Flutter Entertainment PLC

Latest Results (20.08.2024):

Revenue Growth

Flutter Entertainment PLC reported a significant revenue increase in Q2 2024, reaching $3,611 million, a 20% year-over-year growth from $3,001 million in Q2 2023. This growth was driven by strong performance across both US and Group Ex-US segments, with notable contributions from the FanDuel brand in the US market.

Net Income Surge

Net income for Flutter Entertainment PLC in Q2 2024 surged to $297 million, a remarkable 364% increase compared to $64 million in the same quarter of the previous year. This substantial rise was attributed to strong revenue performance and favorable non-cash impacts, including a $91 million fair value gain on the Fox Option liability.

Adjusted EBITDA

Flutter Entertainment PLC's Adjusted EBITDA for Q2 2024 was $738 million, reflecting a 17% increase from $633 million in Q2 2023. The Adjusted EBITDA margin slightly decreased to 20.4% from 21.1% in the previous year, primarily due to expected revenue declines in the Australian market.

Free Cash Flow

In Q2 2024, Flutter Entertainment PLC generated $171 million in Free Cash Flow, a significant improvement from a negative $95 million in Q2 2023. This increase was driven by strong operational performance and effective cash conversion, contributing to a reduction in the company's leverage ratio to 2.6x from 3.1x at the end of 2023.

Guidance Raised

Following the strong performance in Q2 2024, Flutter Entertainment PLC raised its full-year 2024 guidance. The company now expects Group revenue to increase by 20% year-over-year and Adjusted EBITDA to grow by 34% at the midpoints. This optimistic outlook is supported by continued momentum in both the US and Group Ex-US segments.