DoubleDown Interactive Reports Fourth Quarter and Full Year 2024 Financial Results
DoubleDown Interactive (NASDAQ: DDI) reported its Q4 and full-year 2024 financial results. Q4 revenue was $82.0 million, slightly down from $83.1 million in Q4 2023. The company's SuprNation subsidiary contributed $9.0 million in Q4 revenue.
Full-year 2024 revenue increased 10% to $341.3 million from $308.9 million in 2023. Profit (excluding non-controlling interest) rose to $124.0 million ($2.50 per ADS) in 2024, up from $101.0 million ($2.04 per ADS) in 2023. Adjusted EBITDA grew 16% to $141.9 million, with a margin of 41.6%.
Key metrics for social casino games showed improvement, with ARPDAU increasing to $1.30 from $1.09 and average monthly revenue per payer rising to $283 from $245. The company ended 2024 with approximately $380 million in net cash, up $145 million from 2023.
DoubleDown Interactive (NASDAQ: DDI) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. Le entrate del quarto trimestre sono state di 82,0 milioni di dollari, in leggera diminuzione rispetto agli 83,1 milioni di dollari del quarto trimestre 2023. La sussidiaria dell'azienda, SuprNation, ha contribuito con 9,0 milioni di dollari alle entrate del quarto trimestre.
Le entrate per l'intero anno 2024 sono aumentate del 10%, raggiungendo i 341,3 milioni di dollari rispetto ai 308,9 milioni di dollari del 2023. Il profitto (escludendo l'interesse non di controllo) è salito a 124,0 milioni di dollari (2,50 dollari per ADS) nel 2024, in aumento rispetto ai 101,0 milioni di dollari (2,04 dollari per ADS) del 2023. EBITDA rettificato è cresciuto del 16%, arrivando a 141,9 milioni di dollari, con un margine del 41,6%.
Le metriche chiave per i giochi di casinò social hanno mostrato miglioramenti, con l'ARPDAU che è aumentato a 1,30 dollari rispetto a 1,09 dollari e le entrate mensili medie per pagatore che sono salite a 283 dollari rispetto a 245 dollari. L'azienda ha chiuso il 2024 con circa 380 milioni di dollari in liquidità netto, in aumento di 145 milioni di dollari rispetto al 2023.
DoubleDown Interactive (NASDAQ: DDI) reportó sus resultados financieros del cuarto trimestre y del año completo 2024. Los ingresos del cuarto trimestre fueron de 82,0 millones de dólares, ligeramente por debajo de los 83,1 millones de dólares en el cuarto trimestre de 2023. La subsidiaria de la compañía, SuprNation, contribuyó con 9,0 millones de dólares a los ingresos del cuarto trimestre.
Los ingresos del año completo 2024 aumentaron un 10% a 341,3 millones de dólares desde 308,9 millones de dólares en 2023. La utilidad (excluyendo el interés no controlador) aumentó a 124,0 millones de dólares (2,50 dólares por ADS) en 2024, frente a 101,0 millones de dólares (2,04 dólares por ADS) en 2023. EBITDA ajustado creció un 16% a 141,9 millones de dólares, con un margen del 41,6%.
Las métricas clave para los juegos de casino social mostraron mejoras, con ARPDAU que aumentó a 1,30 dólares desde 1,09 dólares y el ingreso promedio mensual por pagador que subió a 283 dólares desde 245 dólares. La empresa cerró 2024 con aproximadamente 380 millones de dólares en efectivo neto, un aumento de 145 millones de dólares respecto a 2023.
더블다운 인터랙티브 (NASDAQ: DDI)가 2024년 4분기 및 연간 재무 결과를 발표했습니다. 4분기 수익은 8200만 달러로, 2023년 4분기 8310만 달러에서 소폭 감소했습니다. SuprNation 자회사는 4분기 수익에 900만 달러를 기여했습니다.
2024년 전체 연간 수익은 2023년 3억 890만 달러에서 10% 증가한 3억 4130만 달러에 도달했습니다. 수익 (비지배 지분 제외)은 2024년에 1억 2400만 달러 (ADS당 2.50달러)로 증가했으며, 이는 2023년 1억 1000만 달러 (ADS당 2.04달러)에서 증가한 수치입니다. 조정 EBITDA는 16% 증가하여 1억 4190만 달러에 도달했으며, 마진은 41.6%입니다.
소셜 카지노 게임의 주요 지표는 개선되었으며, ARPDAU는 1.30달러로 증가하였고, 월 평균 지불자당 수익은 283달러로 상승하였습니다 (245달러에서 증가함). 회사는 2024년을 약 3억 8000만 달러의 순 현금으로 마감했으며, 이는 2023년 대비 1억 4500만 달러 증가한 수치입니다.
DoubleDown Interactive (NASDAQ: DDI) a publié ses résultats financiers pour le quatrième trimestre et l'année entière 2024. Le chiffre d'affaires du quatrième trimestre s'est élevé à 82,0 millions de dollars, légèrement en baisse par rapport aux 83,1 millions de dollars du quatrième trimestre 2023. La filiale de l'entreprise, SuprNation, a contribué pour 9,0 millions de dollars au chiffre d'affaires du quatrième trimestre.
Le chiffre d'affaires pour l'année entière 2024 a augmenté de 10% pour atteindre 341,3 millions de dollars contre 308,9 millions de dollars en 2023. Le bénéfice (hors intérêts minoritaires) a grimpé à 124,0 millions de dollars (2,50 dollars par ADS) en 2024, contre 101,0 millions de dollars (2,04 dollars par ADS) en 2023. EBITDA ajusté a crû de 16% pour atteindre 141,9 millions de dollars, avec une marge de 41,6%.
Les indicateurs clés pour les jeux de casino sociaux ont montré des améliorations, avec un ARPDAU en hausse à 1,30 dollar contre 1,09 dollar et un revenu mensuel moyen par joueur passant à 283 dollars contre 245 dollars. L'entreprise a terminé 2024 avec environ 380 millions de dollars de liquidités nettes, soit une augmentation de 145 millions de dollars par rapport à 2023.
DoubleDown Interactive (NASDAQ: DDI) hat seine Finanzzahlen für das 4. Quartal und das Gesamtjahr 2024 veröffentlicht. Der Umsatz im 4. Quartal betrug 82,0 Millionen Dollar, was einen leichten Rückgang gegenüber 83,1 Millionen Dollar im 4. Quartal 2023 bedeutet. Die Tochtergesellschaft des Unternehmens, SuprNation, trug mit 9,0 Millionen Dollar zum Umsatz im 4. Quartal bei.
Der Umsatz für das Gesamtjahr 2024 stieg um 10% auf 341,3 Millionen Dollar von 308,9 Millionen Dollar im Jahr 2023. Der Gewinn (ohne nicht beherrschende Anteile) stieg auf 124,0 Millionen Dollar (2,50 Dollar pro ADS) im Jahr 2024, gegenüber 101,0 Millionen Dollar (2,04 Dollar pro ADS) im Jahr 2023. Bereinigtes EBITDA wuchs um 16% auf 141,9 Millionen Dollar, bei einer Marge von 41,6%.
Die wichtigsten Kennzahlen für soziale Casinospiele zeigen Verbesserungen, da der ARPDAU auf 1,30 Dollar von 1,09 Dollar gestiegen ist und der durchschnittliche monatliche Umsatz pro Spieler auf 283 Dollar von 245 Dollar gestiegen ist. Das Unternehmen schloss das Jahr 2024 mit rund 380 Millionen Dollar an Netto-Cash ab, was einem Anstieg von 145 Millionen Dollar im Vergleich zu 2023 entspricht.
- Revenue increased 10% YoY to $341.3 million in 2024
- Profit grew to $124.0 million in 2024, up from $101.0 million in 2023
- Adjusted EBITDA increased 16% to $141.9 million
- ARPDAU improved to $1.30 from $1.09 year-over-year
- Net cash position grew by $145 million to $380 million
- Operating cash flow increased to $148.5 million from $24.1 million
- Q4 2024 revenue declined to $82.0 million from $83.1 million in Q4 2023
- Operating expenses increased 7% to $204.3 million in 2024
- Average Monthly Active Users decreased to 1.36 million from 1.75 million
Insights
DoubleDown Interactive's Q4 and FY2024 results reveal a company successfully executing on multiple fronts despite competitive pressures in the social casino space. The standout metric is the
The company's operational efficiency is particularly impressive, with Adjusted EBITDA margins remaining above
SuprNation's contribution of
The
SEOUL, South Korea, Feb. 11, 2025 (GLOBE NEWSWIRE) -- DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) (“DoubleDown” or the “Company”), a leading developer and publisher of digital games on mobile and web-based platforms, today announced unaudited financial results for the fourth quarter and full year ended December 31, 2024. Beginning with the fourth quarter of 2024, the Company is reporting its financial results in accordance with International Financial Reporting Standards (“IFRS”) and has also adopted IFRS for the annual period beginning on January 1, 2024 in connection with the preparation of its 2024 full year financial statements. As such, the financial results for the 2024 fourth quarter and full year periods, as well as the comparable periods for 2023, reflect IFRS. The Company previously reported its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Fourth Quarter 2024 vs. Fourth Quarter 2023 Summary:
- Revenue was
$82.0 million in the fourth quarter of 2024 compared to$83.1 million in the fourth quarter of 2023. SuprNation, a European iGaming operator (“SuprNation”) which was acquired by the Company in October 2023, generated revenue of$9.0 million in the fourth quarter of 2024. Excluding contributions from SuprNation, revenue decreased7% year over year to$73.0 million . - Operating expenses were
$47.8 million in the fourth quarter of 2024 compared to$47.4 million in the fourth quarter of 2023, primarily due to increased general and administrative expenses which included an additional month of SuprNation operations compared to the prior-year period, partially offset by lower research and development expenses. - Profit (excluding non-controlling interest) was
$35.6 million , or earnings per fully diluted common share of$14.37 ($0.72 per American Depositary Share (“ADS”)), in the fourth quarter of 2024, compared to profit (excluding non-controlling interest) of$25.9 million , or earnings per fully diluted common share of$10.47 ($0.52 per ADS), in the fourth quarter of 2023. The increase primarily reflects gains in foreign exchange transaction and currency translation. Each ADS represents 0.05 share of a common share. - Adjusted EBITDA was
$35.1 million for the fourth quarter of 2024, compared to$37.0 million in the fourth quarter of 2023. Adjusted EBITDA margin was42.8% in the fourth quarter of 2024 and44.5% in the fourth quarter of 2023. - Average Revenue Per Daily Active User (“ARPDAU”) for the Company’s social casino/free-to-play games increased to
$1.30 in the fourth quarter of 2024 from$1.24 in the fourth quarter of 2023 and was unchanged from the third quarter of 2024. - Average monthly revenue per payer for the social casino/free-to-play games increased to
$282 in the fourth quarter of 2024 from$279 in the fourth quarter of 2023 and$281 in the third quarter of 2024.
“DoubleDown’s fourth quarter results highlight the ability of our businesses to generate consistently strong profitability and free cash flow despite the slight revenue decline compared to the fourth quarter of 2023,” said In Keuk Kim, Chief Executive Officer of DoubleDown. “In the fourth quarter and throughout 2024 we delivered strong monetization metrics for our flagship social casino game, DoubleDown Casino, including full-year ARPDAU and average revenue per payer growth of
“Our SuprNation iGaming business gained momentum throughout 2024 culminating with fourth quarter revenue being the highest under our ownership. With a full year of experience operating this business, we are targeting additional top line growth in 2025 as we pursue market share growth in SuprNation’s core U.K. and Sweden markets, subject to favorable market conditions.
“We continue to prioritize capital efficiency as reflected in our strong Adjusted EBITDA margins and free cash flow. At 2024 year-end, our aggregate net cash position was approximately
Full Year 2024 vs. Full Year 2023 Summary
- Revenue for the year ended December 31, 2024 was
$341.3 million , an increase of10% from$308.9 million for the year ended December 31, 2023. Revenue exclusive of the contributions from SuprNation increased1% year over year to$308.3 million , primarily reflecting higher engagement and monetization of the existing player base. - Operating expenses for the year ended December 31, 2024 were
$204.3 million , an increase of7% compared to$190.3 million for the year ended December 31, 2023. The increase is primarily due to the inclusion of ten additional months of SuprNation expenses which were not incurred in the year ended December 31, 2023 given that SuprNation was acquired in October 2023. - Profit (excluding non-controlling interest) was
$124.0 million for the year ended December 31, 2024, or$50.06 per fully diluted common share ($2.50 per ADS), as compared to profit (excluding non-controlling interest) of$101.0 million , or$40.78 per fully diluted common share ($2.04 per ADS), for the year ended December 31, 2023. The increase was primarily due to higher revenue and gains in foreign exchange transaction and translation, partially offset by higher operating expenses which included the new expenses for SuprNation. Each ADS represents 0.05 share of a common share. - Adjusted EBITDA for the year ended December 31, 2024 increased
16% , or$19.8 million , to$141.9 million , compared to$122.1 million for the year ended December 31, 2023. Consistent with the increase in profit, the improvement in Adjusted EBITDA primarily reflects higher revenue and lower sales and marketing and research and development expenses, partially offset by higher general and administrative expenses which included the new expenses for SuprNation. - ARPDAU for the Company’s social casino/free-to-play games increased to
$1.30 for the year ended December 31, 2024 from$1.09 for the year ended December 31, 2023. - Average monthly revenue per payer for the social casino/free-to-play games increased to
$283 for the year ended December 31, 2024 from$245 for the year ended December 31, 2023. - Net cash flows provided by operating activities for the year ended December 31, 2024 increased to
$148.5 million from$24.1 million for the year ended December 31, 2023. The increase is primarily due to higher profit in 2024, as well as the final payment of$95.3 million towards the Benson litigation settlement that occurred in 2023.
Summary Operating Results for DoubleDown Interactive (Unaudited)
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue ($ MM) | $ | 82.0 | $ | 83.1 | $ | 341.3 | $ | 308.9 | |||||||
| Total operating expenses ($ MM) | (47.8 | ) | (47.4 | ) | (204.3 | ) | (190.3 | ) | |||||||
| Profit for the year ($ MM) | $ | 35.7 | $ | 26.0 | $ | 124.4 | $ | 101.1 | |||||||
| Adjusted EBITDA ($ MM) | $ | 35.1 | $ | 37.0 | $ | 141.9 | $ | 122.1 | |||||||
| Profit margin | 43.5 | % | 31.3 | % | 36.4 | % | 32.7 | % | |||||||
| Adjusted EBITDA margin | 42.8 | % | 44.5 | % | 41.6 | % | 39.5 | % | |||||||
| Non-financial performance metrics(1) | |||||||||||||||
| Average MAUs (000s) | 1,271 | 1,488 | 1,363 | 1,750 | |||||||||||
| Average DAUs (000s) | 619 | 703 | 653 | 772 | |||||||||||
| ARPDAU | $ | 1.30 | $ | 1.24 | $ | 1.30 | $ | 1.09 | |||||||
| Average monthly revenue per payer | $ | 282 | $ | 279 | $ | 283 | $ | 245 | |||||||
| Payer conversion | 6.9 | % | 6.4 | % | 6.7 | % | 6.0 | % | |||||||
| (1) Social casino/free-to-play games only | |||||||||||||||
Conference Call
DoubleDown will hold a conference call today (February 11, 2025) at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss these results. A question-and-answer session will follow management’s presentation.
To access the call, please use the following link: DoubleDown Fourth Quarter and Full Year 2024 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, please register a minimum of 15 minutes before the start of the call.
A simultaneous webcast of the conference call will be available with the following link: DoubleDown Fourth Quarter and Full Year 2024 Earnings Webcast, or via the Investor Relations page of the DoubleDown website at ir.doubledowninteractive.com. For those not planning to ask a question on the conference call, the Company recommends listening via the webcast.
A replay will be available on the Company’s Investor Relations website shortly after the event.
About DoubleDown Interactive
DoubleDown Interactive Co., Ltd. is a leading developer and publisher of digital games on mobile and web-based platforms. We are the creators of multi-format interactive entertainment experiences for casual players, bringing authentic Vegas entertainment to players around the world through an online social casino experience. The Company’s flagship social casino title, DoubleDown Casino, has been a fan-favorite game on leading social and mobile platforms for years, entertaining millions of players worldwide with a lineup of classic and modern games. The Company’s subsidiary, SuprNation, also operates three real-money iGaming sites in Western Europe.
Safe Harbor Statement
Certain statements contained in this press release are “forward-looking statements” about future events and expectations for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our beliefs, assumptions, and expectations of industry trends, our future financial and operating performance, and our growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Therefore, you should not place undue reliance on such statements. Words such as “anticipates,” believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” potential,” “near-term,” long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will,” and similar expressions are intended to identify such forward-looking statements. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Use and Reconciliation of Non-IFRS Financial Measures
In addition to our results determined in accordance with IFRS, we believe the following non-IFRS financial measure is useful in evaluating our operating performance. We present “adjusted earnings before interest, taxes, depreciation and amortization” (“Adjusted EBITDA”) because we believe it assists investors and analysts by facilitating comparison of period-to-period operational performance on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. The items excluded from the Adjusted EBITDA may have a material impact on our financial results. Certain of those items are non-recurring, while others are non-cash in nature. Accordingly, the Adjusted EBITDA is presented as supplemental disclosure and should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with IFRS, and should be read in conjunction with the financial statements furnished in our report on Form 6-K filed with the SEC.
In our reconciliation from our reported IFRS “operating profit before tax” to our Adjusted EBITDA, we eliminate the impact of the following four line items: (i) depreciation and amortization; (ii) finance income; (iii) finance expense; and (iv) other (income) expense. The below table sets forth the full reconciliation of our non-IFRS measures:
| Reconciliation of non-IFRS measures | Three months ended December 31, | Year ended December 31, | |||||||||||||
| (in millions, except percentages) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Profit for the year | $ | 35.7 | $ | 26.0 | $ | 124.4 | $ | 101.1 | |||||||
| Income tax expense (benefit) | 12.4 | 8.1 | 38.5 | 30.3 | |||||||||||
| Profit before tax | 48.1 | 34.1 | 162.9 | 131.3 | |||||||||||
| Adjustments for: | |||||||||||||||
| Depreciation and amortization | $ | 1.1 | $ | 1.3 | $ | 5.2 | $ | 3.5 | |||||||
| Finance income | (13.4 | ) | (3.2 | ) | (29.2 | ) | (20.6 | ) | |||||||
| Finance expense | (0.5 | ) | 4.8 | 3.3 | 7.9 | ||||||||||
| Other (income) expense, net | (0.2 | ) | 0.0 | (0.3 | ) | 0.0 | |||||||||
| Adjusted EBITDA | 35.1 | 37.0 | 141.9 | 122.1 | |||||||||||
| Adjusted EBITDA margin | 42.8 | % | 44.5 | % | 41.6 | % | 39.5 | % | |||||||
The key differences between reconciliations of Adjusted EBITDA and Adjusted EBITDA margin under IFRS and under GAAP arise from the treatment of certain adjustments, particularly in the areas of depreciation and amortization, finance (income), and finance expense per the respective accounting standards. For reconciliation of Adjusted EBITDA and Adjusted EBITDA margin under IFRS, depreciation related to right-of-use assets is included within the depreciation and amortization, and as such, is added back to Adjusted EBITDA in the reconciliation. In contrast, for reconciliation of Adjusted EBITDA and Adjusted EBITDA margin under GAAP, depreciation related to right-of-use assets is classified under general and administrative expenses, and thus, is excluded from Adjusted EBITDA in the reconciliation. The designation of finance (income) and finance expense in reconciliation under IFRS reflects a change in the classification of non-operating (income) expense in reconciliation under GAAP. Specifically, the non-operating (income) expense accounts under GAAP have been renamed to finance income and finance expense under IFRS.
We encourage investors and others to review our financial information in its entirety and not to rely on any single financial measure.
Company Contact:
Joe Sigrist
ir@doubledown.com
+1 (206) 773-2266
Chief Financial Officer
https://www.doubledowninteractive.com
Investor Relations Contact:
Joseph Jaffoni or Richard Land
JCIR
+1 (212) 835-8500
DDI@jcir.com
| DoubleDown Interactive Co., Ltd. Condensed Consolidated Balance Sheets (Unaudited, in thousands of U.S. dollars) | |||||||||||
| December 31, | December 31, | January 1, | |||||||||
| 2024 | 2023 | 2023 | |||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 334,850 | $ | 206,911 | $ | 217,352 | |||||
| Short-term investments | 80,000 | 67,756 | 67,891 | ||||||||
| Accounts receivable, net | 30,778 | 32,517 | 21,198 | ||||||||
| Prepaid expenses, and other assets | 7,614 | 8,570 | 6,441 | ||||||||
| Total current assets | $ | 453,242 | $ | 315,754 | $ | 312,882 | |||||
| Property and equipment, net | 1,025 | 444 | 436 | ||||||||
| Right-of-use assets, net | 4,308 | 7,072 | 3,598 | ||||||||
| Intangible assets, net | 47,666 | 51,571 | 35,051 | ||||||||
| Goodwill | 395,804 | 396,704 | 379,072 | ||||||||
| Deferred tax asset | 3,373 | 28,947 | 59,351 | ||||||||
| Other non-current assets | 746 | 2,807 | 1,463 | ||||||||
| Total non-current assets | $ | 452,922 | $ | 487,545 | $ | 478,971 | |||||
| Total assets | $ | 906,164 | $ | 803,299 | $ | 791,853 | |||||
| Liabilities and Shareholders’ Equity | |||||||||||
| Accounts payable and accrued expenses | $ | 14,990 | $ | 13,293 | $ | 13,830 | |||||
| Short-term lease liabilities | 1,162 | 3,157 | 3,050 | ||||||||
| Income taxes payable | 1,512 | 112 | - | ||||||||
| Contract liabilities | 1,754 | 2,520 | 2,426 | ||||||||
| Loss contingency | - | - | 95,250 | ||||||||
| Current portion of borrowings with related party | - | 38,778 | - | ||||||||
| Other current liabilities | 3,966 | 10,645 | 1,926 | ||||||||
| Total current liabilities | $ | 23,384 | $ | 68,505 | $ | 116,482 | |||||
| Long-term borrowings with related party | 34,014 | - | 39,454 | ||||||||
| Long-term lease liabilities | 3,510 | 4,420 | 1,625 | ||||||||
| Deferred tax liabilities, net | - | 848 | - | ||||||||
| Other non-current liabilities | 3,223 | 1,681 | 8,265 | ||||||||
| Total non-current liabilities | $ | 40,747 | $ | 6,949 | $ | 49,344 | |||||
| Total liabilities | $ | 64,131 | $ | 75,454 | $ | 165,826 | |||||
| Shareholders’ equity | |||||||||||
| Share capital | 21,198 | 21,198 | 21,198 | ||||||||
| Share premium | 359,280 | 359,280 | 359,280 | ||||||||
| Accumulated other comprehensive income (loss) | (10,603 | ) | (810 | ) | (1,432 | ) | |||||
| Retained earnings | 472,040 | 348,020 | 246,981 | ||||||||
| Total shareholders’ equity attributable to shareholders of DoubleDown Interactive Co. Ltd. | $ | 841,915 | $ | 727,688 | $ | 626,027 | |||||
| Equity attributable to non-controlling interest | 118 | 157 | - | ||||||||
| Total equity | $ | 842,033 | $ | 727,845 | $ | 626,027 | |||||
| Total liabilities and shareholders’ equity | $ | 906,164 | $ | 803,299 | $ | 791,853 | |||||
| DoubleDown Interactive Co., Ltd. Condensed Consolidated Statement of Income and Comprehensive Income (Unaudited, in thousands except share and per share amounts) | |||||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 81,970 | $ | 83,098 | $ | 341,330 | $ | 308,864 | |||||||
| Operating expenses | |||||||||||||||
| Cost of revenue | (24,469 | ) | (24,800 | ) | (103,541 | ) | (99,077 | ) | |||||||
| Sales and marketing | (10,415 | ) | (9,978 | ) | (46,210 | ) | (49,687 | ) | |||||||
| Research and development | (2,501 | ) | (4,925 | ) | (13,888 | ) | (19,299 | ) | |||||||
| General and administrative | (10,557 | ) | (7,682 | ) | (41,003 | ) | (22,168 | ) | |||||||
| Other income | 186 | 33 | 536 | 202 | |||||||||||
| Other expense | (55 | ) | (62 | ) | (209 | ) | (235 | ) | |||||||
| Total operating expenses | (47,811 | ) | (47,414 | ) | (204,315 | ) | (190,264 | ) | |||||||
| Operating profit | $ | 34,159 | $ | 35,684 | $ | 137,015 | $ | 118,600 | |||||||
| Finance income | 13,436 | 3,180 | 29,152 | 20,623 | |||||||||||
| Finance cost | 494 | (4,787 | ) | (3,287 | ) | (7,876 | ) | ||||||||
| Profit before income tax | $ | 48,089 | $ | 34,077 | $ | 162,880 | $ | 131,347 | |||||||
| Income tax (expense) | (12,398 | ) | (8,103 | ) | (38,526 | ) | (30,265 | ) | |||||||
| Profit for the year | $ | 35,691 | $ | 25,974 | $ | 124,354 | $ | 101,082 | |||||||
| Other comprehensive income (expense): | |||||||||||||||
| Pension adjustments, net of tax | 38 | (597 | ) | 341 | (597 | ) | |||||||||
| Gain (loss) on foreign currency translation | (9,087 | ) | 1,369 | (10,134 | ) | 1,219 | |||||||||
| Comprehensive income (expense) for the year | $ | 26,642 | $ | 26,746 | $ | 114,561 | $ | 101,704 | |||||||
| Profit (loss) attributable to: | |||||||||||||||
| DoubleDown Interactive Co., Ltd. | 35,599 | 25,931 | 124,020 | 101,039 | |||||||||||
| Non-controlling interest | 92 | 43 | 334 | 43 | |||||||||||
| Other comprehensive income (loss) attributable to: | |||||||||||||||
| DoubleDown Interactive Co., Ltd. | 26,549 | 26,703 | 114,289 | 101,661 | |||||||||||
| Non-controlling interest | 93 | 43 | 272 | 43 | |||||||||||
| Earnings per share: | |||||||||||||||
| Basic | $ | 14.37 | $ | 10.47 | $ | 50.06 | $ | 40.78 | |||||||
| Diluted | $ | 14.37 | $ | 10.47 | $ | 50.06 | $ | 40.78 | |||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 2,477,672 | 2,477,672 | 2,477,672 | 2,477,672 | |||||||||||
| Diluted | 2,477,672 | 2,477,672 | 2,477,672 | 2,477,672 | |||||||||||
| DoubleDown Interactive Co., Ltd. Condensed Consolidated Statement of Cash Flows (Unaudited, in thousands of U.S. dollars) | |||||||
| Year ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flow from (used in) operating activities: | |||||||
| Profit for the year | $ | 124,354 | $ | 101,082 | |||
| Adjustments to reconcile profit to net cash from operating activities: | |||||||
| Depreciation and amortization | 5,186 | 3,467 | |||||
| Gain on foreign currency translation | (8,356 | ) | (128 | ) | |||
| Loss on foreign currency translation | 45 | 3,734 | |||||
| Loss on valuation of financial assets | 766 | 82 | |||||
| Interest income | (15,657 | ) | (13,677 | ) | |||
| Interest expense | 2,049 | 2,038 | |||||
| Miscellaneous income | (268 | ) | (202 | ) | |||
| Provision for severance benefits | 339 | 890 | |||||
| Other long-term employee benefits | 1,631 | 533 | |||||
| Income tax expense | 38,526 | 30,265 | |||||
| Working capital adjustments: | |||||||
| Accounts receivable | 1,462 | (11,398 | ) | ||||
| Prepaid expenses, and other assets | 3,142 | (1,832 | ) | ||||
| Other non-current assets | 1,745 | (1,960 | ) | ||||
| Accounts payable, accrued expenses and other payables | 5,512 | (3,484 | ) | ||||
| Loss contingency | - | (95,250 | ) | ||||
| Contract liabilities | (766 | ) | 94 | ||||
| Other current and non-current liabilities | (1,009 | ) | (985 | ) | |||
| Cash generated from operations | $ | 158,701 | $ | 13,269 | |||
| Interest received | 13,542 | 11,474 | |||||
| Interest paid | (11,036 | ) | (130 | ) | |||
| Income taxes paid | (12,755 | ) | (526 | ) | |||
| Net cash inflow from operating activities | $ | 148,452 | $ | 24,087 | |||
| Cash flows from investing activities | |||||||
| Acquisition of SuprNation | - | (26,877 | ) | ||||
| Purchase of property and equipment | (867 | ) | (198 | ) | |||
| Disposal of property and equipment | 11 | 5 | |||||
| Purchase of Intangible Assets | (17 | ) | - | ||||
| Purchase of short-term investments | (80,990 | ) | (146,363 | ) | |||
| Disposal of short-term investments | 66,250 | 143,164 | |||||
| Net cash (outflow) from investing activities | $ | (15,613 | ) | $ | (30,269 | ) | |
| Cash flows from financing activities | |||||||
| Repayment of lease liabilities | (1,700 | ) | (3,255 | ) | |||
| Payment of dividends | (311 | ) | - | ||||
| Net cash (outflow) from financing activities | $ | (2,011 | ) | $ | (3,255 | ) | |
| Net increase (decrease) in cash and cash equivalents | $ | 130,829 | $ | (9,436 | ) | ||
| Effect of exchange rate changes on cash and cash equivalents | $ | (2,890 | ) | $ | (1,005 | ) | |
| Cash and cash equivalents at beginning of the year | $ | 206,911 | $ | 217,352 | |||
| Cash and cash equivalents at end of the year | $ | 334,850 | $ | 206,911 | |||
FAQ
What was DoubleDown Interactive's (DDI) revenue for Q4 2024?
How much did DDI's SuprNation subsidiary contribute to Q4 2024 revenue?
What was DDI's full-year 2024 profit?
How much did DDI's net cash position increase in 2024?
What was DDI's Adjusted EBITDA margin in 2024?
