Q3 2024 Flutter Entertainment PLC Earnings Call Transcript
Key Points
- Flutter Entertainment PLC (FLUT) reported a strong Q3 performance with revenue growth of 27% and EBITDA growth of 74%, exceeding market expectations.
- The NFL season contributed significantly to growth, with handle up 36% and customer acquisition increasing by 10% year-over-year.
- Product innovations, particularly in the NFL segment, have driven customer engagement and structural revenue margin expansion.
- The company is launching a share repurchase program, intending to buy back up to $350 million of ordinary shares, demonstrating strong capital allocation optionality.
- Flutter Entertainment PLC (FLUT) is expanding its market presence with expected launches in Alberta, Canada, and Missouri, USA, in 2025.
- Despite strong performance, Flutter Entertainment PLC (FLUT) reported a net loss of $114 million due to non-cash expenses and a loss on the fair value of the Fox option.
- Promotional expenses in the US were higher than expected, impacting the overall financial performance.
- The company faced adverse sports results in Q4, affecting the US revenue guidance, which was slightly reduced.
- There are ongoing regulatory challenges in Brazil, creating uncertainty around the planned January 2025 launch.
- The competitive landscape in the UK and US remains intense, potentially impacting future market share growth and profitability.
Good afternoon and welcome to the Flutter Q3 trading update hosted by CEO Peter Jackson and CFO Rob Cold Drake. Please note this conference call is being recorded and for the duration of management's opening remarks, your lines will be on listen-only.
However, you will have the opportunity to ask questions thereafter. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you will be connected to an operator.
I will now hand you over to your host today. Paul TIMS, letter director of investor relations to begin today's conference. Paul.
Hi everyone and welcome to Flutter's Q3 results call with me today are Fatter, CEO Peter Jackson and CFO Rob Cold Drake. After this short intro, Peter will open with a brief summary of our operational progress during the quarter and then Rob will run through the Q3 financials and our updated 2024 guidance. We will then open the lines for Q&A some of
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