Gambling.com Group Limited (GAMB) 16 Aug 232023 Q2 Earnings call transcript

Greetings, welcome to Gambling.com Group's Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note this conference is being recorded.

the Relations. to turn President McGough, now Investor of will conference Peter over Vice I you. Thank

may You begin.

McGough, Investor Hello, second Charles Elias results Peter Mark, quarter and Gillespie, XXXX President everyone, welcome and Officer. earnings call. to Chief Executive Chief I Co-Founder; joined Financial I am Relations. Gambling.com Officer Group's Vice by of and am

well. downloadable conclusion The A site available site at Web section of call is our be is will being replay after call. presentation webcast and webcast live version a available through there Web the as the of Investor Relations the of gambling.com/corporate/investors, on this the

You support may by Relations also Investor emailing contact investors@gdcgroup.com.

of information uncertainties and by and differ that involve or call, expressed available that securities by statements These results, would to and to as prospects statements to in could financial laws. materially I and are on contained us consists in performance, guidance the and future including to statements. remind opportunities forward-looking those any this business conference you defined actual risks related like currently based from provided, information be these cause implied

Some factors of Group's important are with such cause Commission. filings Exchange Securities section the and Gambling.com the in factors that discussed could risk differences

the changes as or only and in Forward-looking statements changes related to other required to statements press forward-looking made our statements obligation affecting securities statements extent the references to forward-looking by also, assumptions, see presentation the are factors the information speak of company date and update no laws. results, to to except assumes reflect release. in Please forward-looking actual

in appendix financial the available and measures of our presentation press to the are is comparable financial earlier in non-IFRS measures. which their release, are Investors also Web measures press site. be will these discussion and included A measures of this the tab reconciliations non-IFRS morning, in of both to the description issued IFRS these included the call, non-IFRS of release financial of directly the there During a most

I'll the over Charles. call to turn now

results, record for win including data an excellence early free growth. example model with deliver future, science their Today, Thank as stages to are and to world near healthy groups, everyone. the all Peter, and revenue, further you, These around SEO year-over-year our welcome our results flow our and The systems bright development. strong phenomenal and margins, gambling.com markets quarter shareholders. just results ability we at proprietary demonstrate our of consistent great leverage our in business returns and of adjusted growth, second longer-term regulated and EBITDA, we reported cash

growth opportunities bit I'll color moment, beyond on to North provide America. highlight want at a outset, reach that our more but coming states these online in new opportunities the just in a I

of in While very in stages our not profile potential revenue solely is we dependent North market, our are still early contributor our America and and when the near will the come scale new is states and online. already largest realizing growth on long-term

of of mature, markets from for online as marketing reasons. solutions expect our gain partnerships, will launches realize continue in existing the that importance brand casinos.com. performance like development benefit benefits from increases our also market launch we our state highlight states, share to new to also would the but longer-term surely and New added near I to the the gambling new of business, be media and to premier two

more help. become need and consumers First, selective more

our operators to Broadly expect the channels. ever, need more exhaust begin lowest-cost to capacity to than mature. operators to and more their for to sell as of speaking, the operators have channel markets acquisition inventory Secondly, we

the regulated UK XX where for and that You to nearly we can growth years. see continue that been markets have regulated have dynamic and we strong markets in -- the been Ireland generate

where reflecting million, quarter some results, XX% $X.X a highlights adjusted and Ireland million remarkable quarter. to we EBITDA the a XXX% American in generated the EBITDA XX% million continued totaled converted of of of strength North cash to second and and the the for $X.X year-over-year. to We in free rose in which UK now revenue flow, increase Turning rose $XX our revenue revenue XX% adjusted

Our ability mid-XXs most have in to a convert belief adjusted generate adjusted of EBITDA margins our consistently business and our cash that EBITDA flow model we high to free industry. percent the level reinforces attractive

publicly At traded is class growth. approach, which best differentiate in Group from our the success technology-focused continues of organic peers our core to Gambling.com with our

We robust year-over-year organic the improved record growth flow for of in financial and of year expect to performance, strong cash drive continued free to profitability another including continue balance XXXX, resulting generation.

now Since our Kentucky Therefore, sports Kentucky including we launch in guidance. our are on that last XXth. now know will we betting call, September

that launch Carolina. Kentucky state expect North after the next will We to be

While raised do we of have therefore specifics launch and million a our later be But in XXXX. certainty will we such we I guidance on during suspect say will revenue will we delighted have deliver XXXX, not to outside remain yet in QX our guidance call. least of this give the Elias about at until do any Carolina the update $XXX specifics. expect am full that to North in now

sports Looking detail, from in results second more betting benefited quarter NDCs. at unseasonably the strong we in US growth

exceeded customers would We strength US over of XXXX. US and QX depositing the from iCasino estimates, online Excluding operator sports, have new the other results clients, over atypical in for in increase delivered continued consensus in an our beyond revenues XX% this gambling XX,XXX profited we outperformance, in also our strength still markets.

proprietary this websites. officially of data and launch on casinos.com Our growth driven continuously through as our portfolio traffic very new We're to a capture XXth our NDCs improving traffic July monetize in our is brand. and by systems science expanding ability to pleased to powerhouse technology high-intent leverage

the bit years expect casinos.com say the What more to the in market regulated a have for accomplish vision on call. long-term accomplished for decade casinos.com Our end casinos.com. global is a the it gambling.com, casino with and to of be I'll we in category-defining to with destination we for at

we we our versus operational positioning the focused and peers. On execution to websites of remain our created level, leveraging capabilities optimizing BI have on gap an widen the our that

invest will to to performance media industry-leading of partnerships rates. and our to our We websites maintain prudently the organic continue growth improve

exchange finder accelerate the order final termination a has bonus early XXXX. realization consistently negotiated In the of Earnout a EURXX of all in amount acquisition, since the in and of to in the acquired our synergies outperformed arrangement this business we expectations we early fixed agreed period. million acquisition the to Finally, successful deferred for compensation potential from

detailed for quarter guidance. hand I'll that, the more With a review to results second call our CFO, our increased Elias of Mark over and

welcome everyone. Thank and you, Charles,

another by financial XX% Revenue of prior the America, result. to in North XX% record growth world. $XX NDC in we in mentioned, and The rest and million compared generated quarter currency. increased revenue Charles the to UK in driven strong constant of increase the was As year or Ireland,

the XX,XXX. grew more than to New quarter depositing XX% customers in

As Charles sports. the second stated, exceeded strong consensus without would generation have quarter in expectations results US even seasonally tailwinds NDC from

RotoWire.com We partnerships over the Cost was QX, quarter expect $X.X the modeling second here seasonally ’XX. in with despite our $X.X quarter a carry deliver media and the third line of outperformance quarter the not expectations, market the to aided of sales business quarter. from million second into third during subscription strong to business typical the versus million from benefit of in

additional movements expenses functions. by increase acquisition XX%. $X.X included an movements. contingent million. Total to finance was were million primarily expenses million, $XX.X The value consideration million, operating of the expenses fair an for and driven Adjusted $XX.X $X.X increase in products, increase fair sales, value headcounts operating operating adjusted our of marketing, Total related BonusFinder technology, were across of

to decreased $X.X assets from acquisitions RotoWire fully are and the now expense as Amortization BonusFinder short-lived million amortized.

full XXXX. For the year

incur to expect approximately $X.X We amortization of million.

time, expect for to At the outpace operating leverage the selectively expenses. organic year growth same hire in to full we growth from continued continue We operating to growth. drive revenue

business per generating we flow free conversion, enables free was quarter to $X.XX And in $X.X earnings deferred Adjusted in $X.XX was quarter. adjusted flow per and for totaled diluted second of cash our Net adjusted XX% contingent $X.X EBITDA income continue million, income adjusted diluted which movements value share, expect per or in approximately strong share model was cash fair and share. substantial the as consideration. net million

termination fair We year. last generated result value This quarter in we period. top-line adjusted million compared of represents of of early growth. related our in as outpaces there of future BonusFinder XXX% second leverage earnout, As movements be the growth will $X.X EBITDA to QX the million spending no the growth a $X.X gain

to flow XXth, was cash payment Cash be to XX% the XX% by entirely from generated EBITDA continue the generated from reflecting organic cash generate the positive compared of we Adjusted quarter of margin in BonusFinder flow. free year-over-year $X.X increased $X.X flow BonusFinder’s quarterly our XXXX cash offset cash million, XXXX $X.X payment million for million continuing initiatives second driven by June We Total operating million of and the XXXX. XXXX of from partly free primarily operations growth earnout revenue owner the to million fund was second sequential strong QX, $X.X decline, positioned quarter for acquisition. and growth performance. in while $XX.X as to

Turning to outlook.

calendar football, commencement We expect and by to of includes the see as September both start European season college sports August, in quarter, the of of sides third followed the and the the of the well July This leagues. football launch Atlantic. in lighter autumn reflecting the on in sports typical seasonality NFL as

fact the underscore demands to performance online delivering in even gambling that offerings strong, valuable progress they more marketing results the are towards and quarter of second strong as unique industry our Our services remains profitability. operators

seen of pullback closely, to not consumer and we We now behavior times continue from any as monitor have consumers. or

of adjusted The revenue are $XX represents QX to factors and range $XXX to $XX expected range our revenue the guidance. XX%. the new XXXX these full-year in Given million. million compared range revenue The XX% [ph], new year-over-year to and prior of we're to four ranges performance, million our of growth strong million increasing $XXX EBITDA

new our EBITDA between adjusted expectation $XX earlier $XX million million of year-over-year growth to $XX be XX% compared representing to $XX XX%. to a now and million of We with expect to range million

EBITDA a XX%. our of mid points the ranges full-year adjusted EBITDA margin Assuming of revenue and implies adjusted

Our Kentucky September on assumes that updated XXth. launch will XXXX guidance

Beyond or XXXX. no guidance owed a Kentucky, acquisitions our launches additional from of market assumes benefit balance

Our guidance We at assumes average an XX,XXX rate shares the $X.XX exchange for in X.XXX. EUR/USD of now repurchase XXXX second quarter. of price the

we'll we $XX continue best market. we $X.X have be our best continue is able in and shares opportunistically it in on authorization, and when the to We to represents believe to capital, are use interest, of remaining the million repurchase shareholder's million

free And base shareholder on and of did finally, successful an $X.X shareholders, improved but expanded shares by course certain IPO offering of we did following are increase pleased the the not shares liquidity. secondary daily outstanding, which follow flows, free the have increase to million trading

the With that, turn Charles. call will to I back

you, Thank Elias.

I'd like bit more drivers. review current questions, your Before growth for up to in opening of our the call detail several a

operating growth Carolina EBITDA model state drive of such expected many to our market home on and flow attractive as in include adjusted betting states with share cash organic new that recently These America margins in benefit the Our and from online execute growth is September, continued as opportunities. free to continue strong performance we will Kentucky approved. come our online and was North North where sports strong

XXXX, any go do We in this specifics time. at expect live to have NC not but

regulate America largest regulate already XX yet XX to to iCasino states sports have represents betting. online North states While yet market, reporting our have and

outside the regulated markets of of attention, investors' Europe headlines the is gambling the America in and underappreciated. US opportunity and While majority the expansion remains and online still North for new sizable grabs most regulated compelling of

regulate For betting line issued has example, for the regulation. and is to nearly finish provisional at sports measure a Brazil complete

the are to if market major We expect and sports global be finalized enacted. regulations betting Brazil a

one efforts in about for become excited to gambling should potential online there markets the breakthrough. We world largest also regulatory of Japan regulated are the the

these We single company month's buying from marketing anyone as with launch longer-term performance names world. name than a in casinos.com a ours. consider the experience also selling industry significant domain superstar gambling more for opportunity most casinos.com in desirable be the to have of last such and the I domain

casino precision recommendation and alongside to gambling.com continue well-honed powerhouse our the timely highly for be everything a Today, content established expect is international of will to and related. casino as develop high for casinos.com. remain We into high marketing, designed casinos.com can playbook confident we engine digital another that flagship casinos.com brand. intent, With brand best-in-class players, develop best-in-class

potential the media new remain about our excited partnership significant I initiatives. relatively very of

million organizations UK's newspaper first previously two announced have publishers and with in with we international largest unique As media the discussed, with America recently XX partnership the users. partnered largest one reach digital nearly Independent, monthly of a of North of our the

NDCs delivering further sports are what the record the way US, very USA media online our in we single-regulated up been to about performance levels, a largest that the new the remains gambling most at present, focused of Our being asset, flagship as for websites with the ready this and partnership world's fall At in launch UK have I'm season we great see the Independent ramping Today on excited and website. partner market.

these dynamic continued and part growth markets, UK markets picky, for An increasing strong gambling is and accounts. overlooked online in an the markets that business. resulting often of growth new our amounts Our important in of Ireland the in users online mature is fact sophisticated, new that gambling of simple as end of become these our due to of promiscuous, more services demand established

their to to operators critical In attract performance parallel, players. increasingly partners marketing and new become ability

estimate for UK, we is while operators' databases in of that XX% example, XX%. than U.S. through referred channels NDCs XX% performance percentage less marketing the account that customer to For

American dynamics the confident that will over are We exist time the mature that market European in more North mirror same markets.

review the perspective I our this quarter on can just we what phenomenal Gambling.com are of our why drivers ultimately start noting provides more achieve. with the today, expect second many started call that Hopefully, Group you of results growth

I for team excited again in long-term more been at to record with continuing review their exemplary prospects for successes yet never look have will Gambling.com to thanking and quarter. efforts near you. delivering We brilliant our once the our by another Group end and forward

B. presenting Conference be following in on on September the conferences note up the the open the Xth, in September we Citibank on that will Conference call questions, Day September management Technology New Global York Xth at Before XXth. Riley Game September, and please for the BTIG XXth, Consumer Conference and

With questions, that, happy open the be the over line to we'd to Sheri, for operator. up

[Operator Instructions]. you. Thank

from is Securities. David B. proceed. question Please first with Our Riley Bain

XQ the thank on Awesome, you, and results. congratulations

expansions a you seasonally Elias, big typical year, or or know, a whatever, on typically? guess, website per launch touched extracting do basis but or, you can do you I you quarter First, bit, state seasonality in us how little remind a on wait see you what

and strongest, and of so fourth quarter second be Yeah, first are if the quarter always quarter the a year, similar the roughly quarter in normal the the third seasonally size. should

quarter, This touched sports, upon, in which as saw is we US outperformance we seasonally untypical.

full-year expectations are quarter, and within QX. look we believe street that So, guidance into towards the if third you balance the reasonable consensus our would fall

Okay. recur, online and for sports that have your the on scale at the your you can either hybrid either NDCs CPA mostly, own? been you know, that at or iCasino, per And amounts know, of then, changing mix or paid kind or moved at have all has create all books preferences by you or

deals, increasingly markets pure CPA at We've us roughly very the most There's than to David, more increase past. are options in rates I'd more had we than so now. of no from our the capability Hey, stable. There's broadly do decrease. or speaking, been operators that meaningful been kind simply scale say in US some main time gives of for

somewhat I in So, direction. gravitate we'll that think

they're very going those be they three what's But, we one a on of which which the the customer, are depends have the the that which business, on to It the strong and that them retaining you models counterparty all et you is in and that know, details, best. use competence operator, at remain good can market, product, cetera. know, any

things estimates these, especially lifetime over know, lot a of into there's time. know, value You you that player of, the go

the which a most a to should going and you know, in you and says the can one at, conclusion we our in which conclusion great company's pick you do you that know, money which or view, CPA is the take put a idea pocket. math the we the arrive that's So, at says

with Our proceed. next question Stantial is Stifel. Please from Jeff

partnership on thanks and being recent There's the good Penn announced last the flow guys. good been of American the morning Great one -- of here news deal between most off Starting market. these couple North a ESPN. months,

level trending. the how curious competition the of various see operators between Just you

implications So, affiliate what the into head immediate of NFL are for P&L XXXX, model. and into we the sort of season kind and

Yes.

mean, something they ESPN look, it's and think, huge waiting XXXX, have. since I I finally, deal, Everybody's on do to right? been a

really world in I It's because name the positive biggest think, United -- in sports the in general, States. worldwide it's the it's leader.

industry. they've further it So, the done now that something, destigmatizes of kind

already ESPN such set would, or going they're especially with The this a for stigma to expectations new as step fully spend any going washed had an operator more themselves. less mainstream. off. acquiring have totally But to customers, industry in direction is meaningful the operator of very right another high that's of money the lot Penn, kind for

demand means in are but So, with off also have essentially pretty revenue The clearly, supposed take map. more of to companies. the this They're any come Barstool affiliate gambling services. they from of implications not for fascinating, kind

competition. not they're not they're -- So, really be going to

So, we see exciting. it positive and universally as pretty

to really slight then That's half, Thanks, the second looks like full-year a and step assumes in Great. the first midpoint down, helpful. guidance of EBITDA And Charles. guidance moving half.

contributing mostly is Thanks. much Is that Just and us you state be Massachusetts seasonality-driven, this more to just that how clear, the and understand launches help Ohio some raised Can both guidance Elias? you QX, announced? the than is in EBITDA of to a revenue Kentucky specifically? bit reflecting the of

it's of so things. two Yes, combination a

expectations, our that's two saw the the if back in saw As sports we are that the quarter. major back our launch. roughly second launches. outside that on component in normal of we X.X that guidance we The saw that million we Kentucky partly outperformance performance is to that the is you the -- quantify And quarter. untypical the QX, and of of partly was mentioned, the second in of had U.S. QX in we in on And the outperformance second raising

at And of Kentucky's to the September. end very launch going

from the will all into fall virtually benefits So, QX. Kentucky

question Jonas from next Securities. Please with Our proceed. is Truist Barry

if so you Hey or on Ohio guys gaming would if its tax. indirect had guys. expect just far, Thanks. has there. raised effect that Curious you any anything

It's directly It us. dynamic obviously, essentially when the the definitely worth and directly rates, helpful it player's on to much them. it's states either. a how helpful, doesn't raise impacts operators not But not passed to tax the a get

relationships our any in not impact. else the Ohio time, and and healthy. remain So, having at It's rates extremely material sort of same everything

the then curious, characterize helpful. I And question appetite on that’s environment at a moment? just your M&A just the Great of you'd here sort high-level how and guess the pipeline

lots very few conversations been that at happening things There's is considering. good. got the the We've entered, pipeline we of of moment. have are The a new what scope

So, hopeful as go be lot really something conversations a busy not to next work, the on six, spending of well a that it, able nine months. of But ever lot time assuming be we'll over I'd these and doing announce imminently.

We're the But are to just going to the walk a from and any have ever sheet away to do obviously do reasons. picky. We great super a we right as opportunity to on deal to do stars take is the the that's enable balance up. M&A line our We'll of cash, something of us number purpose deal a not for deal. a when

You this every demonstrating can know, grow single as without are M&A quarter. we we business

tests. to So, got for to trigger, really it's pull pass all the us the

Thanks a Great, lot.

with Sigdahl proceed. is Our Capital Ryan next Group. question Please from Craig-Hallum

whatever the right how media you opportunity as Hey but is, top is the independent, what at Charles. like number you type whether have it's looks the or look the pipeline Curious XX there? internationally, but of

mean, online there. lot opportunities obviously, there's of a regulated lot that I of have a world around there's the gambling. markets think I

done done the the If in have place, ever a think we're good been that of biggest about partnerships the right? media U.S. in U.S. We've two you

looking for not really a we're third. So,

good In place. in UK, now we're very the a

else, to many we at in simply same market. extent probably now we But time, so delivering are would partners. on announced focused a having be it for partnerships, important media very So, did the anything the third very, our

executing very rush to got. the and on internal we've partnerships one, teams really that are, there's no on simply So, do another focused are

coming do those albeit you states. of mentioned guidance, you Maine, and also have in then you the Vermont, market here, are included And those state opportunities? domains Carolina, in bet think Curious, but Kentucky, relatively those and the about how and North smaller both

our that talk there's we American enter the any think operators, there'll et those states our market So, reasonable about, where future, if point, be we more. view At is that viable and meaningful states North in we business, multiple will cetera. talk don't it have a we about and think some we'll this changes impact these where taxes, on

Thanks, Good Great. guys. luck.

Please proceed. is question from next BTIG. Our Clark Lampen with

Morning. guys driving back what's Thanks. the performance deck. IgA bit the with in you're and North been that and like how commentary are about sort that momentum that start capturing little to you for half has business was some improving presentation share It Could the the around I share. of strength year? you of in sounds American wanted thinking more a

you've performance in to Sure. Yeah, before marketing the We broke more regulate of for casino the of we the with U.S. you we sports betting. know, broke But of states business. had heart so, business many somewhat kind people. When course, through pursue we're the U.S. hearts, sports like marketing than in performance in casino us. betting through our online ironically betting sports casinos

kind created year, and of the nice we we've a QX for And had, broken momentum. QX business casino finally, betting really on both side. this through ourselves before casino in sports gained We very

So, what's capture able simply high-intent this in you is know, traffic, than that's really changed Michigan. New we Jersey, And been we've better quarters. prior Pennsylvania, did to and

if rates, you that inventory, to will, So, means sell engagement, to and more better better operators. conversion rankings, the better search

Is increasing would from as you color directional and you maybe embedded contemplated what's you spend? it sort any of in maybe provide a helpful. about, new standpoint, Could to of for help you know, sort super media stable And the Charles, That's about pertains prepared could launches. half, in improved of year, over back be you be of think sort think contributors useful? or important share remarks, balance of guidance about operator partnerships know, there us as of the talked expected alongside your it we sort I as and drivers guess share the the to

think proportion would that media second in but fair from I Yeah, hasn't where it's, know, the football of season started. at funny the revenue think you close point I football increase the year coming that to pretty year. now say We're this to you're the of of is expect it's season, half overall to partnerships kind we

for this all to to work done it's prepare football and work. think season You've you going

You're, done you don't have you it's any done. concerns know, not but about it's until anything,

that you know, maximum that's rest our of of only partners we'll And USA of think NFL. properties partnerships. the the for seen numbers joke of So, and great this Today uncertainty, really done we're McClatchy. we at in and is of you've all the CNET work kind course done we've But through. rest as the start We've with valued this come a work. point And, the really of the we true once position of media lot a

Thank you.

is Our Please next from question David Katz proceed. Jefferies. with

Hi. Morning everyone. quarter. Congrats on the

that growth little have in I'm can your that understand what so you? with learned we and specific track the is Is in that that a U.S. and U.S. at about here, we about grow, the ties and how betting as we right? see there a calculus what sports look So, the into we as how better, correlates, bit far wondering growth

affect think to I individual each of be between operators, to draw the there to things course, some that on us easier side, think, the if -- far operator's revenue if and try are should you're a I perspective lot profitability, it are to it'd going and of as do lines from operators growing, expect nothing you and to revenue a But broadly the doing well with do doing well. have a which the least us. at growing well, be speaking, affiliates

of we the that long But operators. outpace generally, expect speaking kind term,

from the expect We essentially the affiliate marketing X, gambling be if overall market, faster to American therefore, is America TAM at X. expense overall at time. the North North to expect something our operators growing than increase of growing proportion sales we'd and And the over online in

more, of is X again, discussed to look bigger X tend a the whereas bit population I'm thinking today be conventional plus. wisdom suggest past? with any we've smaller the Right. to scale players U.S. about got over and focused, think about other something we the are the out at the we case plus, ins is, of the And mix business more and it, that you players and of the and when question smaller-scale get operators Is an that players, that would discount. for recent my and get given more and outs charge efficiency you we sort of should that bring there,

make rates, market it's are that the is is leaders. already fair. It X and kind you money Tier often than put channel the work operators, big based who or if got incentive to X, bucket that It that's Tier ones Tier are keen and the X only more X, time willing most are conversion of operators the experience the guys that invest market to to that, but not They're affiliate with high to Tier our on which share, the the X work to campaigns together perform they've have that Tier us.

Got it.

the So, distribution. of is best a operators mix outcome and a

the in a moment North of couple had we really enter at this operators haven't we're new America, you've but the Definitely. not seeing And -- fray.

coming, will as So, you've back casinos. coming, regulate you've view ESPN it more operators the that states is be the fanatics U.S., in got our that fray got enter many, more there many especially

so difficult an it's set side, online not the to On up casino casino.

profitable exercise. seen enormously software, brands this marketing, sharp a nicely digital service, expenditure businesses. Europe years it expensive doesn't You in and have stand -- customer of without to bit very have up capital online don't therefore And of We've casino brand, -- it's precision and investment. for operators have need be you succeed but amounts a crazy

we digital of amounts entering, more the time see bringing betting lower our capital. get of So, to unlimited US. there we expensive, will share that's kind kind in really the kind than will so the wave have But of U.S. course, that And sports on of more side of operators marketing this casino kind businesses versus next more many experience which reasonable casino be in of finally of a an they we online is profitable more where in betting, opinion market in online market course, the point still of margin sports again, of opportunity, will are properly. opinion. states And run and and

Perfect. much. Thank you, very

Beynon question is Macquarie. Please with Chad final proceed. Our from

have first, million Wanted pound about, Rota wire. the termination believe talked might payment on fee I and final also to just for that $XX ask you you the

think capital share kind outflows guys how these Thanks. about you some does allocation? repurchases this as how shape about we thinking So, of on leverage? are the else cash of Anything

early or termination of will be paid been certainty. replaced has the future $X of outflow bonus which million million $XX What uncertainty the consideration final from with paid was of is with of July. in So, activities the finder investing cash

is to million payable April that $XX year. shares. we able of next be So, there to end And ordinary settle are the that XX% up will further at a of in

very gives kind bank. outflow certainty we So continue cash free cash the that the on of in over generate million side, strong you And to $XX we flow. have

pipeline share excess consider used M&A both capital and or we purposes. depending of them, remain opportunistic either things. allocation capitalization for on there the So, and And can other M&A about and is be pragmatic carefully that we'll

growth. now And world in strong you. we're just in continued to show thank post-white paper the then very UK, kind the Okay, as you of

I think there their checks most the affordability of ahead of of and your websites had over this. adjusted partners all already kind

a like seem was change. major So, it there doesn't

post of market and know the with that as kind of else gaining But seeing maybe Ireland's point goal look talked you're hypergrowth operators? you kind you you're instead normal you. anything market more? paper, these as the term of tier growth What of about to publishing. three Thank talk will the start that in has obviously slowed. And don't tier two, UK near white can about share I more a some growth market

I can one. that take

the I are think in have you right the that operators their and procedures. adjusted processes in UK

So, pre-issuance business had usual and as much paper. white in the pricing any impact of it's negative very been

fourth and You're comps quarters third UK entering been as the harder pace into in Ireland growth are in that that we in six right, particularly and driving continue we've forever the now, past the quarter. can't outsized the

but down, business we partnership the part how strength continue UK. a the growth and in media slow to and that with in will expect do independent and the we the to we big drive to momentum expect So, the our continue be growth UK the rate of

guys. Thanks, Appreciate it.

like the We closing over would turn the conference our of back session. management I question-and-answer for have reached end comments. to to

you GXE to appreciate again the in us for same interest joining had we early performance hopefully, to October. November, expect solid we for everybody everyone again to report and today. year We start XXXX. Thank you many results at strong updating a Goodbye. your our of Gambling.com look Group. when of and support forward the see can in more We've and We in QX

This Thank you. conclude today's does conference.

You may this time, and at you lines thank participation. for your disconnect your