PLAYSTUDIOS, Inc. Announces Fourth Quarter Results
PLAYSTUDIOS (NASDAQ: MYPS) reported Q4 2024 financial results with revenue of $67.8 million, down from $77.1 million in Q4 2023. The company posted a net loss of $22.4 million and Consolidated AEBITDA of $12.5 million.
Key Q4 metrics include 2.7 million Average DAU, 11.5 million Average MAU, and ARPDAU of $0.27. Direct to Consumer revenue grew 93% to $4.7 million. The company maintains strong liquidity with $109.2 million in cash and an undrawn $81 million credit facility.
For full-year 2024, revenue was $289.4 million with a net loss of $28.7 million. The company implemented a cost reinvention program, reducing workforce by 30% with expected annual savings of $25-30 million. For 2025, PLAYSTUDIOS projects revenue between $250-270 million and Consolidated AEBITDA of $45-55 million.
PLAYSTUDIOS (NASDAQ: MYPS) ha riportato i risultati finanziari del Q4 2024 con un fatturato di $67.8 milioni, in calo rispetto ai $77.1 milioni del Q4 2023. L'azienda ha registrato una perdita netta di $22.4 milioni e un AEBITDA consolidato di $12.5 milioni.
Le metriche chiave del Q4 includono 2.7 milioni di DAU medi, 11.5 milioni di MAU medi e un ARPDAU di $0.27. I ricavi diretti ai consumatori sono aumentati del 93% a $4.7 milioni. L'azienda mantiene una solida liquidità con $109.2 milioni in contante e una linea di credito non utilizzata di $81 milioni.
Per l'intero anno 2024, il fatturato è stato di $289.4 milioni con una perdita netta di $28.7 milioni. L'azienda ha implementato un programma di reinventazione dei costi, riducendo la forza lavoro del 30% con risparmi annuali previsti di $25-30 milioni. Per il 2025, PLAYSTUDIOS prevede un fatturato compreso tra $250-270 milioni e un AEBITDA consolidato di $45-55 milioni.
PLAYSTUDIOS (NASDAQ: MYPS) informó los resultados financieros del Q4 2024 con ingresos de $67.8 millones, una disminución desde los $77.1 millones en el Q4 2023. La empresa reportó una pérdida neta de $22.4 millones y un AEBITDA consolidado de $12.5 millones.
Las métricas clave del Q4 incluyen 2.7 millones de DAU promedio, 11.5 millones de MAU promedio y un ARPDAU de $0.27. Los ingresos directos al consumidor crecieron un 93% a $4.7 millones. La empresa mantiene una sólida liquidez con $109.2 millones en efectivo y una línea de crédito no utilizada de $81 millones.
Para todo el año 2024, los ingresos fueron de $289.4 millones con una pérdida neta de $28.7 millones. La empresa implementó un programa de reinvención de costos, reduciendo la fuerza laboral en un 30% con ahorros anuales esperados de $25-30 millones. Para 2025, PLAYSTUDIOS proyecta ingresos entre $250-270 millones y un AEBITDA consolidado de $45-55 millones.
PLAYSTUDIOS (NASDAQ: MYPS)는 2024년 4분기 재무 결과를 보고하며 매출이 $67.8 백만으로, 2023년 4분기의 $77.1 백만에서 감소했다고 발표했습니다. 회사는 $22.4 백만의 순손실을 기록했으며, 통합 AEBITDA는 $12.5 백만입니다.
4분기의 주요 지표로는 평균 DAU 270만, 평균 MAU 1150만, ARPDAU $0.27이 포함됩니다. 소비자 직접 매출은 93% 증가하여 $4.7 백만에 달했습니다. 회사는 $109.2 백만의 현금과 사용되지 않은 $81 백만의 신용 한도를 보유하여 강한 유동성을 유지하고 있습니다.
2024년 전체 연도 매출은 $289.4 백만으로, 순손실은 $28.7 백만이었습니다. 회사는 비용 혁신 프로그램을 시행하여 인력을 30% 줄였으며, 연간 예상 절감액은 $25-30 백만입니다. 2025년을 위해 PLAYSTUDIOS는 $250-270 백만의 매출과 $45-55 백만의 통합 AEBITDA를 예상하고 있습니다.
PLAYSTUDIOS (NASDAQ: MYPS) a annoncé les résultats financiers du T4 2024 avec un chiffre d'affaires de $67.8 millions, en baisse par rapport à $77.1 millions au T4 2023. L'entreprise a enregistré une perte nette de $22.4 millions et un AEBITDA consolidé de $12.5 millions.
Les indicateurs clés du T4 comprennent 2.7 millions d'utilisateurs actifs quotidiens en moyenne, 11.5 millions d'utilisateurs actifs mensuels en moyenne et un ARPDAU de $0.27. Les revenus directs aux consommateurs ont augmenté de 93% pour atteindre $4.7 millions. L'entreprise maintient une solide liquidité avec $109.2 millions en liquidités et une ligne de crédit non utilisée de $81 millions.
Pour l'année complète 2024, le chiffre d'affaires s'élevait à $289.4 millions avec une perte nette de $28.7 millions. L'entreprise a mis en œuvre un programme de réinvention des coûts, réduisant la main-d'œuvre de 30% avec des économies annuelles attendues de $25-30 millions. Pour 2025, PLAYSTUDIOS prévoit un chiffre d'affaires compris entre $250-270 millions et un AEBITDA consolidé de $45-55 millions.
PLAYSTUDIOS (NASDAQ: MYPS) berichtete über die finanziellen Ergebnisse des Q4 2024 mit einem Umsatz von $67.8 Millionen, ein Rückgang von $77.1 Millionen im Q4 2023. Das Unternehmen verzeichnete einen Nettoverlust von $22.4 Millionen und ein konsolidiertes AEBITDA von $12.5 Millionen.
Wichtige Kennzahlen des Q4 umfassen 2.7 Millionen durchschnittliche DAUs, 11.5 Millionen durchschnittliche MAUs und einen ARPDAU von $0.27. Die Einnahmen aus dem Direktvertrieb an Verbraucher stiegen um 93% auf $4.7 Millionen. Das Unternehmen hält eine starke Liquidität mit $109.2 Millionen in bar und einer nicht in Anspruch genommenen Kreditlinie von $81 Millionen.
Für das Gesamtjahr 2024 betrug der Umsatz $289.4 Millionen bei einem Nettoverlust von $28.7 Millionen. Das Unternehmen führte ein Kosteninnovationsprogramm ein, das die Belegschaft um 30% reduzierte, mit erwarteten jährlichen Einsparungen von $25-30 Millionen. Für 2025 prognostiziert PLAYSTUDIOS einen Umsatz zwischen $250-270 Millionen und ein konsolidiertes AEBITDA von $45-55 Millionen.
- Direct to Consumer revenue grew 93% YoY to $4.7M in Q4 2024
- Strong liquidity position with $109.2M cash and undrawn $81M credit facility
- Cost reduction program expected to save $25-30M annually
- Active share repurchase program with 19.5M shares bought at $2.64 average
- Q4 2024 revenue declined 12% YoY to $67.8M
- Net loss increased to $22.4M in Q4 2024 from $19.9M in Q4 2023
- Full-year 2024 revenue dropped 6.9% to $289.4M
- 2025 revenue guidance of $250-270M indicates potential further decline
- 30% workforce reduction implemented
Insights
PLAYSTUDIOS' Q4 results paint a concerning picture with
The 2025 guidance of
The company's aggressive cost-cutting through its "Reinvention" program (including
The bright spots include Direct-to-Consumer revenue growing
The ongoing share repurchase program (19.5 million shares at
PLAYSTUDIOS' Q4 results reflect the broader challenges facing social casino gaming companies, with user metrics showing concerning trends. Average DAU of 2.7 million and MAU of 11.5 million indicate a shrinking player base, while the
The company's strategic pivot is noteworthy - they're essentially admitting their core social casino business needs reinvigoration through the introduction of sweepstakes mechanics, which have proven successful for competitors like Lucktastic and Chumba Casino. This approach could help them convert more players to paying users by offering real-world prize incentives beyond their traditional loyalty rewards.
Their acquisition of Pixode Games and focus on developing a new Tetris title represents a smart diversification beyond casino games. Tetris remains one of gaming's most recognized and evergreen IPs with universal appeal that transcends the demographic limitations of casino titles.
The playAWARDS loyalty platform continues showing engagement with 300,000 rewards redeemed in Q4 (valued at
The suspended development of "sub-scale games" signals a more disciplined approach to product development, focusing resources on titles with genuine growth potential rather than maintaining a diverse but underperforming portfolio. This consolidation strategy, while painful in the short term, could position them for more sustainable growth if their sweepstakes and Tetris initiatives gain traction.
Fourth Quarter 2024 Revenue of
Net Loss of
Introducing FY2025 Financial Guidance
Andrew Pascal, Chairman and Chief Executive Officer of PLAYSTUDIOS, commented, “2024 closed with revenue and Consolidated AEBITDA in line with guidance despite continued industry pressures. More importantly, we’re entering 2025 with a more structured, cost-efficient business model geared towards growth and shareholder returns. With the “Reinvention” program largely behind us, our focus is now on growing our two new business initiatives, sweepstakes and a new Tetris title. I’m pleased with the progress we’re making on both fronts and believe these businesses can start contributing to our consolidated results this year. Both of these efforts reflect our strategic focus on reinvigorating our casino portfolio and fully realizing the potential of our TETRIS assets. The balance sheet will also be a focus in 2025 as we continue to assess the best ways to deploy our sizable cash holdings. Our priority will be maximizing shareholder value through strategic capital allocation, including potential acquisitions, investments in growth-oriented initiatives, and exploring other ways of returning value to our shareholders.”
-
Revenue was
$67.8 million $77.1 million -
Net loss was
$22.4 million $19.9 million -
Consolidated AEBITDA, a non-GAAP financial measure defined below, was
$12.5 million $14.7 million -
Consolidated AEBITDA Margins were
18.4% in the quarter, a 70 basis point decrease versus the fourth quarter of 2023. -
KPIs playGAMES. During the fourth quarter of 2024, PLAYSTUDIOS had Average DAU and Average MAU of 2.7 million and 11.5 million, respectively. ARPDAU was
$0.27 -
Direct to Consumer revenue was
$4.7 million $2.4 million 93.0% . -
KPIs playAWARDS. During the fourth quarter of 2024, players purchased 300,000 rewards with a retail value of
$17.2 million -
Liquidity. As of December 31, 2024, cash and cash equivalents on the balance sheet was
$109.2 million $81 million - Shares outstanding. As of December 31, 2024, the Company had 124.7 million shares of common stock outstanding.
Full Year 2024 Financial Highlights
-
Revenue was
$289.4 million $310.9 million -
Net loss was
$28.7 million $19.4 million -
Consolidated AEBITDA, was
$56.5 million $62.3 million -
Consolidated AEBITDA Margins were
19.5% during 2024, largely consistent with margins versus the prior year. -
KPIs playGAMES. During 2024, PLAYSTUDIOS had Average DAU and Average MAU of 3.1 million and 13.1 million, respectively. ARPDAU was
$0.26 -
Direct to Consumer revenue was
$15.5 million $11.3 million 36.7% . -
KPIs playAWARDS. During 2024, players purchased 1.8 million rewards with a retail value of
$114 million
Recent Business Highlights
-
We executed our cost reinvention program, which includes a roughly
30% reduction in our workforce, suspension of sub-scale game development, and consolidation of key business functions. We continue to expect the program to result in normalized annual cost savings of approximately$25 million $30 million - We formally constituted our sweepstakes promotions initiative and look forward to leveraging this promotional mechanic to reinvigorate our social casino portfolio throughout 2025.
- Recently acquired Pixode Games Limited has been integrated into our operations and we have begun work on our new Tetris title. Our goal is to have the game complete and in the market in 2025.
- Successfully hosted the inaugural myVIP World Tournament of Slots. The tournament hosted over 500 of our players and elevated the appeal of our brands.
-
Continued the repurchase of stock in the open market. As of December 31, 2024, we have repurchased an aggregate of 19.5 million shares of our Class A common stock at an average price of
$2.64 $50 million $43.5 million
Outlook
The Company expects full year 2025 Consolidated Net Revenue will range between
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. We track DAU by the player ID, which is assigned for each game installed by an individual. As such, an individual who plays two different PLAYSTUDIOS games on the same day is counted as two DAU while an individual who plays the same PLAYSTUDIOS game on two different devices is counted as one DAU. Brainium tracks 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 PLAYSTUDIOS games in the same month is counted as two MAU while an individual who plays the same 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 Player 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.
playAWARDS Platform Metrics
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 net of refunds. Purchases only include purchases of real-world partner rewards and exclude any PLAYSTUDIOS digital rewards. Purchases are redeemed by the player directly with the rewards partner within the specified terms and conditions of the reward. 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 GAAP, the Company discloses Consolidated Adjusted Earnings Before Interest Taxes Depreciation and Amortization (“Consolidated AEBITDA”) as a non-GAAP measure that management believes provides useful information to investors. This measure is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for revenue, net income or any other operating performance measure calculated in accordance with GAAP.
We define Consolidated AEBITDA as net income (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, the impact of business restructuring and cost control initiatives including estimated amounts and timing of anticipated cost reductions, and our mergers and acquisition strategy, 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,” “projects,” “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; legal and regulatory developments; risks associated with our international operations; geopolitical events and conditions; risks associated with business restructuring efforts, including the potential impact of restructuring activities on our business operations and financial performance; and general market, political, economic and business conditions. The achievement or success of the matters covered by such forward-looking statements involves significant risks, uncertainties and assumptions, including, but not limited to, the risks and uncertainties discussed in our filings with the Securities and Exchange Commission. All information provided in this release is based on information available to us as of the date of this press release and any forward-looking statements contained herein are based on assumptions that we believe are reasonable as of this date. Undue reliance should not be placed on the forward-looking statements in this press release, which are inherently uncertain. We undertake no duty to update this information unless required by law.
PLAYSTUDIOS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited and in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net revenue |
$ |
67,782 |
|
|
$ |
77,112 |
|
|
$ |
289,429 |
|
|
$ |
310,886 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of revenue(1) |
|
17,865 |
|
|
|
19,524 |
|
|
|
72,716 |
|
|
|
77,800 |
|
Selling and marketing |
|
13,867 |
|
|
|
19,077 |
|
|
|
64,623 |
|
|
|
74,360 |
|
Research and development |
|
16,265 |
|
|
|
16,795 |
|
|
|
67,683 |
|
|
|
70,298 |
|
General and administrative |
|
11,116 |
|
|
|
11,384 |
|
|
|
46,121 |
|
|
|
45,072 |
|
Depreciation and amortization |
|
10,627 |
|
|
|
11,573 |
|
|
|
45,440 |
|
|
|
45,259 |
|
Restructuring and related |
|
20,462 |
|
|
|
1,472 |
|
|
|
25,710 |
|
|
|
8,584 |
|
Total operating costs and expenses |
|
90,202 |
|
|
|
79,825 |
|
|
|
322,293 |
|
|
|
321,373 |
|
Loss from operations |
|
(22,420 |
) |
|
|
(2,713 |
) |
|
|
(32,864 |
) |
|
|
(10,487 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
||||||||
Change in fair value of warrant liabilities |
|
(73 |
) |
|
|
1,215 |
|
|
|
856 |
|
|
|
2,596 |
|
Interest income, net |
|
981 |
|
|
|
1,337 |
|
|
|
4,902 |
|
|
|
4,858 |
|
Other income (expense), net |
|
444 |
|
|
|
(393 |
) |
|
|
(182 |
) |
|
|
513 |
|
Total other income, net |
|
1,352 |
|
|
|
2,159 |
|
|
|
5,576 |
|
|
|
7,967 |
|
Loss before income taxes |
|
(21,068 |
) |
|
|
(554 |
) |
|
|
(27,288 |
) |
|
|
(2,520 |
) |
Income tax expense |
|
(1,344 |
) |
|
|
(19,310 |
) |
|
|
(1,399 |
) |
|
|
(16,873 |
) |
Net loss |
$ |
(22,412 |
) |
|
$ |
(19,864 |
) |
|
$ |
(28,687 |
) |
|
$ |
(19,393 |
) |
Net loss attributable to common stockholders per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.18 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.15 |
) |
Diluted |
$ |
(0.18 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.15 |
) |
Weighted average shares of common stock outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
124,794 |
|
|
|
134,259 |
|
|
|
129,438 |
|
|
|
132,978 |
|
Diluted |
|
124,794 |
|
|
|
134,259 |
|
|
|
129,438 |
|
|
|
132,978 |
|
(1) Amounts exclude depreciation and amortization. |
|||||||||||||||
PLAYSTUDIOS, INC. CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except par value amounts) |
|||||||
|
December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
109,179 |
|
|
$ |
132,889 |
|
Receivables, net |
|
30,767 |
|
|
|
30,465 |
|
Prepaid expenses and other current assets |
|
7,156 |
|
|
|
11,529 |
|
Total current assets |
|
147,102 |
|
|
|
174,883 |
|
Property and equipment, net |
|
16,118 |
|
|
|
17,549 |
|
Operating lease right-of-use assets |
|
9,703 |
|
|
|
9,369 |
|
Intangibles assets and internal-use software, net |
|
90,996 |
|
|
|
110,933 |
|
Goodwill |
|
52,222 |
|
|
|
47,133 |
|
Deferred income taxes |
|
3,399 |
|
|
|
2,764 |
|
Other long-term assets |
|
3,415 |
|
|
|
3,690 |
|
Total non-current assets |
|
175,853 |
|
|
|
191,438 |
|
Total assets |
$ |
322,955 |
|
|
$ |
366,321 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
|
1,518 |
|
|
|
1,907 |
|
Operating lease liabilities, current |
|
3,405 |
|
|
|
4,236 |
|
Accrued and other current liabilities |
|
44,495 |
|
|
|
39,882 |
|
Total current liabilities |
|
49,418 |
|
|
|
46,025 |
|
Minimum guarantee liability |
|
18,000 |
|
|
|
24,000 |
|
Contingent consideration |
|
3,340 |
|
|
|
— |
|
Deferred income taxes |
|
381 |
|
|
|
1,198 |
|
Operating lease liabilities, non-current |
|
6,659 |
|
|
|
5,699 |
|
Other long-term liabilities |
|
442 |
|
|
|
1,048 |
|
Total non-current liabilities |
|
28,822 |
|
|
|
31,945 |
|
Total liabilities |
$ |
78,240 |
|
|
$ |
77,970 |
|
Commitments and contingencies (Note 17) |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Class A common stock, |
|
11 |
|
|
|
12 |
|
Class B common stock, |
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
327,951 |
|
|
|
310,944 |
|
Accumulated deficit |
|
(31,324 |
) |
|
|
(2,637 |
) |
Accumulated other comprehensive (loss) income |
|
(632 |
) |
|
|
124 |
|
Treasury stock, at cost, 19,450 and 4,723 shares at December 31, 2024 and December 31, 2023, respectively |
|
(51,293 |
) |
|
|
(20,094 |
) |
Total stockholders’ equity |
|
244,715 |
|
|
|
288,351 |
|
Total liabilities and stockholders’ equity |
$ |
322,955 |
|
|
$ |
366,321 |
|
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, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net revenue |
$ |
67,782 |
|
|
$ |
77,112 |
|
|
$ |
289,429 |
|
|
$ |
310,886 |
|
Net loss |
|
(22,412 |
) |
|
|
(19,864 |
) |
|
|
(28,687 |
) |
|
|
(19,393 |
) |
Net loss margin |
|
(33.1 |
)% |
|
|
(25.8 |
)% |
|
|
(9.9 |
)% |
|
|
(6.2 |
)% |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Depreciation & amortization |
|
10,627 |
|
|
|
11,573 |
|
|
|
45,440 |
|
|
|
45,259 |
|
Income tax (expense) benefit |
|
1,344 |
|
|
|
19,310 |
|
|
|
1,399 |
|
|
|
16,873 |
|
Stock-based compensation expense |
|
3,805 |
|
|
|
4,332 |
|
|
|
18,113 |
|
|
|
18,722 |
|
Change in fair value of warrant liability |
|
73 |
|
|
|
(1,215 |
) |
|
|
(856 |
) |
|
|
(2,596 |
) |
Change in fair value of contingent consideration |
|
85 |
|
|
|
— |
|
|
|
85 |
|
|
|
(950 |
) |
Restructuring and related(1) |
|
20,462 |
|
|
|
1,472 |
|
|
|
25,710 |
|
|
|
8,584 |
|
Other(2) |
|
(1,511 |
) |
|
|
(879 |
) |
|
|
(4,655 |
) |
|
|
(4,207 |
) |
Consolidated AEBITDA |
|
12,473 |
|
|
|
14,728 |
|
|
|
56,549 |
|
|
|
62,292 |
|
Consolidated AEBITDA Margin |
|
18.4 |
% |
|
|
19.1 |
% |
|
|
19.5 |
% |
|
|
20.0 |
% |
(1) |
Amounts reported include mergers and acquisition related expenses, management restructuring and severance, asset impairments and write-downs, 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, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net revenue |
|
|
|
|
|
|
|
|
||||||||
playGAMES |
|
|
67,725 |
|
|
|
77,112 |
|
|
|
289,367 |
|
|
|
306,714 |
|
playAWARDS |
|
|
57 |
|
|
|
— |
|
|
|
62 |
|
|
|
4,172 |
|
Reportable segment net revenue |
|
|
67,782 |
|
|
|
77,112 |
|
|
|
289,429 |
|
|
|
310,886 |
|
|
|
|
|
|
|
|
|
|
||||||||
AEBITDA |
|
|
|
|
|
|
|
|
||||||||
playGAMES |
|
|
16,470 |
|
|
|
22,834 |
|
|
|
85,074 |
|
|
|
88,676 |
|
playAWARDS |
|
|
(2,621 |
) |
|
|
(3,862 |
) |
|
|
(13,710 |
) |
|
|
(10,379 |
) |
Reportable segment AEBITDA |
|
|
13,849 |
|
|
|
18,972 |
|
|
|
71,364 |
|
|
|
78,297 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other operating expense |
|
|
|
|
|
|
|
|
||||||||
Corporate and other |
|
|
1,375 |
|
|
|
4,244 |
|
|
|
14,815 |
|
|
|
16,005 |
|
Restructuring expenses |
|
|
20,462 |
|
|
|
1,472 |
|
|
|
25,710 |
|
|
|
8,584 |
|
Other reconciling items |
|
|
— |
|
|
|
65 |
|
|
|
150 |
|
|
|
214 |
|
Stock-based compensation |
|
|
3,805 |
|
|
|
4,331 |
|
|
|
18,113 |
|
|
|
18,722 |
|
Depreciation and amortization |
|
|
10,627 |
|
|
|
11,573 |
|
|
|
45,440 |
|
|
|
45,259 |
|
|
|
|
36,269 |
|
|
|
21,685 |
|
|
|
104,228 |
|
|
|
88,784 |
|
|
|
|
|
|
|
|
|
|
||||||||
Non-operating income, net |
|
|
|
|
|
|
|
|
||||||||
Change in fair value of warrant liabilities |
|
|
(73 |
) |
|
|
1,215 |
|
|
|
856 |
|
|
|
2,596 |
|
Interest income, net |
|
|
981 |
|
|
|
1,337 |
|
|
|
4,902 |
|
|
|
4,858 |
|
Other (expense) income, net |
|
|
444 |
|
|
|
(393 |
) |
|
|
(182 |
) |
|
|
513 |
|
|
|
|
1,352 |
|
|
|
2,159 |
|
|
|
5,576 |
|
|
|
7,967 |
|
|
|
|
|
|
|
|
|
|
||||||||
Loss before income taxes |
|
|
(21,068 |
) |
|
|
(554 |
) |
|
|
(27,288 |
) |
|
|
(2,520 |
) |
Income tax expense |
|
|
(1,344 |
) |
|
|
(19,310 |
) |
|
|
(1,399 |
) |
|
|
(16,873 |
) |
Net loss |
|
$ |
(22,412 |
) |
|
$ |
(19,864 |
) |
|
$ |
(28,687 |
) |
|
$ |
(19,393 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Segment AEBITDA margin: |
|
|
|
|
|
|
|
|
||||||||
playGAMES |
|
|
24.3 |
% |
|
|
29.6 |
% |
|
|
29.4 |
% |
|
|
28.9 |
% |
playAWARDS |
|
nm |
|
nm |
|
nm |
|
nm |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
nm - not meaningful |
||||||||||||||||
PLAYSTUDIOS, INC. SUPPLEMENTAL DATA - NET REVENUE (Unaudited and in thousands, except percentages) |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
The following tables summarizes the Company’s virtual currency revenue disaggregated by type and by platform: |
|||||||||||||||||||||||
|
Three Months Ended December 31, |
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
||||||||||||
|
2024 |
|
2023 |
|
Change |
|
% Change |
|
2024 |
|
2023 |
|
Change |
|
% Change |
||||||||
Net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Virtual currency |
54,643 |
|
|
60,365 |
|
|
(5,722 |
) |
|
(9.5 |
%) |
|
228,930 |
|
|
247,929 |
|
|
(18,999 |
) |
|
(7.7 |
%) |
Advertising |
13,136 |
|
|
16,628 |
|
|
(3,492 |
) |
|
(21.0 |
%) |
|
60,197 |
|
|
58,236 |
|
|
1,961 |
|
|
3.4 |
% |
Other revenue |
3 |
|
|
119 |
|
|
(116 |
) |
|
(97.5 |
%) |
|
302 |
|
|
4,721 |
|
|
(4,419 |
) |
|
(93.6 |
%) |
Total net revenue |
67,782 |
|
|
77,112 |
|
|
|
|
|
|
289,429 |
|
|
310,886 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Virtual currency revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Third party platforms |
49,914 |
|
|
57,926 |
|
|
(8,012 |
) |
|
(13.8 |
%) |
|
213,467 |
|
|
236,616 |
|
|
(23,149 |
) |
|
(9.8 |
%) |
Direct-to-consumer (DTC) platforms |
4,707 |
|
|
2,439 |
|
|
2,268 |
|
|
93.0 |
% |
|
15,464 |
|
|
11,313 |
|
|
4,151 |
|
|
36.7 |
% |
Total virtual currency revenue |
54,621 |
|
|
60,365 |
|
|
|
|
|
|
228,931 |
|
|
247,929 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
DTC revenue as a percentage of virtual currency revenue |
8.6 |
% |
|
4.0 |
% |
|
4.6 |
% |
|
115.0 |
% |
|
6.8 |
% |
|
4.6 |
% |
|
2.2 |
% |
|
47.8 |
% |
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, |
|
|
|
|
||||||||||||||||||
|
2024 |
|
2023 |
|
Change |
|
% Change |
|
2024 |
|
2023 |
|
Change |
|
% Change |
||||||||||||||
Average DAU |
|
2,723 |
|
|
|
3,361 |
|
|
|
(638 |
) |
|
(19.0 |
%) |
|
|
3,100 |
|
|
|
3,524 |
|
|
|
(424 |
) |
|
(12.0 |
%) |
Average MAU |
|
11,472 |
|
|
|
13,288 |
|
|
|
(1,816 |
) |
|
(13.7 |
%) |
|
|
13,120 |
|
|
|
13,489 |
|
|
|
(369 |
) |
|
(2.7 |
%) |
Average DPU |
|
22 |
|
|
|
27 |
|
|
|
(5 |
) |
|
(18.5 |
%) |
|
|
24 |
|
|
|
27 |
|
|
|
(3 |
) |
|
(11.1 |
%) |
Average Daily Payer Conversion |
|
0.8 |
% |
|
|
0.8 |
% |
|
— |
pp |
|
— |
% |
|
|
0.8 |
% |
|
|
0.8 |
% |
|
— |
pp |
|
— |
% |
||
ARPDAU (in dollars) |
$ |
0.27 |
|
|
$ |
0.25 |
|
|
$ |
0.02 |
|
|
8.0 |
% |
|
$ |
0.26 |
|
|
$ |
0.24 |
|
|
$ |
0.02 |
|
|
8.3 |
% |
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, |
|
|
|
|
||||||||||||||
|
2024 |
|
2023 |
|
Change |
|
% Change |
|
2024 |
|
2023 |
|
Change |
|
% Change |
||||||||||
Available Rewards (in units) |
|
471 |
|
|
578 |
|
|
(107 |
) |
|
(18.5 |
%) |
|
|
525 |
|
|
578 |
|
|
(53 |
) |
|
(9.2 |
%) |
Purchases (in units) |
|
301 |
|
|
422 |
|
|
(121 |
) |
|
(28.7 |
%) |
|
|
1,772 |
|
|
1,760 |
|
|
12 |
|
|
0.7 |
% |
Retail Value of Purchases (in dollars) |
$ |
17,158 |
|
$ |
27,702 |
|
$ |
(10,544 |
) |
|
(38.1 |
%) |
|
$ |
114,135 |
|
$ |
105,847 |
|
$ |
8,288 |
|
|
7.8 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250310373387/en/
PLAYSTUDIOS CONTACTS
Investor Relations
Jason Hahn
jason.hahn@playstudios.com
Media Relations
BerlinRosen
media@playstudios.com
Source: PLAYSTUDIOS, Inc.
FAQ
What are PLAYSTUDIOS (MYPS) Q4 2024 financial results?
How much cost savings is MYPS expecting from its reinvention program?
What is PLAYSTUDIOS (MYPS) guidance for 2025?
How many shares has MYPS repurchased under its stock buyback program?
What are PLAYSTUDIOS' (MYPS) key user metrics for Q4 2024?
