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GAN Limited (GAN)

Participants
Dermot Smurfit President and CEO
Robert Shore Vice President of Investor Relations
Karen Flores CFO
Chad Beynon Macquarie
David Bain B. Riley
David Katz Jefferies
Call transcript
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Operator

Please standby. Good day, ladies and gentlemen. Welcome to your GAN's Third Quarter 2021 Earnings Conference Call. All lines have been placed in a listen-only mode and the floor will be open for your questions and comments following the presentation. [Operator Instructions].

call recorded. today's reminder, a is being As At the Robert floor it is Shore. to turn my pleasure over this time, to your host, Sir, yours. is the floor

Robert Shore

that Thanks, are posted CFO. we on quarter our Company's website Karen GAN's accompany issued afternoon, Flores, With Please after President the Melinda, provide me and www.gan.com. of release and today today is that earnings PowerPoint Smurfit, remarks. a was third and market at and good Dermot note slides XXXX prepared set everyone. CEO;

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

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

XXXX. of factors on XX, Form annual on are in report XX-K important discussed the risk Some could the factor section cause that differences such March filed

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

the are reconciliation of call issued A financial included these is of And be press this directly the non-GAAP in measures most release the of measures. some financial comparable measures issued opening go in appendix description and to Investor Dermot. for the non-GAAP With financial both I afternoon. During to in over release Dermot discussion GAAP Please there'll presentation are these measures call non-GAAP available U.S. website. tab of that, of the Investor remarks. included will press the the turn afternoon, ahead, of this which

Dermot Smurfit

which the Sports XXth U.S. our deployed market. to quarter Quarter-on-quarter slowest momentum despite I'm GAN which we into growth the I'm Casino for delivering performance, betting significant delivered state particularly today good of driven omni-channel, Mississippi, will third seasonally a operating pleased Thank strength moving enterprise in growth take upwards, division earlier and the slide continued demand Please today Bobby, Island granting software BXB revenue and performance BXB BXB with quarter you, the quarter. been for of X% third discuss operationally the quarter and in sports announce being all-important consumer segment. be technology on calendar second has our our fourth and BXC being state our rate encompassing year by third afternoon, the the become current View excited results in with with presentation BXB GAN, international me together released client our gross division, overall segment, everyone. our have our shortly by strong Southern to iGaming, the for sequential join platform. consolidated will and segment Resort on in the new also our and fourth operator the

our September satisfied actually the at right the line we XXXX, technology into Since quarter, And will and XXth-year delivering here growth I'm fourth this midpoint continue so now seasonally will we shown launch, Pennsylvania, as QX entered operating period of launches powering have quarter, have the in new strong which last operating BXB online the nationwide, BXB Arizona, top Arizona's move And platform New with nine and third of client beginning Michigan, of is of technology states strongest including we West America. gambling and be QX. of betting Connecticut. in our Indiana, month. Tennessee, Connecticut's Jersey, now course, GAN sports Colorado, execution platform and the iGaming launch Virginia,

across Maryland, Additional technology anticipated just therefore, up states, from we incremental with and scarcity capability value. the are see increases technology time Mississippi, coming as platform platform state, launches with Arkansas with year. in last together inherent three this months, our of and our literally does live in the XX GAN's Louisiana, And each will states, its

omni-channel held revenue excess In with multiple capability, this further GXE our as basis for Station the which which remains million industry Rock adjusted I and securing sports attended Shortly account, serve coveted recent will to targets to pathways conference EBITDA a in comment multi-state presentation. to and awards, our on major later to only in app client strongly BXB contributed the fact, with is BXB million of Investor one as and by a Casinos, $XXX win provider greatly we one of our capability Red in demonstrate setting pipeline proven event, highly known number to XXXX, after successful us top our GAN $XXX long-term XX%. Resorts, significantly together standout out line major targeting remains betting sales opportunity of also a contributing a which the

betting and with remains the of strong last new quarter omni-channel capability here multiple led by fast expanding Don opportunities a As the in multi-state pipeline move Ryan. sales Mr. health we division XXXX, our COO, engineering robust sports existing in both of significant ably a U.S. with states, BXB across our through and for iGaming

division, customers so now And third quarter-on-quarter. turning our to X% second quarter saw standout the quarter active performance a International BXC to increasing and following in

engagement by were online without sports substitutional revenues strong BXC major gamblers third the quieter quarter sports sports active we expected, a but within international events, by experienced As tournament impacted casino. calendar

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this announced year. First time last

in narrative available at Moving serving on this of slide the GAN.com. opening a investor online final month, full in summary of support event still last held the to as and recap and course, over

populated into pipeline. We expanding as BXB market, are battle-tested the evidenced slew client sales expansion client our and existing by related Canada an fora also densely BXB a services wins of state-by-state relationship. experience demand in for and expansion U.S. continue part strong be new platform We'll major to with technology a recent clients of here existing

annual our also will operating sports omni this as in represent in in for from to and and leverage addressable markets, month, of to and million life Karen. to margin Flores. XXXX definition view, remains bring will in pass gains that, believe Casinos and a both remain Latin growth Europe markets continue million committed the in And operations the target to BXC target Coupled scale. markets, XX%. our BXC revenue. and lead to We in here towards in RGS Super GAN on BXB I'll and Station Karen international path principally between $XXX the respectively BXB continue and America the $XXX individual Nevada our we be CFO, opportunities total XX% divisions Europe with benefit -channel and adjusted international we the work located story revenue We U.S. very execution discussion Latin and the BXC and of major America. technology commencing select continuing long-term and EBITDA to launching offering our the to between GAN of Overseas anticipate range both our

Karen Flores

and the first sequential of Dermot And given good Coolbet and my effect results this you resulting comments items focus impact on our prior-year year, everyone. around again quarter-over-quarter Thank comparisons consolidated January acquisition today the will comparison first afternoon the once of breed housekeeping to on operations. on

X. X-K, will today our and SEC there filed observance better results and reports Slide tomorrow. thank on financial the as you closed even with our consolidated Additionally, has be Starting on

Third of X% revenues down XX.X million from QX. quarter were

have XX% new in X% development driven into revenue the and our underlying Our $XX.X against our advance performance $X.X growth was increase by lower of revenue seasonality sequentially, by rates million The was will in in or customer which segment. other our launches, up revenue upcoming future. million and sales of driven increased as services client segment in revenue SaaS cold of strong BXB segment, BXB while hardware trends quarter-on-quarter. backdrop we sports, recurring was convert BXC the

revenue Italian declined COVID the as during and reopening eased. seasonality operations of venues due lower restrictions our of impact result revenues SaaS recurring retail to X% of primarily in have global as Our a the quarter,

activity of strong impacted third higher basis U.S. revenue online core change decline in of calendar, of primarily by hold, million year-over-year seasonality growth outcomes. XX% decline well XXXX. quarter-over-quarter third sports SaaS a were results due of player-friendly quarter down in event to mix as XXX business turnover the as no BXC QX. levels Our versus sports resulting million compared a has revenue sports with $XX.X $X.X points was or XX% a segment from as the X% to sustained BXC Casino quarter observed the in of of on iGaming and the

end QX. gaming are player observing of for highest up also net the million running a are setting revenue. first of from casino records, already the the including $XX quarter, trends, was Looking of and forward, casino and third acceleration all sports from number weekly October, in XX% very we BXC strong or and with acquisition turnover with turnover of the engagement key week November,

mentioned. expenses year-to-date $X.X $X.X of third FX like the expense, on Coolbet move tax and loss purchase during amortization We expenses I include a adjusted our $XXX,XXX Net $XXX,XXX totaling or for $XXX,XXX to on increase quarter This provision of and comment to X% sequentially a number of Operating EBITDA, unique accounting Before in we a intangible to increased adjustment incurred million finalize assets, These our million. point. $XX.X million. related the the headcount The portion related acquisition. $XXX,XXX our as to by increase to I'd included costs global the accounting, our with increased facility or and as of X% personnel the related just I was purchase in associated XX% opening to to to attributable of increase remaining a XXX, Miami and jurisdictions our new relocation of and services segment for advisory and marketing London of our launches BXC both new with office, including connection segments. the additional spend our tech anticipated BXC professional hub BXB for upcoming increased FX

the the totaling purchase turnover around With of the sports and FX million. revenue hold tax, rate, as adjustments, as items X.X unique accounting impact and well BXC

to million. even our loss of quarter Net margin X%. adjusted year-to-date stands at EBITDA this Our for $X.X EBITDA EBITDA would And $X.X million the increased for break quarter. adjusted adjusted an

to slight million cash for remains versus of leading decline Super payments of product related the rights offering. $X.X block to prior a quarter-end. online Our The million for Balance Sheet of exclusive strong our primarily $XX with quarter balance upcoming RGS content at launch related

market granting to continue path delivering technology We high-growth us a market. and additional to platform remain focus best share on debt-free, clear to the securing the initiative,

the quarter prior million. of in operator BXB, year-over-year X% from iGaming million the key $XX our flat declined now, quarter to from was operator third XXX $XXX XX% versus XXXX U.S. and Total our performance up onto Moving million. clients indicators gross XX, Slide quarter-on-quarter revenue to on roughly grid revenue

from XX%. slightly down to was share market XX% quarter-on-quarter Our

across in at to levels board up total next and from are ratio indicators BXC, cost With spend spend customers quarter slide, slide a exceptional period key increased of well X% nearly averages. increased A to to XXX,XXX. the while The XX% these XX. revenue time on performance Wrapping Turning to efficient industry below active the the $XX acquisition marketing $XX. of metrics still for marketing per became less up remain

Which quarter, continued month, and laser-focused event To the Virtual of XX% the last pleased same the flow of more on our of is down cost next XX% cash period are XX% at of We're we of revenue is year. business. largest our our the at ultimately several towards our we environment. steady-state reiterate continue anticipate category some comments years that this we last progress and a from will costs for profitability ramping revenue my over percent G&A with revenue getting the to decline While Investor efficient, are year-to-date. single as G&A

We for ramping. and support which same with first speed observed to infrastructure partnered mid-October, operations Pennsylvania a in in new results the of are Connecticut recently iGaming FanDuel jurisdictions. period launched state. product market the building this launch we Up for that our the with versus pleased are and XX% with and in the operating when We number is

take will for time some our it achieve Although develop operations new efficiency. markets to to and

a of of margin recurring long-term XX% an profitability about revenues. with new strategy growth XXXX on rate and are RGS, our to committed operator increase XX%. will enable margins take higher our annual by operating GAN Super including Sports improving We revenues and basis, which delivering We're near-term to EBITDA and excited offerings

we be results BXC million the are Sports rate, for I and our The for Finally, $XXX couldn't more year of we time, team, to this Dermot Latin equates growth A both this this conclude $XXX to down hold full-year and impressed we seven between guidance it X.X% of our Europe the over normalized of roughly and will their our reiterating of returned America our And revenue Dermot. now the At business. determined million beautiful which strategy, at hold be by million. for for full to up in across QX the X QX our Estonia, year headquarters will any from midpoint of segment, with anticipate rate to points I observed to back will range range. revenue. outlook in the recently variability BXC each the I put in remarks.. repeat to us eight quarter. and Sports that percentage of or turn

Dermot Smurfit

all up, in quarter, the activity, investing expected demonstrated BXB We've throughout BXC U.S. and forthcoming product In Louisiana, Wrapping projected QX sequential the third necessity we is with explain growth client season seasonally XXXX, enhance the you, the which GAN to and ramp technology the Canada, demonstrating and record Michigan, not Mississippi, BXB. in international few scalable key next revenue betting of operational in deliver in delivered growth what customer seasonal maximize business months our recurring excellence continuing driving we QX. launches follow a NFL Thank and remarks, U.S. will here and That coming Karen. again stakeholders. X% growth sports the to line in now and believe Maryland, for our After will for model, the all-time results our demand our leverage accommodate in should of strong for questions. and weakest profile we the services highly of will value concludes open our

Operator

you. questions. Instructions]. is open Thank floor for now The [Operator

Chad go to ahead. And comes briefly pause assemble Please our Beynon from queue. first question Macquarie. will with We our

Chad Beynon

deals afternoon. to we I to the part Good you believe RGS to about Dermot, a that said Nevada, of I Thanks for month. that expect ask Hi. With I guess, respect question. wanted we're taking Super see to and the my in seeing tape, on other start Karen, going this launch. question. dual

factored into are Secondly, should see deals announcements finally, come year? is announced, this guidance the after take when the to for Thanks. out? And we does how long Firstly, to start then it this integrate? these

Dermot Smurfit

part the Chad. Karen your question, let with deal of I'll last

distribution retail so is GAN the seen content online, platform, - exceptionally very, and operators very Ainsworth that of a Super Just is RGS. RGS very, be strong all business the suite to machines from the of demand slot recognizable through respected, clear, Super iGaming. exclusively very via major the available we've instantly

happens you as typically experience describe is have taking. an I what order can So

combative, the in not You're platform multi-month sales sales. associated cycle consultative that competitive, you with

major literally asking are okay, and how You're up commercial pay. much management operators calling prepared teams, you to the their casino

negotiate is already the term, is gaming all be here operators between integration. place revenue. BXC net have is taken what definition the into not and is in Super the iGaming gaming the and with of You revenue All GGR conversations typically percentage key which net the what those clients then technical actually first Tier-X strong. in America of nearly We demand Nevada. launching the We'll extremely RGS go Michigan,

So Michigan exciting for is very obviously a market iGaming.

be will for technical which be advance that these start going tend end tend be month, work this consummated. So streams. inflection to is excellent being the And The contracts of launched associated multi-month contracts before the to an us. in of point integrations to

you make sign faith work contract start integration, to on of done, tend launching. the factor get that then good agreement And is you in to get technical place, to to is the the the when in point announcement. the the forcing the and So integration typically,

We in wait So then it's as simple working technical things announce, happen start that for as integration. close, then the these parallel. don't to contract the

side. get terms, commercial like guidance? on the key to agree technical You comment to would you busy on then Karen,

Karen Flores

received respect With guidance, the XXXX. in X up be the would for included not it's year, Yes. it to in anything

Chad Beynon

announced Caesars we've of like saw integration be to quarter. of to talked vertical M&A something would and in both. I the the William follow-up, And then sold you, Stations. the just that separately, then Thank the BXB, about great. winning respect in some yours, large space, were you two That's Hill and we call And with them competitors seen of my

there, given So wanted space? it change? you. this better And how I the kind understand you given to you in targets you does this out focus of the activity? there. just the of we're Thank everything some or put Is some seeing yeah, view worse, that that out your as same How towards position that of

Dermot Smurfit

there, increase aspects corporate technology. the of the value think place transactions scarcity Chad Couple simply I of our taking

So not going any that of by unhappy on. activity necessarily

market, split and a announced together View competitive and Island of Caesars into actually Resort. opportunities William in Hill, bunch Mississippi, up transactions today one the fact, in corporate one we replacement Secondarily, Casino the picked the we like with just we of coming

transaction. unhappy about So, specific not M&A that necessarily of the consequences

any don't reception think happy the I'd Beyond that, sports. offer GAN than, very, of we're I with insight other very other

speaks of legitimately every now competitors is clear Resorts a with and that sounds. certain Casinos in where I one-stop-shop. ours single here market Rock actually extremely it the here our Station of themselves pipeline. considerable means solution note or certain very the of one-stop scale quality. happy solution Red the are other the are part the And of and extremely to not very which proven U.S. is we're out major Rock of a shop by sales the the that and shop diligence We one-stop-shop one-stop just active no shape a of it value of U.S. high Red commercial And longer which message And our worth they in active assets, are at Resorts, divested it's course, only recent very win we have pointing due that direct multi-month but terms, process

Chad Beynon

much. Thank you it. Appreciate very

Operator

ahead. Next B. Please David go to line we of the Riley. Bain will go

David Bain

look the of what you studios? envision exclusive for At it on Just or types on other be And the that balance elements, is competitive trying dealers, based much. moves, forward. partners. looks of other or like or at some the of unique the content Ainsworth, looking guess you your - Chad more established Do then strategy to what Incredible? like or live are you tables, proprietary to map? content, our mentioning going was like question strategy first strength would the and this so Thank my stick do content content Great. from point, with I the sheet

Dermot Smurfit

bulking been resources, we've Well, Okay. development David. our up in internal

very bolt-on. cost-effective, So you of we not a acqui-hires, have small a can them in describe number as substantial looking or been any way effectively at very

at content all looking course, portfolios of kinds. iGaming are, We of

lot some remember intellectual to them. You that has with compliance property got content of associated a overseas, issues exists iGaming got and infringement

of well And So opportunities the interesting in X very describe a them engaged Asian necessarily not Class slots conversations. X actively translate and the in channel number as testing European of may in are we're online U.S. that equipment manufacturers there number here broadly Class that distribution or medium-sized I a and can small, are

really machines we available eventually, in to will balance our leverage content like for deals sheet markets order we to and exclusive strength. foresee press in various slot to retail distribution So iGaming continue that will we come

would that, offer like to you comments? Beyond additional Karen, any

Karen Flores

that covers think it, Dermot. I No, pretty much

David Bain

or specific then like to I don't last be my what Perfect. follow-up Okay. to be iGaming not on but hoping new want to anywhere at at guidance would with states or what go within levelized if or of that I'm that met? Massachusetts, incorporated any you what And least confirm understand, set near-term iGaming XXXX Analyst apply any, is the Illinois that? -- out would Is be, may Day – states sure that kind the to specifically, for live need

Karen Flores

going It's sequencing the hard of but certainly, territories, terms to of XXXX have a crystal we've ball the states into states, assumed new in new guidance.

the is there you XXX range could that in the new least to assume so And timeframe, states. long at of built opportunities XXX several of a XXXX into ramping are proportion forecast it's new

David Bain

Okay. In iGaming, correct?

Karen Flores

Yes.

David Bain

much. Great. you right. Okay. Thank so All

Operator

Jefferies. with And go next David ahead. Please we'll Katz Instructions]. [Operator go to

David Katz

going we've question. at -- might to of and This incremental like? grid, and week. second forward? those which look Hi. expect since there thanks my but in you ask about topical what there Do the could participate or Good bit the bites And Apple off for any, be wanted maybe York, what, that past about the evening, I of everyone, opportunities New taking it's if sort might to a talked the

Dermot Smurfit

thank you. we Yes, do. David,

at XX% gaming environment license as saw those just front state were also where In where continuing We But the to that announced got the been pencil. apple. we of and the operators of providers being upfront have we the consortium fee, of formed, as way. New of very fact, are tribal with not stump in asked couldn't an that down written specific be We're bite technology consortias underlying business. in members have do make multiple and specifically will the numbers York. opportunity out second me We much up in

there viable groups pass most for foresee alignment a just X state York within betting of to the GAN, New that, and New X with years upfront, an is will not the to also of iGaming sports operators York yes, launch. much So but very that in active we still executive come do

David Katz

market in about if in further as or of finding to want a valuations. a calming out apologize certainly Are tuck-ins, bit certainly in but M&A downturn, don't I already, calming tuck-ins a the at And say we've seen terms that this look little down. I talked incremental well? the you in bit of private when you but you've public markets of

Dermot Smurfit

that was side, were available market seeming expensive on months The the very, more frothy, and industry think high-profile content and there they for generally. the were. I than I extremely to assets X realistic think David, sale in undertaken, Yes. acquisitions ago, XX very being Particularly somewhat are today some the

a So we but game, have I particular with perspective. particularly yes, disagree wouldn't getting that interesting your in engaged

David Katz

forward some be expect we All getting right. there going more might was suppose that? that as what was result at a of I I for tuck-ins you, should

Dermot Smurfit

and point acquisition, a assets at but we're live of as opportunities, live that come XX% the to transaction just of looking had we -- it's be has really comfortable revenues with Turkey, pinging, fact We're team few compliance describable that an asset, it was technology development which in tech the historical a different of There would be believe versus financed bolt-on. to so onto months dealer that's ago rather the modest a market even definitely solutions, this a deemed we're numerous from obviously we the that that come profile radar, traded, At plus I tinted. lots we but couldn't came we're speaking a asset that the time, active get dealer with have market.

David Katz

much. very you Thank Understood.

Dermot Smurfit

Thank you.

Operator

And no to questions further return for at closing this we time, Smurfit remarks. Dermot

Dermot Smurfit

Thank continue and shop help complete first you all even earnings. quarter to believe the to We the for high-quality joining on offering continuing one-stop third our strategies. will now engineering largest prove debt-to-market operators stated out the and clients have our build required bandwidth, are to BXC for execute a we today product

the required the over Super of regulating RGS. for strongly we the over quarter faster in support fourth We America's current bandwidth the are. gambling Station Sports as and visibility our GAN's ensure delivering strategy clients. iGaming will growth the market fast-growing we industry. forward our in will and period online to burstable affirm to again, time. to you look continue content clients executing And and ensure seasonally exploit accordingly, have strongest with all key success you Thank safe stay wherever leadership Casinos, who's which And GAN BXB We domestic portfolio, success in international our the

Operator

teleconference. your does you This you. for conclude Thank We thank participation. today's

time. great disconnect this a may lines your Have You at day.