Codere Online Luxembourg, S.a. · NASDAQ:CDRO
Codere Online Luxembourg — Q3 2022 Earnings Presentation
25 slides from Codere Online Luxembourg's earnings presentation, Nov 16, 2022
Slide 1: Codere Online Third Quarter 2022 Earnings
Codere Online Nasdaq: CDRO / CDROW Third Quarter 2022 Earnings November 16, 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: Q3 2022 Highlights
Corporate Overview 1. Q3 2022 Highlights Strong operating results in the third quarter; 2022E NGR outlook of between EUR 115-120 mm (+41%(1) vs 2021) • Consolidated Net Gaming Revenue of €30.6 mm in Q3 2022, +54% vs. Q3 2021(2) Revenue and +5% vs. Q2 2022 Growth • 47% of NGR generated in Sports Bett
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) 54% NGR increase in Q3 2022, driven by strong performance in Mexico and Spain Net Gaming Revenue Figures in EUR mm Quarter YTD LTM Q3-21 Q3-22 Var. % Q3-21 Q3-22 Var. % Q3-21 Q3-22 Var. % Spain 11.6 14.9 3.4 29.1% 37
Slide 10: Consolidated Income Statement
Financial Results (Unaudited) 2. Consolidated Income Statement(1) Increase in EBITDA loss primarily driven by higher investment in marketing, in furtherance of continued significant future growth. Consolidated Income Statement Figures in EUR mm Quarter YTD LTM Q3-21 Q3-22 Var. % Q3-21 Q3-22 Var. % Q
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 Net Gaming Revenue FTDs 54% 62% 5% 2% (4%) (8%) EUR mm # 29.2 30.6 84,868 86,250 78,024 25.5 64,359 22.3 20.5 20.
Slide 12: Spain Financial and Operating Metrics
Financial Results (Unaudited) 2. Spain Financial and Operating Metrics 29% Net Gaming Revenue growth in Q3 2022 versus the prior year period despite marketing restrictions(1) Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) 29% 6% Marketing Restrictions 6% EUR mm EUR mm 14.9 51.6 54.8 14.4 14
Slide 13: Mexico Financial and Operating Metrics
Financial Results (Unaudited) 2. Mexico Financial and Operating Metrics 82% Net Gaming Revenue growth in Q3 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 82% 58% 8% EUR mm EUR mm 42.7 11.9 1
Slide 14: Colombia Financial and Operating Metrics
Financial Results (Unaudited) 2. Colombia Financial and Operating Metrics More than doubled Net Gaming Revenue versus Q3 2021 on the back of both higher Avg. Monthly Actives and higher spend per active. Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) 111% 82% (14%) EUR mm EUR mm 7.0 2.2 1.9
Slide 15: Consolidated Balance Sheet, NWC and Cash (Sep 30, 2022)
Financial Results (Unaudited) 2. Consolidated Balance Sheet, NWC and Cash (Sep 30, 2022) Approximately €72 mm in total cash. Normalized negative NWC position of €22.6 mm driven by €27.6 mm in Accounts Payable Balance Sheet Net Working Capital (NWC) Accounts Payable, Net Figures in EUR mm Figures in
Slide 16: Consolidated Cash Flow Statement
Financial Results (Unaudited) 3. Consolidated Cash Flow Statement Sep 2022 YTD Cash Flow Statement Change in NWC – September 2022 YTD Cash Impact Figures in EUR mm Sep-22 YTD Figures in EUR mm Dec 2021 Net Income(1) -28.4 Plus: Provision for CIT 2.8 As Reported Adjustments(4) Actual Sep 2022 Chg. Le
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 Q3-22 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 14.9 Mexico 4.5 3.1 5.6 7.0 20.2 6.4 6.4 7.1 7.9 27.9 10
Slide 20: Consolidated Income Statement
Appendix 3. 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 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 (2) Marketing -9.6 -5.8 -9.7 -12.0 -37.1 -13.
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 18+ 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 and Adj. EBITDA Reconciliation
Appendix 3. Net Gaming Revenue and Adj. EBITDA Reconciliation Figures in EUR mm GAAP 2020 2021 Q1-22 Q2-22 H1-22 Q3-22 9M-22 Accounting Revenue (1) 70.5 80.3 23.9 27.4 51.3 28.9 80.1 (2) -1.2 -0.4 0.0 0.0 0.0 0.0 0.0 (-) Greenplay (+) Accounting Adjustments (3) 2.0 3.3 1.6 1.8 3.4 1.7 5.1 Net Gaming
Slide 24: 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 25: 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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