The following is a summary of the Gambling.com Group Limited (GAMB) Q1 2024 Earnings Call Transcript:
Financial Performance:
Gambling.com Group reported Q1 2024 revenue of $29.2 million, a 9% year-over-year increase, with North American revenue growing 5% year-over-year.
Adjusted EBITDA for Q1 was $10.2 million, slightly lower than the $10.7 million from the same period the previous year.
The company reported an increase in free cash flow by 32% to $8.2 million, converting 28% of revenue and 81% of adjusted EBITDA to free cash flow.
The company also made share repurchases worth approximately $3 million and has about $3.9 million left on their existing share buyback authorization.
The revenue and adjusted EBITDA guidance for 2024 is $118-122 million and $40-44 million respectively.
The company expects full year 2024 cost of sales to be approximately $4.8 million.
Business Progress:
Gambling.com Group completed the acquisition of Freebets.com and related assets.
Despite changes in Google's policy impacting media partnerships, the company experienced increased traffic to its owned and operated sites and still expects these partnerships to drive incremental EBITDA.
Gambling.com Group is considering potential M&A opportunities with technology-first companies in the online gambling space.
The company remains committed to achieving year-on-year adjusted EBITDA growth of 14% at the new midpoint and continues to drive incremental EBITDA with a revenue growth target of 10% year-over-year.
The company is expanding beyond the US and prioritizing growth in assets in other geographies. It launched a Greek version of Gambling.com and planning to launch in Romania. The acquisition of Freebets.com is expected to contribute to growth once fully integrated.
More details: Gambling.com IR
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