Codere Online Luxembourg, S.A (NASDAQ:CDRO) Q1 2024 Results Conference Call May 15, 2024 8:30 AM ET

Company Participants

Guillermo Lancha - Head-IR
Aviv Sher - CEO
Oscar Iglesias - CFO

Conference Call Participants

Jeff Stantial - Stifel
Pat McCann - Global Capital Markets
Michael Kupinski - Noble Capital Markets

Operator

My name is Brianna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Codere Online First Quarter 2024 Financial Results Investor Conference Call. Please note that this call is being recorded. 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]

I will now turn today's call over to Guillermo Lancha, Head of Investor Relations. Please go ahead.

Guillermo Lancha

Thanks, operator, and welcome, everyone, to Codere Online's earnings call for the first quarter of 2024. 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 preliminary unaudited 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 to everyone for joining us today. I'm happy to share our first quarter 2024 earnings, which have again exceeded our expectations, and to discuss the trends we are seeing in what is shaping up to be another great year for our company. Our first quarter results are also a significant step towards achieving our 2024 profitability targets, which we will cover later.

So jumping straight into the highlights of first quarter 2024 on page 8, we delivered €536 million in net gaming revenue, almost €14 million or 34% above Q1 2023. As we have discussed it in the past, the increasing contribution from our casino segment, which accounted for 56% of our net gaming revenue in this quarter is a key driver behind our growth as we continue to optimize the mix of acquired customers toward this segment in addition to crossing our sport betting customers over to the casino to maximize overall player yield.