Flutter Entertainment PLC Announces Q1 2024 Financial Results
Flutter Entertainment (NYSE: FLUT) reported its Q1 2024 financial results, showing significant growth in revenue and adjusted EBITDA, despite a rise in net loss. Key highlights include a revenue increase of 16% to $3.4 billion, adjusted EBITDA up by 46% to $514 million, and average monthly players (AMPs) rising by 11% to 13,722.
However, the net loss widened by 59% to $177 million primarily due to non-cash charges. FanDuel continued to lead the US market in sports betting and iGaming, with a 32% revenue increase in the US. Ex-US, the acquisition of MaxBet bolstered revenue. Despite unfavorable sports results, Flutter remains confident in its 2024 financial guidance.
- Revenue increased by 16% to $3.4 billion.
- Adjusted EBITDA rose by 46% to $514 million.
- Adjusted EBITDA margin improved by 310bps to 15.1%.
- US revenue grew by 32%, driven by FanDuel's performance.
- Average monthly players (AMPs) increased by 11% to 13,722.
- Adjusted free cash flow turned positive at $157 million from a $50 million deficit.
- Leverage ratio improved to 2.8x from 3.1x.
- iGaming revenue growth of 49% in the US.
- Net loss increased by 59% to $177 million.
- Net loss per share widened to $1.10 from $0.58.
- Adjusted earnings per share decreased by 85% to $0.10.
- Higher amortization and fair value changes in liabilities contributed to increased net loss.
- Sisal Italy saw a 1% revenue decline due to unfavorable sports results.
- Australia's revenue declined by 6%.
Insights
Flutter Entertainment's Q1 2024 financial results show a mixed performance, with key positive indicators and some areas of concern. Firstly, revenue growth of
The number of average monthly players (AMPs) increased by
Encouragingly, Adjusted EBITDA rose by
Looking forward, Flutter's confidence in their FY 2024 guidance, despite recent unfavorable sports results, suggests a strong strategic direction and resilience. However, investors should monitor ongoing performance, especially in the US market, to ensure these projections hold true.
From a market perspective, Flutter Entertainment's performance in the US market is highly notable. The company's FanDuel brand continues to dominate, holding a
The launch in North Carolina, achieving
Outside the US, the acquisition of MaxBet in Serbia is a strategic move to bolster Flutter's international footprint. This acquisition contributed
However, the net loss and reduced adjusted earnings per share suggest the company is still navigating significant financial challenges, mainly attributable to non-cash items. Retail investors should weigh the strong revenue and market share gains against the backdrop of these financial headwinds when considering long-term growth potential.
Flutter Entertainment Releases First Quarter 2024 Financial Results
DUBLIN, IRELAND & TORONTO, ONTARIO / ACCESSWIRE / May 14, 2024 /
Flutter Entertainment (NYSE:FLUT)(LSE:FLTR), the world's leading online sports betting and iGaming operator, today announced results for Q1 20241.
| Key financial highlights: | |||||||||||||
| Three months ended March 31 | |||||||||||||
In $ millions except percentages and average monthly players | 2024 | 2023 | YOY | ||||||||||
Average monthly players (AMPs) ('000s)2 | 13,722 | 12,349 | +11 | % | |||||||||
Revenue | 3,397 | 2,918 | +16 | % | |||||||||
Net loss | (177 | ) | (111 | ) | (59 | %) | |||||||
Adjusted EBITDA3,4 | 514 | 352 | +46 | % | |||||||||
Adjusted EBITDA Margin 3 | 15.1 | % | 12.1 | % | +310bps | ||||||||
Net loss per share($) | (1.10 | ) | (0.58 | ) | (92 | %) | |||||||
Adjusted earnings per share ($)3 | 0.10 | 0.69 | (85 | %) | |||||||||
Net cash provided by/(used in) operating activities | 337 | (49 | ) | ||||||||||
Adjusted Free Cash Flow 3 | 157 | (50 | ) | ||||||||||
Leverage ratio (December 2023 3.1x)3,4 | 2.8 | x | |||||||||||
- Group strategy delivering continued strong growth with revenue +
16% - US produced another excellent quarter; AMPs2 +
15% and revenue +32% , despite unfavorable sports results in the second half of March:- FanDuel #1 brand in both sportsbook (net gaming revenue (NGR) share
52% ; gross gaming revenue (GGR) share46% ) and iGaming (record GGR share of27% ) in Q1 20245 - Very successful launch in North Carolina with
5.3% adult population signed up to FanDuel in first 45 days; new player acquisition in pre-2022 states +12% ; projected payback in line with historic trends6 - Product enhancements driving iGaming player (AMPs2 +
34% ) and revenue (+49% ) growth - FanDuel a founding member of the Responsible Online Gaming Association (ROGA)
- FanDuel #1 brand in both sportsbook (net gaming revenue (NGR) share
- Group Ex-US AMPs2 +
10% and revenue +8% benefitting from strong performance in iGaming (revenue +15% ) and the acquisition of MaxBet in January:- Improved iGaming cross-sell rates in UKI driven by product improvements
- In International, Sisal delivered market share gains in Italy, with iGaming performance mitigating the impact of unfavorable sports results
- US primary listing expected to become effective on May 31, 2024
Q1 2024 financial overview
- Net loss of
$177m ,$66m higher year on year, after non-cash charges of$356m due to (i)$172m acquired intangibles amortization; and (ii)$184m (Q1 2023$64m ) fair value change in Fox Option liability - Group AdjustedEBITDA3 of
$514m , +46% :- US Adjusted EBITDA3 of
$26m (Q1 2023 -$53m ), driven by strong revenue growth and significant operating leverage; Adjusted EBITDA margin3 +680bps, despite continued disciplined US player acquisition investment - Group Ex-US Adjusted EBITDA3 of
$488m +20% , reflecting increased revenue and Adjusted EBITDA margin3 expansion of 260bps, primarily driven by sales and marketing leverage and a one-offcredit from the settlement of historic litigation
- US Adjusted EBITDA3 of
- Group's financial growth algorithm driving Adjusted EBITDA Margin3 accretion, +310bps to
15.1% - Net loss per share and adjusted earnings per share decreases of
$0.52 and$0.59 primarily due to the Fox Option charge (-$1.04) , offsetting improved financial performance - Net cash provided by operating activities increased
$386m to$337m primarily driven by the strong operational performance converting into cash and year on year movement in US player deposits - Adjusted Free Cash Flow3 of
$157m (Q1 2023 -$50m ) and leverage ratio3,4 of 2.8x at March 31, 2024 based on last 12 months Adjusted EBITDA3 (December 31, 2023 3.1x), both benefitting from improved financial performance year on year
2024 Outlook
- Remain confident in financial year 2024 guidance7 provided at financial year 2023 results announcement on March 26, 2024, despite unfavorable US sports results in the last two weeks of March
Peter Jackson, CEO, commented:
"We have had an excellent start to the year. In the US, FanDuel's top line momentum is translating into strong growth in US Adjusted EBITDA and market share gains. We are focused on continuing to expand our player base, market share, and embedding future profits within our business through disciplined investment. Outside of the US, our focus on delivering the best products for our players is driving good momentum in key markets such as the UK where the launch of Super Sub on Paddy Power has been our most successful product launch to date, and in Italy where we have been taking online sports betting and iGaming market share during Q1 and reached an all-time record in April. We are proud to be one of the founding members of the US Responsible Online Gaming Association whose goal is to develop and advance responsible gaming practices. We are a strong advocate for building a sustainable sector in the US. We believe that our global experience positions us well to help lead the way.
On May 1, shareholders voted to move our primary listing to the US. We believe a US primary listing is the natural home for the Group and we look forward to this becoming effective on May 31. With a greater proportion of the Group's future profits expected to be generated in the US, we have moved our operational headquarters to New York reflecting the importance of the US sports betting and iGaming market to our business."
Q1 24 Operating Review:
US:
FanDuel has started the year strongly by consolidating its leadership position in sports with a
We launched our sportsbook product in Vermont (January 11, 2024) and North Carolina (March 11, 2024). Consistent with our long-term strategy, we are investing behind the excellent returns being generated from our player promotions and marketing spend, with projected paybacks on customers acquired in the quarter in line with historic trends6. North Carolina has been our second most successful launch to date, with
Total new sportsbook and casino player volumes were lower in the quarter, due to a full quarter of significant Ohio acquisition volumes in the comparative period. However, new players acquired in states that launched before 2022 were
FanDuel added more innovations to its market leading sportsbook product in the quarter. Ahead of the new Major League Baseball ("MLB") season we increased the range of betting markets available to players. This helped drive a four-percentage point increase in the proportion of handle on Same Game Parlays across the first three weeks of the MLB season.
In iGaming, we continue to deliver on our strategy. Our focus on direct casino players and best-in-class customer experiences is generating results. We have gained exclusive online access to one of retail casinos' most popular slot titles and launched the first in a series of online versions, which immediately became our most played game. We expect further slots-based innovation and exclusive content to drive our leadership in iGaming.
Group Ex-US:
Our diversified Ex-US business grew AMPs2 by
We continued to deliver a very strong performance in the UKI with AMPs2 +
We are seeing the benefit of product improvements in key International Consolidate and Invest8 markets. In Italy, Sisal delivered all-time record levels of AMPs2, +
Q1 2024 financial highlights: Group
| Three months ended March 31 | |||||||
Revenue | Adjusted EBITDA | |||||||
2024 | 2023 | YOY | YOY CC | 2024 | 2023 | YOY | YOY CC | |
| In $ millions |
| |||||||
| US | 1,410 | 1,071 | 26 | (53) | ||||
| UKI | 861 | 736 | 268 | 206 | ||||
| International | 797 | 760 | 173 | 149 | ||||
| Australia | 329 | 351 | ( | ( | 83 | 85 | ( | |
| Unallocated corporate overhead9 |
| (36) | (35) | ( | ||||
| Group Ex-US | 1,987 | 1,847 | 488 | 406 | ||||
| Group | 3,397 | 2,918 | 514 | 352 | ||||
| ||||||||
The Group delivered an excellent performance in Q1 with an
The Group reported a net loss for the quarter of
The strong revenue momentum, combined with a 310bps expansion on our Adjusted EBITDA margin3, is driving a transformation of Group earnings with Adjusted EBITDA3
The higher loss in the current period increased loss per share by
The Group's net cashflow provided by operating activities in Q1 2024 increased
Q1 2024 financial highlights: Segments
US revenue increased
In sportsbook, revenue growth was driven by strong engagement with our leading product proposition with AMPs2 +
iGaming revenue growth reflects the improvements in our product proposition noted above and our successful player acquisition driving AMPs2
Adjusted EBITDA3 increased by
UKI revenue increased by
International delivered AMP2 growth of
Consolidate and Invest8 markets grew
- Strong revenue growth in Georgia and Armenia (+
20% ), Spain (+13% ) and Brazil (+8% ), as well as good momentum in Turkey (+1% , +66% on a constant currency basis10) - Revenue declines in (i) India (-
25% ) due to tax changes introduced in Q4 2023, where product innovation to mitigate the impact has helped to sequentially improve performance, and (ii) Sisal Italy (-1% ) driven by the impact of unfavorable sports results year on year which had an approximate 12 percentage point impact on total Sisal Italy revenue growth. This offset Sisal Italy iGaming revenue growth of24% despite challenging prior year comparatives which included engagement driven by the record SuperEnalotto jackpot.
Sales and marketing expenses reduced as a percentage of revenue by 420bps to
Australia revenue declined
FY 2024 outlook
We remain confident in our financial year 2024 guidance7 provided at the financial year 2023 results announcement on March 26, 2024, despite unfavorable US sports results in last two weeks of March and there is therefore no change to previously communicated ranges:
- US: Revenue and Adjusted EBITDA3 mid-points of
$6.0b n and$710m , representing year on year growth of36.3% and206.1% respectively.
- Group Ex-US:Revenue and Adjusted EBITDA mid-points of
$7.85b n and$1.73b n, representing year on year growth of6.3% and5.4% respectively.
Guidance7 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, and (iii) on the basis of a consistent regulatory and tax framework.
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.
Capital structure
Total debt decreased to
Listing update
On May 1, shareholders voted to move our primary listing to the US. With a greater proportion of the Group's future profits expected to be generated in the US, we believe a US primary listing is the natural home for the Group. The transition is expected to become effective on May 31, 2024. We have also moved the Group's operational headquarters to New York reflecting the importance of the US sports betting and iGaming market to our business.
Conference call:
Flutter management will host a conference call today at 6:30 a.m. ET (11:30 a.m. BST) to review the results and be available for questions, with access via webcast and telephone.
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 conclusion of the call. This earnings release and supplementary materials will also be made available via www.flutter.com/investors.
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 48775. Please dial in 10 minutes before the conference call begins.
+1 646 307 1963 (United States)
+44 20 3481 4247 (United Kingdom)
+353 1 582 2023 (Ireland)
+61 2 8088 0946 (Australia)
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. In some cases, you can identify these forward-looking statements by the use of words such as "outlook", "believe(s)", "expect(s)", "potential", "continue(s)", "may", "will", "should", "could", "would", "seek(s)", "predict(s)", "intend(s)", "trends", "plan(s)", "estimate(s)", "anticipates", "projection", "goal", "target", "aspire", "will likely result", and or the negative version of these words or other comparable words of a future or forward-looking nature. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Such factors include, among others: Flutter's ability to effectively compete in the global entertainment and gaming industries; Flutter's ability to retain existing customers and to successfully acquire new customers; Flutter's ability to develop new product offerings; Flutter's ability to successfully acquire and integrate new businesses; Flutter's ability to maintain relationships with third-parties; Flutter's ability to maintain its reputation; public sentiment towards online betting and iGaming generally; the potential impact of general economic conditions, including inflation, rising interest rates and instability in the banking system, on Flutter's liquidity, operations and personnel; Flutter's ability to obtain and maintain licenses with gaming authorities, adverse changes to the regulation of online betting and iGaming; the failure of additional jurisdictions to legalize and regulate online betting and iGaming; Flutter's ability to comply with complex, varied and evolving U.S. and international laws and regulations relating to its business; Flutter's ability to raise financing in the future; Flutter's success in retaining or recruiting officers, key employees or directors; litigation and the ability to adequately protect Flutter's intellectual property rights; the impact of data security breaches or cyber-attacks on Flutter's systems; and Flutter's ability to remediate material weaknesses in its internal control over financial reporting.
Additional factors that could cause the Company's results to differ materially from those described in the forward-looking statements can be found in Part I, "Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the Securities and Exchange Commission (SEC) and other periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
About Flutter Entertainment plc
Flutter is the world's leading online sports betting and iGaming operator, with a market leading position in the US and across the world. Our ambition is to leverage our significant scale and our challenger mindset to change our industry for the better. By Changing the Game, we believe we can deliver long-term growth while promoting a positive, sustainable future for all our stakeholders. We are well-placed to do so through the distinctive, global competitive advantages of the Flutter Edge, which gives our brands access to group-wide benefits to stay ahead of the competition, as well as our clear vision for sustainability through our Positive Impact Plan.
Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, MaxBet, Junglee Games and Adjarabet. We are the industry leader with
Contacts:
| Investor Relations: | Media Relations: | ||||
| Paul Tymms, Investor Relations | Kate Delahunty, Corporate Communications | ||||
| Ciara O'Mullane, Investor Relations | Rob Allen, Corporate Communications | ||||
| Liam Kealy, Investor Relations | Rupert Gowrley, Corporate Communications | ||||
| Email: investorrelations@flutter.com | Email: corporatecomms@flutter.com | ||||
Links:
Sign up to our RNS and SEC alerts here
Sign up to our Press Releases here
Follow Flutter Entertainment on LinkedIn or X
Notes
1. Growth rates throughout this release are Q1 2024 versus Q1 2023, unless otherwise stated.
2. Average Monthly Players ("AMPs") is defined as the average over the applicable reporting period of the total number of players who have placed and/or wagered a stake and/or contributed to rake or tournament fees during the month. This measure does not include individuals who have only used new player or player retention incentives, and this measure is for online players only and excludes retail player activity. In circumstances where a player uses multiple product categories within one brand, we are generally able to identify that it is the same player who is using multiple product categories and therefore count this player as only one AMP at the Group level while also counting this player as one AMP for each separate product category that the player is using. As a result, the sum of the AMPs presented at the product category level is greater than the total AMPs presented at the Group level. See "-"Item 5. Operating and Financial Review and Prospects-Key Operational Metrics" of the Company's Amendment No. 1 to the Registration Statement on Form 20-F as filed with the Securities and Exchange Commission ("SEC"), on January 18, 2024 for additional information regarding how we calculate AMPs data, including a discussion regarding duplication of players that exists in such data.
3. Adjusted EBITDA, Adjusted EBITDA Margin, Group Ex-US Adjusted EBITDA, Adjusted Free Cash Flows,Net Debt, Leverage Ratio, Constant Currency, Adjusted Net Profit Attributable to Flutter Shareholders and Adjusted Earnings Per Share are non-GAAP financial measures. See "Definitions of non-GAAP financial measures" and"Reconciliations of Non-GAAP Financial Measures" sections of this document for definitions of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with GAAP. Due to rounding, these numbers may not add up precisely to the totals provided.
4. Beginning January 1, 2024, the Group revised its definition of Adjusted EBITDA, which is the segment measure used to evaluate performance and allocate resources. The definition of Adjusted EBITDA now excludes share-based compensation as management believes inclusion of share-based compensation can obscure underlying business trends as share-based compensation could vary widely among companies due to different plans in place resulting in companies using share-based compensation awards differently, both in type and quantity of awards granted.
5. US market position based on available market share data for states in which FanDuel is active. Online sportsbook market share is the gross gaming revenue (GGR) and net gaming revenue (NGR)market share of our FanDuel brand for the three months to March 31, 2024 in the states in which FanDuel was live (excluding Tennessee as they no longer report this data), based on published gaming regulator reports in those states. iGaming market share is the GGR, market share of FanDuel and PokerStars US (which is reported in the International segment)for the three months to March 31, 2024 in the states in which those brands were live, based on published gaming regulator reports in those states. Number one iGaming brand based on FanDuel and peer GGR for the three months to March 2024 based on published gaming regulator reports and external estimates by Eilers and Krejcik for competitor market share.
6. Payback is calculated as the projected average length of time it takes players to generate sufficient Adjusted gross profit to repay the original average cost of acquiring those players. Customer acquisition costs include the marketing and associated promotional spend incurred to acquire a customer. The projected Adjusted gross profit is based on predictive models considering inputs such as staking behavior, interaction with promotional offers and gross revenue margin. Projected Adjusted gross profit includes associated variable costs of revenue as well as retention generosity costs.
7. Foreign exchange rates assumed in our 2024 guidance were USD:GBP of 0.790, USD:EUR of 0.930 and USD:AUD of 1.540.
8. Consolidate and Invest markets within our International segment are Italy, Spain, Georgia, Armenia, Serbia, Brazil, India, Turkey, Morrocco, Bosnia & Herzegovina and the US. International market positions reflect company estimates using a variety of methods depending on the data sources available for the relevant market, and include data releases by the relevant regulatory body, market research and aggregated banking deposit information. Italian market position and share based on regulator GGR data from Agenzia delle dogane e dei Monopoli.
9. Unallocated corporate overhead includes shared technology, research and development, sales and marketing, and general and administrative expenses that are not allocated to specific segments.
10. Constant currency growth rates are calculated by retranslating the non-US dollar denominated component of Q1 2023 at Q1 2024 exchange rates. See reconciliation on page 19.
11. The Q1 2023 impact of sports results has been updated from the 80bps of favorable sports results per our Q1 2023 trading update published on May, 3 2023, following a reassessment of the expected revenue margin being generated from parlay bets.
Definitions of non-GAAP financial measures
This press release includes Adjusted EBITDA, Adjusted EBITDA Margin, Group Ex-US Adjusted EBITDA, Adjusted Net Profit Attributable to Flutter Shareholders, Adjusted Earnings Per Share ("Adjusted EPS"), leverage ratio, Net Debt, Adjusted Free Cash Flow, and constant currency which are non-GAAP financial measures that we use to supplement our results presented in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP measures are presented solely as supplemental disclosures to reported GAAP measures because we believe that these non-GAAP measures are useful in evaluating our operating performance, similar to measures reported by its publicly-listed U.S. competitors, and regularly used by analysts, lenders, financial institutional and investors as measures of performance. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Profit Attributable to Flutter Shareholders, Adjusted EPS, leverage ratio, Net Debt, Adjusted Free Cash Flow, and Adjusted Depreciation are not intended to be substitutes for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
Constant currency reflects certain operating results on a constant-currency basis in order to facilitate period-to-period comparisons of our results without regard to the impact of fluctuating foreign currency exchange rates. The term foreign currency exchange rates refer to the exchange rates used to translate our operating results for all countries where the functional currency is not the U.S. Dollar, into U.S. Dollars. Because we are a global company, foreign currency exchange rates used for translation may have a significant effect on our reported results. In general, our financial results are affected positively by a weaker U.S. Dollar and are affected negatively by a stronger U.S. Dollar. References to operating results on a constant-currency basis mean operating results without the impact of foreign currency exchange rate fluctuations. We believe the disclosure of constant-currency results is helpful to investors because it facilitates period-to-period comparisons of our results by increasing the transparency of our underlying performance by excluding the impact of fluctuating foreign currency exchange rates. We calculate constant currency revenue, Adjusted EBITDA and Segment Adjusted EBITDA by translating prior-period revenue, Adjusted EBITDA and Segment Adjusted EBITDA, as applicable, using the average exchange rates from the current period rather than the actual average exchange rates in effect in the prior period.
Adjusted EBITDA is defined on a Group basis as net profit/(loss) before income taxes; other (expense)/income, net; interest expense, net; depreciation and amortization; transaction fees and associated costs; restructuring and integration costs; impairment of PPE and intangible assets and share based compensation expense.
Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue, respectively.
Group Ex-US Adjusted EBITDA is defined as Group Adjusted EBITDA excluding our US Segment Adjusted EBITDA.
Adjusted Net Profit Attributable to Flutter Shareholders is defined as net profit/(loss) as adjusted for after-tax effects of transaction fees and associated costs; restructuring and integration costs; gaming taxes dispute, amortization of acquired intangibles, accelerated amortization, loss/(gain) on settlement of long-term debt; impairment of PPE and intangible assets; financing related fees not eligible for capitalization; gain from disposal of businesses and share-based compensation.
Adjusted EPS is calculated by dividing adjusted net profit attributable to Flutter shareholders by the number of diluted weighted-average ordinary shares outstanding in the period.
Adjusted EBITDA, Adjusted EBITDA Margin, Group Ex-US Adjusted EBITDA, Adjusted net profit attributable to Flutter shareholders and Adjusted EPS are non-GAAP measures and should not be viewed as measures of overall operating performance, indicators of our performance, considered in isolation, or construed as alternatives to operating profit/(loss), net profit/(loss) measures or earnings per share, or as alternatives to cash flows from operating activities, as measures of liquidity, or as alternatives to any other measure determined in accordance with GAAP.
Management has historically used these measures when evaluating operating performance because we believe that they provide additional perspective on the financial performance of our core business.
Adjusted EBITDA has further limitations as an analytical tool. Some of these limitations are:
- it does not reflect the Group's cash expenditures or future requirements for capital expenditure or contractual commitments;
- it does not reflect changes in, or cash requirements for, the Group's working capital needs;
- it does not reflect interest expense, or the cash requirements necessary to service interest or principal payments, on the Group's debt;
- it does not reflect shared-based compensation expense which is primarily a non-cash charge that is part of our employee compensation;
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements;
- it is not adjusted for all non-cash income or expense items that are reflected in the Group's statements of cash flows; and
- the further adjustments made in calculating Adjusted EBITDA are those that management consider not to be representative of the underlying operations of the Group and therefore are subjective in nature.
Net debt is defined as total debt, excluding premiums, discounts, and deferred financing expense, and the effect of foreign exchange that is economically hedged as a result of our cross-currency interest rate swaps reflecting the net cash outflow on maturity less cash and cash equivalents.
Leverage ratio is defined as net debt divided by Adjusted EBITDA. We use this non-GAAP financial measure to evaluate our financial leverage. We present net debt to Adjusted EBITDA because we believe it is more representative of our financial position as it is reflective of our ability to cover our net debt obligations with results from our core operations, and is an indicator of our ability to obtain additional capital resources for our future cash needs. We believe net debt is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure. The Leverage Ratio is not a substitute for, and should be used in conjunction with, GAAP financial ratios. Other companies may calculate leverage ratios differently.
Adjusted Free Cash Flow is defined as net cash provided by operating activities excluding changes in operating assets and liabilities related to player deposits - investments and player deposit liabilities, cash paid for transaction fees and associated cost, restructuring fees and integration cost less payments for property and equipment, intangible assets and capitalized software. We believe that excluding these items from adjusted free cash flow better portrays our ability to generate cash, as such items are not indicative of our operating performance for the period. This non-GAAP measure may be useful to investors and other users of our financial statements as a supplemental measure of our cash performance, but should not be considered in isolation, as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating cash flows presented in accordance with GAAP. Adjusted Free Cash Flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Our calculation of Adjusted Free Cash Flow may differ from similarly titled measures used by other companies, limiting their usefulness as a comparative measure.
Adjusted depreciation is defined as depreciation and amortization excluding amortization of acquired intangibles.
Consolidated Balance Sheets:
($ in millions except share and per share amounts)
| Three months ended March 31, 2024 | Year ended December 31, 2023 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 1,353 | 1,497 | ||||||
Cash and cash equivalents - restricted | 22 | 22 | ||||||
Player deposits - cash and cash equivalents | 1,782 | 1,752 | ||||||
Player deposits - investments | 173 | 172 | ||||||
Accounts receivable, net | 82 | 90 | ||||||
Prepaid expenses and other current assets | 448 | 443 | ||||||
Total current assets | 3,860 | 3,976 | ||||||
Investments | 7 | 9 | ||||||
Property and equipment, net | 478 | 471 | ||||||
Operating lease right-of-use assets | 449 | 429 | ||||||
Intangible assets, net | 5,787 | 5,881 | ||||||
Goodwill | 13,678 | 13,745 | ||||||
Deferred tax assets | 27 | 24 | ||||||
Other non-current assets | 104 | 100 | ||||||
Total assets | 24,390 | 24,635 | ||||||
Liabilities, redeemable non-controlling interests and shareholders' equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | 265 | 240 | ||||||
Player deposit liability | 1,842 | 1,786 | ||||||
Operating lease liabilities | 128 | 123 | ||||||
Long-term debt due within one year | 46 | 51 | ||||||
Other current liabilities | 2,305 | 2,326 | ||||||
Total current liabilities: | 4,586 | 4,526 | ||||||
Operating lease liabilities - non-current | 362 | 354 | ||||||
Long-term debt | 6,790 | 7,005 | ||||||
Deferred tax liabilities | 783 | 802 | ||||||
Other non-current liabilities | 733 | 580 | ||||||
Total liabilities | 13,254 | 13,267 | ||||||
Redeemable non-controlling interests | 1,462 | 1,152 | ||||||
Shareholders' equity | ||||||||
Common share (Authorized 300,000,000 shares of ???0.09 ( | 36 | 36 | ||||||
Shares held by employee benefit trust, at cost March 31, 2024: nil shares, December 31, 2023: nil | - | - | ||||||
Additional paid-in capital | 1,439 | 1,385 | ||||||
Accumulated other comprehensive loss | (1,669 | ) | (1,483 | ) | ||||
Retained earnings | 9,694 | 10,106 | ||||||
Total Flutter shareholders' equity | 9,500 | 10,044 | ||||||
Non-controlling interests | 174 | 172 | ||||||
Total shareholders' equity | 9,674 | 10,216 | ||||||
Total liabilities, redeemable non-controlling interests and shareholders' equity | 24,390 | 24,635 | ||||||
Consolidated Statement of Comprehensive Income/(Loss):
($ in millions except per share and per share amounts)
| Three months ended March 31, | ||||||||
| 2024 | 2023 | |||||||
Revenue | 3,397 | 2,918 | ||||||
Cost of Sales | (1,793 | ) | (1,541 | ) | ||||
Gross profit | 1,604 | 1,377 | ||||||
Technology, research and development expenses | (190 | ) | (168 | ) | ||||
Sales and marketing expenses | (881 | ) | (882 | ) | ||||
General and administrative expenses | (409 | ) | (342 | ) | ||||
Operating profit / (loss) | 124 | (15 | ) | |||||
Other expense, net | (174 | ) | (45 | ) | ||||
Interest expense, net | (112 | ) | (92 | ) | ||||
Loss before income taxes | (162 | ) | (152 | ) | ||||
Income tax (expense) / income | (15 | ) | 41 | |||||
Net loss | (177 | ) | (111 | ) | ||||
Net gain/(loss) attributable to non-controlling interests and redeemable non-controlling interests | 4 | (9 | ) | |||||
Adjustment of redeemable non-controlling interest to redemption value | 15 | - | ||||||
Net loss attributable to Flutter shareholders | (196 | ) | (102 | ) | ||||
Net loss per share | ||||||||
Basic | (1.10 | ) | (0.58 | ) | ||||
Diluted | (1.10 | ) | (0.58 | ) | ||||
Other comprehensive (loss) / income, before tax: | ||||||||
Effective portion of changes in fair value of cash flow hedges | 23 | (60 | ) | |||||
Fair value of cash flow hedges transferred to the income statement | (14 | ) | 43 | |||||
Foreign exchange (loss) / gain on net investment hedges | (21 | ) | 4 | |||||
Foreign exchange (loss) / gain on translation of the net assets of foreign currency denominated entities | (185 | ) | 177 | |||||
Fair value movements on available for sale debt instruments | (1 | ) | 1 | |||||
Other comprehensive (loss) / income | (198 | ) | 165 | |||||
Other comprehensive(loss) / income attributable to Flutter shareholders | (188 | ) | 139 | |||||
Other comprehensive (loss) / income attributable to non-controlling interest and redeemable non-controlling interest | (10 | ) | 26 | |||||
Total comprehensive (loss) / income | (375 | ) | 54 | |||||
Consolidated Statement of Cash Flows
($ in millions)
| Three months ended March 31, | ||||||||
Cash flows from operating activities | 2024 | 2023 | ||||||
Net loss | (177 | ) | (111 | ) | ||||
Adjustments to reconcile net loss to net cash from operating activities: | ||||||||
Depreciation and amortization | 297 | 297 | ||||||
Change in fair value of derivatives | (15 | ) | 17 | |||||
Non-cash interest income, net | (1 | ) | (8 | ) | ||||
Non-cash operating lease expense | 32 | 31 | ||||||
Unrealized foreign currency exchange (gain) / loss, net | 8 | (36 | ) | |||||
Share-based compensation - equity classified | 40 | 32 | ||||||
Share-based compensation - liability classified | 1 | 14 | ||||||
Other expense, net | 186 | 64 | ||||||
Deferred taxes | (48 | ) | (113 | ) | ||||
Change in contingent consideration | - | (2 | ) | |||||
Change in operating assets and liabilities: | ||||||||
Player deposits - investments | - | (7 | ) | |||||
Accounts receivable, net | 19 | 45 | ||||||
Prepaid expenses and other current assets | 13 | (73 | ) | |||||
Accounts payable | (18 | ) | 25 | |||||
Other current liabilities | (40 | ) | (119 | ) | ||||
Player deposit liability | 73 | (77 | ) | |||||
Operating leases liabilities | (33 | ) | (28 | ) | ||||
Net cash generated by/(used in) operating activities | 337 | (49 | ) | |||||
Cash flows from investing activities | ||||||||
Purchases of property and equipment | (22 | ) | (18 | ) | ||||
Purchases of intangible assets. | (57 | ) | (43 | ) | ||||
Capitalized software | (73 | ) | (66 | ) | ||||
Acquisitions, net of cash acquired | (107 | ) | - | |||||
Net cash used in investing activities | (259 | ) | (127 | ) | ||||
Cash flows from financing activities | ||||||||
Proceeds from issue of common share upon exercise of options | 14 | 1 | ||||||
Proceeds from issuance of long-term debt (net of transaction costs) | 639 | 609 | ||||||
Repayment of long-term debt | (834 | ) | (608 | ) | ||||
Net cash (used in)/provided by financing activities | (181 | ) | 2 | |||||
Net decrease in cash, cash equivalents and restricted cash | (103 | ) | (174 | ) | ||||
Cash, cash equivalents and restricted cash - beginning of the period | 3,271 | 2,990 | ||||||
Foreign currency exchange on cash and cash equivalents | (11 | ) | 25 | |||||
Cash, cash equivalents and restricted cash - end of the period | 3,157 | 2,841 | ||||||
Cash, cash equivalents and restricted cash comprise of: | ||||||||
Cash and cash equivalents | 1,353 | 821 | ||||||
Cash and cash equivalents - restricted | 22 | 28 | ||||||
Player deposits - cash and cash equivalents | 1,782 | 1,992 | ||||||
Cash, cash equivalents and restricted cash - end of the period | 3,157 | 2,841 | ||||||
Supplemental disclosures of cash flow information: | ||||||||
Interest paid | 123 | 97 | ||||||
Income taxes paid | 29 | 52 | ||||||
Non-cash investing and financing activities: | ||||||||
Operating cash flows from operating leases | 38 | 32 | ||||||
Right-of-use assets obtained in exchange of operating lease liabilities | 20 | 20 | ||||||
Adjustments to lease balances as a result of remeasurement | (2 | ) | 6 | |||||
Business acquisitions (including contingent consideration) | 26 | - | ||||||
Reconciliations of non-GAAP financial measures
Adjusted EBITDA reconciliation:
See below are conciliation of Adjusted EBITDA and Adjusted EBITDA Margin to net loss, the most comparable GAAP measure.
| ($ in millions) | Three months ended March 31, | |
2024 | 2023 | |
| Net loss | (177) | (111) |
| Add back: | ||
| Income taxes | 15 | (41) |
| Other expense, net | 174 | 45 |
| Interest expense, net | 112 | 92 |
| Depreciation and amortization | 297 | 297 |
| Share-based compensation expense | 41 | 46 |
| Transaction fees and associated costs1 | 29 | 3 |
| Restructuring and integration costs2 | 23 | 21 |
| Group Adjusted EBITDA | 514 | 352 |
| Less: US Adjusted EBITDA | 26 | (53) |
| Group Ex-US Adjusted EBITDA | 488 | 406 |
| Group Revenue | 3,397 | 2,918 |
| Group Adjusted EBITDA Margin | ||
1. Comprises advisory fees of
2. During the three months ended March 31, 2024, costs of
Adjusted Free Cash Flow reconciliation:
See below a reconciliation of Adjusted Free Cash Flow to netcash generated/ (used) in operating activities, the most comparable GAAP measure.
($ in millions) | Three months ended March 31, | |||||||
| 2024 | 2023 | |||||||
Net cash provided by/(used in) operating activities | 337 | (49 | ) | |||||
Less: | ||||||||
Change in player deposits | - | 7 | ||||||
Change in player deposit liability | (73 | ) | 77 | |||||
Add cash impact of: | ||||||||
Transaction fees and associated costs | 25 | 18 | ||||||
Restructuring and integration costs | 20 | 24 | ||||||
Less cash impact of: | ||||||||
Purchase of property and equipment | (22 | ) | (18 | ) | ||||
Purchases of intangible assets | (57 | ) | (43 | ) | ||||
Capitalized software | (73 | ) | (66 | ) | ||||
Adjusted Free Cash Flow | 157 | (50 | ) | |||||
Net debt reconciliation:
See below a reconciliation of net debt to long-term debt, the most comparable GAAP measure.
($ in millions) | As at March 31, | As at December 31, | ||||||||
| 2024 | 2023 | |||||||||
Long-term debt | 6,790 | 7,005 | ||||||||
Long-term debt due within one year | 46 | 51 | ||||||||
Total Debt | 6,836 | 7,056 | ||||||||
Add: | ||||||||||
Transactions costs, premiums or discount included in the carrying value of debt | 52 | 54 | ||||||||
Less: | ||||||||||
Unrealized foreign exchange on translation of foreign currency debt1 | 149 | 182 | ||||||||
Cash and cash equivalents | (1,353 | ) | (1,497 | ) | ||||||
Net debt | 5,684 | 5,795 | ||||||||
1. Representing the adjustment for foreign exchange that is economically hedged as a result of our cross-currency interest rate swaps to reflect the net cash outflow on maturity.
Adjusted net profit attributable to Flutter shareholders:
See below a reconciliation of Adjusted net profit attributable to Flutter shareholders to net loss, the most comparable GAAP measure.
($ in millions) | Three months ended March 31, | |||||||
| 2024 | 2023 | |||||||
Net loss | (177 | ) | (111 | ) | ||||
Add (Less): | ||||||||
Transaction fees and associated costs | 29 | 3 | ||||||
Restructuring and integration costs | 23 | 21 | ||||||
Amortization of acquired intangibles | 172 | 192 | ||||||
Share-based compensation | 41 | 46 | ||||||
Tax impact of above adjustments1 | (51 | ) | (37 | ) | ||||
Adjusted net profit | 37 | 114 | ||||||
Less: | ||||||||
Net loss attributable to non-controlling interests and redeemable non-controlling interests2 | 4 | (9 | ) | |||||
Adjustment of redeemable non-controlling interest3 | 15 | - | ||||||
Adjusted net profit attributable to Flutter shareholders | 18 | 123 | ||||||
Weighted average number of shares | 177,757,967 | 177,325,483 | ||||||
1. Tax rates used in calculated adjusted net profit attributable to Flutter shareholders is the statutory tax rate applicable to the geographies in which the adjustments were incurred.
2. Represents net loss attributed to the non-controlling interest in Sisal and the redeemable non-controlling interest in FanDuel and Junglee.
3. Represents the adjustment made to the carrying value of the redeemable non-controlling interests in Junglee to account for the higher of (i) the initial carrying amount adjusted for cumulative earnings allocations, or (ii) redemption value at each reporting date through retained earnings.
Adjusted Earnings Per Share reconciliation:
See below a reconciliation of Adjusted Earnings Per Share to net loss per share, the most comparable GAAP measure.
($ in millions) | Three months ended March 31, | |||||||
| 2024 | 2023 | |||||||
Net loss per Flutter shareholders | (1.10 | ) | (0.58 | ) | ||||
Add (Less): | ||||||||
Transaction fees and associated costs | 0.16 | 0.02 | ||||||
Restructuring and integration costs | 0.13 | 0.12 | ||||||
Amortization of acquired intangibles | 0.97 | 1.08 | ||||||
Share-based compensation | 0.23 | 0.26 | ||||||
Tax impact of above adjustments | (0.28 | ) | (0.21 | ) | ||||
Adjusted earnings per share | 0.10 | 0.69 | ||||||
Constant currency ('CC') growth rate reconciliation:
See below a reconciliation of constant currency growth rates to nominal currency growth rates, the most comparable GAAP measure.
($ in millions) | Three months ended March 31, | ||||||
unaudited | 2024 | 2023 | YOY | 2023 | 2023 | YOY | |
| Revenue | FX impact | CC | CC | ||||
| US | 1,410 | 1,071 | - | 1,071 | |||
| UKI | 861 | 736 | 30 | 766 | |||
| International | 797 | 760 | (11) | 749 | |||
| Australia | 329 | 351 | ( | (13) | 337 | ( | |
| Group | 3,397 | 2,918 | 5 | 2,923 | |||
| Group Ex-US | 1,987 | 1,847 | 5 | 1,853 | |||
| Adjusted EBITDA | |||||||
| US | 26 | (53) | (2) | (55) | |||
| UKI | 268 | 206 | 10 | 216 | |||
| International | 173 | 149 | (5) | 144 | |||
| Australia | 83 | 85 | ( | (4) | 81 | ||
| Unallocated corporate overhead | (36) | (35) | (1) | (36) | ( | ||
| Group | 514 | 352 | (3) | 350 | |||
| Group Ex-US | 488 | 406 | (1) | 404 | |||
Segment KPIs:
| ($ in millions) | Three months ended March 31, |
| YoY | ||||||
| Unaudited | US | UKI | Intl | Aus |
| US | UKI | Intl | Aus |
| Average monthly players ('000s) | 3,898 | 4,096 | 4,738 | 991 |
| + | + | + | - |
| Sportsbook stakes | 13,484 | 3,263 | 1,567 | 2,546 | + | + | + | ( | |
| Sportsbook net revenue margin |
| +40bps | +100bps | (370bps) | +180bps | ||||
| Sportsbook revenue | 986 | 411 | 160 | 329 | + | + | ( | ( | |
| iGaming revenue | 358 | 406 | 600 | - | + | + | + | - | |
| Other revenue | 66 | 44 | 37 | - | ( | + | + | - | |
| Total revenue | 1,410 | 861 | 797 | 329 |
| + | + | + | ( |
|
|
|
|
|
|
|
|
| |
| Adjusted EBITDA | 26 | 268 | 173 | 83 |
| N/A | + | + | ( |
| Adjusted EBITDA margin |
| +680bps | +310bps | +210bps | +100bps | ||||
| Additional information: Segment cost of sales and operating expenses | |||||||||
| Cost of Sales | 833 | 314 | 374 | 174 | + | + | + | ( | |
| Technology, research and development expenses | 55 | 40 | 51 | 9 | + | + | + | ( | |
| Sales and marketing expenses | 422 | 166 | 104 | 47 | + | + | ( | ( | |
| General and administrative expenses | 74 | 73 | 95 | 17 | + | ( | + | ||
Reconciliation of supplementary non GAAP information: Adjusted depreciation and amortization
($ in millions) | Three months ended March 31, 2024 | Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Unaudited | US | UKI | Intl | Aus | Corp | Total | US | UKI | Intl | Aus | Corp | Total | ||||||||||||||||||||||||||||||||||||
Depreciation and Amortization | 29 | 101 | 146 | 15 | 6 | 297 | 25 | 101 | 159 | 14 | - | 297 | ||||||||||||||||||||||||||||||||||||
Less: Amortization of acquired intangibles | (4 | ) | (70 | ) | (93 | ) | (4 | ) | - | (172 | ) | (5 | ) | (76 | ) | (106 | ) | (6 | ) | - | (192 | ) | ||||||||||||||||||||||||||
Adjusted depreciation and amortization1 | 25 | 31 | 53 | 11 | 6 | 125 | 20 | 25 | 53 | 8 | - | 106 | ||||||||||||||||||||||||||||||||||||
1. Adjusted depreciation and amortization is defined as depreciation and amortization excluding amortization of acquired intangibles.
US GAAP - Consolidated Group income statement update
Note: Income tax (expense)/benefit for Q1 2021 - Q4 2023 has been updated as compared to the data published in the IFRS to US GAAP conversion materials on February 29, 2024 and the FY 2023 KPI pack published on 26 March 2024. The updates are confined to allocation of the tax (expense)/benefit between quarters and does not impact the income tax (expense)/benefit for FY 2021, 2022 or 2023.
| ($ in millions) | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 |
| Sportsbook | 1,055 | 1,212 | 1,105 | 1,140 | 4,512 | 1,111 | 1,341 | 1,215 | 1,649 | 5,316 | 1,667 | 1,725 | 1,288 | 1,906 | 6,585 | 1,886 |
| iGaming | 813 | 796 | 736 | 770 | 3,115 | 853 | 798 | 879 | 1,043 | 3,573 | 1,113 | 1,122 | 1,135 | 1,251 | 4,621 | 1,364 |
| Other | 179 | 184 | 150 | 169 | 682 | 144 | 148 | 133 | 150 | 574 | 139 | 154 | 136 | 155 | 584 | 147 |
| Total revenue | 2,047 | 2,191 | 1,992 | 2,079 | 8,308 | 2,108 | 2,287 | 2,227 | 2,842 | 9,463 | 2,918 | 3,000 | 2,559 | 3,312 | 11,790 | 3,397 |
| Cost of sales | (918) | (970) | (962) | (1,031) | (3,881) | (1,085) | (1,100) | (1,176) | (1,452) | (4,813) | (1,541) | (1,490) | (1,386) | (1,784) | (6,202) | (1,793) |
| Gross profit | 1,129 | 1,221 | 1,030 | 1,047 | 4,427 | 1,023 | 1,186 | 1,051 | 1,390 | 4,650 | 1,377 | 1,510 | 1,173 | 1,528 | 5,588 | 1,604 |
| Technology, research and development expenses | (133) | (215) | (129) | (156) | (634) | (133) | (156) | (109) | (154) | (552) | (168) | (176) | (214) | (207) | (765) | (190) |
| Sales & marketing expenses | (726) | (706) | (653) | (735) | (2,819) | (751) | (685) | (681) | (897) | (3,014) | (882) | (667) | (700) | (1,527) | (3,776) | (881) |
| General and administrative expenses | (157) | (547) | (476) | (244) | (1,423) | (272) | (236) | (349) | (315) | (1,172) | (342) | (444) | (394) | (415) | (1,596) | (409) |
| Operating profit / (loss) | 113 | (246) | (229) | (87) | (449) | (133) | 109 | (88) | 24 | (88) | (15) | 223 | (135) | (621) | (549) | 124 |
| Other (expense) income, net | 88 | (16) | 97 | (68) | 101 | 91 | (27) | 31 | (91) | 5 | (45) | 11 | (44) | (80) | (157) | (174) |
| Interest expense, net | (53) | (54) | (107) | (0) | (215) | (41) | (35) | (52) | (84) | (212) | (92) | (83) | (92) | (117) | (385) | (112) |
| Profit/(loss) before tax | 148 | (316) | (239) | (156) | (563) | (84) | 48 | (109) | (150) | (295) | (152) | 152 | (271) | (818) | (1,091) | (162) |
| Income tax (expense) / benefit | (46) | (128) | (2) | (19) | (194) | 1 | (48) | (52) | 24 | (75) | 41 | (86) | 10 | (85) | (120) | (15) |
| Net profit / (loss) | 102 | (444) | (241) | (175) | (757) | (83) | - | (161) | (126) | (370) | (111) | 66 | (261) | (903) | (1,211) | (177) |
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Flutter Entertainment PLC
View the original press release on accesswire.com
FAQ
What were Flutter Entertainment's Q1 2024 revenue and growth?
How did Flutter Entertainment's adjusted EBITDA perform in Q1 2024?
What was the net loss for Flutter Entertainment in Q1 2024?
How did FanDuel perform for Flutter Entertainment in Q1 2024?
What is the leverage ratio for Flutter Entertainment as of Q1 2024?
How did Flutter Entertainment's iGaming segment perform in Q1 2024?
What caused Flutter Entertainment's net loss to increase in Q1 2024?
What is Flutter Entertainment's adjusted earnings per share for Q1 2024?
