Gaming Innovation Group Inc
OSE:GIG
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Hi, and a warm welcome to Gaming Innovation Group's quarter report presentation and Q&A for the fourth quarter of 2020. My name is Jonas Amnesten. I'm an equity research analyst at Redeye. And I will, together with my analyst colleague, Douglas Forsling, moderate the Q&A session that will follow after the presentation in about 20 minutes. For those of you viewing live stream, you're welcome to send in your questions already at this point, and that is done through the form on the live streaming website just below the live stream. And without any further ado, I'd like to welcome Gaming Innovation Group's CEO, Richard Brown, that are with us through video link. Welcome, Richard, the stage is yours.
Good morning. Thank you. Good morning, Jonas. Good morning, Douglas. Thank you, everyone, for joining me today at Gaming Innovation Group's 2020 and Q4 report. I'm very pleased to deliver an annual result of the refocused B2B-only GiG with 2020 normalized revenues growing by 19% to deliver an EBITDA growth of 212% year-over-year. The year saw meaningful structural changes to the business with the B2C division divested and a focus entirely on B2B proposition, which I believe will generate meaningful shareholder value over the long term. I'm joined today by our group CFO, Tore Formo, who will be available during the Q&A. For those of you who are new to GIG, the company has split into 3 divisions: our platform division, which provides cutting-edge and highly scalable technology for the iGaming industry; our proprietary Sportsbook, operational and [ performing ] in both the U.S. and European markets; and our Media division, connecting end users to operators on a global level. Each vertical is complemented with the managed service offering towards the customers. Just briefly, GiG is listed on both the Oslo Børs and Nasdaq exchanges with offices in Malta, Spain, Denmark, and we have approximately 460 full-time employees. Our platform is licensed in 10 highly regulated jurisdictions with an additional 7 in the integration pipeline, and our Media business has primary assets in more than 25 countries. As mentioned, 2020 has been a transformative year for GiG. The company has become a fully focused B2B business, divesting the B2C unit to Betsson Group, improving its operational and strategic focus while also deleveraging the business. We have had the position of the company -- in the last 12 months, we have positioned the company for future growth, ramping up platform sales with a full focus on regulated jurisdictions and retail gambling transition to the online environment. We have signed 13 new clients in this year, and the platform has launched clients into multiple regulated markets. We've also made meaningful progress in the expansion and diversification of our Media business as the results of Q4 and early indicators for 2021 show. Our organization has been restructured and has been completed in the last quarter, GiG now has a sound cost base for operational improvement going forward with comparable OpEx down 25% from Q4 2019 levels. In particular, reduction in tech costs, enabling better scalability and placing the Sportsbook division in a position to capitalize on the growing demand for the product. COVID-19 has, of course, impacted the way we live in the world. GiG had 2 main priorities around the pandemic: the protection of staff and business continuity. We managed both well with the swift and successful work-from-home response that enabled both of those priorities to be achieved. We've seen in many other industries, the acceleration of trends through the pandemic with a decline in retail and acceleration in online. The gambling industry is no different and GiG is positioned to capitalize on that further acceleration. 2020 not only saw improvements in the strategic shift, but it also delivered material year-on-year growth with normalized revenues coming in at GBP 52.5 million, up 19%; and an EBITDA of EUR 10.7 million, corresponding to a 212% growth year-over-year. The normalized EBITDA margin for the year reached 21%. Some key points for the fourth quarter, in particular, with continued positive development with significant year-over-year growth, both in revenues and EBITDA. Signings for the new -- for the quarter came in at 4, totaling 13 for the whole of 2020, continuing to secure future growth for the company. Media experienced positive developments in the quarter, finishing off with an all-time high in revenues in December. And FTD is up 36% year-over-year and 9% quarter-over-quarter. The sports betting unit restructuring was completed, placing that business unit in a sustainable position for growth. Two brands were launched on the platform into regulated markets and the strategic closure of the white-label business is now almost complete. To touch on the financials for the quarter, revenues, despite impact from a discontinuation of the white-label model of approximately EUR 500,000 and new German regulations implemented in the quarter of approximately EUR 250,000, reported revenues came in 66% higher than the preceding period in 2019, with normalized revenues up 38%, up EUR 14.2 million. EBITDA was over -- up year-over-year by over 4,000% and up 29% versus the third quarter at EUR 4.1 million. I also wanted to comment briefly on the EBIT performance through the year, as we've had quite several questions relating to this from investors during the period. Fourth quarter saw a marginal EBIT loss of EUR 100,000 and a marked improvement quarter-over-quarter of EUR 1.5 million. [ This] currently amortizes fully asset domains that were acquired in 2016 and '17 over an 8-year period. This is a noncomparable practice to many peers, who which, in most cases, define those assets as with an indefinite life. This conservative approach impacts the reported EBIT result, but does not, at least in my opinion, adequately describe the performance of the business since most of the assets are performing at same levels or higher than at the time of acquisition, therefore, if you consider operational EBIT, when excluding that amortization for the domains, the fourth quarter delivered a positive EBIT of EUR 1.5 million. For full year, operational EBIT came in at 2.7 -- negative EUR 2.7 million, which corresponds to an 85% improvement year-over-year. I'll now cover a short strategic update. By positioning GiG towards markets in early regulatory process or pre digital maturity, we will be able to capture market share early and grow with that market in conjunction with the share capture by a quality tailored product offering. We see an acceleration in those 2 main driving forces behind the growth of online. Firstly, local regulation is increasing in speed and scope; and secondly, digital adaptation of the consumer continues to advance. GiG will use and continue to focus on these 2 points to drive its business in the coming years. In the fourth quarter, we signed 4 long-term agreements, of which 2 of these contracts were with land-based or retail gambling operators moving their businesses online, 1 with a digital challenger brand and 1 with a large media house, which is opening up to drive an online iGaming business with the move coming post local regulatory changes. I wanted to cover off a guiding model as well regarding the software-as-a-service clients, given that the focus point of our growth going forward. With 2 examples, you see time scales of our revenues build with the operators over time. These SaaS contracts generate long-term and sustainable revenue sources incrementally increasing as the contract length over the length of the contracts. There is often a build period from contract signing to launch, followed by an operator revenue growth post the ramp-up of their business operations. Go-live times can vary depending on the contract scope, the market regulators and related certifications and should be often be viewed in relation to the actual length of the contract. Contracts are long-term with the majority of having an average initial period of over 4 years. And of course, while contract values vary, we could look at an average contract value where we estimate around EUR 600,000 to EUR 1 million per year over the term of the contract. We can look at some of good strengths. We have an end-to-end product and service solutions with first-class technology and product offering, a deep operational knowledge and an experience on a global level. We have a strong track record of partnerships and an omnichannel experience with a corresponding expanding media reach. These core strengths are positioning us well to capture our target market. I will now touch on the 3 business units' performance in some more detail. Firstly, our platform business. Normalized revenues for the platform division came in at EUR 4.9 million in Q4, a 15% increase year-over-year. I'm pleased to see the platform deliver a positive EBITDA for the quarter, ending at EUR 200,000, 110% year-over-year improvement. As mentioned, we have signed 4 new agreements for the platform in the quarter. And the strategy to move us entirely to a SaaS model and discontinue the white-label model is nearing completion. To reiterate why we do this, we reduces the operational complexity. We have -- reduces overhead costs, as well as a meaningful reduction in the business risk and strengthened the overall sustainability of the business division. This strategic move initiated in the latter part of 2019 reduced quarter-on-quarter revenues by approximately EUR 500,000, as 6 white-label brands were discontinued in Q4. There are only 3 white labels left at the end of the year, all of which have contracts to move to a SaaS model in the near term. Additionally, the implementation of the new German regulations impacted revenues by approximately EUR 200,000 in the quarter as we quickly implemented the new interim regime. We see a great opportunity in the regulated German market, demonstrated already by the signing of several new customers onto the platform based out of this regulatory change. So despite these short-term impacts, I'm very pleased with the year-over-year development and the long-term outlook and happy to deliver a positive EBITDA for the segment. GiG's platform, as mentioned, is licensed currently in 10 jurisdictions and 7 more in the integration pipeline. We put live 2 new brands in the fourth quarter and 15 brands remain in the integration phase. 76% of the GGR of the operators came from locally regulated or soon to be locally regulated markets. Those markets being -- those being markets which have a clear path to regulation, such as the Netherlands or Germany. Software as a service and other revenues remained stable over quarter -- quarter-over-quarter despite that impact from the regulatory framework in Germany being implemented. And as part of the strategy to end the white-label agreements, GiG rescinded its Swedish and U.K. licenses, enabling further cost and risk reduction. Now moving on to our media business, which performed well and continued its positive development through the year into the fourth quarter, finishing off the year with all-time high revenues in December. Revenues came in for the quarter at EUR 9 million, a 20% increase year-over-year and 5% up quarter-over-quarter. Paid media continues to strong development with quarter-on-quarter improvements and revenues up 87% year-over-year and 11% quarter-over-quarter. EBITDA for the media services ended up EUR 4.3 million, an increase of 8%, both year-on-year and quarter-over-quarter. First time depositors, which is one of our key underlying performance indicators, ended at over EUR 33,000, a 36% increase year-over-year and 10% up from the third quarter. Our publishing units were a positive development after the Google algorithm updates in December with following increasing player intake and all-time high revenues in December. WSN continues to grow in the U.S. market with an all-time high in Q4, now present in 9 states and doubling revenues from Q3 levels. We maintain our focus on developing the business outside its current core markets in 2021 and diversification of the marketing channel acquisition. Our Sportsbook division saw a marked improvement in the cost base due to the various strategic initiatives throughout the year, resulting in a 78% year-over-year reduction in operating expenses. EBITDA ended at minus EUR 300,000, an improvement of EUR 1.5 million year-over-year. The strategic partnership with Betgenius was implemented into operation in the fourth quarter, creating that fully managed trading service and fully integrated Sportsbook platform. We signed 2 new clients for Sportsbooks in Q4, adding up to 4 clients in the integration pipeline for the product vertical. I'm pleased to see our operator turnover increase also by 16% in the quarter. The business unit is now positioned to take on new clients, and in one of gambling's largest verticals with the clients operational in both the U.S. and Europe. I will now move on to a short update of events after the quarter. We have signed 2 new long-term agreements onto the platform already this year, one of which is for the U.S. market with the first state rollout in New Jersey and an additional contract for the German market with an established operator, who's launching a new brand once the market locally regulates the casino. Sales pipeline remains strong with a globally diverse footprint, and trend continues as land-based and retail businesses look to go online and regulation pushes demand. One new client has been launched so far already in the year, Magic Jackpot, a retail brand from SuperBet, which went live in the highly regulated and growing market of Romania. Our Media division delivered an all-time high for FTDs in January. And in January's -- January revenues on a normalized basis were 40% up versus the same period last year for the group. We're now coming out of the transformative year with a strategy to pursue GiG's long-term financial targets. Our ambition is to deliver annual double-digit organic growth over the next years with an aim to achieve an EBITDA margin in excess of 40% by 2025. We will use the cash generated from the business to lower our leverage ratio while pursuing growth opportunities in the growing iGaming sector. To summarize, GiG delivered significant year-over-year growth in both revenue and EBITDA, signed 4 new agreements in the quarter, securing geographically regulated and diversified future recurring revenues and the sales pipeline remains strong. We have a leading and growing platform business with approximately 80% of revenues in a regulated or soon-to-be regulated markets with a highly profitable and growth-focused media business including an emerging position in the U.S. GiG's proprietary sports betting platform is now in a sustainable, long-term position to grow via new client on-boarding and is already licensed and operational in the U.S. and several states in the U.S. We have proven an operational excellence through the year with a revised strong B2B focus, improved cost-efficient and growing sales and an exciting on-boarding pipeline. I would like to thank you for your time and your attention today, and I'll pass you back over to Jonas and Douglas at Red Eye for the Q&A session. Thank you.
All right. Perfect. Thank you for that presentation, Richard. That gave us a very good view of your quarter report. And once again, for those of you viewing the live stream, you're welcome to send in any questions through the form on the live streaming website, just below the live stream. So first of all, you had very strong numbers here in January in terms of FTDs for the media services. What was the driver behind this?
We've seen the -- one of the key drivers was the Google algorithm update in December that occurred the first weeks of December. So we saw that the sites gained on an overall level quite some positions across multiple markets that's led to the publishing unit to bring up growth levels in the FTD intake. We've also seen our paid media division continued its very strong performance over the last quarter. Ability, the diversification into casino and a bulging demand in Sportsbook in several emerging markets has also allowed us to capture quite a heavy FTD take in January.
Okay. Very interesting. And you mentioned the Google algorithm there, could you explain a bit more exactly how that is impacting you?
Obviously, our publishing business relies on organic traffic coming via search queries in the Google search engines. These are algorithms to determine the positions of the websites and those search results are changed to continually, actually, by Google, there's normally larger updates several times a year. So we try and work with the sites in order to make sure that they are rewarded and focused around what we believe is important to the users, and therefore, what is important to Google. So those algorithm changes are consistent, and we manage those and strive towards creating better products that will eventually, therefore, be lifted up into research results and attract more users.
Okay. Perfect. And regarding the media services, what's your view on the opportunity in the U.S. market for that?
I think there's a strong opportunity. It's an emerging market, obviously, in terms of its speed in which the uptake of new states are regulating. There's a -- we've taken an approach with our flagship site there at WSN in sports betting to take a long-term view where we build a nationwide asset, which we believe will be more efficient for us, at least in capturing share as various states different -- open. I think there's obviously a great opportunity in the U.S., but I also think there's a huge opportunity to the media business in a multitude of emerging markets as well, ranging from Eastern Europe and Latin America as well as we still see that we have quite some growth potential in kind of Central European markets. We have markets where we believe that we don't have a dominant position, but we can replicate the success that we've had in other markets into those kind of more developed markets with high player values.
All right. Perfect. And regarding the U.S. market again, how do you see the potential there for the platform services? You signed a new deal there. How -- what's your overall view on that market?
I think it's not too dissimilar from the view I stated there on the media business as well. I'm very pleased that we were able to also leverage the success record and the product that we've developed in the U.S. or having been live there for the last few years to attract new customers onto the platform. So I think it's very exciting. I think, in particular, for casino in the coming years, where we definitely have a very, very strong product. Currently, sports betting is the main driving -- regulatory drive force in the U.S. I believe that casino will come, and therefore, we were well positioned for that. But again, there's a multitude of emerging markets and local regulation being driven in more mature markets such as the Netherlands and Germany, which provides us with opportunity to onboard customer's retail -- both retail and digital. So I think that we see the industry is a global industry with a multitude of opportunities, and the U.S. is one of those. But I also think Latin America, Central and Eastern Europe in particular are very attractive in the coming 12, 24 months.
Okay. Perfect.
And on that point there, you talked about the German market and the Netherlands market. You have seen quite big negative impact in the German market on the iGaming companies. What is your take? And how does the German market develop for GiG?
I mean the new regulatory changes that we implemented, obviously, had an impact even in the fourth quarter for us with the majority of that coming in December once the new rules around slot -- how slot games are working were implemented. So I think there was a short-term impact, but the size of the market is very large. The regulatory clarity that the regulation will provide will also -- will be helpful and sustainable long term. Currently, a lot of marketing channels are not available to operators in that market, which will become available once the market regulates. Very strong player value, large market size. So I think while there's a short-term impact, I think over the mid to long term, it's a very valuable market. And we've also seen that local regulation there in 2 contracts, 1 with TipWin, which we signed in last year, which is a large retail sports book in Germany that wasn't going to move online casino until it regulated, and then similar with the new established operator in a German online operator in the German market, who wishes to release a new brand once the market regulates. So these are providing actual real opportunity for us to not only make up for any shortfalls that we currently have on our current client base, but actually grow past that once they're live, once the market is regulated and that they can expand their own market share.
Yes. Very interesting there in Germany. Can you elaborate a little bit on how the Netherlands is also affecting you as you did with the German market?
Yes. Again, in the Netherlands, it's a very attractive market in Netherlands. There's obviously a lot of operators active now. There's been a slow progress so far in regulations, but we have a clear date as of now, kind of end of this year for when the majority will be able to enter and/or latter part of this year or beginning of 2022. So we were quite positive about what we can do in that market. Again, similar to Germany, there is heavy restrictions on advertising in the current environment. A majority of operators are not actively pursuing the Netherlands. And therefore, once those markets actually open, we believe that the operators are running with us and we would look to onboard as well. We'll be able to take a position in that market post regulation.
Yes. Like the COVID-19 has affected us all. But in like in iGaming, online casino industry, it has actually been like boosted by this. But like can you elaborate how COVID-19 has impacted your revenues?
Yes. We saw, obviously, a growth coming into the second quarter of last year, which I think the industry saw in casino, at least in Sportsbook kind of in the latter part of the year, as retail outlets were shut. I do think, more than anything, if we look at the longer term, there was a trend of a shift to online spend. We see that in more mature markets or markets without retail, such as Scandinavia. And once those markets then become -- there's a tipping point such as COVID, which pushes that, there is an acceleration. We've seen that, in particular, in the volume of clients that we've signed that are land-based moving online. And we also see an expedition probably of the regulatory processes in several markets as regulators or governing bodies look to make up tax windfalls, et cetera, or tax gaps. And I think that will also help to expedite a process that was already happening.
All right. And on that topic, you have this very strong inflow of new clients to your platform services. What's your expectation there for 2021? Do you continue to see this strong demand?
We see a strong demand. Obviously, last year, we did a very strong sales development, and we've continued that already into 2021 with 2 contracts in the first 2 months. So I'm really pleased with how the outlook is going. I think the one thing is to consider always is volume of contracts versus scope and complexity of contracts, et cetera, and size of potential markets, et cetera. So we can continue to balance those opinions and those kind of various points to see how many contracts we will aim to target for this year.
Okay. Perfect. And you -- we have one question here that says, you have 7 countries in integration to be regulated on your platform. Could you elaborate a bit on which countries this is?
There's a range there from the various clients that we've signed going from -- Germany is obviously one that is kind of -- we've done the interim work, but then there's work in order to move to the full regulations when they occur in the last part of this year. We have Netherlands, Macedonia and various other jurisdictions, regulated jurisdictions as well. So we kind of build up towards those. And we have some in the pipeline with current existing clients that we know that are looking to enter various markets as well later in the latter part of the year.
All right. And looking on your collaboration with SkyCity, is -- what's happening there? And what's the potential for that collaboration?
We're very pleased with how the build with SkyCity has gone. We have a very good working relationship. We're working within constraints of a pre-regulated market. We look forward to hopefully being able to have a little bit more clarity on what we hope would be a regulated market within New Zealand being able to, therefore, utilize the full power of that brand and their retail operations in New Zealand. So at the moment, there's no definitive answer to the timescales on that. But we're very happy and very pleased with the development of the -- over the last, say, 9 months, in particular, and we continue to support that business' ambitions and all the elements that they would like to work with, with their business.
Okay. Perfect. And regarding your Sports Betting Services. What's the view on the growth opportunities for this? And what should we expect in term of profit margins in the long term for that segment?
I think we're -- I'm very pleased again with what we've managed to achieve in the sports betting segment over the last 12 months. We now are in a position with a manageable and achievable cost base. We have clients that are ready to go -- will be going live in the next period as well. We see a growing demand in the sales pipeline, in particular, for the Sports Betting Services. I think I mentioned in the last report as well that there is -- where we see our product fit, in particular, is in emerging markets and ranging from Latin America, Eastern Europe and Africa as such, that we think that we have a strong product offering there. We have some USPs within the product. The fact that it's very flexible, it allows operators to trade themselves, trade on top, which is quite a strong USP for many players in the market. So we see there's a lot of potential. We're also seeing a lot more of the demand in the pipeline than we did, say, even 12 months ago. So I'm quite positive with how we can develop that over the longer term. I don't think I will guide on what we anticipate the long-term margin would be because I think we want to take that step-by-step and also ensure that we continue to, once we get that segment into profitability, that we can also continue to develop the product further and further. It's only been live for 2 years. So I would like it to be able to continue to develop as well over the coming period.
Okay. And regarding this topic about the margin here. You mentioned that you had long-term EBITDA margin goals of 40%. Is that -- could you elaborate a bit how it will look for the different segments for Media Services [ contra ] Platform Services?
I would say that I'm happy with the margin where we are in Media. I think there's some room for improvements over the long term. But I'm also conscious that potentially, we've under-invested in the Media segment over maybe preceding periods. And therefore, I don't -- guiding specifically on the media, but I would say, at this about level would be the long-term kind of ambition. We may go through periods where we want to invest more in order to capitalize on the growth opportunities that we see. For instance, paid media, which is a lower margin, but has a quicker speed to growth on the top line. We see now in January, one of the reasons for the growth is that we saw opportunity with price levels that we thought were attractive to be a bit more aggressive with our marketing spend. So that's how we will continue to manage it. But then -- so therefore, obviously, correlating to that, if the margin is relatively stable over the longer period, the majority of the margin growth would come from the platform business.
Okay. Perfect. And one question here. Are you expecting a stable headcount from now on going forward?
Yes, more or less. I think, of course, we need to always identify whether periods where we would need future investment or such like that, that needs to be consistently reviewed. But we are happy with the current headcount in terms of delivery. We're trying also to utilize outsourcing in order to do some elements of development, which will allow us to have a more flexible cost base in times where investment is needed, et cetera. So we try and manage it on a more fluid basis. But the general headcount as of today, I'm not satisfied with where we are.
Okay. Perfect. And another question here. Are there any plans to retire the bond early given the high cost of capital?
We are moving into a period now where we're looking at the various options of refinancing bond, et cetera, now in the probably coming quarters. It has approximately 18-month maturity date. So we will start the work on exactly how we would do that now. We -- as I mentioned also in the financial targets, we have an ambition to reduce the leverage ratio of the company over the periods as well, and we will continue to look at exactly how we do that while also balancing the fact that we are in a growth industry and some of the various opportunities present themselves, that we make sure that we have the capital to also be able to go after those elements of growth as well.
Okay, cool. And one question here. One audience noticed that GiG managed to win ISO award. Could you explain a bit more about this award and if you aim for other ISO award?
I wonder if it's the ISO certifications, which are one of the highest security -- Internet security or technological security factions for software development. The core platform had already had an ISO certification for some years now. But as we continue with the various product elements, I believe that both our data warehouse and our front-end frameworks, et cetera, have now passed that certification. This makes not only as a testament to the quality of the security within the product services, but it also allows us to go through audits with various regulators, clients, et cetera, in a much more easy and efficient, cost-efficient manner as well. So it's a testament to the quality of the security that we implement, and it's something that we take quite seriously or very seriously in the business and something that we continue to actually invest in, is ensuring that our products are secure and safe.
Yes. A real good quality stamp there. And we have another question here about regarding Hard Rock. What happened there? And what opportunities is this opening up regarding the exit of that -- well, the partnership?
I think that's more of a question for Hard Rock themselves than myself. We signed a termination agreement with them in September, I believe it was, that also allowed us to pursue other contracts in the U.S. We signed, obviously, now in January with PlayStar. So that element continues, and we will continue to support Hard Rock in their plan to migrate away from the platform. Irregardless of them leaving, what we want to do is make sure that we leave a customer as happy as possible when they do the migration as well. So we continue to support them on that front.
Yes. And that also open up for you to add on additional partnership in the U.S. market, right?
Correct.
Yes. Perfect. All right. So running out of time here. But one last question then. What will be your key focus area and target -- well, I guess, key focus for 2021?
The business has -- obviously, it's multifaceted. But I think we can -- we've had a very strong position over the last 6 months. So we need to ensure that we continue that trajectory. We also need to ensure that we are on-boarding our customers as well. That's obviously a key point, that we can deliver that according to what we believe should be the time scales. So that is obviously a large operational focus as well as continuing to develop sales pipeline. Our media business, as I said, we've had a very good start to the year. We want to continue to support that. Paid media, we want to make sure that we continue to capitalize on the opportunities that we see in that particular vertical as well. So I would say that the key focus is remain not too dissimilar from what they have been for the last 6 months, and that's to drive the business continually forward with the various attractive propositions and growth opportunities that we have.
All right. It sounds like you're in for quite exciting year here. Perfect. That was our last question. So I will wrap this up by thanking GiG with Richard as well as our audience, and I hope to see you all next time. And until then, take care and have a great day.