The following is a summary of the PointsBet Holdings Limited (PBTHF) Q2 2024 Earnings Call Transcript:
Financial Performance:
PointsBet reported a positive operating cash flow of AUD 100,000 in the second quarter, the first in the company's history.
The statutory corporate cash stood at AUD 46.3 million while the adjusted corporate cash was AUD 74.3 million as of year-end 2023.
The company experienced an 11% increase in total Q2 group net win which amounted to AUD 69.9 million and saw significant growth in the Canadian market, a rise of 109% compared to the previous year.
An FY '24 normalized EBITDA loss guidance of AUD 9 million to AUD 14 million has been estimated, approximately 75% lesser than the FY '23 normalized EBITDA loss.
PointsBet is predicting a continuation of positive operating cash flow in the latter half of FY 2024.
Business Progress:
PointsBet reported a record of over 256,000 active clients, with most coming from Australia and Canada.
A partnership with Strive Gaming is expected to enhance PointsBet's iGaming offering and accelerate business growth.
The company is focusing on responsible gambling initiatives and enhancing communications with customers who may be at risk of gambling-related harms.
Transfer of ownership of the company's U.S. assets to Fanatics Betting & Gaming is underway, with completion expected in the fourth quarter.
The business is strategizing for growth by aligning media partnerships, promotional strategies, and responsible gambling services with core principles which would underpin reforms from the federal government's review into online wagering.
More details: POINTSBET HOLDINGS LTD IR
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