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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 41,697 · FY2023 59,932 · FY2024 63,920 — 3-yr total 165,549
Betlive LLC is a licensed Georgian online sportsbook and casino (launched 2017), one of the top three Georgian operators (~680k monthly visits). Offers sports betting, live casino and slots in GEL with content partnerships including BGaming and Beter.
Subsidiary of Aiti Venchari (71.0%)
| Ratio | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | -53.5% | 37.9% | 18.1% | 23.5% | 28.7% | 35.5% | 33.0% | 29.6% |
| EBITDAR | -3,891 | 22,362 | 14,714 | 20,946 | 32,175 | 48,229 | 57,489 | 66,955 |
| EBITDAR Margin | -53.5% | 37.9% | 18.1% | 23.5% | 28.7% | 35.5% | 33.0% | 29.6% |
| EBIT Margin | -55.8% | 37.5% | 17.1% | 22.6% | 27.9% | 34.7% | 32.4% | 29.1% |
| Net Profit Margin | -156.6% | 18.2% | 16.0% | 19.6% | 25.7% | 35.0% | 32.1% | 29.2% |
| Operating Expense % of Sales | 153.5% | 62.1% | 81.9% | 76.5% | 71.3% | 64.5% | 67.0% | 70.4% |
| Returns | ||||||||
| Return on Assets (ROA) | -274.7% | 89.2% | 107.7% | 197.0% | 159.0% | 284.2% | 260.8% | 213.3% |
| Return on Equity (ROE) | N/A | N/A | 220.2% | N/A | 1453.8% | 608.7% | 1451.1% | 1122.6% |
| ROIC [EBIT / Invested Capital] | -1268.5% | 1044.5% | 509.8% | N/A | N/A | 1086.2% | N/A | N/A |
| Leverage & debt balances | ||||||||
| Debt-to-Assets | 331.6% | 85.3% | 15.1% | 14.0% | 9.6% | 9.4% | 11.1% | 7.3% |
| Debt-to-Equity | -1.10x | -5.91x | 0.31x | -0.56x | 0.88x | 0.20x | 0.62x | 0.38x |
| Debt-to-EBITDA | N/A | 0.46x | 0.12x | 0.06x | 0.05x | 0.03x | 0.04x | 0.03x |
| Equity-to-Assets | -300.8% | -14.4% | 48.9% | -25.0% | 10.9% | 46.7% | 18.0% | 19.0% |
| Net Debt | 12,790 | 3,854 | -3,187 | -2,165 | -9,703 | -3,459 | -4,242 | -13,852 |
| Cash & Equivalents | 955 | 6,411 | 5,014 | 3,404 | 11,448 | 5,034 | 6,624 | 16,098 |
| Total Debt | 13,745 | 10,265 | 1,827 | 1,239 | 1,745 | 1,575 | 2,382 | 2,247 |
| Liquidity & working capital | ||||||||
| Current Ratio | 0.27x | 0.77x | 1.82x | 0.63x | 1.00x | 1.65x | 1.04x | 1.10x |
| Quick Ratio | 0.26x | 0.77x | 1.81x | 0.63x | 1.00x | 1.46x | 1.03x | 1.10x |
| Cash Ratio | 0.11x | 0.47x | 1.03x | 0.33x | 0.77x | 0.63x | 0.42x | 0.69x |
| Total Current Assets | 2,290 | 10,592 | 8,848 | 6,498 | 14,885 | 13,109 | 16,388 | 25,710 |
| Total Current Liabilities | 8,517 | 13,773 | 4,869 | 10,327 | 14,899 | 7,937 | 15,708 | 23,379 |
| Inventory | 39 | 46 | 52 | 29 | 33 | 1,561 | 275 | 55 |
| Trade Receivables | 1,229 | 3,186 | 1,572 | 1,045 | 1,068 | 2,316 | 6,573 | 3,094 |
| Trade Payables | 1,229 | 1,823 | 1,924 | 2,939 | 3,150 | 2,942 | 4,583 | 4,400 |
| Net Working Capital | -6,227 | -3,180 | 3,979 | -3,828 | -14 | 5,172 | 680 | 2,331 |
| Net Working Capital % of Revenue | -85.6% | -5.4% | 4.9% | -4.3% | -0.0% | 3.8% | 0.4% | 1.0% |
| Trade Working Capital | 39 | 1,410 | -300 | -1,866 | -2,049 | 935 | 2,265 | -1,251 |
| Trade Working Capital % of Revenue | 0.5% | 2.4% | -0.4% | -2.1% | -1.8% | 0.7% | 1.3% | -0.6% |
| Change in Trade Working Capital | N/A | 1,371 | -1,709 | -1,566 | -184 | 2,984 | 1,330 | -3,515 |
| Turnover & efficiency | ||||||||
| Inventory Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover | 5.92x | 18.51x | 51.84x | 85.12x | 105.01x | 58.69x | 26.49x | 72.99x |
| Days Sales Outstanding (DSO) | 61.7 | 19.7 | 7.0 | 4.3 | 3.5 | 6.2 | 13.8 | 5.0 |
| Payables Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Conversion Cycle | 61.7 days | 19.7 days | 7.0 days | 4.3 days | 3.5 days | 6.2 days | 13.8 days | 5.0 days |
| Asset Turnover | 1.75x | 4.90x | 6.74x | 10.07x | 6.20x | 8.13x | 8.11x | 7.30x |
| Cash flow & dividends | ||||||||
| Operating Cash Flow | -10,462 | 10,329 | 14,002 | 24,246 | 33,332 | 36,466 | 62,639 | 66,972 |
| Free Cash Flow (OCF − Capex proxy) | -10,462 | 8,147 | 12,987 | 24,236 | 33,055 | 36,203 | 62,033 | 67,111 |
| Cash Conversion (OCF / EBITDA) | N/A | 46.2% | 95.2% | 115.8% | 103.6% | 75.6% | 109.0% | 100.0% |
| Dividends Declared | 0 | 0 | 5,372 | 25,537 | 24,587 | 41,697 | 59,932 | 63,920 |
| Dividend Payout Ratio | N/A | 0.0% | 41.3% | 146.6% | 85.4% | 87.7% | 107.1% | 96.9% |
Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.
Shareholders, directors and group links from the companyinfo.ge public register — as filed, so stakes need not sum to 100% where a holding is undisclosed.
Ownership & directors from companyinfo.ge (public corporate registry).
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