Gambling.com Group Reports Fourth Quarter and Full-Year 2024 Results
Gambling.com Group (GAMB) reported strong Q4 and full-year 2024 results, with Q4 revenue increasing 9% to $35.3 million and Adjusted EBITDA growing 39% to $14.7 million. The company delivered over 145,000 new depositing customers (NDCs), though this represented a 9% year-over-year decrease due to challenging comparisons from ESPNBet's launch in 2023.
Full-year 2024 showed impressive growth with revenue up 17%, Adjusted EBITDA up 33%, and Free Cash Flow increasing 81% year-over-year. The company completed the acquisition of Odds Holdings, Inc. on January 1, 2025, for $70 million in cash and $10 million in shares.
For 2025, Gambling.com Group projects revenue of $170-174 million and Adjusted EBITDA of $67-69 million, representing year-over-year growth of 35% and 40% respectively at the midpoints. The guidance includes expected Adjusted EBITDA contributions of approximately $14.5 million from the Odds Holdings acquisition.
Gambling.com Group (GAMB) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, con un aumento del 9% dei ricavi nel Q4 a 35,3 milioni di dollari e un EBITDA rettificato in crescita del 39% a 14,7 milioni di dollari. L'azienda ha acquisito oltre 145.000 nuovi clienti depositanti (NDC), anche se questo ha rappresentato una diminuzione del 9% rispetto all'anno precedente a causa di confronti difficili derivanti dal lancio di ESPNBet nel 2023.
Per l'intero anno 2024, si è registrata una crescita impressionante con un aumento del 17% dei ricavi, un EBITDA rettificato in crescita del 33% e un flusso di cassa libero in aumento dell'81% rispetto all'anno precedente. L'azienda ha completato l'acquisizione di Odds Holdings, Inc. il 1° gennaio 2025, per 70 milioni di dollari in contanti e 10 milioni di dollari in azioni.
Per il 2025, Gambling.com Group prevede ricavi tra 170-174 milioni di dollari e un EBITDA rettificato tra 67-69 milioni di dollari, rappresentando una crescita anno su anno del 35% e del 40% rispettivamente ai punti medi. Le previsioni includono contributi attesi all'EBITDA rettificato di circa 14,5 milioni di dollari dall'acquisizione di Odds Holdings.
Gambling.com Group (GAMB) informó resultados sólidos para el cuarto trimestre y el año completo 2024, con un aumento del 9% en los ingresos del Q4 a 35.3 millones de dólares y un EBITDA ajustado creciendo un 39% a 14.7 millones de dólares. La compañía entregó más de 145,000 nuevos clientes depositantes (NDC), aunque esto representó una disminución del 9% en comparación con el año anterior debido a comparaciones desafiantes del lanzamiento de ESPNBet en 2023.
El año completo 2024 mostró un crecimiento impresionante con ingresos en aumento del 17%, EBITDA ajustado en aumento del 33% y flujo de caja libre aumentando un 81% interanual. La compañía completó la adquisición de Odds Holdings, Inc. el 1 de enero de 2025, por 70 millones de dólares en efectivo y 10 millones de dólares en acciones.
Para 2025, Gambling.com Group proyecta ingresos de 170-174 millones de dólares y EBITDA ajustado de 67-69 millones de dólares, lo que representa un crecimiento interanual del 35% y 40% respectivamente en los puntos medios. La guía incluye contribuciones esperadas de EBITDA ajustado de aproximadamente 14.5 millones de dólares de la adquisición de Odds Holdings.
Gambling.com Group (GAMB)는 2024년 4분기 및 전체 연도 실적을 발표했으며, 4분기 매출이 3,530만 달러로 9% 증가하고 조정 EBITDA가 1,470만 달러로 39% 성장했습니다. 이 회사는 145,000명 이상의 신규 입금 고객(NDC)을 확보했지만, 이는 2023년 ESPNBet 출시로 인한 어려운 비교로 인해 전년 대비 9% 감소한 수치입니다.
2024년 전체 연도는 매출이 17% 증가하고 조정 EBITDA가 33% 증가하며 자유 현금 흐름이 전년 대비 81% 증가하는 등 인상적인 성장을 보였습니다. 이 회사는 2025년 1월 1일에 Odds Holdings, Inc.를 7천만 달러 현금과 1천만 달러 주식으로 인수하는 계약을 완료했습니다.
2025년을 위해 Gambling.com Group은 1억 7천만 - 1억 7천4백만 달러의 매출과 6천7백만 - 6천9백만 달러의 조정 EBITDA를 예상하며, 이는 각각 중간값 기준으로 전년 대비 35% 및 40%의 성장을 나타냅니다. 이 가이드는 Odds Holdings 인수로부터 약 1,450만 달러의 조정 EBITDA 기여를 포함합니다.
Gambling.com Group (GAMB) a annoncé de solides résultats pour le quatrième trimestre et l'année 2024, avec des revenus du Q4 en hausse de 9 % à 35,3 millions de dollars et un EBITDA ajusté en augmentation de 39 % à 14,7 millions de dollars. L'entreprise a attiré plus de 145 000 nouveaux clients déposants (NDC), bien que cela ait représenté une baisse de 9 % par rapport à l'année précédente en raison de comparaisons difficiles suite au lancement d'ESPNBet en 2023.
L'année 2024 a montré une croissance impressionnante avec des revenus en hausse de 17 %, un EBITDA ajusté en hausse de 33 % et un flux de trésorerie disponible en augmentation de 81 % par rapport à l'année précédente. L'entreprise a finalisé l'acquisition d'Odds Holdings, Inc. le 1er janvier 2025, pour 70 millions de dollars en espèces et 10 millions de dollars en actions.
Pour 2025, Gambling.com Group prévoit des revenus de 170-174 millions de dollars et un EBITDA ajusté de 67-69 millions de dollars, représentant une croissance d'année en année de 35 % et 40 % respectivement aux points moyens. Les prévisions incluent des contributions d'EBITDA ajusté d'environ 14,5 millions de dollars provenant de l'acquisition d'Odds Holdings.
Gambling.com Group (GAMB) meldete starke Ergebnisse für das vierte Quartal und das Gesamtjahr 2024, wobei die Einnahmen im Q4 um 9 % auf 35,3 Millionen Dollar stiegen und das bereinigte EBITDA um 39 % auf 14,7 Millionen Dollar wuchs. Das Unternehmen konnte über 145.000 neue einzahlende Kunden (NDCs) gewinnen, was jedoch einen Rückgang von 9 % im Jahresvergleich darstellt, bedingt durch schwierige Vergleiche aufgrund des Starts von ESPNBet im Jahr 2023.
Im Gesamtjahr 2024 zeigte sich ein beeindruckendes Wachstum mit einem Umsatzanstieg von 17 %, einem Anstieg des bereinigten EBITDA um 33 % und einem Anstieg des freien Cashflows um 81 % im Jahresvergleich. Das Unternehmen schloss am 1. Januar 2025 die Übernahme von Odds Holdings, Inc. für 70 Millionen Dollar in bar und 10 Millionen Dollar in Aktien ab.
Für 2025 prognostiziert Gambling.com Group Einnahmen von 170-174 Millionen Dollar und ein bereinigtes EBITDA von 67-69 Millionen Dollar, was einem Wachstum von 35 % bzw. 40 % im Jahresvergleich entspricht, basierend auf den Mittelwerten. Die Prognose umfasst erwartete Beiträge zum bereinigten EBITDA von etwa 14,5 Millionen Dollar aus der Übernahme von Odds Holdings.
- Record Q4 revenue of $35.3 million (+9% YoY)
- Q4 Adjusted EBITDA grew 39% to $14.7 million
- Full-year 2024 Free Cash Flow increased 81% YoY
- Strong 2025 guidance with 35% revenue and 40% EBITDA growth
- Q4 Free cash flow grew 102% to $13.2 million
- Expanded credit facility to $165 million
- 9% decrease in New Depositing Customers (NDCs) in Q4
- Operating expenses increased 21% in Q4
- Took on additional debt with expanded credit facility
Insights
Gambling.com Group delivered exceptional Q4 2024 results, with revenue growing 9% year-over-year to a record
For full-year 2024, the company achieved remarkable balance across key metrics: revenue up 17%, Adjusted EBITDA up 33%, and free cash flow up 81%. The substantial
The strategic acquisition of Odds Holdings (completed January 1, 2025) establishes a new growth vector, adding sports data solutions to complement their existing performance marketing business. Management's 2025 guidance of
While new depositing customers declined
With increasing scale, expanding margins, strong cash flow generation, and a clear path toward
2025 Guidance Mid-points Imply
Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group, commented, “Our record fourth quarter and full-year results were driven by our team’s prioritization of iGaming across the markets where we operate. Our team delivered outstanding performance in the quarter, especially when compared to the launch driven results in the prior-year period. We anticipate growth and continued market share gains in our performance marketing business across all geographic regions in 2025, including
“We capped an active and productive year during which we set the stage for continued strong growth in 2025 and beyond,” said Mr. Gillespie. “In 2024, we extended our record of delivering full-year revenue, Adjusted EBITDA and Free Cash Flow growth with those metrics improving
Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Fourth quarter revenue and Adjusted EBITDA increased
Financial Highlights Three Months Ended December 31, 2024 vs. Three Months Ended December 31, 2023
(USD in thousands, except per share data, unaudited)
|
Three Months Ended December 31, |
|
Change |
|||||
|
2024 |
|
2023 |
|
% |
|||
Revenue |
35,308 |
|
|
32,530 |
|
|
9 |
% |
Net income for the period attributable to shareholders |
7,933 |
|
|
6,372 |
|
|
24 |
% |
Net income per share attributable to shareholders, diluted |
0.23 |
|
|
0.16 |
|
|
44 |
% |
Net income margin |
22 |
% |
|
20 |
% |
|
|
|
Adjusted net income for the period attributable to shareholders (1) |
12,172 |
|
|
8,622 |
|
|
41 |
% |
Adjusted net income per share attributable to shareholders, diluted (1) |
0.35 |
|
|
0.22 |
|
|
59 |
% |
Adjusted EBITDA (1) |
14,736 |
|
|
10,569 |
|
|
39 |
% |
Adjusted EBITDA Margin (1) |
42 |
% |
|
32 |
% |
|
|
|
Cash flows generated by operating activities |
13,698 |
|
|
7,140 |
|
|
92 |
% |
Free Cash Flow (1) |
13,162 |
|
|
6,511 |
|
|
102 |
% |
__________ |
(1) Represents a non-IFRS measure. See “Supplemental Information - Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers. |
Fourth Quarter 2024 and Recent Business Highlights
- Delivered more than 145,000 new depositing customers (“NDCs”)
-
Repurchased 486,312 shares at an average price of
$9.80 - Won Casino Affiliate of the Year at the 2024 EGR Operator Awards
-
Completed accretive acquisition of Odds Holdings, Inc. on January 1, 2025 for initial consideration of
$70 million $10 million -
Expanded credit facility to
$165 million
Three Months Ended December 31, 2024 Results Compared to Three Months Ended December 31, 2023
Revenue rose
Gross profit increased
Total operating expenses increased
Net income attributable to shareholders increased
Adjusted EBITDA increased
Operating cash flow of
2025 Outlook
Gambling.com Group today reiterated the 2025 full-year revenue and Adjusted EBITDA guidance originally provided on February 19, 2025. The Company expects full year revenue of
The Company’s guidance assumes:
-
Incremental Adjusted EBITDA contributions of approximately
$14.5 million -
No additional North American markets coming online over the balance of 2025. While online sports betting is expected to begin in
Missouri in the second half of 2025, the Company’s guidance policy excludes any benefits from new state launches until such time as a definitive start date is announced by the appropriate regulatory body. - An average EUR/USD exchange rate of 1.07 throughout 2025.
Financial Highlights Full Year Ended December 31, 2024 vs. Full Year Ended December 31, 2023
(USD in thousands, except per share data, unaudited)
|
Year ended December 31, |
|
Change |
|||||
|
2024 |
|
2023 |
|
% |
|||
Revenue |
127,182 |
|
|
108,652 |
|
|
17 |
% |
Net income for the period attributable to shareholders |
30,679 |
|
|
18,260 |
|
|
68 |
% |
Net income per share attributable to shareholders, diluted |
0.84 |
|
|
0.47 |
|
|
79 |
% |
Net income margin |
24 |
% |
|
17 |
% |
|
|
|
Adjusted net income for the period attributable to shareholders (1) |
42,120 |
|
|
32,207 |
|
|
31 |
% |
Adjusted net income per share attributable to shareholders, diluted (1) |
1.16 |
|
|
0.84 |
|
|
38 |
% |
Adjusted EBITDA (1) |
48,691 |
|
|
36,715 |
|
|
33 |
% |
Adjusted EBITDA Margin (1) |
38 |
% |
|
34 |
% |
|
|
|
Cash flows generated by operating activities |
37,638 |
|
|
17,910 |
|
|
110 |
% |
Free Cash Flow (1) |
41,582 |
|
|
23,000 |
|
|
81 |
% |
__________ |
(1) Represents a non-IFRS measure. See “Supplemental Information - Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers. |
Conference Call Details
Date/Time: |
Thursday, March 20, 2025, 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 and twelve months ended December 31, 2024 and 2023 in the Company's reporting currency and constant currency.
|
Reporting Currency |
|
Constant
|
|
Reporting Currency |
|
Constant
|
||||||||||||||||||
|
Three Months Ended
|
|
Change |
|
Change |
|
Year ended
|
|
|
Change |
|
|
Change |
||||||||||||
|
2024 |
|
|
2023 |
|
|
% |
|
% |
|
2024 |
|
|
2023 |
|
|
|
% |
|
|
% |
||||
Revenue |
35,308 |
|
|
32,530 |
|
|
9 |
% |
|
10 |
% |
|
127,182 |
|
|
108,652 |
|
|
|
17 |
% |
|
|
18 |
% |
Cost of sales |
(2,185 |
) |
|
(5,089 |
) |
|
(57 |
)% |
|
(57 |
)% |
|
(7,536 |
) |
|
(9,112 |
) |
|
|
(17 |
)% |
|
|
(17 |
)% |
Gross profit |
33,123 |
|
|
27,441 |
|
|
21 |
% |
|
22 |
% |
|
119,646 |
|
|
99,540 |
|
|
|
20 |
% |
|
|
21 |
% |
Sales and marketing expenses |
(10,876 |
) |
|
(9,687 |
) |
|
12 |
% |
|
13 |
% |
|
(41,897 |
) |
|
(35,331 |
) |
|
|
19 |
% |
|
|
19 |
% |
Technology expenses |
(3,905 |
) |
|
(3,058 |
) |
|
28 |
% |
|
29 |
% |
|
(13,949 |
) |
|
(10,287 |
) |
|
|
36 |
% |
|
|
36 |
% |
General and administrative expenses |
(9,064 |
) |
|
(6,994 |
) |
|
30 |
% |
|
31 |
% |
|
(27,645 |
) |
|
(24,291 |
) |
|
|
14 |
% |
|
|
14 |
% |
Movements in credit losses allowance and write-offs |
581 |
|
|
468 |
|
|
24 |
% |
|
25 |
% |
|
(480 |
) |
|
(914 |
) |
|
|
(47 |
)% |
|
|
(47 |
)% |
Fair value movement on contingent consideration |
— |
|
|
— |
|
|
— |
% |
|
— |
% |
|
— |
|
|
(6,939 |
) |
|
|
(100 |
)% |
|
|
(100 |
)% |
Operating profit |
9,859 |
|
|
8,170 |
|
|
21 |
% |
|
22 |
% |
|
35,675 |
|
|
21,778 |
|
|
|
64 |
% |
|
|
65 |
% |
Finance income |
57 |
|
|
620 |
|
|
(91 |
)% |
|
(91 |
)% |
|
1,570 |
|
|
634 |
|
|
|
148 |
% |
|
|
149 |
% |
Finance expenses |
(910 |
) |
|
(2,577 |
) |
|
(65 |
)% |
|
(64 |
)% |
|
(3,095 |
) |
|
(2,271 |
) |
|
|
36 |
% |
|
|
37 |
% |
Income before tax |
9,006 |
|
|
6,213 |
|
|
45 |
% |
|
46 |
% |
|
34,150 |
|
|
20,141 |
|
|
|
70 |
% |
|
|
70 |
% |
Income tax charge |
(1,073 |
) |
|
159 |
|
|
(775 |
)% |
|
(778 |
)% |
|
(3,471 |
) |
|
(1,881 |
) |
|
|
85 |
% |
|
|
85 |
% |
Net income for the period attributable to shareholders |
7,933 |
|
|
6,372 |
|
|
25 |
% |
|
26 |
% |
|
30,679 |
|
|
18,260 |
|
|
|
68 |
% |
|
|
69 |
% |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Exchange differences on translating foreign currencies |
(7,399 |
) |
|
4,953 |
|
|
(249 |
)% |
|
(251 |
)% |
|
(6,605 |
) |
|
2,868 |
|
|
|
(330 |
)% |
|
|
(331 |
)% |
Total comprehensive income for the period attributable to shareholders |
534 |
|
|
11,325 |
|
|
(95 |
)% |
|
(95 |
)% |
|
24,074 |
|
|
21,128 |
|
|
|
14 |
% |
|
|
15 |
% |
Consolidated Statements of Financial Position (Unaudited)
(USD in thousands)
|
DECEMBER 31,
|
|
DECEMBER 31,
|
||
ASSETS |
|
|
|
||
Non-current assets |
|
|
|
||
Property and equipment |
1,833 |
|
|
908 |
|
Right-of-use assets |
4,632 |
|
|
1,460 |
|
Intangible assets |
130,811 |
|
|
98,000 |
|
Deferred tax asset |
6,418 |
|
|
7,134 |
|
Total non-current assets |
143,694 |
|
|
107,502 |
|
Current assets |
|
|
|
||
Trade and other receivables |
21,160 |
|
|
21,938 |
|
Cash and cash equivalents |
13,729 |
|
|
25,429 |
|
Total current assets |
34,889 |
|
|
47,367 |
|
Total assets |
178,583 |
|
|
154,869 |
|
EQUITY AND LIABILITIES |
|
|
|
||
Equity |
|
|
|
||
Share capital |
— |
|
|
— |
|
Capital reserve |
78,037 |
|
|
74,166 |
|
Treasury shares |
(29,998 |
) |
|
(3,107 |
) |
Share-based compensation reserve |
10,624 |
|
|
7,414 |
|
Foreign exchange translation deficit |
(10,812 |
) |
|
(4,207 |
) |
Retained earnings |
75,337 |
|
|
44,658 |
|
Total equity |
123,188 |
|
|
118,924 |
|
Non-current liabilities |
|
|
|
||
Lease liability |
3,819 |
|
|
1,190 |
|
Deferred tax liability |
2,258 |
|
|
2,008 |
|
Borrowings |
19,582 |
|
|
— |
|
Total non-current liabilities |
25,659 |
|
|
3,198 |
|
Current liabilities |
|
|
|
||
Trade and other payables |
10,205 |
|
|
10,793 |
|
Deferred income |
2,616 |
|
|
2,207 |
|
Deferred consideration |
11,277 |
|
|
18,811 |
|
Other liability |
— |
|
|
308 |
|
Borrowings and accrued interest |
3,349 |
|
|
— |
|
Lease liability |
1,213 |
|
|
533 |
|
Income tax payable |
1,076 |
|
|
95 |
|
Total current liabilities |
29,736 |
|
|
32,747 |
|
Total liabilities |
55,395 |
|
|
35,945 |
|
Total equity and liabilities |
178,583 |
|
|
154,869 |
|
Consolidated Statements of Cash Flows (Unaudited)
(USD in thousands)
|
Three months ended
|
|
Year ended
|
||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Cash flow from operating activities |
|
|
|
|
|
|
|
||||
Income before tax |
9,006 |
|
|
6,213 |
|
|
34,150 |
|
|
20,141 |
|
Finance expense (income), net |
853 |
|
|
1,957 |
|
|
1,525 |
|
|
1,637 |
|
Adjustments for non-cash items: |
|
|
|
|
|
|
|
||||
Depreciation and amortization |
1,756 |
|
|
568 |
|
|
5,802 |
|
|
2,088 |
|
Movements in credit loss allowance and write-offs |
(581 |
) |
|
(468 |
) |
|
480 |
|
|
914 |
|
Fair value movement on contingent consideration |
— |
|
|
— |
|
|
— |
|
|
6,939 |
|
Share-based payment expense |
1,215 |
|
|
997 |
|
|
4,953 |
|
|
3,607 |
|
Income tax paid |
(331 |
) |
|
(2,063 |
) |
|
(1,901 |
) |
|
(3,826 |
) |
Payment of contingent consideration in relation to business combinations |
— |
|
|
— |
|
|
— |
|
|
(4,621 |
) |
Payment of deferred consideration in relation to business combinations |
— |
|
|
— |
|
|
(7,156 |
) |
|
(2,897 |
) |
Cash flows from operating activities before changes in working capital |
11,918 |
|
|
7,204 |
|
|
37,853 |
|
|
23,982 |
|
Changes in working capital |
|
|
|
|
|
|
|
||||
Trade and other receivables |
(670 |
) |
|
(3,260 |
) |
|
(98 |
) |
|
(10,387 |
) |
Trade and other payables |
2,450 |
|
|
3,196 |
|
|
(117 |
) |
|
4,240 |
|
Inventories |
— |
|
|
— |
|
|
— |
|
|
75 |
|
Cash flows generated by operating activities |
13,698 |
|
|
7,140 |
|
|
37,638 |
|
|
17,910 |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
||||
Acquisition of property and equipment |
(137 |
) |
|
(157 |
) |
|
(1,326 |
) |
|
(451 |
) |
Acquisition of intangible assets |
— |
|
|
(6,452 |
) |
|
(21,074 |
) |
|
(6,815 |
) |
Capitalization of internally developed intangibles |
(399 |
) |
|
(472 |
) |
|
(1,886 |
) |
|
(1,977 |
) |
Interest received from bank deposits |
20 |
|
|
90 |
|
|
137 |
|
|
259 |
|
Payment of deferred consideration in relation to business combinations |
— |
|
|
— |
|
|
(10,154 |
) |
|
(4,933 |
) |
Payment of deferred consideration for intangible assets |
(9,539 |
) |
|
|
|
(9,539 |
) |
|
— |
|
|
Payment of contingent consideration in relation to business combinations |
— |
|
|
— |
|
|
— |
|
|
(5,557 |
) |
Cash flows used in investing activities |
(10,055 |
) |
|
(6,991 |
) |
|
(43,842 |
) |
|
(19,474 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
||||
Exercise of options |
265 |
|
|
— |
|
|
1,521 |
|
|
106 |
|
Issue of ordinary shares |
218 |
|
|
— |
|
|
218 |
|
|
— |
|
Treasury shares acquired |
(4,883 |
) |
|
(1,813 |
) |
|
(27,078 |
) |
|
(2,572 |
) |
Proceeds from borrowings |
— |
|
|
— |
|
|
45,560 |
|
|
— |
|
Transaction costs related to borrowings |
— |
|
|
— |
|
|
(847 |
) |
|
— |
|
Repayment of borrowings |
— |
|
|
— |
|
|
(21,060 |
) |
|
— |
|
Interest payment attributable to third party borrowings |
(342 |
) |
|
— |
|
|
(888 |
) |
|
— |
|
Interest payment attributable to deferred consideration settled in relation to business combinations |
— |
|
|
— |
|
|
(1,272 |
) |
|
(110 |
) |
Interest payment attributable to deferred consideration settled for intangible assets |
(461 |
) |
|
— |
|
|
(461 |
) |
|
— |
|
Principal paid on lease liability |
(205 |
) |
|
(98 |
) |
|
(688 |
) |
|
(402 |
) |
Interest paid on lease liability |
(78 |
) |
|
(38 |
) |
|
(249 |
) |
|
(165 |
) |
Cash flows used in financing activities |
(5,486 |
) |
|
(1,949 |
) |
|
(5,244 |
) |
|
(3,143 |
) |
Net movement in cash and cash equivalents |
(1,843 |
) |
|
(1,800 |
) |
|
(11,448 |
) |
|
(4,707 |
) |
Cash and cash equivalents at the beginning of the period |
15,723 |
|
|
26,884 |
|
|
25,429 |
|
|
29,664 |
|
Net foreign exchange differences on cash and cash equivalents |
(151 |
) |
|
345 |
|
|
(252 |
) |
|
472 |
|
Cash and cash equivalents at the end of the period |
13,729 |
|
|
25,429 |
|
|
13,729 |
|
|
25,429 |
|
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
|
|
Reporting
|
|
Constant
|
|
Year ended
|
|
Reporting
|
|
Constant
|
||||||||
|
2024 |
|
2023 |
|
% |
|
% |
|
2024 |
|
2023 |
|
% |
|
% |
||||
Net income for the period attributable to shareholders |
7,933 |
|
6,372 |
|
24 |
% |
|
26 |
% |
|
30,679 |
|
18,260 |
|
68 |
% |
|
69 |
% |
Weighted-average number of ordinary shares, basic |
34,747,779 |
|
37,403,888 |
|
(7 |
)% |
|
(7 |
)% |
|
36,034,115 |
|
37,083,262 |
|
(3 |
)% |
|
(3 |
)% |
Net income per share attributable to shareholders, basic |
0.23 |
|
0.17 |
|
35 |
% |
|
35 |
% |
|
0.85 |
|
0.49 |
|
73 |
% |
|
73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income for the period attributable to shareholders |
7,933 |
|
6,372 |
|
24 |
% |
|
26 |
% |
|
30,679 |
|
18,260 |
|
68 |
% |
|
69 |
% |
Weighted-average number of ordinary shares, diluted |
35,188,864 |
|
38,879,038 |
|
(9 |
)% |
|
(9 |
)% |
|
36,337,349 |
|
38,542,166 |
|
(6 |
)% |
|
(6 |
)% |
Net income per share attributable to shareholders, diluted |
0.23 |
|
0.16 |
|
44 |
% |
|
44 |
% |
|
0.84 |
|
0.47 |
|
79 |
% |
|
79 |
% |
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
|
|
Change |
|
Year ended
|
|
Change |
||||||
|
2024 |
|
2023 |
|
2024 vs 2023 |
|
2024 |
|
2023 |
|
2024 vs 2023 |
||
|
15,632 |
|
20,516 |
|
(24 |
)% |
|
55,500 |
|
60,755 |
|
(9 |
)% |
|
10,555 |
|
7,495 |
|
41 |
% |
|
39,179 |
|
31,347 |
|
25 |
% |
Other |
6,366 |
|
3,086 |
|
106 |
% |
|
22,463 |
|
10,994 |
|
104 |
% |
Rest of the world |
2,755 |
|
1,433 |
|
92 |
% |
|
10,040 |
|
5,556 |
|
81 |
% |
Total revenues |
35,308 |
|
32,530 |
|
9 |
% |
|
127,182 |
|
108,652 |
|
17 |
% |
The Company presents disaggregated revenue by monetization type as follows:
|
Three Months Ended
|
|
Change |
|
Year ended
|
|
Change |
||||||
|
2024 |
|
2023 |
|
2024 vs 2023 |
|
2024 |
|
2023 |
|
2024 vs 2023 |
||
Performance marketing |
28,404 |
|
27,000 |
|
5 |
% |
|
101,078 |
|
87,824 |
|
15 |
% |
Subscription |
2,191 |
|
2,009 |
|
9 |
% |
|
8,367 |
|
7,652 |
|
9 |
% |
Advertising & other |
4,713 |
|
3,521 |
|
34 |
% |
|
17,737 |
|
13,176 |
|
35 |
% |
Total revenues |
35,308 |
|
32,530 |
|
9 |
% |
|
127,182 |
|
108,652 |
|
17 |
% |
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
|
|
Change |
|
Year ended
|
|
Change |
||||||
|
2024 |
|
2023 |
|
2024 vs 2023 |
|
2024 |
|
2023 |
|
2024 vs 2023 |
||
Casino |
25,505 |
|
17,081 |
|
49 |
% |
|
92,224 |
|
66,869 |
|
38 |
% |
Sports |
9,135 |
|
14,933 |
|
(39 |
)% |
|
33,282 |
|
40,634 |
|
(18 |
)% |
Other |
668 |
|
516 |
|
29 |
% |
|
1,676 |
|
1,149 |
|
46 |
% |
Total revenues |
35,308 |
|
32,530 |
|
9 |
% |
|
127,182 |
|
108,652 |
|
17 |
% |
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
In the fourth quarter of 2024, we changed our definition of adjusted net income, a non-IFRS financial measure, to net income attributable to equity holders adjusted to exclude the effect of non-recurring items, significant non-cash items, share-based payment expense, fair value movements related to contingent consideration, unwinding of deferred consideration, amortization expenses related to acquired businesses and assets, 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. Previously, adjusted net income, a non-IFRS financial measure was 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. We believe this more appropriately reflects the measurement of Adjusted Net Income as it includes adjustments for non-recurring items and significant non-cash items in addition to fair value movements related to contingent consideration and unwinding of deferred consideration.
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 non-recurring items, significant non-cash items, fair value movements related to the contingent consideration, unwinding of deferred consideration, and acquisition related expenses. See Note 2 of the consolidated financial statements for the year ended December 31, 2024 filed on March 20, 2025 for a description of the contingent and deferred considerations associated with our acquisitions.
While we use Adjusted net income and Adjusted net income per share as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Adjusted net income and Adjusted net income per share are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of Adjusted net income and Adjusted net income per share 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 net income and Adjusted net income per share as compared to IFRS results are that Adjusted net income and Adjusted net income per share as we define them may not be comparable to similarly titled measures used by other companies in our industry and that Adjusted net income and Adjusted net income per share may exclude financial information that some investors may consider important in evaluating our performance.
Below is a reconciliation to Adjusted net income attributable to equity holders and Adjusted net income per share 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
|
|
Reporting Currency |
|
Constant
|
|||||||||||||||||
|
Three months ended
|
|
Change |
|
Change |
|
Year ended
|
|
Change |
|
Change |
|||||||||||||
|
2024 |
|
|
2023 |
|
|
% |
|
% |
|
2024 |
|
|
2023 |
|
|
|
% |
|
% |
||||
Revenue |
35,308 |
|
|
32,530 |
|
|
9 |
% |
|
10 |
% |
|
127,182 |
|
|
108,652 |
|
|
|
17 |
% |
|
18 |
% |
Net income for the period attributable to shareholders |
7,933 |
|
|
6,372 |
|
|
24 |
% |
|
26 |
% |
|
30,679 |
|
|
18,260 |
|
|
|
68 |
% |
|
69 |
% |
Net income margin |
22 |
% |
|
20 |
% |
|
|
|
|
|
24 |
% |
|
17 |
% |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income for the period attributable to shareholders |
7,933 |
|
|
6,372 |
|
|
24 |
% |
|
26 |
% |
|
30,679 |
|
|
18,260 |
|
|
|
68 |
% |
|
69 |
% |
Share-based payment and related expense (2) |
1,215 |
|
|
997 |
|
|
22 |
% |
|
23 |
% |
|
4,953 |
|
|
3,787 |
|
|
|
31 |
% |
|
31 |
% |
Fair value movement on contingent consideration (1) |
— |
|
|
— |
|
|
— |
% |
|
— |
% |
|
— |
|
|
6,939 |
|
|
|
(100 |
)% |
|
(100 |
)% |
Unwinding of deferred consideration (1) |
213 |
|
|
309 |
|
|
(31 |
)% |
|
(30 |
)% |
|
1,289 |
|
|
735 |
|
|
|
75 |
% |
|
76 |
% |
Employees' bonuses related to acquisition(1) |
— |
|
|
125 |
|
|
(100 |
)% |
|
(100 |
)% |
|
— |
|
|
368 |
|
|
|
(100 |
)% |
|
(100 |
)% |
Secondary offering related costs |
— |
|
|
— |
|
|
— |
% |
|
— |
% |
|
— |
|
|
733 |
|
|
|
(100 |
)% |
|
(100 |
)% |
Employees' bonuses related to offering |
— |
|
|
201 |
|
|
(100 |
)% |
|
(100 |
)% |
|
— |
|
|
201 |
|
|
|
(100 |
)% |
|
(100 |
)% |
Acquisition related costs |
1,907 |
|
|
508 |
|
|
275 |
% |
|
279 |
% |
|
2,151 |
|
|
821 |
|
|
|
162 |
% |
|
163 |
% |
| Other transaction related costs | — |
— |
— |
% |
— |
% |
110 |
— |
100 |
% |
100 |
% |
||||||||||||
Amortization expense related to acquired businesses and assets |
998 |
|
|
133 |
|
|
650 |
% |
|
656 |
% |
|
3,246 |
|
|
461 |
|
|
|
604 |
% |
|
607 |
% |
Tax effect of the adjusting costs |
(94 |
) |
|
(23 |
) |
|
309 |
% |
|
309 |
% |
|
(308 |
) |
|
(98 |
) |
|
|
214 |
% |
|
214 |
% |
Adjusted net income for the period attributable to shareholders |
12,172 |
|
|
8,622 |
|
|
41 |
% |
|
42 |
% |
|
42,120 |
|
|
32,207 |
|
|
|
31 |
% |
|
31 |
% |
Net income per share attributable to shareholders, basic |
0.23 |
|
|
0.17 |
|
|
35 |
% |
|
35 |
% |
|
0.85 |
|
|
0.49 |
|
|
|
73 |
% |
|
73 |
% |
Effect of adjustments for share-based payment and related expense, basic |
0.03 |
|
|
0.03 |
|
|
— |
% |
|
— |
% |
|
0.14 |
|
|
0.10 |
|
|
|
40 |
% |
|
40 |
% |
Effect of adjustments for fair value movements on contingent consideration, basic |
0.00 |
|
|
0.00 |
|
|
— |
% |
|
— |
% |
|
0.00 |
|
|
0.19 |
|
|
|
(100 |
)% |
|
(100 |
)% |
Effect of adjustments for unwinding on deferred consideration, basic |
0.01 |
|
|
0.01 |
|
|
— |
% |
|
— |
% |
|
0.04 |
|
|
0.02 |
|
|
|
100 |
% |
|
100 |
% |
Effect of adjustments for bonuses related to acquisition, basic |
0.00 |
|
|
0.00 |
|
|
— |
% |
|
— |
% |
|
0.00 |
|
|
0.01 |
|
|
|
(100 |
)% |
|
(100 |
)% |
Effect of adjustments for secondary offering related costs, basic |
0.00 |
|
|
0.00 |
|
|
— |
% |
|
— |
% |
|
0.00 |
|
|
0.02 |
|
|
|
(100 |
)% |
|
(100 |
)% |
Effect of adjustments for employees' bonuses related to offering, basic |
0.00 |
|
|
0.01 |
|
|
(100 |
)% |
|
(100 |
)% |
|
0.00 |
|
|
0.01 |
|
|
|
(100 |
)% |
|
(100 |
)% |
Effect of adjustments for acquisition related costs, basic |
0.05 |
|
|
0.01 |
|
|
400 |
% |
|
400 |
% |
|
0.06 |
|
|
0.02 |
|
|
|
200 |
% |
|
200 |
% |
| Effect of adjustments for other transaction related costs, basic | 0.00 |
0.00 |
— |
% |
— |
% |
0.00 |
0.00 |
— |
% |
— |
% |
||||||||||||
Effect of adjustments for amortization expense related to acquired businesses and assets, basic |
0.03 |
|
|
0.00 |
|
|
100 |
% |
|
100 |
% |
|
0.09 |
|
|
0.01 |
|
|
|
800 |
% |
|
800 |
% |
Effect of tax adjustments, basic |
— |
|
|
0.00 |
|
|
100 |
% |
|
100 |
% |
|
(0.01 |
) |
|
0.01 |
|
|
|
(200 |
)% |
|
(100 |
)% |
Adjusted net income per share attributable to shareholders, basic |
0.35 |
|
|
0.23 |
|
|
52 |
% |
|
52 |
% |
|
1.17 |
|
|
0.87 |
|
|
|
34 |
% |
|
36 |
% |
Net income per share attributable to ordinary shareholders, diluted |
0.23 |
|
|
0.16 |
|
|
44 |
% |
|
44 |
% |
|
0.84 |
|
|
0.47 |
|
|
|
79 |
% |
|
79 |
% |
Adjusted net income per share attributable to shareholders, diluted |
0.35 |
|
|
0.22 |
|
|
59 |
% |
|
59 |
% |
|
1.16 |
|
|
0.84 |
|
|
|
38 |
% |
|
40 |
% |
__________ |
(1) There is no tax impact from fair value movement on contingent consideration, unwinding of deferred consideration or employee bonuses related to acquisition. |
|
(2) Tax effect of adjusting costs is computed on share based payment and related expenses; secondary offering costs and related bonuses to employees; acquisition related costs and amortization charges related to acquired businesses and assets using effective tax rate for each period. |
Adjusted net income attributable to shareholders presented above for the three months and the year ended December 31, 2023 has been recast by
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
|
|
Reporting Currency |
|
Constant
|
||||||||||||||||||
|
Three Months Ended
|
|
Change |
|
Change |
|
Year ended
|
|
Change |
|
Change |
||||||||||||||
|
2024 |
|
|
2023 |
|
|
% |
|
% |
|
2024 |
|
|
2023 |
|
|
|
% |
|
|
% |
||||
|
(USD in thousands) |
|
|
|
|
(USD in thousands) |
|
|
|
|
|
||||||||||||||
Net income for the period attributable to shareholders |
7,933 |
|
|
6,372 |
|
|
24 |
% |
|
26 |
% |
|
30,679 |
|
|
18,260 |
|
|
|
68 |
% |
|
|
69 |
% |
Add back (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest expenses on borrowings and lease liability |
581 |
|
|
38 |
|
|
1429 |
% |
|
1429 |
% |
|
1,509 |
|
|
165 |
|
|
|
815 |
% |
|
|
820 |
% |
Interest income |
(20 |
) |
|
(90 |
) |
|
(78 |
)% |
|
(78 |
)% |
|
(137 |
) |
|
(259 |
) |
|
|
(47 |
)% |
|
|
(47 |
)% |
Income tax charge |
1,073 |
|
|
(159 |
) |
|
(775 |
)% |
|
(778 |
)% |
|
3,471 |
|
|
1,881 |
|
|
|
85 |
% |
|
|
85 |
% |
Depreciation expense |
124 |
|
|
63 |
|
|
97 |
% |
|
100 |
% |
|
376 |
|
|
246 |
|
|
|
53 |
% |
|
|
53 |
% |
Amortization expense |
1,632 |
|
|
505 |
|
|
223 |
% |
|
226 |
% |
|
5,426 |
|
|
1,842 |
|
|
|
195 |
% |
|
|
196 |
% |
EBITDA |
11,323 |
|
|
6,729 |
|
|
68 |
% |
|
70 |
% |
|
41,324 |
|
|
22,135 |
|
|
|
87 |
% |
|
|
88 |
% |
Share-based payment and related expense |
1,215 |
|
|
997 |
|
|
22 |
% |
|
23 |
% |
|
4,953 |
|
|
3,787 |
|
|
|
31 |
% |
|
|
31 |
% |
Fair value movement on contingent consideration |
— |
|
|
— |
|
|
— |
% |
|
— |
% |
|
— |
|
|
6,939 |
|
|
|
(100 |
)% |
|
|
(100 |
)% |
Unwinding of deferred consideration |
213 |
|
|
309 |
|
|
(31 |
)% |
|
(30 |
)% |
|
1,289 |
|
|
735 |
|
|
|
75 |
% |
|
|
76 |
% |
Foreign currency translation losses (gains), net |
(7 |
) |
|
1,699 |
|
|
(100 |
)% |
|
(100 |
)% |
|
(1,316 |
) |
|
923 |
|
|
|
(243 |
)% |
|
|
(243 |
)% |
Other finance results |
85 |
|
|
1 |
|
|
8400 |
% |
|
8400 |
% |
|
180 |
|
|
73 |
|
|
|
147 |
% |
|
|
148 |
% |
Secondary offering related costs |
— |
|
|
— |
|
|
— |
% |
|
— |
% |
|
— |
|
|
733 |
|
|
|
(100 |
)% |
|
|
(100 |
)% |
Employee bonuses related to the offering |
— |
|
|
201 |
|
|
(100 |
)% |
|
(100 |
)% |
|
— |
|
|
201 |
|
|
|
(100 |
)% |
|
|
(100 |
)% |
Other transaction related costs |
— |
|
|
— |
|
|
— |
% |
|
— |
% |
|
110 |
|
|
— |
|
|
|
100 |
% |
|
|
100 |
% |
Acquisition related costs (1) |
1,907 |
|
|
508 |
|
|
275 |
% |
|
279 |
% |
|
2,151 |
|
|
821 |
|
|
|
162 |
% |
|
|
163 |
% |
Employees' bonuses related to acquisition |
— |
|
|
125 |
|
|
(100 |
)% |
|
(100 |
)% |
|
— |
|
|
368 |
|
|
|
(100 |
)% |
|
|
(100 |
)% |
Adjusted EBITDA |
14,736 |
|
|
10,569 |
|
|
39 |
% |
|
41 |
% |
|
48,691 |
|
|
36,715 |
|
|
|
33 |
% |
|
|
33 |
% |
| __________ |
(1) The acquisition costs are related to historical and contemplated 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 (unaudited):
|
Reporting Currency |
|
Constant
|
|
Reporting Currency |
|
Constant
|
||||||||||||||||||
|
Three Months Ended
|
|
Change |
|
Change |
|
Year ended
|
|
Change |
|
Change |
||||||||||||||
|
2024 |
|
|
2023 |
|
|
% |
|
% |
|
2024 |
|
|
2023 |
|
|
|
% |
|
|
% |
||||
|
(USD in thousands,
|
|
|
|
|
(in thousands USD,
|
|
|
|
|
|
||||||||||||||
Revenue |
35,308 |
|
|
32,530 |
|
|
9 |
% |
|
10 |
% |
|
127,182 |
|
|
108,652 |
|
|
|
17 |
% |
|
|
18 |
% |
Adjusted EBITDA |
14,736 |
|
|
10,569 |
|
|
39 |
% |
|
41 |
% |
|
48,691 |
|
|
36,715 |
|
|
|
33 |
% |
|
|
33 |
% |
Adjusted EBITDA Margin |
42 |
% |
|
32 |
% |
|
|
|
|
|
38 |
% |
|
34 |
% |
|
|
|
|
|
|
||||
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. In the second quarter of 2024, we changed our definition of free cash flow to exclude from capital expenditures the cash flows related to asset acquisitions, in addition to cash flows related to business combinations. Previously, cash flows related to business combinations but not asset acquisitions were excluded from capital expenditures. We believe this more appropriately reflects the measurement of free cash flow as it includes capital expenditures related to internal development, ongoing maintenance and acquisition of property and equipment in the ordinary course of business but excludes discretionary acquisitions.
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 payments and other obligations or payments made for 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
|
|
Change |
|
Year ended
|
|
Change |
|||||||||||
|
2024 |
|
2023 |
|
% |
|
2024 |
|
2023 |
|
|
% |
||||||
|
(in thousands USD,
|
|
|
|
(USD in thousands,
|
|
|
|
||||||||||
Cash flows generated by operating activities |
13,698 |
|
|
7,140 |
|
|
92 |
% |
|
37,638 |
|
|
17,910 |
|
|
|
110 |
% |
Adjustment for items presented in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Payment of contingent consideration |
— |
|
|
— |
|
|
— |
% |
|
— |
|
|
4,621 |
|
|
|
(100 |
)% |
Payment of deferred consideration |
— |
|
|
— |
|
|
— |
% |
|
7,156 |
|
|
2,897 |
|
|
|
147 |
% |
Adjustment for items presenting in investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital Expenditures (1): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Acquisition of property and equipment |
(137 |
) |
|
(157 |
) |
|
(13 |
)% |
|
(1,326 |
) |
|
(451 |
) |
|
|
194 |
% |
Capitalization of internally developed intangibles |
(399 |
) |
|
(472 |
) |
|
(15 |
)% |
|
(1,886 |
) |
|
(1,977 |
) |
|
|
(5 |
)% |
Free Cash Flow |
13,162 |
|
|
6,511 |
|
|
102 |
% |
|
41,582 |
|
|
23,000 |
|
|
|
81 |
% |
__________ |
(1) Capital expenditures are defined as the acquisition of property and equipment, and capitalized research and development costs, and excludes cash flows related to acquisitions accounted for as business combinations and asset acquisitions, as described above. Accordingly, capital expenditures presented above for the year ended December 31, 2023 have been recast to exclude cash flows related to acquisition of intangible assets |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250320612695/en/
For further information:
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
What were Gambling.com Group's (GAMB) Q4 2024 financial results?
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