Codere Online Luxembourg, S.A. (NASDAQ:CDRO) Q3 2023 Earnings Conference Call November 15, 2023 8:30 AM ET

Company Participants

Guillermo Lancha - Director of IR

Aviv Sher - CEO

Oscar Iglesias - CFO

Conference Call Participants

Pat McCann - Noble Capital Markets

Jeff Stantial - Stifel

Operator

Thank you for standing by, and welcome to the Codere Online Third Quarter 2023 Financial Results Call. I would now like to welcome Guillermo Lancha, Head of Investor Relations to begin the call. Guillermo, please go ahead.

Guillermo Lancha

Thanks, operator, and welcome, everyone, to Codere Online's earnings call for the third quarter of 2023. Today, you will hear from our CEO, Aviv Sher; and CFO, Oscar Iglesias. Our 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 - 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, everyone, for joining the call today. I'm thrilled to be sharing our third quarter 2023 earnings and dive into yet another record-setting quarter for our company.

During this quarter, we continued to focus on enhancing both our Sport and Casino product offering and providing our customers the best experience, enabling us to once again surpass expectations. But we are not stopping here and remain fully focused on sustaining, if not improving upon this momentum, especially now that we have a clear line of sight to becoming a portable company next year.

Jumping into the highlights of the third quarter of 2023. On Page 7, we delivered $43 million in net gaming revenue, a 41% growth versus the prior year quarter despite a lower-than-usual sector-wide sport betting margin toward the end of the quarter, which at least for us, was partially offset by a higher level of amounts wagered by our customers