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Newgioco Reports Full Year 2018 Results

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Newgioco Reports Full Year 2018 ResultsReading Time: 10 minutes

 

GGR Up 61%; 89% Increase in Handle;

 

Newgioco Group, Inc., a sports betting and gaming technology company providing regulated online and land-based gaming and wagering through licensed subsidiaries in Italy and Austria, and headquartered in Toronto, Canada, reported its financial and operating results for the 12 months ended December 31, 2018.

Full Year 2018 Financial and Business Highlights

  • Revenue of $34.6 million, up 51.2%
    • Gross gaming revenue (GGR) of $37.7 million, up 60.8%
    • Handle of $413.2 million, up 89.1%
  • Income from operations of $427,274, down 83.5% due to $3.1 million in non-recurring expenses including $1.0 million in investments for future growth, $1.6 million relating to legacy activities and items outside the normal course of business and $500,000 for executive compensation forgone in prior years
  • Net loss of $3.05 million compared to net income of $1.4 million in 2017
  • Adjusted EBITDA of $3.6 million compared to $2.6 million in 2017
  • Accelerated roll out in rapidly developing U.S. sports betting market
  • Significant progress made in strengthening management team and board of directors
  • Conference call scheduled for 4:30 p.m. ET on March 7, 2019

“Newgioco generated more than $413 million in total handle in 2018, an 89.1% improvement over 2017 volume, demonstrating our continued, strong growth,” commented Michele (Mike) Ciavarella, Newgioco Chief Executive Officer. “Our web-based handle grew 120.9% to $235.9 million, becoming our largest revenue stream. In addition, regulated products like online poker and online casino, continue to grow rapidly, reducing the impact of volatility from our sports betting revenue. As this trend continues, the quarter-to-quarter impact of sports betting on our profitability should decrease, giving us greater visibility and predictability into our quarterly revenues.”

“On the sportsbook side, the fourth quarter, while favorable for bettors, was a challenging one for the industry operators, and December especially so, resulting in abnormally low conversion ratios,” added Mr. Ciavarella. “However, our industry leading risk management capabilities enabled Newgioco to maintain hold ratios which far exceeded industry averages. Looking into 2019, we are expecting our handle exclusively from Italian operations to exceed $500 million. Growth from other geographies, regulated web-based revenue streams and software service fees in the U.S. and other markets are expected to be incremental to this baseline, helping accelerate our overall growth rates as we harvest the investments of the last year.”

“In the second-half of 2018, and especially in the fourth quarter, we increased our investments in anticipation of accelerating near-term growth,” concluded Mr. Ciavarella. “This included investments in our U.S. operation, a more expansive trade show presence and schedule, our expanded sales office in Naples, Italy, and our expanded risk management facility in Teramo, Italy, as well as the addition of six new vice presidents that recently joined Newgioco along with our new Chief Financial Officer. We expect these growth-related investments, which totaled more than $2 million in expenses in 2018, to drive accelerating growth in 2019 and beyond. In addition, we incurred $2.1 million in non-recurring charges, including $1.1 million in non-cash expenses, related to our convertible debentures, $508,000 in non-recurring charges and $500,000 for executive compensation forgone in prior years, which impacted our 2018 profitability.”

“With most of the investments behind us and our ELYS platform now fully developed, we believe we are poised for accelerated growth in 2019,” added Mr. Ciavarella. “We expect to add two to three U.S. tribal and/or non-tribal casinos as SaaS customers by the end of 2019, with a target of approximately 50,000 active U.S. domiciled players. With continued, steady growth in Italy, opportunities to expand in Europe, Africa, Asia and South America, and this greenfield opportunity in the U.S., we believe continued revenue growth is achievable and will lead to improved operating margins.”

Full Year 2018 Financial Summary

Revenue

For the full year 2018, revenue was $34.6 million, an increase of $11.7 million or 51.2%, compared to revenue of $22.9 million 2017. The revenue increase was mainly attributable to a significant increase in handle partially offset by a shift in gaming mix.

General and Administrative Expenses

General and administrative expenses for the year ended December 31, 2018 were $10.0 million compared to $5.6 million for the year ended December 31, 2017, an increase of 78.7%. The increase was primarily due to significant investments in growth of $1 million in technology development, marketing, legal and other professional fees in support of the company’s expansion to the U.S., $1 million related to legacy activities, $609,000 related to items outside the normal course of business and $500,000 for executive compensation that was forgone in prior years.

Direct Selling Costs

Direct selling costs represent the fees paid to the company’s network service provider, license fees and commissions for field agents and promoters and are based on percentage of handle (turnover). For the year ended December 31, 2018 direct selling costs were $24.1 million compared to $14.7 million for the year ended December 31, 2017, an increase of 64.5%. The increase was primarily due to the significant increase in handle.

Interest Expense

Net interest expense was $2.6 million for the year ended December 31, 2018, including $2.0 million of Non-cash interest associated with debentures issued in 2018. The increase from $482,000 in 2017 was the  result of interest expense incurred on debentures issued in 2018.

Net Income (Loss)

As a result of all of the above, for the year ended December 31, 2018, net loss was $3.0 million, or ($0.04) per diluted share based on a weighted average of 75,887,946 shares outstanding. In comparison, for the year ended December 31, 2017 the company reported net income of $1.4 million, or $0.02 per diluted share based on a fully-diluted weighted average shares outstanding of 75,344,948. Net loss for the period included $1.1 million in costs related to the repayment of convertible notes, and $1 million in investments related to the U.S. launch and product readiness efforts. In addition, the 2018 net loss included $300,000 in reimbursement for the CEO’s relocation to the United States to support the U.S. launch, $308,000 in costs directly related to product readiness and the expansion of offices to support future growth, and $500,000 in compensation catch-up related to executive salary forgone in prior years.

Other Comprehensive Income / (Loss)

For the year ended December 31, 2018 the Company recorded an expense of approximately $831,000 for foreign currency translation adjustment, compared to income of approximately $166,000 for foreign currency translation adjustment for the year ended December 31, 2017.

Adjusted EBITDA

Excluding the $3.1 million in charges described above, adjusted EBITDA for the year ended December 31, 2018 was $3.6 million compared to $2.6 million for the full year 2017. A reconciliation from Comprehensive Income (Loss), as shown in the company’s Consolidated Statements of Operations and Comprehensive Income (Loss), to Adjusted EBITDA is included in the tables of this press release.

Balance Sheet Summary

The Company had $6.3 million in unrestricted cash and cash equivalents as of December 31, 2018 compared to $6.5 million as of December 31, 2017. The Company also increased its Restricted Cash by approximately $1 million from $588,000 to $1.6 million.

Total debt outstanding was $5.4 million as of December 31, 2018 compared to $2.2 million as of December 31, 2017.

Non-GAAP Financial Measure – Adjusted EBITDA

This news release includes information on Adjusted EBITDA, which is a non-GAAP financial measure as defined by SEC Regulation G.

Management believes that Adjusted EBITDA, when viewed with our results under GAAP and the accompanying reconciliations, provides useful information about our period-over-period growth. Adjusted EBITDA is presented because management believes it provides additional information with respect to the performance of our fundamental business activities and is also frequently used by securities analysts, investors and other interested parties in the evaluation of comparable companies. We also rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our Company and our management team.

Adjusted EBITDA is a non-GAAP financial measure. We calculate adjusted EBITDA by taking comprehensive income (loss) and adding back the expenses related to foreign currency translation adjustment, total other expenses(loss), income taxes, product readiness and U.S market launch and adjustment for salary figures in prior years. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures. Adjusted EBITDA should not be construed as a substitute for comprehensive income (loss) (as determined in accordance with GAAP) for the purpose of analyzing our operating performance or financial position, as Adjusted EBITDA is not defined by GAAP. A reconciliation of Adjusted EBITDA to comprehensive income (loss) is provided in the tables at the end of this press release.

Conference Call Information

The Company will host a conference call with investors and interested parties to review the results today at 4:30 p.m. ET. To access the conference call dial:

•  United States:

1-877-407-0792 

•  Toll-free:

1-201-689-8263





Reference confirmation code: 13688357

A replay will be available until March 21, 2019 which can be accessed by dialing 1-844-512-2921 if calling within the United States or 1-412-317-6671 if calling internationally. Please use passcode 13688357 to access the replay.

The call will also be accompanied live by webcast over the Internet and accessible at http://public.viavid.com/index.php?id=133543.

About Newgioco Group, Inc.

Newgioco Group, Inc., headquartered in Toronto, Canada, is a vertically-integrated leisure gaming technology company, with fully licensed online and land-based gaming operations and innovative betting technology platforms that provide bet processing for casinos and other gaming operators. The Company conducts its business under the registered brand Newgioco primarily through its internet-based betting distribution network on its website, www.newgioco.it as well as retail neighborhood betting shops situated throughout Italy.

The Company offers its clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, interactive games and slots. Newgioco also owns and operates innovative betting platform software providing both B2B and B2C bet processing for casinos, sports betting and other online and land-based gaming operators. Additional information including information about EBITDA presentation is available on our corporate website at www.newgiocogroup.com and will remain on our website indefinitely as we will continue to present values for EBITDA.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements and includes statements such as the quarter-to-quarter impact of sports betting on our profitability decreasing, our handle exclusively from Italian operations exceeding $500 million with industry leading conversion ratios, growth-related investments driving accelerating growth in 2019 and beyond, being poised for accelerated growth in 2019, adding two to three U.S. tribal and/or non-tribal casinos as SaaS customers by the end of 2019, and achieving revenue growth of 25% to 35%, with operating margins in the 10 to 15% range . These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include our ability to decrease the quarter-to-quarter impact of sports betting on our profitability, our ability to generate a handle exclusively from Italian operations exceeding $500 million with industry leading conversion ratios, our ability to implement growth-related investments to drive accelerating growth in 2019 and beyond, our ability to achieve accelerated growth in 2019, our ability to add two to three U.S. tribal and/or non-tribal casinos as SaaS customers by the end of 2019, our ability to achieve revenue growth of 25% to 35%, with operating margins in the 10 to 15% range, and the risk factors described in Newgioco’s Annual Report on Form 10-K and subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

— Tables Follow –

NEWGIOCO GROUP, INC.

Consolidated Balance Sheets







December 31,

2018



December 31,

2017

Current Assets









Cash and cash equivalents



$

6,289,903





$

6,469,858



Accounts receivable





10,082







116,489



Gaming accounts receivable





1,021,052







1,163,831



Prepaid expenses





124,712







87,692



Related party receivable





49,914









Other current assets





55,700







12,543



Total Current Assets





7,551,363







7,850,413





















Noncurrent Assets

















Restricted cash





1,560,539







587,905



Property, plant and equipment





354,799







280,111



Intangible assets





12,583,457







3,245,748



Goodwill





262,552







260,318



Investment in non-consolidated entities





275,000







1



Total Noncurrent Assets





15,036,347







4,374,083



          Total Assets



$

22,587,710





$

12,224,496







































Current Liabilities

















Line of credit – bank



$

750,000





$

177,060



Accounts payable and accrued liabilities





4,603,608







1,606,560



Gaming accounts balances





1,049,423







1,274,856



Taxes payable





1,056,430







1,555,371



Advances from stockholders





39,237







547,809



Liability in connection with acquisition











142,245



Debentures, net of discount





3,942,523







1,148,107



Derivative liability











222,915



Promissory notes payable – other











100,749



Promissory notes payable – related party





318,078







318,078



Bank loan payable – current portion





120,920







121,208



Total Current Liabilities





11,880,219







7,214,958





















Bank loan payable





225,131







362,808



Other long-term liabilities





608,728







532,680



Total Liabilities





12,714,078







8,110,446





















Stockholders’ Equity

















Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued













Common Stock, $0.0001 par value, 160,000,000 shares authorized; 75,540,298

and 74,143,590 shares issued and outstanding as of December 31, 2018 and

2017





7,555







7,415



Additional paid-in capital





23,956,309







14,254,582



Accumulated other comprehensive income





(1,081,338)







(250,327)



Accumulated deficit





(13,008,894)







(9,897,620)



Total Stockholders’ Equity





9,873,632







4,114,050



Total Liabilities and Stockholders’ Equity



$

22,587,710





$

12,224,496



NEWGIOCO GROUP, INC.

Consolidated Statements of Operations and Comprehensive Income (Loss)







For the year ended December 31,





2018



2017

Revenue



$

34,575,097





$

22,865,146





















Costs and Expenses

















Selling expenses





24,142,110







14,672,099



General and administrative expenses





10,005,713







5,597,881



Total Costs and Expenses





34,147,823







20,269,980





















Income (Loss) from Operations





427,274







2,595,166





















Other Expenses (Income)

















Interest expense, net of interest income





2,614,837







482,367



Changes in fair value of derivative liabilities











(257,231)



Imputed interest on related party advances





761







24,365



Gain on litigation settlement





(516,120)









Loss on issuance of debt





196,403









Impairment on investment











6,855



Other Expense





75,000









Total Other Expenses (Income)





2,370,881







256,356





















Income (Loss) Before Income Taxes





(1,943,607)







2,338,810



Income tax provision





1,102,701







972,924



Net Income (Loss)



$

(3,046,308)





$

1,365,886





















Other Comprehensive Income (Loss)

















Foreign currency translation adjustment





(831,011)







166,304





















Comprehensive Income (Loss)



$

(3,877,319)





$

1,532,190





















Income (loss) per common share – basic





(0.04)







0.02



Income (loss) per common share – diluted





(0.04)







0.02



Weighted average number of common shares outstanding – basic





75,887,946







74,032,631



Weighted average number of common shares outstanding – diluted





75,887,946







75,344,948





















NEWGIOCO GROUP, INC.

Consolidated Statements of Cash Flows





For the years ended

December 31,

Cash Flows from Operating Activities



2018



2017

Net income (loss)



$

(3,046,308)





$

1,365,886





















Adjustments to reconcile net income (loss) to net cash provided by

(used in) operating activities

















Depreciation and amortization





488,464







601,266



Amortization of deferred costs





58,188







100,329



Non-cash interest





1,995,128







205,216



Loss on issuance of debt





196,403









Imputed interest on advances from stockholders





1,514







24,365



Changes in fair value of derivative liabilities











(257,231)



Unrealized loss on trading securities





75,000









Impairment (recovery) of assets





(518,354)







6,855



Stock issued for services











23,250



Bad debt expense





6,354







135,953





















Changes in Operating Assets and Liabilities

















Prepaid expenses





(95,209)







(85,301)



Accounts payable and accrued liabilities





3,062,422







482,904



Accounts receivable





100,053







(91,603)



Gaming accounts receivable





142,779







(654,287)



Gaming accounts liabilities





(225,433)







435,771



Taxes payable





(498,941)







903,187



Other current assets





(43,157)







(2,304)



Customer deposits











138,359



Long term liability





76,048







26,059



Net Cash Provided by (Used in) Operating Activities





1,774,952







3,358,674





















Cash Flows from Investing Activities

















Acquisition of property, plant, and equipment, and intangible assets





(4,455,099)







(180,722)



Increase in restricted cash





(972,634)







(45,142)



Net Cash Used in Investing Activities





(5,427,733)







(225,864)





















Cash Flows from Financing Activities

















Proceeds from (repayment of) bank credit line, net





750,000







165,925



Proceeds from (repayment of) bank loan





(137,965)







(109,104)



Repayment of bank credit line





(177,060)









Proceeds from debentures and convertible notes, net of repayment





6,883,906







591,202



Advance to related party





(49,914)











Purchase of treasury stock





(2,261,307)









Advances from stockholders, net of repayment





(508,572)







(77,398)



Net Cash Provided by (Used in) Financing Activities





4,499,088







570,625





















Effect of change in exchange rate





(1,026,262)







536,001





















Net increase (decrease) in cash





(179,955)







4,239,436



Cash – beginning of the period





6,469,858







2,230,422



Cash – end of the period



$

6,289,903





$

6,469,858



NEWGIOCO GROUP, INC.

Calculation of Adjusted Earnings Before Interest,

Taxes, Depreciation and Amortization (Non-GAAP)



(in thousands)



For the year ended December 31,





2018



2017

Comprehensive Income (Loss)



$

(3,877,319)





$

1,532,190





















Total Other Expenses (Income)





2,370,881







256,356



Foreign currency translation adjustment





831,011







(166,304)



Income tax provision





1,102,701







972,924



EBITDA





427,274







2,595,166





















Product Readiness and U.S. Market Launch





1,019,500









Items Relating to Legacy Activities





1,000,000









Items Outside the Normal Course of Business





608,600









Adjustment for salary forgone in prior years





500,000



























Adjusted EBITDA



$

3,555,374





$

2,595,166





















 

SOURCE Newgioco Group, Inc.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Newgioco Reports Full Year 2018 Results

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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The post Boomerang Partners launches Golden Boomerang League, a new seasonal tournament for affiliate teams appeared first on European Gaming Industry News.

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SuperGaming, one of India’s leading game development studios, today announced the successful completion of its $15 million (approx INR 131 Crore) Series B funding round.
The round attracted a powerful mix of top-tier strategic investors, including a16z SpeedrunBandai Namco 021 Fund, GFR Fund, IVC Japan, Neowiz (Korea),  LOUD.GG (Brazil), Barings and Steadview Capital. The round also saw strong participation from Web3 ecosystem pioneers like Polygon Ventures, Sandeep Nailwal, Decentralised.co, 4th Revolution Capital, 32-Bit Ventures, King River Capital, Ryze Labs, Ed3n Ventures, Gabby Dizon, Santiago R Santos, Emfarsis, Cristian Manea and Visceral Capital. Returning backers, including lead investor SkyCatcher,  AET Japan, and BACE Capital reaffirm their long-term belief in SuperGaming’s vision and execution.
This $15 million Series B funding follows SuperGaming’s $5.5 million Series A round in October 2021 and includes both the latest funding commitments and prior investments from returning backers, reflecting their long-term belief in SuperGaming’s vision and execution.
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Kamalie, Founder & Fund Manager, Skycatcher.
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Roby John, CEO and Co-Founder of SuperGaming, said “We are at an inflection point where India’s role in gaming evolves from a consumer market to a driving force in innovation, and this investment fuels that transition. ‘Indus Battle Royale’ is just our beginning. It is a showcase of quality and scale that we can achieve. But our deeper mission is to empower the gaming ecosystem through SuperPlatform. We’re providing developers worldwide with the tech backbone to bring their most ambitious visions to life, including seamless integration of Web3.”
Array into Web3 & Player Experience:
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This integration allows the company to serve both Web2 and Web3 players simultaneously across our portfolio, including our hit title Silly Royale, which is now live on our own Layer 3 Superchain powered by B3. This commitment offers asset continuity, interoperable progression, and deeper digital ownership, all while preserving the core play experience for our millions-strong user base.

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2025 PUBG MOBILE Global Championship Details, Format, and Map Changes Revealed at Esports World Cup

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James Yang, Senior Director of Global Esports at Level Infinite, has shared a number of exciting reveals for the future of PUBG MOBILE Esports. Among this news is the official plan for the second half of the 2025 competitive season, including further information on the format and changes coming to the prestigious PUBG MOBILE Global Championship (PMGC) at the end of the year. These changes are set to amplify the excitement at the final major competition in this year’s circuit, allowing more opportunities for teams to make it to number one.

As the final tournament of the annual PUBG MOBILE Esports circuit, the 2025 PMGC is the most anticipated event of the year, with professional teams vying for their chance to etch their name in esports history as the ultimate Champions of the PUBG MOBILE year. For this reason, the best teams across the world are invited to take their shot at victory. This year sees the introduction of the Gauntlet Stage to the tournament — an initial stage where the 16 best teams from each region are selected for an initial chance to go straight to the Grand Finals, with six slots up for grabs.

In order to qualify for the Gauntlet Stage, teams must be placed within the top two or three spots in the regional 2025 PUBG MOBILE Super League (PMSL) Fall Rankings, but this is not the only opportunity to enter the tournament. The bottom 10 ranked teams from the Gauntlet will enter the Group Stage, alongside 22 teams from across the globe. These 22 teams are made up of the top-scoring teams from every region, with the combined 32 teams facing off in two groups for a further four qualifying slots per group.

The final two slots are made up of the overall winner of the host-region invite slot and the winner of the Last Chance stage, where the teams ranked 5th-12th from the Group Stage will get one more shot at qualifying for the Grand Finals.

Many other changes were announced as PUBG MOBILE Esports seeks to close the gap between professional play and the wider player experience. Kicking this off, Rondo is replacing Sanhok in the official map rotation from the 2025 PMSL Fall Season, and with it comes a myriad of impactful changes. To begin, the Recall System makes a return to the competitive formula, allowing eliminated players to rejoin the battle should their teammates safely secure their tag. Sentry Guards and drops will also be introduced in keeping with the original Rondo experience and the Blue Zone speed will remain the same. However, the iconic map stores will not be available, meaning players will have to scavenge for gear just as they do in other maps.

With the action-heavy updates revealed, PUBG MOBILE Esports has also highlighted some of the best moments across the various tournaments to date. This involves a look at the skill of standout performances, key historical moments, and also recognising amazing examples of how gaming can connect people across the globe.

Beginning with the former, following two years of persistence, Indonesia’s GluSquad Esports made their mark on the game, qualifying for the PMSL SEA for the first time, earning widespread support for their fresh energy in the summer season. Waves were also made in Africa, as Memoitho made history becoming the first woman in PUBG MOBILE Esports to reach the Top 3 in the 2025 PUBG MOBILE Africa Cup (PMAC) Kenya Solo Competition. Then to Nepal, where Horaa Esports celebrated their qualification in the 2025 PMWC, marking their debut entry into a major global tournament.

Alongside these great stories are many heartwarming highlights from over the years, such as Team Nile’s own 11011Enemy, who defied the odds while managing mobility issues from sickle cell disease, securing MVP in a crucial match, and going on to represent Nigeria in Saudi Arabia. In a similar vein, a community of gamers with disabilities from Turkey were brought together by PUBG MOBILE, growing into a 50 person group of supportive players across the country. PUBG MOBILE is also celebrating the love and support shown by pro players’ families. Earlier this year, the father of Regnum Carya Esports’ Sylas celebrated his son’s success at the 2025 PUBG MOBILE Global Open (PMGO). Then at the 2025 PMWC, the father of POWR Esports’ Alhaje cheered on his son from the crowd as the weekend unfolded. With this, both of these proud fathers proved their place as their sons’ number one fans. Last but not least, fans will remember how football star Richarlison met his partner through their mutual love for PUBG MOBILE Esports.

With a plethora of significant updates to the tournament formula, the reintroduction of impactful features, and many more stories to be made, PUBG MOBILE Esports fans have plenty to look forward to for the rest of the year and beyond.

The post 2025 PUBG MOBILE Global Championship Details, Format, and Map Changes Revealed at Esports World Cup appeared first on European Gaming Industry News.

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