Q1 2025 Financial Results

Core Insights - Flutter Entertainment reported a strong financial performance for Q1 2025, with significant year-over-year growth in revenue and net income, driven by the expansion of its US business and strategic acquisitions [1][4][5] Financial Performance - Average monthly players (AMPs) increased by 8% to 14,880, compared to 13,722 in Q1 2024 [1] - Revenue for Q1 2025 reached $3,665 million, an 8% increase from $3,397 million in Q1 2024 [1] - Net income surged to $335 million, a 289% increase from a net loss of $177 million in Q1 2024 [1][8] - Adjusted EBITDA rose by 20% to $616 million, with an adjusted EBITDA margin of 16.8%, up from 15.1% [1][4] - Earnings per share improved to $1.57, compared to a loss of $1.10 in Q1 2024, marking a 243% increase [1][9] US Market Performance - US revenue grew by 18% to $1,666 million, with sportsbook revenue up 15% and iGaming revenue up 32% [4][11] - The US market share for sports betting and iGaming stood at 43% and 27%, respectively, with a 48% share of net gaming revenue [11] - Adjusted EBITDA for the US segment increased significantly to $161 million from $26 million in Q1 2024, reflecting strong operating leverage [14] International Market Performance - International revenue saw a modest increase of 1% year-over-year, with adjusted EBITDA decreasing by 1% [16] - Key growth regions included Southern Europe and Africa, which offset declines in the Asia Pacific sportsbook segment [16][18] Strategic Acquisitions and Guidance - The company updated its 2025 guidance, expecting total revenue of $17.08 billion and adjusted EBITDA of $3.18 billion, representing year-over-year growth of 22% and 35%, respectively [4][24] - The acquisitions of Snai and NSX are anticipated to contribute an additional $1.07 billion in revenue and $120 million in adjusted EBITDA for 2025 [3][22] Capital Structure and Shareholder Returns - Total debt increased to $6,824 million, with a leverage ratio of 2.2x, consistent with the previous quarter [20] - The share repurchase program continued, with $230 million spent on repurchasing 891 thousand shares in Q1 2025 [21]