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Codere Online Reports Financial Results for the Fourth Quarter and Full Year 2023

Published

10 months ago

February 29, 2024

Reading Time: 3 minutes

Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited[2] financial results for the fourth quarter and year ended December 31, 2023.

Below are the main financial and operating metrics of the period.


	Quarter ended December 31			Year ended December 31
	2022	2023	Chg. %	2022	2023	Chg. %

Net Gaming Revenue (EUR mm)¹
Spain	17.8	20.8	17%	60.0	75.7	26%
Mexico	16.3	25.1	54%	51.1	81.7	60%
Colombia	2.3	2.3	–	7.9	8.5	8%
Other	1.3	1.8	38%	3.9	6.0	54%
Total	37.7	50.1	33%	122.9	171.9	40%

Avg. Monthly Active Players (000s)[3]
Spain	41.3	47.4	15%	38.1	42.3	11%
Mexico	50.8	59.1	16%	38.5	52.5	37%
Colombia	38.5	23.0	(40%)	28.7	24.3	(15%)
Other	11.2	9.6	(14%)	7.9	9.2	17%
Total	141.8	139.2	(2%)	113.1	128.3	13%

Aviv Sher, CEO of Codere Online, stated, “In Q4 2023 we delivered an impressive 33% growth in net gaming revenue to €50 million, our highest ever quarterly figure, despite a tough comp with the World Cup in the prior year period. Our strategic focus on Mexico and Spain, where we are seeing a strong return on marketing investment, has proven successful, with significant increases in both our active customer base and spend per customer. Casino continued to exceed our expectations with a second consecutive quarter contributing 58% of total net gaming revenue in the period.”

Mr. Sher further added, “Our net gaming revenue in Mexico grew by 54% in the fourth quarter, reaching more than €25 million, whereas net gaming revenue in Spain, grew by 17%, to nearly €21 million. We were able to grow our active customer base by more than 15% in both markets in the quarter which we believe is impressive considering the similar level of marketing investment in these countries in 2023 versus the prior year.”

Oscar Iglesias, CFO of Codere Online, stated, “Our fourth quarter results have allowed us to reach nearly €172 million of net gaming revenue for the full year, 19% above the midpoint of the initial €140-150 mm outlook we provided early last year. This outperformance, combined with the overall lower level of marketing investment, also allowed us to deliver a better than expected negative €12mm in Adjusted EBITDA versus the initial outlook of negative €20-30mm.”

Mr. Iglesias further added, “We are very encouraged by our performance in 2023 which further supports our expectation that we will generate positive Adjusted EBITDA and cash flow for the full year in 2024, a year in which we expect net gaming revenue of €185-200 mm. In short, we expect to deliver upon our original commitment to investors to be a profitable company in the third year after de-SPAC and are more committed than ever to creating meaningful value for our shareholders.”

Conference Call Information

Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, February 29, 2024. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

	Quarter ended December 31			Year ended December 31
Figures in EUR mm	2022	2023	Chg. %	2022	2023	Chg. %

Total

Revenue	35.6	46.9	32%	115.7	162.6	41%
(+) Accounting Adjustments[4]	2.1	3.1	48%	7.2	9.2	28%
Net Gaming Revenue	37.7	50.1	33%	122.9	171.9	40%

Spain

Revenue	17.8	20.8	17%	60.0	75.7	26%
(+) Accounting Adjustments³	–	–	n.m.	–	–	n.m.
Net Gaming Revenue	17.8	20.8	17%	60.0	75.7	26%

Mexico

Revenue	14.5	22.6	56%	45.5	73.3	61%
(+) Accounting Adjustments³	1.8	2.5	39%	5.6	8.4	50%
Net Gaming Revenue	16.3	25.1	54%	51.1	81.7	60%

Colombia

Revenue	2.4	2.8	17%	7.0	9.3	33%
(+) Accounting Adjustments³	(0.1)	(0.5)	n.m.	0.9	(0.8)	n.m.
Net Gaming Revenue	2.3	2.3	–	7.9	8.5	8%

Other

Revenue	0.9	0.7	(22%)	3.2	4.4	38%
(+) Accounting Adjustments³	0.4	1.1	n.m.	0.7	1.6	129%
Net Gaming Revenue	1.3	1.8	38%	3.9	6.0	54%

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