Catena’s “disappointing” FY2023 results: Can it bounce back?

Catena Media has updated its long-term financial targets for 2024 to 2026. Looking back on 2023, Catena CEO Michael Daly did not underestimate the results.

In contrast to the optimistic outlook at the start of 2023, the year was ultimately "disappointing," Daly said.

Looking back, Catena started the year on a high note. The company started the year with a return to net profit, driven by a 24% year-on-year increase in revenue from its North American operations.

In fact, the rollout in the US was fast-paced. In 2023, the company launched in several US states, including New York, Louisiana, Ontario, Kansas and Maryland.

With big plans underway, coupled with the group's new strategic focus on North America, 2023 looked bright.

"Fully capitalizing on the high-margin business opportunity this market offers will be our core business operations going forward," Daly said at the start of 2023.

The company seemed to bet everything on red, white and blue. Expectations for the American Dream™ were certainly high.

2023: Catena casts its lot in America

Betting big on the US

Unfortunately, that was then and now is now. The company now relies on the US for more than 80% of its revenue.

However, at the end of the year, the company reported that North American sales had fallen 21% to €67. 1 million (£57. 1 million/$71. 9 million). The stock price fell more than 75% year-on-year.

By quarter, the decline in North America accelerated sharply in the fourth quarter, with sales down 43. 0% to €12. 3 million.

This trend is even stronger now, and looking back we can see that a gradual decline has begun, with a 29% drop in the third quarter and a 16% drop in the second.

So, despite a big bet on its 27 operating regions in North America, and with more than 80% of its revenues on the other side of the Atlantic, Catena is now putting its eggs in one basket. And that basket is strained.

Clearly, something needs to be done to stop this accelerating decline. With its share price down 75% year-on-year, it certainly needs a panic station.

But before we look at solutions, let's look at the company's key figures, first for the fourth quarter and then for the full fiscal year.

Q4 2023: Accelerating decline

Reflecting the poor performance in the US, sales from continuing operations were €14. 5 million, down 41%.

This is the main factor because the new deposit customer (NDC) of the continuous business decreased by 43%from 56, 040 people in the previous quarter, and a total of 32, 032.

EBITDA decreases by 88%after adjustment; mainly deposited and decreased by 43%of customers

After adjusting the continuous business, EBITDA also decreased by 88 % to 1. 5 million euros, and after adjustment, EBITDA margins are equivalent to 10 %.

Perhaps it was strict for investors with shares, but the profit per share of the continuous business wa s-0. 47 euros before sponsening it.

FY2023: Grim reading

As a matter of course, at the time of writing this article, the market price of the catera has fallen by more than 10 % on the Swedish Stock Exchange.

This suggests that the market is not delighted with this year's news. In particular, it would be more than 75 % yea r-o n-year.

In short, if you look at the annual finance, you can see how big this depression is from a greater perspective.

The annual revenue decreases by 22 % to 76. 7 million euros, and the US revenue decreases 21. 0 %.

The number of new deposits due to the continuous business was 184, 257, a decrease of 19%, but this was also alleviated (because it was not so bad) for the first and second quarters.

After adjusting the continuous business, EBITDA decreased by 47. 0%to € 25. 4 million, and after adjustment, EBITDA margins were 33. 0%.

The profit from the continuous business has slightly improved than the decline in the fourth quarter, with a loss of only 0. 37 euros, compared to the 4th quarter of the 4th quarter.

Disappointing or disastrous?

Returning to Daily CEO, the "disappointing" he chose seems to be a modest expression. Considering that the stock price has fallen by 75 %, the word "dismal result" may be more appropriate.

STS founder Mateus Yurochek probably expresses this word more concisely than us. "I think catera media management should resign today and sell assets in the market." How to destroy business. "

This may be an extreme reaction given that caternal media management continues to change the scale and shape in a series of business sales. < SPAN> This is the main factor because the new deposit customer (NDC) of the continuous business decreased by 43%from 56, 040 people in the previous quarter and a total of 32, 032.

EBITDA decreases by 88%after adjustment; mainly deposited and decreased by 43%of customers

After adjusting the continuous business, EBITDA also decreased by 88 % to 1. 5 million euros, and after adjustment, EBITDA margins are equivalent to 10 %.

Perhaps it was strict for investors with shares, but the profit per share of the continuous business wa s-0. 47 euros before sponsening it.

Technology, innovation and immersive experiences

As a matter of course, at the time of writing this article, the market price of the catera has fallen by more than 10 % on the Swedish Stock Exchange.

This suggests that the market is not delighted with this year's news. In particular, it would be more than 75 % yea r-o n-year.

In short, if you look at the annual finance, you can see how big this depression is from a greater perspective.

The annual revenue decreases by 22 % to 76. 7 million euros, and the US revenue decreases 21. 0 %.

The number of new deposits due to the continuous business was 184, 257, a decrease of 19%, but this was also alleviated (because it was not so bad) for the first and second quarters.

After adjusting the continuous business, EBITDA decreased by 47. 0%to € 25. 4 million, and after adjustment, EBITDA margins were 33. 0%.

Bouncing back

The profit from the continuous business has slightly improved than the decline in the fourth quarter, with a loss of only 0. 37 euros, compared to the 4th quarter of the 4th quarter.

Returning to Daily CEO, the "disappointing" he chose seems to be a modest expression. Considering that the stock price has fallen by 75 %, the word "dismal result" may be more appropriate.

STS founder Mateus Yurochek probably expresses this word more concisely than us. "I think catera media management should resign today and sell assets in the market." How to destroy business. "

A Better Collective ?

This may be an extreme reaction given that caternal media management continues to change the scale and shape in a series of business sales. This is the main factor because the new deposit customer (NDC) of the continuous business decreased by 43%from 56, 040 people in the previous quarter, and a total of 32, 032.

EBITDA decreases by 88%after adjustment; mainly deposited and decreased by 43%of customers

After adjusting the continuous business, EBITDA also decreased by 88 % to 1. 5 million euros, and after adjustment, EBITDA margins are equivalent to 10 %.

Perhaps it was strict for investors with shares, but the profit per share of the continuous business wa s-0. 47 euros before sponsening it.

As a matter of course, at the time of writing this article, the market price of the catera has fallen by more than 10 % on the Swedish Stock Exchange.

This suggests that the market is not delighted with this year's news. In particular, it would be more than 75 % yea r-o n-year.

In short, if you look at the annual finance, you can see how big this depression is from a greater perspective.

The annual revenue decreases by 22 % to 76. 7 million euros, and the US revenue decreases 21. 0 %.

Refloating the Titanic

The number of new deposits due to the continuous business was 184, 257, a decrease of 19%, but this was also alleviated (because it was not so bad) for the first and second quarters.

After adjusting the continuous business, EBITDA decreased by 47. 0%to € 25. 4 million, and after adjustment, EBITDA margins were 33. 0%.

The profit from the continuous business has slightly improved than the decline in the fourth quarter, with a loss of only 0. 37 euros, compared to the 4th quarter of the 4th quarter.

Returning to Daily CEO, the "disappointing" he chose seems to be a modest expression. Considering that the stock price has fallen by 75 %, the word "dismal result" may be more appropriate.

STS founder Mateus Yurochek probably expresses this word more concisely than us. "I think catera media management should resign today and sell assets in the market." How to destroy business. "

This may be an extreme reaction given that caternal media management continues to change the scale and shape in a series of business sales.

But how do you explain this depression? Delley CEO's headline comment emphasizes the "headwind" of the fourth quarter and does not give any more details. As a result, sales in North America, the main market, decreased, and EBITDA also decreased.

Rolling out the AI buzzword

"The decline in the cost of the operator (CPA) paid (CPA) has once again influenced the revenue, as well as a strict competition for the established market leader."

The catera has high expectations in North America in 2023 and have announced that it is preparing for the start of sports betting in North Carolina in 2024. In January, Sportsbetting began in Ohio, revealing that it has raised record profits.

Catas are always optimists, saying that the latest series of investments in the catera, which was planned as a result of a strategic review, which was started in 2022, renews the core technical focus of the group.

This will provide new products that prioritize technology, innovation, and immersive user experiences.

Recent sales, including the sale of online sports brands in the UK and Australia in August 2023 to Moneta Communications for 6 million euros, and the cost of about 4 billion euros to "optimize group management" Pay attention to the reduction program and hopes to have a larger stability.

However, the sale of brands is more likely to improve basic profit margins than revenue. Nevertheless, it is expected that rebalancing will increase lon g-term stability and sustainability.

Dali also emphasizes that the shor t-term drawback is that the CPA is abandoned and prioritized revenge share to reduce the advance income. However, this has not yet risen.

In the analyst call of the catena this morning, Daily emphasized that the "potential" increase in the production in North Carolina can be expected to increase. But the risk is like a return to the manifesto in early 2023.

As Daily says, important messages are patience. "It takes time for a strategic restart that we worked on takes time, and the patience of employees and shareholders is tested.

"The fourth quarter was a difficult quarter, but I believe it is now at the corner of the turn. More slim, more agile, mult i-channel catena media succeeded in the core regulated market. With knowledge and technical infrastructure, this year we will return to growth.

Can it work?

The main initiatives include investment in artificial intelligence (AI), paid media, su b-affiliates, and further strategic media partners. The company hopes that this will expand its reach to viewers and provide great value to his partner. In other words, you are the leader of data and technology in this field.

It is also necessary to consider that Better Collective has 6. 23 % of catera media shares. The shares were purchased in early 2023, almost at the same time as the story of our misfortune began.

Eric Edeen, a provisional CFO of the catera, said at today's financial results briefing that many of the unwilling achievements of this year were intensifying in the United States.

So what is competition? Start with better collective. Strangely, better collectives also own their own stocks. Except for the loss of buying the catera at the peak value, they are so healthy.

Unlike the catera, they have exceeded the full-year earnings for 12 months in 12 months-the most recently in February 2024. Better collective has raised guidance twice in 2023.

In addition, a recent acquisition drama acquired a US sports content production company PLAYMAKER HQ for $ 54 million in July 2023.

To avoid confusion between the two, Better Collector has completed the acquisition of playmaker Capital in Toront o-based digital sports media business. The group has signed a contract in November 2023 for € 176 million.

So what does it mean for the catera? In short, the approval of shareholders is all. All of the categories that hold 6. 23 % of shares need to get the approval of competitors.

Публикация участника Catena Media

Not only that, but what they are planning will give a warning to major competitors in advance. With that in mind, the paintings suddenly become much darker, especially now, especially in urgent needs to improve revenue.

• Let's return to the company in a crisis. Let's first verify the aim of the catera, which aims to shift to a more sustainable revenue model, as in the announcement of the catera.
• In short, we hope that the completion of a strategic review will be their knight. This review ended last November.
• The group expects to resume organic growth in late 2024. After the ful l-year adjustment, EBITDA is aiming for a range of € 20 million to 30 million euros.
• The new goal is tw o-digit organic growth in both the sales and adjustments at the group level in 2025 and 2026. The shift to a more sustainable revenue model also includes more players through a reveng e-share contract with the operator.

As mentioned above, this is an alternative to the CPA (Cos t-Par Acting) contract so far, but it is not yet known whether this is going well.

Больше актуальных публикаций

The other is how to implement a wide range of investment programs for technological innovation and data innovation, as will be taken below.

• The plan for the catera is to develop a new appearance platform in the first and second quarters of 2024.

Catas hope that by turning management resources to AI can change the company's destiny.

• Let's return to the company in a crisis. Let's first verify the aim of the catera, which aims to shift to a more sustainable revenue model, as in the announcement of the catera.
• In short, we hope that the completion of a strategic review will be their knight. This review ended last November.
• The group expects to resume organic growth in late 2024. After the ful l-year adjustment, EBITDA is aiming for a range of € 20 million to 30 million euros.
• The new goal is tw o-digit organic growth in both the sales and adjustments at the group level in 2025 and 2026. The shift to a more sustainable revenue model also includes more players through a reveng e-share contract with the operator.

As mentioned above, this is an alternative to the CPA (Cos t-Par Acting) contract so far, but it is not yet known whether this is going well.

"These projects have an important meaning, given that the fourth quarter numbers were disappointing and were not satisfied. These investments planned early in 2023 and started these investments. These projects have been accelerated in the future and to return the group to a sustainable lon g-term growth.

• The plan for the catera is to develop a new appearance platform in the first and second quarters of 2024.

The new platform built for scalability enables "quick" development of the coming innovation in multiple fields, including AI and su b-affiliates. Perhaps this will be close to Chatgp t-style content that has already been deployed by media companies. This makes it possible for humans to expand content faster than writing content.

Sports Betting on the Rise as States Let Gamblers Wager Online

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• Let's return to the company in a crisis. Let's first verify the aim of the catera, which aims to shift to a more sustainable revenue model, as in the announcement of the catera.
• In short, we hope that the completion of a strategic review will be their knight. This review ended last November.
• The group expects to resume organic growth in late 2024. After the ful l-year adjustment, EBITDA is aiming for a range of € 20 million to 30 million euros.
• The new goal is tw o-digit organic growth in both the sales and adjustments at the group level in 2025 and 2026. The shift to a more sustainable revenue model also includes more players through a reveng e-share contract with the operator.

As mentioned above, this is an alternative to the CPA (Cos t-Par Acting) contract so far, but it is not yet known whether this is going well.

• The plan for the catera is to develop a new appearance platform in the first and second quarters of 2024.

A leaner, more "agile" multichannel Catena Media could be back on the winning side. But given that a similar message was heard at the start of 2023, we need to see more before we conclude that this decline will be halted.

Nearly a year later, the message is that core, regulated markets are the focus. Of course, AI will also be added.

It remains to be seen how that growth will be delivered. Or, to use the latest industry buzzword, we will see whether the solution actually works.

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North Carolina applications for sports betting licenses now available

https://www.oddsoncompliance.com

• Let's return to the company in a crisis. Let's first verify the aim of the catera, which aims to shift to a more sustainable revenue model, as in the announcement of the catera.
• In short, we hope that the completion of a strategic review will be their knight. This review ended last November.
• The group expects to resume organic growth in late 2024. After the ful l-year adjustment, EBITDA is aiming for a range of € 20 million to 30 million euros.
• The new goal is tw o-digit organic growth in both the sales and adjustments at the group level in 2025 and 2026. The shift to a more sustainable revenue model also includes more players through a reveng e-share contract with the operator.

As mentioned above, this is an alternative to the CPA (Cos t-Par Acting) contract so far, but it is not yet known whether this is going well.

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• The plan for the catera is to develop a new appearance platform in the first and second quarters of 2024.

Vermont is set to introduce online sports betting in January! After Scott signed a bill in June legalizing online sports betting in the Green Mountain State, three operators, DraftKings, FanDuel and Fanatics Sportsbook, will be able to offer their mobile sports betting platforms to Vermont users. Vermont will join the ranks of over 35 states (and counting) that have legalized online sports betting. Other states that have legalized online sports betting include Kentucky, and Missouri may also legalize sports betting soon. #fsm #digitalmarketing #advertising #sports #sportsmarketing #sportsbetting #sportsbook Сredits: Gambling Insider

Georgia Senate Passes Sports Betting Bill

us.onlinegamblers.com

• Let's return to the company in a crisis. Let's first verify the aim of the catera, which aims to shift to a more sustainable revenue model, as in the announcement of the catera.
• In short, we hope that the completion of a strategic review will be their knight. This review ended last November.
• The group expects to resume organic growth in late 2024. After the ful l-year adjustment, EBITDA is aiming for a range of € 20 million to 30 million euros.
• The new goal is tw o-digit organic growth in both the sales and adjustments at the group level in 2025 and 2026. The shift to a more sustainable revenue model also includes more players through a reveng e-share contract with the operator.

As mentioned above, this is an alternative to the CPA (Cos t-Par Acting) contract so far, but it is not yet known whether this is going well.

2 980 отслеживающих

• The plan for the catera is to develop a new appearance platform in the first and second quarters of 2024.

Sports betting

Maryland's February Sports Betting Surge Reaches $442.5M

us.onlinegamblers.com

• Let's return to the company in a crisis. Let's first verify the aim of the catera, which aims to shift to a more sustainable revenue model, as in the announcement of the catera.
• In short, we hope that the completion of a strategic review will be their knight. This review ended last November.
• The group expects to resume organic growth in late 2024. After the ful l-year adjustment, EBITDA is aiming for a range of € 20 million to 30 million euros.
• The new goal is tw o-digit organic growth in both the sales and adjustments at the group level in 2025 and 2026. The shift to a more sustainable revenue model also includes more players through a reveng e-share contract with the operator.

As mentioned above, this is an alternative to the CPA (Cos t-Par Acting) contract so far, but it is not yet known whether this is going well.

🚀 New in #PlayBook! Sample #license applications for North Carolina operators, service providers and suppliers are now available in PlayBook. If you're ready to get started, be sure to check out our latest #blog and log in to PlayBook to view these forms. #NorthCarolina #OddsOnPlaybook #Licensing #gamingindustry #sportsbetting #sportsswagering

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• The plan for the catera is to develop a new appearance platform in the first and second quarters of 2024.

#ICYMI: North Carolina Sports Betting License Applications Now Open! 📢 In our latest blog, Sean Fenner, Assistant Counsel & Regulatory Advisor, explains what you need to know about the levels of licensing. 🗓 Don't forget to #SaveTheDate - The North Carolina Lottery Commission has set December 27th as the "recommended filing date" to allow applicants to participate on the earliest possible start date. If you have questions or need help with licensing, we're here to help! Contact us at info@oddsoncompliance. com. Read the full blog here⏩ https://bit. ly/3t2a1V1 #NorthCarolina #SportsBet #SportsBetting #License #GamingIndustry

• Let's return to the company in a crisis. Let's first verify the aim of the catera, which aims to shift to a more sustainable revenue model, as in the announcement of the catera.
• In short, we hope that the completion of a strategic review will be their knight. This review ended last November.
• The group expects to resume organic growth in late 2024. After the ful l-year adjustment, EBITDA is aiming for a range of € 20 million to 30 million euros.
• The new goal is tw o-digit organic growth in both the sales and adjustments at the group level in 2025 and 2026. The shift to a more sustainable revenue model also includes more players through a reveng e-share contract with the operator.

As mentioned above, this is an alternative to the CPA (Cos t-Par Acting) contract so far, but it is not yet known whether this is going well.

2 980 отслеживающих

• The plan for the catera is to develop a new appearance platform in the first and second quarters of 2024.

🎉 The Georgia Senate has introduced Senate Bill 386 to regulate online sports betting in the state!🏈🏀⚾ But there's a twist⁉- find out more about the journey to regulated sports betting in Georgia in our latest article!👇 https://lnkd. in/dqTYV2GE #georgia #sportsbetting #gamingindustry

Missouri's Big Vote On Legalizing Sports Betting

us.onlinegamblers.com

• Let's return to the company in a crisis. Let's first verify the aim of the catera, which aims to shift to a more sustainable revenue model, as in the announcement of the catera.
• In short, we hope that the completion of a strategic review will be their knight. This review ended last November.
• The group expects to resume organic growth in late 2024. After the ful l-year adjustment, EBITDA is aiming for a range of € 20 million to 30 million euros.
• The new goal is tw o-digit organic growth in both the sales and adjustments at the group level in 2025 and 2026. The shift to a more sustainable revenue model also includes more players through a reveng e-share contract with the operator.

As mentioned above, this is an alternative to the CPA (Cos t-Par Acting) contract so far, but it is not yet known whether this is going well.

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• The plan for the catera is to develop a new appearance platform in the first and second quarters of 2024.

🚀 February 2024 marked a groundbreaking moment for Maryland with a $442. 5 million sports betting handle! This not only reflects the soaring interest in sports wagering but also contributes significantly to educational initiatives in the state. Dive into the full story and explore what this means for the industry and residents here: https://lnkd. in/daa6fB8m #SportsBetting #Maryland #Gambling #Sportsbook

Betting Rights Report 2024

sportbusiness.com

• Let's return to the company in a crisis. Let's first verify the aim of the catera, which aims to shift to a more sustainable revenue model, as in the announcement of the catera.
• In short, we hope that the completion of a strategic review will be their knight. This review ended last November.
• The group expects to resume organic growth in late 2024. After the ful l-year adjustment, EBITDA is aiming for a range of € 20 million to 30 million euros.
• The new goal is tw o-digit organic growth in both the sales and adjustments at the group level in 2025 and 2026. The shift to a more sustainable revenue model also includes more players through a reveng e-share contract with the operator.

As mentioned above, this is an alternative to the CPA (Cos t-Par Acting) contract so far, but it is not yet known whether this is going well.

14, 603 followers

• The plan for the catera is to develop a new appearance platform in the first and second quarters of 2024.

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Rise of sports betting in the United States goes beyond Nevada

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• Let's return to the company in a crisis. Let's first verify the aim of the catera, which aims to shift to a more sustainable revenue model, as in the announcement of the catera.
• In short, we hope that the completion of a strategic review will be their knight. This review ended last November.
• The group expects to resume organic growth in late 2024. After the ful l-year adjustment, EBITDA is aiming for a range of € 20 million to 30 million euros.
• The new goal is tw o-digit organic growth in both the sales and adjustments at the group level in 2025 and 2026. The shift to a more sustainable revenue model also includes more players through a reveng e-share contract with the operator.

As mentioned above, this is an alternative to the CPA (Cos t-Par Acting) contract so far, but it is not yet known whether this is going well.

Coastal resilience and shoreline dynamics: assessing the impact of a hybrid beach restoration strategy in Puducherry, India

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🇺🇸🏈 Missouri is one step closer to legalizing sports betting, with over 300K signatures to bring the issue to the 2024 ballot! Local sports teams back the initiative, promising enhanced fan experiences and crucial funding for education 🎰📚 Learn more here: https://lnkd. in/d8 qW4_Uy #Missouri #SportsBetting #Sports #2024Ballot

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