Codere Online Reports Financial Results for the Third Quarter 2023
Codere Online (Nasdaq: CDRO / CDROW, “the Company”), a leading online gaming operator in Spain and Latin America, has released its financial results for the third quarter and nine month period ended September 30, 2023.
Below are the main financial and operating metrics of the period.
| Quarter ended September 30 | Nine Months ended September 30 | ||||||
| 2022 | 2023 | Chg. % | 2022 | 2023 | Chg. % | ||
| Net Gaming Revenue (EUR mm) 1 | |||||||
| Spain | 14.9 | 18.9 | 27% | 42.2 | 54.9 | 30% | |
| Mexico | 12.9 | 21.0 | 63% | 34.8 | 56.6 | 63% | |
| Colombia | 1.9 | 1.8 | (5%) | 5.6 | 6.2 | 11% | |
| Other | 0.9 | 1.5 | 67% | 2.7 | 4.1 | 52% | |
| Total | 30.6 | 43.2 | 41% | 85.2 | 121.8 | 43% | |
| Avg. Monthly Active Players (000s) 2 | |||||||
| Spain | 35.2 | 41.0 | 16% | 37.1 | 40.6 | 10% | |
| Mexico | 37.4 | 51.8 | 39% | 34.3 | 50.3 | 46% | |
| Colombia | 24.2 | 22.7 | (6%) | 25.4 | 24.7 | (3%) | |
| Other | 7.5 | 9.0 | 20% | 6.8 | 9.1 | 34% | |
| Total | 104.3 | 124.5 | 19% | 103.6 | 124.7 | 20% | |
Aviv Sher, CEO of Codere Online, stated, “We’re very pleased with our performance in the third quarter and to be presenting another set of impressive results. This quarter we not only posted significant net gaming revenue growth of 41% to €43 million, but also took a significant step in our path to profitability with break even Adjusted EBITDA in the period. It was a solid quarter for sports betting, with the return of the major sporting events, but also for our casino product, which contributed 58% of our revenue in the period.”
Mr. Sher further added, “Mexico continued to exceed our expectations with revenue growth of 63% in the third quarter, reaching €21.0 million and consolidating its position as our largest market (by revenue) ahead of Spain, where net gaming revenue also grew by an impressive 27%, to €18.9 million.”
Oscar Iglesias, CFO of Codere Online, stated, “Our third quarter results have shown that the combination of a strong brand, high-quality customer acquisitions and an attractive product offering has allowed us to deliver not only strong top line growth but also a significant improvement in profitability, with our first quarter of breakeven Adjusted EBITDA less than two years following our U.S. listing.”
Mr. Iglesias further added, “Based on these strong results and recent trading activity, we now expect to generate between €155-165 million of net gaming revenue and negative €10-18 million in Adjusted EBITDA in 2023, and reaffirm that we expect to generate positive Adjusted EBITDA and cash flow for the full year in 2024.”
Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)
| Quarter ended September 30 | Nine Months ended September 30 | ||||||
| Figures in EUR mm | 2022 | 2023 | Chg. % | 2022 | 2023 | Chg. % | |
| Total | |||||||
| Revenue | 28.9 | 41.1 | 42% | 80.1 | 115.7 | 44% | |
| (+) Accounting Adjustments3 | 1.7 | 2.2 | 29% | 5.1 | 6.1 | 20% | |
| Net Gaming Revenue | 30.6 | 43.2 | 41% | 85.2 | 121.8 | 43% | |
| Spain | |||||||
| Revenue | 14.9 | 18.9 | 27% | 42.2 | 54.9 | 30% | |
| (+) Accounting Adjustments3 | – | – | n.m. | – | – | n.m. | |
| Net Gaming Revenue | 14.9 | 18.9 | 27% | 42.2 | 54.9 | 30% | |
| Mexico | |||||||
| Revenue | 11.4 | 18.8 | 65% | 31.0 | 50.7 | 64% | |
| (+) Accounting Adjustments3 | 1.4 | 2.3 | 64% | 3.8 | 5.9 | 55% | |
| Net Gaming Revenue | 12.9 | 21.0 | 63% | 34.8 | 56.6 | 63% | |
| Colombia | |||||||
| Revenue | 1.8 | 1.8 | – | 4.6 | 6.5 | 41% | |
| (+) Accounting Adjustments3 | 0.1 | (0.1) | n.m. | 1.0 | (0.3) | (130%) | |
| Net Gaming Revenue | 1.9 | 1.8 | (5%) | 5.6 | 6.2 | 11% | |
| Other | |||||||
| Revenue | 0.7 | 1.5 | 114% | 2.3 | 3.6 | 57% | |
| (+) Accounting Adjustments3 | 0.2 | (0.0) | (100%) | 0.4 | 0.5 | 25% | |
| Net Gaming Revenue | 0.9 | 1.5 | 67% | 2.7 | 4.1 | 52% | |
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