NeoGames S.A. (Nasdaq: NGMS) (“NeoGames” or the "Company"), a
technology-driven provider of end-to-end iLottery and iGaming
solutions, announced today financial results for the first quarter
ended March 31, 2023.
Moti Malul, Chief Executive Officer of NeoGames,
said: “We are pleased to have carried the momentum we exited 2022
with, into the start of 2023 as we took steps to further solidify
our position as the global leader in iLottery, sports betting and
iGaming solutions. Toward this end, we were proud to be recognized
by EGR North America as the lottery supplier of the year, as well
as with the Gold distinction for ‘Best New Game’, beating other
pure gaming companies with our title, Desert Fantasy. In iLottery,
our proprietary games from NeoGames Studio continued to perform
strongly across all of our key accounts, and together with the
Jackpot runs early in the quarter, have contributed to strong
performance in the US. We are also proud to note that our customer,
the Virginia Lottery, recently became the first US lottery to
operate a completely cloud-based iLottery program. On the sports
betting front, BtoBet processed approximately one billion bets
during the month of March, an all-time high. In iGaming, Pariplay
also had a very active quarter, going live with twelve operators,
including DraftKings in the US, and signing another nine, including
Betsson.
“Equally exciting as the developments across all
of our business units, is the impact they had on our financial
results. Our revenue grew 187% year-over-year and we were able to
maintain EBITDA margins above 30% across the Company operating
segments. We look forward to building off this strong first quarter
throughout the balance of the year and beyond.”
First Quarter 2023 Financial
Highlights
- The total of Revenues and the Company’s share in NPI revenues
was $64.3 million during the first quarter of 2023 compared to
$22.4 million during the first quarter of 2022, representing a 187%
increase from the prior year, reflecting primarily the business
combination with Aspire Global.
- iLottery revenues were $14.4 million during the first quarter
of 2023, compared to $13.3 million during the first quarter of
2022, representing an increase of 8.7% year-over-year. In
addition, the Company’s share in NPI revenues was $14.8 million
during the first quarter of 2023, compared to $9.2 million during
the first quarter of 2022, representing an increase of 60.9%
year-over-year.
- NeoGames’ iLottery revenue plus the Company’s share of NPI
revenues during the quarter was $29.2 million, up 30.1%
year-over-year.
- iGaming revenues were $35.1 million for the first quarter of
2023 and reflect new commercial terms effective January 1, 2023, to
account for the majority of Aspire Core revenues on net basis
compared to historical figures which are prepared on a gross basis.
If iGaming revenues had been accounted for on a gross basis for the
Aspire Core segment total revenue would have been $55.8 million for
iGaming, which would have reflected 20.5% year over year growth
when measured in reporting currency.
- Net loss was $(0.9) million, or $(0.03) per share, during the
first quarter of 2023, compared to a net loss of $(0.9) million, or
$(0.03) per share, during the first quarter of 2022. The net
loss during the first quarter of 2023 was mainly due to a $0.17 per
share impact from the amortization of intangible assets related to
the Aspire Global acquisition. Additionally, the first quarter of
2023 reflects the impact of interest expense related to the
transaction that was not incurred during the first quarter of
2022.
- Adjusted net income1 was $6.8 million, or $0.20 per share,
during the first quarter of 2023, compared to a net loss of $(0.9)
million, or $(0.03) per share, during the first quarter of
2022.
- Adjusted EBITDA1 was $20.2 million during the first quarter of
2023, compared to $8.5 million during the first quarter of 2022,
representing an increase of 136.8% year-over-year.
- Cash and cash equivalents balance as of the end of first
quarter of 2023 was $44.4 million, compared to $41.2 million at the
end of the fourth quarter 2022, resulting in a net positive cash
position of $3.2 million for the first quarter 2023. Beginning in
first quarter 2023, the Company is presenting the quarterly
condensed statement of cash flows based on feedback from investors,
which can be found in the tables herein.
Recent Business Highlights
- Virginia became the first US lottery to operate a completely
cloud-based iLottery program, including our NeoDraw central draw
games system, our NeoSphere PAM as well as all instant games,
allowing the lottery to more easily scale with increased
volumes.
- Continued the rollout of LotoMinas iLottery and online sports
betting in Minas Gerais, Brazil, the country’s second largest
state.
- Subsequent to quarter end, won EGR North America’s 2023 Gold
award for Best New Game (Desert Fantasy), and distinguished as the
Lottery Supplier of the year.
- Amended and extended for three years the agreement with Caesars
to provide the NeoSphere Platform at a guaranteed net profit level
for the term of the agreement.
- BtoBet processed approximately one billion bets during March,
an all-time record for a single month.
- Pariplay went live with 12 operators during the quarter
including DraftKings, Betwarrior and Boylesports and signed 9
additional operators including Betsson, Betway US and Netbet.
- Aspire introduced a “for you” feature which uses predictive
modeling to recommend games to individual players.
- Held first Capital Markets Day in New York where leaders from
across business lines were able to present to over one hundred in
person and virtual investors and analysts.
Guidance
As stated in the fourth quarter 2022 earnings
release published on March 6, 2023, the Company is reaffirming its
fiscal year 2023 Revenue and Share of NPI Revenues Interest
Guidance.
The 2023 revenue guidance reflects a change
related to certain customer contracts within the Aspire Core
business. Prior to 2023, the legal terms were structured such
that revenues were presented on a gross basis. The majority
of Aspire Core’s contracts have been modified to reflect new
commercial terms which need to be accounted for on a net revenue
basis.
Reflecting the foregoing, the Company expects
2023 Revenue and its Share of NPI Revenues Interest to be between
$235 million and $255 million. Assuming a like-for-like basis
to the prior year whereby the modified contracts were presented on
a gross basis, our 2023 guidance would reflect a 10.4% increase
year-over-year at the midpoint when compared to pro forma results
for the year ended December 31, 2022.
Conference Call & Webcast
Details
NeoGames will host a live conference call and
audio webcast on Thursday, May 11, 2023 at 8:30 a.m. Eastern Time,
during which management will discuss the Company’s first quarter
results and provide commentary on business performance. A
question-and-answer session will follow the prepared remarks.
The conference call may be accessed by dialing
(833) 816-1400 for U.S. domestic callers or (412) 317-0493 for
international callers.
A live audio webcast of the earnings conference
call may be accessed on the Company’s website at ir.neogames.com.
The replay of the audio webcast and accompanying presentation will
be available on the Company’s investor relations website shortly
after the call.
About NeoGames
NeoGames is a technology-driven innovator and a
global leader of iLottery and iGaming solutions and services for
regulated lotteries and gaming operators. The Company offers its
customers a full-service suite of solutions, including proprietary
technology platforms, two dedicated game studios with an extensive
portfolio of engaging games – one in lottery and one in casino
games, and a range of value-added services. The recent strategic
acquisition of Aspire Global Group enables NeoGames to offer the
most comprehensive portfolio across iLottery, an innovative sports
betting platform from BtoBet, an advanced content aggregation
solution from Pariplay, and a complete set of B2B Gaming tech and
Managed Services. NeoGames remains an instrumental partner to its
customers worldwide, as it works to maximize their revenue
potential through various offerings, including regulation and
compliance, payment processing, risk management, player
relationship management, and player value optimization. NeoGames
strives to be the long-term partner of choice for its customers,
empowering them to deliver enjoyable and profitable programs to
their players, generate more revenue, and maximize proceeds to
governments and good causes.
Cautionary Statement Regarding
Forward-looking Statements
This press release contains forward-looking
statements and information within the meaning of U.S. Private
Securities Litigation Reform Act of 1995 that relate to our current
expectations and views of future events. We intend such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act of 1933 and, Section 21E of the Securities
Exchange Act of 1934. All statements contained in this press
release other than statements of historical facts, including
without limitation statements regarding, our business outlook for
fiscal year 2023, 2023 Revenue and Share of NPI Revenues interest
Guidance, and our future business strategies are forward-looking
statements. The words or phrases such as “may,” “will,” “expect,”
“anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,”
“potential,” “continue,” “could,” “would,” “project,” “target,” and
similar expressions are intended to identify forward-looking
statements, though not all forward-looking statements use these
words or expressions. These forward-looking statements are subject
to risks, uncertainties and assumptions, some of which are beyond
our control. In addition, these forward-looking statements reflect
our current views with respect to future events and are not a
guarantee of future performance. Actual outcomes may differ
materially from the information contained in the forward-looking
statements as a result of a number of factors, including, without
limitation, the following: we have a concentrated customer base,
and our failure to retain our existing contracts with our customers
could have a significant adverse effect on our business; our
inability to successfully integrate Aspire, or complete or
integrate other future acquisitions, could limit our future growth
or otherwise be disruptive to our ongoing business; a reduction in
discretionary consumer spending could have an adverse impact on our
business; the growth of our business largely depends on our
continued ability to procure new contracts; we incur significant
costs related to the procurement of new contracts, which we may be
unable to recover in a timely manner, or at all; intense
competition exists in the iLottery industry, and we expect
competition to continue to intensify; our information technology
and infrastructure may be vulnerable to attacks by hackers or
breached due to employee error, malfeasance or other disruptions;
in addition to competition with other iLottery providers, we and
our customers also compete with providers of other online
offerings; the gaming and lottery industries are heavily regulated,
and changes to the regulatory framework in the jurisdictions in
which we operate could harm our existing operations; while we have
not experienced a material impact to date, the ongoing COVID-19
pandemic, including variants, and similar health epidemics and
contagious disease outbreaks could significantly disrupt our
operations and adversely affect our business, results of
operations, cash flows or financial condition; and other risk
factors described in our Annual Report on Form 20-F for the year
ended December 31, 2022, filed with the Securities and Exchange
Commission (the “SEC”) on April 28, 2023, and other documents filed
with or furnished to the SEC. It is not possible for our management
to predict all risks, nor can we assess the impact of all factors
on our business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from
those contained in any forward-looking statements we may make. We
caution you therefore against relying on these forward-looking
statements, and we qualify all of our forward-looking statements by
these cautionary statements. These statements reflect management’s
current expectations regarding future events and operating
performance and speak only as of the date of this press release.
You should not put undue reliance on any forward-looking
statements. Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we cannot guarantee
that future results, levels of activity, performance and events and
circumstances reflected in the forward-looking statements will be
achieved or will occur. Except as required by applicable law, we
undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
Non-IFRS Financial Measures and Key
Performance Indicators
This press release may include EBIT, EBITDA,
Adjusted EBITDA, Aspire Adjusted EBITDA, NPI and NPI Revenues
Interest, adjusted net income (loss), Adjusted EPS and revenues
growth measured in constant currency which are financial measures
not presented in accordance with IFRS. We use these financial
measures to supplement our results presented in accordance with
IFRS. We include these non-IFRS financial measures because they are
used by our management to evaluate our operating performance and
trends and to make strategic decisions regarding the allocation of
capital and new investments. The Company presents revenues growth
measured in constant currency since we use constant currency
information to provide a framework in assessing how our business
and geographic segments performed excluding the effects of foreign
currency exchange rate fluctuations and believe this information is
useful to investors to facilitate comparisons and better identify
trends in our business.
EBIT, EBITDA, Adjusted EBITDA, adjusted net
income (loss), Adjusted EPS and revenues growth measured in
constant currency. We define “EBIT” as net income (loss), plus
income taxes, and interest and finance-related expenses. We define
“EBITDA” as EBIT, plus depreciation and amortization. We define
Adjusted EBITDA as EBITDA, plus share-based compensation,
prospective acquisition related expenses and the Company’s share in
NPI depreciation and amortization. We define adjusted net income
(loss) as net income (loss) adjusted by adding amortization
attributable to intangible assets acquired in business combination,
net of tax. We define adjusted EPS as adjusted net income (loss)
divided by the weighted average number of ordinary shares
outstanding. We define revenues growth measured in constant
currency as revenue adjusted by using the average foreign exchange
rates for fiscal year 2022, as reported by third parties, when
converting revenues recorded in foreign currencies to US dollar. We
believe EBIT, EBITDA and Adjusted EBITDA, adjusted net income
(loss) and revenues growth measured in constant currency are useful
in evaluating our operating performance, as they are regularly used
by security analysts, institutional investors and others in
analyzing operating performance and prospects. Adjusted EBITDA,
adjusted net income (loss) and revenues growth measured in constant
currency are not intended to be a substitute for any IFRS financial
measure and, as calculated, may not be comparable to other
similarly titled measures of performance of other companies in
other industries or within the same industry.
NPI. Refers to NeoPollard Interactive LLC that
represents the Company’s 50/50 joint venture with Pollard Banknote
Limited (“Pollard”). The joint venture was formed for the purpose
of identifying, pursuing, winning and executing iLottery contracts
in the North American lottery market. NPI is managed by an
executive board of four members, consisting of two members
appointed by NeoGames and two members appointed by Pollard. NPI has
its own general manager and dedicated workforce and operates as a
separate entity. However, it relies on NeoGames and Pollard for
certain services, such as technology development, business
operations and support services from NeoGames and corporate
services, including legal, banking and certain human resources
services, from Pollard.
Company share in NPI Revenues. NPI Revenues is
not recorded as revenues in our consolidated statements of
comprehensive income (loss), but rather is reflected in our
consolidated financial statements in accordance with the equity
method, as we share 50% of the profit of NPI subject to certain
adjustments.
Contacts
Investor Contact:ir@neogames.com
Media Relations:pr@neogames.com
NeoGames S.A.
Consolidated Condensed Statements of Financial
Position(Unaudited, U.S. dollars in thousands)
|
March 31, 2023 |
|
December 31, 2022 |
ASSETS |
|
|
|
CURRENT ASSETS |
|
|
|
Cash and cash equivalents |
$ |
44,367 |
|
|
$ |
41,179 |
|
Restricted deposits |
|
500 |
|
|
|
489 |
|
Prepaid expenses and other receivables |
|
8,441 |
|
|
|
5,789 |
|
Due from the Michigan Joint Operation and NPI |
|
4,382 |
|
|
|
3,768 |
|
Trade receivables |
|
42,347 |
|
|
|
38,537 |
|
Income tax receivables |
|
229 |
|
|
|
536 |
|
Total current assets |
$ |
100,266 |
|
|
$ |
90,298 |
|
NON-CURRENT ASSETS |
|
|
|
Restricted deposits - Joint Venture and other |
|
4,789 |
|
|
|
4,247 |
|
Property and equipment |
|
3,812 |
|
|
|
3,992 |
|
Intangible assets |
|
350,096 |
|
|
|
347,213 |
|
Right-of-use assets |
|
8,411 |
|
|
|
7,973 |
|
Investment in Associates |
|
5,255 |
|
|
|
4,770 |
|
Deferred taxes |
|
2,167 |
|
|
|
2,451 |
|
Total non-current assets |
|
374,530 |
|
|
|
370,646 |
|
Total assets |
$ |
474,796 |
|
|
$ |
460,944 |
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
CURRENT LIABILITIES |
|
|
|
Trade and other payables |
$ |
20,019 |
|
|
$ |
16,042 |
|
Royalty payables |
|
13,517 |
|
|
|
10,838 |
|
Client liabilities |
|
5,446 |
|
|
|
6,927 |
|
Income tax payables |
|
7,917 |
|
|
|
7,396 |
|
Gaming tax payables |
|
8,779 |
|
|
|
10,133 |
|
Lease liabilities |
|
1,796 |
|
|
|
1,150 |
|
Contingent consideration on business combination and other |
|
17,600 |
|
|
|
17,256 |
|
Employees' related payables and accruals |
|
9,115 |
|
|
|
7,262 |
|
Total current liabilities |
$ |
84,189 |
|
|
$ |
77,004 |
|
NON-CURRENT LIABILITIES |
|
|
|
Liability with respect to Caesars' IP option |
|
3,450 |
|
|
|
3,450 |
|
Loans from financial institution, net |
|
213,685 |
|
|
|
209,287 |
|
Company share of Joint Venture liabilities, net |
|
530 |
|
|
|
539 |
|
Lease liabilities |
|
6,437 |
|
|
|
6,823 |
|
Accrued severance pay, net |
|
1,169 |
|
|
|
1,033 |
|
Deferred taxes |
|
16,796 |
|
|
|
17,469 |
|
Total non-current liabilities |
$ |
242,067 |
|
|
$ |
238,601 |
|
EQUITY |
|
|
|
Share capital |
|
59 |
|
|
|
59 |
|
Reserve with respect to transaction under common control |
|
(8,467 |
) |
|
|
(8,467 |
) |
Reserve with respect to funding transactions with related
parties |
|
20,072 |
|
|
|
20,072 |
|
Accumulated other comprehensive income |
|
3,576 |
|
|
|
482 |
|
Share premium |
|
176,438 |
|
|
|
173,908 |
|
Share based payments reserve |
|
5,396 |
|
|
|
6,941 |
|
Accumulated losses |
|
(48,534 |
) |
|
|
(47,656 |
) |
Total equity |
|
148,540 |
|
|
|
145,339 |
|
Total liabilities and equity |
$ |
474,796 |
|
|
$ |
460,944 |
|
NeoGames
S.A.Consolidated Condensed Statements of
Operations.(Unaudited, U.S. dollars in thousands, except
per share amounts)
|
Quarter ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
Revenues |
$ |
49,533 |
|
|
$ |
13,250 |
|
|
Distribution expenses |
|
23,922 |
|
|
|
2,465 |
|
|
Development expenses |
|
4,521 |
|
|
|
2,542 |
|
|
Selling and marketing expenses |
|
2,900 |
|
|
|
521 |
|
|
General and administrative expenses |
|
7,408 |
|
|
|
3,704 |
|
|
Business combination related expenses |
|
- |
|
|
|
2,221 |
|
|
Depreciation and amortization |
|
13,599 |
|
|
|
3,954 |
|
|
|
|
52,350 |
|
|
|
15,407 |
|
|
Loss from operations |
|
(2,817 |
) |
|
|
(2,157 |
) |
|
Interest expenses with respect to funding from related
parties |
|
- |
|
|
|
1,640 |
|
|
Finance expenses |
|
5,283 |
|
|
|
499 |
|
|
The Company's share in profits of Joint Venture and associated
companies |
|
8,389 |
|
|
|
3,887 |
|
|
Profit (loss) before income tax expense |
|
289 |
|
|
|
(409 |
) |
|
Income tax expenses |
|
(1,167 |
) |
|
|
(484 |
) |
|
Net loss |
$ |
(878) |
|
|
$ |
(893 |
) |
|
|
|
|
|
|
Net income (loss) per common share outstanding,
basic |
$ |
(0.03 |
) |
|
$ |
(0.03 |
) |
|
Net income (loss) per common share outstanding,
diluted |
$ |
(0.03 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
Weighted average number of ordinary shares
outstanding: |
|
|
|
|
Basic |
|
33,521,194 |
|
|
|
25,593,101 |
|
|
Diluted |
|
33,521,194 |
|
|
|
25,593,101 |
|
|
|
|
|
|
|
Adjusted EPS2 |
$ |
0.20 |
|
|
$ |
(0.03 |
) |
|
|
|
|
|
|
NeoGames S.A.
Consolidated Condensed Statements of Cash
Flows(Unaudited, U.S. dollars in thousands)
|
YTDMarch 31, 2023 |
Cash flows from
operating activities: |
|
Net loss |
$ |
(878 |
) |
Changes in other financial
assets and liabilities |
|
(1,847 |
) |
Amortization and
depreciation |
|
13,599 |
|
Finance expenses |
|
5,283 |
|
Share based compensation |
|
975 |
|
Other |
|
(71 |
) |
Net cash generated
from operating activities |
$ |
17,061 |
|
|
|
Net cash used in
investing activities |
$ |
(9,767 |
) |
|
|
Net cash used in
financing activities |
$ |
(4,879 |
) |
|
|
|
|
Net increase in cash and cash
equivalents |
|
2,415 |
|
Cash and cash equivalents –
beginning of period |
|
41,179 |
|
Currency exchange differences
on cash and cash equivalents |
|
773 |
|
Cash and cash
equivalents – end of period |
$ |
44,367 |
|
NeoGames S.A.
Reconciliation of Net Loss Income to Adjusted
EBITDA(Unaudited, U.S. dollars in thousands)
|
Quarter ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Net loss |
$ |
(878 |
) |
|
$ |
(893 |
) |
Income tax expenses |
|
1,167 |
|
|
|
484 |
|
Finance expenses |
|
5,283 |
|
|
|
2,139 |
|
EBIT |
|
5,572 |
|
|
|
1,730 |
|
Depreciation and
amortization |
|
13,599 |
|
|
|
3,954 |
|
EBITDA |
|
19,171 |
|
|
|
5,684 |
|
Business combination related
expenses |
|
- |
|
|
|
2,221 |
|
Share-based compensation |
|
975 |
|
|
|
595 |
|
Company share of NPI
depreciation and amortization |
|
49 |
|
|
|
29 |
|
Adjusted
EBITDA |
$ |
20,195 |
|
|
$ |
8,529 |
|
|
|
|
|
NeoGames S.A.Revenues
generated by NeoGames as well as Company's share in NPI
Revenues (Unaudited, U.S. dollars in thousands unless
otherwise noted)
|
Quarter ended March 31, |
|
|
2023 |
|
|
2022 |
Royalties from turnkey contracts |
$ |
8,015 |
|
$ |
6,960 |
Royalties from games contracts |
|
391 |
|
|
536 |
Use of IP rights |
|
4,529 |
|
|
3,320 |
Development and other services - Aspire |
|
- |
|
|
426 |
Development and other services - NPI |
|
1,215 |
|
|
1,675 |
Development and other services - Michigan Joint Operation |
|
259 |
|
|
332 |
Revenues |
$ |
14,409 |
|
$ |
13,250 |
NeoGames' NPI revenues interest |
$ |
14,751 |
|
$ |
9,170 |
NeoGames revenues plus NPI revenues interest |
$ |
29,160 |
|
$ |
22,420 |
iGaming revenues |
|
35,124 |
|
|
- |
Revenues plus NeoGames NPI revenues interest |
$ |
64,284 |
|
$ |
22,420 |
|
|
|
|
NeoGames S.A.
Reconciliation of Net Loss to Adjusted Net (Loss)
Income(Unaudited, U.S. dollars in thousands)
|
Quarter ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(878 |
) |
|
$ |
(893 |
) |
Amortization attributable to
business combination, net of tax |
|
7,721 |
|
|
|
- |
|
Adjusted net income
(loss) |
$ |
6,843 |
|
|
$ |
(893 |
) |
Adjusted net income (loss) per
common share outstanding |
$ |
0.20 |
|
|
$ |
(0.03 |
) |
Aspire GlobalNon-IFRS
Financial Measures - Reconciliation(Unaudited, U.S.
dollars in thousands unless otherwise noted)
|
Quarter ended March 31, |
|
$ Change |
|
% Change |
|
2023 |
|
2022 |
|
As reported |
|
Foreign exchange impact |
|
In constant currency |
|
As reported |
|
In constant currency |
Aspire
Core3 |
$ |
17,090 |
|
$ |
38,108 |
|
$ |
17,090 |
|
$ |
777 |
|
$ |
17,867 |
|
-55.2% |
|
-53.1% |
Games |
|
10,426 |
|
|
9,000 |
|
|
10,426 |
|
|
474 |
|
|
10,900 |
|
15.8% |
|
21.1% |
Sports |
|
7,608 |
|
|
4,865 |
|
|
7,608 |
|
|
346 |
|
|
7,954 |
|
56.4% |
|
63.5% |
Net Revenues, as reported |
$ |
35,124 |
|
$ |
51,973 |
|
$ |
35,124 |
|
$ |
1,598 |
|
$ |
36,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 The section titled “Non-IFRS Financial Measures and Key
Performance Indicators” below contains a description of the
non-IFRS financial measures discussed in this press release and
reconciliations between historical IFRS and non-IFRS information
are contained in the tables below. Throughout this press release,
we also provide a number of key performance indicators used by our
management and often used by competitors in our industry. These and
other key performance indicators are discussed in more detail in
the section titled “Non-IFRS Financial Measures and Key Performance
Indicators” in this press release.
2 See Reconciliation of Net (Loss) Income to Adjusted Net (Loss)
Income.
3 2022 Aspire Core segment revenues are presented based on the
recognition of Gross revenues, prior to the conversion of contracts
to be presented on a Net basis. If first quarter 2023 Aspire Core
figures were presented on a Gross basis, then like-for-like
revenues would have been $41.9 million, which reflects 10.0% YoY
growth on Aspire Core, and total iGaming revenues of $59.9 million,
reflecting 15.3% YoY growth.
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