Codere Online Luxembourg, S.A. (NASDAQ:CDRO) Q4 2023 Earnings Conference Call February 28, 2024 8:30 AM ET

Company Participants

Guillermo Lancha - Director of IR

Aviv Sher - CEO

Oscar Iglesias - CFO

Conference Call Participants

Aidan Young - Stifel

Pat McCann - Noble Capital Markets

Michael Kupinski - Noble Capital Markets

Mike Hickey - The Benchmark

Arthur Roulac - Three Court

Operator

Good morning, my name is Audra and I will be your conference operator today. At this time I would like to welcome everyone to the Codera Online Fourth Quarter and Full Year 2023 Financial Results Conference Call. Today's conference is being recorded. [Operator instructions].

At this time I would like to turn the conference over to Guillermo Lancha, head of investor relations. Please go ahead.

Guillermo Lancha

Thanks, operator, and welcome everyone to Codera Online's earnings call for the fourth quarter and full year 2023. Today you will hear from our CEO, Aviv Sher, and CFO, Oscar Iglesias. Our executive vice chairman, Moshe Edre, 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. Please note that all growth rates discussed during this call are year-on-year comparisons unless noted otherwise.

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 @coderaonline.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 us today. I'm very excited to present our fourth quarter 2023 earnings and discuss another record-setting quarter for our company, which has allowed us to end the year well ahead of our expectations and continue delivering upon our commitment to investors. These results also lay groundwork for achieving 2024 profitability target, which we will discuss later.

Let's jump straight into the highlights of the fourth quarter of 2023. On page 8, we delivered €50 million in net gaming revenue, 33% above Q4 2022 despite a tough comparison with the World Cup in prior year period. This was partially driven by the increasing contribution from our casino segment, which for the second consecutive quarter accounted for 58% of our net gaming revenue.