5 results
10-Q
2024 Q1
FLUT
Flutter Entertainment plc
14 May 24
Quarterly report
6:16am
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net loss | $ | (177) | $ | (111) | |||||||
Adjustments to reconcile net loss to net cash from operating activities: | Depreciation and amortization | 297 | 297 | ||||||||
Change in fair value of derivatives | (15) | 17 | |||||||||
Non-cash interest income, net | (1) | (8) | |||||||||
Non-cash operating lease expense | 32 | 31 | |||||||||
Unrealized foreign currency exchange loss / (gain), net | 8 | (36) | |||||||||
Share-based compensation – equity classified | 40 | 32 | |||||||||
Share-based compensation – liability classified | 1 | 14 | |||||||||
Other expense, net | 186 | 64 | |||||||||
Deferred tax benefit | (48) | (113) | |||||||||
Change in contingent consideration | — | (2) | |||||||||
Change in operating assets and liabilities: | Player deposits - investments | — | (7) | ||||||||
Accounts receivable, net | 19 | 45 | |||||||||
Prepaid expenses and other current assets | 13 | (73) | |||||||||
Accounts payable | (18) | 25 | |||||||||
Other current liabilities | (40) | (119) | |||||||||
Player deposit liability | 73 | (77) | |||||||||
Operating leases liabilities | (33) | (28) | |||||||||
Net cash provided by / (used in) operating activities | 337 | (49) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | Purchases of property and equipment | (22) | (18) | ||||||||
Purchases of intangible assets | (57) | (43) | |||||||||
Capitalized software | (73) | (66) | |||||||||
Acquisitions, net of cash acquired | (107) | — | |||||||||
Net cash used in investing activities | (259) | (127) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | Proceeds from issue of ordinary share upon exercise of options | 14 | 1 | ||||||||
Proceeds from issuance of long-term debt (net of transaction costs) | 639 | 609 | |||||||||
Repayment of long-term debt | (834) | (608) | |||||||||
Net cash (used in)/provided by financing activities | (181) | 2 | |||||||||
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (103) | (174) | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – Beginning of the period | 3,271 | 2,990 | |||||||||
Foreign currency exchange gain on cash and cash equivalents | (11) | 25 | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – End of the period | 3,157 | 2,841 | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH comprise of: | Cash and cash equivalents | $ | 1,353 | $ | 821 | ||||||
Cash and cash equivalents – restricted | 22 | 28 | |||||||||
Player deposits – cash & and cash equivalents | 1,782 | 1,992 | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – End of the period | $ | 3,157 | $ | 2,841 | |||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | Interest paid | 123 | 97 | ||||||||
Income taxes paid | 29 | 52 | |||||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | Operating cash flows from operating leases | 38 | 32 | ||||||||
Right of use assets obtained in exchange for new operating lease liabilities | 20 | 20 | |||||||||
Adjustments to lease balances as a result of remeasurement. | (2) | 6 | |||||||||
Business acquisitions (including contingent consideration) | $ | 26 | $ | — |
10-K
2023 FY
FLUT
Flutter Entertainment plc
26 Mar 24
Annual report
6:09am
Other current liabilities consisted of the following as of December 31, 2023 and 2022:
As of December 31, | ||||||||
($ in millions) | 2023 | 2022 | ||||||
Accrued expenses | $ | 945 | 936 | |||||
Betting duty, data rights, and product and racefield fees | 453 | 398 | ||||||
Employee benefits | 330 | 213 | ||||||
Liability-classified share-based awards | — | 192 | ||||||
Sports betting open positions | 119 | 113 | ||||||
Derivative liability | 156 | 45 | ||||||
Current tax payables | 94 | 103 | ||||||
Loss contingencies | 74 | 53 | ||||||
PAYE and social security | 21 | 33 | ||||||
Value-added tax and goods and services tax | 134 | 29 | ||||||
Total other current liabilities | $ | 2,326 | $ | 2,115 | ||||
10-K
2023 FY
FLUT
Flutter Entertainment plc
26 Mar 24
Annual report
6:09am
($ in millions)
Year ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net loss | $ | (1,211) | $ | (370) | $ | (757) | ||||||
Adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||
Depreciation and amortization | 1,285 | 1,075 | 1,010 | |||||||||
Impairment Loss | 725 | — | — | |||||||||
Change in fair value of derivatives | (7) | (152) | (141) | |||||||||
Non-cash interest (income) / expense, net | (12) | 7 | 17 | |||||||||
Non-cash operating lease expense | 117 | 96 | 70 | |||||||||
Unrealized foreign currency exchange (gain) / loss, net | (225) | 196 | 101 | |||||||||
Loss / (gain) on disposal | 5 | — | (16) | |||||||||
Share-based compensation – equity classified | 180 | 132 | 63 | |||||||||
Share-based compensation – liability classified | 10 | 49 | 425 | |||||||||
Other (expense) / income, net | 163 | (89) | 69 | |||||||||
Deferred tax benefit | (132) | (145) | (12) | |||||||||
Loss / (gain) on extinguishment of long-term debt | 6 | 65 | (130) | |||||||||
Change in contingent consideration | (2) | (6) | 7 | |||||||||
Change in operating assets and liabilities: | ||||||||||||
Player deposits | (1) | (72) | — | |||||||||
Accounts receivable | 23 | (12) | (17) | |||||||||
Prepaid expenses and other current assets | 146 | (97) | (41) | |||||||||
Accounts payable | (4) | (24) | (1) | |||||||||
Other current liabilities | 366 | 207 | (117) | |||||||||
Player deposit liability | (382) | 376 | 80 | |||||||||
Operating leases liabilities | (113) | (73) | (57) | |||||||||
Net cash provided by operating activities | 937 | 1,163 | 553 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Purchases of property and equipment | (159) | (122) | (122) | |||||||||
Purchases of intangible assets | (175) | (100) | (85) | |||||||||
Capitalized software | (268) | (207) | (152) | |||||||||
Acquisitions, net of cash acquired | — | (2,095) | (70) | |||||||||
Proceeds from disposal of property and equipment | — | 7 | 175 | |||||||||
Net cash (used in) investing activities | (602) | (2,517) | (254) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Proceeds from issue of common share upon exercise of options | 13 | 9 | 18 | |||||||||
Proceeds from issuance of long-term debt (net of transaction costs) | 2,018 | 4,692 | 1,661 | |||||||||
Repayment of long-term debt | (1,837) | (2,646) | (1,033) | |||||||||
Acquisition of non-controlling interests | (95) | (251) | — | |||||||||
Distributions to non-controlling interests | — | (7) | (23) | |||||||||
Payment of contingent consideration | — | (11) | (10) | |||||||||
Repurchase of common share | (212) | (3) | (252) | |||||||||
Net cash (used in) / provided by financing activities | (113) | 1,783 | 361 | |||||||||
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 222 | 429 | 660 | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year | 2,990 | 2,681 | 2,151 | |||||||||
Effect of foreign exchange on cash, cash equivalents and restricted cash. | 59 | (120) | (130) | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of year | $ | 3,271 | $ | 2,990 | $ | 2,681 | ||||||
10-K
2023 FY
FLUT
Flutter Entertainment plc
26 Mar 24
Annual report
6:09am
Share-based compensation is classified in the Consolidated Statements of Comprehensive (Loss) as follows:
($ in millions) | 2023 | 2022 | 2021 | |||||||||
Cost of sales | $ | 15 | $ | 6 | $ | 9 | ||||||
Technology, research and development expense | 30 | 42 | 122 | |||||||||
Sales and marketing expenses | 14 | 17 | 55 | |||||||||
General and administrative expenses | 131 | 116 | 302 | |||||||||
Total share-based compensation | $ | 190 | $ | 181 | $ | 488 | ||||||
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