 31 December 2023, the Company had $46.6 million3 in corporate cash, with Adjusted Cash and cash equivalents 61.2 212.1 Corporate Cash4 of $74.3 million. Investments held at fair value 76.8 340.9 NET ASSE
Slide 17: Cash Flows: Statutory
H1 FY24 RESULTS PRESENTATION FEB 2024 CASH FLOWS : STATUTORY A$m2 H1FY24 H1FY231 Cash flows from operating activities Receipts from customers (inclusive of GST) 128.1 187.4 Payments to suppliers and employees (inclusive of GST) (140.2) (313.9) (12.1) (126.5) At the 31 December 2023, the Company had
Slide 18: Agenda
H1 FY24 RESULTS PRESENTATION FEB 2024 AGENDA AUSTRALIA CANADA GROUP H1 FY24 FY24 BUSINESS BUSINESS FINANCIAL APPENDIX HIGHLIGHTS OUTLOOK REVIEW REVIEW PERFORMANCE 18
Slide 19: Reiterate FY24 Profit & Loss Guidance
H1 FY24 RESULTS PRESENTATION FEB 2024 REITERATE FY24 PROFIT & LOSS GUIDANCE All figures in A$ Guidance H1 FY24 FY23 FY24 TOTAL NET WIN TO BE 10%-20% HIGHER H1 Group Net Win up 14% vs the PCP. NET WIN 128.1 230.0 H2 Group Net Win to 24 February is THAN FY23 WHICH EQUATES TO $253-$276M up 34% vs the P
Slide 20: Illustrative FY24 Segment and Group Outlook
H1 FY24 RESULTS PRESENTATION FEB 2024 ILLUSTRATIVE FY24 SEGMENT AND GROUP OUTLOOK H2 NORMALISED EBITDA THE COMPANY EXPECTS TO DELIVER POSITIVE GROUP EBITDA IN FY25 (9.0) (13.2) (14.0) THE COMPANY EXPECTS FY24 NORMALISED GROUP EBITDA2 LOSS TO BE BETWEEN ($9 - $14 MILLION) H1 Normalised Corporate Tech
Slide 21: Agenda
H1 FY24 RESULTS PRESENTATION FEB 2024 AGENDA AUSTRALIA CANADA GROUP H1 FY24 FY24 BUSINESS BUSINESS FINANCIAL APPENDIX HIGHLIGHTS OUTLOOK REVIEW REVIEW PERFORMANCE 21
Slide 22: Statutory P&L
H1 FY24 RESULTS PRESENTATION FEB 2024 STATUTORY P&L A$m1 H1 FY24 H1 FY23 Revenue2 117.6 101.9 Cost of sales (59.1) (53.7) Gross profit 58.5 48.2 Other income (6.9) 3.8 Sales and marketing expense (42.4) (60.7) Employee benefits expense (21.5) (29.6) Product and technology expense (3.4) (6.7) Adminis
Slide 23: Statutory P&L Reconciliation
H1 FY24 RESULTS PRESENTATION FEB 2024 STATUTORY P&L RECONCILIATION H1 FY24 H1 FY24 A$m1 H1 FY242 A$m1 Adjustments Normalised Statutory Share based payments (non-cash) – employee share option Revenue3 117.6 - 117.6 plan (ESOP) and Key Employee Equity Plan (KEEP) 1.0 Cost of sales (59.1) - (59.1) Impa
Slide 24: Reconciliation of Net Win to Revenue
H1 FY24 RESULTS PRESENTATION FEB 2024 RECONCILIATION OF NET WIN TO REVENUE A$m1 H1 FY24 Net Win (inclusive of Goods and Services Tax) 128.0 Deduction for Goods and Services Tax (10.2) Fair Value adjustments (0.2) Total Reported Revenue 117.6 1. Average AUD/CAD rate was 0.8822 for H1 FY24 and 0.8922