Codere Online Luxembourg, S.a. · NASDAQ:CDRO
Codere Online Luxembourg — Q1 2022 Earnings Presentation
25 slides from Codere Online Luxembourg's earnings presentation, May 13, 2022
Slide 1: First Quarter 2022 Earnings
Codere Online Nasdaq: CDRO / CDROW First Quarter 2022 Earnings May 13, 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 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: Q1 2022 Highlights
Corporate Overview 1. Q1 2022 Highlights Strong operating results in the first quarter and on track to deliver our full year guidance • Consolidated Net Gaming Revenue of €25.5 mm in Q1 2022, +24% vs. Q1 2021(1) Revenue and +15% vs. Q4 2021 Growth • 55% of NGR generated in Sports Betting and 45% in
Slide 8: Table of Contents
Table of Contents 1. Corporate Overview Page 6 2. Financial Results Page 9 3. Appendix Page 19 Corporate presentation 8
Slide 9: Consolidated Net Gaming Revenue and Adj. EBITDA
Financial Results 2. Consolidated Net Gaming Revenue and Adj. EBITDA(1) 24% NGR increase in Q1 2022, mainly driven by strong performance in Mexico and Spain recovering to pre-regulation levels Net Gaming Revenue Figures in EUR mm % Change Q1 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 21 /
Slide 10: Consolidated Income Statement
Financial Results 2. Consolidated Income Statement(1) Increase in EBITDA loss primarily driven by investment in marketing, as we lay the foundation for significant future growth. Consolidated Income Statement Figures in EUR mm % Chg. Q1 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 22 / 21 N
Slide 11: Consolidated Financial and Operating Metrics
Financial Results 2. Consolidated Financial and Operating Metrics(1) Significant increase in FTDs driving strong growth in Avg. Monthly Actives Net Gaming Revenue FTDs 24% 48% 15% 22% EUR mm # 25.5 78,457 22.3 20.5 20.7 22.2 64,359 18.9 19.8 52,888 57,588 53,094 16.3 41,952 43,450 13.9 34,538 30,510
Slide 12: Spain Financial and Operating Metrics
Financial Results 2. Spain Financial and Operating Metrics LTM Net Gaming Revenue flat versus the prior year period despite marketing restrictions. Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) Marketing Restrictions 1% Marketing - Restrictions 5% EUR mm EUR mm 14.4 12.3 13.0 12.6 12.6 13.
Slide 13: Mexico Financial and Operating Metrics
Financial Results 2. Mexico Financial and Operating Metrics Strong operating performance in Q1 2022 with Avg. Monthly Spend per Active up by 11% to €138 in the LTM period. Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) Platform Migration 56% 42% 27% EUR mm EUR mm 31.4 10.0 22.2 7.0 7.1 7.9
Slide 14: Colombia Financial and Operating Metrics
Financial Results 2. Colombia Financial and Operating Metrics Significant increase in Net Gaming Revenue (81%) and Avg. Monthly Actives (66%) in Q1 2022. Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) 81% 80% 2% EUR mm EUR mm 5.2 1.4 1.5 1.5 0.8 0.8 0.9 2.9 0.7 0.5 0.5 Q1-20 Q2-20 Q3-20 Q4-
Slide 15: Consolidated Balance Sheet, NWC and Cash
Financial Results 2. Consolidated Balance Sheet, NWC and Cash Over $100 mm available at quarter end, mostly driven by a decrease in NWC which we expect will partially unwind in the second quarter Balance Sheet (Mar 31, 2022) Net Working Capital (NWC) Accounts Payable, Net Figures in EUR mm Figures i
Slide 16: Consolidated Cash Flow Statement
Financial Results 3. Consolidated Cash Flow Statement Q1 2022 Cash Flow Statement Change in NWC – Q1 2022 Cash Impact Figures in EUR mm Figures in EUR mm Q1-22 Dec 2021 As Reported Argentina(3) Actual Mar 2022 Chg. Net Income -10.1 Plus: Provision for CIT 0.5 Working Capital - Assets 11.7 - 11.7 12.
Slide 17: Questions & Answers
Questions & Answers
Slide 18: Table of Contents
Table of Contents 1. Corporate Overview Page 6 2. Financial Results Page 9 3. Appendix Page 19 Corporate presentation 18
Slide 19: Regulatory Overview
Appendix 3. Regulatory Overview Regulation / Launch # Licensed Codere Online Codere Online Retail Effective Gaming Regulator Date(1) Operators(2) Launch Date License Expiry Requirements(3) Tax (% NGR 2021) Latin America Secretaria de May 2027 Mexico 2014 / 2016 15+ 2016 Yes 22% Gobernacion (SEGOB) (
Slide 20: Market Overview - Online B2C (LatAm)
Appendix 3. Market Overview - Online B2C (LatAm) Codere Online’s Core Markets (Mexico, Colombia, Argentina and Panama) today represent over 80% of the LatAm market but will only represent approximately 55% by 2024 and 45% of the overall TAM (2027), with the expected regulation of gaming in Brazil, w
Slide 21: Net Gaming Revenue Outlook
Appendix 3. 3 Year Net Gaming Revenue (NGR) Over the following three years, we are targeting average annual Net Gaming Revenue growth (Core Market only) in excess of 30% and to be EBITDA and cash flow positive by 2024. Historicals(1) Outlook 3Y CAGR: 34% 2Y CAGR: 36% 38%(2) EUR mm 110- 120 ~200 ~155
Slide 22: Business Combination Overview
Appendix 3. Business Combination Overview Key Transaction Terms Sources and Uses ($ mm) On November 30, 2021, Codere Online completed its business combination Sources Uses with DD3 Acquisition Corp. II. SPAC Cash in Trust(1) 49 Cash to Balance Sheet 103 $49 mm of SPAC cash in trust(1) plus a PIP
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 Accounting Revenue (1) 70.5 80.3 23.9 (-) Greenplay(2) -1.2 -0.4 0.0 (+) Accounting Adjustments (3) 2.0 3.3 1.6 Net Gaming Revenue 71.3 83.2 25.5 Net Income (Loss) -16.3 -68.0 -10.1 (+/-) Provision f
Slide 24: Defined Terms
Appendix 3. Defined Terms Avg. Monthly Actives : Average number of 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 during the period. Conversio
Slide 25: Codere Online Investor Relations
For additional information, please contact: Codere Online Investor Relations codereonline.com ir@codereonline.com
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