Chart 5 : Catena Media revenue progression Q420-Q322 (€ m )
45
Affiliate Monitor
16
40
Catena Media Q3 review
seen , the company has swung around in the last two years from a high of € 25.6m in Q1 and down to less than € 10m in the subsequent quarter .
Both the revenue and EBITDA data point to another dynamic going on with the revenues , at least as far as Q122 is concerned . This is the influx of players Catena Media enjoys with the opening of a new state . When the North American revenues are looked at in isolation , the effect of New York in Q122 is clear .
The distorting effect of new state launches was also visible in Q3 where Daly noted that the company came up against a tough comparative from the Arizona debut in Q3 2021 versus the much less heralded Kansas opening in Q3 2022 . In terms of sports revenue , he pointed out that the company saw annual growth of 43 % when the new launches were discounted .
What Catena Media didn ’ t talk about on the call is the extent to which it is also the CPA factor
€ m
Chart 20 6 : Catena Media EBITDA progression Q420-Q322 15 (€ m )
26 10 25.6
24 5
23.3
0 22
Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322
20 Source : company reports
18
€ m
16
16
Chart 6 : Catena 14.9 Media EBITDA progression
14
Q420-Q322
12.8
12.4 (€ m )
12 11.7
|
10
26
|
25.6 |
9.1 |
824 |
|
23.3 |
|
|
|
|
|
|
Q420 |
Q121 |
Q221 |
Q321 |
Q421 |
Q122 |
Q222 |
Q322 |
22 |
Chart 7 : Catena Media North America revenues Q420-Q322 (€ m )
€ m € m
50
45.2
40.7
35 33.1
31.9 32.3
30 30.4
28.9
26.6
25
18 26
25.6
|
16
24
|
16 |
23.3 |
14.9 |
|
14
22
|
|
|
|
|
12
20
|
12.4 |
12.8 |
11.7 |
|
10
18
|
9.1 |
|
8
16
|
16 |
Q420 |
Q121 |
Q221
14.9
|
Q321 |
Q421 |
Q122 |
Q222 |
Q322 |
14 |
|
|
|
Source : company reports
12.4
12
|
12.8 |
11.7 |
10
Chart 7 : Catena Media North America revenues
9.1
8
Q420-Q322 Q121(€ m
Q221
)
Q321 Q421 Q122 Q222 Q322
Chart 8 : Catena Media revenue share vs CPA Q420-Q322
Source : company reports
(% of revenue )
35
“ The challenge [ in Germany ] is still the number of operators and licences , the marketing spend and also the conversions ” |
€ m
30
25
20
15
10
5
0
|
29.5 |
22.3 |
18.6 |
16.8 |
16.4 |
14.9 |
12.4 |
8.3 |
|
|
|
|
|
|
|
Q420 |
Q121 |
Q221 |
Q321 |
Q421 |
Q122 |
Q222 |
Q322 |
|
Source : Company reports |
iGB Affiliate Market Monitor
Chart 8 : Catena Media revenue share vs CPA Q420-Q322 (% of revenue )