XLMEDIA PLC XLMedia | AGM 2024
XLMEDIA ANNUAL GENERAL MEETING 2024
28 JUNE 2024
XLMedia | AGM 2024 | 2 |
INTRODUCTION
Delivering XLMedia's stated strategy and shareholder value
MARCUS RICH,
NON-EXECUTIVE CHAIR
DAVID KING,
CHIEF EXECUTIVE OFFICER
IN ATTENDANCE
PETER MCCALL,
COMPANY SECRETARY
JULIE MARKEY,
NON-EXECUTIVE DIRECTOR
XLMedia | AGM 2024 | 3 |
KEY FINANCIAL SUMMARY
FY 2023
CONTINUING | CONTINUING | TOTAL REAL |
OPERATIONS1 REVENUE | ADJUSTED EBITDA | MONEY PLAYERS |
$50.3m | $12.1m | c.160K |
2022: $70.9m, (29)% YOY | 2022: $18.9m, (36)% YOY | 2022: 180K, (11)% YOY |
1. Continuing operations is defined as total Group financial performance excluding discontinued operations. For FY 2023, the Group classified Personal Finance and Blueclaw as discontinued operations. Revenue as at 31 December 2023.
XLMedia | AGM 2024
GROUP 2023 FULL YEAR RESULTS | 4 |
FY 2023 CONTINUING BUSINESS REVENUE SPLITS
27% | 54% | 45% | 27% | 39% | 42% |
19% | 55% | 73% | 61% | 52% | |
NA SPORTS | NORTH AMERICA | SPORTS | O&O | CPA |
EU SPORTS | EUROPE | GAMING | MPB | REVENUE SHARE |
GAMING1 | OTHER2 |
1. Gaming includes EU and NA with a | O&O (Owned and Operated Portfolio) | 2. Other defined as Fixed Deals, |
majority of revenue driven by EU. | MPB (Media Partnership Business) | Sponsorship, Display Advertising |
XLMedia | | REVENUE TYPE & ADJUSTED EBITDA SPLITS | 5 |
AGM 2024 |
GROUP REVENUE SPLIT BY TYPE (%)
In 2023, CPA accounted for 93% of North American revenue.
ESTIMATED ADJUSTED EBITDA ALLOCATION
REVENUE ($m) | ADJUSTED EBITDA ($m) | |
North America | 27.5 | 5.5 |
Europe | 22.8 | 6.6 |
Total | 50.3 | 12.1 |
- The Group runs its operations on an integrated basis, sharing cost and resource where possible
- The Adjusted EBITDA estimates are after the allocation of all shared group costs, including plc costs
- Europe includes sub-affiliate partner revenues and costs
Other defined as Fixed Deals, Sponsorship Deals, Display Advertising
XLMedia | PrivilegedAGM 2024& Confidential | 6 |
ADJUSTED EBITDA
Following a net impairment of $44.6m on acquired assets, the Group recognised an operating loss from continuing operations of $44.9m (2022: $6.2m profit) and Adjusted EBITDA from continuing operations of $12.1m (2022: $18.9m)
2023 ($m) | 2022($m) | Change 2023 vs 2022 (%) | |
Operating (loss) / profit from continuing operations | (44.9) | 6.2 | - |
Depreciation and Amortisation | 6.5 | 7.3 | (11)% |
Net non-cash impairment charge | 44.6 | - | 100% |
Share-based payments | 0.2 | 0.9 | (78)% |
Reorganisation costs | 2.6 | 4.5 | (42)% |
Exceptional minimum guarantee costs | 3.1 | - | 100% |
Adjusted EBITDA from continuing operations ($'m) | 12.1 | 18.9 | (36)% |
Adjusted EBITDA margin from continuing operations | 24% | 27% | (3) % pts |
XLMedia | AGM 2024POST BALANCE SHEET EVENT | 7 |
TRANSACTION UPDATE
On 21 March 2024, XLMedia announced that it had entered into a binding agreement for the sale of its
Europe and Canada sports betting and gaming assets to Gambling.com Group Limited for a total consideration of up to $42.5 million including a fixed sum of $37.5 million plus a potential earnout of up to $5.0 million.
The transaction was completed on 1 April 2024 and the receipt of the initial cash installment of $20.0 million on 2 April 2024.
BUSINESS UPDATE
The Group will support the migration of the assets for a period of six months while rightsizing the remaining Business commensurate with its North America presence.
The Group continues to focus on North America including expanding its footprint, deepening audience relationships and diversifying revenue streams with the goal of developing more predictable income. Additionally, the Business will seek to build its Gaming vertical in select markets.
XLMedia | AGM 2024 | 8 |
2024: MAXIMISE VALUE OF US BUSINESS
Currently no confirmed US
state launches
Rightsize cost base
commensurate with US-led
organisation
Managing the impact of
Europe asset sale on working
capital
Deepen Media Partner
relationships and expand
footprint
Growing North America
gaming and optimise trading in
existing states
Clear historic liabilities and return cash to shareholders
XLMedia | AGM 2024
OUTLOOK9
Q1 2024 saw a solid start to the year in Europe and North America
North Carolina launched online sports betting in mid-March post NFL season, delivering a strong performance with c.15,000 RMPs in the month
Retain focus on revenue diversification and continue to optimise existing legalised sports betting and online casino states while monetising audience scale through daily fantasy sports advertising and sponsorship
Growing the Media Partner Business remains a key element of the strategy. We are working with all partners to optimise performance, the majority having been unaffected by the recent Google update
2024 will be a year of considerable change as we transfer our O&O Europe assets while consolidating our O&O position in North America and prepare for 2025 and beyond
Following the sale of the Europe and Canada Assets, Adjusted EBITDA for continuing operations is estimated to be around $5.0m for full year 2024
XLMedia | AGM 2024
Q&A
MARCUS RICH,
NON-EXECUTIVE CHAIR
IN ATTENDANCE
10
DAVID KING,
CHIEF EXECUTIVE OFFICER
PETER MCCALL,
COMPANY SECRETARY
JULIE MARKEY,
NON-EXECUTIVE DIRECTOR
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Disclaimer
XLMedia plc published this content on 28 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2024 15:40:56 UTC.
