Slide 1: Flutter Entertainment Q1 2024 Earnings Presentation
FLUTTER ENTERTAINMENT Q1 2024 EARNINGS PRESENTATION 14 May 2024
Slide 2: Disclaimers
Disclaimers Disclaimers Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any st
Slide 3: Strategic Delivery Q1 2024
STRATEGIC DELIVERY - 012024 . -™%
Slide 4: Q1 2024 Group Highlights
Strategic Delivery Q1 2024 GROUP HIGHLIGHTS Average Monthly Revenue Adjusted EBITDA2 Adjusted Free Adjusted EPS4 Players1 Cash Flow3 +11% +16% +46% +$207m -85% Q1 23 Q1 24 Q1 23 Q1 24 Q1 23 Q1 24 Q1 23 Q1 24 Q1 23 Q1 24 13.7m $3.4bn $514m $157m $0.10 Includes -$1.04 in Q1 2024 relating to FOX option
Slide 5: US Highlights
Strategic Delivery US HIGHLIGHTS Continued US market leadership; further share gains Q1 2023 Q1 2024 Year-on-year growth +15% 3,898 Average Monthly 3,378 Players (‘000s)1 +32% 1,411 1,410 1,071 Revenue ($m) +$79m 26 Adjusted EBITDA ($m)2 (53) 1.9% 1.8% Adjusted EBITDA2 margin (%) (4.9%) (5.0%) 5
Slide 6: Strategic Delivery: US
Strategic Delivery STRATEGIC DELIVERY: US US investment delivering strong customer growth at attractive returns #1 Online sportsbook5 Percentage of adult population acquired in first 45 days and iGaming brand • North Carolina launched on March 11th • Very successful state launch to date 46% Sportsbo
Slide 7: Strategic Delivery: US Product
Strategic Delivery STRATEGIC DELIVERY: US PRODUCT Building on our lead in sports betting iGaming strategy delivering results • Improved MLB product proposition • Focus on best-in-class customer experience and direct casino players • Enhanced MLB live betting product • Exclusive access to iconic reta
Slide 8: Group ex-US Highlights
Strategic Delivery GROUP EX-US HIGHLIGHTS Diversified portfolio and MaxBet acquisition delivering growth Q1 2023 Q1 2024 Year-on-year growth +10% Average Monthly 8,971 9,824 Players (‘000s)1 Revenue ($m) 1,847 1,987 +8% Adjusted EBITDA ($m)2 406 488 +20% 24.6% Adjusted 22.0% EBITDA2 margin (%) 8
Slide 9: Strategic Delivery: Group ex-US
Strategic Delivery STRATEGIC DELIVERY: GROUP EX-US MaxBet, product innovation deliver International growth UKI performance underpinned by product improvements • Personalized content delivered market share gains with clear +100 #1 position6 across Georgia and Armenia • Continued iGaming innovation •
Slide 10: Financial Highlights
Financial review FINANCIAL HIGHLIGHTS 3 months ended 31 March • US: Strong revenue growth +32%; sportsbook +30% Revenue Adjusted EBITDA and iGaming +49% $m 2024 2023 YoY 2024 2023 YoY • Revenue growth in period to March 17th +56%; rest of US 1,410 1,071 +32% 26 (53) N/A period -51% due to unfavorabl
Slide 11: Full Year Financial Guidance
Financial review FULL YEAR FINANCIAL GUIDANCE Group • No change to financial guidance provided at FY 2023 earnings on March 26 th • Revenue midpoint $6.0bn US • Adjusted EBITDA2 midpoint $710m Group • Revenue midpoint $7.85bn ex-US • Adjusted EBITDA2 midpoint $1.73bn • Capital expenditure7: approx.
Slide 12: Appendices
APPENDICES 12
Slide 13: Group Income Statement
Appendices GROUP INCOME STATEMENT 3 months ended 31 March $m 2024 2023 Revenue 3,397 2,918 Cost of sales (1,793) (1,541) Gross profit 1,604 1,377 Technology, research and development expenses (190) (168) Sales and marketing expenses (881) (882) General and administrative expenses (409) (342) Operati
Slide 14: Group and Group ex-US Adjusted EBITDA Reconciliation
Appendices GROUP AND GROUP EX-US ADJUSTED EBITDA RECONCILIATION 3 months ended 31 March $m 2024 2023 Net loss (177) (111) Add back: Income taxes 15 (41) Other income/ (expense), net 174 45 Interest expense, net 112 92 Depreciation and amortization 297 297 Share-based compensation expense 41 46 Trans
Slide 15: Group Adjusted Earnings Per Share Reconciliation
Appendices GROUP ADJUSTED EARNINGS PER SHARE RECONCILIATION 3 months ended 31 March $m 2024 2023 Net loss per share (1.10) (0.58) Add back: Transaction fees and associated costs 0.16 0.02 Restructuring and integration costs 0.13 0.12 Amortization of acquired intangibles 0.97 1.08 Share based compens
Slide 16: Group Net Debt Reconciliation
Appendices GROUP NET DEBT RECONCILIATION As at $m 31 March 2024 31 December 2023 Long-term debt 6,790 7,005 Long-term debt due within one year 46 51 Total Debt 6,836 7,056 Add: Transaction costs, premiums or discount included in the carrying value of debt 52 54 Less: Unrealized foreign exchange on t
Slide 17: Group Adjusted Free Cash Flow Reconciliation
Appendices GROUP ADJUSTED FREE CASH FLOW RECONCILIATION 3 months ended 31 March $m 2024 2023 Net cash generated/ (used) in operating activities 337 (49) Less: Change in player deposits - 7 Change in player deposit liability (73) 77 Add cash impact of: Transaction fees and associated costs 25 18 Rest
Slide 18: Footnotes
Appendices Footnotes 1 Average Monthly Players (“AMPs”) is defined as the average over the applicable reporting period of the total number of players who have placed and/or wagered a stake and/or contributed to rake or tournament fees during the month. This measure does not include individuals who h
Slide 19: US International UK & Ireland Australia
US International UK & Ireland Australia
Slide 20: =lutter
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