Slide 1: Codere Online Q4 2023 Earnings
Codere Online Nasdaq: CDRO / CDROW Q4 2023 Earnings February 29, 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 01. Corporate Overview – page 6 02. Financial Results (Unaudited) – page 9 03. 2024 Outlook – page 18 04. Appendix – page 21
Slide 6: Corporate Overview
01 Corporate Overview
Slide 7: Codere Online At a Glance
01 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. 32% 2021 – 2024E Net Gaming Revenue(1) CAGR(2) 2014 Codere Online launche
Slide 8: Q4 2023 Highlights
01 Q4 2023 Highlights Strong operating performance in Q4 2023 with Net Gaming Revenue (NGR) of €50 mm (33% above Q4 2022) Revenue Consolidated NGR of €50.1 mm in Q4 2023, +33% vs. Q4 2022 Growth / Mix 58% from Casino 42% from Sports Betting Portfolio • ~139k Avg. Monthly Actives with Mexico and Spai
Slide 9: Financial Results (Preliminary Unaudited)
02 Financial Results 1 (Preliminary Unaudited ) 1. See "Preliminary Information" disclaimer on slide 3
Slide 10: Consolidated Net Gaming Revenue and Adj. EBITDA
02 Consolidated Net Gaming Revenue and Adj. EBITDA(1) 33% NGR increase in Q4 2023 primarily driven by Mexico and Spain and 72% reduction in Adj. EBITDA loss in the quarter Figures in EUR mm Quarter Full Year Full Year (% of Total) Q4-22 Q4-23 Var. % FY-22 FY-23 Var. % FY-22 FY-23 Chg. (p.p.) Net Gam
Slide 11: Consolidated Income Statement
02 Consolidated Income Statement(1) 72% reduction in Adj. EBITDA loss in the quarter on the back of higher revenues and lower investment in marketing Figures in EUR mm Quarter Full Year Historical Evolution Q4-22 Q4-23 Var. % FY-22 FY-23 Var. % FY-21 FY-22 FY-23 Consolidated Income Statement Net Gam
Slide 12: Consolidated Income Statement: NGR, Actives and CPA
02 Consolidated Income Statement(1) 33% NGR growth versus Q4 2022 driven by higher spend per customer and improved retention Net Gaming Revenue FTDs 33% (33%) 16% 17% EUR mm 000s 50.1 122 39.5 39.1 43.2 37.7 78 85 86 80 81 29.2 30.6 64 69 69 22.2 25.5 53 58 53 20.5 20.7 19.8 Q1-21 Q2-21 Q3-21 Q4-21
Slide 13: Spain Financial and Operating Metrics
02 Spain Financial and Operating Metrics 17% Net Gaming Revenue growth in Q4 2023 on the back of a higher number of active customers and higher spend per customer Net Gaming Revenue (Quarterly) Net Gaming Revenue (Full Year) 17% 26% 10% 20% EUR mm EUR mm 20.8 75.7 17.8 18.4 17.5 18.9 60.0 13.2 14.1
Slide 14: Mexico Financial and Operating Metrics
02 Mexico Financial and Operating Metrics Q4 2023 Net Gaming Revenue grew 54% versus Q4 2022 driven by an increase in active customers and spend per customer Net Gaming Revenue (Quarterly) Net Gaming Revenue (Full Year) 54% 19% 60% 83% EUR mm EUR mm 25.1 81.7 21.0 16.3 17.6 18.0 12.9 51.1 10.0 11.9
Slide 15: Colombia Financial and Operating Metrics
02 Colombia Financial and Operating Metrics Flat Net Gaming Revenue in Q4 2023 driven by the lower active customers being offset by higher spend per active Net Gaming Revenue (Quarterly) Net Gaming Revenue (Full Year) - 8% 32% 72% EUR mm EUR mm 2.3 2.3 2.3 7.9 8.5 2.2 2.1 1.9 1.8 1.4 1.5 1.5 4.6 0.8
Slide 16: Consolidated Balance Sheet, NWC and Cash (31/12/23)
02 Consolidated Balance Sheet, NWC and Cash (31/12/23) Approximately €41 mm in total cash of which €36 mm is available. Negative NWC position of €22 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 Actu
Slide 17: Consolidated Cash Flow Statement
02 Consolidated Cash Flow Statement FY-23 Cash Flow Statement Change in NWC – FY-23 Cash Impact Figures in EUR mm FY-23 Figures in EUR mm Dec 2022 Dec 2023 Chg. Net Income(1) -3.1 Plus: Provision for CIT(2) Working Capital - Assets 16.1 24.5 -8.5 -7.2 Less: CIT Paid -1.2 Working Capital - Liabilitie
Slide 18: 2024 Outlook
03 2024 Outlook
Slide 19: 2024 NGR and Adj. EBITDA Outlook
03 2024 Net Gaming Revenue and Adj. EBITDA Outlook 2024 NGR outlook of €185-200 mm and positive Adj. EBITDA and cash flow for full year 2024. Historicals(1) Outlook 12%(2) 40% 185-200 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 Adj.
Slide 20: Q&A
Q&A
Slide 21: Appendix
04. Appendix
Slide 22: Consolidated Net Gaming Revenue and Adj. EBITDA
04 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 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 18.4 17.
Slide 23: Consolidated Income Statement
04 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 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 3
Slide 24: Regulatory Overview
04 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 2022) Latin America Secretaria de May 2027 Mexico Gobernacion (SEGOB) 2014 / 2016 25+ 2016 (LIFO License) Yes
Slide 25: Market Overview - Online B2C (Latam)
04 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 ~45% of the overall market by 2028, with the potential regulation of gaming in Brazil, which alone is expect
Slide 26: Net Gaming Revenue and Adj. EBITDA Reconciliation
04 Net Gaming Revenue and Adj. EBITDA Reconciliation (11) GAAP 2020 2021 2022 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Accounting Revenue (1) 70.5 80.3 115.7 37.6 37.0 41.1 46.9 162.6 (2) (-) Greenplay -1.2 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 (+) Accounting Adjustments (3) 2.0 3.3 7.2 1.9 2.1 2.1 3.2 9.3 Net Gaming R
Slide 27: Defined Terms
04 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
Slide 28: codereonline.com ir@codereonline.com
codereonline.com ir@codereonline.com +34 91 354 28 00