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Gambling.com Group Reports Second Quarter 2022 Financial Results

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Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the global online gambling industry, today announced its operating and financial results for the second quarter ended June 30, 2022.

“We continued to execute on our strategy of rapidly growing our business in North America in the second quarter as the team delivered company-wide revenue growth of over 50% and North American revenue growth over 300%,” said Charles Gillespie, Chief Executive Officer and Co-founder of Gambling.com Group. “The strength of our business model was also on display, as we continued to deliver strong Adjusted EBITDA and Free Cash Flow despite the second quarter being the seasonally weakest and while investing in the organization to drive future growth. Our view remains that Gambling.com Group offers the best value proposition for online gambling operators’ investments in customer acquisition and we look forward to the second half of the year as we enter the heart of the North American fall and winter sports calendars.”

Second Quarter 2022 vs. Second Quarter 2021 Financial Highlights
(in thousands, USD, except per share data, unaudited)

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Three Months Ended June 30,

CHANGE

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2022

2021

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$

%

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Revenue

15,924

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10,392

Advertisement

5,532

Advertisement

53

%

Net income for the period attributable to the shareholders

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56

2,445

Advertisement

(2,389

)

Advertisement

(98

)%

Net income per share attributable to shareholders, diluted

Advertisement

0.00

Advertisement

0.08

(0.08

Advertisement

)

(100

Advertisement

)%

Adjusted net income for the period attributable to shareholders

3,065

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2,445

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620

25

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%

Adjusted net income per share attributable to shareholders, diluted

0.09

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0.08

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0.01

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9

%

Adjusted EBITDA

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3,617

5,518

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(1,901

)

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(34

)%

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Adjusted EBITDA Margin

23

%

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53

%

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(30

Advertisement

)%

Cash flow from operations

3,460

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4,738

(1,278

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)

(27

Advertisement

)%

Free Cash Flow

2,914

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3,122

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(208

)

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(7

)%

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Second Quarter 2022 Business Highlights

  • North American revenue grew 342% to $6.2 million
  • Delivered more than 57,000 new depositing customers
  • Successful new market launch in Ontario
  • Added Michael Quartieri to the Board of Directors, effective as of June 30, 2022
  • Inclusion of GAMB shares in the Russell 3000 index and various sub-indexes
  • Contribution from BonusFinder.com is ahead of plan

Elias Mark, Chief Financial Officer of Gambling.com Group, added, “We delivered revenue and Adjusted EBITDA ahead of the street consensus and generated strong Free Cash Flow in the quarter. Revenue growth continued to be led by growth in North America in line with our strategic objectives, but we also saw strong trading in our more mature markets in the UK and Ireland despite the weakening of the GBP and EUR against the US dollar. Integration of our acquisitions from Q1 is tracking according to plan. The Company remains well capitalized and in a strong position to meet the financial outlook for the year and to continue to grow profitably beyond.”

2022 Outlook
For the fiscal year 2022, based on currently available information, the Company reiterates its fiscal 2022 guidance and estimates:

  • Total revenue will be in the range of $71 million and $76 million; and
  • Adjusted EBITDA will be in the range $22 million and $27 million.

Conference Call Details

Date/Time:

Monday, August 29, 2022, at 4:30 pm EDT

Webcast:

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https://www.webcast-eqs.com/gamb20220829/en

U.S. Toll-Free Dial In:

877-407-0890

International Dial In:

+1-201-389-0918

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To access, please dial in approximately 10 minutes before the start of the call. An accompanying slide presentation will be available in PDF format within the News & Events section of the Company’s website.

An archived webcast of the conference call will also be available in the News & Events section of the Company’s website at gambling.com/corporate/investors/news-events.

About Gambling.com Group Limited
Gambling.com Group Limited (Nasdaq: GAMB) is a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the online gambling industry. Founded in 2006, the Group operates from offices in the United States, Ireland and Malta. Through its proprietary technology platform, the Group publishes a portfolio of premier branded websites including Gambling.com, Bookies.com and RotoWire.com. As of July 31, 2022, the Group owns and operates more than 50 websites in seven languages across 15 national markets covering all aspects of the online gambling industry, including iGaming and sports betting, and the fantasy sports industry.

Use of Non-IFRS Measures
This release contains certain non-IFRS financial measures, such as Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and related ratios. See ”Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.

Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that relate to our current expectations and views of future events. All statements other than statements of historical facts contained in this press release, including statements relating to our 2022 outlook, are all forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “could,” “will,” “would,” “ongoing,” “future” or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. Important factors that could cause actual results to differ materially from our expectations are discussed under “Item 3. Key Information – Risk Factors” in Gambling.com Group’s annual report filed on Form 20-F for the year ended December 31, 2021 with the US Securities and Exchange Commission (the “SEC”) on March 25, 2022, and Gambling.com Group’s other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Gambling.com Group disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

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Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(USD in thousands, except per share amounts)

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Three Months Ended June 30,

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Six Months Ended June 30,

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2022

2021

Advertisement

2022

2021

Advertisement

Revenue

15,924

Advertisement

10,392

Advertisement

35,509

Advertisement

21,909

Cost of sales

(495

Advertisement

)

Advertisement

(1,724

)

Advertisement

Gross profit

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15,429

10,392

Advertisement

33,785

Advertisement

21,909

Sales and marketing expenses

Advertisement

(8,454

)

Advertisement

(3,144

)

(15,816

Advertisement

)

(5,848

Advertisement

)

Technology expenses

(1,499

Advertisement

)

(944

Advertisement

)

(2,862

Advertisement

)

(1,634

Advertisement

)

General and administrative expenses

(4,804

Advertisement

)

(3,387

Advertisement

)

(9,632

)

Advertisement

(6,159

)

Advertisement

Fair value movement on contingent consideration

(2,849

)

Advertisement

Advertisement

(2,849

)

Advertisement

Movements in credit losses allowance and write-offs

Advertisement

(72

)

240

Advertisement

(597

)

Advertisement

100

Operating profit (loss)

Advertisement

(2,249

)

Advertisement

3,157

Advertisement

2,029

8,368

Advertisement

Finance income

3,491

Advertisement

394

4,319

Advertisement

552

Advertisement

Finance expense

(1,056

)

Advertisement

(524

)

Advertisement

(1,307

)

Advertisement

(761

)

Advertisement

Income before tax

186

Advertisement

3,027

5,041

Advertisement

8,159

Income tax charge

Advertisement

(130

)

Advertisement

(582

)

Advertisement

(499

)

Advertisement

(1,248

)

Net income for the period attributable to the shareholders

Advertisement

56

2,445

Advertisement

4,542

Advertisement

6,911

Other comprehensive (loss) income

Advertisement

Exchange differences on translating foreign currencies

(6,559

Advertisement

)

490

Advertisement

(7,928

)

Advertisement

(1,202

)

Total comprehensive (loss) income for the period attributable to the shareholders

Advertisement

(6,503

)

Advertisement

2,935

Advertisement

(3,386

)

Advertisement

5,709

Net income per share attributable to shareholders, basic

0.00

Advertisement

0.09

Advertisement

0.13

0.24

Advertisement

Net income per share attributable to shareholders, diluted

0.00

Advertisement

0.08

Advertisement

0.13

Advertisement

0.22

Condensed Consolidated Statements of Financial Position (Unaudited)
(USD in thousands)

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JUNE 30,

2022

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DECEMBER 31,

2021

ASSETS

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Non-current assets

Property and equipment

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644

569

Advertisement

Intangible assets

83,076

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25,419

Right-of-use assets

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1,896

Advertisement

1,465

Other non-current assets

40

Advertisement

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Deferred tax asset

6,104

Advertisement

7,028

Total non-current assets

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91,760

34,481

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Current assets

Trade and other receivables

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8,956

5,497

Advertisement

Cash and cash equivalents

31,102

Advertisement

51,047

Total current assets

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40,058

56,544

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Total assets

131,818

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91,025

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EQUITY AND LIABILITIES

Equity

Share capital

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Capital reserve

63,711

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55,953

Advertisement

Share options and warrants reserve

2,901

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2,442

Foreign exchange translation reserve

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(10,210

)

Advertisement

(2,282

)

Retained earnings

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28,550

23,796

Advertisement

Total equity

84,952

Advertisement

79,909

Non-current liabilities

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Deferred consideration

4,664

Advertisement

Contingent consideration

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9,540

Advertisement

Lease liability

1,702

Advertisement

1,286

Advertisement

Deferred tax liability

3,584

Advertisement

Total non-current liabilities

Advertisement

19,490

1,286

Advertisement

Current liabilities

Trade and other payables

Advertisement

5,343

3,291

Advertisement

Deferred consideration

2,745

Advertisement

Contingent consideration

Advertisement

12,218

Advertisement

Other liability

165

Advertisement

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Borrowings

6,107

Advertisement

5,944

Lease liability

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420

393

Advertisement

Income tax payable

378

Advertisement

202

Total current liabilities

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27,376

9,830

Advertisement

Total liabilities

46,866

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11,116

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Total equity and liabilities

131,818

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91,025

Condensed Consolidated Statements of Cash Flows (Unaudited)
(USD in thousands)

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Three Months Ended June 30,

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Six Months Ended June 30,

2022

Advertisement

2021

2022

Advertisement

2021

Cash flow from operating activities

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Income before tax

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186

3,027

Advertisement

5,041

8,159

Advertisement

Finance expenses (income), net

(2,435

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)

130

Advertisement

(3,012

Advertisement

)

209

Advertisement

Adjustments for non-cash items:

Depreciation and amortization

1,952

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634

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3,778

Advertisement

1,216

Movements in credit loss allowance and write-offs

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71

(240

Advertisement

)

597

Advertisement

(100

)

Fair value movement on contingent consideration

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2,849

Advertisement

2,849

Advertisement

Advertisement

Share option charge

885

Advertisement

245

1,609

Advertisement

1,063

Cash flows from operating activities before changes in working capital

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3,508

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3,796

10,862

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10,547

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Changes in working capital

Trade and other receivables

2,549

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14

Advertisement

(2,639

)

Advertisement

(1,243

)

Advertisement

Trade and other payables

(1,014

)

Advertisement

1,464

304

Advertisement

2,710

Advertisement

Warrants repurchased

(800

)

Advertisement

Advertisement

(800

)

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Income tax paid

Advertisement

(783

)

(536

Advertisement

)

(783

Advertisement

)

(536

)

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Cash flows generated by operating activities

3,460

Advertisement

4,738

Advertisement

6,944

Advertisement

11,478

Cash flows from investing activities

Acquisition of property and equipment

Advertisement

(99

)

Advertisement

(188

)

Advertisement

(242

)

Advertisement

(218

)

Acquisition of intangible assets

Advertisement

(447

)

Advertisement

(1,428

)

(2,516

Advertisement

)

(1,741

Advertisement

)

Acquisition of subsidiaries, net of cash acquired

(4,114

Advertisement

)

Advertisement

(23,409

Advertisement

)

Advertisement

Cash flows used in investing activities

(4,660

)

Advertisement

(1,616

)

Advertisement

(26,167

)

(1,959

Advertisement

)

Cash flows from financing activities

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Interest paid

Advertisement

Advertisement

(120

)

(121

Advertisement

)

Principal paid on lease liability

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(79

)

Advertisement

(49

)

Advertisement

(165

)

Advertisement

(95

)

Interest paid on lease liability

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(45

)

(47

Advertisement

)

(95

Advertisement

)

(96

)

Advertisement

Cash flows used in financing activities

(124

Advertisement

)

(96

Advertisement

)

(380

Advertisement

)

(312

Advertisement

)

Net movement in cash and cash equivalents

(1,324

Advertisement

)

3,026

Advertisement

(19,603

)

9,207

Advertisement

Cash and cash equivalents at the beginning of the period

33,069

Advertisement

14,035

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51,047

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8,225

Net foreign exchange differences on cash and cash equivalents

Advertisement

(643

)

107

Advertisement

(342

)

Advertisement

(264

)

Advertisement

Cash and cash equivalents at the end of the period

31,102

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17,168

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31,102

17,168

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Earnings Per Share
Below is a reconciliation of basic and diluted earnings per share as presented in the Unaudited Interim Condensed Consolidated Statement of Income for the period specified (USD in thousands, except share amounts, unaudited):

Three Months Ended June 30,

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Six Months Ended June 30,

2022

Advertisement

2021

2022

Advertisement

2021

Net income for the period attributable to the shareholders

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56

2,445

Advertisement

4,542

Advertisement

6,911

Weighted-average number of ordinary shares, basic

35,443,258

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28,556,422

35,176,469

28,556,422

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Net income per share attributable to shareholders, basic

0.00

Advertisement

0.09

0.13

Advertisement

0.24

Net income for the period attributable to the shareholders

Advertisement

56

2,445

Advertisement

4,542

Advertisement

6,911

Weighted-average number of ordinary shares, diluted

36,057,597

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31,401,166

36,131,524

31,401,166

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Net income per share attributable to shareholders, diluted

0.00

Advertisement

0.08

0.13

Advertisement

0.22

Supplemental Information

Rounding
We have made rounding adjustments to some of the figures included in the discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes thereto. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

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Non-IFRS Financial Measures
Management uses several financial measures, both IFRS and non-IFRS financial measures in analyzing and assessing the overall performance of the business and for making operational decisions.

Adjusted Net Income and Adjusted Net Income Per Share
Adjusted net income is a non-IFRS financial measure defined as net income attributable to equity holders excluding the fair value gain or loss related to contingent consideration. Adjusted net income per diluted share is a non-IFRS financial measure defined as Adjusted net income attributable to equity holders divided by the diluted weighted average number of common shares outstanding.

We believe Adjusted net income and Adjusted net income per diluted share are useful to our management as a measure of comparative operating performance from period to period as they removes the effect of the fair value gain or loss related to the contingent consideration which is not directly associated with our core operations. We expect to incur gains or losses related to the contingent consideration until April 2024. See Note 4 of the Unaudited Interim Condensed Consolidated Financial Statements for the period ended June 30, 2022 for a complete discussion of the contingent consideration.

Below is a reconciliation to Adjusted net income attributable to equity holders and Adjusted net income per share, diluted from net income for the period attributable to the equity holders and net income per share attributed to ordinary shareholders, diluted as presented in the Condensed Consolidated Statements of Comprehensive Income and for the period specified:

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Three Months Ended June 30,

Six Months Ended June 30,

Advertisement

2022

2021

Advertisement

2022

2021

Advertisement

(in thousands USD, except for

share and per share data, unaudited)

Advertisement

(in thousands USD, except for

share and per share data, unaudited)

Net income for the period attributable to the shareholders

Advertisement

56

2,445

Advertisement

4,542

6,911

Advertisement

Fair value movement on contingent consideration

2,849

Advertisement

2,849

Advertisement

Unwinding of deferred consideration

160

Advertisement

160

Advertisement

Adjusted net income for the period attributable to shareholders

3,065

Advertisement

2,445

7,551

Advertisement

6,911

Weighted-average number of ordinary shares, basic

35,443,258

Advertisement

28,556,422

Advertisement

35,176,469

28,556,422

Net income per share attributable to shareholders, basic

Advertisement

0.00

0.09

Advertisement

0.13

0.24

Adjusted net income per share attributable to shareholders, basic

Advertisement

0.09

0.09

Advertisement

0.21

Advertisement

0.24

Adjusted net income for the period attributable to shareholders

3,065

Advertisement

2,445

7,551

6,911

Advertisement

Weighted-average number of ordinary shares, diluted

36,057,597

Advertisement

31,401,166

36,131,524

Advertisement

31,401,166

Net income per share attributable to shareholders, diluted

Advertisement

0.00

0.08

0.13

Advertisement

0.22

Adjusted net income per share attributable to shareholders, diluted

Advertisement

0.09

0.08

Advertisement

0.21

0.22

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Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA is a non-IFRS financial measure defined as earnings excluding net finance costs, income tax charge, depreciation, and amortization, effect of non-recurring items, significant non-cash items, share-based payment expense and other items that our board of directors believes do not reflect the underlying performance of the business. Adjusted EBITDA Margin is a non-IFRS measure defined as Adjusted EBITDA as a percentage of revenue.

We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful to our management as a measure of comparative operating performance from period to period as they remove the effect of items not directly resulting from our core operations including effects that are generated by differences in capital structure, depreciation, tax effects and non-recurring events.

While we use Adjusted EBITDA and Adjusted EBITDA Margin as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Adjusted EBITDA and Adjusted EBITDA Margin are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of Adjusted EBITDA and Adjusted EBITDA Margin is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of Adjusted EBITDA and Adjusted EBITDA Margin as compared to IFRS results are that Adjusted EBITDA and Adjusted EBITDA Margin as we define them may not be comparable to similarly titled measures used by other companies in our industry and that Adjusted EBITDA and Adjusted EBITDA Margin may exclude financial information that some investors may consider important in evaluating our performance.

Below is a reconciliation to Adjusted EBITDA from net income for the period attributable to the equity holders as presented in the Condensed Consolidated Statements of Comprehensive Income and for the period specified:

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Three Months Ended June 30,

CHANGE

Advertisement

Six Months Ended June 30,

CHANGE

Advertisement

2022

2021

Advertisement

$

Advertisement

%

2022

Advertisement

2021

$

Advertisement

%

(in thousands USD, unaudited)

Advertisement

Advertisement

(in thousands USD, unaudited)

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Net income for the period attributable to the shareholders

56

Advertisement

2,445

Advertisement

(2,389

)

Advertisement

(98

)%

Advertisement

4,542

Advertisement

6,911

(2,369

Advertisement

)

(34

Advertisement

)%

Add Back:

Net finance costs (income) (1)

Advertisement

(2,435

)

Advertisement

130

(2,565

Advertisement

)

n/m

Advertisement

(3,012

Advertisement

)

209

Advertisement

(3,221

)

Advertisement

n/m

Income tax charge

Advertisement

130

582

Advertisement

(452

)

(78

Advertisement

)%

499

Advertisement

1,248

(749

Advertisement

)

(60

)%

Advertisement

Depreciation expense

44

Advertisement

47

Advertisement

(3

)

Advertisement

(6

)%

Advertisement

87

82

Advertisement

5

Advertisement

6

%

Amortization expense

Advertisement

1,908

587

Advertisement

1,321

n/m

Advertisement

3,691

Advertisement

1,134

2,557

Advertisement

n/m

Share-based payments

Advertisement

885

245

Advertisement

640

Advertisement

n/m

Advertisement

1,609

1,063

Advertisement

546

Advertisement

51

%

Fair value movement on contingent consideration

Advertisement

2,849

Advertisement

2,849

n/m

Advertisement

2,849

Advertisement

2,849

Advertisement

n/m

Accounting and legal fees related to offering

Advertisement

392

Advertisement

(392

)

Advertisement

n/m

Advertisement

Advertisement

898

(898

Advertisement

)

n/m

Advertisement

Bonuses related to the offering

Advertisement

1,090

(1,090

)

Advertisement

n/m

Advertisement

1,090

(1,090

Advertisement

)

n/m

Advertisement

Acquisition related costs (2)

180

Advertisement

Advertisement

180

n/m

Advertisement

454

Advertisement

Advertisement

454

n/m

Advertisement

Adjusted EBITDA

3,617

Advertisement

5,518

(1,901

Advertisement

)

(34

)%

Advertisement

10,719

12,635

Advertisement

(1,916

)

Advertisement

(15

)%

________________

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(1)

Net finance (income) costs is comprised of finance income, and finance expense including unwinding of deferred consideration and foreign exchange gains (losses).

(2)

The acquisition costs are related to the business combinations of the Group.

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n/m = not meaningful

Below is the Adjusted EBITDA Margin calculation for the period specified:

Three Months Ended June 30,

Advertisement

CHANGE

Six Months Ended June 30,

Advertisement

CHANGE

2022

Advertisement

2021

Advertisement

$

%

Advertisement

2022

2021

Advertisement

$

Advertisement

%

(in thousands, USD, unaudited)

Advertisement

(in thousands, USD, unaudited)

Advertisement

Advertisement

Revenue

15,924

Advertisement

10,392

Advertisement

5,532

53

Advertisement

%

35,509

Advertisement

21,909

Advertisement

13,600

Advertisement

62

%

Adjusted EBITDA

Advertisement

3,617

5,518

Advertisement

(1,901

)

Advertisement

(34

)%

Advertisement

10,719

12,635

Advertisement

(1,916

)

Advertisement

(15

)%

Adjusted EBITDA Margin

Advertisement

23

%

Advertisement

53

%

Advertisement

(30

)%

Advertisement

30

%

Advertisement

58

%

Advertisement

(27

Advertisement

)%

In regard to forward looking non-IFRS guidance, we are not able to reconcile the forward-looking non-IFRS Adjusted EBITDA measure to the closest corresponding IFRS measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, acquisition-related expenses and certain financing and tax items.

Free Cash Flow
Free Cash Flow is a non-IFRS financial measure defined as cash flow from operating activities less capital expenditures, or CAPEX.

We believe Free Cash Flow is useful to our management as a measure of financial performance as it measures our ability to generate additional cash from our operations. While we use Free Cash Flow as a tool to enhance our understanding of certain aspects of our financial performance, we do not believe that Free Cash Flow is a substitute for, or superior to, the information provided by IFRS metrics. As such, the presentation of Free Cash Flow is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS.

The primary limitation associated with the use of Free Cash Flow as compared to IFRS metrics is that Free Cash Flow does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Free Cash Flow as we define it also may not be comparable to similarly titled measures used by other companies in the online gambling affiliate industry.

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Below is a reconciliation to Free Cash Flow from cash flows generated by operating activities as presented in the Unaudited Interim Condensed Consolidated Statement of Cash Flows for the period specified:

Three Months Ended June 30,

Advertisement

CHANGE

Six Months Ended June 30,

Advertisement

CHANGE

2022

Advertisement

2021

$

Advertisement

%

Advertisement

2022

2021

Advertisement

$

%

Advertisement

(in thousands USD, unaudited)

Advertisement

(in thousands USD, unaudited)

Advertisement

Cash flows generated by operating activities

Advertisement

3,460

4,738

Advertisement

(1,278

Advertisement

)

(27

Advertisement

)%

6,944

Advertisement

11,478

Advertisement

(4,534

)

Advertisement

(40

)%

Capital Expenditures (1)

Advertisement

(546

)

(1,616

Advertisement

)

1,070

Advertisement

66

%

Advertisement

(2,758

)

(1,959

Advertisement

)

(799

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)

(41

)%

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Free Cash Flow

2,914

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3,122

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(208

)

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(7

)%

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4,186

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9,519

(5,333

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)

(56

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)%

(1)

Capital expenditures are defined as the acquisition of property and equipment and the acquisition of intangible assets.

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