Flutter Entertainment (FLUT) 8-K Results of Operations and Financial Condition

Exhibit 99.2

US GAAP - Consolidated Group income statement
$m	Q1 2021	Q2 2021	Q3 2021	Q4 2021	FY 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	FY 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023
Sportsbook	1,055	1,212	1,105	1,140	4,512	1,111	1,341	1,215	1,649	5,316	1,667	1,725	1,288	1,906	6,585
iGaming	813	796	736	770	3,115	853	798	879	1,043	3,573	1,113	1,122	1,135	1,251	4,621
Other	179	184	150	169	682	144	148	133	150	574	139	154	136	155	584
Total revenue	2,047	2,191	1,992	2,079	8,308	2,108	2,287	2,227	2,842	9,463	2,918	3,000	2,559	3,312	11,790
Cost of sales	(918)	(970)	(962)	(1,031)	(3,881)	(1,085)	(1,100)	(1,176)	(1,452)	(4,813)	(1,541)	(1,490)	(1,386)	(1,784)	(6,202)
Gross profit	1,129	1,221	1,030	1,047	4,427	1,023	1,186	1,051	1,390	4,650	1,377	1,510	1,173	1,528	5,588
Technology, research and development expenses	(133)	(215)	(129)	(156)	(634)	(133)	(156)	(109)	(154)	(552)	(168)	(176)	(214)	(207)	(765)
Sales & marketing expenses	(726)	(706)	(653)	(735)	(2,819)	(751)	(685)	(681)	(897)	(3,014)	(882)	(667)	(700)	(1,527)	(3,776)
General and administrative expenses	(157)	(547)	(476)	(244)	(1,423)	(272)	(236)	(349)	(315)	(1,172)	(342)	(444)	(394)	(415)	(1,596)
Operating profit / (loss)	113	(246)	(229)	(87)	(449)	(133)	109	(88)	24	(88)	(16)	223	(135)	(621)	(549)
Other (expense) income, net	88	(16)	97	(68)	101	91	(27)	31	(91)	5	(45)	11	(44)	(80)	(157)
Interest expense, net	(53)	(54)	(107)	(0)	(215)	(41)	(35)	(52)	(84)	(212)	(92)	(83)	(92)	(117)	(385)
Profit/(loss) before tax	148	(316)	(239)	(156)	(563)	(84)	48	(109)	(150)	(295)	(151)	152	(271)	(818)	(1,091)
Income tax (expense) / benefit	(27)	(201)	15	19	(194)	(21)	(28)	(92)	66	(75)	(98)	53	(16)	(59)	(120)
Net profit / (loss)	121	(516)	(224)	(137)	(757)	(105)	19	(201)	(84)	(370)	(249)	205	(287)	(877)	(1,211)

Quarterly Group information

Group - revenue and Adjusted EBITDA US GAAP
$m (except AMPS and %)	Q1 2021			Q2 2021			Q3 2021			Q4 2021			FY 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			FY 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023			FY 2023
Average monthly players (‘000s)		7,868			8,191			7,811			8,715			8,146			9,522			9,747			9,596			12,114			10,245			12,349			12,222			11,139			13,588			12,325
Sportsbook stakes		11,997			11,643			11,590			14,180			49,410			15,045			13,593			12,105			17,583			58,327			18,589			15,582			14,165			21,966			70,302
Sportsbook net revenue margin		8.8	%		10.4	%		9.5	%		8.0	%		9.1	%		7.4	%		9.9	%		10.0	%		9.4	%		9.1	%		9.0	%		11.1	%		9.1	%		8.7	%		9.4	%
Sportsbook		1,055			1,212			1,105			1,140			4,513			1,111			1,341			1,215			1,649			5,316			1,667			1,725			1,288			1,906			6,585
iGaming		813			796			736			770			3,115			853			798			879			1,043			3,573			1,113			1,122			1,135			1,251			4,621
Other		179			184			150			169			681			144			147			133			150			574			139			154			136			155			584
Total revenue		2,047			2,191			1,992			2,078			8,308			2,108			2,287			2,227			2,842			9,463			2,918			3,000			2,559			3,312			11,790
Adjusted EBITDA1		380			29			238			238			886			137			401			217			388			1,142			310			568			236			564			1,678
Adjusted EBITDA margin1		18.6	%		1.3	%		12.0	%		11.5	%		10.7	%		6.5	%		17.5	%		9.7	%		13.6	%		12.1	%		10.6	%		18.9	%		9.2	%		17.0	%		14.2	%
Share-based compensation2		7			402			47			27			484			42			30			59			17			147			43			64			25			64			196
Further Adjusted EBITDA1,3		387			430			286			266			1,369			178			430			276			405			1,289			352			632			261			629			1,874
Further Adjusted EBITDA margin1,3		18.9	%		19.6	%		14.3	%		12.8	%		16.5	%		8.5	%		18.8	%		12.4	%		14.2	%		13.6	%		12.1	%		21.1	%		10.2	%		19.0	%		15.9	%
Unallocated corporate overhead — US GAAP
Unallocated corporate overhead costs		(46	)		(38	)		(33	)		(35	)		(151	)		(41	)		(34	)		(50	)		(16	)		(141	)		(38	)		(47	)		(62	)		(67	)		(215	)
Share-based compensation2		4			4			3			3			14			3			4			4			3			14			3			6			9			10			28
Unallocated corporate overhead costs excluding share-based compensation expenses1,3		(42	)		(33	)		(29	)		(32	)		(137	)		(38	)		(30	)		(46	)		(13	)		(127	)		(35	)		(41	)		(53	)		(58	)		(187	)

Quarterly Group and segmental information

US - revenue and Adjusted EBITDA US GAAP4
$m (except AMPS and %)	Q1 2021			Q2 2021			Q3 2021			Q4 2021			FY 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			FY 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023			FY 2023
Average monthly players (‘000s)		1,648			1,292			1,312			1,975			1,557			2,359			2,016			1,860			3,039			2,319			3,449			2,789			2,564			4,032			3,209
Sportsbook stakes		3,743			3,294			2,907			5,531			15,474			7,650			6,556			5,279			9,544			29,029			10,943			8,181			7,384			14,570			41,078
Sportsbook net revenue margin		4.4	%		8.2	%		6.3	%		6.6	%		6.4	%		4.2	%		7.9	%		8.6	%		8.6	%		7.3	%		7.0	%		9.6	%		6.9	%		7.0	%		7.5	%
Sportsbook		166			271			184			365			985			318			517			456			818			2,109			762			783			506			1,026			3,076
iGaming		137			141			132			159			568			184			180			179			218			761			262			262			271			326			1,121
Other		94			96			74			98			362			78			77			73			88			316			71			74			69			73			287
Total revenue		397			507			389			622			1,915			580			775			708			1,124			3,187			1,095			1,118			845			1,425			4,484
Adjusted EBITDA		(113	)		(367	)		(170	)		(61	)		(711	)		(203	)		14			(103	)		(55	)		(347	)		(95	)		122			(89	)		127			65
Adjusted EBITDA margin		(28.5	%)		(72.3	%)		(43.6	%)		(9.9	%)		(37.1	%)		(35.0	%)		1.8	%		(14.6	%)		(4.9	%)		(10.9	%)		(8.7	%)		10.9	%		(10.6	%)		8.9	%		1.4	%
Share-based compensation expense2		(6	)		385			24			19			421			22			7			27			28			84			24			31			22			25			102
Further Adjusted EBITDA1,3		(119	)		18			(146	)		(42	)		(289	)		(180	)		21			(76	)		(27	)		(263	)		(71	)		153			(67	)		152			167
Further Adjusted EBITDA margin1,3		(30.1	%)		3.5	%		(37.5	%)		(6.7	%)		(15.1	%)		(31.1	%)		2.7	%		(10.7	%)		(2.4	%)		(8.2	%)		(6.5	%)		13.7	%		(8.0	%)		10.7	%		3.7	%
Additional information: Segment operating expenses
Cost of sales		230			267			219			316			1,032			382			443			432			590			1,848			664			626			511			799			2,602
Technology, research and development expenses		33			114			34			54			235			34			51			16			43			144			56			40			65			65			225
Sales & marketing expenses		254			207			238			284			982			302			231			259			419			1,211			381			228			252			336			1,197
General and administrative expenses		(6	)		286			67			30			377			64			36			104			127			331			89			102			106			97			395
Additional information: Share-based compensation expense for segment operating expenses2
Cost of sales		—			—			—			—			—			—			—			—			—			—			3			4			3			3			12
Technology, research and development expenses		4			90			10			9			114			7			23			10			(8	)		32			5			7			6			6			24
Sales & marketing expenses		1			41			6			5			53			3			1			7			1			11			3			4			3			3			13
General and administrative expenses		(12	)		254			8			5			254			13			(18	)		11			34			41			13			16			11			12			53
Additional information: Segment operating expenses excluding share based payments2
Cost of sales		230			267			219			316			1,032			382			443			432			590			1,848			662			623			509			796			2,589
Technology, research and development expenses		28			24			24			45			121			28			28			6			51			112			50			32			59			59			201
Sales & marketing expenses		252			166			232			279			929			300			230			252			418			1,200			378			224			249			333			1,185
General and administrative expenses		6			32			59			25			123			51			54			93			93			290			76			86			95			84			341

Quarterly Group and segmental information

UKI - revenue and Adjusted EBITDA US GAAP
$m (except AMPS and %)	Q1 2021			Q2 2021			Q3 2021			Q4 2021			FY 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			FY 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023			FY 2023
Average monthly players (‘000s)		3,167			3,440			3,060			2,946			3,153			3,627			3,781			3,459			3,973			3,710			4,024			4,108			3,625			3,888			3,911
Online sportsbook stakes		4,249			3,916			3,119			3,137			14,421			3,072			2,774			2,250			2,616			10,714			2,820			2,826			2,408			2,667			10,722
Online sportsbook net revenue margin		10.6	%		10.7	%		9.8	%		7.2	%		9.7	%		9.8	%		11.6	%		10.4	%		9.3	%		10.2	%		11.0	%		11.8	%		11.1	%		11.1	%		11.3	%
Retail sportsbook stakes		3			287			503			448			1,241			442			455			376			396			1,669			420			440			404			386			1,650
Retails sportsbook net revenue margin		(6.1	%)		12.7	%		12.5	%		12.8	%		12.6	%		13.4	%		13.1	%		13.9	%		13.8	%		13.5	%		15.4	%		15.1	%		15.0	%		15.8	%		15.3	%
Total sportsbook stakes		4,252			4,203			3,622			3,585			15,662			3,515			3,229			2,626			3,012			12,382			3,240			3,266			2,812			3,054			12,372
Sportsbook net revenue margin		10.6	%		10.8	%		10.1	%		7.9	%		9.9	%		10.2	%		11.8	%		10.9	%		9.9	%		10.7	%		11.6	%		12.3	%		11.6	%		11.7	%		11.8	%
Revenue
Online sportsbook		450			419			305			225			1,400			300			321			233			244			1,097			312			334			267			297			1,209
Online iGaming		271			259			231			232			993			273			270			254			282			1,078			290			310			321			363			1,284
Other		60			59			49			40			208			38			44			35			35			152			41			49			42			48			180
Total online revenue		781			737			584			497			2,600			611			634			522			560			2,327			643			693			630			708			2,674
Retail sportsbook		(0	)		37			63			57			156			59			60			52			55			226			65			66			61			61			253
Retail Gaming		(0	)		22			31			30			82			29			28			25			28			111			28			29			31			32			121
Other		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total retail revenue		(0	)		58			93			87			239			88			88			78			83			337			93			96			91			93			373
Sportsbook		450			456			368			283			1,556			359			380			286			298			1,323			376			400			327			358			1,462
Gaming		271			281			261			262			1,075			302			298			279			310			1,189			319			339			351			395			1,404
Other		60			59			49			40			208			38			44			35			35			152			41			49			42			48			180
Total revenue		781			796			677			585			2,839			699			722			600			643			2,664			736			788			721			801			3,047
Adjusted EBITDA		244			229			174			135			781			151			236			173			198			757			202			240			180			266			888
Adjusted EBITDA margin		31.2	%		28.8	%		25.6	%		23.0	%		27.5	%		21.5	%		32.7	%		28.9	%		30.7	%		28.4	%		27.4	%		30.4	%		28.6	%		37.6	%		29.1	%
Share-based compensation expense2		4			4			4			5			16			3			5			4			6			19			4			9			4			5			23
Further Adjusted EBITDA1,3		247			233			178			139			798			154			241			178			204			777			206			249			185			271			911
Further Adjusted EBITDA margin1,3		31.7	%		29.3	%		26.3	%		23.8	%		28.1	%		22.0	%		33.4	%		29.6	%		31.6	%		29.1	%		28.0	%		31.6	%		25.6	%		33.8	%		29.9	%
Additional information: Segment operating expenses
Cost of sales		272			291			263			221			1,047			272			269			215			224			981			264			276			285			290			1,115
Technology, research and development expenses		49			47			36			29			162			41			43			33			22			139			36			39			38			46			160
Sales & marketing expenses		149			164			141			151			605			160			136			116			132			545			154			144			152			144			593
General and administrative expenses		67			64			64			49			244			75			38			61			67			242			80			90			65			56			291
Additional information: Share-based compensation expense for segment operating expenses2
Cost of sales		1			1			4			(3	)		4			1			0			0			1			3			0			1			0			1			2
Technology, research and development expenses		0			1			1			(0	)		1			1			1			1			1			4			1			2			1			1			5
Sales & marketing expenses		0			0			0			(0	)		0			1			0			1			2			3			0			1			0			0			2
General and administrative expenses		2			2			(1	)		8			11			1			4			2			2			9			3			6			2			3			14
Additional information: Segment operating expenses excluding share based payments2
Cost of sales		271			289			259			224			1,043			271			269			215			223			978			264			275			285			290			1,114
Technology, research and development expenses		49			47			35			30			161			40			42			32			21			135			36			37			37			45			155
Sales & marketing expenses		149			164			140			151			605			159			136			116			130			542			153			143			152			143			592
General and administrative expenses		65			62			65			41			233			74			34			59			65			233			77			84			63			53			277

Quarterly Group and segmental information

Australia- revenue and Adjusted EBITDA US GAAP
$m (except AMPS and %)	Q1 2021			Q2 2021			Q3 2021			Q4 2021			FY 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			FY 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023			FY 2023
Average monthly players (‘000s)		831			982			1,086			1,133			1,008			915			1,072			1,100			1,275			1,090			993			1,139			1,124			1,189			1,111
Sportsbook stakes		3,379			3,561			4,581			4,563			16,084			3,387			3,377			3,377			3,767			13,908			3,143			2,959			2,928			3,021			12,051
Sportsbook net revenue margin		11.4	%		12.0	%		11.2	%		10.0	%		11.1	%		11.5	%		12.0	%		11.1	%		10.3	%		11.2	%		11.2	%		13.2	%		11.3	%		12.4	%		12.0	%
Sportsbook		385			429			513			455			1,782			390			404			374			389			1,558			351			389			332			376			1,447
iGaming		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Other		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total revenue		385			429			513			455			1,782			390			404			374			389			1,558			351			389			332			376			1,447
Adjusted EBITDA		147			129			183			139			598			140			141			96			100			477			84			105			61			98			348
Adjusted EBITDA margin		38.2	%		30.1	%		35.7	%		30.5	%		33.6	%		35.8	%		34.9	%		25.7	%		25.6	%		30.6	%		23.9	%		27.0	%		18.4	%		26.1	%		24.1	%
Share-based compensation expense2		2			2			2			2			7			1			3			2			2			8			1			2			2			2			8
Further Adjusted EBITDA1,3		149			131			185			140			605			141			144			99			102			485			85			108			63			100			356
Further Adjusted EBITDA margin1,3		38.7	%		30.6	%		36.0	%		30.8	%		34.0	%		36.1	%		35.6	%		26.4	%		26.1	%		31.1	%		24.2	%		27.6	%		19.0	%		26.7	%		24.6	%
Additional information: Segment operating expenses
Cost of sales		178			203			236			240			857			184			185			189			195			754			187			198			182			198			764
Technology, research and development expenses		8			9			7			9			32			6			8			7			7			28			10			6			10			6			32
Sales & marketing expenses		41			69			66			56			232			46			54			63			66			229			52			57			58			57			225
General and administrative expenses		11			20			21			11			63			13			16			19			21			70			18			23			20			16			78
Additional information: Share-based compensation expense for segment operating expenses2
Cost of sales		1			1			1			(0	)		2			—			—			—			—			—			—			—			—			—			—
Technology, research and development expenses		0			0			0			(0	)		1			—			—			—			—			—			—			—			—			—			—
Sales & marketing expenses		0			0			0			(0	)		0			—			—			—			—			—			—			—			—			—			—
General and administrative expenses		1			1			(0	)		2			4			1			3			2			2			8			1			2			2			2			8
Additional information: Segment operating expenses excluding share based payments2
Cost of sales		177			202			235			240			855			184			185			189			195			754			187			198			182			198			764
Technology, research and development expenses		7			8			7			9			31			6			8			7			7			28			10			6			10			6			32
Sales & marketing expenses		41			69			65			57			232			46			54			63			66			229			52			57			58			57			225
General and administrative expenses		10			19			21			9			59			12			13			17			19			62			16			21			19			14			70

Quarterly Group and segmental information

International - revenue and Adjusted EBITDA US GAAP4
$m (except AMPS and %)	Q1 2021			Q2 2021			Q3 2021			Q4 2021			FY 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			FY 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023			FY 2023
Average monthly players (‘000s)		2,223			2,476			2,353			2,661			2,428			2,622			2,878			3,176			3,827			3,126			3,884			4,186			3,827			4,479			4,094
Sportsbook stakes		623			585			481			501			2,190			494			431			823			1,260			3,008			1,263			1,175			1,042			1,322			4,802
Sportsbook net revenue margin		8.7	%		9.6	%		8.5	%		7.7	%		8.7	%		9.0	%		9.1	%		12.1	%		11.4	%		10.8	%		14.1	%		13.0	%		11.8	%		11.1	%		12.5	%
Sportsbook		54			56			41			39			190			44			39			100			143			326			178			152			122			146			599
iGaming		405			375			344			348			1,472			367			319			421			515			1,622			531			521			513			530			2,096
Other		25			29			27			30			111			28			26			25			27			107			27			31			25			34			117
Total revenue		484			459			412			417			1,772			439			385			546			685			2,055			736			704			660			711			2,812
Adjusted EBITDA		148			74			84			62			368			90			43			101			161			395			157			148			146			140			592
Adjusted EBITDA margin		30.7	%		16.2	%		20.2	%		14.8	%		20.8	%		20.5	%		11.3	%		18.4	%		23.5	%		19.2	%		21.4	%		21.0	%		22.1	%		19.7	%		21.1	%
Share-based compensation expense2		5			7			14			(1	)		25			11			11			21			(22	)		22			10			15			(13	)		23			35
Further Adjusted EBITDA1,3		153			81			98			61			393			102			54			122			139			417			167			164			134			163			627
Further Adjusted EBITDA margin1,3		31.6	%		17.6	%		23.7	%		14.6	%		22.1	%		23.2	%		14.0	%		22.3	%		20.3	%		20.3	%		22.7	%		23.2	%		20.2	%		23.0	%		22.3	%
Additional information: Segment operating expenses
Cost of sales		168			170			172			174			685			175			156			236			328			894			341			313			295			338			1,286
Technology, research and development expenses		31			32			38			43			144			33			38			38			59			169			42			63			46			50			202
Sales & marketing expenses		93			120			66			98			377			91			100			95			142			429			117			112			107			86			421
General and administrative expenses		43			63			52			40			198			50			48			76			(5	)		168			79			69			66			96			310
Additional information: Share-based compensation expense for segment operating expenses2
Cost of sales		0			0			1			1			3			0			1			0			2			3			0			0			0			0			1
Technology, research and development expenses		1			1			2			2			6			0			2			0			3			5			0			(0	)		1			0			1
Sales & marketing expenses		0			0			0			0			1			0			1			0			2			3			0			(0	)		0			0			0
General and administrative expenses		3			5			11			(5	)		14			11			6			21			(28	)		10			9			16			(14	)		23			34
Additional information: Segment operating expenses excluding share based payments2
Cost of sales		168			170			171			173			682			175			155			235			326			891			341			312			295			338			1,286
Technology, research and development expenses		30			32			36			41			138			33			35			38			56			163			42			64			45			50			201
Sales & marketing expenses		93			119			66			98			376			91			99			94			140			425			117			112			107			86			421
General and administrative expenses		40			57			42			45			184			38			41			56			23			158			70			53			80			73			276

¹  Further Adjusted EBITDA and Further Adjusted EBITDA margin on a Group and segment basis, Group Adjusted EBITDA and Group Adjusted EBITDA margin are all non-GAAP financial measures. See the ‘Quarterly Non-GAAP Recs’ section of this pack for reconciliations to the most directly comparable financial measures calculated in accordance with U.S. GAAP.

² From January 1, 2024, Adjusted EBITDA will exclude the cost of share-based compensation expense and the term Further Adjusted EBITDA will become redundant. This change is not reflected in fiscal year 2023 reporting, it will be effective for Q1 2024 reporting. We have however included a reconciliation of the segment cost of sales and operating expenses including share-based compensation expense to the segment operating expense excluding share based payments in this pack.

³ Further Adjusted EBITDA is defined as Adjusted EBITDA excluding share-based compensation expense to reflect comparable numbers for the change taking effect from 1 January 2024. From 1 January 2024 Adjusted EBITDA will exclude the cost of share-based compensation expense. We believe that this presentation is common practice in our industry and improves comparability of our results with those of our peers.

⁴  From 1 January 2024, the Group will move PokerStars US to be reported in the International division reflecting how the business is now managed. This change is not be reflected in fiscal year 2023 reporting and is therefore not reflected in the historic comparative information provided in this pack. This will be effective for Q1 2024 reporting, at which point historic comparatives will be recast. As such, please refer to the ‘2024 Policy Changes’ section in this pack where a summary of PokerStars US historical financial information is provided enabling adjustments to be made after fiscal year 2023 reporting, but ahead of Q1 2024 reporting. To make these adjustments the PokerStars US numbers provided must be added to the International segment and subtracted from the US segment numbers.

⁵  Due to rounding, these numbers may not add up precisely to the total provided within this document and the 10-K.

US GAAP - Group consolidated cash flow statement

$m	FY 2021			FY 2022			FY 2023
Cash flows from operating activities:
Net loss		(757	)		(370	)		(1,211	)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization		1,010			1,075			1,285
Impairment Loss		—			—			725
Change in fair value of derivatives		(141	)		(152	)		(7	)
Non-cash interest (income) / expense, net		17			7			(12	)
Non-cash operating lease expense		70			96			117
Unrealized foreign currency exchange (gain) / loss		101			196			(225	)
Loss/(gain) on disposal		(16	)		—			5
Share-based compensation – equity classified		63			132			180
Share-based compensation – liability classified		425			49			10
Other (expense)/income, net		69			(89	)		163
Deferred tax benefit		(12	)		(145	)		(132	)
Loss / (gain) on extinguishment of long-term debt		(130	)		65			6
Change in contingent consideration		7			(6	)		(2	)
Change in operating assets and liabilities:
Player deposits		—			(72	)		(1	)
Accounts receivable		(17	)		(12	)		23
Prepaid expenses and other current assets		(41	)		(97	)		146
Accounts payable		(1	)		(24	)		(4	)
Other current liabilities		(117	)		207			366
Player deposit liability		80			376			(382	)
Operating leases liabilities		(57	)		(73	)		(113	)
Net cash provided by operating activities		553			1,163			937
Cash flows from investing activities:
Purchases of property and equipment		(122	)		(122	)		(159	)
Purchases of intangible assets		(85	)		(100	)		(175	)
Capitalized software		(152	)		(207	)		(268	)
Acquisitions, net of cash acquired		(70	)		(2,095	)		—
Proceeds from disposal of property and equipment		175			7			—
Net cash used in investing activities		(254	)		(2,517	)		(602	)
Cash flows from financing activities:
Proceeds from issue of common share upon exercise of options		18			9			13
Proceeds from issuance of long-term debt (net of transaction costs)		1,661			4,692			2,018
Repayment of long-term debt		(1,033	)		(2,646	)		(1,837	)
Acquisition of non-controlling interests		—			(251	)		(95	)
Distributions to non-controlling interests		(23	)		(7	)		—
Payment of contingent consideration		(10	)		(11	)		—
Repurchase of common share		(252	)		(3	)		(212	)
Net cash (used in)/provided by financing activities		361			1,783			(113	)
Net increase in cash, cash equivalents and restricted cash		660			429			222
Cash, cash equivalents and restricted cash – Beginning of period		2,151			2,681			2,990
Foreign currency exchange gain/(loss) on cash and cash equivalents		(130	)		(120	)		59
Cash, cash equivalents and restricted cash – end of period		2,681			2,990			3,271
Cash, cash equivalents and restricted cash comprise of:
Cash and cash equivalents		1,286			966			1,497
Cash and cash equivalents—restricted		10			16			22
Player deposits – cash and cash equivalents		1,385			2,008			1,752
Cash, cash equivalents and restricted cash – end of year		2,681			2,990			3,271
Supplemental disclosures of cash flow information:
Interest paid		214			222			408
Income taxes paid (net of refunds)		191			199			255
Non-cash investing and financing activities:
Purchase of intangible assets with accrued expense		—			21			—
Operating lease right-of-use assets obtained in exchange of operating lease liabilities		135			148			73
Adjustments to lease balances as a result of remeasurement		20			18			22
Business acquisitions (including contingent consideration)		24			—			—
Cancellation of Treasury Shares		60			—			—
Reduction in capital		13,631			—			—
Proceeds from issuance as part of debt restructuring		—			—			5,267
Principal amount of extinguishment as part of debt restructuring		—			—			4,622

Non-GAAP reconciliations

Group Adjusted EBITDA reconciliation
$m	Q1 2021			Q2 2021			Q3 2021			Q4 2021			FY 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			FY 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023			FY 2023
Net loss		121			(516	)		(224	)		(137	)		(757	)		(105	)		19			(201	)		(84	)		(370	)		(251	)		204			(287	)		(877	)		(1,211	)
Add back:
Income taxes		27			201			(15	)		(19	)		194			21			28			92			(66	)		75			98			(53	)		16			59			120
Other (expense)/income, net		(88	)		16			(97	)		68			(101	)		(91	)		27			(32	)		91			(5	)		45			(11	)		44			80			157
Interest expense, net		53			54			107			—			215			41			35			52			84			212			92			83			92			117			385
Depreciation and amortization		250			257			252			247			1,010			244			263			255			315			1,075			298			302			317			367			1,285
Transaction fees and associated costs1		—			—			—			29			29			5			8			12			18			43			3			17			26			45			92
Restructuring and integration costs2		14			14			17			20			63			21			21			39			74			155			25			26			28			46			126
Legal settlements/(loss contingencies)3		3			3			198			19			223			—			—			—			(44	)		(44	)		(1	)		—			—			1			—
Gaming tax expenses4		—			—			—			10			10			—			—			—			—			—			—			—			—			—			—
Impairment of PPE and Intangible Assets5		—			—			—			—			—			—			—			—			—			—			—			—			—			725			725
Adjusted EBITDA		380			29			238			238			886			137			401			217			388			1,142			310			568			236			564			1,678
Revenue		2,047			2,191			1,992			2,078			8,308			2,108			2,287			2,227			2,842			9,463			2,918			3,000			2,559			3,312			11,790
Adjusted EBITDA margin		18.6	%		1.3	%		12.0	%		11.5	%		10.7	%		6.5	%		17.5	%		9.7	%		13.6	%		12.1	%		10.6	%		18.9	%		9.2	%		17.0	%		14.2	%
Add back:
Share-based compensation expense		7			402			47			27			484			42			30			59			17			147			43			64			25			64			196
Further Adjusted EBITDA		387			430			286			266			1,369			178			430			276			405			1,289			352			632			261			629			1,874
Further Adjusted EBITDA margin		18.9	%		19.6	%		14.3	%		12.8	%		16.5	%		8.5	%		18.8	%		12.4	%		14.2	%		13.6	%		12.1	%		21.1	%		10.2	%		19.0	%		15.9	%

¹  Fees primarily associated with (i) transaction fees related to the proposed listing of Flutter’s ordinary shares in the U.S. of $86 million for the year ended December 31, 2023; (ii) Fox Option arbitration proceedings of $30 million and acquisition-related costs in connection with tombola and Sisal of $11 million for the year ended December 31, 2022; and (iii) advisory fees related to the potential listing of a minority stake of FanDuel in the U.S., which was announced in May 2021, of $13 million, Fox Option arbitration proceedings of $8 million, and acquisition-related costs in connection with Junglee Games, Singular, Sisal and tombola for fiscal 2021 of $8 million.

²  During the year ended December 31, 2023 costs of $126 million (year ended December 31, 2022: $155 million) primarily relate to various restructuring and other strategic initiatives to drive increased synergies arising primarily from the acquisitions of TSG and Sisal. These actions include efforts to consolidate and integrate our technology infrastructure, back-office functions and relocate certain operations to lower cost locations. The costs primarily include severance expenses, advisory fees and temporary staffing cost. Costs also include implementation costs of an enterprise resource planning system that could not be capitalized.

³  Relates to (i) release of legacy TSG legal provisions of $44 million for fiscal 2022 and (ii) settlement of a historic case in the Commonwealth of Kentucky against certain subsidiaries of legacy TSG of $223 million for fiscal 2021.

⁴  Relates to the late payment interest regarding a historical German tax assessment on Betfair Exchange in 2012.

⁵  In the fourth quarter of 2023, the Group recognized an intangible asset impairment loss of $725 million in sales and marketing expenses related to PokerStars trademark within the International segment. The impairment was primarily driven by an assessment of strategy and operational model aimed at maximizing the value of PokerStars’ proprietary poker assets consistent with our International segment strategy to combine global scale with local presence.

⁶  Due to rounding, these numbers may not add up precisely to the total provided within this document and the 10-K.

Non-GAAP reconciliations

Group adjusted free cash flow
$m	FY 2021			FY 2022			FY 2023
Net cash provided by operating activities		553			1,163			937
Less:
Change in player deposits		—			72			1
Change in player deposit liability		(80	)		(376	)		382
Add cash impact of:
Transaction fees and associated costs		23			32			83
Restructuring and integration costs		61			114			137
Legal settlement/loss contingencies		223			—			—
Less cash impact of:
Purchase of property and equipment		(122	)		(122	)		(159	)
Purchases of intangible assets		(85	)		(100	)		(175	)
Capitalized software		(152	)		(207	)		(268	)
Adjusted free cash flow		421			576			938

Group adjusted net debt reconciliation
$m	FY 2021			FY 2022			FY 2023
Long-term debt		4,797			6,707			7,005
Long-term debt due within one year		30			43			51
Total Debt		4,827			6,750			7,056
Add:
Transactions costs, premiums or discount included in the carrying value of debt		57			41			54
Less:
Unrealized foreign exchange on translation of foreign currency debt 1		(32	)		(151	)		182
Cash and cash equivalents		(1,287	)		(966	)		(1,497	)
Adjusted Net Debt		3,565			5,674			5,795

¹  Representing the adjustment for foreign exchange that is economically hedged as a result of our cross-currency interest rate swaps to reflect the net cash outflow on maturity.

Non-GAAP reconciliations

Adjusted net profit attributable to Flutter shareholders
$m	FY 2021			FY 2022			FY 2023
Net loss		(757	)		(370	)		(1,211	)
Add (Less):
Transaction fees and associated costs		29			43			92
Restructuring and integration costs		63			155			126
Legal settlements/loss contingencies		223			(44	)		—
Gaming tax dispute		10			—			—
Impairment of PPE and Intangible Assets		—			—			725
Amortization of acquired intangibles		738			749			791
Accelerated amortization		—						30
Loss/(gain) on settlement of long-term debt		(130	)		65			6
Financing related fees not eligible for capitalization		27			9			29
Gain from disposal of Oddschecker Global Media		(17	)					—
Share-based compensation		484			147			196
Tax impact of above adjustments 2		(67	)		(199	)		(150	)
Adjusted net profit		604			556			634
Less:
Net gain/loss attributable to non-controlling interests and redeemable non-controlling interests3		(13	)		(1	)		13
Adjustment of redeemable non-controlling interest to redemption value4		179			63			(2	)
Adjusted net profit attributable to Flutter shareholders		438			494			623
Weighted average number of shares		176			177			177

²  Tax rates used in calculated adjusted net profit attributable to Flutter shareholders is the statutory tax rate applicable of the geographies in which the adjustments were incurred.

³  Represents net loss attributed to the non-controlling interest in Sisal and the redeemable non-controlling interest in FanDuel, Junglee and Adjarabet (2022).

⁴  Represents the adjustment made to the carrying value of the redeemable non-controlling interests in Junglee and Adjarabet (2022) to account for the higher of (i) the initial carrying amount adjusted for cumulative earnings allocations, or (ii) redemption value at each reporting date through retained earnings.

⁵  Due to rounding, these numbers may not add up precisely to the total provided within this document and the 10-K.

Adjusted earnings per share
$	FY 2021			FY 2022			FY 2023
Net loss per Flutter shareholders		(5.25	)		(2.44	)		(6.89	)
Add (Less):
Transaction fees and associated costs		0.16			0.24			0.52
Restructuring and integration costs		0.36			0.88			0.71
Legal settlements/loss contingencies		1.27			(0.25	)		—
Gaming tax dispute		0.06			—			—
Impairment of PPE and Intangible Assets		—			—			4.09
Amortization of acquired intangibles		4.20			4.24			4.46
Accelerated amortization								0.17
Loss/(gain) on settlement of long-term debt		(0.74	)		0.37			0.03
Financing related fees not eligible for capitalization		0.15			0.05			0.16
Gain from disposal of Oddschecker Global Media		(0.10	)		—			—
Share—based compensation		2.75			0.83			1.11
Tax impact of above adjustments 2		(0.38	)		(1.12	)		(0.85	)
Adjusted earnings per share		2.49			2.79			3.51

2024 Accounting policy changes¹

From 1 January 2024, PokerStars US will be included in the International division for reporting purposes reflecting how the business is now managed. This change is not be reflected in fiscal year 2023 reporting and is therefore not reflected in the historic comparative information provided in this pack. This will be effective for Q1 2024 reporting, at which point historic comparatives will be recast. As such, please refer to the summary of PokerStars US historical financial information below enabling adjustments to be made after fiscal year 2023 reporting, but ahead of Q1 2024 reporting. To make these adjustments the PokerStars US numbers provided must be added to the International segment and subtracted from the US segment numbers.

PokerStars US

$m (except AMPS and %)	Q1 2021			Q2 2021			Q3 2021			Q4 2021			FY 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			FY 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023			FY 2023
Average monthly players (‘000s)		100			87			78			85			88			84			66			66			69			71			71			57			52			49			57
Sportsbook stakes		112			81			64			104			361			68			43			34			45			190			34			23			6			—			62
Sportsbook net revenue margin		4.4	%		3.5	%		2.9	%		2.9	%		3.5	%		3.6	%		4.1	%		7.5	%		3.8	%		4.5	%		8.6	%		6.0	%		(6.3	%)		0.0	%		6.3	%
Sportsbook		5			3			2			3			12			2			2			3			2			8			3			1			(0	)		(0	)		4
iGaming		28			27			22			21			99			20			18			18			18			73			21			19			18			17			76
Other		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Total revenue		33			30			24			24			111			22			20			20			19			82			24			21			18			17			80
Adjusted EBITDA		(30	)		(20	)		(12	)		(16	)		(77	)		(18	)		(17	)		(17	)		(38	)		(91	)		(18	)		(19	)		(13	)		(15	)		(65	)
Adjusted EBITDA margin		(89.5	%)		(66.0	%)		(48.6	%)		(66.3	%)		(69.3	%)		(81.0	%)		(84.3	%)		(85.6	%)		(197.2	%)		(110.5	%)		(73.6	%)		(93.5	%)		(70.5	%)		(89.8	%)		(81.4	%)
Share-based compensation expense		0			0			0			0			0			(0	)		1			1			1			2			0			0			0			0			0
Further Adjusted EBITDA		(30	)		(20	)		(12	)		(16	)		(77	)		(18	)		(16	)		(16	)		(37	)		(88	)		(18	)		(19	)		(13	)		(15	)		(65	)
Further Adjusted EBITDA margin		(89.4	%)		(65.9	%)		(48.5	%)		(66.2	%)		(69.2	%)		(81.1	%)		(80.6	%)		(81.9	%)		(193.2	%)		(107.7	%)		(72.9	%)		(92.0	%)		(70.3	%)		(89.7	%)		(80.8	%)
Additional information: Segment operating expenses
Cost of sales		24			23			18			16			81			14			17			14			15			59			15			16			12			14			56
Technology, research and development expenses		2			3			2			2			9			2			(0	)		3			(1	)		4			2			(0	)		2			1			5
Sales & marketing expenses		33			20			9			15			76			15			11			9			22			58			14			11			4			6			35
General and administrative expenses		4			4			7			7			22			9			9			12			22			51			12			14			13			11			50
Additional information: Share-based compensation expense for segment operating expenses2
Cost of sales		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Technology, research and development expenses		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Sales & marketing expenses		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
General and administrative expenses		0			0			0			0			0			(0	)		1			1			1			2			0			0			0			0			1
Additional information: Segment cost of sales and operating expenses excluding share based payments2
Cost of sales		24			23			18			16			81			14			17			14			15			59			15			16			12			14			56
Technology, research and development expenses		2			3			2			2			9			2			(0	)		3			(1	)		4			2			(0	)		2			1			5
Sales & marketing expenses		33			20			9			15			76			15			11			9			22			58			14			11			4			6			35
General and administrative expenses		4			4			7			7			22			9			9			11			21			49			11			13			13			11			49

¹  Accounting policy changes are effective from 1 January 2024 and will be reflected in Q1 reporting. Prior year comparatives will be recast for these changes.

² From January 1, 2024, Adjusted EBITDA will exclude the cost of share-based payments and the term Further Adjusted EBITDA will become redundant. This change is not reflected in fiscal year 2023 reporting, it will be effective for Q1 2024 reporting. We have however included a reconciliation of the segment cost of sales and operating expenses including share based payments to the segment cost of sales and operating expense excluding share based payments in this pack.

³  Due to rounding, these numbers may not add up precisely to the total provided within this document and the 10-K.

Non-GAAP Measures

Non-GAAP financial measures disclaimer

This pack includes Adjusted EBITDA, Further Adjusted EBITDA, Adjusted EBITDA Margin, Further Adjusted EBITDA Margin, Adjusted net profit attributable to Flutter shareholders, Adjusted earnings per share (Adjusted EPS), Segment Further Adjusted EBITDA, Net Debt and Adjusted Free Cash Flow, which are non-GAAP financial measures that we use to supplement our results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP measures are presented solely as supplemental disclosures to reported GAAP measures because we believe that these non-GAAP measures are useful in evaluating our operating performance, similar to measures reported by its publicly-listed U.S. competitors, and regularly used by analysts, lenders, financial, institutional and retail investors as measures of performance. Adjusted EBITDA, Further Adjusted EBITDA, Adjusted EBITDA Margin, Further Adjusted EBITDA Margin, Adjusted net profit attributable to Flutter shareholders, Adjusted earnings per share (Adjusted EPS), Segment Further Adjusted EBITDA, Net Debt and Adjusted Free Cash Flow, are not intended to be substitutes for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

Definitions of non-GAAP financial measures

Adjusted EBITDA is defined on a Group basis as net profit/(loss) before income taxes; other (expense)/income, net; interest expense, net; depreciation and amortization; transaction fees and associated costs; restructuring and integration costs; legal settlements (loss contingencies) gaming taxes expenses and impairment of PPE and intangible assets.

Further Adjusted EBITDA is defined as Adjusted EBITDA excluding share-based payments. From January 1, 2024, Adjusted EBITDA will exclude the cost of share-based payments and the term Further Adjusted EBITDA will become redundant. We believe that this presentation is common practice in our industry and improves comparability of our results with those of our peers. From January 1, 2024, Adjusted EBITDA will exclude the cost of share-based compensation. We believe that this presentation is common practice in our industry and improves comparability of our results with those of our peers.

Segment Further Adjusted EBITDA is defined as segment Adjusted EBITDA which is our segment measure of profit or loss excluding share-based compensation. Segment Further Adjusted EBITDA Margin is segment Adjusted Further Adjusted EBITDA as a percentage of revenue. From January 1, 2024, Adjusted EBITDA will exclude the cost of share-based compensation. We believe that this presentation is common practice in our industry and improves comparability of our results with those of our peers

Adjusted EBITDA Margin and Further Adjusted EBITDA Margin are Adjusted EBITDA and Further Adjusted EBITDA as a percentage of revenue, respectively.

Adjusted net profit attributable to Flutter shareholders is net profit/(loss) as adjusted for after tax effects of transaction fees and associated costs; restructuring and integration costs; legal settlements (loss contingencies), gaming taxes, disputes, amortization of acquired intangibles, accelerate amortization, loss/(gain) on settlement of long-term debt, financing related fees not eligible for capitalization, gain from disposal of businesses and share-based compensation.

Adjusted EPS is calculated by dividing adjusted net income attributable to Flutter shareholders by the number of diluted weighted-average ordinary shares outstanding in the period.

Net debt is defined as total debt, excluding premiums, discounts, and deferred financing expenses, and the effect of foreign exchange that is economically hedged as a result of our cross-currency interest rate swaps reflecting the net cash outflow on maturity less cash and cash equivalents.

Adjusted Free Cash Flow is defined as net cash provided by operating activities excluding changes in operating assets and liabilities related to player deposits, investment and player deposit liabilities, cash paid for transaction fees and associated cost, restructuring fees and integration cost, legal settlement/loss contingencies less payments for property and equipment, intangible assets and capitalized software. We believe that excluding these items from adjusted free cash flow better portrays our ability to generate cash, as such items are not indicative of our operating performance for the period.

Usefulness of non-GAAP financial measures

Adjusted EBITDA, Further Adjusted EBITDA, Adjusted EBITDA Margin, Further Adjusted EBITDA Margin, Adjusted net profit attributable to Flutter shareholders, Segment Further Adjusted EBITDA and Adjusted earnings per share (Adjusted EPS) are non-GAAP measures and should not be viewed as measures of overall operating performance, indicators of our performance, considered in isolation, or construed as alternatives to operating profit/(loss), net profit/(loss) measures or earnings per share, or as alternatives to cash flows from operating activities, as measures of liquidity, or as alternatives to any other measure determined in accordance with GAAP. Management has historically used these measures when evaluating operating performance because we believe that they provide additional perspective on the financial performance of our core business

We believe net debt is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure.

Adjusted free cash flow may be useful to investors and other users of our financial statements as a supplemental measure of our cash performance, but should not be considered in isolation, as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating cash flows presented in accordance with GAAP. Adjusted free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Our calculation of adjusted free cash flow may differ from similarly titled measures used by other companies, limiting their usefulness as a comparative measure.