BETTER COLLECTIVE Q1 REVIEW
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Affiliate Monitor Company-by-company Q1 results analysis
Companyby-company Q1 results analysis
● Better Collective ● Catena ● Catena Media
● Gambling . com Group ● XLMedia ● Playmaker ● Acroud
BETTER COLLECTIVE Q1 REVIEW
PART TWO
UNUSUALLY , BETTER
COLLECTIVE offered something of a Q2 preview in late May when , subsequent to its Q1 earnings , it came out with an updated forecast for the year ahead . The upgrade was occasioned by the “ continued momentum ” that the business had shown from the first quarter , particularly in the Americas segment .
As the company noted , at the time of the Q1s it had said that trading in the first month of the second quarter in April was 40 % up on the previous year and the May update said trading in the month had “ maintained ’’ that strong underlying growth .
In response , the company upped its 2023 revenue target to € 315m- € 325m from € 305m- € 315m , implying growth of between 17-21 % YoY . Its adjusted EBITDA 2023 estimate , meanwhile , would come in at € 105m- € 115m , up from € 95m- € 105m , implying growth of between 24 % and 35 %.
KEEP ON PUSHING
As the company indicated , this was after a record-breaking Q1 where Better
Collective demonstrated once again via its financial performance the degree to which it dominates the gaming and betting affiliate landscape .
Revenue was up 30 % to € 88m helped by organic growth of 23 % while EBITDA rose 44 % to € 33m with margins at 38 %. Cash flow , always meaningful , is becoming all the more impressive , hitting € 33m .
A theme hit upon during the call with analysts was the extent to which much of Better Collective ’ s revenues are recurring and CEO Jesper Søgaard pointed out that this element of revenue rose 75 % year-on-year .
In the first quarter , revenue share was worth € 40.9m of total revenues and Søgaard said he was “ pleased ” with the “ encouraging development ” in the US with regard to this form of payment versus the still popular CPA-type deals .
“ Our revenue share income is the legacy of Better Collective ,” said CFO Flemming Pedersen . “ During the past 20 years , we have built a large database of recurring revenues , which is truly paying off . Over iGB Affiliate Monitor