14 Dec, 2023, 14:55 ETNEW YORK and LONDON and MUNICH, Dec. 14, 2023 /PRNewswire/ — Travelzoo (NASDAQ: TZOO), a global Internet media company, today announced that the Travelzoo® membership will not be a free service any longer. Beginning January 1, 2024, the annual membership fee will be $40 (fees in other currencies will be approximately the same).
For the existing 30 million Travelzoo members, who have been loyal to Travelzoo, the fee for 2024 will be waived.
IMPORTANT: New members who still join on or before December 31, 2023, will also have the 2024 fee waived.
“For 25 years, Travelzoo’s global team of experts has worked tirelessly to research, negotiate and inform members about the best travel deals around. We have inspired members to travel to places they never imagined they could. And members have saved an estimated $7.5 billion,” said Christina Sindoni Ciocca, Chair of Travelzoo’s Board of Directors.
Holger Bartel, Global CEO and Co-Founder said: “We are passionate about what we do. Travelzoo is the club for travel enthusiasts. With the new membership fee, we will be able to negotiate even better, more exclusive offers than would be possible operating as a free service. This is because many top travel suppliers, including luxury hotels, as well as entertainment companies, only want to provide their best offers to a selective group.”
Christina Sindoni Ciocca added: “We are confident that new members who join from January 1 on will find the Travelzoo membership to be a rewarding investment. Travelzoo is the must-have membership for those who love to travel as much as we do, the true travel enthusiasts.”
About Travelzoo
Travelzoo® provides its 30 million members with exclusive offers and one-of-a-kind experiences personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with more than 5,000 top travel suppliers—our long-standing relationships give Travelzoo members access to irresistible deals.
NOTICE TO INVESTORS: THE COMPANY DOES NOT MAKE ANY STATEMENTS OR PROJECTIONS FOR FINANCIAL PERFORMANCE. PLEASE SEE DISCLAIMER OF FORWARD-LOOKING STATEMENTS BELOW.
Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect”, “predict”, “project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”, “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Travelzoo is a registered trademarks of Travelzoo.
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Noblecon19. On December 4th, management presented at Noblecon19 at Florida Atlantic University (FAU) in Boca Raton, Florida, to the investment community. The presentation conducted by Jim Tsai, CEO, and Heidy Chow, CFO, highlighted the success of the recently released Ark: Survival Ascended title and provided notable updates on the product release roadmap heading into 2024.
Strong release. Ark: Survival Ascended is a remastered version of the Ark game with all previously released DLC packages. In the first 30 days following the release of Ark: Survival Ascended, 700 thousand units were sold on Steam and it was the best seller the weekend of the launch.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Beasley Broadcast Group, Inc. owns and operates 61 stations (47 FM and 14 AM) in 15 large- and mid-size markets in the United States. Approximately 20 million consumers listen to the Company’s radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, Twitter, text messaging, digital and web applications and email. The Overwatch League’s Houston Outlaws esports team is a wholly owned subsidiary. The Company also owns BeasleyXP, a national esports content hub, and AXLR-R8, a Rocket League Championship Series team, in its esports portfolio. For more information, please visit www.bbgi.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Noblecon19. On December 4th, management presented at Noblecon19 at Florida Atlantic University (FAU) in Boca Raton, Florida, to the investment community. The presentation conducted by Caroline Beasley, CEO, Tina Murley, CRO, and Marie Tedesco, CFO, focused on growing digital revenues, improving digital margins and reducing debt.
Digital growth. From Q3 2019 to Q3 2023, the company’s digital revenues have grown at a 23% CAGR, and comprised nearly 19% of total revenues in Q3 2023. Notably, the company has a monthly average digital audience of 13.6 million and its owned and operated assets are viewed as a catalyst for improving digital margins.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
With over 300,000 wishlist additions on Steam, Bellwright is poised to be a game-changer in the survival town building RPG genre
LOS ANGELES, Dec. 08, 2023 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, in collaboration with Donkey Crew, proudly presented a new trailer for its upcoming title, Bellwright, at The Game Awards. Renowned for its dedication to showcasing cutting-edge gaming experiences, this showcase comes a week after the exciting announcement of Bellwright’s debut in Steam Early Access in early 2024 and its successful feature on the PC Gaming Show: Most Wanted.
Key Highlights:
Trailer Debut: Snail captivated the audience with the mesmerizing story elements, “You Are The Bellwright” with visually appealing graphics, intricate crafting, and dynamic action and exploration elements. This open-world survival game introduces a medieval setting with a rich and compelling lore, distinguishing itself as a groundbreaking addition to Snail’s portfolio.
Wishlist Milestone: First introduced at the Steam’s Next Fest this summer, now with over 300,000 wishlists on Steam, Bellwright emerges as one of Snail’s most anticipated titles.
Snail’s expertise in the open-world survival gaming niche is exemplified by the strong install base and hours played of the ARK franchise. The unveiling of Bellwright, further underscores Snail’s commitment to pushing the boundaries of open-world survival gaming and solidifies the company’s reputation as a leader in creating immersive and engaging open-world experiences. Bellwright’s medieval backdrop and intricate lore demonstrates the versatility and depth of Snail’s prowess within this gaming genre.
Bellwright Key Features:
Survive and Explore: Engage in a challenging world where gathering, hunting, building, and crafting are essential for survival. Embark on a journey through the land to uncover its secrets and adventures, transcending the oppressive rule of the Crown and its Royal Army.
Conquer and Expand: Rise from a humble camp to become the leader of a rebellion. Strengthen your cause by improving relations with settlements, growing armies, and liberating regions from the Crown’s influence. Gain followers with unique knowledge, unlocking new resources to advance your town’s technologies.
Resource and Town Management: As you free villages from the Crown’s oppression, build, manage, and upgrade your outposts and towns. Organize your workers and train formidable soldiers, fostering the rebellion against the Crown.
Skill-Based Directional Combat: Choose from a diverse array of medieval weapons and armor, honing your unique style in directional combat. From swords and axes to heavy mauls and bows, showcase your skill in battle.
Army Command: Lead your armies strategically, employing cunning tactics to gain an advantage. Customize and train your troops to assert your dominance on the battlefield.
Deep Progression: Enhance your combat and survival skills, train your soldiers, and witness your workers evolve into master craftsmen. Each recruit brings unique knowledge, offering endless growth opportunities.
Story and Roleplay: Unravel family secrets, discover the truth behind the accused murder of the Prince, and navigate the mysteries of the kingdom as you expand your influence.
Early Access on Steam: The game’s Early Access phase on Steam will allow players to shape its development through valuable feedback.
“Bellwright is a testament to our unwavering dedication to crafting exceptional open-world survival experiences. Our success with the ARK franchise serves as a foundation for Bellwright, and we are eager to continue to bring innovation to the genre and share this new and captivating journey with our players.” – Jim Tsai, Chief Executive Officer of Snail, Inc.
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other game developers and publishers and both large and small, public and private Internet companies; its relationships with third-party platforms; expectations for future growth and performance; and assumptions underlying any of the foregoing.
Total Digital Revenue(1) was $73M in the quarter, representing 44% of revenue Digital-only subscribers total 721,000, exceeding guidance and up 36% YOY Adjusted EBITDA(2) in line with full year guidance
DAVENPORT, Iowa, Dec. 07, 2023 (GLOBE NEWSWIRE) — Lee Enterprises, Incorporated (NASDAQ: LEE), a digital-first subscription platform providing high quality, trusted, local news, information and a major platform for advertising in 75 markets, today reported preliminary fourth quarter fiscal 2023 financial results(3) for the period ended September 24, 2023.
“Our fourth quarter digital subscription results lead the industry by a significant margin, continuing the streak for 16 consecutive quarters. Subscribers to our digital products totaled 721,000, up 36% compared to last year and digital-only subscription revenue accelerated–growing 68% on a Same-store basis(4),” said Kevin Mowbray, Lee’s President and Chief Executive Officer. “Amplified Digital® revenue totaled $24 million in the quarter, leading to an 11% increase over the prior year(4). Total Digital Revenue increased 14% in the quarter(4), and represented 44% of our total operating revenue. The rapid pace of digital growth is driven by our strong execution of our Three Pillar Digital Growth Strategy,” Mowbray added.
“Adjusted EBITDA in the quarter was up 29% sequentially, due to our rapid digital growth and strong cost management execution,” said Mowbray. “Our aggressive cost actions in FY23, as well as the strong performance of our digital revenue streams, will have a favorable impact on FY24 operating results. We anticipate full year FY24 Adjusted EBITDA to be in the range of $83 million to $90 million,” added Mowbray.
“The long-standing industry-leading digital execution gives us even more confidence in our transformation. In fact, the best-in-class performance increases our long-term outlook on digital-only subscribers by one-third to 1.2 million and digital subscription revenue by approximately 50% to more than $150 million. These significant improvements to our long-term outlook demonstrate our confidence in Lee’s digital transformation. We are on a clear path to becoming sustainable solely from the revenue and cash flow from our digital products,” said Mowbray.
Key Fourth Quarter Highlights:
Total operating revenue was $164 million.
Total Digital Revenue was $73 million, a 14% increase over the prior year(4), and represented 44% of our total operating revenue.
Digital-only subscription revenue increased 68% in the fourth quarter compared to the same quarter last year(4) due to a 36% increase in digital-only subscribers and marketing efforts driving price yields. Digital-only subscribers totaled 721,000 at the end of the September quarter.
Digital advertising and marketing services revenue represented 68% of our total advertising revenue and totaled $49 million. Digital marketing services revenue at Amplified Digital® fueled the growth, with quarterly revenue of $24 million.
Digital services revenue, which is predominantly BLOX Digital, totaled $5 million in the quarter.
Operating expenses totaled $156 million and Cash Costs(2) totaled $138 million.
Net loss totaled $1 million and Adjusted EBITDA totaled $30 million.
2024 Fiscal Year Outlook:
Total Digital Revenue
$310 million (+13% YOY) – $330 million (+21% YOY)
Digital-only subscribers
771,000 (+7% YOY)
Adjusted EBITDA
$83 million (-3% YOY) – $90 million (+6% YOY)
Long-Term Outlook (2024 – 2028):
Total Digital Revenue
$450 – $500 million
Digital-only subscribers
1.2 million
Debt and Free Cash Flow:
The Company has $456 million of debt outstanding under our Credit Agreement(5) with BH Finance. The financing has favorable terms including a 25-year maturity, a fixed annual interest rate of 9.0%, no fixed principal payments, and no financial performance covenants.
As of and for the period ended September 24, 2023:
The principal amount of debt totaled $456 million, a reduction of $7 million for the fiscal year.
Cash on the balance sheet totaled $15 million. Debt, net of cash on the balance sheet, totaled $441 million.
Capital expenditures totaled $5 million for the full year. We expect $10 million of capital expenditures in FY24.
For fiscal year 2023, cash paid for income taxes totaled $4 million. We expect cash paid for income taxes to total between $10 million and $15 million in 2024.
We made no pension contributions in the fiscal year.
Conference Call Information:
As previously announced, we will hold an earnings conference call and audio webcast today at 9 a.m. Central Time. The live webcast will be accessible at www.lee.net and will be available for replay 24 hours later. Analysts have been invited to ask questions on the call. Questions from other participants may be submitted by participating in the webcast. To participate in the live conference call via telephone, please register here. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.
About Lee:
Lee Enterprises is a major subscription and advertising platform and a leading provider of local news and information, with daily newspapers, rapidly growing digital products and nearly 350 weekly and specialty publications serving 75 markets in 26 states. Year to date, Lee’s newspapers have an average daily circulation of 1.0 million, and our legacy websites, including acquisitions, reach more than 31 million digital unique visitors. Lee’s markets include St. Louis, MO; Buffalo, NY; Omaha, NE; Richmond, VA; Lincoln, NE; Madison, WI; Davenport, IA; and Tucson, AZ. Lee Common Stock is traded on NASDAQ under the symbol LEE. For more information about Lee, please visit www.lee.net.
FORWARD-LOOKING STATEMENTS — The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release contains information that may be deemed forward-looking that is based largely on our current expectations, and is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those anticipated. Among such risks, trends and other uncertainties, which in some instances are beyond our control, are:
The overall impact the COVID-19 pandemic has on the Company’s revenues and costs;
The long-term or permanent changes the COVID-19 pandemic may have on the publishing industry, which may result in permanent revenue reductions and other risks and uncertainties;
We may be required to indemnify the previous owners of BH Media or The Buffalo News for unknown legal and other matters that may arise;
Our ability to manage declining print revenue and circulation subscribers;
The impact and duration of adverse conditions in certain aspects of the economy affecting our business;
Changes in advertising and subscription demand;
Changes in technology that impact our ability to deliver digital advertising;
Potential changes in newsprint, other commodities and energy costs;
Interest rates;
Labor costs;
Significant cyber security breaches or failure of our information technology systems;
Our ability to achieve planned expense reductions and realize the expected benefit of our acquisitions;
Our ability to maintain employee and customer relationships;
Our ability to manage increased capital costs;
Our ability to maintain our listing status on NASDAQ;
Competition; and
Other risks detailed from time to time in our publicly filed documents.
Any statements that are not statements of historical fact (including statements containing the words “aim”, “may”, “will”, “would”, “could”, “believes”, “expects”, “anticipates”, “intends”, “plans”, “projects”, “considers” and similar expressions) generally should be considered forward-looking statements. Statements regarding our plans, strategies, prospects and expectations regarding our business and industry, including statements regarding the impacts that the COVID-19 pandemic and our responses thereto may have on our future operations, are forward-looking statements. They reflect our expectations, are not guarantees of performance and speak only as of the date the statement is made. Readers are cautioned not to place undue reliance on such forward-looking statements, which are made as of the date of this release. We do not undertake to publicly update or revise our forward-looking statements, except as required by law.
Assets loss (gain) on sales, impairments and other, net
6,137
21,055
(70.9
)
1,882
9,716
(80.6
)
Restructuring costs and other
4,552
2,858
59.3
12,673
22,720
(44.2
)
Operating expenses
156,077
198,555
(21.4
)
660,496
761,775
(13.3
)
Equity in earnings of associated companies
2,993
1,446
107.0
6,527
5,657
15.4
Operating income
10,927
(3,472
)
(414.7
)
37,169
24,851
49.6
Non-operating (expense) income:
Interest expense
(10,326
)
(10,292
)
0.3
(41,471
)
(41,770
)
(0.7
)
Curtailment gain
—
—
—
—
1,027
(100.0
)
Pension withdrawal cost
(1,200
)
—
—
(1,200
)
(2,335
)
(48.6
)
Pension and OPEB related benefit (cost) and other, net
162
5,488
(29.9
)
2,420
19,022
(87.3
)
Non-operating expenses, net
(11,364
)
(4,804
)
136.6
(40,251
)
(24,056
)
67.3
Income (loss) before income taxes
(437
)
(8,276
)
NM
(3,082
)
795
(487.7
)
Income tax (benefit) expense
888
(1,666
)
NM
(349
)
698
(150.0
)
Net (loss) income
(1,325
)
(6,610
)
NM
(2,733
)
97
NM
Net income attributable to non-controlling interests
(659
)
(526
)
25.3
(2,534
)
(2,114
)
19.9
Loss attributable to Lee Enterprises, Incorporated
(1,984
)
(7,136
)
NM
(5,267
)
(2,017
)
161.1
Earnings (loss) per common share:
Basic
(0.32
)
(1.23
)
NM
(0.90
)
(0.35
)
NM
Diluted
(0.32
)
(1.23
)
NM
(0.90
)
(0.35
)
NM
DIGITAL / PRINT REVENUE COMPOSITION (UNAUDITED)
Three months ended
Twelve months ended
(Thousands of Dollars)
September 24, 2023
September 25, 2022
September 24, 2023
September 25, 2022
Digital Advertising and Marketing Services Revenue
49,270
49,110
193,173
181,465
Digital Only Subscription Revenue
18,661
11,168
60,700
40,120
Digital Services Revenue
5,020
4,355
19,362
17,955
Total Digital Revenue
72,951
64,633
273,235
239,540
Print Advertising Revenue
23,302
39,931
125,804
184,963
Print Subscription Revenue
58,792
78,541
252,591
313,504
Other Print Revenue
8,966
10,532
39,508
42,962
Total Print Revenue
91,060
129,004
417,903
541,429
Total Operating Revenue
164,011
193,637
691,138
780,969
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
The table below reconciles the non-GAAP financial performance measure of Adjusted EBITDA to net income, its most directly comparable GAAP measure:
Three months ended
Twelve months ended
(Thousands of Dollars)
September 24, 2023
September 25, 2022
September 24, 2023
September 25, 2022
Net (loss) income
(1,325
)
(6,610
)
(2,733
)
97
Adjusted to exclude
Income tax (benefit) expense
888
(1,666
)
(349
)
698
Non-operating expenses, net
11,364
4,804
40,251
24,056
Equity in earnings of TNI and MNI(6)
(2,993
)
(1,446
)
(6,527
)
(5,657
)
Assets loss (gain) on sales, impairments and other, net
6,137
21,055
1,882
9,716
Depreciation and amortization
7,524
9,099
30,621
36,544
Restructuring costs and other
4,552
2,858
12,673
22,720
Stock compensation
421
311
1,806
1,337
Add:
Ownership share of TNI and MNI EBITDA (50%)
3,476
1,676
7,604
6,541
Adjusted EBITDA
30,044
30,081
85,228
96,052
The table below reconciles the non-GAAP financial performance measure of Cash Costs to Operating expenses, the most directly comparable GAAP measure:
Three months ended
Twelve months ended
(Thousands of Dollars)
September 24, 2023
September 25, 2022
September 24, 2023
September 25, 2022
Operating expenses
156,077
198,555
660,496
761,775
Adjustments
Depreciation and amortization
7,524
9,099
30,621
36,544
Assets loss (gain) on sales, impairments and other, net
6,137
21,055
1,882
9,716
Restructuring costs and other
4,552
2,858
12,673
22,720
Cash Costs
137,864
165,543
615,320
692,795
The table below reconciles the non-GAAP financial performance measure of Same-Store Revenues to Operating Revenues, its most directly comparable GAAP measure:
Three months ended
Twelve months ended
(Thousands of Dollars)
September 24, 2023
September 25, 2022
Percent Change
September 24, 2023
September 25, 2022
Percent Change
Print Advertising Revenue
23,302
39,931
(41.6
)
125,804
184,963
(32.0
)
Exited operations
(29
)
(6,609
)
NM
(14,595
)
(34,760
)
NM
Same-store, Print Advertising Revenue
23,273
33,322
(30.2
)
111,209
150,203
(26.0
)
Digital Advertising Revenue
49,270
49,110
0.3
193,173
181,465
6.5
Exited operations
(5
)
(370
)
NM
(1,083
)
(964
)
NM
Same-store, Digital Advertising Revenue
49,265
48,740
1.1
192,090
180,501
6.4
Total Advertising Revenue
72,572
89,041
(18.5
)
318,977
366,428
(12.9
)
Exited operations
(34
)
(6,979
)
NM
(15,679
)
(35,724
)
NM
Same-store, Total Advertising Revenue
72,538
82,062
(11.6
)
303,298
330,704
(8.3
)
Print Subscription Revenue
58,792
78,541
(25.1
)
252,591
313,504
(19.4
)
Exited operations
(4
)
(182
)
NM
(382
)
(834
)
NM
Same-store, Print Subscription Revenue
58,788
78,359
(25.0
)
252,209
312,670
(19.3
)
Digital Subscription Revenue
18,661
11,168
67.1
60,700
40,120
51.3
Exited operations
—
—
NM
—
—
NM
Same-store, Digital Subscription Revenue
18,658
11,139
67.5
60,535
39,977
51.4
Total Subscription Revenue
77,453
89,709
(13.7
)
313,291
353,624
(11.4
)
Exited operations
(7
)
(211
)
NM
(547
)
(977
)
NM
Same-store, Total Subscription Revenue
77,446
89,498
(13.5
)
312,744
352,647
(11.3
)
Print Other Revenue
8,966
10,532
(14.9
)
39,508
42,962
(8.0
)
Exited operations
—
(7
)
NM
(10
)
(82
)
NM
Same-store, Print Other Revenue
8,966
10,525
(14.8
)
39,498
42,880
(7.9
)
Digital Other Revenue
5,020
4,355
15.3
19,362
17,955
7.8
Exited operations
—
—
NM
—
—
NM
Same-store, Digital Other Revenue
5,020
4,355
15.3
19,362
17,955
7.8
Total Other Revenue
13,986
14,887
(6.1
)
58,870
60,917
(3.4
)
Exited operations
—
(7
)
NM
(10
)
(82
)
NM
Same-store, Total Other Revenue
13,986
14,880
(6.0
)
58,860
60,835
(3.2
)
Total Operating Revenue
164,011
193,637
(15.3
)
691,138
780,969
(11.5
)
Exited operations
(41
)
(7,197
)
NM
(16,236
)
(36,783
)
NM
Same-store, Total Operating Revenue
163,970
186,440
(12.1
)
674,902
744,186
(9.3
)
NOTES
(1) Total Digital Revenue is defined as digital advertising and marketing services revenue (including Amplified Digital®), digital-only subscription revenue and digital services revenue.
(2) The following are non-GAAP (Generally Accepted Accounting Principles) financial measures for which reconciliations to relevant GAAP measures are included in tables accompanying this release:
Adjusted EBITDA is a non-GAAP financial performance measure that enhances financial statement users overall understanding of the operating performance of the Company. The measure isolates unusual, infrequent or non-cash transactions from the operating performance of the business. This allows users to easily compare operating performance among various fiscal periods and how management measures the performance of the business. This measure also provides users with a benchmark that can be used when forecasting future operating performance of the Company that excludes unusual, nonrecurring or one-time transactions. Adjusted EBITDA is a component of the calculation used by stockholders and analysts to determine the value of our business when using the market approach, which applies a market multiple to financial metrics. It is also a measure used to calculate the leverage ratio of the Company, which is a key financial ratio monitored and used by the Company and its investors. Adjusted EBITDA is defined as net income (loss), plus non-operating expenses, income tax expense, depreciation and amortization, assets loss (gain) on sales, impairments and other, restructuring costs and other, stock compensation and our 50% share of EBITDA from TNI and MNI, minus equity in earnings of TNI and MNI.
Cash Costs represent a non-GAAP financial performance measure of operating expenses which are measured on an accrual basis and settled in cash. This measure is useful to investors in understanding the components of the Company’s cash-settled operating costs. Periodically, the Company provides forward-looking guidance of Cash Costs, which can be used by financial statement users to assess the Company’s ability to manage and control its operating cost structure. Cash Costs are defined as compensation, newsprint and ink and other operating expenses. Depreciation and amortization, assets loss (gain) on sales, impairments and other, other non-cash operating expenses and other expenses are excluded. Cash Costs also exclude restructuring costs and other, which are typically paid in cash.
(3) This earnings release is a preliminary report of results for the periods included. The reader should refer to the Company’s most recent reports on Form 10-Q and on Form 10-K for definitive information.
(4) Same-store revenues is a non-GAAP performance measure based on GAAP revenues for Lee for the current period, excluding exited operations. In 2023, exited operations include (1) businesses divested and (2) the elimination of stand-alone print products discontinued within our markets.
(5) The Company’s debt is the $576 million term loan under a credit agreement with BH Finance LLC dated January 29, 2020 (the “Credit Agreement”). Excess Cash Flow is defined under the Credit Agreement as any cash greater than $20,000,000 on the balance sheet in accordance with GAAP at the end of each fiscal quarter, beginning with the quarter ending June 28, 2020.
(6) TNI refers to TNI Partners publishing operations in Tucson, AZ. MNI refers to Madison Newspapers, Inc. publishing operations in Madison, WI.
NEW YORK/LONDON/TOKYO, November 30, 2023 — Safeguarding the future of travel begins with each of us. Travelzoo® (NASDAQ: TZOO), a global Internet media company, calls on travelers around the globe to make a personal #TravelforTomorrow pledge to become a conscious traveler.
The idea of #TravelforTomorrow is simple. A traveler makes a personal pledge of what they will do to travel more consciously. It could even be a small pledge, such as supporting local businesses, forgoing single-use plastic, choosing public transportation when possible, choosing off-the-beating path destinations, or respecting the local culture.
Travelers are asked to post their pledge on social media with the hashtag #TravelforTomorrow to demonstrate their commitment and inspire others.
Travelzoo employees, at the global company meeting in Venice, Italy, set a goal of reaching 10,000 pledges from travelers by December 31.
Travelzoo invited protagonists Freya Air Aspinall, Michela Bortolozzi, Christian Delom, Jerome Foster II, Yumika Hoskin, and Anna Spenceley to its company meeting.
Travelzoo
590 Madison Avenue 35th Floor
New York, NY 10022
Media contacts: Paige Cram – Los Angeles +1 609 668 0645 pcram@travelzoo.com
#TravelforTomorrow calls travelers worldwide to make a personal pledge for conscious travel. It could even be a small pledge, such as supporting local businesses, forgoing single-use plastic, choosing public transportation when possible, choosing off-the-beating path destinations, or respecting the local culture. #TravelforTomorrow is a non-profit initiative from Travelzoo.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiating coverage with an Outperform rating and $4 price target. AdTheorent is a privacy-forward, programmatic advertising company that uses cutting edge, machine-learning technology to deliver targeted ad campaigns. We believe the company has meaningful technology advantage over many of its peers, which may rely on user IDs and third-party cookies, explained in this report. Our favorable rating is based on our positive cash flow growth outlook for the company.
Ahead of the curve. Through its proprietary machine learning technology, the company’s demand-side platform (DSP) uses anonymized data points to create predictive algorithms to target digital audiences. Given Google’s indication that it will be phasing out the use of third-party cookies, AdTheorent’s ML technology could be a significant competitive advantage in the digital advertising industry going forward.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced its participation in NobleCon19, Noble Capital Markets’ 19th Annual Emerging Growth Equity Conference, to be held December 3-5, 2023, in Boca Raton, FL. Chris Young, Chief Financial Officer and Treasurer, is scheduled to present on Monday, December 4th, 2023 at 11:30 a.m. ET and will participate in meetings with investors throughout the day.
A high-definition video webcast of the presentation will be available the following day on Entravision’s Investor Relations website at investor.entravision.com.
About Entravision Communications Corporation
Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services in 40 countries. We have commercial partnerships with Meta, X Corp. (formerly known as Twitter), TikTok, and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. Entravision remains the largest affiliate group of the Univision and UniMás television networks. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.
Christopher T. Young Chief Financial Officer Entravision 310-447-3870
CULVER CITY, Calif., Nov. 27, 2023 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, today announced that its Chief Executive Officer, Jim Tsai, and Chief Financial Officer, Heidy Chow, will present at NobleCon19 – Noble Capital Markets’ Nineteenth Annual Emerging Growth Equity Conference at Florida Atlantic University, Executive Education Complex, in Boca Raton, FL.- on Monday, December 4th at 3:30 PM Eastern Standard Time. There is also the opportunity to meet the management team at a scheduled breakout session immediately following the presentation.
A high-definition video webcast of the presentation will be available the following day on the Company’s website https://investor.snail.com/, and as part of a complete catalog of presentations available at Noble Capital Markets’ Conference website: www.nobleconference.com and on Channelchek www.channelchek.com, the investor portal created by Noble. The webcast will be archived on the company’s website, the NobleCon website, and on Channelchek.com for 90 days following the event.
About Snail, Inc. Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
About Noble Capital Markets, Inc. Noble Capital Markets (“Noble”) is a research driven investment bank that has supported small & microcap companies since 1984. As a FINRA and SEC licensed broker dealer Noble provides institutional-quality equity research, merchant and investment banking, and order execution services. In 2005, Noble established NobleCon, an investor conference that has grown substantially over the last decade. Noble launched www.channelchek.com in 2018 – an investor community dedicated exclusively to public small and micro-cap companies and their industries. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 6,000 public emerging growth companies are listed on the site, with growing content including research, webcasts, podcasts, and balanced news.
Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong Q3 results. The company reported Q3 revenue of €43.2 million, beating our estimate of €37.0 million by 16.8%. Adj. EBITDA in the quarter was zero, which was substantially better than our estimate of negative €6.2 million. The better than expected Q3 results were driven by strong year over year revenue growth in Spain and Mexico.
Key market performance. The company’s strong Q3 performance is partially due to year over year revenue growth of 63% in Mexico and 27% in Spain. Revenue growth in both regions was driven by an increase in the number of users and increased spend per customer. Additionally, increased profitability in the quarter was partially due to reduced marketing spend from the prior year period.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Total revenue was €41.1 mm in Q3 2023, while net gaming revenue1 was €43.2 mm in the period, 42% and 41% above those from Q3 2022, respectively.
Mexico revenue was €18.8 mm in Q3 2023, while net gaming revenue1 was €21.0 mm in the period, 63% above Q3 2022.
Spain revenue (and net gaming revenue) reached €18.9 mm in Q3 2023, 27% above Q3 2022.
Net loss was €1.8 mm in Q3 2023 versus a net loss of €11.6 mm in Q3 2022.
Total cash position of €43 mm as of September 30, 2023.
Increasing full year 2023 net gaming revenue and Adj. EBITDA outlook to €155-165 mm and negative €10-18 mm, respectively, and reiterating plan to be Adj. EBITDA and cash flow positive for the full year in 2024.
Madrid, Spain and Tel Aviv, Israel, November 15, 2023 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, “the Company”), a leading online gaming operator in Spain and Latin America, has released its financial results for the third quarter and nine month period ended September 30, 2023.
Below are the main financial and operating metrics of the period.
Quarter ended September 30
Nine Months ended September 30
2022
2023
Chg. %
2022
2023
Chg. %
Net Gaming Revenue (EUR mm)1
Spain
14.9
18.9
27%
42.2
54.9
30%
Mexico
12.9
21.0
63%
34.8
56.6
63%
Colombia
1.9
1.8
(5%)
5.6
6.2
11%
Other
0.9
1.5
67%
2.7
4.1
52%
Total
30.6
43.2
41%
85.2
121.8
43%
Avg. Monthly Active Players (000s)2
Spain
35.2
41.0
16%
37.1
40.6
10%
Mexico
37.4
51.8
39%
34.3
50.3
46%
Colombia
24.2
22.7
(6%)
25.4
24.7
(3%)
Other
7.5
9.0
20%
6.8
9.1
34%
Total
104.3
124.5
19%
103.6
124.7
20%
Aviv Sher, CEO of Codere Online, stated, “We’re very pleased with our performance in the third quarter and to be presenting another set of impressive results. This quarter we not only posted significant net gaming revenue growth of 41% to €43 million, but also took a significant step in our path to profitability with break even Adjusted EBITDA in the period. It was a solid quarter for sports betting, with the return of the major sporting events, but also for our casino product, which contributed 58% of our revenue in the period.”
Mr. Sher further added, “Mexico continued to exceed our expectations with revenue growth of 63% in the third quarter, reaching €21.0 million and consolidating its position as our largest market (by revenue) ahead of Spain, where net gaming revenue also grew by an impressive 27%, to €18.9 million.”
Oscar Iglesias, CFO of Codere Online, stated, “Our third quarter results have shown that the combination of a strong brand, high-quality customer acquisitions and an attractive product offering has allowed us to deliver not only strong top line growth but also a significant improvement in profitability, with our first quarter of breakeven Adjusted EBITDA less than two years following our U.S. listing.”
Mr. Iglesias further added, “Based on these strong results and recent trading activity, we now expect to generate between €155-165 million of net gaming revenue and negative €10-18 million in Adjusted EBITDA in 2023, and reaffirm that we expect to generate positive Adjusted EBITDA and cash flow for the full year in 2024.”
Conference Call Information
Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, November 15, 2023. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.
Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)
Quarter ended September 30
Nine Months ended September 30
Figures in EUR mm
2022
2023
Chg. %
2022
2023
Chg. %
Total
Revenue
28.9
41.1
42%
80.1
115.7
44%
(+) Accounting Adjustments3
1.7
2.2
29%
5.1
6.1
20%
Net Gaming Revenue
30.6
43.2
41%
85.2
121.8
43%
Spain
Revenue
14.9
18.9
27%
42.2
54.9
30%
(+) Accounting Adjustments3
–
–
n.m.
–
–
n.m.
Net Gaming Revenue
14.9
18.9
27%
42.2
54.9
30%
Mexico
Revenue
11.4
18.8
65%
31.0
50.7
64%
(+) Accounting Adjustments3
1.4
2.3
64%
3.8
5.9
55%
Net Gaming Revenue
12.9
21.0
63%
34.8
56.6
63%
Colombia
Revenue
1.8
1.8
–
4.6
6.5
41%
(+) Accounting Adjustments3
0.1
(0.1)
n.m.
1.0
(0.3)
(130%)
Net Gaming Revenue
1.9
1.8
(5%)
5.6
6.2
11%
Other
Revenue
0.7
1.5
114%
2.3
3.6
57%
(+) Accounting Adjustments3
0.2
(0.0)
(100%)
0.4
0.5
25%
Net Gaming Revenue
0.9
1.5
67%
2.7
4.1
52%
About Codere Online Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.
About Codere Group Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).
Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.
Forward-Looking Statements Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.
These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, and (xii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
Financial Information and Non-GAAP Financial Measures Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).
This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue and Adjusted EBITDA. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.
Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.
This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.
Use of Projections This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.
For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.
Preliminary Information This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.
No Offer or Solicitation This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Industry and Market Data In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.
Contacts:
Investors and Media Guillermo Lancha Director, Investor Relations and Communications Guillermo.Lancha@codere.com (+34)-628-928-152
1 Net Gaming Revenue is a non-IFRS measure. Please see reconciliation of Net Gaming Revenue to Revenue at the end of the report. 2 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives and will differ from certain prior period reports which only included real money sports betting actives. 3 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia and VAT impact from entry fees in Mexico.
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong Q3 results. The company reported Q3 revenue of $9.0 million, exceeding our forecast of $5.8 million. Adj. EBITDA for the quarter was a loss of $5.1 million, in line with our forecast.
Impressive launch. In October, the company launched ARK: Survival Ascended, which was the #1 selling game on the PC gaming platform, Steam, on launch day. Management noted that, so far, the game is performing 60% better than expectations, in terms of units sold.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
CULVER CITY, Calif., Nov. 14, 2023 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL), a leading, global independent developer and publisher of interactive digital entertainment, announced today that it will report financial results for the third quarter ended September 30, 2023, today, November 14, 2023, after the U.S. stock market closes. Management will host a conference call and webcast today at 5:00 p.m. ET to discuss the results.
Participants may listen to the live webcast and replay on the Company’s investor relations website at https://investor.snail.com/.
About Snail, Inc. Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices.
