PLAYSTUDIOS, Inc. Announces Fourth Quarter Results
- Strong fourth-quarter 2023 revenue of $77.1 million with a net loss of $19.9 million.
- AEBITDA of $14.7 million, showing a 390bps increase in margins from the previous year.
- Full-year 2023 revenue reached $310.9 million, with a net loss of $19.4 million.
- Consolidated AEBITDA for the year was $62.3 million, representing a significant increase.
- CEO Andrew Pascal emphasized strong financial performance and strategic initiatives for growth in 2024 and beyond.
- None.
Insights
The reported revenue decline and increase in net loss for PLAYSTUDIOS in the fourth quarter of 2023, alongside the year-over-year growth in Consolidated AEBITDA, present a mixed financial picture for the company. The discrepancy between revenue and AEBITDA performance suggests that while top-line growth has stalled, the company has improved operational efficiency or cost control. However, the sharp increase in net loss may raise concerns about the company's profitability and scalability, potentially affecting investor sentiment.
Furthermore, the commitment to reaching parity with peers' margins indicates aggressive targets for operational improvements. The expansion of AEBITDA margins is a positive sign, reflecting better cost management or higher-quality revenue. However, achieving a 30% margin in line with industry peers will require significant efforts in optimizing operations and increasing revenue streams. Investors should monitor the company's progress towards these goals, as they could significantly impact the stock's performance.
The strategic realignment around playGAMES and playAWARDS and the closure of certain studios, indicate a focused approach to streamline operations and concentrate on core competencies. This, coupled with the extension of the Tetris mobile gaming license, suggests a long-term strategy to solidify the company's position in the mobile gaming market.
The introduction of new games and the expansion of the playAWARDS loyalty platform could enhance user engagement and open new revenue channels. The potential for playAWARDS to generate external revenue marks a pivotal development, which could diversify the company's income and provide a more stable financial outlook. Investors should consider the company's ability to execute on these initiatives and the market's response to new product offerings when evaluating future performance.
The mobile gaming industry is highly competitive with rapid innovation cycles. PLAYSTUDIOS' focus on monetizing and stabilizing its social casino games is critical, as these are often high-margin products. The emphasis on DAU (Daily Active Users) and ARPDAU (Average Revenue Per Daily Active User) improvements for Tetris Prime suggests a data-driven approach to increasing user retention and monetization—a key factor in the industry's success.
The expansion of the myVIP program and the integration of Brainium into operations could enhance the company's competitive edge by providing a more robust gaming experience and potentially increasing user lifetime value. The long-term extension of the Tetris license is also significant, as it secures a classic and popular IP that can attract and retain users. The development of new Tetris games could rejuvenate the brand and attract new players, but it's important to consider the execution risks and market reception of these new titles.
Fourth Quarter 2023 Revenue of
AEBITDA of
Introducing FY2024 Financial Guidance
Fourth Quarter Financial Highlights
-
Revenue was
$77.1 million $79.4 million -
Net loss was
$19.9 million $1.7 million -
Consolidated AEBITDA, a non-GAAP financial measure defined below, was
$14.7 million $12.1 million
Full Year 2023 Financial Highlights
-
Revenue was
$310.9 million $290.3 million -
Net loss was
$19.4 million $17.8 million -
Consolidated AEBITDA,was
$62.3 million $38.3 million
Andrew Pascal, Chairman and Chief Executive Officer of PLAYSTUDIOS, commented, “We closed 2023 strongly, reporting fourth quarter results that were ahead of consensus expectations and above the midpoint of our guidance. Our profitability continued to rise at a remarkable rate, with year over year Consolidated AEBITDA growing over
He continued “We undertook and completed many significant initiatives in 2023, positioning the company for growth in 2024 and beyond. Notable accomplishments included the realignment of the company around our two main business lines, playGAMES and playAWARDS, relocating myKONAMI and myVEGAS to
Pascal added, “2024 will be a seminal year for playAWARDS as we expect the platform to begin generating external revenues for the first time. We continue to engage in conversations with other game publishers and strategic partners and believe 2024 is the first step in a long journey of growth. It’s still early days, but I’m excited by the conversations we’re having. To this end, we are now providing disclosures around divisional Revenue and Consolidated AEBITDA as we believe both our businesses merit their own attention. My hope is this disclosure gives you a better sense of the unique dynamics in each our businesses and also highlights the value and opportunity within PLAYSTUDIOS."
He concluded, “As we begin 2024, I am very excited about what lies ahead for PLAYSTUDIOS. Our focus this year will be on expansion and yielding gains on our many foundational efforts in 2023. This is clear in our 2024 guidance, which calls for growth in Revenues, Consolidated AEBITDA, and margins. I believe the momentum we build this year can be sustained over the long run and return us to the growth rates that have historically typified our company. At the same time, our goal remains to supplement these gains with transformative M&A. Our balance sheet affords us considerable latitude in this search and we are confident we will eventually find the right opportunity.”
Recent Business Highlights
-
Substantially increased the profitability of PLAYSTUDIOS in 2023, growing Consolidated AEBITDA by nearly
65% vs. 2022 and increasing Consolidated AEBITDA margins by 700bps from the prior year. - Continued the launch of myVIP into our games and expect to be fully integrated throughout our portfolio later this year.
-
As of December 31, 2023, PLAYSTUDIOS had a cash balance of
$133 million $81 million $50 million $30 million -
At quarter end, playAWARDS had 113 rewards partners with players making purchases of over
$27 million
Outlook
The Company expects full year 2024 net revenue to be in the range of
We have not provided the most directly comparable GAAP measure for our Consolidated AEBITDA outlook because certain items that are part of the projected non-GAAP financial measure are outside of our control or cannot be reasonably estimated without unreasonable effort.
Conference Call Details
PLAYSTUDIOS will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of the results followed by a question and answer session.
The call will be accessible via the Internet through https://ir.playstudios.com or by calling (866) 405-1203 for domestic callers and (201) 689-8432 for international callers.
A replay of the call will be archived at https://ir.playstudios.com.
About PLAYSTUDIOS, Inc.
PLAYSTUDIOS (Nasdaq: MYPS) creator of the groundbreaking playAWARDS loyalty platform is a publisher and developer of award-winning mobile games, including the iconic Tetris® mobile app, Pop! Slots, myVEGAS Slots, myVEGAS Blackjack, my KONAMI Slots, myVEGAS Bingo, MGM Slots Live, Solitaire, Spider Solitaire and Sudoku. The playAWARDS loyalty platform enables players to earn real-world rewards from a global collection of hospitality, entertainment, and leisure brands. playAWARDS partners include MGM Resorts International, Wolfgang Puck, Norwegian Cruise Line, Resorts World, IHG, Bowlero, Gray Line Tours, and Hippodrome Casino among others. Founded by a team of veteran gaming, hospitality, and technology entrepreneurs, PLAYSTUDIOS apps combine the best elements of popular casual games with compelling real-world benefits. To learn more about PLAYSTUDIOS, visit playstudios.com.
Performance Indicators
We manage our business by regularly reviewing several key operating metrics to track historical performance, identify trends in player activity, and set strategic goals for the future. Our key performance metrics are impacted by several factors that could cause them to fluctuate on a quarterly basis, such as platform providers’ policies, seasonality, player connectivity, and the addition of new content to games. We believe these measures are useful to investors for the same reasons. The key performance indicators may differ from similarly titled measures presented by other companies. For more information on our key performance indicators, please refer to the definitions below and the “Supplemental Data—playGAMES Key Performance Indicators” and “Supplemental Data—playAWARDS Key Performance Indicators” sections of this press release.
Daily Active Users (“DAU”): DAU is defined as the number of individuals who played a game on a particular day. For Tetris and our free-to-play social casino games, we track DAU by the player ID, which is assigned for each game installed by an individual. As such, an individual who plays two of these games on the same day is counted as two DAU while an individual who plays the same game on two different devices is counted as one DAU. For our Brainium suite of casual games, we track DAU by app instance ID, which is assigned to each installation of a game on a particular device. As such, an individual who plays two different Brainium games on the same day is counted as two DAU while an individual who plays the same game on two different devices is counted as two DAU. The term “Average DAU” is defined as the average of the DAU, determined as described above, for each day during the period presented. We use DAU and Average DAU as measures of audience engagement to help us understand the size of the active player base engaged with our games on a daily basis.
Monthly Active Users (“MAU”): MAU is defined as the number of individuals who played a game in a particular month. As with DAU, an individual who plays two different non-Brainium games in the same month is counted as two MAU while an individual who plays the same non-Brainium game on two different devices is counted as one MAU, and an individual who plays two different Brainium games on the same day is counted as two MAU while an individual who plays the same game on two different devices is counted as two MAU. The term “Average MAU” is defined as the average of the MAU, determined as described above, for each calendar month during the period presented. We use MAU and Average MAU as measures of audience engagement to help us understand the size of the active player base engaged with our games on a monthly basis.
Daily Paying Users (“DPU”): DPU is defined as the number of individuals who made a purchase in a mobile game during a particular day. As with DAU and MAU, we track DPU based on account activity. As such, an individual who makes a purchase on two different games in a particular day is counted as two DPU while an individual who makes purchases in the same game on two different devices is counted as one DPU. The term “Average DPU” is defined as the average of the DPU, determined as described above, for each day during the period presented. We use DPU and Average DPU to help us understand the size of our active player base that makes in-game purchases. This focus directs our strategic goals in setting player acquisition and pricing strategy.
Daily Payer Conversion: Daily Payer Conversion is defined as DPU as a percentage of DAU on a particular day. Daily Payer Conversion is also sometimes referred to as “Percentage of Paying Users” or “PPU”. The term “Average Daily Payer Conversion” is defined as the Average DPU divided by the Average DAU for a given period. We use Daily Payer Conversion and Average Daily Payer Conversion to help us understand the monetization of our active players.
Average Daily Revenue Per DAU (“ARPDAU”): ARPDAU is defined for a given period as the average daily revenue per Average DAU, and is calculated as game and advertising revenue for the period, divided by the number of days in the period, divided by the Average DAU during the period. We use ARPDAU as a measure of overall monetization of our active players.
Available Rewards: Available Rewards is defined as the monthly average number of unique rewards available in our applications’ rewards stores. A reward appearing in more than one application’s reward store is counted only once. A reward is counted only once irrespective of the inventory available through that reward. For example, one reward for a free night in a hotel room with ten rooms available for such free night is counted as one reward. Available Rewards only include real-world partner rewards and exclude PLAYSTUDIOS digital rewards. We use Available Rewards as a measure of the value and potential impact of the program for an interested player. It is assumed that the greater the variety and breadth of rewards offered, the more likely players will be to ascribe value to the program.
Purchases: Purchases is defined as the total number of rewards purchased for the period identified in which a player exchanges loyalty points for a reward. Purchases are not adjusted for refunds. Purchases only include purchases of real-world partner rewards and exclude any PLAYSTUDIOS digital rewards. The Company does not receive any compensation or revenue from Purchases. We use Purchases as a measure of audience interest and engagement with our playAWARDS platform.
Retail Value of Purchases: Retail Value of Purchases is defined as the cumulative retail value of all rewards listed as Purchases for the period identified. The retail value of each reward listed as Purchases is the retail value as determined by the partner upon creation of the reward. In the case where the retail value of a reward adjusts depending on time of redemption, the average retail value is used. Retail Value of Purchases only include the retail value of real-world partner rewards and exclude the cost of any PLAYSTUDIOS branded merchandise. We use Retail Value of Purchases to help us understand the real-world value of the rewards that are purchased by our players.
Non-GAAP Financial Measures
To provide investors with information in addition to results as determined by accounting principles generally accepted in
We define Consolidated AEBITDA as net loss before interest, income taxes, depreciation and amortization, restructuring and related costs (consisting primarily of severance and other restructuring related costs), stock-based compensation expense, and other income and expense items (including special infrequent items, foreign currency gains and losses, and other non-cash items). We also present Consolidated AEBITDA margin, a non-GAAP measure, which we calculate as Consolidated AEBITDA as a percentage of net revenue.
We believe that the presentation of Consolidated AEBITDA provides useful information to investors regarding the Company’s results of operations because the measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Consolidated AEBITDA provides an indicator of performance that is not affected by fluctuations in certain costs or other items. Accordingly, management believes that this measure is useful for comparing general operating performance from period to period, and management relies on this measure for planning and forecasting of future periods. Additionally, this measure allows management to compare results with those of other companies that have different financing and capital structures. However, other companies may define Consolidated AEBITDA differently, and as a result, our measure of Consolidated AEBITDA may not be directly comparable to that of other companies. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the “Reconciliation of Net Loss to Consolidated AEBITDA” section of this press release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our future financial and operating performance (including statements regarding outlook or guidance), our liquidity and capital resources, the development and release plans of our games, our plans to commercialize the playAWARDS platform as a stand-alone service for use by third parties, our increased capacity and use of personnel in European and Asian studios, and our mergers and acquisition strategy (including our acquisition of Brainium and its expected impact and financial performance), all of which involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “intends,” “believes,” “goal,” “work towards,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology that conveys uncertainty of future events or outcomes. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to differ materially from statements made in this press release, including our ability to develop and publish our games; risks related to defects, errors, or vulnerabilities in our games and IT infrastructure; our ability to attract new, and retain existing, players of our games; the failure to timely develop and achieve market acceptance of new games and maintain the popularity of our existing games; rapidly evolving technological developments in the gaming market; competition in the industry in which we operate; our financial performance; our ability to execute merger and acquisition transactions; adverse economic or political conditions in the
PLAYSTUDIOS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited and in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net revenue |
$ |
77,112 |
|
|
$ |
79,378 |
|
|
$ |
310,886 |
|
|
$ |
290,309 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of revenue(1) |
|
19,524 |
|
|
|
21,743 |
|
|
|
77,800 |
|
|
|
85,400 |
|
Selling and marketing |
|
19,077 |
|
|
|
21,483 |
|
|
|
74,360 |
|
|
|
80,819 |
|
Research and development |
|
16,795 |
|
|
|
16,754 |
|
|
|
70,298 |
|
|
|
63,315 |
|
General and administrative |
|
11,384 |
|
|
|
11,511 |
|
|
|
45,072 |
|
|
|
40,274 |
|
Depreciation and amortization |
|
11,573 |
|
|
|
10,297 |
|
|
|
45,259 |
|
|
|
35,562 |
|
Restructuring and related |
|
1,472 |
|
|
|
2,052 |
|
|
|
8,584 |
|
|
|
13,020 |
|
Total operating costs and expenses |
|
79,825 |
|
|
|
83,840 |
|
|
|
321,373 |
|
|
|
318,390 |
|
Loss from operations |
|
(2,713 |
) |
|
|
(4,462 |
) |
|
|
(10,487 |
) |
|
|
(28,081 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
||||||||
Change in fair value of warrant liabilities |
|
1,215 |
|
|
|
(92 |
) |
|
|
2,596 |
|
|
|
1,047 |
|
Interest income, net |
|
1,337 |
|
|
|
875 |
|
|
|
4,858 |
|
|
|
1,925 |
|
Other (expense) income, net |
|
(393 |
) |
|
|
2,327 |
|
|
|
513 |
|
|
|
1,491 |
|
Total other income, net |
|
2,159 |
|
|
|
3,110 |
|
|
|
7,967 |
|
|
|
4,463 |
|
Loss before income taxes |
|
(554 |
) |
|
|
(1,352 |
) |
|
|
(2,520 |
) |
|
|
(23,618 |
) |
Income tax (expense) benefit |
|
(19,310 |
) |
|
|
(351 |
) |
|
|
(16,873 |
) |
|
|
5,835 |
|
Net loss |
$ |
(19,864 |
) |
|
$ |
(1,703 |
) |
|
$ |
(19,393 |
) |
|
$ |
(17,783 |
) |
Net loss attributable to common stockholders per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.15 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.14 |
) |
Diluted |
$ |
(0.15 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.14 |
) |
Weighted average shares of common stock outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
134,259 |
|
|
|
130,799 |
|
|
|
132,978 |
|
|
|
128,353 |
|
Diluted |
|
134,259 |
|
|
|
130,799 |
|
|
|
132,978 |
|
|
|
128,353 |
|
| (1) Amounts exclude depreciation and amortization. | |||||||||||||||
PLAYSTUDIOS, INC. CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except par value amounts) |
|||||||
|
December 31, |
||||||
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
132,889 |
|
|
$ |
134,000 |
|
Receivables |
|
30,465 |
|
|
|
27,016 |
|
Prepaid expenses and other current assets |
|
11,529 |
|
|
|
14,963 |
|
Total current assets |
|
174,883 |
|
|
|
175,979 |
|
Property and equipment, net |
|
17,549 |
|
|
|
17,532 |
|
Operating lease right-of-use assets |
|
9,369 |
|
|
|
15,562 |
|
Intangibles assets and internal-use software, net |
|
110,933 |
|
|
|
77,231 |
|
Goodwill |
|
47,133 |
|
|
|
47,133 |
|
Deferred income taxes |
|
2,764 |
|
|
|
13,969 |
|
Other long-term assets |
|
3,690 |
|
|
|
4,603 |
|
Total non-current assets |
|
191,438 |
|
|
|
176,030 |
|
Total assets |
$ |
366,321 |
|
|
$ |
352,009 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
|
1,907 |
|
|
|
4,425 |
|
Warrant liabilities |
|
1,086 |
|
|
|
3,682 |
|
Operating lease liabilities, current |
|
4,236 |
|
|
|
4,571 |
|
Accrued and other current liabilities |
|
38,796 |
|
|
|
21,473 |
|
Total current liabilities |
|
46,025 |
|
|
|
34,151 |
|
Minimum guarantee liability |
|
24,000 |
|
|
|
1,500 |
|
Deferred income taxes |
|
1,198 |
|
|
|
— |
|
Operating lease liabilities, non-current |
|
5,699 |
|
|
|
11,660 |
|
Other long-term liabilities |
|
1,048 |
|
|
|
2,385 |
|
Total non-current liabilities |
|
31,945 |
|
|
|
15,545 |
|
Total liabilities |
$ |
77,970 |
|
|
$ |
49,696 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Class A common stock, |
|
12 |
|
|
|
11 |
|
Class B common stock, |
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
310,944 |
|
|
|
290,337 |
|
(Accumulated deficit) retained earnings |
|
(2,637 |
) |
|
|
16,756 |
|
Accumulated other comprehensive income (loss) |
|
124 |
|
|
|
(151 |
) |
Treasury stock, at cost, 4,723 and 1,166 shares at December 31, 2023 and December 31, 2022, respectively |
|
(20,094 |
) |
|
|
(4,642 |
) |
Total stockholders’ equity |
|
288,351 |
|
|
|
302,313 |
|
Total liabilities and stockholders’ equity |
$ |
366,321 |
|
|
$ |
352,009 |
|
PLAYSTUDIOS, INC. RECONCILIATION OF NET LOSS TO CONSOLIDATED AEBITDA (Unaudited and in thousands, except percentages) |
|||||||||||||||
The following table sets forth the reconciliation of net loss and net loss margin to Consolidated AEBITDA and Consolidated AEBITDA margin, respectively, which we calculate as Consolidated AEBITDA as a percentage of net revenue. Net loss is the most directly comparable GAAP measures. |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
77,112 |
|
|
$ |
79,378 |
|
|
$ |
310,886 |
|
|
$ |
290,309 |
|
Net loss |
|
(19,864 |
) |
|
|
(1,703 |
) |
|
|
(19,393 |
) |
|
|
(17,783 |
) |
Net loss margin |
|
(25.8 |
) % |
|
|
(2.1 |
) % |
|
|
(6.2 |
) % |
|
|
(6.1 |
) % |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Depreciation & amortization |
|
11,573 |
|
|
|
10,297 |
|
|
|
45,259 |
|
|
|
35,562 |
|
Income tax expense |
|
19,310 |
|
|
|
351 |
|
|
|
16,873 |
|
|
|
(5,835 |
) |
Stock-based compensation expense |
|
4,332 |
|
|
|
4,164 |
|
|
|
18,722 |
|
|
|
17,727 |
|
Change in fair value of warrant liability |
|
(1,215 |
) |
|
|
92 |
|
|
|
(2,596 |
) |
|
|
(1,047 |
) |
Change in fair value of contingent considerations |
|
— |
|
|
|
(2,411 |
) |
|
|
(950 |
) |
|
|
(2,411 |
) |
Restructuring and related(1) |
|
1,472 |
|
|
|
2,052 |
|
|
|
8,584 |
|
|
|
13,020 |
|
Other, net(2) |
|
(879 |
) |
|
|
(768 |
) |
|
|
(4,207 |
) |
|
|
(980 |
) |
Consolidated AEBITDA |
|
14,728 |
|
|
|
12,074 |
|
|
|
62,292 |
|
|
|
38,253 |
|
Consolidated AEBITDA Margin |
|
19.1 |
% |
|
|
15.2 |
% |
|
|
20.0 |
% |
|
|
13.2 |
% |
(1) |
Amounts reported include mergers and acquisition related expenses, management restructuring and severance, assets impairments and write-downs, and extraordinary expenses related to the war in |
(2) |
Amounts reported in “Other, net” include interest expense, interest income, gains/losses from investments, foreign currency gains/losses, and non-cash gains/losses on the disposal of assets. |
PLAYSTUDIOS, INC. SUPPLEMENTAL DATA - SEGMENT INFORMATION (Unaudited and in thousands, except percentages) |
|||||||||||||||
The following table sets forth the financial data for our reportable segments. |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
playGAMES |
$ |
77,112 |
|
|
$ |
76,878 |
|
|
$ |
306,714 |
|
|
$ |
284,476 |
|
playAWARDS |
|
— |
|
|
|
2,500 |
|
|
|
4,172 |
|
|
|
5,833 |
|
Total revenue |
|
77,112 |
|
|
|
79,378 |
|
|
|
310,886 |
|
|
|
290,309 |
|
|
|
|
|
|
|
|
|
||||||||
Segment AEBITDA |
|
|
|
|
|
|
|
||||||||
playGAMES |
|
22,834 |
|
|
|
16,731 |
|
|
|
88,676 |
|
|
|
58,999 |
|
playAWARDS |
|
(3,862 |
) |
|
|
(692 |
) |
|
|
(10,379 |
) |
|
|
(5,189 |
) |
Total segment AEBITDA |
|
18,972 |
|
|
|
16,039 |
|
|
|
78,297 |
|
|
|
53,810 |
|
Corporate and other |
|
(4,244 |
) |
|
|
(3,965 |
) |
|
|
(16,005 |
) |
|
|
(15,557 |
) |
Consolidated AEBITDA |
|
14,728 |
|
|
|
12,074 |
|
|
|
62,292 |
|
|
|
38,253 |
|
|
|
|
|
|
|
|
|
||||||||
Depreciation & amortization |
|
(11,573 |
) |
|
|
(10,297 |
) |
|
|
(45,259 |
) |
|
|
(35,562 |
) |
Income tax (expense) benefit |
|
(19,310 |
) |
|
|
(351 |
) |
|
|
(16,873 |
) |
|
|
5,835 |
|
Stock-based compensation expense |
|
(4,331 |
) |
|
|
(4,164 |
) |
|
|
(18,722 |
) |
|
|
(17,727 |
) |
Change in fair value of warrant liability |
|
1,215 |
|
|
|
(92 |
) |
|
|
2,596 |
|
|
|
1,047 |
|
Change in fair value of contingent considerations |
|
— |
|
|
|
2,411 |
|
|
|
950 |
|
|
|
2,411 |
|
Restructuring and related |
|
(1,472 |
) |
|
|
(2,052 |
) |
|
|
(8,584 |
) |
|
|
(13,020 |
) |
Other, net |
|
879 |
|
|
|
768 |
|
|
|
4,207 |
|
|
|
980 |
|
Net loss |
$ |
(19,864 |
) |
|
$ |
(1,703 |
) |
|
$ |
(19,393 |
) |
|
$ |
(17,783 |
) |
|
|
|
|
|
|
|
|
||||||||
Segment AEBITDA margin: |
|
|
|
|
|
|
|
||||||||
playGAMES |
|
29.6 |
% |
|
|
21.8 |
% |
|
|
28.9 |
% |
|
|
20.7 |
% |
playAWARDS |
nm |
|
|
(27.7 |
) % |
|
|
(248.8 |
) % |
|
|
(89.0 |
) % |
||
|
|
|
|
|
|
|
|
||||||||
nm - not meaningful |
|
|
|
|
|
|
|
||||||||
PLAYSTUDIOS, INC. SUPPLEMENTAL DATA – PLAYGAMES KEY PERFORMANCE INDICATORS (Unaudited and in thousands, except percentages and ARPDAU) |
|||||||||||||||||||||||||||||
|
Three Months Ended December 31, |
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
||||||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
Change |
|
% Change |
|
|
2023 |
|
|
|
2022 |
|
|
Change |
|
% Change |
||||||
Average DAU |
|
3,361 |
|
|
|
3,169 |
|
|
|
192 |
|
|
6.1 |
% |
|
|
3,524 |
|
|
|
1,917 |
|
|
|
1,607 |
|
|
83.8 |
% |
Average MAU |
|
13,288 |
|
|
|
11,463 |
|
|
|
1,825 |
|
|
15.9 |
% |
|
|
13,489 |
|
|
|
7,932 |
|
|
|
5,557 |
|
|
70.1 |
% |
Average DPU |
|
27 |
|
|
|
29 |
|
|
|
(2 |
) |
|
(6.9 |
%) |
|
|
27 |
|
|
|
29 |
|
|
|
(2 |
) |
|
(6.9 |
%) |
Average Daily Payer Conversion |
|
0.8 |
% |
|
|
0.9 |
% |
|
0.1pp |
|
(11.1 |
%) |
|
|
0.8 |
% |
|
|
1.5 |
% |
|
(0.7)pp |
|
(46.7 |
%) |
||||
ARPDAU (in dollars) |
$ |
0.25 |
|
|
$ |
0.26 |
|
|
$ |
(0.01 |
) |
|
(3.8 |
%) |
|
$ |
0.24 |
|
|
$ |
0.41 |
|
|
$ |
(0.17 |
) |
|
(41.5 |
%) |
pp = percentage points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
PLAYSTUDIOS, INC. SUPPLEMENTAL DATA – PLAYAWARDS KEY PERFORMANCE INDICATORS (Unaudited and in thousands, except percentages and available rewards) |
|||||||||||||||||||||||||
|
Three Months Ended December 31, |
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
||||||||||||||
|
|
2023 |
|
|
2022 |
|
Change |
|
% Change |
|
|
2023 |
|
|
2022 |
|
Change |
|
% Change |
||||||
Available Rewards (in units) |
|
578 |
|
|
574 |
|
|
4 |
|
|
0.7 |
% |
|
|
578 |
|
|
556 |
|
|
22 |
|
|
4.0 |
% |
Purchases (in units) |
|
422 |
|
|
512 |
|
|
(90 |
) |
|
(17.6 |
%) |
|
|
1,760 |
|
|
2,224 |
|
|
(464 |
) |
|
(20.9 |
%) |
Retail Value of Purchases (in dollars) |
$ |
27,702 |
|
$ |
30,212 |
|
$ |
(2,510 |
) |
|
(8.3 |
%) |
|
$ |
105,847 |
|
$ |
127,803 |
|
$ |
(21,956 |
) |
|
(17.2 |
%) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240311881692/en/
PLAYSTUDIOS CONTACTS
Investor Relations
Samir Jain, CFA
samir.jain@playstudios.com
(917) 224-1058
Media Relations
BerlinRosen
media@playstudios.com
Source: PLAYSTUDIOS, Inc.
FAQ
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What was the AEBITDA for PLAYSTUDIOS in the fourth quarter of 2023?
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Where did PLAYSTUDIOS relocate myKONAMI and myVEGAS?
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What is the focus of PLAYSTUDIOS' Development Portfolio in 2024?
What is expected for playAWARDS in 2024?
