14
Affiliate Monitor Company-by-company Q1 results analysis
the first quarter last year in the US , Catena didn ’ t manage the same feat and saw its revenue fall 2 % year-on-year .
Still , the € 28.9m did represent a 35 % quarter-on-quarter increase . North American NDCs fell in line with revenues to 91,000 .
Moreover , as Daly and departing CFO Peter Messner were keen to point out , the adjusted EBITDA margin for the North American business was 67 % versus the 59 % for the business as a whole , albeit with actual adjusted EBITDA for the quarter falling 16 % to € 19.4m . Group adjusted EBITDA was down 7 % to € 20.5m .
As with Better Collective , the flow through to cash was still evident . “ Catena Media runs a very high-margin business , and that translates into a very high cash generation ,” Messner said on the call . “ So , during these past 13 quarters since the beginning of 2020 , the cash flow from operating activities amounted to almost € 185m .”
He noted that part of that – around € 23m – has gone on share buybacks with another € 70m- € 85m going on the acquisitions in 2021 of Lineups . com and the i15 Media assets .
Daly said that the casino segment rose 8 % year-on-year with a direct contribution from its media deal with Advance Local
Chart 4 : Catena Media revenue Q221-Q123 (€ m )
50 |
45 |
45.2 |
40 |
35 |
36.2 |
|
30
25
20
15
10
5
0
|
30.4 |
33.1 |
31.9 |
28.9 |
32.3 |
27.4 |
Q221 |
Q321 |
Q421 |
Q122 |
Q222 |
Q322 |
Q422 |
Q123 |
Chart 5 : Catena Media NDCs Q221-Q123
200,000 |
180,000 |
171,918 |
160,000 |
153,701 |
140,000 |
140,025 |
135,250 |
135,812 |
|
120,000
100,000
|
116,748 |
113,294 |
80,000 |
84,651 |
60,000 |
40,000 |
20,000 |
0 |
Q221 |
Q321 |
Q421 |
Q122 |
Q222 |
Q322 |
Q422 |
Q123 |
Chart 6 : Catena Media revenue by area Q320-Q123 (€ m )
90 |
83 |
80 |
78 |
70 |
70 |
69 |
65 |
|
60
50
40
|
55
45
|
60
40
|
50 50 |
49 51 |
52
48
|
58
42
|
35 |
30 |
30 |
31 |
|
20
10
0
|
22 |
17 |
Q320 |
Q420 |
Q121 |
Q221 |
Q321 |
Q421 |
Q122 |
Q222 |
Q322 |
Q422 |
Q123 |
RoW |
US |
Source : company reports iGB Affiliate Monitor