Q2 2024 SGHC Ltd Earnings Call Transcript
Key Points
- Super Group (SGHC) Ltd (SGHC) reported its strongest quarter ever with total revenue ex-US hitting a record EUR408 million, reflecting 9% year-on-year growth.
- Adjusted EBITDA ex-US also set a record at EUR98 million, representing an 11% year-on-year growth and a strong margin of 24%.
- The company successfully integrated the Apricot sportsbook, contributing to operational efficiencies.
- Super Group (SGHC) Ltd (SGHC) announced its first cash dividend of $0.10 per share, paid in July, and intends to maintain or potentially increase this dividend.
- The company raised its 2023-2024 ex-US adjusted EBITDA guidance to greater than EUR300 million, representing a margin of over 19%.
- Super Group (SGHC) Ltd (SGHC) incurred redundancy costs of EUR3.3 million during the quarter.
- The company is exiting the US sports betting market, which will incur cash costs of shutting down the US sportsbook business estimated not to exceed EUR45 million.
- The US business has incurred an adjusted EBITDA loss of EUR39 million year-to-date across both sports and iGaming.
- Looking ahead, the company expects to incur an adjusted EBITDA loss of EUR20 million by iGaming-only operations in the US for the rest of the year.
- The competitive environment remains challenging, particularly in mature markets like the UK, Canada, and the Netherlands, with regulatory changes impacting operations.
Good day and welcome to the Super Group Second Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Brett Milotte, ICR. Please go ahead.
Good morning, everyone, and thank you for joining us today to discuss Super Groupâs results for the second quarter of 2024. During this call, Super Group may make comments of a forward-looking nature that are subject to risks, uncertainties and other factors discussed further in its SEC filings that could cause its actual results to differ materially from historical results or from the companyâs forecast. Super Group assumes no responsibility to update forward-looking statements other than required by law.
On todayâs call, Super Group may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with
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