Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group”
or the “Company”), a leading provider of digital marketing services
for the global online gambling industry, today reported record
third quarter financial results for the three months ended
September 30, 2023. The Company also reiterated its guidance for
2023 full-year revenue and Adjusted EBITDA.
Three Months Ended September 30, 2023
vs. Three Months Ended September 30, 2022 Financial
Highlights
(USD in thousands, except per share data, unaudited)
Three Months Ended September
30,
Change
2023
2022
%
Revenue
23,458
19,649
19
%
Net income for the period attributable to
shareholders (1)
5,013
2,261
122
%
Net income per share attributable to
shareholders, diluted (1)
0.13
0.06
117
%
Net income margin (1)
21
%
12
%
Adjusted net income for the period
attributable to shareholders (1)(2)
5,407
6,035
(10
)%
Adjusted net income per share attributable
to shareholders, diluted (1)(2)
0.14
0.16
(13
)%
Adjusted EBITDA (1)(2)
6,054
6,413
(6
)%
Adjusted EBITDA Margin (1)(2)
26
%
33
%
Cash flows (used in) generated by
operating activities
(715
)
5,622
(113
)%
Free Cash Flow (2)
1,578
4,896
(68
)%
__________
(1) For the three months ended September
30, 2023, Net income and Net income per share include, and Adjusted
net income and Adjusted net income per share exclude, adjustments
related to the Company's 2022 acquisitions of RotoWire and
BonusFinder of $0.3 million, or $0.01 per share. Similarly, these
adjustments totaled $3.8 million, or $0.11 per share, for the three
months ended September 30, 2022. See “Supplemental Information -
Non-IFRS Financial Measures” and the tables at the end of this
release for an explanation of the adjustments.
(2) 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.
Charles Gillespie, Chief Executive Officer and Co-Founder of
Gambling.com Group, commented, “Our third quarter results highlight
our consistent performance driven by robust organic growth in North
America. Even in what is traditionally a seasonally slow quarter,
we grew new depositing customers 26% to surpass 86,000 which
contributed to 19% revenue growth to $23.5 million, Adjusted EBITDA
of $6.1 million and Free Cash Flow of $1.6 million.
“Third quarter North American revenue of $12.9 million includes
significant growth in our owned assets and a break-out performance
from our media partnerships at the start of the Fall sports season.
Our ability to quickly scale our strategic media partnerships
complements the growth from our influential owned websites. This
results in consistent year-over-year market share gains in existing
states even as we face tougher comparisons given the significant
organic growth we have already achieved. Our strong North American
growth was partially offset by a moderation in our U.K and Ireland
performance following seven consecutive quarters of average revenue
growth of 28% across these well-established markets. We are
confident that our growth opportunities in the U.K. and Ireland
markets will remain strong, including the expected benefit from the
ramping up of our recently launched media partnership with The
Independent for the U.K market.
“Gambling.com Group is expected to continue to benefit from many
near- and long-term opportunities to deliver profitable organic
growth. These include further market share gains in existing
markets, the benefit from expected future expansions of iGaming and
online sports betting in new markets in North America and around
the world, our ability to scale and optimize our media partnerships
and further growth in our more established European markets. We
expect that our ability to leverage these revenue drivers with our
business model, which generates attractive Adjusted EBITDA margins
and strong Free Cash Flow conversion, will continue to increase
shareholder value.”
Third Quarter 2023 and Recent Business
Highlights
- Grew North American revenue 42% to $12.9 million
- Delivered more than 86,000 new depositing customers
- Launched the all new Casinos.com in July
- Successfully launched the Company’s first international media
partnership in July with The Independent in the U.K.
- Successfully launched operations in Kentucky just before the
quarter end on September 28th
Elias Mark, Chief Financial Officer of Gambling.com Group,
added, “Third quarter revenue exceeded expectations and Adjusted
EBITDA was in line with expectations, reflecting the faster than
anticipated acceleration of our North American media partnerships.
We are very pleased with the performance of our media partnerships
and we expect them to continue to be a key contributor to revenue
and cash flow growth going forward. Our year-to-date revenue growth
combined with our disciplined focus on capital efficiency generated
Free Cash Flow for the first nine months of 2023 of $16.3 million,
already exceeding our full-year 2022 level. We remain on track to
deliver strong full year results as our reiterated guidance implies
year-over-year revenue and Adjusted EBITDA growth of more than 30%
and 50%, respectively.”
2023 Outlook
The Company confirmed its full-year 2023 revenue guidance as
follows:
Low
Midpoint
High
FY 2022
Revenue (millions)
100
102
104
76.5
Adjusted EBITDA (millions)
36
38
40
24.1
Adjusted EBITDA Margin
36
%
37
%
38
%
31
%
For 2023, revenue is expected to be between $100 million and
$104 million, which implies organic revenue growth of 31%-36%, and
Adjusted EBITDA is expected to be between $36 million and $40
million.
The Company’s guidance assumes:
- No revenue from any additional North American markets for the
balance of 2023
- No contribution from any new acquisitions
- Ongoing investments through the balance of 2023 for the
development of Casinos.com and to support the Company’s media
partners, including Gannett, McClatchy and The Independent
- An average EUR/USD exchange rate of 1.07 throughout the
remainder of 2023
Nine Months Ended September 30, 2023
vs. Nine Months Ended September 30, 2022 Financial
Highlights
(USD in thousands, except per share data, unaudited)
Nine Months Ended September
30,
Change
2023
2022
%
Revenue
76,122
55,158
38
%
Net income for the period attributable to
shareholders (1)
11,886
6,799
75
%
Net income per share attributable to
shareholders, diluted (1)
0.31
0.18
72
%
Net income margin (1)
16
%
12
%
Adjusted net income for the period
attributable to shareholders (1)(2)
19,493
13,582
44
%
Adjusted net income per share attributable
to shareholders, diluted (1)(2)
0.51
0.36
42
%
Adjusted EBITDA (1)(2)
26,146
17,214
52
%
Adjusted EBITDA Margin (1)(2)
34
%
31
%
Cash flows generated by operating
activities
10,950
12,567
(13
)%
Free Cash Flow (2)
16,306
9,083
80
%
__________
(1) For the nine months ended September
30, 2023, Net income and Net income per share include, and Adjusted
net income and Adjusted net income per share exclude, adjustments
related to the Company's 2022 acquisitions of RotoWire and
BonusFinder of $7.4 million, or $0.20 per share. Similarly, these
adjustments totaled $6.8 million, or $0.19 per share, for the nine
months ended September 30, 2022. See “Supplemental Information -
Non-IFRS Financial Measures” and the tables at the end of this
release for an explanation of the adjustments.
(2) 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:
Wednesday, November 15, 2023, at 4:30 p.m.
ET
Webcast:
https://www.webcast-eqs.com/gamb20231115/en
U.S. Toll-Free Dial In:
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
multi-award-winning performance marketing company and a leading
provider of digital marketing services active in the online
gambling industry. Founded in 2006, the Group has offices globally,
primarily operating in the United States and Ireland. Through its
proprietary technology platform, the Group publishes a portfolio of
premier branded websites including Gambling.com, Bookies.com,
Casinos.com and RotoWire.com. Gambling.com Group owns and operates
more than 50 websites in seven languages across 15 national markets
covering all aspects of the online gambling industry, including
iGaming and sports betting, and the fantasy sports industry.
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 U.S. Private
Securities Litigation Reform Act of 1995, that relate to our
current expectations and views of future events. All statements
other than statements of historical facts contained in this press
release, including statements relating to our expectation of
continued growth in the North American market and other established
markets, our ability to scale and optimize our media partnerships,
the expected benefit from the ramp up of our recently launched
media partnership with The Independent for the U.K market, the
expected continuation to benefit from near- and long-term
opportunities to deliver profitable organic growth, whether our
ability to leverage revenue drivers with our business model will
continue to increase shareholder value, and our 2023 outlook, are
all forward-looking statements. These statements represent our
opinions, expectations, beliefs, intentions, estimates or
strategies regarding the future, which may not be realized. In some
cases, you can identify forward-looking statements by terms such as
“believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,”
“should,” “plan,” “expect,” “predict,” “potential,” “could,”
“will,” “would,” “ongoing,” “future” or the negative of these terms
or other similar expressions that are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Forward-looking
statements are based largely on our current expectations and
projections about future events and financial trends that we
believe may affect our financial condition, results of operations,
business strategy, short-term and long-term business operations and
objectives and financial needs. These forward-looking statements
involve known and unknown risks, uncertainties, contingencies,
changes in circumstances that are difficult to predict and other
important factors that may cause our actual results, performance,
or achievements to be materially and/or significantly different
from any future results, performance or achievements expressed or
implied by the forward-looking statement. Important factors that
could cause actual results to differ materially from our
expectations are discussed under “Item 3. Key Information - Risk
Factors” in Gambling.com Group’s annual report filed on Form 20-F
for the year ended December 31, 2022 with the U.S. Securities and
Exchange Commission (the “SEC”) on March 23, 2023, and Gambling.com
Group’s other filings with the SEC as such factors may be updated
from time to time. Any forward-looking statements contained in this
press release speak only as of the date hereof and accordingly
undue reliance should not be placed on such statements.
Gambling.com Group disclaims any obligation or undertaking to
update or revise any forward-looking statements contained in this
press release, whether as a result of new information, future
events or otherwise, other than to the extent required by
applicable law.
Consolidated Statements of Comprehensive
Income (Loss) (Unaudited) (USD in thousands, except per share
amounts)
The following table details the consolidated statements of
comprehensive income for the three and nine months ended September
30, 2023 and 2022 in the Company's reporting currency and constant
currency.
Reporting Currency
Constant Currency
Reporting Currency
Constant Currency
Three Months Ended September
30,
Change
Change
Nine Months Ended September
30,
Change
Change
2023
2022
%
%
2023
2022
%
%
Revenue
23,458
19,649
19
%
11
%
76,122
55,158
38
%
35
%
Cost of sales
(2,136
)
(605
)
253
%
228
%
(4,023
)
(2,330
)
73
%
69
%
Gross profit
21,322
19,044
12
%
4
%
72,099
52,828
36
%
34
%
Sales and marketing expenses
(8,636
)
(8,523
)
1
%
(6
)%
(25,644
)
(24,339
)
5
%
3
%
Technology expenses
(2,525
)
(1,694
)
49
%
39
%
(7,229
)
(4,556
)
59
%
55
%
General and administrative expenses
(4,831
)
(4,686
)
3
%
(4
)%
(17,297
)
(14,318
)
21
%
18
%
Movements in credit losses allowance
(615
)
(299
)
106
%
91
%
(1,382
)
(898
)
54
%
51
%
Fair value movement on contingent
consideration
—
(3,686
)
(100
)%
(100
)%
(6,939
)
(6,535
)
6
%
4
%
Operating profit
4,715
156
2922
%
2707
%
13,608
2,182
524
%
510
%
Finance income
968
3,093
(69
)%
(71
)%
1,674
7,412
(77
)%
(78
)%
Finance expenses
(373
)
(648
)
(42
)%
(47
)%
(1,356
)
(1,955
)
(31
)%
(32
)%
Income before tax
5,310
2,601
104
%
90
%
13,926
7,639
82
%
78
%
Income tax charge
(297
)
(340
)
(13
)%
(19
)%
(2,040
)
(840
)
143
%
138
%
Net income for the period attributable
to shareholders
5,013
2,261
122
%
106
%
11,886
6,799
75
%
71
%
Other comprehensive income
(loss)
Exchange differences on translating
foreign currencies
(2,777
)
(5,961
)
(53
)%
(57
)%
(2,085
)
(13,888
)
(85
)%
(85
)%
Total comprehensive income (loss) for
the period attributable to shareholders
2,236
(3,700
)
160
%
156
%
9,801
(7,089
)
238
%
235
%
Consolidated Statements of
Financial Position (Unaudited)
(USD in thousands)
SEPTEMBER 30,
2023
DECEMBER 31,
2022
ASSETS
Non-current assets
Property and equipment
823
714
Right-of-use assets
1,557
1,818
Intangible assets
88,505
88,521
Deferred compensation cost
—
29
Deferred tax asset
6,113
5,832
Total non-current assets
96,998
96,914
Current assets
Trade and other receivables
17,600
12,222
Inventories
—
75
Cash and cash equivalents
26,884
29,664
Total current assets
44,484
41,961
Total assets
141,482
138,875
EQUITY AND LIABILITIES
Equity
Share capital
—
—
Capital reserve
74,166
63,723
Treasury shares
(1,107
)
(348
)
Share options and warrants reserve
6,597
4,411
Foreign exchange translation reserve
(9,160
)
(7,075
)
Retained earnings
38,284
26,398
Total equity
108,780
87,109
Non-current liabilities
Other payables
—
290
Deferred consideration
—
4,774
Contingent consideration
—
11,297
Lease liability
1,250
1,518
Deferred tax liability
2,171
2,179
Total non-current liabilities
3,421
20,058
Current liabilities
Trade and other payables
6,655
6,342
Deferred income
2,543
1,692
Deferred consideration
17,882
2,800
Contingent consideration
—
19,378
Other liability
290
226
Lease liability
571
554
Income tax payable
1,340
716
Total current liabilities
29,281
31,708
Total liabilities
32,702
51,766
Total equity and liabilities
141,482
138,875
Consolidated Statements of
Cash Flows (Unaudited)
(USD in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Cash flow from operating
activities
Income before tax
5,310
2,601
13,926
7,639
Finance income, net
(596
)
(2,445
)
(318
)
(5,457
)
Adjustments for non-cash items:
Depreciation and amortization
495
1,780
1,520
5,558
Movements in credit loss allowance
615
299
1,382
898
Fair value movement on contingent
consideration
—
3,686
6,939
6,535
Share-based payment expense
696
791
2,790
2,400
Warrants repurchased
—
—
—
(800
)
Income tax paid
26
(33
)
(1,763
)
(816
)
Payment of contingent consideration
—
—
(4,621
)
—
Payment of deferred consideration
(2,897
)
—
(2,897
)
—
Cash flows from operating activities
before changes in working capital
3,649
6,679
16,958
15,957
Changes in working capital
Trade and other receivables
(5,235
)
(2,292
)
(7,127
)
(4,931
)
Trade and other payables
858
1,235
1,044
1,541
Inventories
13
—
75
—
Cash flows (used in ) generated by
operating activities
(715
)
5,622
10,950
12,567
Cash flows from investing
activities
Acquisition of property and equipment
(90
)
(108
)
(294
)
(350
)
Acquisition of intangible assets
(514
)
(618
)
(1,868
)
(3,134
)
Acquisition of subsidiaries, net of cash
acquired
—
—
—
(23,411
)
Interest received from bank deposits
90
—
169
—
Payment of deferred consideration
(2,543
)
—
(4,933
)
—
Payment of contingent consideration
—
—
(5,557
)
—
Cash flows used in investing
activities
(3,057
)
(726
)
(12,483
)
(26,895
)
Cash flows from financing
activities
Exercise of share options
106
—
106
—
Treasury shares acquired
—
—
(759
)
—
Interest payment attributable to third
party borrowings
—
(239
)
—
(359
)
Interest payment attributable to deferred
consideration settled
—
—
(110
)
—
Principal paid on lease liability
(105
)
(75
)
(304
)
(240
)
Interest paid on lease liability
(40
)
(47
)
(127
)
(142
)
Cash flows used in financing
activities
(39
)
(361
)
(1,194
)
(741
)
Net movement in cash and cash
equivalents
(3,811
)
4,535
(2,727
)
(15,069
)
Cash and cash equivalents at the
beginning of the period
31,312
31,102
29,664
51,047
Net foreign exchange differences on
cash and cash equivalents
(616
)
(545
)
(53
)
(886
)
Cash and cash equivalents at the end of
the period
26,884
35,092
26,884
35,092
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:
Three Months Ended September
30,
Reporting Currency
Change
Constant Currency
Change
Nine Months Ended September
30,
Reporting Currency
Change
Constant Currency
Change
2023
2022
%
%
2023
2022
%
%
Net income for the period attributable
to shareholders
5,013
2,261
122
%
106
%
11,886
6,799
75
%
71
%
Weighted-average number of ordinary
shares, basic
37,402,935
36,467,299
3
%
3
%
36,988,690
35,613,073
4
%
4
%
Net income per share attributable to
shareholders, basic
0.13
0.06
117
%
86
%
0.32
0.19
68
%
65
%
Net income for the period attributable
to shareholders
5,013
2,261
122
%
106
%
11,886
6,799
75
%
71
%
Weighted-average number of ordinary
shares, diluted
38,711,429
37,289,010
4
%
4
%
38,176,200
37,324,222
2
%
2
%
Net income per share attributable to
shareholders, diluted
0.13
0.06
117
%
86
%
0.31
0.18
72
%
68
%
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 expect
to incur gains or losses related to the contingent consideration
and expenses related to the unwinding of deferred consideration and
employee bonuses until December 2023. See Note 5 of the
consolidated financial statements for the three and nine months
ended September 30, 2023 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
(Loss) and for the period specified stated in the Company's
reporting currency and constant currency:
Reporting Currency
Constant Currency
Reporting Currency
Constant Currency
Three months ended September
30,
Change
Change
Nine Months Ended September
30,
Change
Change
2023
2022
%
%
2023
2022
%
%
Revenue
23,458
19,649
19
%
11
%
76,122
55,158
38
%
35
%
Net income for the period attributable
to shareholders
5,013
2,261
122
%
106
%
11,886
6,799
75
%
71
%
Net income margin
21
%
12
%
16
%
12
%
Net income for the period attributable
to shareholders
5,013
2,261
122
%
106
%
11,886
6,799
75
%
71
%
Fair value movement on contingent
consideration (1)
—
3,686
(100
)%
(100
)%
6,939
6,535
6
%
4
%
Unwinding of deferred consideration
(1)
316
88
259
%
233
%
425
248
71
%
68
%
Employees' bonuses related to
acquisition(1)
78
—
100
%
100
%
243
—
100
%
100
%
Adjusted net income for the period
attributable to shareholders
5,407
6,035
(10
)%
(17
)%
19,493
13,582
44
%
40
%
Net income per share attributable to
shareholders, basic
0.13
0.06
117
%
86
%
0.32
0.19
68
%
65
%
Effect of adjustments for fair value
movements on contingent consideration, basic
0.00
0.10
(100
)%
(100
)%
0.19
0.18
6
%
—
%
Effect of adjustments for unwinding on
deferred consideration, basic
0.01
0.01
—
%
—
%
0.01
0.01
—
%
—
%
Effect of adjustments for bonuses related
to acquisition, basic
0.00
0.00
—
%
—
%
0.01
0.00
100
%
100
%
Adjusted net income per share
attributable to shareholders, basic
0.14
0.17
(12
)%
(22
)%
0.53
0.38
39
%
36
%
Net income per share attributable to
ordinary shareholders, diluted
0.13
0.06
117
%
86
%
0.31
0.18
72
%
68
%
Adjusted net income per share attributable
to shareholders, diluted
0.14
0.16
(13
)%
(18
)%
0.51
0.36
42
%
38
%
__________
(1) There is no tax impact from fair value
movement on contingent consideration, unwinding of deferred
consideration or employee bonuses related to acquisition.
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:
Reporting Currency
Constant Currency
Reporting Currency
Constant Currency
Three Months Ended September
30,
Change
Change
Nine Months Ended September
30,
Change
Change
2023
2022
%
%
2023
2022
%
%
(USD in thousands)
(USD in thousands)
Net income for the period attributable
to shareholders
5,013
2,261
122
%
106
%
11,886
6,799
75
%
71
%
Add back (deduct):
Interest expenses on borrowings and lease
liability
40
131
(69
)%
(72
)%
127
496
(74
)%
(75
)%
Income tax charge
297
340
(13
)%
(17
)%
2,040
840
143
%
138
%
Depreciation expense
63
60
5
%
(2
)%
183
147
24
%
22
%
Amortization expense
432
1,720
(75
)%
(77
)%
1,337
5,411
(75
)%
(76
)%
EBITDA
5,845
4,512
30
%
20
%
15,573
13,693
14
%
11
%
Share-based payment expense
696
791
(12
)%
(18
)%
2,790
2,400
16
%
14
%
Fair value movement on contingent
consideration
—
3,686
(100
)%
(100
)%
6,939
6,535
6
%
4
%
Unwinding of deferred consideration
316
88
259
%
233
%
425
248
71
%
67
%
Foreign currency translation losses
(gains), net
(878
)
(2,784
)
(68
)%
(71
)%
(775
)
(6,390
)
(88
)%
(88
)%
Interest income from bank deposits
(90
)
—
100
%
100
%
(169
)
—
100
%
100
%
Other finance results
17
120
(86
)%
(87
)%
74
189
(61
)%
(61
)%
Secondary offering related costs
—
—
—
%
—
%
733
—
100
%
100
%
Acquisition related costs (1)
70
—
100
%
100
%
313
539
(42
)%
(43
)%
Employees' bonuses related to
acquisition
78
—
100
%
100
%
243
—
100
%
100
%
Adjusted EBITDA
6,054
6,413
(6
)%
(12
)%
26,146
17,214
52
%
49
%
__________
(1) The acquisition costs are related to
historical and potential 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:
Reporting Currency
Constant Currency
Reporting Currency
Constant Currency
Three Months Ended September
30,
Change
Change
Nine Months Ended September
30,
Change
Change
2023
2022
%
%
2023
2022
%
%
(USD in thousands, except
margin)
(in thousands USD, except
margin)
Revenue
23,458
19,649
19
%
11
%
76,122
55,158
38
%
35
%
Adjusted EBITDA
6,054
6,413
(6
)%
(12
)%
26,146
17,214
52
%
49
%
Adjusted EBITDA Margin
26
%
33
%
34
%
31
%
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 adjusted for non-recurring
items within operating cash flow 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:
Three Months Ended September
30,
Change
Nine Months Ended September
30,
Change
2023
2022
%
2023
2022
%
(in thousands USD,
unaudited)
(USD in thousands,
unaudited)
Cash flows (used in) generated by
operating activities
(715
)
5,622
(113
)%
10,950
12,567
(13
)%
Adjustment for items presented in
operating activities:
Payment of contingent consideration
—
—
—
%
4,621
—
100
%
Payment of deferred consideration
2,897
—
100
%
2,897
—
100
%
Adjustment for items presenting in
investing activities:
Capital Expenditures (1)
(604
)
(726
)
(17
)%
(2,162
)
(3,484
)
38
%
Free Cash Flow
1,578
4,896
(68
)%
16,306
9,083
80
%
__________
(1) Capital expenditures are defined as
the acquisition of property and equipment and the acquisition of
intangible assets, and excludes cash flows related to business
combinations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231115011574/en/
For further information, please contact:
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
Gambling com (NASDAQ:GAMB)
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