EVOLUTION AB Interim Report January-March 2024
24 April 2024
CEO, Martin Carlesund & CFO, Jacob Kaplan
Highlights in the quarter
- Improved delivery capacity
- Launched slots in Delaware with Live to follow
- Agreements signed in the US with Caesars and Fanatics
- Initiated construction of new studio in Europe
- Acquisition of Livespins
- Strong world-wide demand for Evolution online casino
Highlights in the quarter
First quarter of 2024 (Q1 2023)
- Operating revenues +16.7% to 501.5 MEUR(429.6)
- Live growth +19.8% to 431.3 MEUR (360.1)
- RNG growth +0.8% to 70.1 MEUR (69.5)
- EBITDA +15.2% to 345.8 MEUR (300.2)
- EBITDA margin 69.0% (69.9)
3
Increase in staff
Headcount end of period
YoY growth
18.5%
20 537
20 000 | 19 221 | ||||||
17 026 | 17 331 | 17 447 | 17 823 | ||||
15 297 | 15 917 | ||||||
15 000 | 14 341 | ||||||
13 410 |
12 289
11 311 | |||
10 000 | 9 506 | 10 226 | |
8 240 | 7 395 | ||
6 764 | |||
5 000
0
20Q1 | 20Q2 | 20Q3 | 20Q4 | 21Q1 | 21Q2 | 21Q3 | 21Q4 | 22Q1 | 22Q2 | 22Q3 | 22Q4 | 23Q1 | 23Q2 | 23Q3 | 23Q4 | 24Q1 |
4
Activity in the network
Game Rounds index - All games | YoY growth | ||||
400 | +33% | ||||
339 | |||||
350 | |||||
301 | |||||
300 | |||||
275 | 277 | ||||
250 | 254 | ||||
232 | |||||
200 | 203 | ||||
176 | |||||
150 | 153 | ||||
135 | |||||
110 | 115 | 120 | |||
100 | |||||
50
0
21Q1 | 21Q2 | 21Q3 | 21Q4 | 22Q1 | 22Q2 | 22Q3 | 22Q4 | 23Q1 | 23Q2 | 23Q3 | 23Q4 | 24Q1 |
5
Geographic breakdown
Revenue per Region
Jan-MarApr-Jun | Jul-SepOct-Dec | Jan-Mar | |||
Group, EUR million | 2023 | 2023 | 2023 | 2023 | 2024 |
Europe | 173.7 | 175.2 | 175.1 | 185.8 | 191.0 |
Asia | 154.0 | 164.5 | 172.1 | 181.7 | 197.6 |
North America | 57.3 | 55.5 | 54.7 | 59.1 | 62.1 |
LatAm | 30.0 | 31.3 | 34.4 | 32.1 | 33.0 |
Other | 14.6 | 14.6 | 16.3 | 16.6 | 17.8 |
Total operating revenue | 429.6 | 441.1 | 452.6 | 475.3 | 501.5 |
Share of regulated markets | 40% | 40% | 40% | 40% | 39% |
Revenue, regulated markets | 171.3 | 176.9 | 179.9 | 189.6 | 195.4 |
Financial development
69,9% | 68,9% | 70,3% | 69,3% | 69,0% | 68,6% | 69,9% | 70,7% | 70,4% | 70,9% | 69,0% | |||
67,9% | 68,0% | ||||||||||||
475,3 | 501,5 | ||||||||||||
452,6 | |||||||||||||
441,1 | |||||||||||||
429,6 | |||||||||||||
407,5 | |||||||||||||
378,5 | |||||||||||||
EUR | 326,8 | 344,0 | 311,7 | 318,6 | 337,0 | 345,8 | Revenue | ||||||
300,2 | 300,2 | EBITDA | |||||||||||
million | |||||||||||||
276,0 | 279,5 | ||||||||||||
256,7 | 261,0 | EBITDA, % | |||||||||||
235,8 | 229,7 | 238,2 | |||||||||||
206,9 | |||||||||||||
192,9 | |||||||||||||
174,7 | |
160,1 | |
21Q1 | 21Q2 | 21Q3 | 21Q4 | 22Q1 | 22Q2 | 22Q3 | 22Q4 | 23Q1 | 23Q2 | 23Q3 | 23Q4 | 24Q1 | ||||||
Live | 360.1 | 371.8 | 385.8 | 405.6 | 431.3 | |||||||||||||
RNG | 69.5 | 69.3 | 66.8 | 69.8 | 70.1 | 8 | ||||||||||||
Revenue | 429.6 | 441.1 | 452.6 | 475.3 | 501.5 | |||||||||||||
P/L detail
Jan-Mar | Jan-Mar | Apr 2023- | Jan-Dec | |
Group, EUR thousands | 2024 | 2023 | Mar 2024 | 2023 |
Revenues - Live | 431,338 | 360,104 | 1,594,508 | 1,523,274 |
Revenues - RNG | 70,113 | 69,470 | 275,970 | 275,327 |
Total operating revenues | 501,451 | 429,574 | 1,870,478 | 1,798,601 |
Personnel expenses | -106,771 | -82,933 | -379,138 | -355,300 |
Depreciation, amortisation and impairments | -34,175 | -28,678 | -130,180 | -124,683 |
Other operating expenses | -48,894 | -46,483 | -178,299 | -175,888 |
Total operating expenses | -189,840 | -158,094 | -687,617 | -655,871 |
Operating profit | 311,611 | 271,480 | 1,182,861 | 1,142,730 |
Financial items | 5,877 | -1,425 | 13,179 | 5,877 |
Profit before tax | 317,488 | 270,055 | 1,196,040 | 1,148,607 |
Tax on profit for the period | -48,331 | -18,905 | -107,175 | -77,749 |
Profit for the period | 269,157 | 251,150 | 1,088,865 | 1,070,858 |
Average number of shares after dilution | 214,968,437 | 219,630,174 | 215,903,711 | 217,069,145 |
Earnings per share after dilution, EUR | 1.25 | 1.14 | 5.04 | 4.93 |
Cash flow and financial position
Capital expenditure
EUR m
40 | 8% | |||||||||||
35 | 7% | |||||||||||
30 | 6% | |||||||||||
25 | 5% | |||||||||||
20 | 4% | |||||||||||
15 | 3% | |||||||||||
10 | 2% | |||||||||||
5 | 1% | |||||||||||
0 | 0% | |||||||||||
21Q1 | 21Q2 | 21Q3 | 21Q4 | 22Q1 | 22Q2 | 22Q3 | 22Q4 | 23Q1 | 23Q2 | 23Q3 | 23Q4 | 24Q1 |
Tangibles
Intangibles
% of revenue, rolling 12 month
Operating cash flow
EUR m
350
300
250
200
150
100
50
0
21Q1 | 21Q2 | 21Q3 | 21Q4 | 22Q1 | 22Q2 | 22Q3 | 22Q4 | 23Q1 | 23Q2 | 23Q3 | 23Q4 | 24Q1 |
Op. Cash flow | Cash conversion | |||||||||||
Note:
Op. Cash flow defined as Cash flow from operating activities less Cash flow from investing activities (excl M&A)
Cash conversion rolling 4Qs = Op.Cash flow / EBITDA
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Balance sheet summary
31/3/ | 31/12/ | |
(EUR m) | 2024 | 2023 |
Total non-current assets | 3,187,9 | 3,251,2 |
Current assets | 877.4 | 736.5 |
Cash and cash equivalents | 974.1 | 985.8 |
Total current assets | 1,851.5 | 1,722,3 |
TOTAL ASSETS | 5,039.4 | 4,973.5 |
Total equity | 3,933.3 | 4,006.2 |
Total non-current liabilities | 404.0 | 405.9 |
Total current liabilities | 702.1 | 561.3 |
TOTAL EQUITY AND LIABILITIES | 5,039.4 | 4,973.5 |
10
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Disclaimer
Evolution AB (publ) published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 07:57:03 UTC.
