Codere Online Luxembourg, S.A. (NASDAQ:CDRO) Q2 2023 Earnings Call Transcript August 31, 2023 8:30 AM ET

Company Participants

Guillermo Lancha - Director of IR

Aviv Sher - CEO

Oscar Iglesias - CFO

Moshe Edree - Former CEO and Executive Vice Chairman

Conference Call Participants

Jeff Stantial - Stifel

Pat McCann - Noble Capital Markets

Oli Westbrook - BlackRock

Operator

Hello, and welcome to the Codere Online Second Quarter 2023 Earnings Conference Call. I would I would like to advise all participants that this call is being recorded. I'd now like to welcome Guillermo Lancha, Director of Investor Relations to begin the conference. Please go ahead.

Guillermo Lancha

Thanks, operator, and welcome everyone to Codere Online's earnings call for the second quarter of 2023. Today, you will hear from our CEO, Aviv Sher, and CFO, Oscar Iglesias. Our former CEO and Executive Vice Chairman, Moshe Edree, will also join us in the Q&A section.

Before turning the call over to Aviv, I'd like to remind everyone that during this call, we will be referring to a presentation we uploaded to our website earlier today, which includes non-GAAP financial metrics, such as net gaming revenue or adjusted EBITDA, for which you can find reconciliations in the appendix of the presentation.

Let me also remind you that our accounting information is prepared under IFRS accounting standards and that throughout this presentation, all monetary figures will be in euro unless expressed otherwise.

Finally, please note that a replay and transcript of this call will be available on our website at codereonline.com, where you can also sign-up for our investor email alerts.

With that, I will go ahead and pass the call on to Aviv.

Aviv Sher

Thanks, Guillermo, and thanks for everyone joining the call today. I'm excited to be presenting the second quarter earnings and unpacking what has been another solid quarter for us. Our team's unwavering commitment to improving both our product offering and customer experience has allowed us to continue exceeding our expectations during this period. And while we are very clear with this performance, we continue working to build upon this positive momentum and to ensuring that we meet our goal of being a profitable company in 2024. So let's get into the details and discuss the road ahead.

Jumping into the highlights of the second quarter of 2023 on page 7. We delivered EUR39 million, in net gaming revenue, a 34% growth versus the prior year quarter. This was more or less flat with the first quarter and better than we expected, especially considering the first quarter benefit from the World Cup tailwind and the seasonal decline in sporting event in the second quarter, in particular, the European football leagues.