Codere Online Luxembourg, S.A.

Thank you for standing by and welcome to the Coderre Online third quarter 2024 financial results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press the star one. Thank you. I'd now like to turn the call over to Galerimo Lancia, head of investor relations. You may begin.

Thanks, operator, and welcome everyone to Coderre Online's earnings call for the third quarter of 2024. Today, you will hear from our CEO, Aviv Sher, and CFO, Oscar Iglesias. Our Executive Vice Chairman, Moshe Edre, will also join us in the Q&A section. Before turning the call over to Aviv, I'd like to remind everyone that during this call, we will be referring to a presentation we uploaded to our website earlier today, which includes non-GAAP preliminary and unaudited financial metrics, such as net gaming revenue or adjusted EBITDA, for which you can find reconciliations in the appendix of the presentation. Please note that all growth rates discussed during this call are year-on-year comparisons, unless noted otherwise. Let me also remind you that our accounting information is prepared under IFRS accounting standards, and that throughout this presentation, all monetary figures will be in euro unless expressed otherwise. Finally, please note that a replay and transcript of this call will be available on our website at coderionline.com, where you can also sign up for our investor email alerts. With that, I will go ahead and pass the call on to Aviv.

Thanks, Guillermo, and thanks for everyone for joining us today. Before we discuss the highlights of the quarter, I would like first to address and provide a quick update on where we stand with respect to the delisting process with NASDAQ. As you may have seen in our press release, the hearing panel where we would be requesting additional time to file our annual report has been scheduled for January 16th. As you know, the delisting of our share and warrants is currently stayed and will continue to be stayed through the duration of the hearing process. In practical terms, we now have seven weeks until the hearing in which we will continue working to file our annual report so as to regain compliance with the NASDAQ listing requirements, thereby eliminating the need for the hearings. Now diving into the highlights of the third quarter of 2024, on page eight, we delivered 52 million Euro in net gaming revenue, 8.5 million or 20% above Q3, 2023. Third quarter net gaming was negatively impacted by about 3.5 million as a result of a weaker Mexican pesos versus the prior year period. Excluding this impact, net gaming revenue would have been 55 million in the third quarter, a 32% increase over the prior year and an improvement over what was a record NGR in the second quarter. In terms of product mix, the contribution from our casino segment is increasing and more or less in line with the level achieved in the second quarter due to seasonal decline in sports betting during the summer months. This growth in net gaming revenue was driven by a 4% increase in average monthly spend per active customer to 120 euros, together with a 15% increase in the number of average monthly active customers. With regard to customer acquisitions, we had 67,000 first-time depositors at an average CPA of 250 euros. For those of you that have been with us for some time, you will recall that since mid-2023, our average customer acquisition cost has been on an upward trend, primarily due to the mixed effect that is more investment in Spain and Mexico versus Colombia, Panama, and Argentina, and both in Mexico and Spain, an increased focus on acquiring what we call casino-first customers, which generally requires a higher upfront investment. With this, I will now turn the call over to Oscar to cover the financial highlights of the quarter and to our current expectation with respects to the full year of 2024.