Codere Online Luxembourg, S.a. · NASDAQ:CDRO
Codere Online Luxembourg — Q3 2024 Earnings Presentation
29 slides from Codere Online Luxembourg's earnings presentation, Nov 27, 2024
Slide 1: Codere Online Q3 2024 Earnings
Codere Online Q3 2024 Earnings November 27, 2024
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 Aviv Sher Oscar Iglesias CEO CFO
Slide 5: Table of Contents
Table of Contents 1 Corporate Overview 7 2 Financial Results (Preliminary Unaudited) 10 3 2024 Outlook 20 4 Appendix 23
Slide 6: Corporate Overview
iC | codere online Corporate Overview
Slide 7: Codere Online At a Glance
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. 36% 2021 – 2024E Net Gaming Revenue(1) CAGR(2) 2014 Codere Online launched
Slide 8: Q3 2024 Highlights
1 Q3 2024 Highlights Q3 2024 Net Gaming Revenue (NGR) of €52 mm (20% above Q3 2023) and positive Adj. EBITDA of €1.5 mm Revenue Consolidated NGR of €51.7 mm in Q3 2024, +20% vs. Q3 2023 Growth / Mix 58% from Casino 42% from Sports Betting Portfolio ~143k Avg. Monthly Actives, + 15% vs. Q3 2023 KPIs(
Slide 9: Financial Results (Preliminary Unaudited)
2 Financial Results (Preliminary Unaudited1) 1. See "Preliminary Information" disclaimer on slide 3.
Slide 10: Consolidated Net Gaming Revenue and Adj. EBITDA
2 Consolidated Net Gaming Revenue and Adj. EBITDA(1) 20% NGR increase in Q3 2024 primarily driven by Mexico and Spain and €1.5 mm positive Adj. EBITDA in the quarter Figures in EUR mm Quarter YTD LTM Q3-23 Q3-24 Var. % Q3-23 Q3-24 Var. % Q3-23 Q3-24 Var. % Net Gaming Revenue Spain 18.9 20.9 2.0 10.6
Slide 11: Consolidated Income Statement
2 Consolidated Income Statement Adj. EBITDA of positive €1.5 mm in Q3-24 driven by higher revenues together with a lower relative level of marketing investment Figures in EUR mm Quarter YTD LTM Q3-23 Q3-24 Var. % Q3-23 Q3-24 Var. % Q3-23 Q3-24 Var. % Consolidated Income Statement Net Gaming Revenue
Slide 12: Consolidated Income Statement
2 Consolidated Income Statement 20% NGR growth (32% in constant currency) versus Q3 2023 driven by higher spend per customer and improved customer retention Net Gaming Revenue FTDs Actual 20% (5%) Constant currency 32% 3% (3%) (8%) EUR mm 000s 53.0 54.4 51.7 122 50.1 39.5 39.1 43.2 37.7 78 85 86 80
Slide 13: Spain Financial and Operating Metrics
2 Spain Financial and Operating Metrics 11% Net Gaming Revenue growth in Q3 2024 on the back of a higher number of active customers Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) 11% (4%) 26% EUR mm EUR mm 20.8 22.3 21.8 20.9 17.8 18.4 18.9 85.7 17.5 75.7 13.2 14.1 14.9 60.0 Q1-22 Q2-22 Q3-
Slide 14: Mexico Financial and Operating Metrics
2 Mexico Financial and Operating Metrics Q3 2024 NGR 27% above Q3 2023 (43% in constant currency) driven both by an increase in active customers and spend per active Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) Actual 27% Constant currency 43% (5%) 10% 60% EUR mm EUR mm 26.6 28.2 26.7 106
Slide 15: Mexico Exchange Rate Evolution
2 Mexico Exchange Rate Evolution The Mexican peso devalued by more than 12% in Q3 2024 versus the prior year period, reducing our NGR in the country by €3.2 mm MXN / EUR Exchange Rate(1) 23.0 Q3 2024 Avg. +12.2% 20.8 Nov 26 22.0 21.8 21.0 20.0 Q3 2023 Avg. 18.6 19.0 May 31 18.5 Jun 2 Presidential 18
Slide 16: Mexico Exchange Rate Evolution
2 Mexico Exchange Rate Evolution Looking ahead to Q4 2024 (through November 26th), the Mexican peso has devalued 14% versus the prior year period. MXN / EUR Exchange Rate(1) 23.0 Q4 2024 QTD Avg. through Nov 26 +14.1% 21.5 22.0 21.0 20.0 Q4 2023 Avg. 18.9 19.0 18.0 17.0 16 1. Source: Banxico
Slide 17: Consolidated Balance Sheet, NWC and Cash (30/09/24)
2 Consolidated Balance Sheet, NWC and Cash (30/09/24) Approximately €44 mm in total cash (of which €38 mm is available) and negative NWC position of €23 mm Balance Sheet Net Working Capital (NWC) Accounts Payable, Net Figures in EUR mm Figures in EUR mm Figures in EUR mm (-) A/P, Net Assets A/P A/R
Slide 18: Consolidated Cash Flow Statement
2 Consolidated Cash Flow Statement 9M-24 Cash Flow Statement Change in NWC – 9M-24 Cash Impact Figures in EUR mm 9M-24 Figures in EUR mm Dec 2023 Sep 2024 Chg. Net Income(1) -3.0 Plus: Provision for Corporate Income Taxes(2) 3.0 Working Capital - Assets 24.5 20.1 4.5 Less: Corporate Income Taxes Pai
Slide 19: 2024 Outlook
3 2024 Outlook
Slide 20: 2024 NGR and Adj. EBITDA Outlook
3 2024 Net Gaming Revenue and Adj. EBITDA Outlook 2024 NGR outlook of €205-215 mm and Adj. EBITDA outlook of €2.5-7.5 mm Historicals(1) Outlook 22%(2) 40% 205 - 215 Net Gaming Revenue (EUR mm) 171.9 122.9 63.0 71.3 83.2 2019 2020 2021 2022 2023 2024E 2019 2020 2021 2022 2023 2024E Adj. EBITDA 2.5 -
Slide 21: Q&A
iC | codere online Q&A CDRO NasdaqListed
Slide 22: Appendix
iC | codere online 4 Appendix
Slide 23: Consolidated Net Gaming Revenue and Adj. EBITDA
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 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 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 1
Slide 24: Consolidated Income Statement
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 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 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
Slide 25: Regulatory Overview
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 2023) Latin America Secretaria de May 2027 Mexico Gobernacion (SEGOB) 2014 / 2016 25+ 2016 (LIFO License) Yes
Slide 26: Market Overview - Online B2C (Latam)
4 Market Overview - Online B2C (Latam) Codere Online’s Core Markets (Mexico, Colombia, Argentina and Panama) represented over 86% of the LatAm market in 2023 but will represent approximately 40% of the overall market by 2028, with the potential regulation of gaming in Brazil, which alone is expected
Slide 27: Net Gaming Revenue and Adj. EBITDA Reconciliation
4 Net Gaming Revenue and Adj. EBITDA Reconciliation Figures in EUR mm GAAP 2020 2021 2022 2023 Q1-24 Q2-24 Q3-24 9M-24 Accounting Revenue (1) 70.5 80.3 115.7 162.6 50.4 51.7 49.2 151.3 (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 7.2 9.3 2.6 2.7 2.5 7.7
Slide 28: Defined Terms
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 during t
Slide 29: codereonline.com ir@codereonline.com
codereonline.com ir@codereonline.com +34 91 354 28 00
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