Q2 2024 Flutter Entertainment PLC Earnings Call Transcript
Key Points
- Flutter Entertainment PLC (FLUT) reported a strong Q2 performance with revenue growth of 20% and adjusted EBITDA growth of 17%, surpassing market expectations.
- The US market, particularly through FanDuel, showed exceptional growth with a 39% increase in revenue and a 51% rise in adjusted EBITDA, capturing nearly 40% of the US sports betting and iGaming market.
- The company successfully migrated FanDuel Casino onto its proprietary technology, enhancing platform stability and unlocking benefits such as access to in-house content.
- Outside the US, Flutter's UK, Ireland, and Italian markets demonstrated strong performance, with Sisal achieving record market share in Italy.
- Flutter Entertainment PLC (FLUT) reduced its leverage ratio to 2.6 times, nearing its medium-term target range, indicating strong financial health and effective debt management.
- The Australian market faced challenges with a 10% decline in revenue due to a softer racing market, despite strong customer engagement in rugby events.
- The company anticipates a small EBITDA loss in Q3 in the US, with significant earnings expected in Q4, indicating potential volatility in quarterly performance.
- The Illinois tax changes are expected to have a $40 million net impact in 2024, posing a financial headwind for the company.
- Increased operating costs, including higher payment costs and expenses related to the Beyond Play acquisition, are expected to impact the company's financials in the second half of the year.
- The company faces regulatory and tax challenges in various markets, which could affect future financial performance and strategic decisions.
Good afternoon and welcome to the Flutter Q2 Results Call hosted by CEO, Peter Jackson; and CFO, Rob Coldrake. There will be a chance to ask questions later, but I will now hand the call over to Paul Tymms, Group Director of Investor Relations. Please go ahead.
Hi, everyone and welcome to Flutter's Q2 results call. With me this afternoon in New York, are Flutter CEO, Peter Jackson; and CFO, Rob Coldrake. To this short intro, Peter will open up with a brief summary of our operational progress during the quarter and then Rob will run through the Q2 financials and our updated 2024 guidance. We will then open up the lines for Q&A.
Some of the information we are providing today, including our 2024 guidance constitutes forward-looking statements that involve risks, uncertainties and other factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors are detailed in our earnings press release and our SEC filings.
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