Codere Online Luxembourg, S.A. (NASDAQ:CDRO) Q4 2022 Results Conference Call February 28, 2023 8:30 AM ET

Company Participants

Guillermo Lancha - Director, Investor Relations and Communications

Moshe Edree - Chief Executive Officer

Oscar Iglesias - Chief Financial Officer

Conference Call Participants

Jeff Stantial - Stifel

Michael Kupinski - Noble

Mike Hickey - The Benchmark

Operator

Good afternoon. My name is Abby and I'll be your conference operator today. At this time, I would like to welcome everyone to the Codere Online Fourth Quarter and Full Year 2022 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session. [Operator Instructions] Thank you.

Mr. Guillermo Lancha, Head of Investor Relations, you may begin your conference.

Guillermo Lancha

Thanks, operator, and welcome everyone to Codere Online’s earnings call for the fourth quarter and full year of 2022. Today, you will hear from our CEO, Moshe Edree and CFO, Oscar Iglesias.

Before turning the call over to Moshe, I’d like to remind everyone that during this call we will be referring to a presentation that 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 euros 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 over to Moshe.

Moshe Edree

Thanks, Guillermo, and thanks everyone for joining the call. Starting with the highlights of the quarter on Page 7, we've been able to deliver a strong set of results in the fourth quarter with an impressive 70% net gaming revenue growth versus last year to nearly 38 million, confirming the acceleration of revenue growth trend that we anticipated when providing our initial outlook for 2022.

From a mix point of view, our full year revenue was split 50/50 between sports betting and casino games versus higher 56% contribution from sports betting in 2021. We expect that the trend toward increased relative contribution from casino will continue into 2023 as we continue to leverage opportunities to both cross-sell our casino product to sports betting customers, but also to target and acquire higher value customers in casino.