Flutter entertainment plc announces q1 2024 financial results

​flutter entertainment releases first quarter 2024 financial results dublin, ireland & toronto, ontario / accesswire / may 14, 2024 / flutter entertainment (nyse:flut)(lse:fltr), the world's leading online sports betting and igaming operator, today announced results for q1 20241. key financial highlights: three months ended march 31 in $ millions except percentages and average monthly players 2024 2023 yoy average monthly players (amps) ('000s)2 13,722 12,349 +11 % revenue 3,397 2,918 +16 % net loss (177 ) (111 ) (59 %) adjusted ebitda3,4 514 352 +46 % adjusted ebitda margin 3 15.1 % 12.1 % +310bps net loss per share($) (1.10 ) (0.58 ) (92 %) adjusted earnings per share ($)3 0.10 0.69 (85 %) net cash provided by/(used in) operating activities 337 (49 ) adjusted free cash flow 3 157 (50 ) leverage ratio (december 2023 3.1x)3,4 2.8 x group strategy delivering continued strong growth with revenue +16% us produced another excellent quarter; amps2 +15% and revenue +32%, despite unfavorable sports results in the second half of march: fanduel #1 brand in both sportsbook (net gaming revenue (ngr) share 52%; gross gaming revenue (ggr) share 46%) and igaming (record ggr share of 27%) in q1 20245 very successful launch in north carolina with 5.3% adult population signed up to fanduel in first 45 days; new player acquisition in pre-2022 states +12%; projected payback in line with historic trends6 product enhancements driving igaming player (amps2 +34%) and revenue (+49%) growth fanduel a founding member of the responsible online gaming association (roga) group ex-us amps2 +10% and revenue +8% benefitting from strong performance in igaming (revenue +15%) and the acquisition of maxbet in january: improved igaming cross-sell rates in uki driven by product improvements in international, sisal delivered market share gains in italy, with igaming performance mitigating the impact of unfavorable sports results us primary listing expected to become effective on may 31, 2024 q1 2024 financial overview net loss of $177m, $66m higher year on year, after non-cash charges of $356m due to (i) $172m acquired intangibles amortization; and (ii) $184m (q1 2023 $64m) fair value change in fox option liability group adjustedebitda3 of $514m, +46%: us adjusted ebitda3 of $26m (q1 2023 -$53m), driven by strong revenue growth and significant operating leverage; adjusted ebitda margin3 +680bps, despite continued disciplined us player acquisition investment group ex-us adjusted ebitda3 of $488m +20%, reflecting increased revenue and adjusted ebitda margin3 expansion of 260bps, primarily driven by sales and marketing leverage and a one-offcredit from the settlement of historic litigation group's financial growth algorithm driving adjusted ebitda margin3 accretion, +310bps to 15.1% net loss per share and adjusted earnings per share decreases of $0.52 and $0.59 primarily due to the fox option charge (-$1.04), offsetting improved financial performance net cash provided by operating activities increased $386m to $337m primarily driven by the strong operational performance converting into cash and year on year movement in us player deposits adjusted free cash flow3 of $157m (q1 2023 -$50m) and leverage ratio3,4 of 2.8x at march 31, 2024 based on last 12 months adjusted ebitda3 (december 31, 2023 3.1x), both benefitting from improved financial performance year on year 2024 outlook remain confident in financial year 2024 guidance7 provided at financial year 2023 results announcement on march 26, 2024, despite unfavorable us sports results in the last two weeks of march peter jackson, ceo, commented: "we have had an excellent start to the year.
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