Codere Online Luxembourg, S.a. · NASDAQ:CDRO
Codere Online Luxembourg — Q4 2022 Earnings Presentation
27 slides from Codere Online Luxembourg's earnings presentation, Feb 28, 2023
Slide 1: Fourth Quarter 2022 Earnings
Codere Online Nasdaq: CDRO / CDROW Fourth Quarter 2022 Earnings February 28, 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 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. 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: Q4 2022 Highlights
Corporate Overview 1. Q4 2022 Highlights Strong operating results in the fourth quarter resulting in Full Year 2022 NGR of EUR 123 mm (48% above 2021) • Consolidated Net Gaming Revenue (NGR) of €37.7 mm in Q4 2022, +70% vs. Q4 Revenue 2021(1) and +23% vs. Q3 2022. Full Year 2022 NGR of €122.9mm, +48
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) 70% NGR increase in Q4 2022, driven by strong performance in Mexico and Spain Net Gaming Revenue Figures in EUR mm Quarter Full Year Full Year (% Total) Q4-21 Q4-22 Var. % FY-21 FY-22 Var. % FY-21 FY-22 Chg. (p.p.) S
Slide 10: Consolidated Income Statement
Financial Results (Unaudited) 2. Consolidated Income Statement(1) Increase in EBITDA loss primarily driven by higher investment in marketing, supporting the acceleration in revenue growth. Consolidated Income Statement Figures in EUR mm Quarter Full Year Historical Evolution Q4-21 Q4-22 Var. % FY-21
Slide 11: Consolidated Financial and Operating Metrics
Financial Results (Unaudited) 2. Consolidated Financial and Operating Metrics(1) Significant acceleration in NGR growth, customer acquisitions and actives in the quarter on the back of the World Cup Net Gaming Revenue FTDs 70% 90% 23% 41% EUR mm # 37.7 121,991 29.2 30.6 25.5 78,024 84,868 86,252 22.
Slide 12: Spain Financial and Operating Metrics
Financial Results (Unaudited) 2. Spain Financial and Operating Metrics 42% Net Gaming Revenue growth in Q4 2022 versus the prior year period despite marketing restrictions Net Gaming Revenue (Quarterly) Net Gaming Revenue (Full Year) 42% 21% 19% EUR mm EUR mm 17.8 60.0 14.4 14.1 14.9 49.8 12.3 13.0
Slide 13: Mexico Financial and Operating Metrics
Financial Results (Unaudited) 2. Mexico Financial and Operating Metrics Q4 2022 Net Gaming Revenue more than doubled that of last year on the back of a substantial increase in active customers Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) 83% 106% 26% EUR mm EUR mm 51.1 16.3 11.9 12.9 10.0
Slide 14: Colombia Financial and Operating Metrics
Financial Results (Unaudited) 2. Colombia Financial and Operating Metrics 56% Net Gaming Revenue growth versus Q4 2021 on the back of both higher active customers and higher spend per active. Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) 56% 72% 21% EUR mm EUR mm 7.9 2.2 2.3 1.9 1.4 1.5 1.
Slide 15: Consolidated Balance Sheet, NWC and Cash
Financial Results (Unaudited) 2. Consolidated Balance Sheet, NWC and Cash (31/12/22) Approximately €54 mm in total cash. Normalized negative NWC position of €23.6 mm driven by €27.0 mm in Accounts Payable Balance Sheet Net Working Capital (NWC) Accounts Payable, Net Figures in EUR mm Figures in EUR
Slide 16: Consolidated Cash Flow Statement
Financial Results (Unaudited) 3. Consolidated Cash Flow Statement 2022 Cash Flow Statement Change in NWC – FY 2022 Cash Impact Figures in EUR mm FY 2022 Dec 2021 Net Income(1) -45.9 As Reported Adjustments(4) Actual Dec 2022 Chg. Plus: Provision for CIT 2.5 Less: CIT Paid -0.8 Working Capital - Asse
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 by 2024. Historicals(1) Outlook 18%(2) 140-150 Net Gaming Revenue 48% (EUR mm) 122.9
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 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 Mexico 4.5 3.1 5.6 7.0 20.2 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 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 (2) Marketing -9.6 -5.
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 Q1-22 Q2-22 H1-22 Q3-22 Q4-22 2022 Accounting Revenue (1) 70.5 80.3 23.9 27.4 51.3 28.9 35.6 115.7 (2) -1.2 -0.4 0.0 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
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
Codere Online Luxembourg — Q4 2022 Earnings Presentation on 6ix