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Affiliate Monitor Company-by-company Q2 results analysis
Companyby-company Q2 results analysis
● Better Collective ● Gambling . com Group ● Catena Media
● GiG Media / Gentoo ● Raketech ● Acroud ● XLMedia
Better Collective Marching to the same beat
PART TWO
“ Moving parts ” is perhaps the best way to describe any quarterly report from the runaway gaming affiliate market leader . But in the case of the results from the second three-month reporting period of this year , it seems fair to summise that Better Collective continues to march on regardless .
Revenue growth of 27 %, bringing the quarterly total to € 99m , points to the company ’ s continued success in bringing growth to the top line , albeit with the help of acquisitions .
But the static EBITDA – € 29m for the quarter , the same as last year ’ s total – shows that for all the progress in driving revenue , the wait on a further expansion of profits will go on a little longer .
The underperformance of the Playmaker HQ acquisition – not to be confused with the Playmaker Capital bolt-on – is the cause of some noise in the latest report . The positive news for Better Collective comes in the form of the unit having undershot its targets since the acquisition was completed in July last year , which means that the cost of the earnout has been drastically reduced .
The deal as originally set out included an upfront payment of $ 15m , with earnout payments taking the potential outlay to $ 54m . However , under the newly renegotiated earnout , an all-in total of $ 23m has been agreed with the vendors , meaning Better Collective has got the asset for $ 31m less than originally envisaged .
CEO Jesper Søgaard was understandably keen to put a positive spin on the new earnout agreement . “ Despite the delay in performance from Playmaker HQ , we have negotiated a much better deal , iGB Affiliate Monitor