NeoGames S.A. (Nasdaq: NGMS) (“NeoGames” or the "Company"), a
technology-driven provider of end-to-end iLottery and iGaming
solutions, announced today financial results for the fourth quarter
and year ended December 31, 2022.
Moti Malul, Chief Executive Officer of NeoGames,
said: “We are proud of the tremendous progress we made during 2022,
further solidifying our iLottery leadership position in a
continually expanding market. A record year in iLottery was
punctuated with another record quarter. In addition, we made some
truly transformational strides advancing our strategic goals. We
significantly evolved our business through our acquisition of
Aspire Global, expanding beyond our position as a leader in global
iLottery solutions, and propelling us to becoming a global leader
in providing technology and content solutions across iLottery,
online sport betting and iGaming. Our results underscore the
advantage of our ability to serve customers on an integrated basis,
whether they need solutions for iLottery, online sports betting,
iGaming, or any combination of services. We ended the year growing
our iLottery revenue by 33% during the fourth quarter, and our
iGaming revenue by 27% as measured on a constant currency pro forma
basis from the prior year. During 2022, we grew revenue across all
business lines and we believe that we remain well-positioned to
continue to deliver profitable growth into 2023 and beyond.”
“Each year the global gaming industry tends to
expand further into the online channel, and each year the needs of
our customers evolve to require a more integrated approach across
lottery, gaming and sports betting. In our view, we are well
positioned as a leader to provide our customers, both regulated
state lotteries and private gaming operators, a leading, full suite
of solutions to meet all their digital gaming needs. This was
demonstrated once again in Brazil, where we carried the strong
momentum we generated in 2022 into 2023 and launched iLottery and
online sports betting with the official lottery of Brazil’s second
largest state, Minas Gerais. We believe these achievements on top
of those accomplished in 2022 will help position us to achieve our
objectives of sustainable accretive growth and value for our
shareholders.”
Fourth Quarter 2022 Financial
Highlights
- The total of Revenues and the
Company’s share in NPI revenues was $83.2 million during the fourth
quarter of 2022 compared to $21.3 million during the fourth quarter
of 2021, representing a 291% increase from the prior year,
reflecting the business combination with Aspire Global.
- Revenues were $69.2 million during
the fourth quarter of 2022, compared to $12.3 million during the
fourth quarter of 2021. In addition, the Company’s share in NPI
revenues was $14.0 million during the fourth quarter of 2022,
compared to $9.0 million during the fourth quarter of 2021,
representing an increase of 54.4% year-over-year.
- NeoGames’ iLottery revenue plus the
Company’s share of NPI revenues during the quarter was $28.4
million, a quarterly record, up 33.4% from a year ago, and up 16.9%
from the prior quarter.
- Aspire Global revenue was $54.8
million for the fourth quarter, reflecting 27.0% growth as measured
in constant currency1, offset by a 14.6% decrease caused by the
impact of foreign currency exchange rates resulting in a 12.4%
growth as reported in U.S. dollars.
- Net loss was $(0.8) million, or
$(0.02) per share, during the fourth quarter of 2022, compared to a
net loss of $(3.6) million, or $(0.14) per share, during the fourth
quarter of 2021. The change in net loss during the fourth quarter
of 2022 was mainly due to a $0.24 per share impact from the
amortization of intangible assets related to the Aspire Global
acquisition. Additionally, the current quarter reflects the impact
of interest expense related to the transaction that was not
incurred last year.
- Adjusted net income1 was $7.3
million, or $0.22 per share, during the fourth quarter of 2022,
compared to a net loss of $(3.6) million, or $(0.14) per share,
during the fourth quarter of 2021.
- Adjusted EBITDA1 was $18.1 million
during the fourth quarter of 2022, compared to $7.9 million during
the fourth quarter of 2021, representing an increase of 129%
year-over-year.
Full Year 2022 Financial
Highlights
- The total of Revenues and the
Company’s share in NPI revenues was $210.2 million for the year
ended December 31, 2022 compared to $84.5 million for the year
ended December 31, 2021, representing a 149% increase from the
prior year, reflecting the business combination with Aspire Global.
The total of Revenues and the Company’s share in NPI revenues was
also above the high end of our 2022 guidance range of between $197
million and $208 million.
- Revenues were $165.7 million during
the full year of 2022, compared to $50.5 million during 2021. In
addition, the Company’s share in NPI revenues was $44.5 million
during 2022, compared to $34.1 million during 2021, representing an
increase of 30.6% year-over-year.
- NeoGames’ iLottery revenue plus the
Company’s share of NPI revenues during 2022 was $98.1 million, up
16.0% from a year ago.
- Aspire Global contributed $112.1
million of revenue for the period of June 16, 2022, which is the
date the tender offer was completed through December 31, 2022. On a
full year pro forma basis, Aspire Global revenues were $207.0
million for the full year of 2022, reflecting 19% growth as
measured in constant currency, offset by a 13.4% decrease caused by
the impact of foreign currency exchange rates resulting in 5.7%
growth when reported in U.S. dollars.
- Net loss was $(19.0) million, or
$(0.64) per share, for the full year ended December 31, 2022,
compared to net income of $4.7 million, or $0.18 per share, during
the prior year. The change in net loss during 2022 was mainly due
to a $0.53 per share impact from the amortization of intangible
assets related to the Aspire Global acquisition and acquisition
related expenses. Additionally, the current year reflects the
impact of interest expense related to the transaction that was not
incurred last year.
- Adjusted net loss1 was $(3.1)
million, or $(0.11) per share for the year ended December 31, 2022
compared to net income of $4.7 million, or $0.18 per share, during
the prior year.
- Adjusted EBITDA1 was $54.5 million
for the full year of 2022, compared to $33.4 million for all of
2021 representing an increase of 63.2% year-over-year.
____________________1 The section titled “Non-IFRS Financial
Measures and Key Performance Indicators” below contains a
description of the non-IFRS financial measures discussed in this
press release and reconciliations between historical IFRS and
non-IFRS information are contained in the tables below. Throughout
this press release, we also provide a number of key performance
indicators used by our management and often used by competitors in
our industry. These and other key performance indicators are
discussed in more detail in the section titled “Non-IFRS Financial
Measures and Key Performance Indicators” in this press release.
Fourth Quarter 2022 Business
Highlights
- Continued rapid momentum of
Pariplay expansion by signing eight new deals during the fourth
quarter of 2022, including an agreement with Betway in the United
States.
- Obtained World Lottery Association
certification for Responsible Gaming recognizing the Company’s full
alignment with global responsible gaming standards of the lottery
industry.
- BtoBet went live with online sport
betting solution for PickWin, a regulated online gaming operator in
Mexico. This deal represents another great example of group
synergies where the integration of BtoBet was achieved through
PariPlay’s existing relationship with the operator, providing
aggregation services with its Fusion platform.
Subsequent to Year-End Business
Highlights
- Signed a joint venture operating
agreement for NPI and amended the Michigan Joint Venture Agreement
with Pollard Banknote Limited, reinforcing NPI’s leadership
position in the market, while enabling the Company to pursue future
North American iLottery opportunities flexibly and
independently.
- Launched LotoMinas.com.br iLottery
and online sports betting with Intralot do Brazil, in Minas Gerais,
Brazil’s second largest state fully regulated by Loteria Mineira,
the official state lottery. The turn-key project is the first
cooperation between NeoGames’ iLottery solution, BtoBet sports
betting as well as Aspire Global providing Managed Services.
- Entered into a landmark Aspire Core
partnership with leading UK casino operator Metropolitan Gaming to
provide a full suite of comprehensive and proprietary online
solutions incorporating Platform, Managed Services and casino
aggregation.
- Signed six new deals through
Pariplay during the first two months of 2023.
Guidance
The Company is initiating fiscal year 2023
Revenue and Share of NPI Revenues Interest Guidance.
The 2023 revenue guidance reflects a change
related to certain customer contracts within the Aspire Core
business. Prior to 2023 the commercial terms were structured such
that revenues were presented on a gross basis. Effective
January 1, 2023, contracts representing approximately 87% of Aspire
Core’s full year 2022 revenue have been modified to reflect new
commercial terms which need to be accounted for on a net basis. .
Reflecting the foregoing, the Company expects
2023 Revenue and its Share of NPI Revenues Interest to be between
$235 million and $255 million. Assuming a like-for-like
basis to the prior year whereby the modified contracts were
presented on a gross basis, our 2023 guidance would be between
$323.3 million and $350.3 million, reflecting a 10.4% increase
year-over-year at the midpoint when compared to pro forma results
for the year ended December 31, 2022.
Conference Call & Webcast
Details
NeoGames will host a live conference call and
audio webcast on Tuesday, March 7, 2023 at 8:30 a.m. Eastern Time,
during which management will discuss the Company’s fourth quarter
and year end results and provide commentary on business
performance. A question and answer session will follow the prepared
remarks.
The conference call may be accessed by dialing
(877) 300-8521 for U.S. domestic callers or (412) 317-6026 for
international callers.
A live audio webcast of the earnings conference
call may be accessed on the Company’s website at ir.neogames.com.
The replay of the audio webcast and accompanying presentation will
be available on the Company’s investor relations website shortly
after the call.
About NeoGames
NeoGames is a technology-driven innovator and a
global leader of iLottery and iGaming solutions and services for
regulated lotteries and gaming operators. The Company offers its
customers a full-service suite of solutions, including proprietary
technology platforms, two dedicated game studios with an extensive
portfolio of engaging games – one in lottery and one in casino
games, and a range of value-added services. The recent strategic
acquisition of Aspire Global Group enables NeoGames to offer the
most comprehensive portfolio across iLottery, an innovative sports
betting platform from BtoBet, an advanced content aggregation
solution from Pariplay, and a complete set of B2B Gaming tech and
Managed Services. NeoGames remains an instrumental partner to its
customers worldwide, as it works to maximize their revenue
potential through various offerings, including regulation and
compliance, payment processing, risk management, player
relationship management, and player value optimization. NeoGames
strives to be the long-term partner of choice for its customers,
empowering them to deliver enjoyable and profitable programs to
their players, generate more revenue, and maximize proceeds to
governments and good causes.
Cautionary Statement Regarding
Forward-looking Statements
This press release contains forward-looking
statements and information within the meaning of U.S. Private
Securities Litigation Reform Act of 1995 that relate to our current
expectations and views of future events. We intend such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act of 1933 and, Section 21E of the Securities
Exchange Act of 1934. All statements contained in this press
release other than statements of historical facts, including
without limitation statements regarding, our business outlook for
fiscal year 2023 and our future business strategies are
forward-looking statements . The words or phrases such as “may,”
“will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,”
“plan,” “believe,” “potential,” “continue,”“could,” “would,”
“project,” “target,” and similar expressions are intended to
identify forward-looking statements, though not all forward-looking
statements use these words or expressions “. These forward-looking
statements are subject to risks, uncertainties and assumptions,
some of which are beyond our control. In addition, these
forward-looking statements reflect our current views with respect
to future events and are not a guarantee of future performance.
Actual outcomes may differ materially from the information
contained in the forward-looking statements as a result of a number
of factors, including, without limitation, the following: we have a
concentrated customer base, and our failure to retain our existing
contracts with our customers could have a significant adverse
effect on our business;; a reduction in discretionary consumer
spending could have an adverse impact on our business; the growth
of our business largely depends on our continued ability to procure
new contracts; we incur significant costs related to the
procurement of new contracts, which we may be unable to recover in
a timely manner, or at all; intense competition exists in the
iLottery industry, and we expect competition to continue to
intensify; our information technology and infrastructure may be
vulnerable to attacks by hackers or breached due to employee error,
malfeasance or other disruptions; in addition to competition with
other iLottery providers, we and our customers also compete with
providers of other online offerings; the gaming and lottery
industries are heavily regulated, and changes to the regulatory
framework in the jurisdictions in which we operate could harm our
existing operations; while we have not experienced a material
impact to date, the ongoing COVID-19 pandemic, including variants,
and similar health epidemics and contagious disease outbreaks could
significantly disrupt our operations and adversely affect our
business, results of operations, cash flows or financial condition;
and other risk factors described in our Annual Report on Form 20-F
for the year ended December 31, 2021, filed with the Securities and
Exchange Commission (the “SEC”) on April 14, 2022, and other
documents filed with or furnished to the SEC. It is not possible
for our management to predict all risks, nor can we assess the
impact of all factors on our business or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements we may make. We caution you therefore against relying on
these forward-looking statements, and we qualify all of our
forward-looking statements by these cautionary statements. These
statements reflect management’s current expectations regarding
future events and operating performance and speak only as of the
date of this press release. You should not put undue reliance on
any forward-looking statements. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee that future results, levels of
activity, performance and events and circumstances reflected in the
forward-looking statements will be achieved or will occur. Except
as required by applicable law, we undertake no obligation to update
or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise, after the
date on which the statements are made or to reflect the occurrence
of unanticipated events.
Non-IFRS Financial Measures and Key
Performance Indicators
This press release may include EBIT, EBITDA,
Adjusted EBITDA, Aspire Adjusted EBITDA, NPI and NPI Revenues
Interest, adjusted net income (loss), Adjusted EPS and revenues
growth measured in constant currency which are financial measures
not presented in accordance with IFRS. We use these financial
measures to supplement our results presented in accordance with
IFRS. We include these non-IFRS financial measures because they are
used by our management to evaluate our operating performance and
trends and to make strategic decisions regarding the allocation of
capital and new investments. The Company presents revenues growth
measured in constant currency since we use constant currency
information to provide a framework in assessing how our business
and geographic segments performed excluding the effects of foreign
currency exchange rate fluctuations and believe this information is
useful to investors to facilitate comparisons and better identify
trends in our business.
EBIT, EBITDA, Adjusted EBITDA, adjusted net
income (loss), Adjusted EPS and revenues growth measured in
constant currency. We define “EBIT” as net income (loss), plus
income taxes, and interest and finance-related expenses. We define
“EBITDA” as EBIT, plus depreciation and amortization. We define
Adjusted EBITDA as EBITDA, plus share-based compensation,
prospective acquisition related expenses and the Company’s share in
NPI depreciation and amortization. We define adjusted net income
(loss) as net income (loss) adjusted by adding amortization
attributable to intangible assets acquired in business combination,
net of tax. We define adjusted EPS as adjusted net income (loss)
divided by the weighted average number of ordinary shares
outstanding. We define revenues growth measured in constant
currency as revenue adjusted by using the average foreign exchange
rates for fiscal year 2022, as reported by third parties , when
converting revenues recorded in foreign currencies to US dollar. We
believe EBIT, EBITDA and Adjusted EBITDA, adjusted net income
(loss) and revenues growth measured in constant currency are useful
in evaluating our operating performance, as they are regularly used
by security analysts, institutional investors and others in
analyzing operating performance and prospects. Adjusted EBITDA
adjusted net income (loss) and revenues growth measured in constant
currency are not intended to be a substitute for any IFRS financial
measure and, as calculated, may not be comparable to other
similarly titled measures of performance of other companies in
other industries or within the same industry.
NPI. Refers to NeoPollard Interactive LLC that
represents the Company’s 50/50 joint venture with Pollard Banknote
Limited (“Pollard”). The joint venture was formed for the purpose
of identifying, pursuing, winning and executing iLottery contracts
in the North American lottery market. NPI is managed by an
executive board of four members, consisting of two members
appointed by NeoGames and two members appointed by Pollard. NPI has
its own general manager and dedicated workforce and operates as a
separate entity. However, it relies on NeoGames and Pollard for
certain services, such as technology development, business
operations and support services from NeoGames and corporate
services, including legal, banking and certain human resources
services, from Pollard.
Company share in NPI Revenues. NPI Revenues is
not recorded as revenues in our consolidated statements of
comprehensive income (loss), but rather is reflected in our
consolidated financial statements in accordance with the equity
method, as we share 50% of the profit (loss) of NPI subject to
certain adjustments.
Contacts
Investor Contact:ir@neogames.com
Media Relations:pr@neogames.com
NeoGames S.A.
Consolidated Condensed Statements of Financial
Position(Unaudited, U.S. dollars in thousands)
|
December 31, 2022 |
|
December 31, 2021 |
ASSETS |
|
|
|
CURRENT ASSETS |
|
|
|
Cash and cash equivalents |
$ |
41,179 |
|
|
$ |
66,082 |
|
Designated cash |
|
- |
|
|
|
167 |
|
Restricted deposit |
|
489 |
|
|
|
9 |
|
Prepaid expenses and other receivables |
|
5,789 |
|
|
|
2,494 |
|
Due from Aspire Group |
|
- |
|
|
|
1,483 |
|
Due from the Michigan Joint Operation and NPI |
|
3,768 |
|
|
|
3,560 |
|
Trade receivables |
|
38,537 |
|
|
|
3,724 |
|
Corporation tax receivable |
|
5,333 |
|
|
|
- |
|
Total current assets |
$ |
95,095 |
|
|
$ |
77,519 |
|
NON-CURRENT ASSETS |
|
|
|
Restricted deposit |
|
149 |
|
|
|
154 |
|
Restricted deposits - Joint Venture |
|
4,098 |
|
|
|
3,848 |
|
Property and equipment |
|
3,992 |
|
|
|
2,159 |
|
Intangible assets |
|
339,908 |
|
|
|
22,354 |
|
Right-of-use assets |
|
7,973 |
|
|
|
7,882 |
|
Investment in Associates |
|
4,770 |
|
|
|
- |
|
Deferred taxes |
|
2,451 |
|
|
|
1,839 |
|
Total non-current assets |
|
363,341 |
|
|
|
38,236 |
|
Total assets |
$ |
458,436 |
|
|
$ |
115,755 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
CURRENT LIABILITIES |
|
|
|
Trade and other payables |
$ |
42,684 |
|
|
$ |
7,902 |
|
Client liabilities |
|
6,927 |
|
|
|
- |
|
Corporation tax payable |
|
10,491 |
|
|
|
- |
|
Lease liabilities |
|
1,150 |
|
|
|
769 |
|
Capital notes and accrued interest due to Aspire Group |
|
- |
|
|
|
21,086 |
|
Employees' withholding payable |
|
- |
|
|
|
167 |
|
Contingent consideration on business combination and other |
|
17,256 |
|
|
|
- |
|
Employees' related payables and accruals |
|
5,533 |
|
|
|
4,202 |
|
Total current liabilities |
$ |
84,041 |
|
|
$ |
34,126 |
|
NON-CURRENT LIABILITIES |
|
|
|
Loans and other due to Caesars, net |
$ |
- |
|
|
$ |
9,449 |
|
Liability with respect to Caesars' IP option |
|
3,450 |
|
|
|
3,450 |
|
Loans from financial institutions, net |
|
209,287 |
|
|
|
- |
|
Company share of Joint Venture net liabilities |
|
539 |
|
|
|
830 |
|
Lease liabilities |
|
6,823 |
|
|
|
7,820 |
|
Accrued severance pay, net |
|
1,033 |
|
|
|
286 |
|
Deferred taxes |
|
15,229 |
|
|
|
- |
|
Total non-current liabilities |
$ |
236,361 |
|
|
$ |
21,835 |
|
EQUITY |
|
|
|
Share capital |
|
59 |
|
|
|
45 |
|
Reserve with respect to transaction under common control |
|
(9,978 |
) |
|
|
(8,467 |
) |
Reserve with respect to funding transactions with related
parties |
|
20,072 |
|
|
|
20,072 |
|
Accumulated other comprehensive (loss) income |
|
(5,311 |
) |
|
|
- |
|
Share premium |
|
173,908 |
|
|
|
70,812 |
|
Share based payments reserve |
|
6,941 |
|
|
|
6,023 |
|
Accumulated losses |
|
(47,657 |
) |
|
|
(28,691 |
) |
Total equity |
|
138,034 |
|
|
|
59,794 |
|
Total liabilities and
equity |
$ |
458,436 |
|
|
$ |
115,755 |
|
NeoGames
S.A.Consolidated Condensed Statements of Net
(Loss) Income(Unaudited, U.S. dollars in thousands, except
per share amounts)
|
Quarter ended December 31, |
|
Year ended December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
Revenues |
$ |
69,222 |
|
|
$ |
12,254 |
|
|
$ |
165,698 |
|
|
$ |
50,463 |
|
Distribution expenses |
|
45,419 |
|
|
|
2,374 |
|
|
|
97,579 |
|
|
|
9,889 |
|
Development expenses |
|
2,622 |
|
|
|
3,462 |
|
|
|
10,278 |
|
|
|
9,428 |
|
Selling and marketing
expenses |
|
2,817 |
|
|
|
546 |
|
|
|
5,364 |
|
|
|
1,549 |
|
General and administrative
expenses |
|
8,977 |
|
|
|
3,793 |
|
|
|
23,306 |
|
|
|
12,300 |
|
Business combination related
expenses |
|
767 |
|
|
|
3,841 |
|
|
|
17,984 |
|
|
|
3,841 |
|
Depreciation and
amortization |
|
12,258 |
|
|
|
3,957 |
|
|
|
35,611 |
|
|
|
14,613 |
|
|
|
72,860 |
|
|
|
17,973 |
|
|
|
190,122 |
|
|
|
51,620 |
|
Loss from
operations |
|
(3,638 |
) |
|
|
(5,719 |
) |
|
|
(24,424 |
) |
|
|
(1,157 |
) |
Interest expenses with respect
to funding from related parties |
|
- |
|
|
|
1,226 |
|
|
|
2,867 |
|
|
|
4,811 |
|
Finance expenses |
|
5,882 |
|
|
|
1,097 |
|
|
|
12,238 |
|
|
|
1,501 |
|
The Company's share in profits
of Joint Venture and associated companies |
|
8,132 |
|
|
|
3,168 |
|
|
|
22,110 |
|
|
|
12,446 |
|
Profit (loss) before
income tax expense |
|
(1,388 |
) |
|
|
(4,874 |
) |
|
|
(17,419 |
) |
|
|
4,977 |
|
Income tax (expenses)
benefit |
|
595 |
|
|
|
1,316 |
|
|
|
(1,546 |
) |
|
|
(325 |
) |
Net income
(loss) |
$ |
(793 |
) |
|
$ |
(3,558 |
) |
|
$ |
(18,965 |
) |
|
$ |
4,652 |
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share outstanding, basic |
$ |
(0.02 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.64 |
) |
|
$ |
0.18 |
|
Net income (loss) per
common share outstanding, diluted |
$ |
(0.02 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.64 |
) |
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
33,482,197 |
|
|
|
25,549,026 |
|
|
|
29,716,281 |
|
|
|
25,302,350 |
|
Diluted |
|
33,482,197 |
|
|
|
25,549,026 |
|
|
|
29,716,281 |
|
|
|
26,640,120 |
|
|
|
|
|
|
|
|
|
Adjusted
EPS2 |
$ |
0.22 |
|
|
$ |
(0.14 |
) |
|
$ |
(0.11 |
) |
|
$ |
0.18 |
|
____________________2 See
Reconciliation of Net (Loss) Income to Adjusted Net (Loss)
Income.
NeoGames S.A.
Reconciliation of Net (Loss) Income to Adjusted
EBITDA(Unaudited, U.S. dollars in thousands)
|
Quarter ended December 31, |
|
Year ended December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(793 |
) |
|
$ |
(3,558 |
) |
|
$ |
(18,965 |
) |
|
$ |
4,652 |
Income tax expenses
(benefit) |
|
(595 |
) |
|
|
(1,316 |
) |
|
|
1,546 |
|
|
|
325 |
Interest and finance-related
expenses |
|
5,882 |
|
|
|
2,323 |
|
|
|
15,105 |
|
|
|
6,312 |
EBIT |
|
4,494 |
|
|
|
(2,551 |
) |
|
|
(2,314 |
) |
|
|
11,289 |
Depreciation and
amortization |
|
12,258 |
|
|
|
3,956 |
|
|
|
35,611 |
|
|
|
14,613 |
EBITDA |
|
16,752 |
|
|
|
1,405 |
|
|
|
33,297 |
|
|
|
25,902 |
Business combination related
expenses |
|
767 |
|
|
|
3,841 |
|
|
|
17,984 |
|
|
|
3,841 |
Share-based compensation |
|
518 |
|
|
|
2,628 |
|
|
|
2,994 |
|
|
|
3,448 |
Company share of NPI
depreciation and amortization |
|
52 |
|
|
|
28 |
|
|
|
222 |
|
|
|
193 |
Adjusted
EBITDA |
$ |
18,089 |
|
|
$ |
7,902 |
|
|
$ |
54,497 |
|
|
$ |
33,384 |
NeoGames S.A.Revenues
generated by NeoGames as well as Company's share in NPI
Revenues (Unaudited, U.S. dollars in thousands unless
otherwise noted)
|
Quarter ended December 31, |
|
Year ended December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Royalties from turnkey contracts |
$ |
8,348 |
|
$ |
7,042 |
|
$ |
29,729 |
|
$ |
29,882 |
Royalties from games
contracts |
|
426 |
|
|
550 |
|
|
1,709 |
|
|
1,994 |
Use of IP rights |
|
4,154 |
|
|
2,109 |
|
|
14,293 |
|
|
7,959 |
Development and other services
- Aspire |
|
- |
|
|
340 |
|
|
767 |
|
|
1,617 |
Development and other services
- NPI |
|
1,242 |
|
|
1,833 |
|
|
5,651 |
|
|
7,578 |
Development and other services
- Michigan Joint Operation |
|
284 |
|
|
381 |
|
|
1,449 |
|
|
1,433 |
Revenues |
$ |
14,454 |
|
$ |
12,255 |
|
$ |
53,598 |
|
$ |
50,463 |
NeoGames' NPI revenues
interest |
$ |
13,961 |
|
$ |
9,042 |
|
$ |
44,473 |
|
$ |
34,052 |
NeoGames revenues plus NPI
revenues interest |
$ |
28,415 |
|
$ |
21,297 |
|
$ |
98,071 |
|
$ |
84,515 |
Aspire Global revenues |
|
54,768 |
|
|
- |
|
|
112,100 |
|
|
- |
Revenues plus NeoGames NPI
revenues interest |
$ |
83,183 |
|
$ |
21,297 |
|
$ |
210,171 |
|
$ |
84,515 |
NeoGames S.A.
Reconciliation of Net (Loss) Income to Adjusted Net (Loss)
Income(Unaudited, U.S. dollars in thousands)
|
Quarter ended December 30, |
|
Year ended December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Net income (loss) |
$ |
(793 |
) |
|
$ |
(3,558 |
) |
|
$ |
(18,965 |
) |
|
$ |
4,652 |
Amortization attributable to
business combination, net of tax |
|
8,068 |
|
|
|
- |
|
|
|
15,840 |
|
|
|
- |
Adjusted net income
(loss) |
$ |
7,275 |
|
|
$ |
(3,558 |
) |
|
$ |
(3,125 |
) |
|
$ |
4,652 |
Adjusted net income (loss) per
common share outstanding |
$ |
0.22 |
|
|
$ |
(0.14 |
) |
|
$ |
(0.11 |
) |
|
$ |
0.18 |
Aspire GlobalNon-IFRS
Financial Measures - Reconciliation(Unaudited, U.S.
dollars in thousands unless otherwise noted)
|
Quarter ended December 31, |
|
$ Change |
|
% Change |
|
2022 |
|
2021 |
|
Asreported |
|
Foreignexchangeimpact |
|
Inconstantcurrency |
|
Asreported |
|
Inconstantcurrency |
Core |
$ |
40,979 |
|
$ |
36,254 |
|
$ |
40,979 |
|
$ |
5,380 |
|
$ |
46,359 |
|
13.0 |
% |
|
27.9 |
% |
Games |
|
7,996 |
|
|
8,535 |
|
|
7,996 |
|
|
1,012 |
|
|
9,008 |
|
-6.3 |
% |
|
5.5 |
% |
Sports |
|
5,793 |
|
|
3,950 |
|
|
5,793 |
|
|
733 |
|
|
6,526 |
|
46.6 |
% |
|
65.2 |
% |
Net Revenues, as reported |
$ |
54,768 |
|
$ |
48,739 |
|
$ |
54,768 |
|
$ |
7,125 |
|
$ |
61,893 |
|
|
|
|
|
|
|
Year ended December 31, |
|
$ Change |
|
% Change |
|
2022 |
|
2021 |
|
Asreported |
|
Foreignexchangeimpact |
|
Inconstantcurrency |
|
Asreported |
|
Inconstantcurrency |
Core |
$ |
149,743 |
|
$ |
151,674 |
|
$ |
149,743 |
|
$ |
19,099 |
|
$ |
168,842 |
|
-1.3 |
% |
|
11.3 |
% |
Games |
|
34,535 |
|
|
30,857 |
|
|
34,535 |
|
|
4,261 |
|
|
38,796 |
|
11.9 |
% |
|
25.7 |
% |
Sports |
|
22,686 |
|
|
13,321 |
|
|
22,686 |
|
|
2,915 |
|
|
25,601 |
|
70.3 |
% |
|
92.2 |
% |
Net Revenues, as reported |
$ |
206,964 |
|
$ |
195,852 |
|
$ |
206,964 |
|
$ |
26,275 |
|
$ |
233,239 |
|
|
|
|
|
|
NeoGames (NASDAQ:NGMS)
Historical Stock Chart
From Jun 2024 to Jul 2024
NeoGames (NASDAQ:NGMS)
Historical Stock Chart
From Jul 2023 to Jul 2024