Flutter Entertainment Reports Fourth Quarter 2024 Financial Results

About this update from Flutter Entertainment Plc

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This expansion was driven by continuous innovation and improvement of our already market-leading proposition. We added new live betting features as we executed our strategy to deliver a more immersive live experience. We also expanded our market offering and added more customizable generosity options. Our revolutionary Your Way product which gives customers greater ability to customize their parlay choices, was rolled out to all states for NFL during the quarter. While it is still early days in the evolution of the product, we have been pleased with player engagement.","length":872,"tagName":"p"},{"type":"text","content":"iGaming AMPs grew 37%, including a 59% increase in direct casino AMPs, driven by delivery of new features and content. Launches included new exclusive slots titles such as Samurai 888 Kenji, alongside sports-themed slots content such as NBA Super Slam to help drive sportsbook cross-sell . 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As anticipated, handle growth moderated sequentially from Q2 and Q3 levels due to the factors set out in the Operating Review above, combined with the timing of state launches in the current and prior year.","length":382,"tagName":"p"},{"type":"text","content":"Net revenue margin included: (i) a structural revenue margin increase of 100 bps year-over-year to 14.5%, broadly in line with expectations, delivered through our market-leading product proposition and pricing (ii) an unfavorable sports results impact of 150 bps year-over-year (Q4 2024: 390bps unfavorable, Q4 2023: 240bps unfavorable) or $643m in-quarter GGR/$550m NGR before the estimated benefit of recycling, and (iii) promotional spend -20 bps year-over-year to 4.0%.","length":473,"tagName":"p"},{"type":"text","content":"iGaming revenue grew 43% driven by AMPs +37% and included continued strong growth on slots and live casino in particular.","length":121,"tagName":"p"},{"type":"text","content":"Adjusted EBITDA 2 was $163m (Q4 2023 $168m) with an Adjusted EBITDA margin of 10.1%. Cost of sales as a percentage of revenue of 58.6% was 310 bps higher year-over-year primarily driven by the impact of increased taxes in Illinois following the change from July 1, 2024 and the impact of the adverse sports results on revenue.","length":325,"tagName":"p"},{"type":"text","content":"Sales and marketing expenses continued to deliver operating leverage and reduced by 300 bps as a percentage of revenue to 20.2%. Technology, research and development costs, and general and administrative costs were broadly in-line with Q3 2024 at $69m and $108m respectively. Year-over-year growth was driven by investment to scale our product and technology capabilities and also reflects phasing of costs in the prior year.","length":425,"tagName":"p"},{"type":"text","content":" UKI had another strong quarter with revenue growth of 20% (+17% on a constant currency basis 15 ) from an excellent performance in both sportsbook (+31%) and iGaming (+16%).","length":171,"tagName":"p"},{"type":"text","content":"Sportsbook net revenue margin increased 440bps to 16.1% due to both favorable sports results (Q4 2024: 300bps favorable, Q4 2023: 90bps unfavorable), primarily in the English Premier League, and a 110bps structural revenue margin improvement driven by the product innovation as described in the Operating Review above. Sportsbook handle declined 4% reflecting both the increased mix of higher revenue margin, lower handle Same Game Parlay products and the recycling impact of the favorable results.","length":498,"tagName":"p"},{"type":"text","content":"iGaming revenue growth of 16% was driven by the strong product proposition across all four of our UKI brands with iGaming AMPs +13% in Q4.","length":138,"tagName":"p"},{"type":"text","content":"Adjusted EBITDA increased 17% (+14% on a constant currency basis), broadly in line with revenue growth reflecting continued investment to grow our business, along with the prior year phasing of general and administration expenses.","length":230,"tagName":"p"},{"type":"text","content":" International revenue increased 20% (+23% on a constant currency basis) driven by strong momentum in Sisal (+22%, +28% on a constant currency basis), the return of Junglee to growth (+88%) as it lapped the tax changes introduced in October 2023, and favorable sports results. MaxBet (acquired in January 2024) added $58m in revenue in the quarter. AMP growth moderated to 4% due to the high levels of player engagement during the Cricket World Cup in Q4 2023.","length":459,"tagName":"p"},{"type":"text","content":"Sportsbook revenue was 46% higher driven by a 20% growth in handle, aided by the MaxBet acquisition, and a 240bps increase in net revenue margin. The margin movement reflected the swing to favorable sports results in Q4 from the very unfavorable results, most notably in Italy, in the comparable prior year quarter (Q4 2024: 70bps favorable, Q4 2023: 260bps unfavorable). iGaming revenue grew 14% (+18% on a constant currency basis) with strong growth in Italy and India along with the addition of MaxBet which added 7 percentage points to growth.","length":547,"tagName":"p"},{"type":"text","content":" Consolidate and Invest 8 markets accounted for 84% of International revenue in Q4 and grew 28% (+32% on a constant currency basis) or 18% (+22% on a constant currency basis) excluding the benefit of MaxBet. This reflected excellent constant currency revenue growth in Italy (+16%, Sisal Italy online revenue +41%), India (+91%), Turkey (+62%), Georgia (+31%) and Brazil (+19%) 15 .","length":378,"tagName":"p"},{"type":"text","content":"Adjusted EBITDA increased 15% or (+26% on a constant currency basis). Adjusted EBITDA margin was 80bps lower at 19.7% due to legal costs in Q4 and the phasing of sales and marketing expenses in the prior year.","length":209,"tagName":"p"},{"type":"text","content":" Australia AMPs grew 7% year-over-year while sportsbook revenue was 8% lower. Revenue performance reflected a handle decline of 5% in line with anticipated market trends, coupled with an adverse 60 basis point year-over-year swing in sports results (Q4 2024 40 basis points unfavorable, Q4 2023 20 basis points favorable). The adverse impact from sports results was partially offset by continued expansion in our structural revenue margin by 30bps to 17.9% driven by our market-leading pricing and risk management capabilities. Adjusted EBITDA was 35% lower (34% on a constant currency basis) driven by the previously communicated impact from the increase in taxes in Victoria and sports results noted above.","length":707,"tagName":"p"},{"type":"text","content":" Capital structure ","length":17,"tagName":"p"},{"type":"text","content":"Total debt reduced by $320m to $6,736m at December 31, 2024 from $7,056m at December 31, 2023. The Group is now within its medium-term leverage 2 target of 2.0-2.5x following the $482m expansion in Adjusted EBITDA during 2024, which also drove net debt $635m lower at December 31, 2024 to $5,160m (December 31, 2023 $5,795m). The Group’s leverage ratio was 2.2x, based on the last 12 months Adjusted EBITDA, a reduction of 0.9x from 3.1x at December 31, 2023.","length":458,"tagName":"p"},{"type":"text","content":"The share repurchase program commenced in November 2024 with up to $5bn expected to be returned to shareholders over the coming years. The first tranche of the program commenced in November 2024 with 444,746 shares repurchased in 2024 for $121m. In 2025, we expect to return approximately $1bn to shareholders via the program.","length":326,"tagName":"p"},{"type":"text","content":" Change to reporting segments ","length":28,"tagName":"p"},{"type":"text","content":"Effective January 1, 2025 Flutter will report two segments:","length":59,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"US, comprising the FanDuel brand and unchanged from the US segment as reported today","length":84,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":84,"olType":false}]}]},{"val":[{"style":"vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"Flutter International, comprising all other Flutter brands. This will align with current UKI, Australia and International segments combined. Flutter International will exclude Unallocated corporate overhead","length":206,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":206,"olType":false}]}]},{"val":[{"style":"vertical-align:top;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":293},{"type":"text","content":"An updated set of financial KPIs will be made available on the Flutter website in advance of our Q1 earnings update.","length":116,"tagName":"p"},{"type":"text","content":"Full year 2025 guidance","length":23,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"border-top:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;border-right:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Actual FY 2024 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1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"High","length":4,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"border-top:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"Group revenue","length":13,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$14.05bn","length":8,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$15.48bn","length":8,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;border-right:solid black 1pt;border-left:solid black 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1pt;vertical-align:bottom;","val":[{"type":"text","content":"US existing state revenue","length":25,"tagName":"p","attribs":{}}]},{"style":"border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$5.8bn","length":6,"tagName":"p","attribs":{}}]},{"style":"border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$7.47bn","length":7,"tagName":"p","attribs":{}}]},{"style":"border-right:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$7.97bn","length":7,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"US existing state Adjusted EBITDA","length":33,"tagName":"p","attribs":{}}]},{"style":"border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$507m","length":5,"tagName":"p","attribs":{}}]},{"style":"border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$1.28bn","length":7,"tagName":"p","attribs":{}}]},{"style":"border-right:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$1.52bn","length":7,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"US new states revenue cost","length":26,"tagName":"p","attribs":{}}]},{"style":"border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"border-right:solid black 1pt;border-left:solid black 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1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$8.25bn","length":7,"tagName":"p","attribs":{}}]},{"style":"border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$8.05bn","length":7,"tagName":"p","attribs":{}}]},{"style":"border-right:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$8.45bn","length":7,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"Group Ex-US Adjusted EBITDA","length":27,"tagName":"p","attribs":{}}]},{"style":"border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$1.85bn","length":7,"tagName":"p","attribs":{}}]},{"style":"border-left:solid black 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1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$380m","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"Depreciation and amortization excl. acquired intangibles","length":56,"tagName":"p","attribs":{}}]},{"style":"border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$516m","length":5,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"border-right:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Approximately $580m","length":19,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"Capital expenditure 16 ","length":21,"tagName":"p","attribs":{}}]},{"style":"border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$661m","length":5,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"border-right:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Approximately $710m","length":19,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"Share repurchases","length":17,"tagName":"p","attribs":{}}]},{"style":"border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$121m","length":5,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Up to $1bn","length":10,"tagName":"p","attribs":{}}]}]}],"length":587},{"type":"text","content":" Guidance above is based on existing segment disclosure ","length":54,"tagName":"p"},{"type":"text","content":"2025 has started well. In the US, handle accelerated from Q4 levels, with overall underlying trends in line with our expectations. Sports results have been broadly neutral year-to-date with a positive outcome on Super Bowl LIX offset by customer friendly sports results in January. Outside of the US performance reflects the strong Q4 customer base carried into Q1.","length":365,"tagName":"p"},{"type":"text","content":"Full year Group guidance introduced below represents year-over-year growth of 13% revenue and 34% Adjusted EBITDA at the midpoint and reflects the following expectations:","length":170,"tagName":"p"},{"type":"text","content":" US: ","length":3,"tagName":"p"},{"type":"text","content":" Existing states: ","length":16,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"Revenue and Adjusted EBITDA mid-points of $7.72bn and $1.4bn, representing year-over-year growth of 33% and 176% respectively","length":125,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":125,"olType":false}]}]},{"val":[{"style":"vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"This represents revenue growth and Adjusted EBITDA margin expansion of 22.5% and 5.4 percentage points on a normalized basis 12 , in line with our Investor Day commentary. This growth is from a larger underlying business in 2024 driven by underlying growth following the event","length":274,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":274,"olType":false}]}]},{"val":[{"style":"vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"From a phasing perspective we expect 24-25% of 2025 revenue and 20% of 2025 Adjusted EBITDA to arise in Q1 with 60% of 2025 Adjusted EBITDA in H2 and Q4 remaining our largest quarter","length":182,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":182,"olType":false}]}]},{"val":[{"style":"vertical-align:top;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":586},{"type":"text","content":" New states / territories: ","length":25,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"New launches are expected to result in negative revenue of $40m and an Adjusted EBITDA cost of $90m, based on a Q4 launch for Missouri and an early 2026 launch now expected for Alberta, Canada","length":192,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":192,"olType":false}]}]},{"val":[{"style":"vertical-align:top;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":193},{"type":"text","content":" Group ex-US: ","length":12,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"Revenue and Adjusted EBITDA mid-points of $8.25bn and $1.85bn are in line with 2024 and represent growth of 6% and 10% respectively after adjusting for:","length":152,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":152,"olType":false}]}]},{"val":[{"style":"vertical-align:middle;text-align:left;padding-left:30.0px;vertical-align:top;","val":[{"type":"text","content":"- Foreign currency headwind of $220m/3% for revenue and $50m/3% for Adjusted EBITDA","length":83,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"vertical-align:middle;text-align:left;padding-left:30.0px;vertical-align:top;","val":[{"type":"text","content":"- Favorable sports results in 2024 (Gross revenue impact $229m)","length":63,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"This excludes the impact from the acquisition of NSX and Snai, which are on track for completion in Q2 2025","length":107,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":107,"olType":false}]}]},{"val":[{"style":"text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":408},{"type":"text","content":"Guidance is provided (i) on the basis that sports results are in line with our expected margin for the remainder of the year, (ii) at current foreign exchange rates 11 and (iii) on the basis of a consistent regulatory and tax framework except where otherwise stated.","length":265,"tagName":"p"},{"type":"text","content":"A reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared of items that have not yet occurred, are out of our control, or cannot be reasonably predicted.","length":441,"tagName":"p"},{"type":"text","content":"This announcement contains inside information as defined under assimilated Regulation (EU) No. 596/2014, which is part of the laws of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended). The person responsible for arranging release of this information on behalf of Flutter is Edward Traynor, Company Secretary of Flutter.","length":355,"tagName":"p"},{"type":"text","content":" Conference call: ","length":16,"tagName":"p"},{"type":"text","content":"Flutter management will host a conference call today at 4:30 p.m. ET (9:30 p.m. GMT) to review the results and be available for questions, with access via webcast and telephone.","length":177,"tagName":"p"},{"type":"text","content":"A public audio webcast of management’s call and the related Q&A can be accessed by registering here or via www.flutter.com/investors. For those unable to listen to the live broadcast, a replay will be available approximately one hour after the conclusion of the call. This earnings release and supplementary materials will also be made available via www.flutter.com/investors.","length":380,"tagName":"p"},{"type":"text","content":"Analysts and investors who wish to participate in the live conference call must do so by dialing any of the numbers below and using conference ID 20251. Please dial in 10 minutes before the conference call begins.","length":213,"tagName":"p"},{"type":"text","content":"+1 888 500 3691 (North America)","length":31,"tagName":"p"},{"type":"text","content":"+44 800 358 0970 (United Kingdom)","length":33,"tagName":"p"},{"type":"text","content":"+353 1800 943926 (Ireland)","length":26,"tagName":"p"},{"type":"text","content":"+61 1800 519 630 (Australia)","length":28,"tagName":"p"},{"type":"text","content":"+1 646 307 1951 (International)","length":31,"tagName":"p"},{"type":"text","content":" Forward-Looking Statements ","length":26,"tagName":"p"},{"type":"text","content":"This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Ac...

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