UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of May 2024
(Commission File No. 001-40634)
 
Gambling.com Group Limited
(Translation of registrant’s name into English)
 
22 Grenville Street
St. Helier, Jersey
JE4 8PX, Channel Islands
(Address of registrant’s principal executive office)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒
Form 40-F ☐


EXPLANATORY NOTE

On May 16, 2024, Gambling.com Group Limited (NASDAQ: GAMB) (the “Company”) issued a press release announcing its financial results for the period ended March 31, 2024. A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated by reference herein.

The information in this Form 6-K (including in Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

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EXHIBIT INDEX
Exhibit
 
Description
 
99.1

2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

Gambling.com Group Limited
(Registrant)
By:
/s/ Elias Mark
 
Name:Elias Mark
Title:Chief Financial Officer

Date: May 16, 2024

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Exhibit 99.1

PRESS RELEASE
gdcglogo003.jpg
May 16, 2024 at 7:00 a.m. ET
Gambling.com Group Reports First Quarter 2024 Results
–Record Q1 revenue of $29.2 Million
–Generated year-over-year revenue growth in every reporting region

CHARLOTTE – May 16, 2024 – Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a fast-growing provider of digital marketing services for the global online gambling industry, today reported financial results for the first quarter ended March 31, 2024. The Company also updated its 2024 revenue and Adjusted EBITDA guidance as detailed below.

“We are off to a great start to the year furthering our confidence in our ability to generate strong Adjusted EBITDA and Free Cash Flow growth this year and for years to come,” commented Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group. “The investments we have made for years in our proprietary technology, website portfolio, and accretive acquisitions are driving consistent growth. As we continue to expand our industry leadership and influence across global online gambling markets and leverage the many growth drivers we have, we see a clear road ahead to generate substantially higher Adjusted EBITDA and Free Cash Flow.”
Elias Mark, Chief Financial Officer of Gambling.com Group added, “By growing year on year in every one of our geographic reporting markets, we delivered record Q1 revenue with top line growth of 9% despite the comparable period benefiting from significantly more new state launch activity.”
First Quarter 2024 vs. First Quarter 2023 Financial Highlights
(USD in thousands, except per share data, unaudited)

Three Months Ended March 31,Change
20242023%
Revenue29,215 26,692 9 %
Net income for the period attributable to shareholders (1)
7,299 6,595 11 %
Net income per share attributable to shareholders, diluted (1)
0.19 0.17 12 %
Net income margin (1)
25 %25 %
Adjusted net income for the period attributable to shareholders (1)(2)
7,552 7,551 — %
Adjusted net income per share attributable to shareholders, diluted (1)(2)
0.20 0.20 — %
Adjusted EBITDA (1)(2)
10,159 10,673 (5)%
Adjusted EBITDA Margin (1)(2)
35 %40 %
Cash flows generated by operating activities8,806 7,082 24 %
Free Cash Flow (2)
8,193 6,205 32 %
__________
(1) For the three months ended March 31, 2024, Net income and Net income per share include, and Adjusted net income and Adjusted net income per share exclude, adjustments related to the Company's 2022 acquisitions of RotoWire and BonusFinder of $0.3 million, or $0.01 per share. Similarly, these adjustments totaled $0.9 million, or $0.03 per share, for the three months ended March 31, 2023. See “Supplemental Information - Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments.
(2) Represents a non-IFRS measure. See “Supplemental Information - Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers.


1

First Quarter 2024 and Recent Business Highlights

•Delivered more than 107,000 new depositing customers (“NDCs”)
•Strong initial contribution from North Carolina following launch on March 11th
•Secured new $50 million credit facility with Wells Fargo Bank, National Association
•Repurchased 329,490 shares for an average price of $9.10
•Completed highly accretive acquisition of Freebets.com and related assets on April 1st
•Board of Directors approved an additional $10 million for the Company's ordinary shares repurchase program in May

First Quarter 2024 Results Compared to First Quarter 2023

Revenues rose 9% year-over-year to a first quarter record $29.2 million, reflecting growth across all geographic reporting markets. The Company delivered more than 107,000 NDCs to customers, an increase of 22%.

Gross profit increased 5% to $27.0 million, including a $1.2 million increase in cost of sales related to the Gannett and Independent partnerships.

Total operating expenses increased 9% to $19.1 million, reflecting increases in sales and marketing, technology and general and administrative expenses.

Net income attributable to shareholders and net income per share rose 11% to $7.3 million and $0.19, respectively. Adjusted net income of $7.6 million and adjusted net income per share of $0.20 were flat, reflecting fair value movement related to acquisitions in the comparative period.

Adjusted EBITDA for the first quarter of 2024 was $10.2 million, reflecting an Adjusted EBITDA margin of 35% as compared to Adjusted EBITDA of $10.7 million and Adjusted EBITDA margin of 40%, in the year-ago period. The Q1 2024 Adjusted EBITDA margin reflects higher costs of sales related to media partnerships.

Operating cash flow increased 24% to $8.8 million. Free Cash Flow increased 32% to $8.2 million reflecting positive working capital movements within operating cash flow and lower capital expenditures. The Company converted 28% of revenues and 81% of Adjusted EBITDA to Free Cash Flow in the first quarter of 2024.
2024 Outlook

Reflecting changes made in early May to how Google treats commercial content on high authority websites that, at present, diminishes the effectiveness of the Company’s media partnerships, Gambling.com Group today updated its 2024 full-year revenue and Adjusted EBITDA guidance. The Company now expects full year revenue of $118 to $122 million and Adjusted EBITDA of $40 million to $44 million. This compares to the initial guidance provided on March 21, 2024, for revenue of $129 million to $133 million and Adjusted EBITDA of $44 million to $48 million. The midpoint of the updated Adjusted EBITDA outlook of $42 million reflects expected year-over-year growth of 14%.

Charles Gillespie commented, “Even with these shifts in the digital landscape, the strength and resilience of our business will enable us to deliver strong year over year Adjusted EBITDA and Free Cash Flow growth. With less competition in the search engine results pages, our owned and operated assets are better positioned for the long term than ever before.”

The Company’s guidance assumes:

•Following the launch of sports betting in North Carolina on March 11th, no additional North American markets come online over the balance of 2024
•Apart from the acquisition of Freebets.com and related assets, no impact from any additional acquisitions in 2024
•Full year cost of sales of approximately $4.8 million, of which $2.2 million was incurred in Q1
•An average EUR/USD exchange rate of 1.09 throughout 2024
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Conference Call Details
Date/Time:
Thursday, May 16, 2024, at 8:00 a.m. ET
Webcast:https://www.webcast-eqs.com/gamb20240516/en
U.S. Toll-Free Dial In:877-407-0890
International Dial In:1 201-389-0918
To access, please dial in approximately 10 minutes before the start of the call. An archived webcast of the conference call will also be available in the News & Events section of the Company’s website at gambling.com/corporate/investors/news-events. Information contained on the Company’s website is not incorporated into this press release.
###
For further information, please contact:

Investors: Peter McGough, Gambling.com Group, investors@gdcgroup.com
Richard Land, Norberto Aja, JCIR, GAMB@jcir.com, 212-835-8500
Media: Eddie Motl, Gambling.com Group, media@gdcgroup.com
About Gambling.com Group Limited

Gambling.com Group Limited (Nasdaq: GAMB) (the “Group”) is a fast-growing provider of digital marketing services for the global online gambling industry. Founded in 2006, the Group has offices globally, primarily operating in the United States and Ireland. Through its proprietary technology platform, the Group publishes a portfolio of premier branded websites including Gambling.com, Bookies.com, Casinos.com, and RotoWire.com. Gambling.com Group owns and operates more than 50 websites in seven languages across 15 national markets covering all aspects of the online gambling industry, including iGaming and sports betting, and the fantasy sports industry.
Use of Non-IFRS Measures
This press release contains certain non-IFRS financial measures, such as Adjusted Net Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and related ratios. See “Supplemental Information - Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.
Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that relate to our current expectations and views of future events. All statements other than statements of historical facts contained in this press release, including statements relating to our ability to generate substantially higher revenues and cash flow, an updated expectation for substantially higher contributions from our owned and operated websites, and in the deliver of strong year over year Adjusted EBIDTA and free cash flow growth, and our 2024 outlook, are all forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “could,” “will,” “would,” “ongoing,” “future” or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance, or achievements to be materially and/or significantly different
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from any future results, performance or achievements expressed or implied by the forward-looking statement. Important factors that could cause actual results to differ materially from our expectations are discussed under “Item 3. Key Information - Risk Factors” in Gambling.com Group’s annual report filed on Form 20-F for the year ended December 31, 2023 with the U.S. Securities and Exchange Commission (the “SEC”) on March 21, 2024, and Gambling.com Group’s other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Gambling.com Group disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
4

Consolidated Statements of Comprehensive Income (Unaudited)
(USD in thousands, except per share amounts)

The following table details the consolidated statements of comprehensive income for the three months ended March 31, 2024 and 2023 in the Company's reporting currency and constant currency.

Reporting CurrencyConstant Currency
Three Months Ended March 31,ChangeChange
20242023%%
Revenue29,215 26,692 9 %8 %
Cost of sales(2,233)(991)125 %123 %
Gross profit26,982 25,701 5 %4 %
Sales and marketing expenses(9,612)(8,264)16 %15 %
Technology expenses(3,215)(2,240)44 %42 %
General and administrative expenses(6,304)(5,538)14 %13 %
Movements in credit losses allowance 40 (649)(106)%(106)%
Fair value movement on contingent consideration — (852)(100)%(100)%
Operating profit7,891 8,158 (3)%(4)%
Finance income944 100 844 %835 %
Finance expenses(454)(563)(19)%(20)%
Income before tax8,381 7,695 9 %8 %
Income tax charge(1,082)(1,100)(2)%(3)%
Net income for the period attributable to shareholders7,299 6,595 11 %9 %
Other comprehensive income (loss)
Exchange differences on translating foreign currencies(2,594)1,368 (290)%(288)%
Total comprehensive income for the period attributable to shareholders4,705 7,963 (41)%(42)%
5

Consolidated Statements of Financial Position (Unaudited)
(USD in thousands)
MARCH 31,
2024		DECEMBER 31,
2023
ASSETS
Non-current assets
Property and equipment898 908 
Right-of-use assets1,346 1,460 
Intangible assets96,484 98,000 
Deferred tax asset6,801 7,134 
Total non-current assets105,529 107,502 
Current assets
Trade and other receivables19,454 21,938 
Cash and cash equivalents25,318 25,429 
Total current assets44,772 47,367 
Total assets150,301 154,869 
EQUITY AND LIABILITIES
Equity
Share capital— — 
Capital reserve74,339 74,166 
Treasury shares(6,107)(3,107)
Share-based compensation reserve8,184 7,414 
Foreign exchange translation deficit(6,801)(4,207)
Retained earnings51,957 44,658 
Total equity121,572 118,924 
Non-current liabilities
Lease liability1,060 1,190 
Deferred tax liability2,090 2,008 
Total non-current liabilities3,150 3,198 
Current liabilities
Trade and other payables7,425 10,793 
Deferred income2,460 2,207 
Deferred consideration13,758 18,811 
Other liability280 308 
Lease liability542 533 
Income tax payable1,114 95 
Total current liabilities25,579 32,747 
Total liabilities28,729 35,945 
Total equity and liabilities150,301 154,869 
6

Consolidated Statements of Cash Flows (Unaudited)
(USD in thousands)
Three months ended March 31,
20242023
Cash flow from operating activities
Income before tax8,381 7,695 
Finance (income) / loss, net(490)463 
Adjustments for non-cash items:
Depreciation and amortization624 545 
Movements in credit loss allowance(40)649 
Fair value movement on contingent consideration— 852 
Share-based payment expense837 846 
Income tax reimbursed214 110 
Cash flows from operating activities before changes in working capital9,526 11,160 
Changes in working capital
Trade and other receivables2,240 (3,863)
Trade and other payables(2,960)(215)
Cash flows generated by operating activities8,806 7,082 
Cash flows from investing activities
Acquisition of property and equipment(72)(153)
Acquisition of other intangible assets— (265)
Capitalization of internally developed intangibles(541)(459)
Interest received from bank deposits74 — 
Payment of deferred consideration(4,450)(2,390)
Cash flows used in investing activities(4,989)(3,267)
Cash flows from financing activities
Exercise of options106 — 
Treasury shares acquired(3,084)— 
Interest payment attributable to deferred consideration settled(550)(110)
Principal paid on lease liability(100)(105)
Interest paid on lease liability(34)(47)
Cash flows used in financing activities(3,662)(262)
Net movement in cash and cash equivalents155 3,553 
Cash and cash equivalents at the beginning of the period25,429 29,664 
Net foreign exchange differences on cash and cash equivalents(266)347 
Cash and cash equivalents at the end of the period25,318 33,564 
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Earnings Per Share

Below is a reconciliation of basic and diluted earnings per share as presented in the Consolidated Statement of Comprehensive Income for the period specified, stated in USD thousands, except per share amounts (unaudited):

Three Months Ended March 31,Reporting Currency ChangeConstant Currency Change
20242023%%
Net income for the period attributable to shareholders7,299 6,595 11 %9 %
Weighted-average number of ordinary shares, basic37,088,36536,431,6332 %2 %
Net income per share attributable to shareholders, basic0.20 0.18 11 %11 %
Net income for the period attributable to shareholders7,299 6,595 11 %9 %
Weighted-average number of ordinary shares, diluted38,175,04738,121,7940 %0 %
Net income per share attributable to shareholders, diluted0.19 0.17 12 %12 %
Disaggregated Revenue
Revenue is disaggregated based on how the nature, amount, timing and uncertainty of the revenue and cash flows are affected by economic factors.
The Company presents revenue as disaggregated by market based on the location of end user as follows:
Three Months Ended March 31,Change
202420232024 vs 2023
North America14,816 14,143 5 %
U.K. and Ireland8,920 8,527 5 %
Other Europe3,861 2,770 39 %
Rest of the world1,618 1,252 29 %
Total revenues29,215 26,692 9 %
The Company presents disaggregated revenue by monetization type as follows:
Three Months Ended March 31,Change
202420232024 vs 2023
Performance marketing23,373 21,761 7 %
Subscription and content syndication1,959 1,863 5 %
Advertising and other3,883 3,068 27 %
Total revenues29,215 26,692 9 %
8

The Company also tracks its revenues based on the product type from which it is derived. Revenue disaggregated by product type was as follows:
Three Months Ended March 31,Change
202420232024 vs 2023
Casino19,810 17,072 16 %
Sports9,137 9,194 (1)%
Other268 426 (37)%
Total revenues29,215 26,692 9 %
Supplemental Information
Rounding
We have made rounding adjustments to some of the figures included in the discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes thereto. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.
Non-IFRS Financial Measures
Management uses several financial measures, both IFRS and non-IFRS financial measures in analyzing and assessing the overall performance of the business and for making operational decisions.
Adjusted Net Income and Adjusted Net Income Per Share

Adjusted net income is a non-IFRS financial measure defined as net income attributable to equity holders excluding the fair value gain or loss related to contingent consideration, unwinding of deferred consideration, and certain employee bonuses related to acquisitions. Adjusted net income per diluted share is a non-IFRS financial measure defined as adjusted net income attributable to equity holders divided by the diluted weighted average number of common shares outstanding.

We believe adjusted net income and adjusted net income per diluted share are useful to our management as a measure of comparative performance from period to period as these measures remove the effect of the fair value gain or loss related to the contingent consideration, unwinding of deferred consideration, and certain employee bonuses, all associated with our acquisitions, during the limited period where these items are incurred. We incurred expenses related to the unwinding of deferred consideration and employee bonuses until April 2024. See Note 5 of the consolidated financial statements for the year ended December 31, 2023 as filed on March 21,2024 for a description of the contingent and deferred considerations associated with our acquisitions.

Below is a reconciliation to Adjusted net income attributable to equity holders and Adjusted net income per share, diluted from net income for the period attributable to the equity holders and net income per share attributed to ordinary shareholders, diluted as presented in the Consolidated Statements of Comprehensive
9

Income and for the period specified stated in the Company's reporting currency and constant currency (unaudited):
Reporting CurrencyConstant Currency
Three months ended March 31,ChangeChange
20242023%%
Revenue29,21526,6929 %8 %
Net income for the period attributable to shareholders7,2996,59511 %9 %
Net income margin25 %25 %
Net income for the period attributable to shareholders7,2996,59511 %9 %
Fair value movement on contingent consideration (1)—852(100)%(100)%
Unwinding of deferred consideration (1)25354369 %360 %
Employees' bonuses related to acquisition(1)
—50(100)%(100)%
Adjusted net income for the period attributable to shareholders7,5527,551— %(1)%
Net income per share attributable to shareholders, basic0.200.1811 %11 %
Effect of adjustments for fair value movements on contingent consideration, basic0.000.03(100)%(100)%
Effect of adjustments for unwinding on deferred consideration, basic0.010.00100 %100 %
Effect of adjustments for bonuses related to acquisition, basic0.000.00— %— %
Adjusted net income per share attributable to shareholders, basic0.210.21— %— %
Net income per share attributable to ordinary shareholders, diluted0.190.1712 %12 %
Adjusted net income per share attributable to shareholders, diluted0.200.20— %— %
__________
(1) There is no tax impact from fair value movement on contingent consideration, unwinding of deferred consideration or employee bonuses related to acquisition.
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
EBITDA is a non-IFRS financial measure defined as earnings excluding interest, income tax (charge) credit, depreciation, and amortization. Adjusted EBITDA is a non-IFRS financial measure defined as EBITDA adjusted to exclude the effect of non-recurring items, significant non-cash items, share-based payment expense, foreign exchange gains (losses), fair value of contingent consideration, and other items that our board of directors believes do not reflect the underlying performance of the business, including acquisition related expenses, such as acquisition related costs and bonuses. Adjusted EBITDA Margin is a non-IFRS measure defined as Adjusted EBITDA as a percentage of revenue.
We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful to our management team as a measure of comparative operating performance from period to period as those measures remove the effect of items not directly resulting from our core operations including effects that are generated by differences in capital structure, depreciation, tax effects and non-recurring events.
While we use Adjusted EBITDA and Adjusted EBITDA Margin as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Adjusted EBITDA and Adjusted EBITDA Margin are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of Adjusted EBITDA and Adjusted EBITDA Margin is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of Adjusted EBITDA and Adjusted EBITDA Margin as compared to IFRS results are that Adjusted EBITDA and Adjusted EBITDA Margin as we define them may not be comparable to similarly titled measures used by other companies in our industry and that Adjusted EBITDA and Adjusted EBITDA Margin may exclude financial information that some investors may consider important in evaluating our performance.
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Below is a reconciliation to EBITDA, Adjusted EBITDA from net income for the period attributable to shareholders as presented in the Consolidated Statements of Comprehensive Income and for the period specified (unaudited):
Reporting CurrencyConstant Currency
Three Months Ended March 31,ChangeChange
20242023%%
(USD in thousands)
Net income (loss) for the period attributable to shareholders7,2996,59511 %9 %
Add back (deduct):
Interest expenses on borrowings and lease liability 34 43 (21)%(21)%
Income tax charge 1,082 1,100 (2)%(3)%
Depreciation expense70 57 23 %21 %
Amortization expense554 488 14 %12 %
EBITDA9,039 8,283 9 %8 %
Share-based payment and related expense837 846 (1)%(2)%
Fair value movement on contingent consideration— 852 (100)%(100)%
Unwinding of deferred consideration253 54 369 %360 %
Foreign currency translation losses (gains), net(719)346 (308)%(305)%
Other finance results16 39 (59)%(59)%
Acquisition related costs (1)807 222 264 %260 %
Employees' bonuses related to acquisition— 50 (100)%(100)%
Adjusted EBITDA10,159 10,673 (5)%(6)%

__________
(1) The acquisition costs are related to historical and contemplated business combinations of the Group.
Below is the Adjusted EBITDA Margin calculation for the period specified stated in the Company's reporting currency and constant currency (unaudited):
Reporting CurrencyConstant Currency
Three Months Ended March 31,ChangeChange
20242023%%
(USD in thousands, except margin)
Revenue29,21526,6929 %8 %
Adjusted EBITDA10,15910,673(5)%(6)%
Adjusted EBITDA Margin35 %40 %
In regard to forward looking non-IFRS guidance, we are not able to reconcile the forward-looking non-IFRS Adjusted EBITDA measure to the closest corresponding IFRS measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, acquisition-related expenses and certain financing and tax items.
Free Cash Flow
Free Cash Flow is a non-IFRS liquidity financial measure defined as cash flow from operating activities less capital expenditures.
11

We believe Free Cash Flow is useful to our management team as a measure of financial performance as it measures our ability to generate additional cash from our operations. While we use Free Cash Flow as a tool to enhance our understanding of certain aspects of our financial performance, we do not believe that Free Cash Flow is a substitute for, or superior to, the information provided by IFRS metrics. As such, the presentation of Free Cash Flow is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS.
The primary limitation associated with the use of Free Cash Flow as compared to IFRS metrics is that Free Cash Flow does not represent residual cash flows available for discretionary expenditures because the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Free Cash Flow as we define it also may not be comparable to similarly titled measures used by other companies in the online gambling affiliate industry.
Below is a reconciliation to Free Cash Flow from cash flows generated by operating activities as presented in the Consolidated Statement of Cash Flows for the period specified in the Company's reporting currency (unaudited):
Three Months Ended March 31,Change
20242023%
(in thousands USD, unaudited)
Cash flows generated by operating activities8,806 7,082 24 %
Capital Expenditures (1)
(613)(877)(30)%
Free Cash Flow8,193 6,205 32 %
__________
(1) Capital expenditures are defined as the acquisition of property and equipment and the acquisition of intangible assets, and excludes cash flows related to business combinations.
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