Gambling in the USA
Gambling.com Group Reports Record First Quarter Results Including 36% Revenue Increase to $26.7 Million
Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a leading provider of digital marketing services for the global online gambling industry, today reported record first quarter financial results for the three-month period ended March 31, 2023. The Company also increased its guidance for full-year revenue and Adjusted EBITDA.
First Quarter 2023 vs. First Quarter 2022 Financial Highlights
(USD in thousands, except per share data, unaudited)
|
|
Three Months Ended March 31, |
|
Change |
|||||
|
|
2023 |
|
|
2022 |
|
|
% |
|
|
Revenue |
26,692  |
|
|
19,585 |
|
|
36 |
% |
|
Net income for the period attributable to shareholders (1) |
6,595 |
|
|
4,487 |
|
|
47 |
% |
|
Net income per share attributable to shareholders, diluted (1) |
0.17 |
|
|
0.12 |
|
|
42 |
% |
|
Adjusted net income for the period attributable to shareholders (1) |
7,551 |
|
|
4,487 |
|
|
68 |
% |
|
Adjusted net income per share attributable to shareholders, diluted (1) |
0.20 |
|
|
0.12 |
|
|
67 |
% |
|
Adjusted EBITDA (1) |
10,673 |
|
|
7,186 |
|
|
49 |
% |
|
Adjusted EBITDA Margin (1) |
40 |
% |
|
37 |
% |
|
|
|
|
Cash flows generated by operating activities |
7,082 |
|
|
3,585 |
|
|
98 |
% |
|
Free Cash Flow (1) |
6,205 |
|
|
1,373 |
|
|
352 |
% |
|
(1) For the three months March 31, 2023, Adjusted net income and Adjusted net income per share exclude, and Net Income and Net Income per share include, adjustments related to our 2022 acquisitions of RotoWire and BonusFinder of $1.0 million, or $0.03 per share. See “Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers. |
Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group commented, “Our record first quarter 2023 results exceeded internal forecasts and reflect industry-leading organic revenue growth as well as strong profitability and cash generation. Our performance in the first quarter demonstrates both Gambling.com Group’s successful execution on our North American growth initiatives and our success in generating ongoing attractive growth in more established markets. New depositing customers (“NDCs”) increased 31% from the prior-year period, helping drive 36% year-over-year revenue growth, a 49% increase in Adjusted EBITDA to $10.7 million and an Adjusted EBITDA Margin of 40%.
“We continue to deliver strong growth in both our newer and more established markets, with particular strength in iCasino performance marketing revenue in many of our global markets. North American revenue increased 33% year-over-year to $14.1 million, despite the year-ago period including the blockbuster launch of sports betting in New York. First quarter growth in U.K. and Ireland, markets where we have a longer operating history, was also impressive as we generated all-time quarterly record revenue for the fifth consecutive quarter in those markets, with revenue rising 36% to $8.5 million. In addition, revenue from other Europe and the rest of the world increased 51%.
“We have established a record of consistently delivering market-leading organic revenue growth compared to our publicly-traded peers, as well as strong Adjusted EBITDA and Free Cash Flow. The advantages of our proprietary technology are a key factor driving our consistent growth in established markets and our success in addressing the high-growth North American market opportunity. Following the strong start to the year, we are raising our outlook for 2023 full-year revenue and Adjusted EBITDA as we remain on track to deliver another year of strong profitable organic growth and record financial results.”
First Quarter 2023 and Recent Business Highlights
- North American revenue grew 33% to $14.1 million
- Delivered more than 88,000 new depositing customers
- Successfully launched operations in Ohio and Massachusetts
- Entered into a strategic media partnership with Gannett Co., Inc., publisher of USA TODAY
- In April 2023, paid contingent consideration of $20.0 million of which 50% was paid in ordinary shares
- Subsequent to the end of the quarter, the Company repurchased 69,128 ordinary shares at an average price of $9.76 per share
Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Our focus on efficiency combined with operating leverage derived from revenue growth enabled us to expand Adjusted EBITDA Margin and grow Free Cash Flow 352% year-over-year. We are able to continue to invest in our near- and long-term organic growth opportunities, including the development of Casinos.com and our new media partnership with Gannett while simultaneously delivering impressive top-line growth, Adjusted EBITDA and Free Cash Flow growth. Our strong cash generation and balance sheet also provides us with the flexibility to opportunistically evaluate value enhancing strategic transactions.”
2023 Outlook
The Company today raised its full-year 2023 guidance for revenue of $95 million to $99 million, and for Adjusted EBITDA of $33 million to $37 million. The mid-points of the new revenue and Adjusted EBITDA ranges reflect year-over-year growth of 27% and 45%, respectively. The Company’s guidance assumes:
- No anticipation of going live in any additional North American markets for the balance of 2023
- No benefit from any new acquisitions
- New investments throughout 2023 for the development of Casinos.com and support to our media partners, including Gannett and McClatchy
- An average EUR/USD exchange rate of 1.085 throughout 2023
Conference Call Details
|
Date/Time: |
Thursday, May 18, 2023, at 8:00 a.m. ET |
|
Webcast: |
https://www. webcast-eqs .com/gamb20230518/en |
|
U.S. Toll-Free Dial In: |
877-407-0890 |
|
International Dial In: |
+1-201-389-0918 |
To access, please dial in approximately 10 minutes before the start of the call. An archived webcast of the conference call will also be available in the News & Events section of the Company’s website at gambling.com/corporate/investors/news-events. Information contained on the Company’s website is not incorporated into this press release.
About Gambling.com Group Limited
Gambling.com Group Limited (Nasdaq: GAMB) (the “Group”) is a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the online gambling industry. Founded in 2006, the Group has offices globally, primarily operating in the United States and Ireland. Through its proprietary technology platform, the Group publishes a portfolio of premier branded websites including Gambling.com, Bookies.com and RotoWire.com. Gambling.com Group owns and operates more than 50 websites in seven languages across 15 national markets covering all aspects of the online gambling industry, including iGaming and sports betting, and the fantasy sports industry.
Use of Non-IFRS Measures
This press release contains certain non-IFRS financial measures, such as Adjusted Net Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and related ratios. See “Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.
Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that relate to our current expectations and views of future events. All statements other than statements of historical facts contained in this press release, including statements relating to our expectation to deliver top-line and cash flow growth as well as strong profitability in 2023 and our 2023 outlook, are all forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “could,” “will,” “would,” “ongoing,” “future” or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance, or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. Important factors that could cause actual results to differ materially from our expectations are discussed under “Item 3. Key Information – Risk Factors” in Gambling.com Group’s annual report filed on Form 20-F for the year ended December 31, 2022 with the U.S. Securities and Exchange Commission (the “SEC”) on March 23, 2023, and Gambling.com Group’s other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Gambling.com Group disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
Consolidated Statements of Comprehensive Income (Unaudited)
(USD in thousands, except per share amounts)
The following table details the consolidated statements of comprehensive income for the three months ended March 31, 2023 and 2022 in the Company’s reporting currency and constant currency.
|
|
Reporting Currency |
|
Constant Currency |
|||||||||||
|
|
Three months ended |
|
Change |
|
Three months ended |
|
Change |
|||||||
|
|
2023 |
|
|
2022 |
|
|
% |
|
2022 |
|
|
% |
||
|
Revenue |
26,692 |
|
|
19,585 |
|
|
36 |
% |
|
19,013 |
|
|
40 |
% |
|
Cost of sales |
(991 |
) |
|
(1,229 |
) |
|
(19 |
) % |
|
(1,193 |
) |
|
(17 |
) % |
|
Gross profit |
25,701 |
|
|
18,356 |
|
|
40 |
% |
|
17,820 |
|
|
44 |
% |
|
Sales and marketing expenses |
(8,038 |
) |
|
(7,362 |
) |
|
9 |
% |
|
(7,147 |
) |
|
12 |
% |
|
Technology expenses |
(2,223 |
) |
|
(1,363 |
) |
|
63 |
% |
|
(1,323 |
) |
|
68 |
% |
|
General and administrative expenses |
(5,781 |
) |
|
(4,828 |
) |
|
20 |
% |
|
(4,687 |
) |
|
23 |
% |
|
Movements in credit losses allowance |
(649 |
) |
|
(526 |
) |
|
23 |
% |
|
(511 |
) |
|
27 |
% |
|
Fair value movement on contingent consideration |
(852 |
) |
|
— |
|
|
100 |
% |
|
— |
|
|
100 |
% |
|
Operating profit |
8,158 |
|
|
4,277 |
|
|
91 |
% |
|
4,152 |
|
|
96 |
% |
|
Finance income |
100 |
|
|
828 |
|
|
(88 |
) % |
|
804 |
|
|
(88 |
) % |
|
Finance expenses |
(563 |
) |
|
(249 |
) |
|
126 |
% |
|
(242 |
) |
|
133 |
% |
|
Income before tax |
7,695 |
|
|
4,856 |
|
|
58 |
% |
|
4,714 |
|
|
63 |
% |
|
Income tax charge |
(1,100 |
) |
|
(369 |
) |
|
198 |
% |
|
(358 |
) |
|
207 |
% |
|
Net income for the period attributable to shareholders |
6,595 |
|
|
4,487 |
|
|
47 |
% |
|
4,356 |
|
|
51 |
% |
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|||||
|
Exchange differences on translating foreign currencies |
1,368 |
|
|
(1,368 |
) |
|
(200 |
) % |
|
(1,328 |
) |
|
(203 |
) % |
|
Total comprehensive income for the period attributable to shareholders |
7,963 |
|
|
3,119 |
|
|
155 |
% |
|
3,028 |
|
|
163 |
% |
|
Consolidated Statements of Financial Position (Unaudited) |
|||||
|
(USD in thousands) |
|||||
|
|
MARCH 31, |
|
DECEMBER 31, |
||
|
ASSETS |
|
|
|
||
|
Non-current assets |
|
|
|
||
|
Property and equipment |
818 |
|
|
714 |
|
|
Right-of-use assets |
1,728 |
|
|
1,818 |
|
|
Intangible assets |
89,834 |
|
|
88,521 |
|
|
Deferred compensation cost |
30 |
|
|
29 |
|
|
Deferred tax asset |
5,793 |
|
|
5,832 |
|
|
Total non-current assets |
98,203 |
|
|
96,914 |
|
|
Current assets |
|
|
|
||
|
Trade and other receivables |
15,632 |
|
|
12,222 |
|
|
Inventories |
75 |
|
|
75 |
|
|
Cash and cash equivalents |
33,564 |
|
|
29,664 |
|
|
Total current assets |
49,271 |
|
|
41,961 |
|
|
Total assets |
147,474 |
|
|
138,875 |
|
|
EQUITY AND LIABILITIES |
|
|
|
||
|
Equity |
|
|
|
||
|
Share capital |
— |
|
|
— |
|
|
Capital reserve |
63,723 |
|
|
63,723 |
|
|
Treasury shares |
(348 |
) |
|
(348 |
) |
|
Share options and warrants reserve |
5,214 |
|
|
4,411 |
|
|
Foreign exchange translation reserve |
(5,707 |
) |
|
(7,075 |
) |
|
Retained earnings |
32,993 |
|
|
26,398 |
|
|
Total equity |
95,875 |
|
|
87,109 |
|
|
Non-current liabilities |
|
|
|
||
|
Other payables |
294 |
|
|
290 |
|
|
Deferred consideration |
— |
|
|
4,774 |
|
|
Contingent consideration |
11,836 |
|
|
11,297 |
|
|
Lease liability |
1,439 |
|
|
1,518 |
|
|
Deferred tax liability |
2,200 |
|
|
2,179 |
|
|
Total non-current liabilities |
15,769 |
|
|
20,058 |
|
|
Current liabilities |
|
|
|
||
|
Trade and other payables |
5,943 |
|
|
6,342 |
|
|
Deferred income |
2,032 |
|
|
1,692 |
|
|
Deferred consideration |
5,100 |
|
|
2,800 |
|
|
Contingent consideration |
20,162 |
|
|
19,378 |
|
|
Other liability |
257 |
|
|
226 |
|
|
Lease liability |
553 |
|
|
554 |
|
|
Income tax payable |
1,783 |
|
|
716 |
|
|
Total current liabilities |
35,830 |
|
|
31,708 |
|
|
Total liabilities |
51,599 |
|
|
51,766 |
|
|
Total equity and liabilities |
147,474 |
|
|
138,875 |
|
|
Consolidated Statements of Cash Flows (Unaudited) |
|||||
|
(USD in thousands) |
|||||
|
|
Three Months Ended March 31, |
||||
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
||
|
Cash flow from operating activities |
|
|
|
||
|
Income before tax |
7,695 |
|
|
4,856 |
|
|
Finance expenses (income), net |
463 |
|
|
(579 |
) |
|
Adjustments for non-cash items: |
|
|
|
||
|
Depreciation and amortization |
545 |
|
|
1,826 |
|
|
Movements in credit loss allowance |
649 |
|
|
525 |
|
|
Fair value movement on contingent consideration |
852 |
|
|
— |
|
|
Share-based payment expense |
846 |
|
|
724 |
|
|
Income tax reimbursed |
110 |
|
|
— |
|
|
Cash flows from operating activities before changes in working capital |
11,160 |
|
|
7,352 |
|
|
Changes in working capital |
|
|
|
||
|
Trade and other receivables |
(3,863 |
) |
|
(5,085 |
) |
|
Trade and other payables |
(215 |
) |
|
1,318 |
|
|
Cash flows generated by operating activities |
7,082 |
|
|
3,585 |
|
|
Cash flows from investing activities |
|
|
|
||
|
Acquisition of property and equipment |
(153 |
) |
|
(143 |
) |
|
Acquisition of intangible assets |
(724 |
) |
|
(2,069 |
) |
|
Acquisition of subsidiaries, net of cash acquired |
— |
|
|
(19,295 |
) |
|
Payment of deferred consideration |
(2,390 |
) |
|
— |
|
|
Cash flows used in investing activities |
(3,267 |
) |
|
(21,507 |
) |
|
Cash flows from financing activities |
|
|
|
||
|
Interest paid |
(110 |
) |
|
(120 |
) |
|
Principal paid on lease liability |
(105 |
) |
|
(86 |
) |
|
Interest paid on lease liability |
(47 |
) |
|
(50 |
) |
|
Cash flows used in financing activities |
(262 |
) |
|
(256 |
) |
|
Net movement in cash and cash equivalents |
3,553 |
|
|
(18,178 |
) |
|
Cash and cash equivalents at the beginning of the period |
29,664 |
|
|
51,047 |
|
|
Net foreign exchange differences on cash and cash equivalents |
347 |
|
|
199 |
|
|
Cash and cash equivalents at the end of the period |
33,564 |
|
|
33,068 |
|
Earnings Per Share
Below is a reconciliation of basic and diluted earnings per share as presented in the Consolidated Statement of Comprehensive Income for the period specified:
|
|
Three Months Ended March 31, |
|
Reporting |
|
Constant |
||||
|
|
2023 |
|
2022 |
|
% |
|
% |
||
|
|
(USD in thousands, unaudited) |
|
|
|
|
||||
|
Net income for the period attributable to shareholders |
6,595 |
|
4,487 |
|
47 |
% |
|
51 |
% |
|
Weighted-average number of ordinary shares, basic |
36,431,633 |
|
34,877,496 |
|
4 |
% |
|
4 |
% |
|
Net income per share attributable to shareholders, basic |
0.18 |
|
0.13 |
|
38 |
% |
|
50 |
% |
|
|
|
|
|
|
|
|
|
||
|
Net income for the period attributable to shareholders |
6,595 |
|
4,487 |
|
47 |
% |
|
51 |
% |
|
Weighted-average number of ordinary shares, diluted |
38,121,794 |
|
37,214,074 |
|
2 |
% |
|
2 |
% |
|
Net income per share attributable to shareholders, diluted |
0.17 |
|
0.12 |
|
42 |
% |
|
42 |
% |
Supplemental Information
Rounding
We have made rounding adjustments to some of the figures included in the discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes thereto. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.
Non-IFRS Financial Measures
Management uses several financial measures, both IFRS and non-IFRS financial measures in analyzing and assessing the overall performance of the business and for making operational decisions.
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
EBITDA is a non-IFRS financial measure defined as earnings excluding interest, income tax (charge) credit, depreciation, and amortization. Adjusted EBITDA is a non-IFRS financial measure defined as EBITDA adjusted to exclude the effect of non-recurring items, significant non-cash items, share-based payment expense, foreign exchange gains (losses), fair value of contingent consideration, and other items that our board of directors believes do not reflect the underlying performance of the business including acquisition related expenses, such as acquisition related costs and bonuses. Adjusted EBITDA Margin is a non-IFRS measure defined as Adjusted EBITDA as a percentage of revenue.
We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful to our management team as a measure of comparative operating performance from period to period as those measures remove the effect of items not directly resulting from our core operations including effects that are generated by differences in capital structure, depreciation, tax effects and non-recurring events.
While we use Adjusted EBITDA and Adjusted EBITDA Margin as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Adjusted EBITDA and Adjusted EBITDA Margin are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of Adjusted EBITDA and Adjusted EBITDA Margin is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of Adjusted EBITDA and Adjusted EBITDA Margin as compared to IFRS results are that Adjusted EBITDA and Adjusted EBITDA Margin as we define them may not be comparable to similarly titled measures used by other companies in our industry and that Adjusted EBITDA and Adjusted EBITDA Margin may exclude financial information that some investors may consider important in evaluating our performance.
Below is a reconciliation to EBITDA, Adjusted EBITDA from net income for the period attributable to shareholders as presented in the Consolidated Statements of Comprehensive Income and for the period specified:
|
|
Three Months Ended March 31, |
|
Reporting |
|
Constant |
|||||
|
|
2023 |
|
2022 |
|
|
% |
|
% |
||
|
|
(USD in thousands, unaudited) |
|
|
|
|
|||||
|
Net income for the period attributable to shareholders |
6,595 |
|
4,487 |
|
|
47 |
% |
|
51 |
% |
|
Add back (deduct): |
|
|
|
|
|
|
|
|||
|
Interest expenses on borrowings and lease liability |
43 |
|
170 |
|
|
(75 |
) % |
|
(74 |
) % |
|
Income tax charge |
1,100 |
|
369 |
|
|
198 |
% |
|
207 |
% |
|
Depreciation expense |
57 |
|
43 |
|
|
33 |
% |
|
36 |
% |
|
Amortization expense |
488 |
|
1,783 |
|
|
(73 |
) % |
|
(72 |
) % |
|
EBITDA |
8,283 |
|
6,852 |
|
|
21 |
% |
|
25 |
% |
|
Share-based payment expense |
846 |
|
724 |
|
|
17 |
% |
|
20 |
% |
|
Fair value movement on contingent consideration |
852 |
|
— |
|
|
100 |
% |
|
100 |
% |
|
Unwinding of deferred consideration |
54 |
|
— |
|
|
100 |
% |
|
100 |
% |
|
Foreign currency translation losses (gains), net |
327 |
|
(776 |
) |
|
(142 |
) % |
|
(143 |
) % |
|
Other finance results |
39 |
|
27 |
|
|
44 |
% |
|
50 |
% |
|
Acquisition related costs (1) |
222 |
|
359 |
|
|
(38 |
) % |
|
(36 |
) % |
|
Employees’ bonuses related to acquisition |
50 |
|
— |
|
|
100 |
% |
|
100 |
% |
|
Adjusted EBITDA |
10,673 |
|
7,186 |
|
|
49 |
% |
|
53 |
% |
|
(1) |
The acquisition costs are related to historical and potential business combinations of the Group. |
Below is the Adjusted EBITDA Margin calculation for the period specified stated in the Company’s reporting currency and constant currency:
|
|
Three Months Ended March 31, |
|
Reporting |
|
Constant |
||||||
|
|
2023 |
|
|
2022 |
|
|
% |
|
% |
||
|
|
(USD in thousands, unaudited) |
|
|
|
|
||||||
|
Revenue |
26,692 |
|
|
19,585 |
|
|
36 |
% |
|
40 |
% |
|
Adjusted EBITDA |
10,673 |
|
|
7,186 |
|
|
49 |
% |
|
53 |
% |
|
Adjusted EBITDA Margin |
40 |
% |
|
37 |
% |
|
|
|
|
||
In regard to forward looking non-IFRS guidance, we are not able to reconcile the forward-looking non-IFRS Adjusted EBITDA measure to the closest corresponding IFRS measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, acquisition-related expenses and certain financing and tax items.
Adjusted Net Income and Adjusted Net Income Per Share
Adjusted net income is a non-IFRS financial measure defined as net income attributable to equity holders excluding the fair value gain or loss related to contingent consideration, unwinding of deferred consideration, and certain employee bonuses related to acquisitions. Adjusted net income per diluted share is a non-IFRS financial measure defined as adjusted net income attributable to equity holders divided by the diluted weighted average number of common shares outstanding.
We believe adjusted net income and adjusted net income per diluted share are useful to our management as a measure of comparative performance from period to period as these measures remove the effect of the fair value gain or loss related to the contingent consideration, unwinding of deferred consideration, and certain employee bonuses, all associated with our acquisitions, during the limited period where these items are incurred. We expect to incur gains or losses related to the contingent consideration and expenses related to the unwinding of deferred consideration and employee bonuses until December 2023. See Note 5 of the consolidated financial statements for the three months ended March 31, 2023 for a description of the contingent and deferred considerations associated with our acquisitions.
Below is a reconciliation to Adjusted net income attributable to equity holders and Adjusted net income per share, diluted from net income for the period attributable to the equity holders and net income per share attributed to ordinary shareholders, diluted as presented in the Consolidated Statements of Comprehensive Income (Loss) and for the period specified stated in the Company’s reporting currency and constant currency:
|
|
Three Months Ended March 31, |
|
Reporting |
|
Constant |
||||
|
|
2023 |
|
2022 |
|
% |
|
% |
||
|
|
(USD in thousands, |
|
|
|
|
||||
|
Net income for the period attributable to shareholders |
6,595 |
|
4,487 |
|
47 |
% |
|
51 |
% |
|
Fair value movement on contingent consideration(1) |
852 |
|
— |
|
100 |
% |
|
100 |
% |
|
Unwinding of deferred consideration (1) |
54 |
|
— |
|
100 |
% |
|
100 |
% |
|
Employees’ bonuses related to acquisition(1) |
50 |
|
— |
|
100 |
% |
|
100 |
% |
|
Adjusted net income for the period attributable to shareholders |
7,551 |
|
4,487 |
|
68 |
% |
|
73 |
% |
|
Weighted-average number of ordinary shares, basic |
36,431,633 |
|
34,877,496 |
|
4 |
% |
|
4 |
% |
|
Net income per share attributable to shareholders, basic |
0.18 |
|
0.13 |
|
38 |
% |
|
50 |
% |
|
Effect of adjustments for fair value movements on contingent consideration, basic |
0.03 |
|
0.00 |
|
100 |
% |
|
100 |
% |
|
Effect of adjustments for unwinding on deferred consideration, basic |
0.00 |
|
0.00 |
|
100 |
% |
|
100 |
% |
|
Effect of adjustments for bonuses related to acquisition, basic |
0.00 |
|
0.00 |
|
100 |
% |
|
100 |
% |
|
Adjusted net income per share attributable to shareholders, basic |
0.21 |
|
0.13 |
|
62 |
% |
|
75 |
% |
|
Weighted-average number of ordinary shares, diluted |
38,121,794 |
|
37,214,074 |
|
2 |
% |
|
2 |
% |
|
Net income per share attributable to ordinary shareholders, diluted |
0.17 |
|
0.12 |
|
42 |
% |
|
42 |
% |
|
Adjusted net income per share attributable to shareholders, diluted |
0.20 |
|
0.12 |
|
67 |
% |
|
67 |
% |
|
(1) |
There is no tax impact from fair value movement on contingent consideration, unwinding of deferred consideration or employee bonuses related to acquisition. |
Free Cash Flow
Free Cash Flow is a non-IFRS liquidity financial measure defined as cash flow from operating activities less capital expenditures, or CAPEX.
We believe Free Cash Flow is useful to our management team as a measure of financial performance as it measures our ability to generate additional cash from our operations. While we use Free Cash Flow as a tool to enhance our understanding of certain aspects of our financial performance, we do not believe that Free Cash Flow is a substitute for, or superior to, the information provided by IFRS metrics. As such, the presentation of Free Cash Flow is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS.
The primary limitation associated with the use of Free Cash Flow as compared to IFRS metrics is that Free Cash Flow does not represent residual cash flows available for discretionary expenditures because the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Free Cash Flow as we define it also may not be comparable to similarly titled measures used by other companies in the online gambling affiliate industry.
Below is a reconciliation to Free Cash Flow from cash flows generated by operating activities as presented in the Consolidated Statement of Cash Flows for the period specified in the Company’s reporting currency:
|
|
Three Months Ended March 31, |
|
Change |
|||||
|
|
2023 |
|
|
2022 |
|
|
% |
|
|
|
(USD in thousands, unaudited) |
|
|
|||||
|
Cash flows generated by operating activities |
7,082 |
|
|
3,585 |
|
|
98 |
% |
|
Capital Expenditures (1) |
(877 |
) |
|
(2,212 |
) |
|
60 |
% |
|
Free Cash Flow |
6,205 |
|
|
1,373 |
|
|
352 |
% |
|
(1) Capital Expenditures are defined as the acquisition of property and equipment and the acquisition of intangible assets, and excludes cash flows related to business combinations. |
Gambling in the USA
Industry veteran joins North American operator as chief interactive gaming officer to drive growth in iCasino states and efficiencies in its online sportsbook
Delaware North, a global hospitality and entertainment company with a significant gaming division, has named industry veteran Lee Terfloth as chief interactive gaming officer as it pushes ahead with ambitious plans for its digital offering.
Terfloth has an impeccable track record across some of the biggest land-based and online gaming operators in North America, including Borgata, Resorts Digital, Hard Rock and, most recently, Prime Sports, where he was chief executive officer.
As chief interactive gaming officer at Delaware North, Terfloth will be responsible for two core objectives: Expanding the operator’s Betly mobile sportsbook and casino brand into additional iGaming states while also reviewing its sportsbook business to improve operational efficiency.
The appointment of Terfloth comes hot on the heels of news that Delaware North has chosen to migrate to Playtech’s powerful online sportsbook and casino platform in the states of Ohio, Arkansas, Tennessee and West Virginia.
Jason Gregorec, president of Delaware North’s gaming division, said:
“Lee Terfloth is a high-caliber senior iGaming executive who has played a key role in launching and growing interactive gaming divisions at some of the most established and renowned gambling operators in North America.
“We are delighted to be able to leverage this experience and knowledge as we ramp up our own online gaming division via our Betly brand, which has already gained traction in key online sports betting and iGaming states such as Ohio, Arkansas, Tennessee and West Virginia.
“I’d like to officially welcome Lee to the team and look forward to working with him as we deploy our ambitious plans for online gaming across regulated U.S. states,” Gregorec said.
Lee Terfloth, chief interactive gaming officer at Delaware North, added: “I’m thrilled to join Delaware North at a pivotal time for the business as it shifts up a gear with its activity in the online gaming space.
“Betly is an incredibly strong brand and now that we are migrating to the Playtech platform, we have the technological foundation to really level up our activity in terms of markets and the quality of the experience we offer to players.
“I have plenty of experience working with operators at this stage in their lifecycle and look forward to working with the incredible team we have in place to not only meet but exceed the goals the business has set for its interactive division,” Terfloth said.
Gambling in the USA
Mr. Gamble Expands Across the US: CMO Paul Puolakka Reflects on the Growth into Pennsylvania and West Virginia
Expanding Mr. Gamble’s footprint into Pennsylvania and West Virginia is a significant milestone for us. This is not just about entering new markets – it is about strengthening our position in the dynamic US iGaming sector.
By securing licences in these crucial states, we are readily available to deliver tailor-made experiences that align with the preferences of locals within these US states, thus enhancing our competitive advantage.
As the Chief Marketing Officer, I have played a key role in his expansion. My deep understanding of market trends and expertise in affiliate marketing has been vital in navigating these new territories. My focus has been on ensuring that our entry into these US states is not only successful but sustainable in the long term.
As we venture into these new states and new markets, I am more than confident that Mr. Gamble is going to be a loyal companion and guide for many players looking to take that first step towards casino gambling.
The Strategic Vision Behind Mr. Gamble’s US Expansion
Expanding into Pennsylvania, and West Virginia is a strategic move that aligns perfectly with Mr. Gamble’s growth plans. These states have been specifically chosen for their thriving and expanding markets, clear regulatory frameworks, and strong player engagements.
West Virginia has shown a growing interest in online gambling, making it a tempting choice for expansion.
Our success in New Jersey was a prime factor in this decision. The positive feedback and solid performance of our site have validated our approach and showcased the potential for growth in other states. This experience has given us a good confidence boost as we venture into these new markets. We are confident that our offerings as well as adherence to regulatory standards will resonate with our readers.
For Mr. Gamble, entering West Virginia is a natural progression. These new states provide markets with strong regulations that give priority to player safety. Given our achievement in New Jersey, I am optimistic that our site will connect with players in these states just as effectively.
Positive Response from Our Readers
The feedback we have received since expanding into the US has been exceptionally gratifying. Both our operator partners and readers have shown great enthusiasm for what Mr. Gamble has to offer. Our dedication to transparent high-quality content and user-centric experience has clearly struck a chord with the US audience.
From my point, the feedback has been overwhelmingly positive. Readers have praised our honest reviews and transparent information, highlighting their satisfaction with the reliability of our content. The feedback mirrors our commitment to building trust and delivering good value to our readers.
Our casino operator partners have also expressed their appreciation for our marketing approach. They have noted that our effective marketing strategies and transparent methods have contributed significantly to their positive experiences.
One partner remarked, ‘Mr. Gamble’s clear, straightforward approach and dedication to high-quality content and exclusive bonus offers have made our collaboration both smooth and rewarding.’
What Players in Pennsylvania and West Virginia Can Expect
Players in Pennsylvania and West Virginia are in for a treat with Mr. Gamble’s arrival. Players can enjoy reading comprehensive reviews of licensed and regulated casino sites, get their hands on exclusive casino bonuses and enjoy a wide range of games by the world’s leading game developers. Whether you are accessing our site from your laptop or mobile device, we have optimised the experience so you can navigate the site without any issues.
We are also rolling out state-specific casino bonuses. Expect generous welcome casino bonus offers, free spins, no deposit bonuses and match deposit offers designed to boost your bankroll. We regularly update our page so you always have access to the latest casino promotions.
Mr. Gamble’s website features a user-friendly design with handy filtering options, making it easy to find exactly what you are looking for. The site has been created with different player needs in mind, ensuring a smooth and enjoyable experience as you explore the best casinos and bonuses available in your state.
Promoting Responsible Gambling: Play Smart with Mr. Gamble
At Mr. Gamble, our dedication to responsible gambling is unwavering. We strive to ensure that our readers enjoy a secure and enjoyable experience by featuring only licensed casinos that follow regulatory standards religiously.
Responsible gambling is a fundamental principle for us as we enter the US market. We are committed to equipping readers with the necessary tools and resources they may require to gamble responsibly. Every casino we promote meets the highest standards for fairness, security and player protection.
Our team’s effort has been key to our successful expansion into these new states. From content to development and marketing, every department has worked tirelessly to achieve our goals. Their hard work is the driving force behind our progress and I am incredibly proud of this monumental achievement.
The potential in the US market is enormous and the positive feedback we have received is only the tip of the iceberg. As we continue to grow, I am excited about what the future holds and that the presence of our site in these states will only strengthen, setting the stage for further expansion in the years to come.
Mr. Gamble: Gamblers’ One Stop Shop
Mr. Gamble stands at the very front of iGaming affiliating, offering in-depth and frank casino reviews as well as expert insights for gamblers. With a strong presence across multiple regulated markets, we are dedicated to delivering reliable information while promoting responsible gambling practices.
Since launching, Mr. Gamble has gained recognition and scooped up awards for its commitment to transparency and fairness. We pride ourselves on providing unbiased reviews of online casinos, slot and casino games and clear terms for casino bonuses and promotions.
Our main goal and mission is to equip players with all the necessary information to help them make informed choices, thus ensuring a safe and enjoyable gaming experience.
Gambling in the USA
Snoqualmie Casino Announces Exciting Rebranding to Snoqualmie Casino & Hotel Ahead of Major Expansion
Snoqualmie Casino has announced its rebranding to Snoqualmie Casino & Hotel, reflecting an exciting new chapter in the venue’s history as it embarks on a much-anticipated expansion. Set for completion in mid-2025, this project promises to elevate the guest experience, making Snoqualmie Casino & Hotel a premier destination for entertainment, relaxation, and culinary excellence.
The cornerstone of the expansion is the construction of a luxurious hotel, which will offer guests unparalleled comfort and stunning views of the Snoqualmie Valley and Mount Si. With a focus on sustainability and modern design, the hotel will feature upscale accommodations, a full-service destination spa, and amenities that cater to both leisure and business travelers. Plus, there are architectural details inspired by Snoqualmie culture from a modern slant roof hotel design representing the original longhouses of the Snoqualmie Tribe’s ancestors to carefully chosen artwork placed throughout for guests to enjoy.
Snoqualmie Casino & Hotel’s destination spa will offer an immersive escape that blends relaxation with the healing power of nature. Nestled in the serene landscapes of the Pacific Northwest, the spa provides a range of rejuvenating treatments. Experience the perfect blend of wellness and nature where luxury, tradition and innovation come together for an incredibly transformative experience.
“It is my honor and privilege to announce that Snoqualmie Casino has now become Snoqualmie Casino and Hotel. Over the past three years, the Snoqualmie Tribe and Casino have been diligently working to bring a one-of-a-kind, world-class hotel to the Snoqualmie Valley,” said Interim CEO Mary Lou Patterson.
In addition, Snoqualmie Casino & Hotel will expand its gaming floor, introducing an array of new options to enhance the entertainment experience for guests. This expansion will include the latest slots, electronic and traditional table games, as well as a dedicated high-limit gaming area for discerning players seeking a more exclusive gaming experience.
One of the highlights of the expansion is the development of a state-of-the-art 2000-seat entertainment and convention center. This versatile venue will host a variety of events, from concerts to conferences, positioning Snoqualmie Casino & Hotel as a key player in the region’s entertainment landscape. With cutting-edge technology and a focus on guest comfort, the center will attract top-tier talent and events, making it a must-visit destination.
In addition to the award-winning Vista Prime Steaks & Seafood, 12 Moons, and Falls Buffet, a new sports bar and grill will be introduced to provide patrons with the ultimate game day experience. Other new dining options, set to open later, will showcase local ingredients and flavors, ensuring a memorable culinary experience for guests.
Snoqualmie Casino & Hotel recently launched a brand-new valet garage. The dual level indoor and outdoor structure, with 600 additional spaces, doubles the previous capacity for valet parking creating easier access into the casino. This is the first piece of new development at Snoqualmie Casino & Hotel that has opened for immediate use. The entire project anticipates creating numerous job opportunities for local residents, contributing to the economic growth of the Snoqualmie area.
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