REG - FlutterEntertainment - Q3 2024 Financial Results
13/11/2024 07:00
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RNS Number : 9807L Flutter Entertainment PLC 13 November 2024
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED UNDER ASSIMILATED
REGULATION (EU) NO. 596/2014 WHICH IS PART OF THE LAWS OF THE UNITED KINGDOM
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED)
FOR IMMEDIATE RELEASE
Flutter Entertainment Reports Third Quarter 2024 Financial Results
November 12, 2024 (New York): Flutter Entertainment (NYSE:FLUT; LSE:FLTR), the
world's leading online sports betting and iGaming operator, announces Q3 2024
results, and a small raise to fiscal year 2024 Group guidance. Share
repurchase program to commence on November 14, 2024.
Key financial highlights:
In $ millions except percentages and average monthly players Three months ended September 30
2024 2023 YOY
Average monthly players (AMPs) ('000s)(1) 12,920 11,139 +16%
Revenue 3,248 2,558 +27%
Net loss (114) (262) +56%
Net loss margin (3.5)% (10.2)% +670bps
Adjusted EBITDA(2,3) 450 258 +74%
Adjusted EBITDA Margin(2) 13.9% 10.1% +380bps
Loss per share ($) (0.58) (1.55) +63%
Adjusted earnings (loss) per share ($)(2) 0.43 (0.10) +530%
Net cash provided by operating activities 290 554 (48)%
Free Cash Flow(2) 112 434 (74)%
Leverage ratio (December 2023 3.1x) 2.4
• Excellent Q3 with AMPs(1) +16% and revenue +27% driving a small
raise in FY 2024 Group revenue and Adjusted EBITDA guidance(4)
• US: Strong start to NFL season driven by new product launches
and favorable Q3 sports results combined with continued iGaming strength,
delivered year-over-year US AMP and revenue growth of 28% and 51%,
respectively:
- Q3 2024 total online gross gaming revenue (GGR) market share of 35%
including sportsbook GGR share of 41%, net gaming revenue share (NGR) of 43%
and iGaming GGR share of 25%(5)
- Customer acquisition in new and existing states remains compelling
with payback periods of 18 months and customer acquisition 10% higher
year-over-year(6)
- Existing customer growth also very strong with pre-2022 states
online revenue +46%(7)
- Strong Q3 outperformance has subsequently been more than offset by
unfavorable sports results in Q4 to date
• Group Ex-US: Revenue +15% with double-digit growth across all
segments:
- Strong UKI momentum from product improvements, the European
Football Championship ('Euros') in July
- International division leveraging Flutter Edge capabilities to
drive Sisal's 200bps year-over-year Italian market share gain(8)
- Australia performance encouraging with AMPs +6% and revenue +12%
benefiting from positive sports results impact year-over-year
• Announced share repurchase program of up to $5bn over the next 3-4
years at Investor Day on September 25, 2024. First tranche to commence on
November 14, 2024 with $350m in repurchases to end of Q1 2025
• Announced acquisitions of NSX and Snai, which will expand our
reach in attractive markets of Brazil and Italy(9)
Q3 2024 financial overview
• Net loss of $114m, a $148m year-over-year improvement driven by
strong revenue growth
• Net loss included non-cash impacts of (i) $128m acquired
intangibles amortization charge and (ii) $121m fair value loss on Fox Option
liability (Q3 2023 $18m gain)
• Group Adjusted EBITDA(2,3) +74% at $450m. Adjusted EBITDA margin
380bps higher at 13.9%:
- US Adjusted EBITDA(2) $113m higher at $58m driven by revenue
growth, including favorable sports results, and operating leverage across all
cost lines with Adjusted EBITDA margin(2) +11ppt
- Group Ex-US Adjusted EBITDA(2) +24% to $392m, reflected strong
revenue growth and Adjusted EBITDA margin expansion in each segment
• Loss per share improved by $0.97 to a loss of $0.58 and Adjusted
earnings per share increased by $0.53 to $0.43. Fox Option reduced both
metrics by $0.68 in Q3(10) (year to date Fox Option loss of $1.20)
• Net cash provided by operating activities reduced 48% year-over-year
to $290m primarily due to the impact of derivative settlements in the current
and prior year period
• Leverage ratio(2) now within guidance range driven by our
significant Adjusted EBITDA growth, 2.4x at September 30, 2024 (based on last
12 months Adjusted EBITDA(2); December 31, 2023 3.1x). Free Cash Flow(2) of
$112m (Q3 2023 $434m)
Full year 2024 guidance highlights (see further detail included on page 7)
• Group guidance(11) raised 1% for revenue and Adjusted EBITDA to
reflect strong Group ex-US performance in Q3. Excellent US momentum in Q3 has
subsequently been more than offset by unfavorable sports results in Q4 to date
• Improvement implies Group revenue +22% year-over-year and
Adjusted EBITDA +35%(4) at the midpoints:
- US guidance range narrowed with midpoints for revenue 1% lower to
$6.15bn and Adjusted EBITDA 4% lower to $710m versus existing guidance
- Group Ex-US increases of 3% for revenue to $8.2bn and Adjusted
EBITDA to $1.82bn
Peter Jackson, CEO, commented:
"Flutter had an excellent quarter with revenue growth accelerating to 27%,
well ahead of market expectations, and increases to our revenue and Adjusted
EBITDA guidance for 2024.
In the US, we had a fantastic start to the new NFL season with peak wagers per
minute already higher than Super Bowl LVII. Our proprietary product offering
continued to drive strong parlay penetration as well as a step up in live
betting handle.
Outside of the US, all divisions delivered a strong performance in the quarter
as they leveraged the benefits of the Flutter Edge. In UKI, a broader product
range across both sports and iGaming drove player and revenue growth. Sisal
continued to make significant share gains in Italy as we look to expand our
presence there with the addition of Snai. In Australia, Sportsbet has been
demonstrating encouraging trends.
On September 25, we hosted our Investor Day where we outlined how we are an
'and' business, with opportunities to deploy capital organically and in
M&A, such as the Snai and NSX acquisitions, and also in shareholder
returns. We believe that the Group has exciting growth prospects due to our
unparalleled leadership positions across the world, underpinned by access to
the Flutter Edge. We expect to have significant capital to deploy over the
coming years and I am excited to commence the share repurchase program in Q4."
Q3 24 Operating Review
US:
FanDuel delivered another strong quarter with an excellent start to the new
NFL season, as we retained our clear leadership position in the market.
Our market-leading sportsbook and iGaming products continued to drive strong
customer engagement and retention as AMPs grew 28% to 3.2m in the quarter and
player frequency also increased year-over-year. Strong growth continued across
both existing and new states as staking grew 23% in our pre-2022 states and
37% in 2022/2023 state launches(7). Total new customer acquisition was 10%
higher year-over-year and customer economics remained very compelling, with
payback periods well within our 24 month target(6).
We launched a wide range of new and enhanced sportsbook product features ahead
of the NFL season to drive a more immersive live experience and enhance player
narrative themes. These included animated scoreboards, a new player experience
hub and expanded player prop markets including NFL markets exclusive to
FanDuel. These helped deliver a 700 basis point increase year-over-year in
parlay penetration in the first four weeks of the NFL season, and also in the
proportion of live betting handle comprised of live Same Game Parlay ("SGP")
bets. We are also excited about the opportunity created by our new "Your Way"
product which was in trial in two states during the quarter and which we
believe marks the beginning of an exciting journey. This new innovation
provides customers with almost limitless, customizable betting options. In
iGaming we continued to expand our exclusive content offering launching the
next in our "Wonka" series, "Pure imagination", in August, which quickly
became our second most popular slot game for new customers, next only to
"World of Wonka" launched in Q1.
Group Ex-US:
Player engagement remains strong outside of the US with AMP(1) growth of 13%
driving revenue 15% higher. This reflects excellent momentum in both iGaming
and the start of the new European soccer season, along with the conclusion of
the Euros in July.
In UKI, AMP(1) growth accelerated to 13% supported by an expanded product
proposition with access to Flutter's leading sportsbook pricing capabilities
helping broaden the range of betting options for players. Across the first
seven rounds of the new soccer season there was a 142% increase in SGP wagers
versus the comparable period in 2022, with 64% of these wagers containing
betting markets only created in the last two years. In iGaming, our brands
added Global Games, the UK's number three ranked games provider, to their
portfolio of content.
In International, Sisal started the new Serie A soccer season with SGP
available for the first time in the Italian market, demonstrating the benefits
of access to the Flutter Edge. In the opening six rounds of the season, SGP
accounted for nearly a quarter of Serie A wagers. Sisal also expanded the
breadth of eligible markets for their 'Duo' product which has resonated well
with players. In iGaming, Sisal launched 84 new games, including a range of
exclusive titles. This all combined to drive Sisal's Italian market share
200bps higher year-over-year(8). MaxBet, which was acquired in January 2024,
has been seamlessly integrated into the Group. MaxBet has been able to access
the Flutter Edge through enhanced sportsbook trading and digital marketing
capabilities, along with key industry expertise provided by seconded Flutter
talent.
The racing market in Australia declined in-line with expectations however the
positive player engagement momentum we saw in Q2 continued into Q3. AMPs were
6% ahead, growing in both sports and racing which we believe is an encouraging
sign for the future trajectory of the business.
Q3 2024 financial highlights: Group
In $ millions except percentages Three months ended September 30
Revenue Adju
sted
EBIT
DA(2
,3)
2024 2023 YOY YOY CC 2024 2023 YOY YOY CC
US 1,250 828 +51% +51% 58 (55)
UKI 846 719 +18% +14% 237 184 +29% +23%
International 781 679 +15% +17% 152 119 +28% +36%
Australia 371 332 +12% +9% 72 63 +14% +12%
Unallocated corporate overhead(12) (69) (53) +30% +28%
Group Ex-US 1,998 1,730 +15% +15% 392 313 +24% +25%
Group 3,248 2,558 +27% +26% 450 258 +74% +74%
The Group had another strong quarter in Q3 with AMP(1) and revenue growth of
16% and 27% respectively. Revenue growth accelerated in both the US (+51%) and
Group ex-US (+15%). The addition of Maxbet added two percentage points to
Group revenue growth.
The Group reported a net loss of $114m compared to a loss of $262m in Q3 2023.
This is after non-cash impacts of (i) a loss in the fair value of the Fox
Option liability of $121m (Q3 2023 $18m gain; 2024 year to date $214m loss)
and (ii) a charge relating to the amortization of acquired intangibles of
$128m (Q3 2023: $199m).
Unallocated corporate overhead(12) increase of 30% includes investment in
Flutter Edge pricing and risk management capabilities to drive sportsbook
product innovation across the Group, and additional cost associated with US
listing requirements.
Adjusted EBITDA(2,3) was 74% higher at $450m reflecting the strong revenue
performance, the profit inflection in the US and an Adjusted EBITDA margin(2)
expansion of 130bps in Group ex-US. Group Adjusted EBITDA margin increased by
380bps with significant operating leverage in sales and marketing expenses in
early-to-regulate US states.
Loss per share improved by $0.97 to a loss of $0.58, while Adjusted earnings
per share(2) increased by $0.53 to $0.43. Both metrics reflect stronger
revenue performance and include the $121m Fox Option loss in the quarter which
equated to $0.68 per share(10) (year to date loss per share impact of Fox
Option $1.20).
The Group's net cash provided by operating activities in Q3 2024 decreased by
48% to $290m from $554m primarily reflecting the payment of $213m on
settlement of derivatives during the quarter compared with a derivative
settlement receipt of $89m in the prior comparable period. This adverse
year-over-year swing offset the strong Group financial performance within the
Group. Free Cash Flow(2) of $112m was lower than the prior year, also driven
by the factors outlined above.
Q3 2024 financial highlights: Segments
US Q3 revenue grew 51% reflecting sportsbook +62% and iGaming +46%. This
included continued strong online revenue growth in pre-2022 states of 46%
(sportsbook +47% and iGaming 44%)(7).
Sportsbook revenue growth was driven by a 36% increase in stakes and a 130
basis point expansion in structural revenue margin to 12.8%, driven by our
leading pricing capabilities. We also benefited from a positive 120 basis
point year-over-year swing in sports results during the quarter (Q3 2024:
80bps favorable, Q3 2023: 40bps unfavorable). The sports results benefit was
mostly reinvested in promotional spend, which was higher year-over-year and
was consistent with our year-to-date investment strategy. This resulted in an
overall 130 basis point increase in our net revenue margin year-over-year to
8.2%.
iGaming revenue grew 46% driven by AMPs +43% as our focus on exclusive content
and market leading generosity continued to drive strong direct casino and
cross-sell customer engagement.
Adjusted EBITDA(2) grew $113m to $58m in Q3 2024 from a loss of $55m in Q3
2023, demonstrating the ongoing transformation of our US earnings profile.
Cost of sales as a percentage of revenue was 110 basis points lower
year-over-year at 58.9%. This was primarily driven by the positive sports
results benefit which was partly offset by the impact of the Illinois tax
increase from July 1, 2024. Sales and marketing expenses reduced by 760bps as
a percentage of revenue driven by ongoing operating leverage in our
earlier-to-regulate states together with some phasing of spend into Q4.
Technology, research and development costs, and general and administrative
costs were broadly in-line with Q2 2024, increasing by 26% and 30%
year-over-year, respectively. This reflected investment to scale our product
and technology capabilities and phasing of expenses in the prior year.
UKI maintained its excellent momentum with revenue growth of 18% (+14% on a
constant currency basis(13)) driven by a 13% increase in AMPs(1).
Sportsbook revenue grew 9%, benefitting from a strong conclusion to the Euros,
which accounted for 8% of sportsbook stakes in the quarter. Sportsbook net
revenue margin increased 80bps to 12.4% primarily due to a 60bps improvement
in sports results (Q3 2024: 40bps favorable, Q3 2023: 20bps unfavorable).
Growth in iGaming revenue remains very strong at 29%. This reflects excellent
player momentum with AMPs(1) 17% higher driven by the continuous product
improvements being delivered across the iGaming portfolio and strong
cross-sell from sportsbook.
Adjusted EBITDA(2) increased 29% (+23% on a constant currency basis(13)) also
benefitting from the in-year phasing of Euros sales and marketing spend, with
the majority of spend in Q2 to engage and acquire players at the start of the
tournament. This drove an Adjusted EBITDA margin expansion of 240bps to 28.0%.
International revenue grew 15% in Q3 (+17% on a constant currency basis(13)),
in line with AMPs(1), with a strong performance in Sisal and the addition of
MaxBet from January 2024, which contributed revenue of $50m in the quarter.
Sportsbook revenue grew 31% driven by Sisal, which included the benefit of the
Euros. Sportsbook net revenue margin declined 40bps to 11.3% driven by a 40bps
reduction in structural revenue margin including the addition of MaxBet which
has a lower structural margin. Sports results were slightly less unfavorable
in the current period (Q3 2024: 60bps unfavorable, Q3 2023: 70bps
unfavorable). iGaming revenue was 11% higher with MaxBet adding 7ppt to
growth.
Consolidate and Invest(14) markets revenue increased 20% (23% on a constant
currency basis) or 11% (14% on a constant currency basis) excluding MaxBet.
Constant currency revenue growth in Italy (13%, Sisal Italy online revenue
+41%), Turkey (+104%), Georgia (+21%), Armenia (+14%) and Brazil (+10%)
remains strong. In India, revenue was 17% lower in Q3 but more than doubled
year-over-year in October as Junglee lapped tax changes introduced in October
2023.
Adjusted EBITDA(2) grew 28% or 36% on a constant currency basis(13). This
equated to 270bps of constant currency Adjusted EBITDA margin expansion due to
a one-off credit of $18m from a historic legal case. Excluding this credit,
Adjusted EBITDA margin is broadly in line as a stronger revenue performance
from countries with a higher cost of sales was offset by operating cost
savings from the closure of FOXBet and lower marketing spend in Junglee.
Australia AMPs(1) grew 6% year-over-year and revenue was 12% higher (9% on a
constant currency basis). Growth was primarily driven by a 180 basis point
year-over-year benefit from favorable sports results (Q3 2024 130 basis points
favorable, Q3 2023 50 basis points unfavorable). Staking declined 8% in line
with anticipated market trends, and was more than offset by the increase in
net revenue margin of 250bps to 13.8%(15), with a continued expansion in our
structural revenue margin adding to the sports results benefit year-over-year.
Adjusted EBITDA(2) was 14% higher (12% on a constant currency basis) with the
previously communicated impact from the increase in taxes in Victoria more
than offset by the positive sports results noted above.
Full year 2024 guidance
Group guidance is raised driven by our strong Q3 performance. We now expect
the following revenue and Adjusted EBITDA(2,3) ranges:
US: Guidance range narrowed with mid-point revenue and Adjusted EBITDA lowered
1% and 4% respectively, as positive Q3 performance has subsequently been more
than offset by unfavorable sports results in Q4 to date. Ranges narrowed to
revenue of $6.05bn-$6.25bn and Adjusted EBITDA of $670m-$750m (previous:
revenue $6.05bn-$6.35bn, Adjusted EBITDA $680m-$800m). This represents revenue
and Adjusted EBITDA(2) mid-points of $6.15bn and $710m with year-over-year
growth of 40% and 206%. We continue to expect a gross tax impact from tax
changes in Illinois of $50m for H2 2024, and a net impact of $40m.
Group Ex-US: Guidance raised to revenue of $8.1bn-$8.3bn and Adjusted EBITDA
of $1.77bn-$1.87bn (previous: revenue $7.85bn-$8.15bn, Adjusted EBITDA
$1.69bn-$1.85bn). This represents revenue and Adjusted EBITDA(2) mid-points of
$8.2bn and $1.82bn, both representing year-over-year growth of 11% and 3%
improvements for both revenue and Adjusted EBITDA to the previous midpoints.
Guidance includes Adjusted EBITDA in Australia of approximately $290m
(increased from approximately $270m) driven by the benefit of positive sports
results.
Guidance(11) is provided (i) on the basis that sports results are in line with
our expected margin for the remainder of the year, (ii) at current foreign
exchange rates, (iii) on an existing state basis in the US (iv) on the basis
of a consistent regulatory and tax framework except where otherwise stated.
A reconciliation of our forward-looking non-GAAP financial measures to the
most directly comparable GAAP financial measure cannot be provided without
unreasonable effort. This is due to the inherent difficulty of accurately
forecasting the occurrence and financial impact of the adjusting items
necessary for such a reconciliation to be prepared of items that have not yet
occurred, are out of our control, or cannot be reasonably predicted.
Capital structure
Total debt declined $146m to $6,910m from $7,056m at December 31, 2023 and net
debt(2) was $226m lower to $5,569m from $5,795m. At September 30, 2024, the
Group's leverage ratio(2) was 2.4x, based on the last 12 months Adjusted
EBITDA, a reduction of 0.7x from 3.1x at December 31, 2023 due to growth in
the Group's Adjusted EBITDA. The Group is now within its medium-term leverage
target of 2.0-2.5x.
As previously announced, the Board has authorized a share repurchase program
of up to $5bn, which is expected to be deployed over the next three to four
years. The first tranche of the program will launch on November 14, 2024 on
the New York Stock Exchange. We intend to repurchase up to $350m of ordinary
shares through the end of Q1 2025. A further announcement will be made in due
course.
Conference call:
Flutter management will host a conference call today at 4:30 p.m. ET (9:30
p.m. GMT) to review the results and be available for questions, with access
via webcast and telephone.
A public audio webcast of management's call and the related Q&A can be
accessed by registering here (https://events.q4inc.com/attendee/306295380) or
via www.flutter.com/investors. For those unable to listen to the live
broadcast, a replay will be available approximately one hour after the
conclusion of the call. This earnings release and supplementary materials will
also be made available via www.flutter.com/investors.
Analysts and investors who wish to participate in the live conference call
must do so by dialing any of the numbers below and using conference ID 20251.
Please dial in 10 minutes before the conference call begins.
+1 888 500 3691 (North America)
+44 800 358 0970 (United Kingdom)
+353 1800 943926 (Ireland)
+61 1800 519 630 (Australia)
+1 646 307 1951 (International)
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements reflect
our current expectations as to future events based on certain assumptions and
include any statement that does not directly relate to any historical or
current fact. These statements include, but are not limited, to statements
related to our expectations regarding the performance of our business, our
financial results, our operations, our liquidity and capital resources, the
conditions in our industry and our growth strategy. In some cases, you can
identify these forward-looking statements by the use of words such as
"outlook", "believe(s)", "expect(s)", "potential", "continue(s)", "may",
"will", "should", "could", "would", "seek(s)", "predict(s)", "intend(s)",
"trends", "plan(s)", "estimate(s)", "anticipates", "projection", "goal",
"target", "aspire", "will likely result", and or the negative version of these
words or other comparable words of a future or forward-looking nature. Such
forward-looking statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual
outcomes or results to differ materially from those indicated in these
statements. Such factors include, among others: Flutter's ability to
effectively compete in the global entertainment and gaming industries;
Flutter's ability to retain existing customers and to successfully acquire new
customers; Flutter's ability to develop new product offerings; Flutter's
ability to successfully acquire and integrate new businesses; Flutter's
ability to maintain relationships with third-parties; Flutter's ability to
maintain its reputation; public sentiment towards online betting and iGaming
generally; the potential impact of general economic conditions, including
inflation, fluctuating interest rates and instability in the banking system,
on Flutter's liquidity, operations and personnel; Flutter's ability to obtain
and maintain licenses with gaming authorities, adverse changes to the
regulation (including taxation) of online betting and iGaming; the failure of
additional jurisdictions to legalize and regulate online betting and iGaming;
Flutter's ability to comply with complex, varied and evolving U.S. and
international laws and regulations relating to its business; Flutter's ability
to raise financing in the future; Flutter's success in retaining or recruiting
officers, key employees or directors; litigation and the ability to adequately
protect Flutter's intellectual property rights; the impact of data security
breaches or cyber-attacks on Flutter's systems; and Flutter's ability to
remediate material weaknesses in its internal control over financial
reporting.
Additional factors that could cause the Company's results to differ materially
from those described in the forward-looking statements can be found in Part I,
"Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2023 as filed with the SEC on March 26, 2024
and other periodic filings with the SEC, which are accessible on the SEC's
website at www.sec.gov. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially from those
indicated in these statements. These factors should not be construed as
exhaustive and should be read in conjunction with the other cautionary
statements that are included in the Company's filings with the SEC. The
Company undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information, future
developments or otherwise, except as required by law.
About Flutter Entertainment plc
Flutter is the world's leading online sports betting and iGaming operator,
with a market leading position in the US and across the world. Our ambition is
to leverage our significant scale and our challenger mindset to change our
industry for the better. By Changing the Game, we believe we can deliver
long-term growth while promoting a positive, sustainable future for all our
stakeholders. We are well-placed to do so through the distinctive, global
competitive advantages of the Flutter Edge, which gives our brands access to
group-wide benefits to stay ahead of the competition, as well as our clear
vision for sustainability through our Positive Impact Plan.
Flutter operates a diverse portfolio of leading online sports betting and
iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet,
PokerStars, Paddy Power, Sisal, tombola, Betfair, MaxBet, Junglee Games and
Adjarabet. We are the industry leader with $11,790m of revenue globally for
fiscal 2023, up 25% YoY, and $3,248m of revenue globally for the quarter ended
September 30, 2024.
The person responsible for arranging release of this announcement on behalf of
Flutter is Edward Traynor, Company Secretary of Flutter.
Contacts:
Investor Relations: Media Relations:
Paul Tymms, Investor Relations Kate Delahunty, Corporate Communications
Ciara O'Mullane, Investor Relations Rob Allen, Corporate Communications
Liam Kealy, Investor Relations Lindsay Dunford, Corporate Communications
Email: investor.relations@flutter.com Email: corporatecomms@flutter.com
Notes
1. Average Monthly Players ("AMPs") is defined as the average over the
applicable reporting period of the total number of players who have placed
and/or wagered a stake and/or contributed to rake or tournament fees during
the month. This measure does not include individuals who have only used new
player or player retention incentives, and this measure is for online players
only and excludes retail player activity. In circumstances where a player uses
multiple product categories within one brand, we are generally able to
identify that it is the same player who is using multiple product categories
and therefore count this player as only one AMP at the Group level while also
counting this player as one AMP for each separate product category that the
player is using. As a result, the sum of the AMPs presented at the product
category level is greater than the total AMPs presented at the Group level.
See Part II, "Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations-Key Operational Metrics" of Flutter's
Annual Report on Form 10-K for the year ended December 31, 2023 filed with the
Securities and Exchange Commission (the "SEC") on March 26, 2024 for
additional information regarding how we calculate AMPs data, including a
discussion regarding duplication of players that exists in such data.
2. Adjusted EBITDA, Adjusted EBITDA Margin, Group Ex-US Adjusted
EBITDA, Free Cash Flow, Net Debt, Leverage Ratio, Constant Currency, Adjusted
Net Income Attributable to Flutter Shareholders and Adjusted Earnings/(Loss)
Per Share are non-GAAP financial measures. See "Definitions of non-GAAP
financial measures" and "Reconciliations of Non-GAAP Financial Measures"
sections of this document for definitions of these measures and
reconciliations to the most directly comparable financial measures calculated
in accordance with GAAP. Due to rounding, these numbers may not add up
precisely to the totals provided.
3. Beginning January 1, 2024, the Group revised its definition of
Adjusted EBITDA, which is the segment measure used to evaluate performance and
allocate resources. The definition of Adjusted EBITDA now excludes share-based
compensation as management believes inclusion of share-based compensation can
obscure underlying business trends as share-based compensation could vary
widely among companies due to different plans in place resulting in companies
using share-based compensation awards differently, both in type and quantity
of awards granted.
4. A reconciliation of our forward-looking non-GAAP financial measures
to the most directly comparable GAAP financial measure cannot be provided
without unreasonable effort. This is due to the inherent difficulty of
accurately forecasting the occurrence and financial impact of the adjusting
items necessary for such a reconciliation to be prepared of items that have
not yet occurred, are out of our control, or cannot be reasonably predicted.
5. US market position based on available market share data for states
in which FanDuel is active. Online sportsbook market share is the gross gaming
revenue (GGR) and net gaming revenue (NGR) market share of our FanDuel brand
for the three months to September 30, 2024 in the states in which FanDuel was
live (excluding Tennessee as they no longer report this data), based on
published gaming regulator reports in those states. iGaming market share is
the GGR, market share of FanDuel for the three months to September 30, 2024 in
the states in which FanDuel was live, based on published gaming regulator
reports in those states. US iGaming GGR market share including PokerStars US
(which is reported in the International segment) for the three months to
September 30, 2024 was 26%.
6. Payback is calculated as the projected average length of time it
takes players to generate sufficient adjusted gross profit to repay the
original average cost of acquiring those players. Customer acquisition costs
include the marketing and associated promotional spend incurred to acquire a
customer. The projected adjusted gross profit is based on predictive models
considering inputs such as staking behavior, interaction with promotional
offers and gross revenue margin. Projected adjusted gross profit includes
associated variable costs of revenue as well as retention generosity costs. US
GAAP conversion adds approximately 1-2 months to the historic payback periods
reported under IFRS.
7. US analysis by state cohort includes the following states and
provinces by FanDuel launch date; Pre-2020 states: New Jersey, Pennsylvania,
West Virginia (2021 for iGaming), Indiana; Pre-2022 states: all Pre-2020
states plus Colorado, Illinois, Iowa, Michigan, Tennessee, Virginia, Arizona,
Connecticut; 2022/2023 states: New York, Ontario, Louisiana, Wyoming, Kansas,
Maryland, Ohio, Massachusetts, Kentucky.
8. Italian market position and share based on regulator GGR data from
Agenzia delle dogane e dei Monopoli.
9. Snai and NSX acquisition are expected to complete by Q2 2025.
10. Fox has an option to acquire an 18.6% equity interest in FanDuel (the
Fox Option). Gains or losses in the fair value of the Fox Option primarily due
to changes in the fair value of FanDuel during the reporting period are
recorded in Other income (expense), net. The Fox Option impact per share is
calculated as the Fox Option impact during the reporting period divided by the
diluted weighted average number of shares for the equivalent period (pre-tax).
See Part II, "Item 8. Financial Statements and Supplementary Data-Fair Value
Measurements" of Flutter's Annual Report on Form 10-K for the year ended
December 31, 2023 filed with the Securities and Exchange Commission (the
"SEC") on March 26, 2024 for additional information regarding The Fox Option.
11. Foreign exchange rates assumed in year to go forecasts for 2024
guidance are USD:GBP of 0.781, USD:EUR of 0.914 and USD:AUD of 1.516.
12. Unallocated corporate overhead includes shared technology, research
and development, sales and marketing, and general and administrative expenses
that are not allocated to specific segments.
13. Constant currency growth rates are calculated by retranslating the
non-US dollar denominated component of Q3 2023 at Q3 2024 exchange rates. See
reconciliation on page 19.
14. Consolidate and Invest markets within our International segment are
Italy, Spain, Georgia, Armenia, Serbia, Brazil, India, Turkey, Morocco, Bosnia
& Herzegovina and the US.
15. The previously noted impacts from sports results in Australia have
been updated to Q1 2023: -30bps, Q2 2023: +90bps, Q3 2023: -50bps and Q4 2023
+20bps and Q1 2024 +120bps following a review.
Definitions of non-GAAP financial measures
This press release includes Adjusted EBITDA, Adjusted EBITDA Margin, Group
Ex-US Adjusted EBITDA, Adjusted Net Income Attributable to Flutter
Shareholders, Adjusted Earnings Per Share ("Adjusted EPS"), leverage ratio,
Net Debt, Free Cash Flow, and constant currency which are non-GAAP financial
measures that we use to supplement our results presented in accordance with
U.S. generally accepted accounting principles ("GAAP"). These non-GAAP
measures are presented solely as supplemental disclosures to reported GAAP
measures because we believe that these non-GAAP measures are useful in
evaluating our operating performance, similar to measures reported by its
publicly-listed U.S. competitors, and regularly used by analysts, lenders,
financial institutional and investors as measures of performance. Adjusted
EBITDA, Adjusted EBITDA Margin, Adjusted Net Income Attributable to Flutter
Shareholders, Adjusted EPS, leverage ratio, Net Debt, Free Cash Flow, and
Adjusted Depreciation are not intended to be substitutes for any GAAP
financial measures, 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.
Constant currency reflects certain operating results on a constant-currency
basis in order to facilitate period-to-period comparisons of our results
without regard to the impact of fluctuating foreign currency exchange rates.
The term foreign currency exchange rates refer to the exchange rates used to
translate our operating results for all countries where the functional
currency is not the U.S. Dollar, into U.S. Dollars. Because we are a global
company, foreign currency exchange rates used for translation may have a
significant effect on our reported results. In general, our financial results
are affected positively by a weaker U.S. Dollar and are affected negatively by
a stronger U.S. Dollar. References to operating results on a constant-currency
basis mean operating results without the impact of foreign currency exchange
rate fluctuations. We believe the disclosure of constant-currency results is
helpful to investors because it facilitates period-to-period comparisons of
our results by increasing the transparency of our underlying performance by
excluding the impact of fluctuating foreign currency exchange rates. We
calculate constant currency revenue, Adjusted EBITDA and Segment Adjusted
EBITDA by translating prior-period revenue, Adjusted EBITDA and Segment
Adjusted EBITDA, as applicable, using the average exchange rates from the
current period rather than the actual average exchange rates in effect in the
prior period.
Adjusted EBITDA is defined on a Group basis as net income (loss) before income
taxes; other income, net; interest expense, net; depreciation and
amortization; transaction fees and associated costs; restructuring and
integration costs; impairment of PPE and intangible assets and share based
compensation expense.
Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue,
respectively.
Group Ex-US Adjusted EBITDA is defined as Group Adjusted EBITDA excluding our
US Segment Adjusted EBITDA.
Adjusted Net Income Attributable to Flutter Shareholders is defined as net
income (loss) as adjusted for after-tax effects of transaction fees and
associated costs; restructuring and integration costs; gaming taxes dispute,
amortization of acquired intangibles, accelerated amortization, loss (gain) on
settlement of long-term debt; impairment of PPE and intangible assets;
financing related fees not eligible for capitalization; gain from disposal of
businesses and share-based compensation.
Adjusted EPS is calculated by dividing adjusted net income attributable to
Flutter shareholders by the number of diluted weighted-average ordinary shares
outstanding in the period.
Adjusted EBITDA, Adjusted EBITDA Margin, Group Ex-US Adjusted EBITDA, Adjusted
net income attributable to Flutter shareholders and Adjusted EPS are non-GAAP
measures and should not be viewed as measures of overall operating
performance, indicators of our performance, considered in isolation, or
construed as alternatives to operating profit (loss), net income (loss)
measures or earnings per share, or as alternatives to net cash provided by
(used in) operating activities, as measures of liquidity, or as alternatives
to any other measure determined in accordance with GAAP.
Management has historically used these measures when evaluating operating
performance because we believe that they provide additional perspective on the
financial performance of our core business.
Adjusted EBITDA has further limitations as an analytical tool. Some of these
limitations are:
• it does not reflect the Group's cash expenditures or
future requirements for capital expenditure or contractual commitments;
• it does not reflect changes in, or cash requirements
for, the Group's working capital needs;
• it does not reflect interest expense, or the cash
requirements necessary to service interest or principal payments, on the
Group's debt;
• it does not reflect shared-based compensation expense
which is primarily a non-cash charge that is part of our employee
compensation;
• although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized will often have to be
replaced in the future, and Adjusted EBITDA does not reflect any cash
requirements for such replacements;
• it is not adjusted for all non-cash income or expense
items that are reflected in the Group's statements of cash flows; and
• the further adjustments made in calculating Adjusted
EBITDA are those that management consider not to be representative of the
underlying operations of the Group and therefore are subjective in nature.
Net debt is defined as total debt, excluding premiums, discounts, and deferred
financing expense, and the effect of foreign exchange that is economically
hedged as a result of our cross-currency interest rate swaps reflecting the
net cash outflow on maturity less cash and cash equivalents.
Leverage ratio is defined as net debt divided by Adjusted EBITDA. We use this
non-GAAP financial measure to evaluate our financial leverage. We present net
debt to Adjusted EBITDA because we believe it is more representative of our
financial position as it is reflective of our ability to cover our net debt
obligations with results from our core operations, and is an indicator of our
ability to obtain additional capital resources for our future cash needs. We
believe net debt is a meaningful financial measure that may assist investors
in understanding our financial condition and recognizing underlying trends in
our capital structure. The Leverage Ratio is not a substitute for, and should
be used in conjunction with, GAAP financial ratios. Other companies may
calculate leverage ratios differently.
Free Cash Flow is defined as net cash provided by (used in) operating
activities less payments for property and equipment, intangible assets and
capitalized software. We believe that excluding these items from free cash
flow better portrays our ability to generate cash, as such items are not
indicative of our operating performance for the period. This non-GAAP measure
may be useful to investors and other users of our financial statements as a
supplemental measure of our cash performance, but should not be considered in
isolation, as a measure of residual cash flow available for discretionary
purposes, or as an alternative to operating cash flows presented in accordance
with GAAP. Free Cash Flow does not necessarily represent funds available for
discretionary use and is not necessarily a measure of our ability to fund our
cash needs. Our calculation of Free Cash Flow may differ from similarly titled
measures used by other companies, limiting their usefulness as a comparative
measure.
Adjusted depreciation is defined as depreciation and amortization excluding
amortization of acquired intangibles.
Condensed Consolidated Balance Sheets
($ in millions except share and per share amounts) As of As of
September 30, December 31,
2024 2023
Current assets:
Cash and cash equivalents 1,483 1,497
Cash and cash equivalents - restricted 56 22
Player deposits - cash and cash equivalents 1,871 1,752
Player deposits - investments 156 172
Accounts receivable, net 87 90
Prepaid expenses and other current assets 517 443
Total current assets 4,170 3,976
Investments 7 9
Property and equipment, net 498 471
Operating lease right-of-use assets 528 429
Intangible assets, net 5,822 5,881
Goodwill 14,344 13,745
Deferred tax assets 30 24
Other non-current assets 81 100
Total assets 25,480 24,635
Liabilities, redeemable non-controlling interests and shareholders' equity
Current liabilities:
Accounts payable 270 240
Player deposit liability 1,902 1,786
Operating lease liabilities 130 123
Long-term debt due within one year 67 51
Other current liabilities 2,341 2,326
Total current liabilities: 4,710 4,526
Operating lease liabilities - non-current 437 354
Long-term debt 6,843 7,005
Deferred tax liabilities 733 802
Other non-current liabilities 747 580
Total liabilities 13,470 13,267
Redeemable non-controlling interests 1,604 1,152
Shareholders' equity
Ordinary share (Authorized 3,000,000,000 shares of €0.09 ($0.10) par value 36 36
each; issued September 30, 2024: 177,824,343 shares; December 31, 2023:
177,008,649 shares)
Shares held by employee benefit trust, at cost September 30, 2024: nil, - -
December 31, 2023: nil
Additional paid-in capital 1,556 1,385
Accumulated other comprehensive loss (1,075) (1,483)
Retained earnings 9,728 10,106
Total Flutter Shareholders' Equity 10,245 10,044
Non-controlling interests 161 172
Total shareholders' equity 10,406 10,216
Total liabilities, redeemable non-controlling interests and shareholders' 25,480 24,635
equity
Condensed Consolidated Statements of Comprehensive Income (Loss)
($ in millions except share and per share amounts) Three months ended September 30,
2024 2023
Revenue 3,248 2,558
Cost of Sales (1,752) (1,386)
Gross profit 1,496 1,172
Technology, research and development expenses (213) (214)
Sales and marketing expenses (748) (701)
General and administrative expenses (438) (394)
Operating profit (loss) 97 (137)
Other expense, net (122) (44)
Interest expense, net (105) (92)
Loss before income taxes (130) (273)
Income tax benefit 16 11
Net loss (114) (262)
Net income attributable to non-controlling interests and redeemable 5 1
non-controlling interests
Adjustment of redeemable non-controlling interest to redemption value (16) 12
Net loss attributable to Flutter shareholders (103) (275)
Loss per share
Basic (0.58) (1.55)
Diluted (0.58) (1.55)
Other comprehensive income (loss), net of tax:
Effective portion of changes in fair value of cash flow hedges (124) 51
Fair value of cash flow hedges transferred to the income statement 119 (60)
Changes in excluded components of fair value hedge (1) -
Foreign exchange gain (loss) on net investment hedges 27 (2)
Foreign exchange gain (loss) on translation of the net assets of foreign 570 (358)
currency denominated entities
Other comprehensive income (loss) 591 (369)
Other comprehensive income (loss) attributable to Flutter shareholders 599 (356)
Other comprehensive loss attributable to non-controlling interest and (8) (13)
redeemable non-controlling interest
Total comprehensive income (loss) 477 (631)
Condensed Consolidated Statements of Cash Flows
Three months ended September 30,
($ in millions) 2024 2023
Cash flows from operating activities
Net loss (114) (262)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization 258 316
Change in fair value of derivatives 26 (19)
Non-cash interest expense (income), net 12 (35)
Non-cash operating lease expense 31 26
Foreign currency exchange (gain) loss (34) 233
Loss on disposal 7 -
Share-based compensation - equity classified 52 48
Share-based compensation - liability classified 1 (21)
Other income (expense), net 121 (18)
Deferred taxes (34) 11
Loss on extinguishment of long-term debt - 1
Change in operating assets and liabilities:
Player deposits 18 (12)
Accounts receivable (10) (14)
Other assets (61) 303
Accounts payable 28 (10)
Other liabilities (43) (39)
Player deposit liability 67 73
Operating leases liabilities (35) (27)
Net cash provided by operating activities 290 554
Cash flows from investing activities:
Purchases of property and equipment (37) (21)
Purchases of intangible assets (52) (34)
Capitalized software (89) (65)
Acquisitions, net of cash acquired (28) -
Cash settlement of derivatives designated in net investment hedge (5) -
Net cash used in investing activities (211) (120)
Cash flows from financing activities:
Proceeds from issue of common stock upon exercise of options - 3
Proceeds from issuance of long-term debt (net of transactions costs) - 91
Repayment of long-term debt (10) (102)
Acquisition of non-controlling interests - (95)
Dividend distributed to non-controlling interests (4) -
Repurchase of common stock - (46)
Net cash used in financing activities (14) (149)
Net increase in cash, cash equivalents and restricted cash 65 285
Cash, cash equivalents and restricted cash - Beginning of the period 3,235 2,598
Foreign currency exchange gain (loss) on cash and cash equivalents 110 (182)
Cash, cash equivalents and restricted cash - End of the period 3,410 2,701
Cash, cash equivalents and restricted cash comprise of:
Cash and cash equivalents 1,483 918
Cash and cash equivalents - restricted 56 16
Player deposits - cash & cash equivalents 1,871 1,767
Cash, cash equivalents and restricted cash - End of the period 3,410 2,701
Supplemental disclosures of cash flow information:
Interest paid 112 149
Income taxes paid 63 39
Operating cash flows from operating leases 43 33
Non-cash investing and financing activities:
Right of use assets obtained in exchange for new operating lease liabilities 66 3
Adjustments to lease balances as a result of remeasurement 31 -
Business acquisitions (including contingent consideration) (26) -
Reconciliations of non-GAAP financial measures
Adjusted EBITDA reconciliation
See below a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to
net income, the most comparable GAAP measure.
Three months ended September 30,
($ in millions) 2024 2023
Net loss (114) (262)
Add back:
Income taxes (16) (11)
Other expense, net 122 44
Interest expense, net 105 92
Depreciation and amortization 258 316
Share-based compensation expense 53 25
Transaction fees and associated costs (1) - 26
Restructuring and integration costs (2) 42 28
Group Adjusted EBITDA 450 258
Less: US Adjusted EBITDA 58 (55)
Group Ex-US Adjusted EBITDA 392 313
Group Revenue 3,248 2,558
Group Adjusted EBITDA Margin 13.9% 10.1%
1. For the three months ended September 30. 2023 transaction fees and
associated costs comprised advisory fees related to the proposed listing of
Flutter's ordinary shares in the US.
2. During the three months ended September 30, 2024, costs of $42
million (three months ended September 30, 2023: $28 million) primarily relate
to various restructuring and other strategic initiatives to drive synergies.
These actions include efforts to consolidate and integrate our technology
infrastructure, back-office functions and relocate certain operations to lower
cost locations. It also includes business process re-engineering cost,
planning and design of target operating models for the Group's enabling
functions and discovery and planning related to the Group's anticipated
migration to a new enterprise resource plan system. The costs primarily
include severance expenses, advisory fees and temporary staffing cost.
Free Cash Flow reconciliation
See below a reconciliation of Free Cash Flow to net cash provided by operating
activities, the most comparable GAAP measure.
Three months ended September 30,
($ in millions) 2024 2023
Net cash provided by operating activities 290 554
Less cash impact of:
Purchases of property and equipment (37) (21)
Purchases of intangible assets (52) (34)
Capitalized software (89) (65)
Free Cash Flow 112 434
Net debt reconciliation
See below a reconciliation of net debt to long-term debt, the most comparable
GAAP measure.
($ in millions) As at September 30, 2024 As at December 31, 2023
Long-term debt 6,843 7,005
Long-term debt due within one year 67 51
Total Debt 6,910 7,056
Add:
Transactions costs, premiums or discount included in the carrying value of 59 54
debt
Less:
Unrealized foreign exchange on translation of foreign currency debt (1) 83 182
Cash and cash equivalents (1,483) (1,497)
Net Debt 5,569 5,795
1. Representing the adjustment for foreign exchange that is economically
hedged as a result of our cross-currency interest rate swaps to reflect the
net cash outflow on maturity.
Adjusted net income (loss) attributable to Flutter shareholders
See below a reconciliation of Adjusted net income attributable to Flutter
shareholders to net income, the most comparable GAAP measure.
Three months ended September 30,
($ in millions) 2024 2023
Net loss (114) (262)
Less:
Transaction fees and associated costs - 26
Restructuring and integration costs 42 28
Amortization of acquired intangibles 128 199
Share-based compensation 53 25
Loss on settlement of long-term debt - 1
Financing related fees not eligible for capitalization 2 -
Tax impact of above adjustments(1) (46) (23)
Adjusted net income (loss) 65 (6)
Less:
Net income attributable to non-controlling interests and redeemable 5 1
non-controlling interests(2)
Adjustment of redeemable non-controlling interest(3) (16) 12
Adjusted net income attributable to Flutter shareholders 76 (19)
Weighted average number of shares 178 178
1. Tax rates used in calculated adjusted net profit attributable to
Flutter shareholders is the statutory tax rate applicable to the geographies
in which the adjustments were incurred.
2. Represents net loss attributed to the non-controlling interest in
Sisal and the redeemable non-controlling interest in FanDuel and Junglee.
3. Represents the adjustment made to the carrying value of the
redeemable non-controlling interests in Junglee to account for the higher of
(i) the initial carrying amount adjusted for cumulative earnings allocations,
or (ii) redemption value at each reporting date through retained earnings.
Adjusted Earnings (Loss) Per Share reconciliation
See below a reconciliation of Adjusted Earnings Per Share to diluted earnings
per share, the most comparable GAAP measure.
Three months ended September 30,
$ 2024 2023
Loss per share to Flutter shareholders (0.58) (1.55)
Add/ (Less):
Transaction fees and associated costs - 0.15
Restructuring and integration costs 0.24 0.16
Amortization of acquired intangibles 0.72 1.12
Share-based compensation 0.30 0.14
Loss on settlement of long-term debt - 0.01
Financing related fees not eligible for capitalization 0.01 -
Tax impact of above adjustments (0.26) (0.13)
Adjusted earnings (loss) per share 0.43 (0.10)
Constant currency ('CC') growth rate reconciliation
See below a reconciliation of constant currency growth rates to nominal
currency growth rates, the most comparable GAAP measure.
($ millions except percentages) Three months ended September 30,
Unaudited 2024 2023 YOY 2024 2023 YOY
FX impact CC CC
Revenue
US 1,250 828 +51% (1) 827 51%
UKI 846 719 +18% 21 740 14%
International 781 679 +15% (14) 665 17%
Australia 371 332 +12% 8 340 9%
Group Ex-US 1,998 1,730 +15% 15 1,745 15%
Group 3,248 2,558 +27% 14 2,572 26%
Adjusted EBITDA
US 58 (55) +205% (1) (56) (204)%
UKI 237 184 +29% 8 192 23%
International 152 119 +28% (7) 112 36%
Australia 72 63 +14% 1 64 12%
Unallocated corporate overhead (69) (53) +30% (1) (54) 28%
Group Ex-US 392 313 +24% 1 314 25%
Group 450 258 +74% - 258 74%
Segment KPIs
($ millions except percentages) Three months ended September 30, 2024 YOY
Unaudited US UKI Intl Aus US UKI Intl Aus
Average monthly players ('000s) 3,211 4,101 4,411 1,197 +28% +13% +14% +6%
Sportsbook stakes 10,037 2,860 1,421 2,684 +36% +2% +36% (8)%
Sportsbook net revenue margin 8.2% 12.4% 11.3% 13.8% +130bps +80bps -40bps 250bps
Sportsbook revenue 822 356 160 371 +62% +9% +31% +12%
iGaming revenue 368 454 589 - +46% +29% +11% -%
Other revenue 60 36 32 - (14)% (14)% +23% -%
Total revenue 1,250 846 781 371 +51% +18% +15% +12%
Adjusted EBITDA 58 237 152 72 +205% +29% +28% +14%
Adjusted EBITDA margin 4.6% 28.0% 19.5% 19.4% +1,120bps +240bps +200bps +40bps
Additional information: Segment operating expenses
Cost of sales 737 321 374 207 +48% +13% +22% +14%
Technology, research and development expenses 72 43 54 8 +26% +16% +15% (20)%
Sales & marketing expenses 277 167 121 60 +13% +10% +10% +3%
General and administrative expenses 106 80 80 24 +29% +27% (14)% +26%
Reconciliation of supplementary non GAAP information: Adjusted depreciation
and amortization
($ millions) Three months ended September 30, 2024 Three months ended September 30, 2023
unaudited US UKI Intl Aus Corp Total US UKI Intl Aus Corp Total
Depreciation and Amortization 31 79 123 16 9 258 28 108 151 15 15 316
Less: Amortization of acquired intangibles (4) (51) (68) (4) - (127) (5) (78) (111) (5) - (199)
Adjusted depreciation and amortization(1) 27 28 55 12 9 131 24 30 40 9 15 118
1. Adjusted depreciation and amortization is defined as depreciation
and amortization excluding amortization of acquired intangibles
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