Preliminary Q4 2023 Rivalry Corp Earnings Call Transcript
Key Points
- Betting handle increased by 82% to $423.2 million in 2023 compared to the previous year.
- Revenue grew by 34% to $35.7 million over 2022, with a gross profit rise of 66% to $16.2 million.
- Operational expenses remained relatively steady despite significant growth, with a notable 15% reduction in marketing spend year over year.
- Net loss reduced by 22% to $24.3 million in 2023.
- Customer Key Performance Indicators (KPIs) showed positive trends with records set for average handle per customer, average revenue per user, and a record low cost of customer acquisition.
- The fourth quarter showed a slower finish with only a 1.5% increase in betting handle over Q4 2022.
- Revenue in Q4 decreased by $3 million from Q4 2022 due to less favorable sportsbook outcomes.
- Gross profit in Q4 also saw a $2 million decrease from the same quarter in the previous year.
- Unfavorable timing of major e-sports events in Q4 due to geographic locations impacted betting handle negatively.
- The company is still in the process of wrapping up the audit, and full audited financial statements and MD&A are pending.
Good morning, ladies and gentlemen, and welcome to the Rivalry Corp fourth quarter and year end 2023 financial results call. (Operator Instructions) This call is being recorded on Friday, April 5, 2024. I would now like to turn the conference over to John Vincic. Please go ahead.
Thank you, operator, and good morning, everyone. Speaker on today's call will be Steven Salz, Co-Founder and Chief Executive Officer of Rivalry Corp. Before we begin, I would like to remind listeners that certain statements made during this conference call presentation may constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws.
These statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Rivalry Corp and its subsidiary entities or the industry in which it operates to be materially different from any future results, performance, or achievements expressed or implied by such forward
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