Codere Online Luxembourg, S.a. · NASDAQ:CDRO
Codere Online Luxembourg — Q2 2024 Earnings Presentation
27 slides from Codere Online Luxembourg's earnings presentation, Jul 31, 2024
Slide 1: Q2 2024 Earnings
Codere Online Nasdaq: CDRO / CDROW Q2 2024 Earnings July 31, 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 6 2 Financial Results (Preliminary Unaudited) 9 3 2024 Outlook 17 4 Appendix 20
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: Q2 2024 Highlights
1 Q2 2024 Highlights Strong operating performance in Q2 2024 with Net Gaming Revenue (NGR) of €54 mm (39% above Q2 2023) Revenue Consolidated NGR of €54.4 mm in Q2 2024, +39% vs. Q2 2023 Growth / Mix 59% from Casino 41% from Sports Betting Portfolio ~146k Avg. Monthly Actives, + 16% vs. Q2 2023 KPIs
Slide 9: Financial Results
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) 39% NGR increase in Q2 2024 primarily driven by Mexico and Spain and €1.3 mm positive Adj. EBITDA in the quarter Figures in EUR mm Quarter YTD LTM Q2-23 Q2-24 Var. % Q2-23 Q2-24 Var. % Q2-23 Q2-24 Var. % Net Gaming Revenue Spain 17.5 21.8 4.3 24.6
Slide 11: Consolidated Income Statement
2 Consolidated Income Statement €5.8 mm swing in Adj. EBITDA to positive €1.3 mm in Q2-24 driven by higher revenues and a relatively lower increase in costs Figures in EUR mm Quarter YTD LTM Q2-23 Q2-24 Var. % Q2-23 Q2-24 Var. % Q2-23 Q2-24 Var. % Consolidated Income Statement Net Gaming Revenue 39.
Slide 12: Consolidated Income Statement: NGR, Actives, CPA
2 Consolidated Income Statement 39% NGR growth versus Q2 2023 driven by higher spend per customer and improved customer retention Net Gaming Revenue FTDs 39% 3% 5% (3%) EUR mm 000s 53.0 54.4 122 50.1 39.5 39.1 43.2 37.7 78 85 86 80 81 30.6 69 69 75 73 25.5 29.2 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3
Slide 13: Spain Financial and Operating Metrics
2 Spain Financial and Operating Metrics 24% Net Gaming Revenue growth in Q2 2024 on the back of a significantly higher number of active customers Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) 24% (2%) 26% EUR mm EUR mm 20.8 22.3 21.8 83.8 17.8 18.4 17.5 18.9 75.7 14.1 14.9 60.0 13.2 Q1-22
Slide 14: Mexico Financial and Operating Metrics
2 Mexico Financial and Operating Metrics Q2 2024 Net Gaming Revenue 57% above Q2 2023 driven both by an increase in active customers and spend per customer Net Gaming Revenue (Quarterly) Net Gaming Revenue (LTM) 57% 6% 60% EUR mm EUR mm 26.6 28.2 25.1 100.9 21.0 81.7 16.3 17.6 18.0 11.9 12.9 51.1 10
Slide 15: Consolidated Balance Sheet, NWC and Cash (30/06/24)
2 Consolidated Balance Sheet, NWC and Cash (30/06/24) Approximately €41 mm in total cash (of which €35 mm is available) and negative NWC position of €19 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 16: Consolidated Cash Flow Statement
2 Consolidated Cash Flow Statement H1-24 Cash Flow Statement Change in NWC – H1-24 Cash Impact Figures in EUR mm H1-24 Figures in EUR mm Dec 2023 Jun 2024 Chg. Net Income(1) -0.2 Plus: Provision for CIT(2) 0.9 Working Capital - Assets 24.5 26.4 -1.9 Less: CIT Paid -0.4 Working Capital - Liabilities
Slide 17: 2024 Outlook
3 2024 Outlook
Slide 18: 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 19: Q&A
Q&A
Slide 20: Appendix
4 Appendix
Slide 21: 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 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
Slide 22: 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 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 3
Slide 23: 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 24: 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 expecte
Slide 25: 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 H1-24 Accounting Revenue (1) 70.5 80.3 115.7 162.6 50.4 51.7 102.1 (2) -1.2 -0.4 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 5.2 Net Gaming Revenue
Slide 26: 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 27: codereonline.com ir@codereonline.com
codereonline.com ir@codereonline.com +34 91 354 28 00
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