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GAN Limited (GAN)

Participants
Robert Shore Vice President, Investor Relations & Capital Markets
Dermot Smurfit President and Chief Executive Officer
Karen Flores Chief Financial Officer
Chad Beynon Macquarie Group
Cassandra Lee Jefferies
David Bain B. Riley FBR
Greg Gibas Northland Securities
Ryan Sigdahl Craig-Hallum
Call transcript
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Operator

Greetings. Welcome to the GAN Q2 2021 Earnings Conference Call. [Operator Instructions] I will now turn the conference over to your host, Robert Shore, Vice President of Investor Relations & Capital Markets.

You may begin. Robert Shore Thanks, John. earnings on issued gan.com. the XXXX and after quarter posted it’s company’s second release today was market GAN’s website at me Smurfit, Flores, Dermot today CEO; With Karen and President CFO. and are set Please note, our remarks. PowerPoint that will prepared of we’ve accompany slides a provided

provided, may Safe the Relations as today, hard Harbor you that would to our a involve slides disclosure. to section statements on Page looking. that, tense, identify in in be will current in but optimism this risks, are and any of contained including related forward Words with that reflecting remind the absence the information made and that expressions We the future assumptions we start these actual except to mean forward-looking X statements, does not predict. and statement access of You forward-looking call, Investor consist well website uncertainties their not with as statements and for our statements like is satisfaction conference financial guidance and prospects,

statements results those suggested as the could of actual results, forward-looking or performance or uncertainties materially differ are a such or risks cause not interpreted statements Forward-looking future as that subject performance guarantee expressed to be in from to should and statements. by

factors on XX-K at Form that are discussed XXXX. of filed report in such important could Some differences section March cause annual the Risk GAN’s Factors XX,

statements, made, extent the in securities forward-looking are changes changes date Forward-looking affecting assumptions statements results, the the actual required laws. the assumes factors statements reflect in no other to applicable speak as only to forward-looking to statements company by obligation update of except or

of which reconciliation this these GAAP in release some discussion floor turn will there remarks. Investors this the the the U.S. description measures. are a With afternoon. of the tab release both issued is the measures over included as these During presentation non-GAAP available A website. and are to of to measures opening comparable afternoon most of Dermot well, appendix A the like financial measures press the of Dermot. directly non-GAAP our on ahead, non-GAAP financial to investor issued press in call, be I’d of included that, go Please for

Dermot Smurfit

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the to now second Turning quarter.

XX% sequentially. line top Our increased

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range July a on $XXX to to of million. midpoint early up Our $XXX revenue in $XXX guidance a was of million increased million

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it So my fellow Financial over I'll and with Karen, Flores. to over to you. Karen turn that, Executive Director Ms. Chief Officer,

Karen Flores

and good Dermot afternoon. Thanks,

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we We are guidance results. our that July early reiterating with the provided market preliminary

seasonality coming We of half the million. in and growth The be expect more the fourth both BXC. on weighted BXB the $XXX $XXX to will customers given BXB online and quarter of new second million in year revenue

near-term, the providing to While on annualized ramp basis. we guidance, continuing progressively are in with EBITDA margins we expected technology operating adjusted an and our improve aren't to talent

introduce our here at many scalability information dive our BXB I'll other first you known to now Investor into forthcoming. Event Coolbet's a providing conclude we on long-term deeper of as and during We be that to the Vegas, October look again. More business GXE. Expo the remarks. on leaders will the capabilities see Dermot our a over hope well to to As unique as forward Gaming back Global also of senior it Dermot? in Las X, as day of turn reminder,

Dermot Smurfit

year into our BXC Thank the are revenue. Wrapping the Canada and U.S. services our balance growth accommodate up, to as Soaring we We Super right Arizona. launch has demonstrated in booked Karen. through sports on to key value the mobile our expansions with will BXB Connecticut for of and to operating model and NFL the U.S results of season, iGaming growth ramp in in Continuing and sequential we continue as and will of deliver gross highly international maximize move stakeholders. New BXB operations, for execute technology These Bowl additional demand into and down stand up sports in a here in excellence Jersey on you, through investing such we clients the strong delivered as remarks. stated betting which Eagle concludes strategy Colorado recurring and Michigan, a path anticipated and our scalable our business That betting all

now We will open the line questions. for

Operator

Our Instructions] [Operator Beynon Macquarie. first question comes with from Chad

question. your with proceed may You

Chad Beynon

into assumptions to question. strong. guidance, I But hold some quarter. there stimulus started checks debate sense you. terms of if normal were off. it help And seasonality? are went get And the you in some of out kind your about fact pretty your think the will or what's in that Coolbet afternoon. your noted about more a to of There's if getting the has also fourth going just us Karen, can into with then that that iGaming? Could how my just for July of their thinking. Thanks the guys good Dermot, off trying think Thank you're us respect Nice you think that also, implied noted back results. taking Hi, homes, people better revenues help you of you assuming for out

Karen Flores

Chad. you thank Yes,

information And into of released online the July, New elevated I Michigan results both of for those comment, again, to we're levels market. very just positive of relative the Jersey think seeing the terms activity. So last in the was continued month and for

business, of just that. feel BXB of the the the we happy it our characterize And the that, rest hit understanding So is that stride way were for I would see to year. course, very within we like we've

revenue. second positive results it's extremely for primarily the are revenue that the think SaaS recurring quarter I that

of the the the side remainder the low major with risk. BXB year on state all business the of we for revenue multi launches the of occurred year and highly had in launches half of the that Michigan Most the with of So Churchill. the with predictable is associated first

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side right it's and taken we've into again, it's we And ability could revenue the on a business. We've BXC very some so And giving be volatility is comfortable is are range now. just team consideration volatility, what there And the of there's more would taken course, that sheer feel of in us by say of execution there. guidance. that that consideration confidence. the But the I nature, -- little the into with

Chad Beynon

well. those adding worth It's

Dermot Smurfit

are living Anders that in in there this more don't forget memory. other than long that tell everybody told me events any sporting place year Karlsen year not to international ago, calendar in taking

to event next. the the seasonality, major what one next from to -- seasonality you're bouncing So sporting

Chad Beynon

great, Thank year was we're goal you. And Coolbet's different as fourth think Slide spending the into acquiring XX%. I've some I marketing about the high as U.S quarters least to lot the the of you others, through heavy know, major here. whatever we On reach these business XX, customer that talked period, it at thanks. I quarter, a XX%, go here. won't about that a near-term. at gets solely period they're spend keep of just it really a all focus lot bit Should of just about companies in at any to assume any names be a the the marketing is to seeing going cost. related in do acquisition period some or That's where customers and low for customer betting, Sports last is for quarters from think, And little talked spend U.S acquisition it's when like possible, you given around marketing, than that. back in that

Dermot Smurfit

Summer in year, within be of investment already much is Chad. Brazil fall to outperforming revenues established. be which with product, on continue team Brazil, that's some vastly marketing the attention product in industry seriously well going the You've be are take a of next team doing people we of industry a that's existing extremely think results to the the But launch of The in begins at that's may We pays the earliest well metrics such the look though, will progressing recommending already There lot is differently huge the an exception been the as a extremely Coolbet may launching. things very that certainly will year. nail acquisition foreseeable accordingly, preparations. international head customers next They range and well terms are hit superior of to. related to to And and which opportunity future. in of cost or percentage like quarter for others. in There preparations that a

Chad Beynon

Great. Thank guys. quarter. Nice much, very you

Dermot Smurfit

Thank you.

Operator

from with comes David question next Jefferies. Katz Our

You your may proceed with question.

Cassandra Lee

taking is strategy just behalf I to consider want Cassandra you my versus Canada. in there? the BXC opportunity questions. ask BXB of you on Thank Hi. about do for This How opportunity Lee the David.

Dermot Smurfit

It's de is relatively of Canada across small business sort revenues, percentage the pretty BXC enterprise. single-digit low Yep, overall have a in the of we minimis.

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eyeing you're starting on first provincial December. with Ontario If the of up opportunity, Canadian the

Cassandra Lee

time. due this on Super that are they're outlook year a states weekend having that And We know And glitches around you Bowl during the more volume. surge or NFL around go you. Got it. Thank to bit live can to many some seasons? looking the of provide blackout colors

So to in the volume? months upcoming anticipate do elevated you any challenges the handle

Dermot Smurfit

we're guys the in in here market who out place think last the there environment. three problems regulated the only I in didn't have any Bowls took Super America that

the entire We warnings. coming very, I would ramp to year our confident experiencing and people and a this to brief all and that's kickoff all accounts playing clients. down issues step demand is to to U.S online not year-on-year. very delivering next any will technology BXB platform, our tsunami while health delivered that clients. CIO we and of early material up happy extremely All team looking platform for the up that flawless a Bowl with make. year, the Bowl of platform important that be massive technical in performance So a went know casino. our flawlessly, forward say Super industrial puts in with we Bowl supposedly the statement through That's activity And our things we're same in all But Super need Super usual the

Again, in clients GAN And and this points at have point, we've of platform a we learned choosing really amount think Super the through have So technology Super driven Bowls. that huge your confidence sheer the that flawlessly. scarcity successes Bowl. because the no of towards last platform going to value I the as concerns Dan's

question, answer. So hopefully great a reasonable

Cassandra Lee

Got it. much. Thank you very

Operator

Riley. next from Bain with Our question B. David comes

proceed with question. may your You

David Bain

shown before comments existing something so your and and update and of those, to then concur be the even In great. discussing offerings going performance launch have larger that, prospective that nice kind or interesting QX on lie with the talk are to the and just does very to in, typically business talked way. incredible be customers, any it content M&A by exclusive far beneficial we would remarks. that you Ainsworth see with like to anecdotally, first on in, and customers have in need they Great. the Thank timing now for We you've both

Dermot Smurfit

take last, mind. if the I'll you second problem. no don't Yes,

Ainsworth, We're additional early quarter, either done. launching of Ainsworth talking now states. the in the about So integration this the in very technical is next end quarter

Jersey Ainsworth Ainsworth the next is XX today. So the has integrations New existing months. live done And for all sunset in content only of the will within RGS

will, single present over presence like we So the operationally take if reins of in their market, in. the you existing

relapse. as for into the as few Michigan, I quickly story you And incredible reasonably position expand anecdotally, Virginia technologies, about say Ainsworth. it X and to then months next Connecticut we'll platform. ask a incremental maybe West has our Similar months So yes. market X to would improved when

things RGS it's technologies we've with received positive. really been the worth proposition, that enhanced and overflowing response has However, Super anecdotal the to

been describe Super statements BXB And have in content platform. must we and majority iGaming broadly the validated clients exceptions statement majority many be that's as as possibly So by hence here our our get access America. of with or to one of service operators today a order RGS vast existing for the our for I the what believe to BXC U.S of the future a the in that's in prepared vast the two that remarks the taking will in

David Bain

expanded the to installation, like, standalone picture And with Perfect. what makes opportunities the Digital just an strategic be there? the idea on I options others. your The an relative Kiosk maybe second Kiosk. great. That'd crossover Okay, opportunity U.S the can you [indiscernible] wagering question operator, additional all think there thing as different there from these fantastic. give the my platform offering are of is spoke [indiscernible] online us you the to Or

Dermot Smurfit

David. Yes, great question,

they've standalone enable and has casinos, sports betting that place So, take sports to where really retail microwave. historically, part major until providers inside that's of industry this point, a only a the to a tech two only as up retail states standalone the of served broadly been retail one in opportunity betting by of describable sports passed been or in bit plugging legislation

if when So actually do people we're superior premise, different and actually bringing we the very on deploying really, kiosk deploy save retail a ability betting that for technology and and place equally sports people the kiosks, mobile in mobile so the phone or can bet on is system a where attend wish, via the mobile a they to phone. place and that collect casino, the

industry. capability of is our it very very much the So to infiltrate leveraging lucrative a corner online

David Bain

Okay, Thank awesome. you very much. that's

Operator

Securities. Our next Northland question comes from Greg Gibas with

your with questions. You may proceed

Greg Gibas

going the of QX how the quarter, got Any in For taking you much benefit questions you're that on forward? -- sports Germany, betting maybe where congrats clarify the and Karen? a to margin the and forecasting results. Wanted margin

Dermot Smurfit

sports higher in it typically expect for the did that X%. on we than And of to forecast was for have we It we close closer way Yes, margin balance normal to would quarter. the year a the XX%. is the

compete One that does is very things the Coolbet price. well, of of course, on

amount revenue bit And relative XX% our quarter benefit. remarks tournament higher of revenue. so total to a it was the mention from in that the a corporate the of was little We total of did prepared

there effect sustained. is combined a in tournament, just terms the America story but it's are soccer not kind do the essentially, you be So the from going the growth to we But math can of it's of overall, which incremental that only just benefit. Latin seeing,

moving forward. Let's call that

Greg Gibas

but guess those the with mean, that this, kind like maybe of large function international I you in And, on expect kind side apologize, I to international the that a already BXC I mentioned over Okay, of QX? we over events you the strength carry into some events mentioned Olympics, primarily great. two of QX,

Dermot Smurfit

Yes.

year from events impacted really year, in I But of sports events absolutely think I've an yes, it, international being across last to pushing and calendar question, it's packed with touched international jam Greg, you on this move into sports because without in the earlier event. year. that COVID, delays part in the per this an can't answer coming

very time in soccer got exciting in particular offering. product the and this seasons particular to market, this the a got team be you've already recommenced. Olympics, You've It's Europe, with

Greg Gibas

Great. Thanks Appreciate for it. clarifying.

Operator

comes next Instructions] Ryan [Operator Capital. question with Our Craig-Hallum Sigdahl from

your You with may question. proceed

Ryan Sigdahl

Congrats Karen. on strong afternoon, this Good BXC Dermot and the quarter. results

Dermot Smurfit

Thank you.

Ryan Sigdahl

any then and on and if Curious other in who on customer Curious you customer there the an in update for Virginia. is that then you customer announced back progress customer, unnamed you with any an launch can that announced cross-sell? Coolbet, January

Dermot Smurfit

of place. not the were our is in to of out comfortable Yes. in being that cannot disclose are successful doing place. so Virginia the wave. the The BXB pushed license first of licenses we curse BXB client getting in They remains until and second We they of identity wave the

at I little everybody the a more Day side updating as BXB be year. on of as far we'll the to of of be launch But As the first be fourth transparent. the vendor the by of of hopefully in forward it, such to bit Investor some industry. course, a nature But position will October, a next look half it understand point we in again,

please the accept behalf my of entire apologies industry. on So

Greg Gibas

couple of then, progress wins didn't see curious, new a quarter you any of when update lot outside know nice in And announced launched they've with a in there, I of with in states Michigan. the quarter. when I the

Dermot Smurfit

continuing in are We our almost simultaneously. with conversations all of clients

launching are you Connecticut, team your the excited of about beyond which So to talk Wynn Maryland can. and of to re-deflect over the of and Resorts management to as when really I'm year question to going three and side very Canada end. those and we're But have Arizona four that, this

Greg Gibas

That's Great. Thanks. impressed.

Operator

At the end this call session, question-and-answer will over the the and now I reached turn Dermot for have closing of to time, we remarks.

Dermot Smurfit

have in include now joining majority We the required product BXB further earnings. operators here the of Thank you today long-term vast BXC quarter to of our the deepen active clients for the stable for our second offering complete to U.S.

they We rate RGS content. I gross platform states well-positioned will additional as our our tick for rapidly Super on to deploy exclusive leveraging believe operating revenues by also iGaming and into we're clients regulate. increase

Vegas the of look progress international our hopefully current and seeing the look in October to seasonally look you continue forward balance interim. and bandwidth growing now developments with forwards, industry. Americas over time. forward on Las burstable to strong both during we we which and execution of equipped a We Accordingly, our continuing you the online have in of over all quarter in a the all the gambling forward business our to safe exciting many third control as delivering going solid the engineering fourth visibility person Investor Stay domestic with in sheet of are. our firm Day into wherever resources and We is period required and strongest to strong growth clients for

Operator

you your and today's this lines disconnect concludes your conference, Thank participation. may at time. for you This