Gambling.com Group Reports First Quarter 2024 Results
Gambling.com Group reported a record Q1 2024 revenue of $29.2 million, reflecting a 9% year-over-year growth across all regions. The company delivered 107,000 new depositing customers, a 22% increase. Net income rose to $7.3 million, up 11%, with a diluted net income per share of $0.19. Adjusted EBITDA was $10.2 million, with a margin of 35% compared to 40% in Q1 2023. Operating cash flow increased by 24% to $8.8 million, while Free Cash Flow rose by 32% to $8.2 million. However, full-year revenue and Adjusted EBITDA guidance were revised down due to changes in Google's treatment of commercial content.
- Record Q1 revenue of $29.2 million
- 9% year-over-year revenue growth
- Delivered 107,000 new depositing customers, a 22% increase
- Net income rose by 11% to $7.3 million
- Diluted net income per share increased to $0.19
- Operating cash flow increased by 24% to $8.8 million
- Free Cash Flow increased by 32% to $8.2 million
- Secured a new $50 million credit facility
- Repurchased 329,490 shares
- Completed acquisition of Freebets.com
- Adjusted EBITDA decreased by 5% to $10.2 million
- Adjusted EBITDA margin dropped to 35% from 40%
- Operating expenses rose by 9% to $19.1 million
- Updated 2024 revenue guidance lowered to $118-$122 million from $129-$133 million
- Updated Adjusted EBITDA guidance lowered to $40-$44 million from $44-$48 million
- Changes in Google's treatment of commercial content affecting revenue projections
Insights
Gambling.com Group's Q1 2024 results showed a respectable 9% year-over-year revenue growth, hitting a record
Moreover, the recently updated 2024 guidance due to Google's change in commercial content policies highlights potential risks but also showcases the firm's proactive stance in adjusting its forecasts. The revised revenue range of
For retail investors, it's important to note the company's solid Free Cash Flow conversion rates and strategic cost management, which may indicate future stability even amidst market shifts.
Gambling.com Group’s growth trajectory in a competitive digital marketing space is noteworthy. The increase in new depositing customers (NDCs) by
The company's strategic acquisitions, such as Freebets.com and securing a
Investors should also be aware of the company’s proactive measures, such as share repurchase programs and expansion plans, which highlight confidence in long-term growth and shareholder value enhancement.
– Record Q1 revenue of
– Generated year-over-year revenue growth in every reporting region
“We are off to a great start to the year furthering our confidence in our ability to generate strong Adjusted EBITDA and Free Cash Flow growth this year and for years to come,” commented Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group. “The investments we have made for years in our proprietary technology, website portfolio, and accretive acquisitions are driving consistent growth. As we continue to expand our industry leadership and influence across global online gambling markets and leverage the many growth drivers we have, we see a clear road ahead to generate substantially higher Adjusted EBITDA and Free Cash Flow.”
Elias Mark, Chief Financial Officer of Gambling.com Group added, “By growing year on year in every one of our geographic reporting markets, we delivered record Q1 revenue with top line growth of
First Quarter 2024 vs. First Quarter 2023 Financial Highlights
(USD in thousands, except per share data, unaudited)
|
Three Months Ended March 31, |
|
Change |
|||||
|
2024 |
|
2023 |
|
% |
|||
Revenue |
29,215 |
|
|
26,692 |
|
|
9 |
% |
Net income for the period attributable to shareholders (1) |
7,299 |
|
|
6,595 |
|
|
11 |
% |
Net income per share attributable to shareholders, diluted (1) |
0.19 |
|
|
0.17 |
|
|
12 |
% |
Net income margin (1) |
25 |
% |
|
25 |
% |
|
|
|
Adjusted net income for the period attributable to shareholders (1)(2) |
7,552 |
|
|
7,551 |
|
|
— |
% |
Adjusted net income per share attributable to shareholders, diluted (1)(2) |
0.20 |
|
|
0.20 |
|
|
— |
% |
Adjusted EBITDA (1)(2) |
10,159 |
|
|
10,673 |
|
|
(5 |
)% |
Adjusted EBITDA Margin (1)(2) |
35 |
% |
|
40 |
% |
|
|
|
Cash flows generated by operating activities |
8,806 |
|
|
7,082 |
|
|
24 |
% |
Free Cash Flow (2) |
8,193 |
|
|
6,205 |
|
|
32 |
% |
__________
|
||||||||
First Quarter 2024 and Recent Business Highlights
- Delivered more than 107,000 new depositing customers (“NDCs”)
-
Strong initial contribution from
North Carolina following launch on March 11th -
Secured new
$50 million -
Repurchased 329,490 shares for an average price of
$9.10 - Completed highly accretive acquisition of Freebets.com and related assets on April 1st
-
Board of Directors approved an additional
$10 million
First Quarter 2024 Results Compared to First Quarter 2023
Revenues rose
Gross profit increased
Total operating expenses increased
Net income attributable to shareholders and net income per share rose
Adjusted EBITDA for the first quarter of 2024 was
Operating cash flow increased
2024 Outlook
Reflecting changes made in early May to how Google treats commercial content on high authority websites that, at present, diminishes the effectiveness of the Company’s media partnerships, Gambling.com Group today updated its 2024 full-year revenue and Adjusted EBITDA guidance. The Company now expects full year revenue of
Charles Gillespie commented, “Even with these shifts in the digital landscape, the strength and resilience of our business will enable us to deliver strong year over year Adjusted EBITDA and Free Cash Flow growth. With less competition in the search engine results pages, our owned and operated assets are better positioned for the long term than ever before.”
The Company’s guidance assumes:
-
Following the launch of sports betting in
North Carolina on March 11th, no additional North American markets come online over the balance of 2024 - Apart from the acquisition of Freebets.com and related assets, no impact from any additional acquisitions in 2024
-
Full year cost of sales of approximately
$4.8 million $2.2 million - An average EUR/USD exchange rate of 1.09 throughout 2024
Conference Call Details
Date/Time: |
Thursday, May 16, 2024, at 8:00 a.m. ET |
|
Webcast: |
||
|
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 fast-growing provider of digital marketing services for the global online gambling industry. Founded in 2006, the Group has offices globally, primarily operating in
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
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, 2024 and 2023 in the Company's reporting currency and constant currency.
|
Reporting Currency |
|
Constant
|
||||||||
|
Three Months Ended March 31, |
|
Change |
|
Change |
||||||
|
2024 |
|
2023 |
|
% |
|
% |
||||
Revenue |
29,215 |
|
|
26,692 |
|
|
9 |
% |
|
8 |
% |
Cost of sales |
(2,233 |
) |
|
(991 |
) |
|
125 |
% |
|
123 |
% |
Gross profit |
26,982 |
|
|
25,701 |
|
|
5 |
% |
|
4 |
% |
Sales and marketing expenses |
(9,612 |
) |
|
(8,264 |
) |
|
16 |
% |
|
15 |
% |
Technology expenses |
(3,215 |
) |
|
(2,240 |
) |
|
44 |
% |
|
42 |
% |
General and administrative expenses |
(6,304 |
) |
|
(5,538 |
) |
|
14 |
% |
|
13 |
% |
Movements in credit losses allowance |
40 |
|
|
(649 |
) |
|
(106 |
)% |
|
(106 |
)% |
Fair value movement on contingent consideration |
— |
|
|
(852 |
) |
|
(100 |
)% |
|
(100 |
)% |
Operating profit |
7,891 |
|
|
8,158 |
|
|
(3 |
)% |
|
(4 |
)% |
Finance income |
944 |
|
|
100 |
|
|
844 |
% |
|
835 |
% |
Finance expenses |
(454 |
) |
|
(563 |
) |
|
(19 |
)% |
|
(20 |
)% |
Income before tax |
8,381 |
|
|
7,695 |
|
|
9 |
% |
|
8 |
% |
Income tax charge |
(1,082 |
) |
|
(1,100 |
) |
|
(2 |
)% |
|
(3 |
)% |
Net income for the period attributable to shareholders |
7,299 |
|
|
6,595 |
|
|
11 |
% |
|
9 |
% |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
||||
Exchange differences on translating foreign currencies |
(2,594 |
) |
|
1,368 |
|
|
(290 |
)% |
|
(288 |
)% |
Total comprehensive income for the period attributable to shareholders |
4,705 |
|
|
7,963 |
|
|
(41 |
)% |
|
(42 |
)% |
Consolidated Statements of Financial Position (Unaudited)
(USD in thousands)
|
MARCH 31,
|
|
DECEMBER 31,
|
||
ASSETS |
|
|
|
||
Non-current assets |
|
|
|
||
Property and equipment |
898 |
|
|
908 |
|
Right-of-use assets |
1,346 |
|
|
1,460 |
|
Intangible assets |
96,484 |
|
|
98,000 |
|
Deferred tax asset |
6,801 |
|
|
7,134 |
|
Total non-current assets |
105,529 |
|
|
107,502 |
|
Current assets |
|
|
|
||
Trade and other receivables |
19,454 |
|
|
21,938 |
|
Cash and cash equivalents |
25,318 |
|
|
25,429 |
|
Total current assets |
44,772 |
|
|
47,367 |
|
Total assets |
150,301 |
|
|
154,869 |
|
EQUITY AND LIABILITIES |
|
|
|
||
Equity |
|
|
|
||
Share capital |
— |
|
|
— |
|
Capital reserve |
74,339 |
|
|
74,166 |
|
Treasury shares |
(6,107 |
) |
|
(3,107 |
) |
Share-based compensation reserve |
8,184 |
|
|
7,414 |
|
Foreign exchange translation deficit |
(6,801 |
) |
|
(4,207 |
) |
Retained earnings |
51,957 |
|
|
44,658 |
|
Total equity |
121,572 |
|
|
118,924 |
|
Non-current liabilities |
|
|
|
||
Lease liability |
1,060 |
|
|
1,190 |
|
Deferred tax liability |
2,090 |
|
|
2,008 |
|
Total non-current liabilities |
3,150 |
|
|
3,198 |
|
Current liabilities |
|
|
|
||
Trade and other payables |
7,425 |
|
|
10,793 |
|
Deferred income |
2,460 |
|
|
2,207 |
|
Deferred consideration |
13,758 |
|
|
18,811 |
|
Other liability |
280 |
|
|
308 |
|
Lease liability |
542 |
|
|
533 |
|
Income tax payable |
1,114 |
|
|
95 |
|
Total current liabilities |
25,579 |
|
|
32,747 |
|
Total liabilities |
28,729 |
|
|
35,945 |
|
Total equity and liabilities |
150,301 |
|
|
154,869 |
|
Consolidated Statements of Cash Flows (Unaudited)
(USD in thousands)
|
Three months ended March 31, |
||||
|
2024 |
|
2023 |
||
Cash flow from operating activities |
|
|
|
||
Income before tax |
8,381 |
|
|
7,695 |
|
Finance (income) / loss, net |
(490 |
) |
|
463 |
|
|
|
|
|
||
Adjustments for non-cash items: |
|
|
|
||
Depreciation and amortization |
624 |
|
|
545 |
|
Movements in credit loss allowance |
(40 |
) |
|
649 |
|
Fair value movement on contingent consideration |
— |
|
|
852 |
|
Share-based payment expense |
837 |
|
|
846 |
|
Income tax reimbursed |
214 |
|
|
110 |
|
Cash flows from operating activities before changes in working capital |
9,526 |
|
|
11,160 |
|
Changes in working capital |
|
|
|
||
Trade and other receivables |
2,240 |
|
|
(3,863 |
) |
Trade and other payables |
(2,960 |
) |
|
(215 |
) |
Cash flows generated by operating activities |
8,806 |
|
|
7,082 |
|
Cash flows from investing activities |
|
|
|
||
Acquisition of property and equipment |
(72 |
) |
|
(153 |
) |
Acquisition of other intangible assets |
— |
|
|
(265 |
) |
Capitalization of internally developed intangibles |
(541 |
) |
|
(459 |
) |
Interest received from bank deposits |
74 |
|
|
— |
|
Payment of deferred consideration |
(4,450 |
) |
|
(2,390 |
) |
Cash flows used in investing activities |
(4,989 |
) |
|
(3,267 |
) |
Cash flows from financing activities |
|
|
|
||
Exercise of options |
106 |
|
|
— |
|
Treasury shares acquired |
(3,084 |
) |
|
— |
|
Interest payment attributable to deferred consideration settled |
(550 |
) |
|
(110 |
) |
Principal paid on lease liability |
(100 |
) |
|
(105 |
) |
Interest paid on lease liability |
(34 |
) |
|
(47 |
) |
Cash flows used in financing activities |
(3,662 |
) |
|
(262 |
) |
Net movement in cash and cash equivalents |
155 |
|
|
3,553 |
|
Cash and cash equivalents at the beginning of the period |
25,429 |
|
|
29,664 |
|
Net foreign exchange differences on cash and cash equivalents |
(266 |
) |
|
347 |
|
Cash and cash equivalents at the end of the period |
25,318 |
|
|
33,564 |
|
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, stated in USD thousands, except per share amounts (unaudited):
|
Three Months Ended March 31, |
|
Reporting
|
|
Constant
|
||||
|
2024 |
|
2023 |
|
% |
|
% |
||
Net income for the period attributable to shareholders |
7,299 |
|
6,595 |
|
11 |
% |
|
9 |
% |
Weighted-average number of ordinary shares, basic |
37,088,365 |
|
36,431,633 |
|
2 |
% |
|
2 |
% |
Net income per share attributable to shareholders, basic |
0.20 |
|
0.18 |
|
11 |
% |
|
11 |
% |
|
|
|
|
|
|
|
|
||
Net income for the period attributable to shareholders |
7,299 |
|
6,595 |
|
11 |
% |
|
9 |
% |
Weighted-average number of ordinary shares, diluted |
38,175,047 |
|
38,121,794 |
|
0 |
% |
|
0 |
% |
Net income per share attributable to shareholders, diluted |
0.19 |
|
0.17 |
|
12 |
% |
|
12 |
% |
Disaggregated Revenue
Revenue is disaggregated based on how the nature, amount, timing and uncertainty of the revenue and cash flows are affected by economic factors.
The Company presents revenue as disaggregated by market based on the location of end user as follows:
|
Three Months Ended March 31, |
|
Change |
|||
|
2024 |
|
2023 |
|
2024 vs 2023 |
|
|
14,816 |
|
14,143 |
|
5 |
% |
|
8,920 |
|
8,527 |
|
5 |
% |
Other |
3,861 |
|
2,770 |
|
39 |
% |
Rest of the world |
1,618 |
|
1,252 |
|
29 |
% |
Total revenues |
29,215 |
|
26,692 |
|
9 |
% |
The Company presents disaggregated revenue by monetization type as follows:
|
Three Months Ended March 31, |
|
Change |
|||
|
2024 |
|
2023 |
|
2024 vs 2023 |
|
Performance marketing |
23,373 |
|
21,761 |
|
7 |
% |
Subscription and content syndication |
1,959 |
|
1,863 |
|
5 |
% |
Advertising and other |
3,883 |
|
3,068 |
|
27 |
% |
Total revenues |
29,215 |
|
26,692 |
|
9 |
% |
The Company also tracks its revenues based on the product type from which it is derived. Revenue disaggregated by product type was as follows:
|
Three Months Ended March 31, |
|
Change |
|||
|
2024 |
|
2023 |
|
2024 vs 2023 |
|
Casino |
19,810 |
|
17,072 |
|
16 |
% |
Sports |
9,137 |
|
9,194 |
|
(1 |
)% |
Other |
268 |
|
426 |
|
(37 |
)% |
Total revenues |
29,215 |
|
26,692 |
|
9 |
% |
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.
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 incurred expenses related to the unwinding of deferred consideration and employee bonuses until April 2024. See Note 5 of the consolidated financial statements for the year ended December 31, 2023 as filed on March 21,2024 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 and for the period specified stated in the Company's reporting currency and constant currency (unaudited):
|
Reporting Currency |
|
Constant
|
||||||||
|
Three months ended March 31, |
|
Change |
|
Change |
||||||
|
2024 |
|
2023 |
|
% |
|
% |
||||
Revenue |
29,215 |
|
|
26,692 |
|
|
9 |
% |
|
8 |
% |
Net income for the period attributable to shareholders |
7,299 |
|
|
6,595 |
|
|
11 |
% |
|
9 |
% |
Net income margin |
25 |
% |
|
25 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
||||
Net income for the period attributable to shareholders |
7,299 |
|
|
6,595 |
|
|
11 |
% |
|
9 |
% |
Fair value movement on contingent consideration (1) |
— |
|
|
852 |
|
|
(100 |
)% |
|
(100 |
)% |
Unwinding of deferred consideration (1) |
253 |
|
|
54 |
|
|
369 |
% |
|
360 |
% |
Employees' bonuses related to acquisition(1) |
— |
|
|
50 |
|
|
(100 |
)% |
|
(100 |
)% |
Adjusted net income for the period attributable to shareholders |
7,552 |
|
|
7,551 |
|
|
— |
% |
|
(1 |
)% |
Net income per share attributable to shareholders, basic |
0.20 |
|
|
0.18 |
|
|
11 |
% |
|
11 |
% |
Effect of adjustments for fair value movements on contingent consideration, basic |
0.00 |
|
|
0.03 |
|
|
(100 |
)% |
|
(100 |
)% |
Effect of adjustments for unwinding on deferred consideration, basic |
0.01 |
|
|
0.00 |
|
|
100 |
% |
|
100 |
% |
Effect of adjustments for bonuses related to acquisition, basic |
0.00 |
|
|
0.00 |
|
|
— |
% |
|
— |
% |
Adjusted net income per share attributable to shareholders, basic |
0.21 |
|
|
0.21 |
|
|
— |
% |
|
— |
% |
Net income per share attributable to ordinary shareholders, diluted |
0.19 |
|
|
0.17 |
|
|
12 |
% |
|
12 |
% |
Adjusted net income per share attributable to shareholders, diluted |
0.20 |
|
|
0.20 |
|
|
— |
% |
|
— |
% |
__________
|
|||||||||||
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 (unaudited):
|
Reporting Currency |
|
Constant
|
|||||||
|
Three Months Ended March 31, |
|
Change |
|
Change |
|||||
|
2024 |
|
2023 |
|
% |
|
% |
|||
|
(USD in thousands) |
|
|
|
||||||
Net income (loss) for the period attributable to shareholders |
7,299 |
|
|
6,595 |
|
11 |
% |
|
9 |
% |
Add back (deduct): |
|
|
|
|
|
|
|
|||
Interest expenses on borrowings and lease liability |
34 |
|
|
43 |
|
(21 |
)% |
|
(21 |
)% |
Income tax charge |
1,082 |
|
|
1,100 |
|
(2 |
)% |
|
(3 |
)% |
Depreciation expense |
70 |
|
|
57 |
|
23 |
% |
|
21 |
% |
Amortization expense |
554 |
|
|
488 |
|
14 |
% |
|
12 |
% |
EBITDA |
9,039 |
|
|
8,283 |
|
9 |
% |
|
8 |
% |
Share-based payment and related expense |
837 |
|
|
846 |
|
(1 |
)% |
|
(2 |
)% |
Fair value movement on contingent consideration |
— |
|
|
852 |
|
(100 |
)% |
|
(100 |
)% |
Unwinding of deferred consideration |
253 |
|
|
54 |
|
369 |
% |
|
360 |
% |
Foreign currency translation losses (gains), net |
(719 |
) |
|
346 |
|
(308 |
)% |
|
(305 |
)% |
Other finance results |
16 |
|
|
39 |
|
(59 |
)% |
|
(59 |
)% |
Acquisition related costs (1) |
807 |
|
|
222 |
|
264 |
% |
|
260 |
% |
Employees' bonuses related to acquisition |
— |
|
|
50 |
|
(100 |
)% |
|
(100 |
)% |
Adjusted EBITDA |
10,159 |
|
|
10,673 |
|
(5 |
)% |
|
(6 |
)% |
__________
|
||||||||||
Below is the Adjusted EBITDA Margin calculation for the period specified stated in the Company's reporting currency and constant currency (unaudited):
|
Reporting Currency |
|
Constant
|
||||||||
|
Three Months Ended March 31, |
|
Change |
|
Change |
||||||
|
2024 |
|
2023 |
|
% |
|
% |
||||
|
(USD in thousands, except margin) |
|
|
|
|||||||
Revenue |
29,215 |
|
|
26,692 |
|
|
9 |
% |
|
8 |
% |
Adjusted EBITDA |
10,159 |
|
|
10,673 |
|
|
(5 |
)% |
|
(6 |
)% |
Adjusted EBITDA Margin |
35 |
% |
|
40 |
% |
|
|
|
|
||
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.
Free Cash Flow
Free Cash Flow is a non-IFRS liquidity financial measure defined as cash flow from operating activities less capital expenditures.
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 (unaudited):
|
Three Months Ended March 31, |
|
Change |
|||||
|
2024 |
|
2023 |
|
% |
|||
|
(in thousands USD, unaudited) |
|
|
|||||
Cash flows generated by operating activities |
8,806 |
|
|
7,082 |
|
|
24 |
% |
Capital Expenditures (1) |
(613 |
) |
|
(877 |
) |
|
(30 |
)% |
Free Cash Flow |
8,193 |
|
|
6,205 |
|
|
32 |
% |
__________
|
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240516637357/en/
Investors:
Peter McGough, Gambling.com Group, investors@gdcgroup.com
Richard Land, Norberto Aja, JCIR, GAMB@jcir.com, 212-835-8500
Media:
Eddie Motl, Gambling.com Group, media@gdcgroup.com
Source: Gambling.com Group Limited
FAQ
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