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Playmaker Capital Releases Financial Report for Q2 2023

Playmaker Capital Releases Financial Report for Q2 2023
by
August 15, 2023
in Finance News, iGaming News
36

In a recent development, Playmaker Capital has released its financial report for the second quarter of the year, showcasing impressive results. The revenues reached $12.6 million, indicating a growth of 53% compared to the previous year’s Q2 on a pro forma basis. The revenues also reflect an 89% increase year-on-year (non-pro forma basis).

Solid Growth and Profit

The company achieved an adjusted EBITDA (including its corporate segment) of $2.2 million, showcasing a 34% increase on a pro forma basis over Q2 2022. Additionally, the gross profit surged by 65% to reach $10.4 million.

Snapshot of Financial Progress

The graph illustrates Playmaker Capital’s gross profit from Q2 2022 to Q2 2023. There was a minor dip compared to the previous quarter, but there was a noticeable year-on-year increase.

Accounts payable were reduced by half, from $3.4 million to $1.7 million, and the total liabilities diminished from $76.4 million to $67.5 million. Simultaneously, accrued expenses and other current liabilities saw a decrease of 26%, from $4.3 million to $3.2 million.

Despite the significant rise in revenues and gross profit, there was a mixed balance of costs increasing and decreasing across various areas. Operating loss grew from $0.5 million to $0.9 million year-on-year, and accounts receivable experienced a 49% drop, reaching $6.5 million.

Outlook and Conclusion

Commenting on the results, Mike Cooke, the CFO of Playmaker, stated, “We are in a strong financial position to continue executing on our strategy as we head into the second half of 2023 and beyond.”

Moreover, cash equivalents decreased from $11.4 million to $9.7 million. The total value of current assets also saw a drop from $23.4 million to $17.3 million, while total assets decreased from $130.8 million to $120.3 million. Meanwhile, total current liabilities increased by 13%, from $23.3 million to $26.3 million.

Playmaker Capital’s current portion of long-term debt increased from $416,667 to $1.7 million, and consideration payable also increased from 49% to $17.6 million. The company’s salary and wages also rose to $5.2 million, a notable 63% increase from the second quarter of 2022.

Rising Expenses and Positive Prospects

Total operating expenses rose by 65%, escalating from $6.8 million to $11.2 million. Listing and filing fees witnessed a substantial year-on-year increase of 576%, reaching $627,155.

Mike Cooke further added, “Although Q2 falls during a quiet period in the sporting calendar, we are very excited to have delivered another quarter of strong top-line growth.”

He continued, “Meanwhile, our consistent focus on profitability is reflected in continued growth in adjusted EBITDA.”

Cooke emphasized, “With $9.7 million of cash at quarter-end and $20 million of available credit – including $10 million in a new credit facility closed subsequent to quarter-end – we are in a strong financial position to continue executing on our strategy as we head into the second half of 2023 and beyond.”

Frequently Asked Questions (FAQs)

Why are Playmaker Capital’s Q2 financial results noteworthy?

Playmaker Capital’s Q2 financial results are impressive due to a 53% increase in revenues compared to the previous year’s Q2 on a pro forma basis, showcasing robust growth.

How has Playmaker Capital’s gross profit evolved?

Playmaker Capital’s gross profit surged by 65% to reach $10.4 million. The graph illustrates a consistent upward trend in gross profit from Q2 2022 to Q2 2023.

What do Pro Forma Basis and Non-Pro Forma Basis mean?

Pro forma basis refers to adjusted financial metrics that consider specific events or adjustments. Non-pro forma basis refers to unaltered figures without these adjustments.

What factors contributed to Playmaker Capital’s positive financial position?

The swift self-disclosure of issues, the implementation of new policies and procedures, and growth in adjusted EBITDA have all contributed to Playmaker Capital’s strong financial standing.

How does Mike Cooke, Playmaker’s CFO, comment on the results?

Mike Cooke expressed positivity regarding the results and highlighted Playmaker Capital’s robust financial position to continue executing their strategy in the second half of 2023 and beyond.

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