PDYPY - Flutter Entertainment plc (FLUT) Q1 2024 Earnings Call Transcript
2024-05-14 22:57:08 ET
Flutter Entertainment plc (FLUT)
Q1 2024 Earnings Conference Call
May 14, 2024 6:30 AM ET
Company Participants
Paul Tymms – Investor Relations
Peter Jackson – Chief Executive Officer
Paul Edgecliffe-Johnson – Chief Financial Officer
Conference Call Participants
Ed Young – Morgan Stanley
Jordan Bender – Citizens JMP
Monique Pollard – Citi
Clark Lempen – BTIG
Ryan Sigdahl – Craig-Hallum Capital Group
Joe Stauff – Susquehanna
Robert Fishman – MoffettNathanson
Dan Politzer – Wells Fargo
Paul Ruddy – Davy
Simon Davies – Deutsche Bank
Ben Shelley – UBS
James Rowland Clark – Barclays
Andrew Tam – Redburn Atlantic
Joe Thomas – HSBC
Presentation
Operator
Good morning, and welcome to the Flutter First Quarter 2024 Earnings Call hosted by CEO, Peter Jackson; and CFO, Paul Edgecliffe-Johnson. Please note, this conference is being recorded and for the duration of the call your lines will be in listen-only. However you will have the opportunity to ask questions. [Operator Instructions]
I will now hand over to your host Paul Tymms to begin today's conference.
Paul Tymms
Hello, everyone, and welcome to Flutter's Q1 2024 results call. With me this morning are Flutter's CEO, Peter Jackson; and CFO, Paul Edgecliffe-Johnson. After this short intro, Peter will open up with a brief run-through of our good progress during the quarter, and then Paul will take you through the Q1 financials. We will then open up the lines for Q&A.
I would also like to remind you that some of the information we are providing today, including our 2024 guidance constitutes forward-looking statements under U.S. securities laws. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. There are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors are described under forward-looking statements in our earnings press release, our annual reports on Form 10-K and our upcoming Form 10-Q to be filed with the SEC.
In addition, all forward-looking statements are based on current expectations as of the date of this call, and the company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. Also, in our remarks or responses to questions, we will discuss non-GAAP financial measures. Reconciliations are included in the results materials we have released today available in the Investors section of our websites.
And with that, I will hand you over to Peter.
Peter Jackson
Thank you, Paul. Before we get into Flutter's excellent performance in the quarter, I first wanted to update you on our U.S. primary listing. As you will have already noted, our proposal to move our primary listing from London to the New York Stock Exchange received overwhelming support at our recent AGM on May the 1st. With this approval now in place, we expect the transition to become effective on May the 31st. This is a key milestone in the natural evolution of Flutter as FanDuel continues to scale rapidly and the U.S. becomes an even greater part of our business. We have now established our operational headquarters in New York, reflecting just how fundamental the U.S. is to our long-term future growth.
Moving now to the performance of the business in Q1 2024. I was really pleased with the progress made during the quarter on our strategic objectives. In the U.S., FanDuel is off to a very strong start consolidating our sports leadership position with a 52% online NGR sportsbook market share. We also achieved a 27% share in iGaming, where FanDuel is now the number one brand. This clear leadership position was delivered through both our leading product offering and our relentless focus on disciplined customer acquisition investment where our superior structural margins and higher retention rates are delivering payback periods at very attractive levels....
Flutter Entertainment plc (FLUT) Q1 2024 Earnings Call Transcript