FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2023
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Copenhagen, November 15, 2023
Better Collective A/S
www.bettercollective.com
CVR NO.: 27 65 29 13
Interim report Q3 2023
Revenue 75 mEUR, growth of 26%; organic growth of 16%
Recurring revenue 46 mEUR; growth of 49%
EBITDA before special items 20 mEUR; growth of 35%
EBITDA-margin 26%
North American revenue share transition moving faster than
expected
Transformational acquisition of Playmaker Capital secures
market leadership in South America and strengthens leading
North American position
October trading update: Revenues of 24 mEUR; impacted by a
significantly lower sports win margin than expected
The full year financial targets are maintained
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Q3 report 2023 Page 1
*Before special items
Revenue
mEUR
EBITDA*
mEUR
Recurring revenue
mEUR
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Q3 report 2023 Page 2
Highlights Q3, 2023 3
Financial highlights and key figures 5
CEO letter 6
Business review and financial performance 8
Financial performance first nine months 2023 11
Financial targets 12
Other 13
Notes 23
Q3 report 2023 Page 2
Table of
contents
A conference call for Better Collective’s stakeholders will
be held on November 16, at 10:00 a.m. CET and can be
joined online here.
The presentation material for the webcast will be avail-
able after market close on November 15 via:
www.Bettercollective.com
To participate telephonically follow this link . Once
signed up you will receive an e-mail with a phone num-
ber and a personal dial-in code for the call.
Q3 webcast
November 16, 2023
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Q3 report 2023 Page 3
Highlights Q3, 2023
Group revenue grew by 26% to 7 5 mEUR (Q3 2022: 60
mEUR). Organic revenue growth was 16%.
Recurring revenue was 4 6 mEUR, implying 49% growth.
Making up 61% of total group revenue.
Group EBITDA before special items was 20 mEUR, a
growth of 35% (Q3 2022: 15 mEUR). The group EBITDA-
margin before special items was 26%.
The full-year financial targets remain unchanged.
Cash flow from operations before special items was 1 4
mEUR (Q3 2022: 13 mEUR). T he cash conversion was
63%. By the end of Q3, capital reserves stood at 123
mEUR of which cash of 41 mEUR, and other current finan-
cial assets of 10 mEUR and unused credit facilities of 72
mEUR.
New depositing customers (NDC) numbered more than
445,000 in the quarter implying growth of 27%. 87% of
NDCs were sent on revenue share contracts.
The North American contractual transition towards reve-
nue share has been moving faster than expected. In terms
of NDCs, Better Collective grew massively during Q3 and
sent approximately 65,000 NDCs, implying growth of 73%.
Out of this, 64% were on revenue share agreements im-
plying 42,000 NDCs, which equals 159% growth.
The content and social media company Playmaker HQ, was
acquired in the beginning of Q3. With the acquisition, Bet-
ter Collective expanded competitiveness within social me-
dia and sports content production, and the total consider-
ation of the acquisition was 51 mEUR (54 mUSD) with an
upfront payment of 14 mEUR (15 mUSD).
Acquiring leading national sports media with a strong
brand is an important pillar in Better Collective’s global
strategy. During Q3, the group made multiple acquisitions
executing on its strategy and vision to become the leading
digital sports media group:
• In a transaction made with the Everysport Group,
Better Collective acquired four of Sweden’s strongest
sports media brands for a total purchase price of 3.7
mEUR. The four brands are; SvenskaFans.com, Hock-
eysverige.se, FotballDirect, and Innebandy Maga-
zinet.
• Better Collective strengthened its South American po-
sition by acquiring the Brazilian sports media plat-
form, Torcedores.com. Adding the first Brazilian
sports media brand to the group, Better Collective
also acquired an office in Sao Paulo, Brazil.
• Tipsbladet.dk was acquired for 6.5 mEUR, further lev-
eraging Better Collective’s position as a key partner
for advertisers in the Danish market.
The club -financing from October 2022, with Nordea,
Nykredit and Citibank was extended by three years until
October 2026, together with the execution of the accor-
dion option. In doing so the available facilities were in-
creased by 72 mEUR, leaving Better Collective with a total
financing of 319 mEUR where 247 mEUR has been utilized.
A share buyback program of up to 10 mEUR was initiated
and completed during Q3. Better Collective acquired
187,991 shares at an average price of 237.2 SEK. Follow-
ing the purchases, Better Collective held 2.51% of the out-
standing share capital. The purpose of the buyback is to
cover future payments relating to acquisitions and LTI pro-
grams.
Secured proof-of-concept for Better Collective’s in -house
adtech platform, AdVantage. The platform allows Better
Collective to gain stronger knowledge of its audience ena-
bling it to better cater to and serve targeted and contextual
ads. The first AdVantage campaigns have been run on Bet-
ter Collective’s brands and media partnerships across eight
markets.
For the nationwide day of action against gambling addic-
tion 2023, Better Collective’s subsidiary, Mindway AI, en-
tered a strategic partnership with the German Sports
Betting Association (DSWV). The partnership will see the
integration of the innovative Mindway AI solution - Gama-
lyze, into DSWV’s homepage.
Britt Boeskov and René Rechtman were elected to the
Board of Directors at an EGM on 8 August. Following six
years of dedicated work for Better Collective, Klaus Holse
decided to step down from the Board of Directors.
Better Collective opened the doors to its new headquarters
in Copenhagen. The leasing agreement runs for five years
and has a rent obligation of approximately 12 mEUR during
that period.
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Q3 report 2023 Page 4
Significant events after the
period
The October trading update showed revenue of 24.3
mEUR, down 6%. Revenue and earnings were negatively
impacted by an estimated +8mEUR due to a significantly
lower sports win margin than expected.
Better Collective made its second largest acquisition to
date, in a transaction to acquire Playmaker Capital for a
total price consideration of 176 mEUR. Playmaker Capital
is a leading digital sports media group that owns and op-
erates several strong sports media brands across the
Americas. The acquisition will be transformational for Bet-
ter Collective and will strengthen the group’s market lead-
ing position in North America, while also taking market
leadership in South America. Note that despite having sim-
ilar names, Playmaker HQ and Playmaker Capital are not
associated. The closing of the transaction is subject to ap-
proval by the shareholders of Playmaker Capital, court ap-
proval, applicable regulatory approvals, and certain other
closing conditions customary in transactions of this nature.
The transaction is expected to close before the end of Q1
of 2024, whereafter Playmaker Capital will be consolidated
into the Better Collective group Better Collective’s 2023 fi-
nancial targets are maintained, while it plans to revisit its
long-term financial targets for the period 2023 -2027 fol-
lowing the closing of the transaction.
In addition to Better Collective’s presence in Sao Paulo,
established with the acquisition of Torcedore s the group
opened the doors to a new office in Rio de Janeiro.
Mindway AI entered another strategic partnership this time
with the United States’ National Council on Problem Gam-
bling (NCPG). The partnership will see the integration of
Gamalyze, into NCPG’s flagship responsible gambling web-
site; responsiblePlay.org
Better Collective’s Nomination Committee was appointed
based on ownership data as per August 31, 2023.
In late September, Better Collective announced its inten-
tion to carry out a dual listing of the group’s shares on
Nasdaq Copenhagen, in addition to the current listing on
Nasdaq Stockholm. The first day of trading on Nasdaq Co-
penhagen is expected to be November 17, 2023.
Upcoming events
• February 21, 2024, Q4 release
• March 20, 2024, annual report release
• May 21, 2024, Q1 release
• August 21, 2024, Q2 release
Q3 report 2023 Page 4
Q3 report 2023 Page 4
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Q3 report 2023 Page 5
Financial highlights and key figures
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Income statements
Revenue 75,431 59,720 241,491 183,157 269,297
Recurring revenue 46,312 31,075 141,864 82,052 123,365
Revenue Growth (%) 26% 32% 32% 47% 52%
Organic Revenue Growth (%) 16% 23% 23% 30% 34%
Operating profit before depreciation, amortization,
and special items (EBITDA before special items) 19,595 14,556 81,566 49,892 85,075
Operating profit before depreciation
and amortization (EBITDA) 19,073 13,935 79,218 48,228 85,021
Depreciation 1,200 623 2,611 1,593 2,321
Operating profit before amortization
and special items (EBITA before special items) 18,395 13,933 78,954 48,300 82,754
Special items, net - 522 - 621 - 2,347 - 1,664 - 54
Operating profit before amortization (EBITA) 17,873 13,312 76,607 46,635 82,700
Amortization and impairment 6,375 3,682 16,314 8,722 12,347
Operating profit before special items
(EBIT before special items) 12,019 10,251 62,640 39,578 70,407
Operating profit (EBIT) 11,498 9,630 60,293 37,913 70,353
Result of financial items - 6,378 - 612 - 15,985 - 1,961 - 5,389
Profit before tax 5,119 9,017 44,308 35,952 64,964
Profit after tax 3,107 6,949 32,344 27,796 48,075
Earnings per share (in EUR) 0.06 0.13 0.59 0.51 0.88
Diluted earnings per share (in EUR) 0.05 0.12 0.56 0.49 0.85
For a definition of financial key figures and ratios, please refer to page 37.
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Balance sheet
Balance Sheet Total 930,934 799,892 930,934 799,892 785,229
Equity 437,744 420,887 437,744 420,887 412,917
Current assets 106,674 77,256 106,674 77,256 95,025
Current liabilities 92,666 189,322 92,666 189,322 65,068
Net interest bearing debt 222,991 174,504 222,991 174,504 177,879
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Cashflow
Cash flow from operations before special items 14,245 13,171 81,859 48,819 69,816
Cash flow from operations 13,912 12,550 79,858 47,908 68,423
Investments in tangible assets - 1,958 - 703 - 4,140 - 1,263 - 1,804
Cash flow from investment activities - 30,941 - 3,419 - 81,702 - 109,580 - 112,632
Cash flow from financing activities - 318 - 7,119 29,695 70,770 65,737
Financial ratios
Operating profit before depreciation,
amortization (EBITDA) and special items margin (%) 26% 24% 34% 27% 32%
Operating profit before amortization margin (EBITDA) (%) 25% 23% 33% 26% 32%
Operating profit margin (%) 15% 16% 25% 21% 26%
Publishing segment
- EBITDA before special items margin (%) 25% 30% 36% 33% 38%
Paid media segment
- EBITDA before special items margin (%) 29% 11% 29% 13% 16%
Net interest bearing debt / EBITDA before special items 1.91 2.63 1.91 3.38 2.09
Liquidity ratio 1.15 0.41 1.15 0.41 1.46
Equity to assets ratio (%) 47% 53% 47% 53% 53%
Cash conversion rate before special items (%) 63% 86% 95% 95% 80%
Average number of full-time employees 1,053 977 1,126 842 878
NDCs (thousand) 445 354 1,447 1,102 1,683
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Q3 report 2023 Page 6
CEO Letter
Building for the future with
fast paced North American
revenue share transition and
value adding acquisitions
Q3 was another eventful quarter where we continued
working towards sustainable future growth. Following the
exceptional performance during the first half of 2023, Q3
landed in line with expectations. Group revenues grew by
26% to 75 mEUR of which 16% was organic growth. Our
EBITDA grew faster than the top line to 20 mEUR equating
to 35% growth and an EBITDA margin of 26%. During the
quarter we recorded a normalized sports win margin fol-
lowing more favorable sports win margins in H1. We man-
aged to deliver solid results despite I) it being the low sea-
son, and II) our continued investment into future growth
in the North American market.
The quarterly revenue growth was broadly driven by our
media partnerships, which continue to be a solid growth
driver globally, and the strong development in our Paid
Media business. Paid Media delivered a topline growth of
46% and a remarkable 264% surge in operational earnings
with the margin growing from 11% to 29%. This growth
is largely the result of our investments in moving revenues
to recurring revenue share income during 2020 and 2021.
Further, we continued our strong focus on recurring reve-
nue in North America, which grew 24% to 22 mEUR and
accounted for 30% of group revenue. At Better Collective,
sustainable long-term value creation is in our DNA, and I
am very pleased to see how our commercial team in North
America has been able to fast-forward the recurring reve-
nue share transition, providing strong value in the long
run, while being short -term dampening on revenue and
earnings. Allow me to dive a bit into this mechanism.
North American revenue share transition
moving faster than expected
Since the PASPA repeal in 2018, we have been pushing for
revenue share agreements in North America, just like in
most of our operations in the rest of the world. Last year,
we succeeded in either fully or partly transitioning the first
of our partners to this w ay of collaborating. Remind you,
we favor revenue share as this model puts us in the same
boat as our partnering sportsbooks, allowing us to develop
more strategic and long -term partnerships. In short, we
succeed when they succeed.
Having employed the revenue share model for two dec-
ades we have a very strong data foundation proving that
our strategic revenue share partnerships yield higher long-
term customer values versus an upfront payment (CPA).
Our continuous focus on securing recurring revenue
streams has provided Better Collective with a strong com-
petitive advantage. The current recurring revenue
provides us with a strong cash flow to invest in both the
near future - which ensures agility once opportunities arise
- while also enabling us to invest in the future.
The current recurring cash flow primarily stems from cus-
tomers sent during 2021 and the years leading up to 2021.
Hence our large growth in NDCs during 2022 and 2023
bode well for our future value creation. We will continu-
ously push the ‘snowball’ of recurring revenue down hill,
accumulating future growth along the way and growing
the ‘snowball’ ever larger. With this continuous push we
build out our competitive moat and set us further apart
from competition.
Zooming in on North America, I am very satisfied to see
our significant growth in revenue share customers. Across
all the North American region we sent more than 65,000
NDCs during Q3, which implies a growth of 73%. Out of
this, 64% were on revenue share a greements implying
42,000 NDCs, which equals 159% growth. In the begin-
ning of the year, we incorporated this transition into our
financial targets, and we are pleased to see that the tran-
sition is moving faster than first anticipated.
With that in mind we have still managed to grow North
American revenues by 24% to 22 mEUR. As you might re-
call, last year was “the year of extreme CPAs” due to sev-
eral big state launches. Even though the focus during 2023
has been on advancing the revenue share transition, our
North American business has already delivered year -to-
date growth of 30%, leaving me even more confident in
our decision, seeing we can generate short -term growth
while investing in Better Collective’s future.
Personally, I like to think of our revenue share transition
as growth in disguise. I remain highly excited about the
transition, as our data tells us that North American cus-
tomer lifetime values are very high compared to anywhere
else in the world, and to fully capture this potential we
need to operate on revenue share agreements.
I would like to stress that this transitional phase will con-
tinue to have a short -term dampening impact on our fi-
nancial performance in the coming quarters, also heading
into 2024. However, given the above -mentioned factors,
this is something we must see through, as it simply is not
an opportunity we want to miss out on.
Value adding acquisitions
During Q3, we continued our global expansion with no less
than four acquisitions. We acquired Playmaker HQ, an ac-
quisition which provides our group with social media and
content production capabilities needed for long-term suc-
cess in the sports media industry.
By acquiring Playmaker HQ, we also broadened our user
base towards more generalist sports fans which subse-
quently increases the value offering to our existing part-
ners. Additionally, Playmaker HQ also holds extensive
sponsorship sales and know -how that we can deploy to
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Q3 report 2023 Page 7
increase our abilities to monetize audiences outside our
core sports betting audience.
Currently, Playmaker HQ is only active in North America,
and we therefore see great potential in being able to scale
content and know -how across our global presence, and
particularly in South America, where content is consumed
via social media.
Hence, acquiring leading national sports media with a
strong brand is an important pillar in our global strategy.
To further solidify our foothold in the Swedish market we
acquired four of Sweden’s strongest sports media brands;
SvenskaFans.com, Hockeysverige.se, FotballDirect, and
Innebandy Magazinet., in a deal made with the Everysport
Group. Already focusing on Scandinavia, we also acquired
Tipsbladet.dk to leverage Better Collective’s position as a
key partner for Danish advertisers.
Further, in a strategic move to strengthen our presence in
the Brazilian sports media landscape, we completed the
acquisition of the sports media, Torcedores.com. An acqui-
sition that allows us to deliver more comprehensive and
captivating content to Brazilian sports fans.
Following the closure of Q3, we announced the trans-for-
mational acquisition of Playmaker Capital, our second larg-
est acquisition to date. Playmaker is a leading digital sports
media group operating a strong portfolio of sports media
brands across the Americas. Joining forces means that
Better Collective can establish an even more structured en-
try and presence in the South American market, while also
strengthening our leading position in North America.
Over the years, Playmaker has built incredibly strong
sports media brands and excited sports fans across the
Americas with high -quality sports content, to cultivate a
loyal and dedicated following. Combined, its portfolio at-
tracts more than 200 million visits a month and commands
a social media following of more than 180 million. This
means that Better Collective’s global monthly reach now
exceeds 380 million, up from seven million in 2018.
This impressive development is truly a testament to the
high-quality brand portfolio we have built over the past five
years. With the acquisition of Playmaker, we also get a
highly skilled management team bringing unique media
competencies that undoubtedly will boost our organization
even more. We plan to apply our core competencies in
Playmaker’s audience even further and utilize our toolbox
of business models to boost revenues, while our expertise
in performance marketing will also be key.
The acquisition fits perfectly with our strategy of owning
and operating leading national sports media brands, and
further strengthens our position as a preferred partner for
businesses aiming to activate their brands in a relevant
and engaging sports context. As such we have taken a sig-
nificant step towards realizing our vision of becoming the
leading digital sports media group.
Jesper Søgaard
Co-founder & CEO Better Collective
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Q3 report 2023 Page 8
Business review
and financial performance
Group
Q3 was another solid quarter for the Better Collective
group with revenues of 75 mEUR equaling growth of 26%,
of which 16% was organic.
Operational earnings (EBITDA before special items) were
20 mEUR, implying a margin of 26%. The group increased
its operational earnings by 35%.
Recurring revenue came in at 4 6 mEUR, implying growth
of 49%, and made up 61% of group revenues.
Of the recurring revenues 87% came from revenue share
income, 9% from subscription, and 4% from advertise-
ment sales.
The group delivered more than 445,000 new depositing
customers to partnering sportsbooks and continued its
strong growth path during its transitional phase to revenue
share agreements. Q3 NDCs grew by 27%, of which 87%
were revenue share contracts.
Q3 report 2023 Page 8
Q3 report 2023 Page 8
Key figures for the group
tEUR Q3 2023 Q3 2022 Growth YTD 2023 YTD 2022 Growth
Revenue 75,431 59,720 26% 241,491 183,157 32%
Cost 55,837 45,164 24% 159,925 133,265 20%
Operating profit before
depreciation, amortization, and special items 19,595 14,556 34% 81,566 49,892 63%
EBITDA-Margin
before special items 26% 24% 34% 27%
Operating profit before
depreciation and amortization 19,073 13,935
37% 79,218 48,228 64%
EBITDA-Margin 25% 23% 33% 26%
Organic growth 16% 23% 23% 30%
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Q3 report 2023 Page 9
Publishing
The Publishing business includes revenue from Better Col-
lective’s proprietary owned and operated sports media a s
well as media partnerships. The traffic to these brands is
mostly direct or through organic search results.
Revenues from this segment came in at 48 mEUR implying
growth of 17% of which 14% was organic. Operational
earnings came in at 12 mEUR, implying a margin of 25%.
The publishing segment accounted for 64% of group rev-
enues and 61% of operational earnings.
The topline growth came from performance from most
brands in all geographies , where media partnerships are
worth highlighting as they continue to deliver.
The North American contractual transition towards reve-
nue share has been moving faster than expected. In terms
of NDCs, Better Collective grew massively during Q3 and
sent approximately 67,000 NDCs, implying growth of 73%.
The transition postpones revenue and earnings, as it has
a short-term dampening effect on revenues and earnings.
All central costs and costs of new areas of expansion are
recorded in the Publishing segment.
Paid Media
The Paid Media business includes revenue efforts in paid
advertising on search platforms like Google and Bing, as
well as advertising on third party sports media. Given the
upfront payment to advertise on third party platforms the
gross margin is lower than in the Publishing business.
Paid Media revenue was 2 7 mEUR, implying growth of
46%, of which 19% was organic. Over the past quarters,
the transition in revenue share agreements has paid off as
margins have improved and made it possible to further fuel
growth.
Operational earnings came in at 8 mEUR, implying a mar-
gin of 29%. This implies growth of 264% versus last year.
The strong growth in the top line comes from another
broadly based performance with solid growth , especially
from the Americas. The high margin growth comes be-
cause of earlier transition of revenues to recurring revenue
share income.
Key figures for the Publishing segment
tEUR Q3 2023 Q3 2022 Growth YTD 2023 YTD 2022 Growth
Revenue 48,463 41,300 17% 161,214 127,806 26%
Share of Group 64% 69% 67% 70%
Cost 36,574 28,858 27% 102,761 85,118 21%
Share of Group 66% 64% 64% 64%
Operating profit before
depreciation, amortization, and spe-
cial items 11,888 12,442 -4% 58,452 42,688
37%
Share of Group 61% 85% 72% 86%
EBITDA-Margin
before special items 25% 30% 36% 33%
Operating profit before
depreciation and amortization
EBITDA-margin
11,366
23%
11,821
29%
-4%
56,105
35%
41,024
32%
37%
Organic growth 14% 20% 24% 30%
Key figures for the Paid Media segment
tEUR Q3 2023 Q3 2022 Growth YTD 2023 YTD 2022 Growth
Revenue 26,969 18,420 46% 80,277 55,351 45%
Share of Group 36% 31% 33% 30%
Cost 19,262 16,306 18% 57,164 48,147 19%
Share of Group 34% 36% 36% 36%
Operating profit before
depreciation, amortization, and spe-
cial items 7,707 2,114 264% 23,113 7,204
221%
Share of Group 40% 15% 28% 14%
EBITDA-Margin
before special items 29% 11% 29% 13%
Operating profit before
depreciation and amortization
EBITDA-margin
7,707
29%
2,114
11%
264%
23,113
29%
7,204
13%
221%
Organic growth 19% 31% 27% 29%
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Q3 report 2023 Page 10
Europe & Rest of World
The Europe & Rest of the world (ROW) business includes
all markets outside of North America. The European mar-
kets consist of more mature markets and are the legacy
markets of Better Collective . South America is a strong
growth market for Better Collective and makes up an in-
creasingly bigger part of the business. Examples of sports
brands include Soccernews in the Netherlands, Betarades
in Greece, Wettbasis in Germany, Goal.pl in Poland, Les
Transferts in France, and many others. Further it includes
our esport communities HLTV and Futbin. The strategy is
to own the strongest local sports media in all relevant re-
gions.
Given the strong legacy in the European markets where
Better Collective has been sending revenue share custom-
ers the past decade, there is a lot of recurring revenue in
this business.
Europe & ROW posted revenues of 53 mEUR, implying
growth of 27%. Operational earnings came in at 17 mEUR,
giving a margin of 31% and growing 32%. Europe & ROW
revenue accounted for 70% and operational earnings ac-
counted for 85%. As mentioned, these markets are heavily
exposed towards recurring revenue share income, mean-
ing fluctuations in the sports win margin has a bigger im-
pact here. During Q3 the sports win margin was lowered
to more normalized levels as compared to previous quar-
ters with overperforming sports win margins.
North America
Both the US and the Canadian markets are somewhat re-
cently regulated. The first states in the US started regulat-
ing in 2018. As both markets are young, revenues largely
have been generated from one-time payments (CPA). Last
year, Better Collective started to seek a transition towards
recuring revenues in the US. North American sports brands
include amongst other Action Network, Playmaker HQ Ve-
gasInsider, RotoGrinders, Sportshandler, and Canada
Sports Betting.
The North American revenue came in at 22 mEUR, imply-
ing growth of 24%. Operational earnings came in at 3
mEUR equaling a margin of 13% up from 11%. The group
continues its transition towards recurring revenue share
which has been moving faster than expected. In terms of
NDCs, Better Collective sent approx. 65,000 NDCs, imply-
ing growth of 7 3%. Out of this, 64% were on revenue
share agreements implying 42,000 NDCs, which equals
159% growth.
.
Key figures for Europe & RoW and North America segments
Europe & ROW North America
tEUR Q3 2023 Q3 2022 Growth YTD 2023 YTD 2022 Growth Q3 2023 Q3 2022 Growth YTD 2023 YTD 2022 Growth
Revenue 52,941 41,595 27% 158,932 119,600 33% 22,490 18,125 24% 82,559 63,558 30%
Share of Group 70% 70% 66% 65% 30% 30% 34% 35%
Cost 36,305 28,955 25% 102,434 84,022 22% 19,532 16,209 21% 57,491 49,243 17%
Share of Group 65% 64% 64% 63% 35% 36% 36% 37%
Operating profit before depreciation, amortization, and
special items 16,637 12,640 32%
56,498 35,578 59%
2,958 1,915 54%
25,068 14,314 75%
Share of Group 85% 87% 69% 71% 15% 13% 31% 29%
EBITDA-Margin before special items 31% 30% 36% 30% 13% 11% 30% 23%
Operating profit before depreciation and amortization 16,519 12,055 37% 55,055 34,703 59% 2,554 1,330 113% 23,405 13,440 76%
EBITDA-Margin 31% 29% 35% 29% 11% 7% 28% 21%
3
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Q3 report 2023 Page 11
Financial performance first
nine months 2023
Revenue growth of 32% to 241 mEUR and
organic growth of 23%
Revenue showed strong growth vs. 2022 of 32% and
amounted to 241.5 mEUR (YTD 2022: 183.2 mEUR). Rev-
enue share accounted for 50% of the revenue with 30%
coming from CPA, 5% from subscription sales, and 12%
from other income.
Cost of 160 mEUR - up from 133 mEUR
The increased costs are driven by Paid Media, whereas
cost to return media partnerships increased as well. The
cost base excluding depreciation and amortization grew 16
mEUR, up to 159.9 mEUR (YTD 2022: 133.3 mEUR).
Total direct cost relating to revenue increased by 9.5
mEUR to 74.9 mEUR (YTD 2022: 65.4 mEUR) with the
growth coming from increased cost in Paid Media, and di-
rect costs related to media partnerships. Beyond the cost
of paid traffic, this includes hosting fees of websites, con-
tent generation, and external development.
Personnel cost increased 30% from September 2022 to 66
mEUR 2023 (YTD 2022: 50.7 mEUR). The average number
of employees increased 25% to 1,053 (YTD 2022: 842).
Personnel costs include costs related to warrants of 2,4
mEUR (YTD 2022: 1.3 mEUR).
Other external costs increased 2 mEUR or 12% to 19
mEUR (YTD 2022: 17.1 mEUR). Depreciation and amorti-
zation amounted to 16.3 mEUR (YTD 2022: 10.7 mEUR).
The increase is primarily due to amortization related to the
acquisition of FUTBIN and Skycon as well as new media
partnerships.
Special items
Special items amounted to a cost of 2.3 mEUR (YTD 2022:
1.7 mEUR). The net cost of 2.3 mEUR is primarily related
to M&A expenses of 1.7 mEUR and restructuring of 0.5
mEUR.
Earnings
Operational earnings (EBITDA) before special items grew
63% to 81.6 mEUR (YTD 2022: 49.9 mEUR). The EBITDA-
margin before special items was 34% (YTD 2022: 27%).
Including special items, the reported EBITDA was 79.2
mEUR. (YTD 2022: 48.2 mEUR).
EBIT before special items increased 73% to 62.6 mEUR
(YTD 2022: 39.6 mEUR). Including special items, the re-
ported EBIT was 60.3 mEUR (YTD 2022: 37.9 mEUR).
Net financial items
Net financial costs amounted to 16 mEUR (YTD 2022: 2
mEUR) and included net interest, fees relating to bank
credit lines, unrealized losses on shares and exchange rate
adjustments. Interest expenses amounted to 8.3 mEUR
and included non-payable, calculated interest expenses on
certain balance sheet items . Out of the net interest 7.1
mEUR are paid.
Net financial costs are impacted by an unrealized loss of
5.2 mEUR on Catena Media shares and financing fees of
0.8 mEUR whereas net exchange rate loss amounted to
1.0 mEUR.
Income tax
Better Collective has a tax presence in the places where
the company is incorporated. These places count Denmark
(where the parent company is incorporated), Austria,
France, Greece, Malta, Netherlands, Poland, Portugal, Ro-
mania, Serbia, Sweden, UK, Canada, Brazil, and the US.
Income tax YTD 2023 amounted to 11.9 mEUR (YTD 2022:
8.2 mEUR). The Effective Tax Rate (ETR) was 27% (YTD
2022: 22.7%).
Net profit
Net profit after tax was 32.3 mEUR ( YTD 2022: 27.8
mEUR). Earnings per share (EPS) increased by nearly 14%
to 0.58 EUR/share vs. 0.51 EUR/share YTD 2022.
Equity
The equity increased to 437.7 mEUR as per September 30,
2023, from 412.9 mEUR on December 31, 202 2. Besides
the YTD profit of 32.3 mEUR, the equity has been impacted
by the acquisition of treasury shares of 13.4 mEUR and
share-based payments of 2.4 mEUR. The increase in USD
vs. EUR has impacted the equity by 2.4 mEUR.
Balance sheet
Total assets amounted to 930.9 mEUR (202 2: 785.2
mEUR), with an equity of 437.7 mEUR (202 2: 412.9
mEUR). This corresponds to an equity to assets ratio of
47% (2022: 53%). The liquidity ratio was 1.15 resulting
from current assets of 106.6 mEUR and current liabilities
of 92.6 mEUR. The ratio of net interest-bearing debt to
EBITDA before special items was 1.9 at the end of Sep-
tember.
===== SIDA 13 =====
Q3 report 2023 Page 12
Investments
On 14 April, Better Collective acquired Skycon for a pur-
chase price of up to 51 mEUR (45 mGBP) on a cash and
debt free basis. The net cash flow impact of the transaction
was 30 mEUR considering deferred payments and acquired
net assets.
On July 3, 2023 Better Collective US, Inc. completed the
acquisition of Playmaker HQ for up to 51 mEUR (54 mUSD)
with an initial consideration of 14.1 mEUR (15 mUSD) on
a cash and debt-free basis.
On August 15, 2023 Better Collective announced the ac-
quisition of four brands SvenskaFans.com, Hockeysve-
rige.se, Fotbolldirekt.se and Innebandymagazinet.se from
Everysport Group to further expand its position within the
Swedish sports media ecosystem for a total consideration
of 3.7 mEUR on a cash and debt-free basis.
On September 4, 2023 Better Collective announced the ac-
quisition of Torcedores.com, by acquiring Goalmedia Tech-
nologia E Marketing Digital S.A.
During the period investments in accounts and other in-
tangible assets amounted to 8.1 mEUR.
Cash flow and financing
Cash flow from operations before special items was 61
mEUR (YTD 2022: 40.5 mEUR) with a cash conversion of
95%.
At 30 September, Better Collective has bank credit facilities
of a total 319 mEUR. In August Better Collective extended
the club-financing by three years to October 2026 as well
as executing the accordion option and thereby increasing
the available facilities with 72 mEUR, leaving the group
with a total financing of 319 mEUR where 247 mEUR has
been utilized. By the end of September 2023, capital re-
serves stood at 122.5 mEUR consisting of cash of 40.7
mEUR, other current financial assets of 9.8 mEUR in form
of listed shares and unused credit facilities of 72 mEUR.
The parent company
Better Collective A/S, Denmark, is the parent company of
the group. Revenue grew by 60% to 71.3 mEUR (YTD
2022: 44.6 mEUR).
Total costs including depreciation and amortization was
67.8 mEUR (YTD 2022: 43.1 mEUR). Profit after tax was
36.4 mEUR (YTD 2022: 57.5 mEUR). The change in profit
after tax is primarily due to differences in dividend pay-
ments from subsidiaries, exchange rate adjustments, fi-
nancial expenses, and corporate tax.
Total equity ended at 439 mEUR by September 30, 2023
(2022: 411.1 mEUR). The equity in the parent company
was impacted by treasury share transactions (13.4 mEUR),
cost of warrants of 2.4 mEUR and merger with HLTV (3.2
mEUR)
Disclaimer
This report contains certain forward -looking statements
and opinions. Forward-looking statements are statements
that do not relate to historical facts and events. Such state-
ments or opinions pertaining to the future, for example
include wording like; “believes”, “deems”, “estimates”,
“anticipates”, “aims’, and “forecasts” or similar expres-
sions, and are intended to identify a statement as forward-
looking. This applies to statements and opinions concern-
ing the future financial returns, plans and expectations
with respect to the business and management of the
group, future growth and profitability and general eco-
nomic and regulatory environment and other matters af-
fecting Better Collective. Forward-looking statements are
based on current estimates and assumptions made accord-
ing to the best of the group’s knowledge. These state-
ments are inherently associated with both known and un-
known risks, uncertainties, and other factors that could
cause the results, including the group’s cash flow, financial
condition and operations, to differ materially from the re-
sults, or fail to meet expectations expressly or implicitly ,
assumed or described in those statements or to turn out
to be less favorable than the results expressly or implicitly
assumed or described in those statements. Better
===== SIDA 14 =====
Q3 report 2023 Page 13
Collective can give no assurance regarding the future ac-
curacy of the opinions set forth herein or as to the actual
occurrence of any predicted developments and/or targets.
Considering the risks, uncertainties and assumptions asso-
ciated with forward-looking statements, it is possible that
certain future events may not occur. Moreover, forward -
looking estimates derived from third -party studies may
prove to be inaccurate. Actual results, performance or
events may differ materially from those in such statements
due to, without limitation: changes in general economic
conditions, in particular economic conditions in the mar-
kets in which the group operates, changes affecting inter-
est rate levels, changes affecting currency exchange rates,
changes in competition levels, changes in laws and regu-
lations, and occurrence of accidents or environmental
damages and systematic delivery failures. We undertake
no obligation to update or revise any forward looking
statements, whether as a result of new information, future
events or otherwise, except to the extent required by law.
Financial targets
2023
The board of directors ha s decided on targets for the fi-
nancial year 2023 as announced in the 2022 full year re-
port. Following the acquisition of Skycon Limited and the
record breaking Q1, the financial targets were upgraded:
• Revenue of 315-325 mEUR (previously 305-315
mEUR)
• EBITDA before special items of 105-115 mEUR (pre-
viously 95-105 mEUR)
• Net debt to EBITDA before special items <2.0 (un-
changed)
Financial targets
2023- 2027
The new financial targets for the Better Collective group
for 2023-2027 (include M&A):
• Revenue CAGR of +20%
• EBITDA margin before special items of 30-40%
• Net debt to EBITDA before
special items of <3
The long-term target assumes that M&A are solely fi-
nanced by own cash flow and debt.
Other
Shares and share capital
Better Collective A/S is listed on Nasdaq Stockholm main
market. The shares are traded under the ticker “BETCO”.
As per September 30, 2023, the share capital amounted to
552,238.47 EUR, and the total number of issued shares
was 55,223,847. The company has one (1) class of shares.
Each share entitles the holder to one vote at the general
meetings.
On July 7, 2023 Better Collective A/S initiated a share buy-
back program for up to 10 mEUR, to be executed during
the period from July 7, 2023 to August 21, 2023. The pur-
pose of the program is to cover future payments relating
to acquisitions and LTI programs. The share buyback pro-
gram was completed on August 21, 2023 and the accumu-
lated no. of shares under the program was 187,991. Fol-
lowing the purchases, Better C ollective A/S holds
1,387,580 treasury shares corresponding to 2.51% of the
outstanding share capital of the Company.
In relation to the release of Better Collective’s Q2 report,
an exercise window opened on August 23, 2023 and closed
on September 6, 2023. 12 employees wished to exercise
47,011 warrants under the 2019 warrant program. On
September 18, 2023 the Board of Directors resolved to is-
sue 47,011 new ordinary shares in Better Collective A/S.
Shareholder structure
As of September 30, 2023, the total number of sharehold-
ers was 4,485. A list of top ten shareholders in Better Col-
lective A/S can be found on the group’s website.
Nomination Committee
Better Collective’s Nomination Committee has been ap-
pointed and must consist of four members, representing
the three largest shareholders as per the end of August
2023, together with the Chair of the Board of Directors. On
August 31, 2023, the two largest shareholders were Chr.
Dam Holding and J. Søgaard Holding which due to their
interlinked ownership are grouped. In accordance with the
Financial targets 2023
Updated targets 2023 Targets 2023 Actual 2022
Revenue 315-325 mEUR 290-300 mEUR 269.3 mEUR
EBITDA (before special items) 105-115 mEUR 90-100 mEUR 85.1 mEUR
Net interest bearing debt/EBITDA <2.0 <2.0 2.67
===== SIDA 15 =====
Q3 report 2023 Page 14
shareholders’ decision, the appointees of the Nomination
Committee are:
• Søren Jørgensen, Chair, appointed by Chr. Dam
Holding and J. Søgaard Holding
• Martin Jonasson, appointed by Andra AP-Fonden,
also representing Tredje AP-Fonden
• Michael Knutsson, appointed by Knutsson Holdings
AB
• Jens Bager, Chair of the Board of Directors, Better
Collective
Extraordinary General Meeting 2023
On August 8, 2023 Better Collective hosted an electronic
extraordinary general meeting (EGM), where the share-
holders approved the proposals from the Nomination Com-
mittee regarding the election of Britt Boeskov and René
Rechtman as new members of the Board of Directors. Fol-
lowing years of dedicated work on the Better Collective
Board of Directors, Board member Klaus Holse, wished to
resign with effect as of the EGM. Klaus Holse and his con-
tributions to the Better Collective group are greatly appre-
ciated.
Dual listing
In late September, Better Collective announced its inten-
tion to carry out a dual listing of the group’s shares on
Nasdaq Copenhagen, in addition to the current listing on
Nasdaq Stockholm. The first day of trading on Nasdaq Co-
penhagen is expected to be November 17, 2023.
Incentive programs
To attract and retain key competences, the company has
established warrant programs for certain key employees.
All warrants with the right to subscribe for one ordinary
share. If all outstanding warrants are subscribed, then the
maximum shareholders diluti on will be approximately
4.9%. On January 3, 2023, the board of directors imple-
mented a Long-Term Incentive Plan (LTI) for key employ-
ees in the Better Collective group.
In total the grants under the LTI in 2023 cover 134 ,953
performance share units and 239,350 share options to 63
key employees in total, vesting over a 3 -year period. The
total value of the 2023 LTI grant program is 2.9 mEUR
(calculated Black-Scholes value) measured at the target
level, which is to say 100% achievement of the financial
goals. On April 25, 2023, a new LTI program was approved
for executive management. The total grant of 300,000
share options will vest over a 3 -year period given certain
vesting conditions set by the Board of Directors. The total
value of the 2023 LTI grant program is 2.6 mEUR
(calculated Black-Scholes value) measured at the target
level, which is to say 100% achievement of the financial
goals.
Risk management
Through an Enterprise Risk Management process, various
gross risks in Better Collective are identified. Each risk is
described, including current risk mitigation in place, or
planned mitigating actions. The subsequent analysis of the
identified risks includes an inherent risk evaluation based
on two main parameters: probability of occurrence and im-
pact on future earnings and cash flow. Better Collective’s
management continuously monitors risk development in
the Better Collective group. The risk evaluation i s pre-
sented to the Board of Directors annually, for discussion
and any further mitigating actions required. The board
evaluates risk dynamically to account for this variation in
risk impact. The policies and guidelines in place stipulate
how management must work with risk management.
Better Collective’s compliance with these policies and
guidelines is also monitored by the management on an on-
going basis. Better Collective seeks to identify and under-
stand risks and mitigate them accordingly. Also, the
group’s close and longstanding relationships with custom-
ers allow Better Collective to anticipate and respond to
market movements and new regulations including compli-
ance requirements from authorities and sportsbooks.
Warrant programs
Program
Warrants out-
standing
September 30,
2023
Vesting
Period
Exercise
Period
Exercise Price
DKK
Exercise Price
EUR (rounded)
2019* 922,086 2020-2023 2022-2024 64.78 8.70
2020** 25,000 2021-2023 2023-2025 61.49 8.26
2020* 246,666 2021-2023 2023-2025 106.35 14.28
2021* 381,614 2022-2024 2024-2026 150.41 20.20
2021 US MIP Options 117,198 2021-2024 2024-2026 138.90 18.65
2021 US MIP PSU 132,786 2021-2024 2024-2026
2022 US MIP Options 14,610 2022-2023 2023-2026 107.25 14.40
2022 US MIP PSU 26,177 2022-2023 2023-2026
2022 Options 22,138 2022-2024 2025-2027 130.98 17.59
2022 PSU 67,276 2022-2024 2025-2027
2023 CXO Options 300,000 2023-2025 2026-2028 142.08 19.08
2023 Options 239,338 2023-2025 2026-2028 77.50 10.41
2023 PSU 131,311 2023-2025 2026-2028
===== SIDA 16 =====
Q3 report 2023 Page 15
With the US division, the overall risk profile of Better Col-
lective has changed, and compliance as well as financial
risk have increased.
Better Collective has mitigated the additional risks in US in
several ways, compliance risk through involvement of reg-
ulatory bodies in our licensing process for newly estab-
lished entities, financial risk through a performance-based
valuation of the acquir ed entities, and organizational risk
through establishment of local governance, and finance,
HR, and legal organization dedicated to the US operations.
During 2022 and 2023 the macroeconomic environment
has impacted the global economy with rising interest rates.
Better Collective has mitigated and addressed the credit
and interest rate risk by entering a new long-term commit-
ted facility with three banking partners in August, securing
attractive terms and a long -term 3-year commitment.
Other key risk factors are described in the Annual report
2022.
Contacts
Senior Director Group Strategy, IR and Corp. Comms.
Mikkel Munch-Jacobsgaard
investor@bettercollective.com
This information is such information as Better Collective
A/S is obliged to make public pursuant to the EU Market
Abuse Regulation. The information was submitted for pub-
lication, through the agency of the contact person set out
above on November 15, 2023, after market close (CET).
About
With a vision to become the leading digital sports media
group, Better Collective owns global and national sport
media. We are on a mission to excite sports fans through
engaging content and foster passionate communities
worldwide. Headquartered in Copenhagen, Denmark, and
listed on Nasdaq Stockholm (BETCO), Better Collective's
portfolio includes; Action Network , VegasInsider.com,
HLTV.org, FUTBIN.com, and Playmaker HQ.
To learn more about Better Collective please visit
www.Bettercollective.com
Q3 report 2023 Page 15
Q3 report 2023 Page 15
===== SIDA 17 =====
Q3 report 2023 Page 16
Statement by the board of
directors and the executive
management
Statement by the board of directors and the execu-
tive management on the condensed consolidated
interim financial statements and the parent com-
pany condensed interim financial statements for
the period January 1 – September 30, 2023.
Today, the board of directors and the executive
management have discussed and approved the
condensed consolidated interim financial statements and
the parent company condensed interim financial state-
ments of Better Collective A/S for the period
January 1 – September 30, 2023.
The condensed consolidated interim financial statements
for the period January 1 – September 30, 2023, are pre-
pared in accordance with IAS 34 Interim Financial Report-
ing as adopted by the EU, and additional requirements of
the Danish Financial Statements Act. The parent company
condensed interim financial statements have been in-
cluded according to the Danish Executive Order on the
Preparation of Interim Financial Reports.
In our opinion, the condensed consolidated interim
financial statements and the parent company condensed
interim financial statements give a true and fair view of the
group’s and parent company’s assets,
liabilities and financial position on September 30, 2023,
and of the results of the group’s and parent company’s
operations and the group’s cash flows for the period
January 1 – September 30, 2023.
Further, in our opinion, the management’s review gives a
fair review of the development in the group’s and the par-
ent company’s operations and financial matters and the
results of the group’s and the parent company’s operations
and financial position, as well as a description of the major
risks and uncertainties, the group and the parent company
are facing.
Copenhagen, November 15, 2023
Executive management
Jesper Søgaard
Co-founder & CEO
Christian Kirk Rasmussen
Co-founder & COO
Executive Vice President
Flemming Pedersen
CFO
Executive Vice President
Board of directors
Jens Bager
Chair
Therese Hillman
Vice Chair
Britt Boeskov
Todd Dunlap Leif Nørgaard René Rechtman
Petra von Rohr
===== SIDA 18 =====
Q3 report 2023 Page 17
Independent auditor's report
To the shareholders of Better Collective
A/S
We have reviewed the condensed consolidated interim fi-
nancial statements of Better Collective A/S for the period
January 1 – September 30, 2023, which comprise a con-
solidated income statement, consolidated statement of
other comprehensive income, consolidated balance sheet,
consolidated statement of changes in equity, consolidated
cash flow statement and notes as presented on page 18 -
33. The condensed consolidated interim financial state-
ments are prepared in accordance with IAS 34 Interim Fi-
nancial Reporting, as adopted by the EU, and additional
requirements of the Danish Financial Statements Act.
Management's responsibilities for the condensed
consolidated interim financial statements
Management is responsible for the preparation of con-
densed consolidated interim financial statements in ac-
cordance with IAS 34 Interim Financial Reporting, as
adopted by the EU, and additional requirements of the
Danish Financial Statements Act and for such internal con-
trol as Management determines is necessary to enable the
preparation of condensed consolidated interim financial
statements that are free from material misstatement,
whether due to fraud or error.
Auditor's responsibilities
Our responsibility is to express a conclusion on the con-
densed consolidated interim financial statements. We con-
ducted our review in accordance with the International
Standard on Review of Interim Financial Information Per-
formed by the Independent Auditor of the Entity and ad-
ditional requirements applicable in Denmark.
This requires us to conclude whether anything has come
to our attention that causes us to believe that the con-
densed consolidated interim financial statements, taken as
a whole, are not prepared, in all material respects, in ac-
cordance with IAS 34 Interim Financial Reporting, as
adopted by the EU, and additional requirements of the
Danish Financial Statements Act. This standard also re-
quires us to comply with relevant ethical requirements.
A review of the condensed consolidated interim financial
statements in accordance with the International Standard
on Review of Interim Financial Information Performed by
the Independent Auditor of the Entity is a limited assur-
ance engagement. The auditor p erforms procedures pri-
marily consisting of making enquiries of Management and
others within the company, as appropriate, applying ana-
lytical procedures and evaluate the evidence obtained.
The procedures performed in a review are substantially
less that those performed in an audit conducted in accord-
ance with the International Standards on Auditing.
Accordingly, we do not express an audit opinion on the
condensed consolidated interim financial statements.
Conclusion
Based on our review, nothing has come to our attention
that causes us to believe that these condensed consoli-
dated interim financial statements are not prepared, in all
material respects, in accordance with IAS 34 Interim Fi-
nancial Reporting, as adopted by the EU, and additional
requirements of the Danish Financial Statements Act.
Other matters
The condensed consolidated interim financial statements
contain actual figures for the period July 1 – September
30, 2023 (Q3 2023), together with comparative figures for
the period July 1 – September 30, 2022 (Q3 2022). The
actual figures for Q3 2023 and the comparative figures for
Q3 2022 have not been subject to review. Accordingly, we
do not express an opinion or any other form of assurance
on the actual Q3 2023 figures or on the comparative fig-
ures for Q3 2022.
Copenhagen, November 15, 2023
EY Godkendt Revisionspartnerselskab
CVR no. 30 70 02 28
Jan C. Olsen
State Authorised
Public Accountant
mne33717
Peter Andersen
State Authorised
Public Accountant
mne34313
===== SIDA 19 =====
Q3 report 2023 Page 18
Financial statements for the
period January 1 – September 30
Condensed interim
consolidated income statement
Not
e tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
3 Revenue 75,431 59,720 241,491 183,157 269,297
Direct costs related to revenue 25,669 21,691 74,862 65,447 92,227
4 Staff costs 23,408 17,326 66,018 50,727 68,639
Other external expenses 6,760 6,148 19,045 17,091 23,356
Operating profit before depreciation and amortization (EBITDA)
and special items 19,595 14,556 81,566 49,892 85,075
Depreciation 1,200 623 2,611 1,593 2,321
Operating profit
before amortization (EBITA) and special items 18,395 13,933 78,954 48,300 82,754
7 Amortization and impairment 6,375 3,682 16,314 8,722 12,347
Operating profit (EBIT) before special items 12,019 10,251 62,640 39,578 70,407
5 Special items, net - 522 - 621 - 2,347 - 1,664 - 54
Operating profit 11,498 9,630 60,293 37,913 70,353
Financial income 799 833 4,179 4,178 4,198
Financial expenses 7,178 1,445 20,164 6,140 9,587
Profit before tax 5,119 9,017 44,308 35,952 64,964
6 Tax on profit for the period 2,012 2,068 11,964 8,156 16,888
Profit for the period 3,107 6,949 32,344 27,796 48,075
Earnings per share
attributable to equity holders of the company
Average number of shares 55,183,479 55,002,192 55,164,474 54,584,822 54,363,312
Average number of warrants
- converted to number of shares 2,635,780 2,449,465 2,679,260 2,504,339 2,495,614
Earnings per share (in EUR) 0.06 0.13 0.59 0.51 0.88
Diluted earnings per share (in EUR) 0.05 0.12 0.56 0.49 0.85
Condensed interim
consolidated statement of other comprehensive income
Note tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Profit for the period 3,107 6,949 32,344 27,796 48,075
Other comprehensive income
Other comprehensive income to be reclassified to profit or loss in
subsequent periods:
Currency translation to presentation currency 805 342 521 - 153 - 905
Currency translation of non-current intercompany loans 8,055 18,703 3,048 43,343 17,030
Income tax - 1,772 - 4,115 - 671 - 9,535 - 3,747
Net other comprehensive income/loss 7,087 14,930 2,898 33,655 12,379
Total comprehensive income/(loss) for the period, net of tax 10,194 21,879 35,242 61,451 60,454
Attributable to:
Shareholders of the parent 10,194 21,879 35,242 61,451 60,454
===== SIDA 20 =====
Q3 report 2023 Page 19
Condensed interim
consolidated balance sheet
Note tEUR Q3 2023 Q3 2022 2022
Assets
Non-current assets
7 Intangible assets
Goodwill 262,980 193,142 183,942
Domains and websites 473,436 481,366 460,513
Accounts and other intangible assets 54,978 27,916 27,016
Total intangible assets 791,395 702,424 671,471
Property, plant and equipment
Land and buildings
Right of use assets 14,906 5,955 6,269
Leasehold improvements, Fixtures and fittings, other plant and equipment 5,510 2,446 2,574
Total property, plant and equipment 20,416 8,401 8,843
Other non-current assets
Deposits 1,716 734 726
Deferred tax asset 10,732 11,077 9,165
Total other non-current assets 12,448 11,811 9,891
Total non-current assets 824,259 722,636 690,204
Current assets
Trade and other receivables 45,097 38,693 53,179
Corporation tax receivable 6,854 2,025 6,423
Prepayments 4,306 3,974 3,926
Other current financial assets 9,742 0 0
Cash 40,676 32,564 31,497
Total current assets 106,674 77,256 95,025
Total assets 930,934 799,892 785,229
Note tEUR Q3 2023 Q3 2022 2022
Equity and liabilities
Equity
Share Capital 552 551 551
Share Premium 273,184 272,535 272,550
Currency Translation Reserve 26,074 44,453 23,177
Treasury Shares - 21,050 - 2,102 - 7,669
Retained Earnings 158,983 105,450 124,307
Total equity 437,744 420,887 412,917
Non-current Liabilities
8 Debt to credit institutions 248,359 85,725 201,708
8 Lease liabilities 12,577 4,705 4,962
8 Deferred tax liabilities 90,173 78,891 78,167
8 Other long-term financial liabilities 49,415 20,361 22,407
Total non-current liabilities 400,524 189,683 307,244
Current Liabilities
Prepayments received from customers and deferred revenue 4,066 6,681 8,023
Trade and other payables 26,486 22,951 22,252
Corporation tax payable 4,516 14,341 5,221
8 Other financial liabilities 54,866 28,711 26,865
Debt to credit institutions 23 115,171 1,055
8 Lease liabilities 2,708 1,467 1,653
Total current liabilities 92,666 189,322 65,068
Total liabilities 493,189 379,005 372,312
Total Equity and liabilities 930,934 799,892 785,229
===== SIDA 21 =====
Q3 report 2023 Page 20
Condensed interim
consolidated statement of changes in equity
tEUR
Share
capital
Share
premium
Currency
translation
reserve
Treasury
shares
Retained
earnings
Pro-
posed
dividend
Total
equity
As of January 1, 2023 551 272,550 23,177 - 7,669 124,307 0 412,917
Result for the period 0 0 0 0 32,344 0 32,344
Other comprehensive income
Currency translation
to presentation currency 0 0 3,568 0 0 0 3,568
Tax on other
comprehensive income 0 0 - 671 0 0 0 - 671
Total other
comprehensive income 0 0 2,898 0 0 0 2,898
Total comprehensive income for the year 0 0 2,898 0 32,344 0 35,242
Transactions with owners
Capital Increase 1 634 0 0 0 0 635
Acquisition of treasury shares 0 0 0 - 13,368 0 0 - 13,368
Disposal of treasury shares 0 0 0 0 0 0 0
Share based payments 0 0 0 0 2,359 0 2,359
Transaction cost 0 0 0 - 13 - 27 0 - 40
Total transactions with owners 1 634 0 - 13,381 2,332 0 - 10,414
At September 30, 2023 552 273,184 26,074 - 21,050 158,983 0 437,744
During the period no dividend was paid.
tEUR
Share
capital
Share
pre-
mium
Currency
translation
reserve
Treasury
shares
Retained
earnings
Pro-
posed
divi-
dend
Total
equity
As of January 1, 2022 546 267,873 10,798 - 8,074 73,705 0 344,848
Result for the period 0 0 0 0 27,796 0 27,796
Other comprehensive income
Currency translation
to presentation currency 0 0 43,190 0 0 0 43,190
Tax on other
comprehensive income 0 0 - 9,535 0 0 0 - 9,535
Total other
comprehensive income 0 0 33,655 0 0 0 33,655
Total comprehensive income for the year 0 0 33,655 0 27,796 0 61,451
Transactions with owners
Capital Increase 5 4,662 0 0 0 0 4,667
Acquisition of treasury shares 0 0 0 - 8,684 0 0 - 8,684
Disposal of treasury shares 0 0 0 14,656 842 0 15,498
Share based payments 0 0 0 0 3,127 0 3,127
Transaction cost 0 0 0 0 - 20 0 - 20
Total transactions with owners 5 4,662 0 5,972 3,949 0 14,588
At September 30, 2022 551 272,535 44,453 - 2,102 105,450 0 420,887
During the period no dividend was paid.
===== SIDA 22 =====
Q3 report 2023 Page 21
Condensed interim
consolidated statement of changes in equity – continued
tEUR
Share
capital
Share
premium
Currency
translation re-
serve
Treasury
shares
Retained
earnings
Proposed divi-
dend
Total
equity
As of January 1, 2022 546 267,873 10,798 - 8,074 73,705 0 344,848
Result for the period 0 0 0 0 48,075 0 48,075
Other comprehensive income
Currency translation
to presentation currency 0 0 16,125 0 0 0 16,125
Tax on other
comprehensive income 0 0 - 3,747 0 0 0 - 3,747
Total other
comprehensive income 0 0 12,379 0 0 0 12,379
Total comprehensive income for the year 0 0 12,379 0 48,075 0 60,454
Transactions with owners
Capital Increase 5 4,677 0 0 0 0 4,683
Acquisition of treasury shares 0 0 0 - 14,250 0 0 - 14,250
Disposal of treasury shares 0 0 0 14,656 842 0 15,498
Share based payments 0 0 0 0 1,713 0 1,713
Transaction cost 0 0 0 0 - 28 0 - 28
Total transactions with owners 5 4,677 0 406 2,526 0 7,615
At December 31, 2022 551 272,550 23,177 - 7,669 124,307 0 412,917
During the period no dividend was paid.
===== SIDA 23 =====
Q3 report 2023 Page 22
Condensed interim
consolidated statement of cash flows
Note tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Profit before tax 5,119 9,017 44,308 35,952 64,964
Adjustment for finance items 6,378 612 15,985 1,961 5,389
Adjustment for special items 522 621 2,347 1,664 54
Operating Profit for the period before special items 12,019 10,251 62,640 39,578 70,407
Depreciation and amortization 7,575 4,305 18,926 10,314 14,668
Other adjustments of non-cash operating items 807 731 2,417 1,177 1,690
Cash flow from operations
before changes in working capital and special items 20,402 15,287 83,983 51,070 86,765
Change in working capital - 6,157 - 2,116 - 2,124 - 2,251 - 16,949
Cash flow from operations before special items 14,245 13,171 81,859 48,819 69,816
Special items, cash flow - 333 - 621 - 2,000 - 911 - 1,393
Cash flow from operations 13,912 12,550 79,858 47,908 68,423
Financial income, received - 475 268 166 1,567 1,682
Financial expenses, paid - 3,027 - 1,016 - 7,078 - 4,088 - 5,666
Cash flow from activities before tax 10,410 11,802 72,946 45,388 64,439
Income tax paid - 3,005 - 1,831 - 11,972 - 4,811 - 16,239
Cash flow from operating activities 7,406 9,971 60,974 40,577 48,200
9 Acquisition of businesses - 19,636 - 639 - 49,403 - 13,819 - 14,337
7 Acquisition of intangible assets -8,094 -2,028 -11,718 -94,458 - 96,452
Acquisition of property, plant and equipment - 1,958 - 703 - 4,140 - 1,263 - 1,804
Sale of property, plant and equipment 0 0 3 0 16
Acquisition of other financial assets 0 0 - 14,930 0 0
Change in other non-current assets - 1,253 - 50 - 1,514 - 40 - 55
Cash flow from investing activities - 30,941 - 3,419 - 81,702 - 109,580 - 112,632
Note tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Repayment of borrowings 0 - 5,041 - 1,486 - 15,150 - 215,993
Proceeds from borrowings 0 28 45,490 95,010 296,665
Lease liabilities - 1,475 - 297 - 1,993 - 987 - 1,274
Other non-current liabilities 4,569 0 444 0 0
Capital increase 397 285 634 601 618
Treasury shares -3,804 - 2,089 - 13,381 - 8,684 - 14,250
Transaction cost -4 - 5 - 13 - 20 - 28
Cash flow from financing activities - 317 - 7,119 29,694 70,770 65,737
Cash flows for the period - 23,853 - 567 8,967 1,767 1,306
Cash and cash equivalents at beginning 64,536 32,971 31,497 30,093 30,093
Foreign currency translation of cash and cash equivalents - 7 160 211 704 99
Cash and cash equivalents period end* 40,676 32,564 40,676 32,564 31,497
Cash and cash equivalents period end
Cash 40,676 32,564 40,676 32,564 31,497
Cash and cash equivalents period end 40,676 32,564 40,676 32,564 31,497
===== SIDA 24 =====
Q3 report 2023 Page 23
Notes
1. General information
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online affiliate marketing. Better Collective’s vision
is to empower iGamers by leading the way in transparency and technology.
Basis of preparation
The Interim Report (condensed consolidated interim financial statements) for the period January 1 - September 30, 2023,
has been prepared in accordance with IAS 34 “Interim financial statements” as adopted by the EU and additional requirements
in the Danish Financial Statements Act. The parent company condensed interim financial statements has been included
according to the Danish Executive Order on the Preparation of Interim Financial Reports.
These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its subsidiaries.
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Collective
and others use when evaluating the performance of Better Collective. These are referred to as alternative performance
measures (APMs) and are not defined under IFRS. The figures and related subtotals give management and investors im-
portant information to enable them to fully analyze the Better Collective business and trends. The APMs are not meant to
replace but to complement the performance measures defined under IFRS.
New financial reporting standards
All new or amended standards (IFRS) and interpretations (IFRIC) as adopted by the EU and which are effective for the
financial year beginning on January 1, 2023, have been adopted. The implementation of these new or amended
standards and interpretations had no material impact on the condensed consolidated interim financial statements.
Accounting policies
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set out
in note 1 of the 2022 annual report which contains a full description of the accounting policies for the Group and the parent
company, except for the scope of operating segments and “Other current assets”.
The scope of operating segments has been modified following changes in management responsibilities as from January 1,
2023. US has been renamed to North America (NA) and will now cover both USA and Canada. Canada was previously included
in the operating segment “Europe and RoW”. 2022 comparative information has been restated.
Revenue recognised under the hybrid revenue model consists of upfront revenue share (one-time upfront fee for each new
referred player) and revenue share for the amount that aggregate revenue share exceeds the aggregate upfront revenue
share. Upfront revenue share is recognized at a point in time equal to the month in which the player referral is made. Revenue
share is recognised once the aggregate revenue share exceeds the upfront revenue share and is recognised at a point in
time equal to the month that it is earned by the respective gaming operator.
Listed shares included under other current financial assets are measured at fair value (market price) at the balance sheet
date. (Fair Value Level 1)
Fair Value Level 1: Value based on the fair value of corresponding assets/liabilities in a well-functioning market.
The annual report for 2022 including full description of the accounting policies can be found on Better Collective’s website:
https://storage.mfn.se/0e9df7fa-f018-42b8-9189-6ee99458c094/bc-2022-annual-report-final.pdf
Significant accounting judgements, estimates and assumptions
The preparation of condensed consolidated interim financial statements requires management to make judgements, esti-
mates and assumptions that affect the reported amounts of revenue, expenses, assets, and liabilities.
Beyond the risks mentioned above, the significant accounting judgements, estimates and assumptions applied in these con-
solidated interim financial statements are the same as disclosed in note 2 in the annual report for 202 2 which
contains a full description of significant accounting judgements, estimates and assumptions.
===== SIDA 25 =====
Q3 report 2023 Page 24
2. Segments
Publishing and Paid Media
Better Collective operates two different business models regarding customer acquisition with different earnings -
profiles. The segments Publishing and Paid Media have been measured and disclosed separately for Revenue, Cost and
Earnings. The Publishing business includes revenue from Better Collective’s proprietary online sports media and media part-
nerships where the online traffic is coming either directly or through organic search results, whereas Paid Media generates
revenue through paid ad-traffic to our websites, thereby running on a lower earnings margin.
The performance for each segment is presented in the below tables:
Publishing Paid Media Group
tEUR
Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022
Revenue 48,463 41,300 26,969 18,420 75,431 59,720
Cost 36,574 28,858 19,262 16,306 55,837 45,164
Operating profit before depreciation,
amortization and special items 11,888 12,442 7,707 2,114 19,595 14,556
EBITDA-Margin before special items 25% 30% 29% 11% 26% 24%
Special items, net - 522 - 621 0 0 - 522 - 621
Operating profit
before depreciation and amortization 11,366 11,821 7,707 2,114 19,073 13,935
EBITDA-Margin 23% 29% 29% 11% 25% 23%
Depreciation 1,196 620 4 3 1,200 623
Operating profit before amortization 10,170 11,201 7,703 2,111 17,873 13,312
EBITA-Margin 21% 27% 29% 11% 24% 22%
Publishing Paid Media Group
tEUR
YTD 2023 YTD 2022 YTD 2023 YTD 2022 YTD 2023 YTD 2022
Revenue 161,214 127,806 80,277 55,351 241,491 183,157
Cost 102,761 85,118 57,164 48,147 159,925 133,265
Operating profit before depreciation,
amortization and special items 58,452 42,688 23,113 7,204 81,566 49,892
EBITDA-Margin before special items 36% 33% 29% 13% 34% 27%
Special items, net - 2,347 - 1,664 0 0 - 2,347 - 1,664
Operating profit
before depreciation and amortization 56,105 41,024 23,113 7,204 79,218 48,228
EBITDA-Margin 35% 32% 29% 13% 33% 26%
Depreciation 2,601 1,581 10 12 2,611 1,593
Operating profit before amortization 53,504 39,443 23,103 7,192 76,607 46,635
EBITA-Margin 33% 31% 29% 13% 32% 25%
Publishing Paid Media Group
tEUR 2022 2022 2022
Revenue 187,057 82,241 269,297
Cost 115,376 68,846 184,222
Operating profit before depreciation,
amortization and special items 71,681 13,394 85,075
EBITDA-Margin before special items 38% 16% 32%
Special items, net - 54 0 - 54
Operating profit
before depreciation and amortization 71,627 13,394 85,021
EBITDA-Margin 38% 16% 32%
Depreciation 2,306 15 2,321
Operating profit before amortization 69,321 13,379 82,700
EBITA-Margin 37% 16% 31%
===== SIDA 26 =====
Q3 report 2023 Page 25
2. Segments, continued
Europe & Rest of World and North America
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international brands
with a global reach as well as regional brands with a local reach. Better Collective’s regional brands are tailored according to
the specific regions or countries and their respective regulations, sports, betting behaviors, user needs, and languages. From
Q2 2021 and following the acquisition of Action Network (included in Group accounts from time of closing on May 28, 2021)
the US market constitutes >20% of Group Revenue and >30% of revenue in Publishing on an annualized basis. Hence,
Better Collective reports on the geographical segments North America and Europe & ROW (Rest of World), measuring and
disclosing separately for Revenue, Cost and Earnings. Historical financial figures are reported accordingly.
The performance for each segment is presented in the below tables:
Europe & RoW North America Group
tEUR Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022
Revenue 52,941 41,595 22,490 18,125 75,431 59,720
Cost 36,305 28,955 19,532 16,209 55,837 45,164
Operating profit before depreciation,
amortization and special items 16,637 12,640 2,958 1,915 19,595 14,556
EBITDA-Margin before special items 31% 30% 13% 11% 26% 24%
Special items, net - 118 - 585 - 403 - 36 - 522 - 621
Operating profit
before depreciation and amortization 16,519 12,055 2,554 1,880 19,073 13,935
EBITDA-Margin 31% 29% 11% 10% 25% 23%
Depreciation 912 462 288 161 1,200 623
Operating profit before amortization 15,607 11,593 2,266 1,719 17,873 13,312
EBITA-Margin 29% 28% 10% 9% 24% 22%
* 2022 figures have been restated because of the transfer of Canada and renaming USA to North America (NA), which now covers both USA
and Canada from January 1, 2023.
Europe & RoW North America Group
tEUR YTD 2023 YTD 2022 YTD 2023 YTD 2022 YTD 2023 YTD 2022
Revenue 158,932 119,600 82,559 63,558 241,491 183,157
Cost 102,434 84,022 57,491 49,243 159,925 133,265
Operating profit before depreciation,
amortization and special items 56,498 35,578 25,068 14,314 81,566 49,892
EBITDA-Margin before special items 36% 30% 30% 23% 34% 27%
Special items, net - 1,443 - 875 - 904 - 790 - 2,347 - 1,664
Operating profit
before depreciation and amortization 55,055 34,703 24,164 13,525 79,218 48,228
EBITDA-Margin 35% 29% 29% 21% 33% 26%
Depreciation 1,853 1,235 759 358 2,611 1,593
Operating profit before amortization 53,202 33,468 23,405 13,167 76,607 46,635
EBITA-Margin 33% 28% 28% 21% 32% 25%
Europe & Row North America Group
tEUR 2022 2022 2022
Revenue 173,664 95,633 269,297
Cost 115,620 68,602 184,222
Operating profit before depreciation,
amortization and special items 58,044 27,031 85,075
EBITDA-Margin before special items 33% 28% 32%
Special items, net - 1,360 1,306 - 54
Operating profit
before depreciation and amortization 56,684 28,336 85,021
EBITDA-Margin 33% 30% 32%
Depreciation 1,671 650 2,321
Operating profit before amortization 55,013 27,687 82,700
EBITA-Margin 32% 29% 31%
===== SIDA 27 =====
Q3 report 2023 Page 26
3. Revenue specification
In accordance with IFRS 15 disclosure requirements, total revenue is split on Revenue Share, Cost per Acquisition (CPA),
Subscription, and Other as follows:
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Revenue category
Recurring revenue (Revenue share, Subscription, CPM) 46,312 31,075 141,864 82,052 129,274
CPA, Fixed Fees 29,055 28,290 99,539 100,113 139,696
Other 64 355 88 992 327
Total revenue 75,431 59,720 241,491 183,157 269,297
%-split
Recurring revenue 61 52 59 45 48
CPA, Fixed Fees 39 47 41 55 52
Other 0 1 0 0 0
Total 100 100 100 100 100
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Revenue type
Revenue Share 39,955 24,993 121,504 66,210 102,358
CPA 20,837 23,350 77,848 87,673 118,415
Subscription 4,106 3,975 12,669 11,623 18,003
Other 10,533 7,402 29,469 17,651 30,521
Total revenue 75,431 59,720 241,491 183,157 269,297
%-split
Revenue Share 53 42 50 36 38
CPA 28 39 32 48 44
Subscription 5 7 5 6 7
Other 14 12 12 10 11
Total 100 100 100 100 100
* 2022 figures have been restated for Revenue Share and CPA because of the reclassification of upfront payments related to hybrid revenue
share contracts as well as 2023 numbers, impacting Q3, 2023 with 3.8 mEUR and YTD 12.7 mEUR, respectively (2022: 5.9 mEUR).
4. Share-based payment plans
2019 Warrant programs:
During the third quarter of 2023 the company did not grant any new warrants and 47,011 warrants were exercised under
this program.
2022 Incentive Program:
During the third quarter of 2023 no performance share units or share options were granted under this program. A new Long-
term Incentive (LTI) program was established for key employees in Q1 2022, and 73,894 performance share units and 24,564
share options were granted to a total of 36 employees.
2023 Incentive Program:
During the first quarter of 2023 a new Long-term Incentive (LTI) program was established for key employees. Under the
program 134,953 performance share units and 239,350 share options were granted to a total of 63 employees.
2023 CXO Options Program:
During the second quarter of 2023 a new options program was established for the executive management. Under the
program 300,000 share options were granted to a total of 3 employees.
The total share-based compensation expense for the above programs recognized for Q3 2023 is 1,407 tEUR (Q3 2022: 501
tEUR) and the cost YTD 2023 is 2.4 mEUR (YTD 2022: 1,314 tEUR).
===== SIDA 28 =====
Q3 report 2023 Page 27
5. Special items
Special items consist of recurring and non-recurring items that management does not consider to be part of the group’s
ordinary operating activities, i.e. acquisition costs, adjustment of earn-out payments related to acquisitions, and restructur-
ing costs are presented in the Income statement in a separate line item labelled ‘Special items’. The impact of special items
is specified as follows:
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Operating profit 11,498 9,630 60,293 37,913 70,353
Special Items related to:
Special items related to M&A - 760 - 621 - 1,716 - 910 - 1,263
Variable payments regarding acquisitions - cost 98 0 - 44 2,408 2,275
Variable payments regarding acquisitions - income
Special items related to Restructuring 158 0 - 509 - 0 - 130
Special items related to Divestiture of Assets 0 0 0 0 0
Special items related to Management Incentive Program - 18 0 - 78 - 3,162 - 936
Special items, total - 522 - 621 - 2,347 - 1,664 - 54
Operating profit (EBIT) before special items 12,019 10,251 62,640 39,578 70,407
Amortization and impairment 6,375 3,682 16,314 8,722 12,347
Operating profit before amortization
and special items (EBITA before special items) 18,395 13,933 78,954 48,300 82,754
Depreciation 1,200 623 2,611 1,593 2,321
Operating profit before depreciation, amortization,
and special items (EBITDA before special items) 19,595 14,556 81,566 49,892 85,075
6. Income tax
Total tax for the period is specified as follows:
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Tax for the period 2,012 2,068 11,964 8,156 16,888
Tax on other comprehensive income 1,772 4,115 671 9,535 3,747
Total 3,784 6,183 12,635 17,691 20,635
Income tax on profit for the period is specified as follows:
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Deferred tax - 283 - 130 1,608 2,017 6,785
Current tax 1,829 2,171 9,906 6,091 10,153
Adjustment from prior years 467 26 450 48 - 49
Total 2,012 2,068 11,964 8,156 16,888
Tax on the profit for the period can be explained as follows:
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Specification for the period:
Calculated 22% tax of the result before tax 1,126 1,984 9,748 7,909 14,292
Adjustment of the tax rates
in foreign subsidiaries relative to the 22% 470 - 235 1,467 231 1,563
Tax effect of: 0 0
Special items 186 138 573 398 - 83
Special items - taxable items - 541 - 0 - 541 - 822 - 243
Other non-taxable income - 312 - 50 - 1,027 - 150 - 150
Other non-deductible costs 752 205 1,431 541 1,558
Tax deductable - 136 - 136
Adjustment of tax relating to prior periods* 467 26 450 48 -49
Total 2,012 2,068 11,964 8,156 16,888
Effective tax rate 39.3% 22.9% 27.0% 22.7% 26.0%
===== SIDA 29 =====
Q3 report 2023 Page 28
7. Intangible assets
tEUR Goodwill
Domains
and
websites
Accounts
and other
intangible
assets Total
Cost or valuation
As of January 1, 2023 183,942 460,513 63,705 708,159
Additions 0 3,832 16,231 20,063
Acquisitions through business combinations 78,350 7,758 29,579 115,688
Transfer 0 0 0
Disposals 0 0 - 2,324 - 2,324
Currency Translation 688 1,333 74 2,096
At September 30, 2023 262,980 473,436 107,265 843,681
Amortization and impairment
As of January 1, 2023 0 0 36,688 36,688
Amortization for the period 0 0 16,345 16,345
Impairment for the period* 0 0 0 0
Amortization on disposed assets 0 0 0 0
Currency translation 0 0 - 747 - 747
At September 30, 2023 0 0 52,286 52,286
Net book value at September 30, 2023 262,980 473,436 54,978 791,395
tEUR Goodwill
Domains
and
websites
Accounts
and other
intangible
assets Total
Cost or valuation
As of January 1, 2022 178,182 329,276 36,827 544,285
Additions 0 118,185 26,337 144,522
Acquisitions through business combinations 0 0 0 0
Transfer 0 0 0 0
Disposals 0 0 0 0
Currency Translation 5,760 13,051 540 19,351
At December 31, 2022 183,942 460,513 63,705 708,159
Amortization and impairment
As of January 1, 2022 0 0 24,374 24,374
Amortization for the period 0 0 12,348 12,348
Impairment for the period* 0 0 0 0
Amortization on disposed assets 0 0 0 0
Currency translation 0 0 - 33 - 33
At December 31, 2022 0 0 36,688 36,688
Net book value at December 31, 2022 183,942 460,513 27,016 671,471
===== SIDA 30 =====
Q3 report 2023 Page 29
7. Intangible assets, continued
tEUR Goodwill
Domains
and
websites
Accounts
and
other
intangi-
ble
assets Total
Cost or valuation
As of January 1, 2022 178,182 329,276 36,827 544,285
Additions 499 118,185 23,482 142,166
Acquisitions through business combinations 0 0 0 0
Transfer 0 0 0 0
Disposals 0 0 0 0
Currency Translation 14,461 33,905 1,404 49,770
At September 30, 2022 193,142 481,366 61,713 736,221
Amortization and impairment
As of January 1, 2022 0 0 24,374 24,374
Amortization for the period 0 0 9,118 9,118
Impairment for the period* 0 0 0 0
Amortization on disposed assets 0 0 0 0
Currency translation 0 0 306 306
At September 30, 2022 0 0 33,797 33,797
Net book value at September 30, 2022 193,142 481,366 27,916 702,424
8. Non-current liabilities and other current financial liabilities
Debt to credit institutions:
As per September 30, 2023, Better Collective has drawn 248.3 mEUR (2022: 201.7) out of the total committed club facility
of 319 mEUR established with Nordea, Nykredit, and Citibank. In August Better Collective extended the club-financing from
October 2022 with Nordea, Nykredit and Citibank by 3 years to October 2026 as well as executing the accordion option
increasing available facilities with 72 mEUR , leaving the group with a total financing of 319 mEUR where aforementioned
246.9 mEUR has been utilized.
Lease liabilities:
Non-current and current lease liabilities, of 15.3 mEUR (Q3 2022: 4.7 mEUR) and 1.3 mEUR (Q3 2022: 1.5 mEUR) respec-
tively.
Deferred Tax liability:
Deferred tax liability as of September 30, 2023, amounted to 90.1 mEUR (Q3 2022: 78.9 mEUR). The change from January
1, 2023, originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and
deferred tax changes in Parent Company and Better Collective US, Inc.
Deferred Tax asset:
Deferred tax asset as of September 30, 2023, amounted to 10.7 mEUR (Q3 2022: 11.1 mEUR).
Other financial liabilities:
As per September 30, 2023, other financial liabilities amounted to 104.3 mEUR (Q3 2022: 49.1 mEUR) due to deferred and
variable payments related to acquisitions. The increase from January 1, 2023, is related to the capitalization of media agree-
ments, acquisition of Skycon, Playmaker HQ and Digital Sportmedia i Norden.
Fair Value is measured based on level 3 - Valuation techniques. In all material aspects the fair value of the financial assets
and liabilities is considered equal to the booked value.
9. Business combinations
Acquisition of Skycon Limited
On April 14, 2023 Better Collective completed the acquisition of Skycon Limited (Skycon) for a total consideration up to 51
mEUR (45 mGBP) with an initial consideration of 28.3 mEUR (25 mGBP) on a cash and debt-free basis. Skycon is a global
display advertising company and perfectly complements Better Collective’s Paid Media division. The acquisition is a strategic
move for Better Collective with significant synergistic opportunities.
===== SIDA 31 =====
Q3 report 2023 Page 30
tEUR
Purchase amount 56,029
Cash and cash equivalents 3,647
Deferred payment 22,614
Cash outflow 29,767
The transferred consideration was in cash and a deferred payment payable in cash.
Acquired net assets at the time of acquisition tEUR
Accounts and other intangible assets 24,227
Accrued Income 2,372
Other receivables 45
Cash 3,647
Deferred Tax Liability -6,502
Identified net assets 23,790
Goodwill 32,239
Total consideration 56,029
A goodwill of 32,239 tEUR emerged from the acquisition of Skycon as an effect of the difference between the transferred
consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expectations given the
strong platform and significant synergistic opportunities. The earn outs are based on certain financial performance targets in
the 12 months post-closing period. The goodwill is not tax deductible.
Transaction costs related to the acquisition of Skycon amounts to 381 tEUR in 2023. Transaction costs are accounted for in
the income statements under “special items”. The acquisition was completed on April 14, 2023. If the transaction had been
completed on January 1, 2023 the group’s revenue YTD would have amounted to 171 mEUR and result after tax would have
amounted to 33 mEUR. The purchase price allocation is provisional due to uncertainties regarding measurement of acquired
intangible assets.
Acquisition of Playmaker HQ
On July 3, after the end of Q2, 2023 Better Collective US, Inc. completed the acquisition of Playmaker HQ for up to 51 mEUR
(54 mUSD) with an initial consideration of 14.1 mEUR (15 mUSD) on a cash and debt-free basis. Playmaker HQ is a leading
sports and entertainment media platform headquartered in South Florida, US. The sports media group specializes in providing
original entertainment and sports content with exclusive athlete collaborations and creator talent mainly targeting the US
market.
tEUR
Purchase amount 44,174
Cash and cash equivalents 0
Deferred payment 29,818
Cash outflow 14,897
The transferred consideration was in cash and a deferred payment payable in cash.
Acquired net assets at the time of acquisition tEUR
Accounts and other intangible assets 5,352
Accounts receivable 320
Trade payables -94
Total net assets 5,578
Goodwill 39,136
Total consideration 44,174
A goodwill of 39,136 tEUR emerged from the acquisition of Playmaker HQ as an effect of the difference between the trans-
ferred consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expectations given
the strong platform and significant synergistic opportunities. In order to reach the full earn-out payment, Playmaker HQ will
===== SIDA 32 =====
Q3 report 2023 Page 31
have to generate >75 mUSD in accumulating revenues and >25 mUSD in accumulating operational earnings (EBITDA) during
the first three years post acquisition. The goodwill is tax deductible.
Transaction costs related to the acquisition of Playmaker HQ amounts to 347 tEUR in 2023. Transaction costs are accounted
for in the income statements under “special items”. The acquisition was completed on July 3, 2023. If the transaction had
been completed on January 1, 2023 the group’s revenue YTD would have amounted to 244 mEUR and result after tax would
have amounted to 32 mEUR. The purchase price allocation is provisional due to uncertainties regarding measurement of
acquired intangible assets.
Other acquisitions in Q3
On August 15, 2023 Better Collective announced the acquisition of four brands SvenskaFans.com, Hockeysverige.se,
Fotbolldirekt.se and Innebandymagazinet.se by acquiring Digital Sportmedia i Norden AB from Everysport Group to further
expand its position within the Swedish sports media ecosystem for a total consideration of 3.7 mEUR on a cash and debt -
free basis.
On September 4, 2023 Better Collective announced the acquisition of the platform Torcedores.com, by acquiring Goalmedia
Technologia E Marketing Digital S.A. The acquisition strengthens Better Collectives position in the South American region
through the acquisition of leading national Brazilian sports media platform Torcedores.com. Adding the first Brazilian sports
media brand to the group, Better Collective will leverage its best-in-class digital expertise in one of the world’s fastest growing
markets.
Acquired net assets during acquisitions
Domains 7,954
Contingent liabilities -1,728
Deferred tax liabilities -2,282
Net assets (other) - 1,348
Total net assets 2,597
Goodwill 6,459
Total consideration 9,056
A goodwill of 6,459 tEUR emerged from the acquisitions as an effect of the difference between the transferred consideration
and the fair value of acquired net assets. The goodwill is not tax deductible.
The purchase price allocation is provisional due to uncertainties regarding measurement of acquired intangible assets.
Acquisition of Tipsbladet.dk
On September 18, 2023 Better Collective announced the acquisition of Tipsbladet.dk ApS to further expand its position in
Denmark for a total consideration of 6.5 mEUR on a cash and debt-free basis with closing 2 October 2023.
As per the date of publication of the interim financial statements it has not been possible to obtain sufficient financial da ta
to fulfill reporting requirements according to IFRS3. Therefore, the opening balance, the acquired net assets at the time of
the acquisition, goodwill and pro-forma impact on the revenue and profit after tax is not included in these interim financial
statements.
Acquisition of Playmaker Capital
On November 6, 2023 Better Collective announced the acquisition of Playmaker Capital for a total price consideration of
176 mEUR. Playmaker Capital is a leading digital sports media group that owns and operates several strong sports media
brands across the Americas.
The closing of the transaction is subject to approval by the shareholders of Playmaker Capital, court approval, applicable
regulatory approvals and certain other closing conditions customary in transactions of this nature. The transaction is ex-
pected to close before the end of Q1 of 2024, whereafter Playmaker Capital will be consolidated into the Better Collective
group.
===== SIDA 33 =====
Q3 report 2023 Page 32
10. Note to cash flow statement
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Acquisition of business combinations:
Net Cash outflow
from business combinations at acquisition - 19,636 0 - 49,403 0 0
Business Combinations
deferred payments from current period 0 0 0 0 0
Deferred payments
- business combinations from prior periods 0 - 639 0 - 13,819 - 14,337
Total cash flow from business combinations - 19,636 - 639 - 49,403 - 13,819 - 14,337
Acquisition of intangible assets:
Acquisitions through asset transactions - 4,120 - 7,909 - 20,063 - 141,668 - 144,522
Deferred payments related to acquisition value 0 0 0 29,408 29,408
Deferred payments
- acquisitions from prior periods - 9,250 0 - 9,738 - 121 - 121
Intangible assets with no cash flow effect 5,276 6,975 18,287 20,430 24,325
Other investments - 1,093 - 203 - 2,507 - 5,541
Total cash flow from intangible assets - 8,094 - 2,028 - 11,718 - 94,458 - 96,452
===== SIDA 34 =====
Q3 report 2023 Page 33
Financial statements for the period January 1 – September 30
Condensed interim
income statement – Parent company
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Revenue 23,101 16,855 71,306 44,617 65,282
Other operating income 3,284 4,128 12,177 9,433 14,797
Direct costs related to revenue 6,928 3,665 18,006 9,767 14,292
Staff costs 11,418 7,219 30,034 16,396 25,061
Depreciation 510 137 822 404 540
Other external expenses 4,648 4,358 12,891 13,809 17,248
Operating profit before amortization (EBITA)
and special items 2,881 5,605 21,730 13,673 22,939
Amortization 2,281 1,144 6,117 2,723 3,875
Operating profit (EBIT) before special items 600 4,461 15,613 10,950 19,064
Special items, net - 276 - 585 - 1,443 - 875 - 1,168
Operating profit 324 3,876 14,170 10,075 17,896
Financial income 36,361 23,562 48,951 64,664 72,388
Financial expenses 7,096 1,353 24,459 4,457 35,057
Profit before tax 29,589 26,085 38,663 70,282 55,227
Tax on profit for the period 1,490 5,574 2,197 12,756 8,279
Profit for the period 28,099 20,511 36,465 57,526 46,949
Condensed interim
statement of other comprehensive income
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Profit for the period 28,099 20,511 36,465 57,526 46,949
Other comprehensive income
Other comprehensive income to be reclassified
to profit or loss in subsequent periods:
Currency translation to presentation currency 441 84 - 1,162 22 22
Currency translation of non-current intercom-
pany loans
Income tax 0 0 0 0 0
Net other comprehensive income/loss 441 84 - 1,162 22 22
Total comprehensive income/(loss) for the pe-
riod, net of tax 28,540 20,595 35,303 57,548 46,970
===== SIDA 35 =====
Q3 report 2023 Page 34
Condensed interim
balance sheet – Parent company
tEUR Q3 2023 Q3 2022 2022
Assets
Non-current assets
Intangible assets
Goodwill 17,802 0 0
Domains and websites 168,387 144,374 144,374
Accounts and other intangible assets 22,184 10,420 13,287
Total intangible assets 208,373 154,795 157,662
Property, plant and equipment
Land and building
Right of use assets 7,889 413 334
Fixtures and fittings, other plant and equipment 2,228 468 410
Total property, plant and equipment 10,117 881 744
Financial assets
Investments in subsidiaries 226,799 192,481 190,448
Receivables from subsidiaries 293,908 299,250 273,515
Deposits 1,094 174 174
Total financial assets 521,801 491,905 464,137
Total non-current assets 740,291 647,581 622,542
Current assets
Trade and other receivables 12,584 11,467 17,163
Receivables from subsidiaries 15,151 26,871 30,229
Tax receivable 6,153 0 5,913
Prepayments 2,251 2,119 2,519
Other current financial assets 9,751 0 0
Cash 17,978 14,062 8,705
Total current assets 63,867 54,519 64,529
Total assets 804,158 702,100 687,072
tEUR Q3 2023 Q3 2022 2022
Equity and liabilities
Equity
Share Capital 552 551 551
Share Premium 273,184 272,535 272,550
Currency Translation Reserve - 588 574 574
Treasury shares - 21,050 - 2,102 - 7,669
Retained Earnings 186,997 157,047 145,047
Proposed Dividends 0 0 0
Total equity 439,095 428,605 411,054
Non-current Liabilities
Debt to credit institutions 248,359 85,725 201,708
Lease liabilities 6,392 107 16
Deferred tax liabilities 12,400 4,959 6,141
Other non-current financial liabilities 15,362 15,628 19,543
Total non-current liabilities 282,513 106,419 227,408
Current Liabilities
Prepayments received from customers and deferred revenue - 382 0 1,583
Trade and other payables 7,851 4,416 5,719
Payables to subsidiaries 23,223 17,272 20,822
Tax payable 309 10,436 30
Other current financial liabilities 50,068 19,431 19,045
Contingent Consideration
Debt to credit institutions 0 115,171 1,055
Lease liabilities 1,482 350 356
Total current liabilities 82,550 167,076 48,609
Total liabilities 365,063 273,495 276,017
Total equity and liabilities 804,158 702,100 687,072
===== SIDA 36 =====
Q3 report 2023 Page 35
Condensed interim
statement of changes in equity – Parent company
tEUR
Share capi-
tal
Share pre-
mium
Currency
translation
reserve
Treasury
shares
Retained
earnings
Proposed
dividend
Total
equity
As of January 1, 2023 551 272,550 574 - 7,669 145,047 0 411,054
Result for the period 0 0 0 0 36,465 0 36,465
Other comprehensive income
Currency translation
to presentation currency 0 0 - 1,162 0 0 0 - 1,162
Tax on other
comprehensive income 0 0 0 0 0 0 0
Total other
comprehensive income 0 0 - 1,162 0 0 0 - 1,162
Total comprehensive income for the year 0 0 - 1,162 0 36,465 0 35,303
Transactions with owners
Capital Increase 1 634 0 0 3,152 0 3,787
Acquisition of treasury shares 0 0 0 - 13,368 0 0 - 13,368
Disposal of treasury shares 0 0 0 0 0 0 0
Share based payments 0 0 0 0 2,359 0 2,359
Transaction cost 0 0 0 - 13 - 27 0 - 40
Total transactions with owners 1 634 0 - 13,381 5,485 0 - 7,262
At September 30, 2023 552 273,184 - 588 - 21,050 186,997 0 439,095
tEUR
Share
capital
Share
premium
Currency
translation
reserve
Treasury
shares
Retained
earnings
Proposed
dividend
Total eq-
uity
As of January 1, 2022 546 267,873 552 - 8,074 94,223 0 355,121
Result for the period 0 0 0 0 46,949 0 46,949
Other comprehensive income
Currency translation
to presentation currency 0 0 22 0 0 0 22
Tax on other
comprehensive income 0 0 0 0 0 0 0
Total other
comprehensive income 0 0 22 0 0 0 22
Total comprehensive income for the year 0 0 22 0 46,949 0 46,970
Transactions with owners
Capital Increase 5 4,677 0 0 0 0 4,683
Acquisition of treasury shares 0 0 0 - 14,250 0 0 - 14,250
Disposal of treasury shares 0 0 0 14,656 842 0 15,498
Share based payments 0 0 0 0 3,061 0 3,061
Transaction cost 0 0 0 0 - 28 0 - 28
Total transactions with owners 5 4,677 0 406 3,875 0 8,963
At December 31, 2022 551 272,550 574 - 7,669 145,047 0 411,054
===== SIDA 37 =====
Q3 report 2023 Page 36
tEUR
Share capi-
tal
Share pre-
mium
Currency
translation
reserve
Treasury
shares
Retained
earnings
Proposed
dividend
Total
equity
As of January 1, 2022 546 267,873 552 - 8,074 94,223 0 355,121
Result for the period 0 0 0 0 57,526 0 57,526
Other comprehensive income
Currency translation
to presentation currency 0 0 22 0 0 0 22
Tax on other
comprehensive income 0 0 0 0 0 0 0
Total other
comprehensive income 0 0 22 0 0 0 22
Total comprehensive income for the year 0 0 22 0 57,526 0 57,548
Transactions with owners
Capital Increase 5 4,662 0 0 0 0 4,667
Acquisition of treasury shares 0 0 0 - 8,684 0 0 - 8,684
Disposal of treasury shares 0 0 0 14,656 842 0 15,498
Share based payments 0 0 0 0 4,475 0 4,475
Transaction cost 0 0 0 0 - 20 0 - 20
Total transactions with owners 5 4,662 0 5,972 5,298 0 15,936
At September 30, 2022 551 272,535 574 - 2,102 157,047 0 428,605
===== SIDA 38 =====
Q3 report 2023 Page 37
The group uses and communicate certain Alternative Performance Measures (“APM”), which are not defined under IFRS.
Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative of the group’s
historical operating results, nor are such measures meant to be predictive of the group’s future results. The group believes
however that the APMs are useful supplemental indicators that may be used to assist in evaluating a company’s future op-
erating performance, and its ability to service its debt. Accordingly, the APMs are disclosed to permit a more complete and
comprehensive analysis of the group’s operating performance, consistently with how the group’s business performance is
evaluated by the Management. The group believes that the presentation of these APMs enhances an investor’s understand-
ing of the group’s operating performance and the group’s ability to service its debt. Accordingly, the group discloses the
APM’s to permit a more complete and comprehensive analysis of its operating performance relative to other companies and
across periods, and of the group’s ability to service its debt. However, these APM’s may be calculated differently by other
companies and may not be comparable with APM’s with similarly titled measures used by other companies. The group’s
APMs are not measurements of financial performance under IFRS and should not be considered as alternatives to other
indicators of the Company’s operating performance, cash flows or any other measures of performance derived in accord-
ance with IFRS. The group’s APM’s have important limitations as analytical tools, and they should not be considered in iso-
lation or as substitutes for analysis of the group’s results of operations as reported under IFRS. Our currently applied APM’s
are summarized and described below.
Alternative Performance Measures
Alternative
Performance Measure Description SCOPE
Earnings per share
(EPS)
Net Profit for the period / (Average number of
shares - Average number of treasury shares
held by the company)
The group reports this APM for users to monitor devel-
opment in the net profit per share.
Diluted earnings
per share
Net profit for the period / (Average number of
shares + Average number of outstanding war-
rants - Average number of treasury shares held
by the company)
The group reports this APM for users to monitor devel-
opment in the net profit per share, assuming full dilu-
tion from active warrant programs.
Operating profit
before amortization
(EBITA)
Operating profit plus amortizations Better Collective reports this APM to allow monitoring
and evaluation of the Group’s operational profitability.
Operating profit
before amortizations
margin (%)
Operating profit before amortizations / revenue This APM supports the assessment and monitoring of
the Group’s performance and profitability
Alternative
Performance Measure Description SCOPE
EBITDA before
special items
EBITDA adjusted for special items This APM supports the assessment and monitoring of
the Group’s performance as well as profitability exclud-
ing special items that do no stem from ongoing oper-
ations, providing a more comparable measure over
time.
Operating profit
before amortizations
and special items
margin (%)
Operating profit before amortizations and spe-
cial items / revenue
This APM supports the assessment and monitoring of
the Group’s performance as well as profitability exclud-
ing special items that do no stem from ongoing oper-
ations, providing a more comparable measure over
time.
Special items Items that are considered not part of ongoing
business
Items that are not part of ongoing business, e.g. cost
related to M&A and restructuring, adjustments of earn-
out payments.
Net Debt / EBITDA
before special items*
(Interest bearing debt, minus cash and cash
equivalents) / EBITDA before special items on
rolling twelve months basis
This ratio is used to describe the horizon for pay back
of the interest-bearing debt and measures the lever-
age of the funding.
Liquidity ratio Current Assets / Current Liabilities Measures the ability of the group to pay its current li-
abilities using current assets.
Equity to assets ratio Equity / Total Assets Reported to show how much of the assets in the com-
pany is funded by equity
Cash conversion rate
before special items
(Cash flow from operations before special items
+ Cash from CAPEX) / EBITDA before special
items
This APM is reported to illustrate the Group’s ability to
convert profits to cash
NDC New depositing customers A key figure to reflect the Group’s ability to fuel long -
term revenue and organic growth
Organic Growth Revenue growth as compared to the same pe-
riod previous year. Organic growth from ac-
quired companies or assets are calculated from
the date of acquisition measured against the his-
torical baseline performance.
Reported to measure the ability to generate growth
from existing business
Alternative Performance Measures
and Definitions
===== SIDA 39 =====
Q3 report 2023 Page 38
Alternative
Performance Measure Description SCOPE
Recurring revenue Recurring revenue is a combined set of revenues
that is defined as recurring as management con-
siders that the sources of these revenue streams
will continuously generate revenue over a varia-
ble period of time and size e.g. if players con-
tinue to bet with g aming operators with which
BC has revenue share agreements, customers
continue current subscriptions or if BC on a cur-
rent basis receive revenues from customers hav-
ing current marketing agreements in respect of
banners, etc. on the group’s websites. Accord-
ingly, it includes Revenue share income, CPM
/Advertising and subscription revenues.
The group reports this APM to distinguish between
what management consider as recurring revenue
streams and what management consider as non-recur-
ring revenue streams, e.g. revenues reflecting one -
time settlements with gaming operators.
*Net debt definition has been changed from Q3, 2023 so it is excluding earn -outs. Comparatives have been changed accordingly.
Definitions
Term Description
PPC Pay-Per-Click
SEO Search Engine Optimization
Sports win margin Sports net player winnings (operators) / sports wagering
Sports wagering The value of bets placed by the players
Recurring revenue Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue share
income, CPM/Advertising and subscription revenues
Board The Board of Directors of the company
Executive management Executives that are registered with the Danish Company register
Company Better Collective A/S, a company registered under the laws of Denmark
===== SIDA 40 =====
Q3 report 2023 Page 39
Better Collective A/S
Sankt Annæ Plads 26-28
1250 Copenhagen K
Denmark
CVR no 27 65 29 13
+45 29 91 99 65
info@bettercollective.com
bettercollective.com