Codere Online Luxembourg, S.A. (NASDAQ:CDRO) Q2 2024 Earnings Call July 31, 2024 8:30 AM ET

Company Participants

Guillermo Lancha - Head, Investor Relations
Aviv Sher - Chief Executive Officer
Oscar Iglesias - Chief Financial Officer
Moshe Edree - Executive Vice Chairman,

Conference Call Participants

Jeff Stantial - Stifel
Ryan Sigdahl - Craig-Hallum Capital Group
Michael Kupinski - Noble Capital Markets
Mike Hickey - Benchmark

Operator

Thank you for standing by. My name is Kathleen and I will be your conference operator today. At this time, I would like to welcome everyone to the Codere Online Second Quarter 2024 Financial Results. [Operator Instructions] Thank you. I would now like to turn the call over to Mr. Guillermo Lancha, Head of Investor Relations. Please go ahead, sir.

Guillermo Lancha

Thanks, operator and welcome everyone to Codere Online earnings call for the second 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 and audited 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 Europe, unless expressed otherwise. Finally, please note that our 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 us today. I’m once again pleased to report strong set of earnings for the second quarter and to share our expectations for the remainder of the year. With two quarter behind us this year is poised to be a pivotal, pivotal one in our company history, as we expect to achieve profitability in our third year post this pack. So jumping straight into the highlights of the second quarter of 2024 on Page 8, we delivered €54 million in net gaming revenue more than €15 million, or 13% above Q2 2023, this was also a sequential uplift versus the €53 million in Q1 thanks in part to the busy sports calendar with the Eurocup and Copa America.