The following is a summary of the Codere Online Luxembourg, S.A. (CDRO) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Codere reported a 33% increase in consolidated net gaming revenue, reaching over $50 million, led by 54% growth in Mexican operations and 17% in Spain.

• The adjusted EBITDA was negative at $4 million in Q4, marking an $11 million improvement compared to Q4 2022.

• The company's net working capital position ended at a negative $22 million for the year, equating to around 13% of its full-year net gaming revenue.

• Noteworthy growth drivers included a $12 million rise in net gaming revenue, a $6 million cut in marketing investments, and controlled growth in most other operating expenses.

Business Progress:

• Codere's active customer base grew by 15% in Spain, contributing 57% of the quarter's revenue for the Spanish segment.

• In Mexico, net gaming revenue increased by 54% YoY due to a 16% rise in active customers and 32% higher spend per customer.

• Despite flat revenue, Codere Colombia showed improvement in customer acquisition quality.

• In 2024, Codere anticipates net gaming revenue ranging from $185 million to $200 million, marking the year as a turning point towards profitability.

• Strategic focus includes expansion in Argentina, ongoing commitment to core markets (Spain and Mexico), increased customer acquisitions for major sporting events, and leveraging the growing Latin American sector.

More details: Codere Online Luxembourg IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.