株探米国株
英語
エドガーで原本を確認する
Table of Contents
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
     
to
     
Commission File Number:
001-37403
 
 
Flutter Entertainment plc
(Exact name of registrant as specified in its charter)
 
 
Ireland
 
98-1782229
 
 
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
 
 
290 Park Ave South 14th Floor
New York, New York
 
10010
 
  (Address of principal executive offices)   (Zip Code)  
Registrant’s Telephone Number, Including Area Code: (646)
930-0950
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
 
Trading Symbol(s)
 
Name of Each Exchange on which Registered
Ordinary Shares, nominal value of €0.09 per share   FLUT   New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer      Accelerated filer  
Non-accelerated
filer
     Smaller reporting company  
Emerging growth company       
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).  Yes ☐ No ☒
As of August 5, 2024, the number of shares of the registrant’s ordinary shares outstanding is 177,723,653.


Table of Contents

TABLE OF CONTENTS

Page

 

PART I

     1  

Item 1. Financial Statements (unaudited)

     1  

Condensed consolidated balance sheets

     1  

Condensed consolidated statements of comprehensive (loss) income

     2  

Condensed consolidated statements of changes in shareholders’ equity and redeemable non-controlling interest

     3  

Condensed consolidated statements of cash flows

     5  

Notes to the condensed consolidated financial statements

     6  

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     28  

Item 3. Quantitative and Qualitative Disclosure About Market Risk

     49  

Item 4. Controls and Procedures

     49  

PART II

     50  

Item 1. Legal Proceedings

     50  

Item 1A. Risk Factors

     50  

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

     50  

Item 3. Defaults Upon Senior Securities

     50  

Item 4. Mine Safety Disclosures

     50  

Item 5. Other Information

     50  

Item 6. Exhibits

     51  

SIGNATURES

     52  

 

i


Table of Contents

EXPLANATORY NOTE

Flutter Entertainment plc, a public limited company incorporated under the laws of Ireland, qualifies as a foreign private issuer in the United States for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Flutter voluntarily has chosen to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K with the United States Securities and Exchange Commission (“SEC”) instead of filing on the reporting forms available to foreign private issuers.

Flutter has moved its operational headquarters to New York. Given changes in the location of its executive leadership and its board of directors, Flutter has ceased to qualify as a foreign private issuer at the end of its second fiscal quarter of 2024 and will be required to file on the reporting forms specified for domestic filers beginning on the first day of its next fiscal year.

CERTAIN TERMS

Unless otherwise specified or the context otherwise requires, the terms “Flutter,” the “Company,” the “Group,” “we,” “us” and “our” each refer to Flutter Entertainment plc and its subsidiaries.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited, to statements related to our expectations regarding the performance of our business, our financial results, our operations, our liquidity and capital resources, the conditions in our industry and our growth strategy. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believe(s),” ”expect(s),” “potential,” “continue(s),” “may,” “will,” “should,” “could,” “would,” “seek(s),” “predict(s),” “intend(s),” “trends,” “plan(s),” “estimate(s),” “anticipates,” “projection,” “goal,” “target,” “aspire,” “will likely result,” and or the negative version of these words or other comparable words of a future or forward-looking nature. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Such factors include, among others:

 

 

Flutter’s ability to effectively compete in the global entertainment and gaming industries;

 

 

Flutter’s ability to retain existing customers and to successfully acquire new customers;

 

 

Flutter’s ability to develop new product offerings;

 

 

Flutter’s ability to successfully acquire and integrate new businesses;

 

 

Flutter’s ability to maintain relationships with third-parties;

 

 

Flutter’s ability to maintain its reputation;

 

 

Public sentiment towards online betting and iGaming generally;

 

 

The potential impact of general economic conditions, including inflation, rising interest rates and instability in the banking system, on Flutter’s liquidity, operations and personnel;

 

 

Flutter’s ability to obtain and maintain licenses with gaming authorities;

 

 

Adverse changes to the regulation of online betting and iGaming;

 

 

The failure of additional jurisdictions to legalize and regulate online betting and iGaming;

 

 

Flutter’s ability to comply with complex, varied and evolving U.S. and international laws and regulations relating to its business;

 

 

Flutter’s ability to raise financing in the future;

 

 

Flutter’s success in retaining or recruiting officers, key employees or directors;

 

 

Litigation and the ability to adequately protect Flutter’s intellectual property rights;

 

ii


Table of Contents
 

The impact of data security breaches or cyber-attacks on Flutter’s systems; and

 

 

Flutter’s ability to remediate material weaknesses in its internal control over financial reporting.

Additional factors that could cause the Company’s results to differ materially from those described in the forward-looking statements can be found in Part I, “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the SEC on March 26, 2024 and other periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, 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 should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company’s filings with the SEC. 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.

Website and Social Media Disclosure

We use our website (www.flutter.com) and at times our corporate X account (@FlutterPLC) and LinkedIn (www.linkedin.com/company/flutter-entertainment-plc) as well as other social media channels to distribute company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. The contents of our website and social media channels are not, however, a part of this Quarterly Report on Form 10-Q.

 

iii


Table of Contents
PART I
Item 1.  Financial Statements (unaudited)
FLUTTER ENTERTAINMENT PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in millions except share and per share amounts)
 
 
  
As of
June 30,
2024
 
As of
December

31, 2023
 ASSETS
  
 
 CURRENT ASSETS:
  
 
Cash and cash equivalents
    $ 1,526      $ 1,497  
Cash and cash equivalents – restricted
     25       22  
Player deposits – cash and cash equivalents
     1,684       1,752  
Player deposits – investments
     174       172  
Accounts receivable, net
     75       90  
Prepaid expenses and other current assets
     441       443  
  
 
 
 
 
 
 
 
 TOTAL CURRENT ASSETS
  
 
3,925
 
 
 
3,976
 
Investments
     7       9  
Property and equipment, net
     480       471  
Operating lease
right-of-use
assets
     456       429  
Intangible assets, net
     5,664       5,881  
Goodwill
     13,679       13,745  
Deferred tax assets
     29       24  
Other
non-current
assets
     82       100  
  
 
 
 
 
 
 
 
 TOTAL ASSETS
  
 $
 24,322
 
 
 $
 24,635
 
  
 
 
 
 
 
 
 
 LIABILITIES, REDEEMABLE
NON-CONTROLLING
INTERESTS AND SHAREHOLDERS’ EQUITY
    
 CURRENT LIABILITIES:
    
Accounts payable
    $ 234      $ 240  
Player deposit liability
     1,775       1,786  
Operating lease liabilities
     124       123  
Long-term debt due within one year
     53       51  
Other current liabilities
     2,192       2,326  
  
 
 
 
 
 
 
 
 TOTAL CURRENT LIABILITIES
  
 
4,378
 
 
 
4,526
 
Operating lease liabilities –
non-current
     374       354  
Long-term debt
     6,737       7,005  
Deferred tax liabilities
     737       802  
Other
non-current
liabilities
     612       580  
  
 
 
 
 
 
 
 
 TOTAL LIABILITIES
  
 $
12,838
 
 
 $
13,267
 
  
 
 
 
 
 
 
 
 COMMITMENTS AND CONTINGENCIES (Note 16)
    
 REDEEMABLE
NON-CONTROLLING
INTERESTS
  
 
1,432
 
 
 
1,152
 
 SHAREHOLDERS’ EQUITY
    
Ordinary share (Authorized 300,000,000 shares of €0.09 ($0.10) par value each;
issued June 30, 2024: 177,681,906 shares; December 31, 2023: 177,008,649 shares)
    $ 36      $ 36  
Shares held by employee benefit trust, at cost June 30, 2024: 0 shares, December 31, 2023: 0 shares
            
Additional
paid-in
capital
     1,503       1,385  
Accumulated other comprehensive loss
     (1,674     (1,483
Retained earnings
     10,018       10,106  
  
 
 
 
 
 
 
 
 Total Flutter Shareholders’ Equity
  
 
9,883
 
 
 
10,044
 
Non-controlling
interests
     169       172  
  
 
 
 
 
 
 
 
 TOTAL SHAREHOLDERS’ EQUITY
  
 
10,052
 
 
 
10,216
 
  
 
 
 
 
 
 
 
 TOTAL LIABILITIES, REDEEMABLE
NON-CONTROLLING
INTERESTS
AND SHAREHOLDERS’ EQUITY
  
 $
24,322
 
 
 $
24,635
 
  
 
 
 
 
 
 
 
 The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
 
1

FLUTTER ENTERTAINMENT PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
($ in millions except share and per share amounts)
 
 
   
Three months ended
June 30,
 
Six months ended

June 30,
 
 
2024
 
 
 
2023
 
 
 
2024
 
 
 
2023
 
 Revenue
   $ 3,611      $ 3,001      $ 7,008      $ 5,919  
Cost of Sales
     (1,835      (1,491      (3,628      (3,032
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Gross profit
 
 
1,776
 
 
 
1,510
 
 
 
3,380
 
 
 
2,887
 
Technology, research and development expenses
    (216     (176     (406     (344
Sales and marketing expenses
    (746     (667     (1,627     (1,549
General and administrative expenses
    (445     (445     (854     (787
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Operating profit
 
 
369
 
 
 
222
 
 
 
493
 
 
 
207
 
Other (expense) income, net
    89       10       (85     (35
Interest expense, net
    (108     (82     (220     (174
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Income (loss) before income taxes
 
 
350
 
 
 
150
 
 
 
188
 
 
 
(2
Income tax expense
    (53     (86     (68     (45
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Net income (loss)
 
 
297
 
 
 
64
 
 
 
120
 
 
 
(47
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to non-controlling interests
and redeemable non-controlling interests
    18       2       22       (7
Adjustment of redeemable
non-controlling
interest to redemption value
    18       (5 )     33       (5
Net income (loss) attributable to Flutter shareholders
    261       67       65       (35
 Earnings (loss) per share
       
Basic
    1.47       0.38       0.37       (0.20
Diluted
    1.45       0.37       0.36       (0.20
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Other comprehensive income (loss), before tax:
       
Effective portion of changes in fair value of cash flow hedges
    (10     (16     13       (76
Fair value of cash flow hedges transferred to the income statement
    12       41       (2     84  
Foreign exchange gain on net investment hedges
    50       8       29       12  
Foreign exchange (loss) gain on translation of the net
assets of foreign currency denominated entities
    (60 )     97       (245 )     275  
Fair value movements on available for sale debt instruments
    1       —        —        1  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Other comprehensive (loss) income
 
 
(7
 
 
130
 
 
 
(205
 
 
295
 
Other comprehensive (loss) income attributable to Flutter shareholders
    (5     101       (191     240  
Other comprehensive (loss) income attributable to
non-controlling
interest and redeemable
non-controlling
interest
    (2     29       (14     55  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total comprehensive (loss) income
 
 $
290
 
 
 $
194
 
 
 $
(85
 
 $
248
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
 
2

FLUTTER ENTERTAINMENT PLC
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY AND REDEEMABLE
NON-CONTROLLING
INTERESTS
($ in millions
except
share
amounts)
 
 
         
Ordinary share
   
Shares held by
employee benefit
                                         
 
 

 
Redeemable
non-
controlling
interests
 
 
 
 
 
 
Shares
 
 
 
Amount
 
 
 
Shares
 
 
 
Amount
 
 
 

 
Additional
paid-in

capital
 
 
 
 
 


 
Accumulated
Other
Comprehensive
Income/(Loss)
 
 
 
 
 
 
Retained
earnings
 
 
 
 

 
Total Flutter
Shareholders’
Equity
 
 
 
 
 
Non-
controlling
interests
 
 
 
 
 
Total
Equity
 
 
 
 
Net 
Income 
(Loss)
 
 
 
Balance as of December 31, 2023
 
$
1,152
 
 
 
177,008,649
 
 
$
36
 
 
 
— 
 
 
 
— 
 
 
$
1,385
 
 
$
(1,483
 
$
10,106
 
 
$
10,044
 
 
$
172
 
 
$
10,216
 
 
Net income (loss)
    15       —        —        —        —        —        —        (196     (196     4       (192     (177
Adjustment of redeemable non-controlling interest to fair value
    216       —        —        —        —        —        —        (216     (216     —        (216  
Shares issued on exercise of employee share options     —        436,546       0       —        —        14       —        —        14       —        14    
Equity-settled transactions – expense recorded in the income statement     —        —        —        —        —        40       —        —        40       —        40    
Acquisition of redeemable non-controlling interests     89       —        —        —        —        —        —        —        —        —        —     
Other comprehensive (loss)
    (10     —        —        —        —        —        (186     —        (186     (2     (188  
Balance as of March 31, 2024
 
$
1,462
 
 
 
177,445,195
 
 
$
36
 
 
 
— 
 
 
$
— 
 
 
$
1,439
 
 
$
(1,669
 
$
9,694
 
 
$
9,500
 
 
$
174
 
 
$
9,674
 
 
                                                                                  
Net income
    33       —        —        —        —        —        —        261       261       3       264       297  
Adjustment of redeemable non-controlling interest to fair value     (63     —        —        —        —        —        —        63       63       —        63    
Shares issued on exercise of employee share options     —        236,711       0       —        —        7       —        —        7       —        7    
Equity-settled transactions – expense recorded in the income statement     —        —        —        —        —        57       —        —        57       —        57    
Dividend distributed to non-controlling interests
    —        —        —        —        —        —        —        —        —        (6     (6  
Other comprehensive income (loss)
    —        —        —        —        —        —        (5     —        (5     (2     (7  
Balance as of June 30, 2024
 
$
1,432
 
 
 
177,681,906
 
 
$
36
 
 
 
— 
 
 
$
— 
 
 
$
1,503
 
 
$
(1,674
 
$
10,018
 
 
$
9,883
 
 
$
169
 
 
$
 10,052
 
 
                                                                                  
 
3

FLUTTER ENTERTAINMENT PLC
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY AND REDEEMAB
LE
NON-CONTROLLING
INTERESTS (Continued)
($ in millions except share amounts)
 
 
         
Ordinary share
   
Shares held by
employee benefit
                                         
 
 

 
Redeemable
non-
controlling
interests
 
 
 
 
 
 
Shares
 
 
 
Amount
 
 
 
Shares
 
 
 
Amount
 
 
 

 
Additional
paid-in

capital
 
 
 
 
 


 
Accumulated
Other
Comprehensive
Income/(Loss)
 
 
 
 
 
 
Retained
earnings
 
 
 
 

 
Total Flutter
Shareholders’
Equity
 
 
 
 
 
Non-
controlling
interests
 
 
 
 
 
Total
Equity
 
 
 
 
Net
Income
(Loss)
 
 
 
Balance as of December 31, 2022
 
$
929
 
 
 
176,091,902
 
 
$
36
 
 
 
1,396
 
 
$
(1
 
$
1,192
 
 
$
(1,782
 
$
11,590
 
 
$
11,035
 
 
$
156
 
 
$
11,191
 
 
Net (loss)
    (7     —        —        —        —        —        —        (102     (102     (2     (104     (111
Adjustment of redeemable non-controlling interest to fair value
    125       —        —        —        —        —        —        (125     (125     —        (125  
Shares issued on exercise of employee share options     —        330,483       0       —        —        1       —        —        1       —        1    
Equity-settled transactions – expense recorded in the income statement     —        —        —        —        —        32       —        —        32       —        32    
Other comprehensive income
    24       —        —        —        —        —        139       —        139       2       141    
Balance as of March 31, 2023
 
$
1,071
 
 
 
176,422,385
 
 
$
36
 
 
 
1,396
 
 
$
(1
 
$
1,225
 
 
$
(1,643
 
$
11,363
 
 
$
10,980
 
 
$
156
 
 
$
11,136
 
 
                                                                                  
Net (loss) income
    (8     —        —        —        —        —        —        67       67       5       72       64  
Adjustment of redeemable non-controlling interest to fair value
    60       —        —        —        —        —        —        (60     (60     —        (60  
Shares issued on exercise of employee share options     —        162,779       0       —        —        3       —        —        3       —        3    
Ordinary shares of the Company acquired by the Employee Benefit Trust     —        —        —        825,400       (166     —        —        —        (166     —        (166  
Equity-settled transactions – expense recorded in the income statement     —        —        —        —        —        55       —        —        55       —        55    
Acquisition of redeemable non-controlling interests     (95     —        —        —        —        —        —        —        —        —        —     
Other comprehensive (loss) income     25       —        —        —        —        —        101       —        101       4       105    
Balance as of June 30,
2023
 
$
  1,054
 
 
 
176,585,164
 
 
$
  36
 
 
 
 826,796
 
 
$
 (167
 
$
 1,283
 
 
$
 (1,542
 
$
 11,370
 
 
$
  10,980
 
 
$
  165
 
 
$
 11,145
 
 
                                                                                  
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
 
4

FLUTTER ENTERTAINMENT PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in millions)
 
 
  
Six months ended June 30,
 
  
 
2024
 
 
 
2023
 
 CASH FLOWS FROM OPERATING ACTIVITIES
  
 
 Net income (loss)
  
 $
120
 
 
 $
(47
 Adjustments to reconcile net income (loss) to net cash from operating activities:
  
 
Depreciation and amortization
  
 
569
 
 
 
601
 
Change in fair value of derivatives
  
 
(22
 
 
(12
Non-cash
interest expense, net
  
 
16
 
 
 
(4
Non-cash
operating lease expense
  
 
65
 
 
 
67
 
Foreign currency exchange loss (gain)
  
 
10
 
 
 
(224
(Gain) loss on disposal
  
 
(1
 
 
1
 
Share-based compensation – equity classified
  
 
97
 
 
 
87
 
Share-based compensation – liability classified
  
 
3
 
 
 
21
 
Other expenses (net)
  
 
95
 
 
 
117
 
Deferred taxes
  
 
(83
 
 
(192
Loss on extinguishment
  
 
5
 
 
 
 
Change in contingent consideration
  
 
(3
 
 
 
Change in operating assets and liabilities:
  
 
Player deposits
  
 
(2
 
 
(5
Accounts receivable
  
 
16
 
 
 
47
 
Other assets
  
 
32
 
 
 
(59
Accounts payable
  
 
(46
 
 
17
 
Other current liabilities
  
 
(155
 
 
101
 
Player deposit liability
  
 
14
 
 
 
(462
Operating leases liabilities
    
(70
 
 
(62
    
 
 
 
 
 
 
 
 Net cash provided by (used in) operating activities
  
 
660
 
 
 
(8
 CASH FLOWS FROM INVESTING ACTIVITIES
  
 
Purchases of property and equipment
  
 
(50
 
 
(49
Purchases of intangible assets
  
 
(97
 
 
(79
Capitalized software
  
 
(157
 
 
(135
Acquisitions, net of cash acquired
  
 
(132
 
 
 
    
 
 
 
 
 
 
 
 Net cash used in investing activities
  
 
(436
 
 
(263
 CASH FLOWS FROM FINANCING ACTIVITIES
  
 
Proceeds from issue of common stock upon exercise of options
  
 
21
 
 
 
4
 
Proceeds from issuance of long-term debt (net of transactions costs)
  
 
1,684
 
 
 
613
 
Repayment of long-term debt
  
 
(1,929
 
 
(711
Dividend distributed to non-controlling interests
  
 
(6
 
 
 
Repurchase of common stock
    
 
 
 
(166
    
 
 
 
 
 
 
 
 Net cash used in financing activities
  
 
(230
 
 
(260
 NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
  
 
(6
 
 
(531
 CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period
  
 
3,271
 
 
 
2,990
 
 Foreign currency exchange (loss) gain on cash and cash equivalents
  
 
(30
 
 
139
 
    
 
 
 
 
 
 
 
 CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period:
  
 
3,235
 
 
 
2,598
 
 CASH, CASH EQUIVALENTS AND RESTRICTED CASH comprise of:
  
 
Cash and cash equivalents
  
 $
1,526
 
 
 $
1,020
 
Cash and cash equivalents - restricted
  
 
25
 
 
 
15
 
Player deposits - cash & cash equivalents
  
 
1,684
 
 
 
1,563
 
    
 
 
 
 
 
 
 
 CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period:
  
 $
 3,235
 
 
 $
 2,598
 
 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
  
 
Interest paid
  
 
231
 
 
 
210
 
Income taxes paid
  
 
115
 
 
 
170
 
Operating cash flows from operating leases
  
 
81
 
 
 
70
 
 NON-CASH
INVESTING AND FINANCING ACTIVITIES:
  
 
Right of use assets obtained in exchange for new operating lease liabilities
  
 
74
 
 
 
40
 
Adjustments to lease balances as a result of remeasurement
  
 
(3
 
 
10
 
Business acquisitions (including contingent consideration)
  
$
28
 
 
$
 
 
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
5

FLUTTER ENTERTAINMENT PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
1. DESCRIPTION OF BUSINESS
Flutter Entertainment plc (the “Company” or “Flutter”) and its subsidiaries (together referred to as the “Group”) is a global online sports betting and iGaming entity, operating some of the world’s most innovative, diverse and distinctive online sports betting and gaming brands such as FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, TVG, Junglee Games, Adjarabet and MaxBet. As of June 30, 2024, the Group offered its products in over 100 countries.
The Group is a public limited company incorporated in the Republic of Ireland.
Public Listing on the New York Stock Exchange (“NYSE”)
On January 29, 2024, the Group completed its registration process with the United States Securities and Exchange Commission (“SEC”), and listed on the New York Stock Exchange (“NYSE”) for public trading. On May 31, 2024, the Group moved its primary listing to the NYSE following the approval of shareholders at the Company’s Annual General Meeting held on May 1, 2024. In addition, the Group maintains a listing on the main market of the London Stock Exchange (“LSE”).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
— These unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting and the rules and regulations of the SEC. As such, certain notes or other information that are normally required by U.S. GAAP have been omitted if they substantially duplicate the disclosures contained in the Group’s audited consolidated financial statements as of and for the year ended December 31, 2023. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Group’s consolidated financial statements included in our Annual Report on Form
10-K
for the fiscal year ended December 31, 2023, as filed with the SEC on March 26, 2024 (the “2023 Annual Report”). These condensed consolidated financial statements are unaudited; however, in the opinion of management, they include all normal and recurring adjustments necessary for a fair presentation of the Group’s unaudited condensed consolidated financial statements for the periods presented. Results of operations reported for interim periods are not necessarily indicative of results for the entire year, due to seasonal fluctuations in the Group’s revenue as a result of the timing of various sports seasons, sporting events and other factors.
Recent Accounting Pronouncements Adopted
In January 2024, the Group adopted Accounting Standards Update ASU
2022-03,
Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance in Accounting Standards Codification Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions and Leases (Topic 842): Common Control Arrangements (ASU
2023-01),
which requires leasehold improvements associated with common control leases to be amortized over the useful life to the common control group. The new standards did not have material impact on the Group’s unaudited condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU
2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. While the Group is continuing to assess the timing of adoption and the potential impacts of ASU
2023-07,
it does not expect ASU
2023-07
to have a material effect, if any, on its consolidated financial statements.
 
6

FLUTTER ENTERTAINMENT PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
 
In March 2024, the FASB issued ASU
2024-01,
Compensation – Stock Compensation (Topic 718): which clarifies how an entity determines whether a profit interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The ASU’s amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those years with early adoption permitted. While the Group is continuing to assess the timing of adoption and the potential impacts of ASU
2024-01,
it does not expect ASU
2024-01
to have a material effect on the Group’s consolidated financial condition, results of operations or cash flows.
3. SEGMENTS AND DISAGGREGATION OF REVENUE
The Group reports its financial statements based on four reportable segments:
 
 
U.S.;
 
 
UK & Ireland (“UKI”);
 
 
International; and
 
 
Australia
The segment information aligns with how the chief operating decision maker (“CODM”) reviews and manages the business. The Group determined that it is the Chief Executive Officer and Chief Financial Officer jointly who are performing the function of CODM.
Beginning January 1, 2024, the Group revised its definition of Adjusted EBITDA, which is the segment measurement used to evaluate performance and allocate resources. The definition of Adjusted EBITDA now excludes share-based compensation as management believes inclusion of share-based compensation can obscure underlying business trends as share-based compensation could vary widely among companies due to different plans in place resulting in companies using share-based compensation awards differently, both in type and quantity of awards granted.
Effective January 1, 2024, subsequent to the Group’s decision to close the sports betting platform “FOX Bet”, the Group reorganized how the PokerStars (U.S.) business is managed which resulted in a change in operating segment composition. From January 1, 2024, PokerStars (U.S.) is included in the International segment as opposed to the U.S. segment.
Segment results for the three and six months ended June 30, 2023, have been revised to reflect the change in operating segment measurement and change in operating segment composition.
The Group manages its assets on a total company basis, not by operating segment. Therefore, the CODM does not regularly review any asset information by operating segment and accordingly, the Group does not report asset information by operating segment.
 
7

FLUTTER ENTERTAINMENT PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
 
The following tables present the Group’s segment information:
 
   
Three months ended
June 30,
 
Six months ended
June 30,
 ($ in millions)
 
 
 2024 
 
 
 
 2023 
 
 
 
 2024 
 
 
 
 2023 
 
 Revenue
       
 U.S.
       
Sportsbook
   $ 1,099      $ 781      $ 2,085      $ 1,540  
iGaming
    357       243       715       484  
Other
    71       73       137       144  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 U.S. segment revenue
 
 
1,527
 
 
 
1,097
 
 
 
2,937
 
 
 
2,168
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 UKI
       
Sportsbook
    451       401       862       777  
iGaming
    423       339       829       658  
Other
    54       49       98       90  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 UKI segment revenue
 
 
928
 
 
 
789
 
 
 
1,789
 
 
 
1,525
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 International
       
Sportsbook
    197       154       357       335  
iGaming
    574       540       1,174       1,093  
Other
    36       32       73       58  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 International segment revenue
 
 
807
 
 
 
726
 
 
 
1,604
 
 
 
1,486
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Australia
       
Sportsbook
    349       389       678       740  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Australia segment revenue
 
 
349
 
 
 
389
 
 
 
678
 
 
 
740
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total reportable segment revenue
 
 $
  3,611
 
 
 $
  3,001
 
 
 $
  7,008
 
 
 $
  5,919
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
iGaming revenue includes Poker and Lottery.
The information below summarizes revenue by geographical market for the three and six months ended June 30, 2024 and 2023:
 
   
Three months ended
June 30,
 
Six months ended
June 30,
 ($ in millions)
 
 
 2024 
 
 
 
 2023 
 
 
 
 2024 
 
 
 
 2023 
 
 U.S
   $ 1,495      $ 1,087      $ 2,894      $ 2,170  
 UK
    848       707       1,630       1,367  
 Ireland
    76       80       153       158  
 Australia
    349       389       678       740  
 Italy
    371       332       736       701  
 Rest of the world
    472       406       917       783  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total revenue
 
 $
  3,611
 
 
 $
  3,001
 
 
 $
  7,008
 
 
 $
  5,919
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8

FLUTTER ENTERTAINMENT PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
 
The information below shows the reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes for the three and six months ended June 30, 2024 and 2023:
 
   
Three months ended
June 30,
 
Six months ended
June 30,
 ($ in millions)
 
 
 2024 
 
 
 
 2023 
 
 
 
 2024 
 
 
 
 2023 
 
 UKI
   $ 293      $ 249      $ 561      $ 455  
 U.S.
    260       172       286       119  
 International
    156       145       329       294  
 Australia
    74       108       157       193  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Reportable segment adjusted EBITDA
 
 
783
 
 
 
674
 
 
 
 1,333
 
 
 
 1,061
 
 Unallocated corporate overhead
1
    (45 )     (41     (81 )     (76
 Depreciation and amortization
    (272     (303     (569     (601
 Share-based compensation expense
    (59     (64     (100     (110
 Transaction fees and associated costs
2
    (16     (17     (45     (20
 Restructuring and integration costs
3
    (22 )     (26 )     (45 )     (47
 Other (expense) income, net
    89       10       (85     (35
 Interest expense, net
    (108     (82     (220     (174
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Income (loss) before income taxes
 
 $
  350
 
 
 $
  150
 
 
 $
188
 
 
 $
(2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.
 
Unallocated corporate overhead includes shared technology, research and development, sales and marketing, and general and administrative expenses that are not allocated to specific segments.
 
2.
 
Comprises advisory fees related to implementation of internal controls, information system changes and other strategic advisory related to the change in the primary listing of the Group for the three and six months ended June 30, 2024 respectively. For the three and six months ended June 30, 2023 transaction fees and associated costs comprised advisory fees related to the proposed listing of Flutter’s ordinary shares in the U.S..
 
3.
 
During the three and six months ended June 30, 2024, costs of $22 million and $45 million (three and six months ended June 30, 2023: $26 million and $47 million) primarily relate to various restructuring and other strategic initiatives to drive synergies. These actions include efforts to consolidate and integrate our technology infrastructure, back-office functions and relocate certain operations to lower cost locations. The costs primarily include severance expenses, advisory fees and temporary staffing cost.
4. OTHER (EXPENSE) INCOME, NET
The following table shows the detail of other expense, net for the three and six months ended June 30, 2024 and 2023:
 
   
Three months ended
June 30,
 
Six months ended
June 30,
 ($ in millions)
 
 
 2024 
 
 
 
 2023 
 
 
 
 2024 
 
 
 
 2023 
 
 Foreign exchange (loss) gain
   $ (8    $ 35      $ (11    $ 71  
 Fair value gain on derivative instruments
    7       29       22       12  
 Fair value gain on contingent consideration
    3             3        
 Loss on settlement of long-term debt
    (5           (5      
 Gain (loss) on disposal
    1       (1     1       (1
 Fair value (loss) gain on Fox liability
    91       (53     (93     (117
 Fair value loss on investment
                (2      
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total other (expense) income, net
 
 $
  89
 
 
 $
  10
 
 
 $
  (85
 
 $
  (35
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9

FLUTTER ENTERTAINMENT PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
 
5. INTEREST EXPENSE, NET
The following table shows the detail of interest expense, net for the three and six months ended June 30, 2024 and 2023:
 
   
Three months ended
June 30,
 
Six months ended
June 30,
 ($ in millions)
 
 
 2024 
 
 
 
 2023 
 
 
 
 2024 
 
 
 
 2023 
 
 Interest and amortization of debt discount and expense on long-term debt, bank guarantees    $ 122      $ 98      $ 248      $ 195  
 Other interest expense
    2       (2     4       (2
 Interest income
    (16     (14     (32     (19
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Interest expense, net
 
 $
  108
 
 
 $
  82
 
 
 $
  220
 
 
 $
  174
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6. INCOME TAXES
For interim income tax reporting the Group estimates its annual effective tax rate and applies it to its
year-to-date
ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about beginning of year valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Group’s effective income tax rate was a provision of 15.1% on profit before income taxes for the three months ended June 30, 2024 (provision of 57.3% on profit before income taxes for the three months ended June 30, 2023) and was a provision of 36.0% on profit before income taxes for the six months ended June 30, 2024 (provision of 2,250.0% on loss before income taxes for the six months ended June 30, 2023). The difference in the effective income tax rate compared to the Irish corporation trading tax rate of 12.5% primarily reflects the tax impact of the impact of amortization of acquired intangibles and profit mix across jurisdictions, as well as the tax impact of discrete adjustments which includes our loss making jurisdictions and the fair value loss on Fox Option Liability.
The Group does not expect there to be any material changes to its existing unrecognized tax benefits over the next 12 months, due to the current position with taxing authorities. The Group regularly reviews its tax position on the basis of current law.
The Organization for Economic Cooperation and Development (OECD) is coordinating negotiations to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2). Certain aspects of Pillar 2 became effective from January 1, 2024 and other aspects are effective from January 1, 2025. The Group does not expect Pillar 2 to have a material impact on its effective tax rate, however as this legislation is enacted in jurisdictions in which the Group operates, transitional rules lapse, and other provisions of Pillar 2 become effective, we expect that our effective tax rate and cash tax payments may increase in future years. Under US GAAP, the OECD Pillar 2 rules are considered an alternative minimum tax and therefore deferred taxes would not be recognized or adjusted for the estimated effects of the future minimum tax.
 
10

FLUTTER ENTERTAINMENT PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
 
7. EARNINGS (LOSS) PER SHARE
The following table sets forth the computation of the Group’s basic and diluted net earnings (loss) per ordinary share attributable to the Group:
 
   
Three months ended
June 30,
 
Six months ended
June 30,
($ in millions except share and per share amounts)
 
 
 2024 
 
 
 
 2023 
 
 
 
 2024 
 
 
 
 2023 
 
Numerator
       
Net income (loss)
    297       64       120       (47
Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests
    18       2       22       (7
Adjustment of redeemable
non-controlling
interest to redemption value
    18       (5     33       (5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to Flutter shareholder – basic and diluted
      261         67         65       (35
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
Denominator
       
Basic weighted average outstanding shares
    178       178       178       178  
Effective of dilutive stock awards
    2       2       2        
Diluted weighted average outstanding shares
    180       180       180         178  
       
Earnings (Loss) per share
       
Basic
    1.47       0.38       0.37       (0.20
Diluted
    1.45       0.37       0.36       (0.20
The number of options excluded from the diluted weighted average number of ordinary share calculation due to their effect being anti-dilutive as the assumed proceeds were greater than the average market price was 458,811 and 462,122 for the three and six months ended June 30, 2024 respectively (2023: 179,280 and 2,329,480 for the three and six months ended June 30,
2023
respectively).
8. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables presents the changes in accumulated other comprehensive income / (loss) by component for the three and six months ended June 30, 2024 and 2023:
 
($ in millions)
 
Gains and
loss on Cash
  Flow Hedges  
 
Unrealized
Gains and
Losses on
Available-

for-
Sale

Debt
  securities  
 
Foreign
Currency
  Translation,  
net of Net
Investment
Hedges
 
 Total 
Balance as of March 31, 2024
 
 $
3
 
 
 
 $   (2
 
 
 $   (1,670
 
 
 $   (1,669
Other comprehensive income (loss) before reclassifications
    (10     1       (8     (17
Amounts reclassified from accumulated other comprehensive loss
    12                   12  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net current period other comprehensive income (loss)
    2       1       (8     (5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2024
 
 $
   5
 
 
 
 $   (1
 
 
 $   (1,678
 
 
 $   (1,674
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11

FLUTTER ENTERTAINMENT PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
 
($ in millions)
 
Gains and
loss on Cash

 Flow Hedges 
 
Unrealized
Gains and
Losses on
Available-
for- Sale
Debt
securities
 
Foreign
Currency
Translation,
net of Net
Investment
Hedges
 
Total
Balance as of December 31, 2023
 
 $
       (6
 
 $
   (1
 
 $
 (1,476
 
 $
  (1,483
Other comprehensive income (loss) before reclassifications
    13             (202 )     (189 )
Amounts reclassified from accumulated other comprehensive loss
    (2                 (2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net current period other comprehensive income (loss)
    11             (202 )     (191 )
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2024
 
 $
5
 
 
 $
   (1
 
 $
(1,678
)
 
 $
(1,674
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
($ in millions)
 
Gains and
loss on Cash
Flow Hedges
 
Unrealized
Gains and
Losses on
Available-
for- Sale
Debt
securities
 
Foreign
Currency
Translation,
net of Net
Investment
Hedges
 
Total
Balance as of March 31, 2023
 
 $
5
 
 
 $
   (5
 
 $
 (1,643
 
 $
  (1,643
Other comprehensive income (loss) before reclassifications
    (16           76       60  
Amounts reclassified from accumulated other comprehensive loss
    41                   41  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net current period other comprehensive income
    25             76       101  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2023
 
 $
     30
 
 
 $
   (5
 
 $
(1,567
 
 $
  (1,542
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
($ in millions)
 
Gains and
loss on Cash

Flow Hedges
 
Unrealized
Gains and
Losses on
Available-
for- Sale
Debt
securities
 
Foreign
Currency
Translation,
net of Net
Investment
Hedges
 
Total
Balance as of December 31, 2022
 
 $
22
 
 
 $
   (6
 
 $
 (1,798
 
 $
  (1,782
Other comprehensive income (loss) before reclassifications
    (76     1       231       156  
Amounts reclassified from accumulated other comprehensive loss
    84                   84  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net current period other comprehensive income
    8       1       231       240  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2023
 
 $
     30
 
 
 $
(5
 
 $
(1,567
 
 $
(1,542
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12

FLUTTER ENTERTAINMENT PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
 
9. PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid expenses and other current assets consisted of the following as of June 30, 2024, and December 31, 2023:
 
($ in millions)
 
As of