PLAYSTUDIOS, Inc. Announces Third Quarter Results
PLAYSTUDIOS reported Q3 2024 financial results with revenue of $71.2 million, down from $75.9 million in Q3 2023, and a net loss of $3.1 million. Consolidated AEBITDA reached $14.6 million with margins increasing to 20.5%. The company announced a reinvention program targeting $25-30 million in annual cost savings through workforce reduction and consolidation. Key metrics include 3.0 million Average DAU and 12.7 million Average MAU, with ARPDAU at $0.26. The company maintains its 2024 guidance of $285-295 million in revenue and $55-60 million in Consolidated AEBITDA.
PLAYSTUDIOS ha riportato i risultati finanziari per il terzo trimestre del 2024 con ricavi di 71,2 milioni di dollari, in calo rispetto ai 75,9 milioni di dollari del terzo trimestre del 2023, e una perdita netta di 3,1 milioni di dollari. L'AEBITDA consolidato ha raggiunto 14,6 milioni di dollari con margini in aumento al 20,5%. L'azienda ha annunciato un programma di reinventione mirato a ottenere risparmi annuali sui costi tra i 25 e i 30 milioni di dollari mediante riduzione della forza lavoro e consolidamento. I principali indicatori includono 3,0 milioni di DAU medi e 12,7 milioni di MAU medi, con un ARPDAU di 0,26 dollari. L'azienda mantiene la sua previsione per il 2024 di 285-295 milioni di dollari in ricavi e 55-60 milioni di dollari in AEBITDA consolidato.
PLAYSTUDIOS reportó los resultados financieros del tercer trimestre de 2024 con ingresos de 71,2 millones de dólares, disminuyendo desde 75,9 millones de dólares en el tercer trimestre de 2023, y una pérdida neta de 3,1 millones de dólares. El AEBITDA consolidado alcanzó 14,6 millones de dólares con márgenes aumentando al 20,5%. La empresa anunció un programa de reinvento con el objetivo de lograr ahorros anuales de costos entre 25 y 30 millones de dólares a través de la reducción de la plantilla y la consolidación. Las métricas clave incluyen 3,0 millones de DAU promedio y 12,7 millones de MAU promedio, con un ARPDAU de 0,26 dólares. La empresa mantiene su pronóstico para 2024 de 285-295 millones de dólares en ingresos y 55-60 millones de dólares en AEBITDA consolidado.
PLAYSTUDIOS는 2024년 3분기 재무 결과를 보고하며 7,120만 달러의 수익을 기록했습니다. 이는 2023년 3분기 7,590만 달러에서 감소한 수치이며, 순손실은 310만 달러입니다. 통합 AEBITDA는 1,460만 달러에 도달했으며, 이익률은 20.5%로 증가했습니다. 회사는 인력 감축과 통합을 통해 연간 2500만-3000만 달러의 비용 절감을 목표로 하는 재발명 프로그램을 발표했습니다. 주요 지표에는 300만 명의 평균 DAU와 1,270만 명의 평균 MAU가 포함되며, ARPDAU는 0.26 달러입니다. 회사는 2024년 수익 2억8500만-2억9500만 달러와 5,500만-6000만 달러의 통합 AEBITDA 전망을 유지하고 있습니다.
PLAYSTUDIOS a annoncé ses résultats financiers pour le troisième trimestre 2024 avec des revenus de 71,2 millions de dollars, en baisse par rapport à 75,9 millions de dollars au troisième trimestre 2023, et une perte nette de 3,1 millions de dollars. L'AEBITDA consolidé a atteint 14,6 millions de dollars avec une marge augmentée à 20,5%. La société a annoncé un programme de réinvention visant à réaliser des économies de coûts annuelles de 25 à 30 millions de dollars par la réduction des effectifs et la consolidation. Les indicateurs clés incluent 3,0 millions d'utilisateurs actifs quotidiens en moyenne et 12,7 millions d'utilisateurs actifs mensuels en moyenne, avec un ARPDAU de 0,26 dollar. L'entreprise maintient ses prévisions pour 2024 de 285 à 295 millions de dollars de revenus et 55 à 60 millions de dollars d'AEBITDA consolidé.
PLAYSTUDIOS berichtete die Finanzzahlen für das 3. Quartal 2024 mit Einnahmen von 71,2 Millionen Dollar, ein Rückgang von 75,9 Millionen Dollar im 3. Quartal 2023, sowie einem Nettoverlust von 3,1 Millionen Dollar. Das konsolidierte AEBITDA erreichte 14,6 Millionen Dollar mit einer Steigerung der Marge auf 20,5%. Das Unternehmen kündigte ein Reinventionsprogramm an, das jährliche Kosteneinsparungen in Höhe von 25 bis 30 Millionen Dollar durch Personalabbau und Konsolidierung anstrebt. Wichtige Kennzahlen sind 3,0 Millionen durchschnittliche DAU und 12,7 Millionen durchschnittliche MAU, mit einem ARPDAU von 0,26 Dollar. Das Unternehmen hält an der Prognose für 2024 von 285-295 Millionen Dollar Umsatz und 55-60 Millionen Dollar im konsolidierten AEBITDA fest.
- AEBITDA increased to $14.6 million from $13.5 million YoY
- AEBITDA margins improved by 270 basis points YoY to 20.5%
- Cost reduction program expected to save $25-30 million annually
- Double-digit ARPDAU increases in myVEGAS and Brainium games
- Strong liquidity position with $105.2 million cash and unused $81 million credit facility
- Revenue declined 6.2% YoY to $71.2 million
- Net loss of $3.1 million in Q3 2024
- Workforce reduction and game development suspension announced
- Continued industry pressures affecting performance
Insights
The Q3 results reveal a mixed but generally improving financial picture. While revenue declined
The announced reinvention program targeting
The double-digit ARPDAU growth in key properties and maintained full-year guidance of
The gaming metrics paint an interesting picture of PLAYSTUDIOS' strategic pivot. With 3.0M daily active users and 12.7M monthly active users generating
The reward platform remains robust with 451,300 rewards redeemed at
Third Quarter Revenue of
Consolidated AEBITDA of
Andrew Pascal, Chairman and Chief Executive Officer of PLAYSTUDIOS, commented, “Despite continued industry pressures, revenues and consolidated AEBITDA came in above consensus expectations this quarter. AEBITDA margins increased to
He continued, “We are also announcing our newly instituted reinvention program. The program will meaningfully lower our cost structure, increase our profitability, and better position our company for long term growth.”
Third Quarter Financial Highlights
-
Revenue was
$71.2 million $75.9 million -
Net loss was
$3.1 million 4.3% , compared to net loss of$3.8 million 5.0% . -
Consolidated AEBITDA, a non-GAAP financial measure defined below, was
$14.6 million $13.5 million -
Consolidated AEBITDA Margins were
20.5% in the quarter, a 270 basis point increase versus the third quarter of 2023 and a 100 basis point increase versus the second quarter of 2024. -
KPIs playGAMES. During the third quarter of 2024, PLAYSTUDIOS had Average DAU and Average MAU of 3.0 million and 12.7 million, respectively. ARPDAU was
$0.26 -
KPIs playAWARDS. During the third quarter of 2024, players purchased 451,300 rewards with a retail value of
$25 million -
Liquidity. As of September 30, 2024, cash and cash equivalents on the balance sheet was
$105.2 million $81 million - Shares outstanding. As of September 30, 2024, the Company had 125.2 million shares outstanding.
Recent Business Highlights
-
Launched our reinvention program that will result in a material reduction in costs and increase in profitability. The program will include a reduction in workforce, suspension of sub-scale game development, and consolidation of key business functions, which we expect to result in normalized annual cost savings of approximately
$25 million $30 million -
Resumed the repurchase of stock in the open market. Year to date, we have repurchased an aggregate of 13.6 million shares of our Class A common stock at an average price of
$2.15 $50 million $45.5 million - myVEGAS and Brainium saw double digit increases in ARPDAU in the third quarter compared to the previous year. Each game continues to benefit from recent efforts to increase monetization.
- 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 drove increased engagement in our games and elevated awareness of our brands.
Outlook
The Company is maintaining full year 2024 guidance of net revenue 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) is the 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, myKONAMI 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 iconic 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) Income 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. Other potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on March 12, 2024, and in other filings we make with the SEC from time to time. 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.
|
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net revenue |
$ |
71,229 |
|
|
$ |
75,858 |
|
|
$ |
221,647 |
|
|
$ |
233,774 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of revenue(1) |
|
17,832 |
|
|
|
19,862 |
|
|
|
54,851 |
|
|
|
58,276 |
|
Selling and marketing |
|
15,116 |
|
|
|
18,786 |
|
|
|
50,756 |
|
|
|
55,283 |
|
Research and development |
|
16,654 |
|
|
|
17,367 |
|
|
|
51,418 |
|
|
|
53,503 |
|
General and administrative |
|
11,581 |
|
|
|
10,747 |
|
|
|
35,005 |
|
|
|
33,688 |
|
Depreciation and amortization |
|
11,593 |
|
|
|
11,537 |
|
|
|
34,813 |
|
|
|
33,686 |
|
Restructuring and related |
|
3,231 |
|
|
|
1,280 |
|
|
|
5,248 |
|
|
|
7,112 |
|
Total operating costs and expenses |
|
76,007 |
|
|
|
79,579 |
|
|
|
232,091 |
|
|
|
241,548 |
|
Loss from operations |
|
(4,778 |
) |
|
|
(3,721 |
) |
|
|
(10,444 |
) |
|
|
(7,774 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
||||||||
Change in fair value of warrant liabilities |
|
276 |
|
|
|
4,216 |
|
|
|
929 |
|
|
|
1,381 |
|
Interest income, net |
|
1,127 |
|
|
|
1,364 |
|
|
|
3,921 |
|
|
|
3,521 |
|
Other (loss) income, net |
|
(256 |
) |
|
|
(198 |
) |
|
|
(626 |
) |
|
|
906 |
|
Total other income, net |
|
1,147 |
|
|
|
5,382 |
|
|
|
4,224 |
|
|
|
5,808 |
|
(Loss) income before income taxes |
|
(3,631 |
) |
|
|
1,661 |
|
|
|
(6,220 |
) |
|
|
(1,966 |
) |
Income tax benefit (expense) |
|
534 |
|
|
|
2,139 |
|
|
|
(55 |
) |
|
|
2,437 |
|
Net (loss) income |
$ |
(3,097 |
) |
|
$ |
3,800 |
|
|
$ |
(6,275 |
) |
|
$ |
471 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share attributable to Class A and Class B common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.02 |
) |
|
$ |
0.03 |
|
|
$ |
(0.05 |
) |
|
$ |
— |
|
Diluted |
$ |
(0.02 |
) |
|
$ |
0.03 |
|
|
$ |
(0.05 |
) |
|
$ |
— |
|
Weighted average shares of common stock outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
125,007 |
|
|
|
133,351 |
|
|
|
130,997 |
|
|
|
132,546 |
|
Diluted |
|
125,007 |
|
|
|
149,655 |
|
|
|
130,997 |
|
|
|
148,911 |
|
(1) |
|
Amounts exclude depreciation and amortization. |
PLAYSTUDIOS, INC.
|
|||||||
|
September 30,
|
|
December 31,
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
105,170 |
|
|
$ |
132,889 |
|
Receivables, net |
|
28,775 |
|
|
|
30,465 |
|
Prepaid expenses and other current assets |
|
10,323 |
|
|
|
11,529 |
|
Total current assets |
|
144,268 |
|
|
|
174,883 |
|
Property and equipment, net |
|
17,532 |
|
|
|
17,549 |
|
Operating lease right-of-use assets |
|
10,545 |
|
|
|
9,369 |
|
Intangibles assets and internal-use software, net |
|
99,778 |
|
|
|
110,933 |
|
Goodwill |
|
52,222 |
|
|
|
47,133 |
|
Deferred income taxes |
|
2,699 |
|
|
|
2,764 |
|
Other long-term assets |
|
3,506 |
|
|
|
3,690 |
|
Total non-current assets |
|
186,282 |
|
|
|
191,438 |
|
Total assets |
$ |
330,550 |
|
|
$ |
366,321 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
|
4,190 |
|
|
|
1,907 |
|
Operating lease liabilities, current |
|
3,486 |
|
|
|
4,236 |
|
Accrued and other current liabilities |
|
27,010 |
|
|
|
39,882 |
|
Total current liabilities |
|
34,686 |
|
|
|
46,025 |
|
Minimum guarantee liability |
|
18,000 |
|
|
|
24,000 |
|
Deferred income taxes |
|
553 |
|
|
|
1,198 |
|
Operating lease liability, non-current |
|
7,513 |
|
|
|
5,699 |
|
Contingent consideration |
|
3,255 |
|
|
|
— |
|
Other long-term liabilities |
|
1,362 |
|
|
|
1,048 |
|
Total non-current liabilities |
|
30,683 |
|
|
|
31,945 |
|
Total liabilities |
$ |
65,369 |
|
|
$ |
77,970 |
|
Stockholders’ equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Class A common stock, |
|
11 |
|
|
|
12 |
|
Class B common stock, |
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
324,077 |
|
|
|
310,944 |
|
Retained earnings |
|
(8,912 |
) |
|
|
(2,637 |
) |
Accumulated other comprehensive income |
|
(695 |
) |
|
|
124 |
|
Treasury stock, at cost, 18,279 and 4,723 shares at September 30, 2024 and December 31, 2023, respectively |
|
(49,302 |
) |
|
|
(20,094 |
) |
Total stockholders’ equity |
|
265,181 |
|
|
|
288,351 |
|
Total liabilities and stockholders’ equity |
$ |
330,550 |
|
|
$ |
366,321 |
|
PLAYSTUDIOS, INC.
RECONCILIATION OF NET (LOSS) INCOME TO CONSOLIDATED AEBITDA
(Unaudited and in thousands, except percentages)
The following table sets forth the reconciliation of net (loss) income and net (loss) income margin to Consolidated AEBITDA and Consolidated AEBITDA margin, respectively, which we calculate as Consolidated AEBITDA as a percentage of net revenue. Net (loss) income and net (loss) income margin are the most directly comparable GAAP measures.
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue |
$ |
71,229 |
|
|
$ |
75,858 |
|
|
$ |
221,647 |
|
|
$ |
233,774 |
|
Net (loss) income |
$ |
(3,097 |
) |
|
$ |
3,800 |
|
|
$ |
(6,275 |
) |
|
$ |
471 |
|
Net (loss) income margin |
|
(4.3 |
)% |
|
|
5.0 |
% |
|
|
(2.8 |
)% |
|
|
0.2 |
% |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Depreciation & amortization |
|
11,593 |
|
|
|
11,537 |
|
|
|
34,813 |
|
|
|
33,686 |
|
Income tax expense |
|
(534 |
) |
|
|
(2,139 |
) |
|
|
55 |
|
|
|
(2,437 |
) |
Stock-based compensation expense |
|
4,584 |
|
|
|
4,344 |
|
|
|
14,308 |
|
|
|
14,391 |
|
Change in fair value of warrant liability |
|
(276 |
) |
|
|
(4,216 |
) |
|
|
(929 |
) |
|
|
(1,381 |
) |
Change in fair value of contingent consideration |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(950 |
) |
Restructuring and related(1) |
|
3,231 |
|
|
|
1,280 |
|
|
|
5,248 |
|
|
|
7,112 |
|
Other, net(2) |
|
(878 |
) |
|
|
(1,081 |
) |
|
|
(3,145 |
) |
|
|
(3,328 |
) |
Consolidated AEBITDA |
|
14,623 |
|
|
|
13,525 |
|
|
|
44,075 |
|
|
|
47,564 |
|
Consolidated AEBITDA Margin |
|
20.5 |
% |
|
|
17.8 |
% |
|
|
19.9 |
% |
|
|
20.3 |
% |
(1) |
|
Amounts reported during the three and nine months ended September 30, 2023 relate to non-cash impairment charges related to certain investments and fees related to evaluating various merger, acquisition and restructuring opportunities. Amounts reported during the three and nine months ended September 30, 2024 relate to internal reorganization costs, including severance-related costs, fees related to evaluating various merger and acquisition opportunities, and legal fees and other costs incurred in connection with litigation arising out of the Acies Merger transaction. |
(2) |
|
Amounts reported in “Other, net” include interest expense, interest income, gains/losses from equity 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 September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net revenue |
|
|
|
|
|
|
|
||||||||
playGAMES |
|
71,226 |
|
|
|
75,857 |
|
|
|
221,642 |
|
|
|
229,602 |
|
playAWARDS |
|
3 |
|
|
|
1 |
|
|
|
5 |
|
|
|
4,172 |
|
Reportable segment net revenue |
|
71,229 |
|
|
|
75,858 |
|
|
|
221,647 |
|
|
|
233,774 |
|
|
|
|
|
|
|
|
|
||||||||
AEBITDA |
|
|
|
|
|
|
|
||||||||
playGAMES |
|
23,233 |
|
|
|
21,640 |
|
|
|
68,604 |
|
|
|
65,842 |
|
playAWARDS |
|
(3,991 |
) |
|
|
(4,180 |
) |
|
|
(11,089 |
) |
|
|
(6,517 |
) |
Reportable segment AEBITDA |
|
19,242 |
|
|
|
17,460 |
|
|
|
57,515 |
|
|
|
59,325 |
|
|
|
|
|
|
|
|
|
||||||||
Other operating expense |
|
|
|
|
|
|
|
||||||||
Corporate and other |
|
4,619 |
|
|
|
3,935 |
|
|
|
13,440 |
|
|
|
11,761 |
|
Restructuring expenses |
|
3,231 |
|
|
|
1,280 |
|
|
|
5,248 |
|
|
|
7,112 |
|
Other reconciling items |
|
(7 |
) |
|
|
85 |
|
|
|
150 |
|
|
|
149 |
|
Stock-based compensation |
|
4,584 |
|
|
|
4,344 |
|
|
|
14,308 |
|
|
|
14,391 |
|
Depreciation and amortization |
|
11,593 |
|
|
|
11,537 |
|
|
|
34,813 |
|
|
|
33,686 |
|
|
|
24,020 |
|
|
|
21,181 |
|
|
|
67,959 |
|
|
|
67,099 |
|
|
|
|
|
|
|
|
|
||||||||
Non-operating income |
|
|
|
|
|
|
|
||||||||
Change in fair value of warrant liabilities |
|
276 |
|
|
|
4,216 |
|
|
|
929 |
|
|
|
1,381 |
|
Interest income, net |
|
1,127 |
|
|
|
1,364 |
|
|
|
3,921 |
|
|
|
3,521 |
|
Other (expense) income, net |
|
(256 |
) |
|
|
(198 |
) |
|
|
(626 |
) |
|
|
906 |
|
|
|
1,147 |
|
|
|
5,382 |
|
|
|
4,224 |
|
|
|
5,808 |
|
|
|
|
|
|
|
|
|
||||||||
(Loss) income before income taxes |
|
(3,631 |
) |
|
|
1,661 |
|
|
|
(6,220 |
) |
|
|
(1,966 |
) |
Income tax benefit (expense) |
|
534 |
|
|
|
2,139 |
|
|
|
(55 |
) |
|
|
2,437 |
|
Net (loss) income |
$ |
(3,097 |
) |
|
$ |
3,800 |
|
|
$ |
(6,275 |
) |
|
$ |
471 |
|
|
|
|
|
|
|
|
|
||||||||
Segment AEBITDA margin: |
|
|
|
|
|
|
|
||||||||
playGAMES |
|
32.6 |
% |
|
|
28.5 |
% |
|
|
31.0 |
% |
|
|
28.7 |
% |
playAWARDS |
nm |
|
nm |
|
nm |
|
|
(156.2 |
)% |
||||||
|
|
|
|
|
|
|
|
||||||||
nm - not meaningful |
|
|
|
|
|
|
|
||||||||
PLAYSTUDIOS, INC.
|
|||||||||||||||||||||||||||||
|
Three Months Ended September 30, |
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
||||||||||||||||||
|
2024 |
|
2023 |
|
Change |
|
% Change |
|
2024 |
|
2023 |
|
Change |
|
% Change |
||||||||||||||
Average DAU |
|
2,961 |
|
|
|
3,520 |
|
|
|
(559 |
) |
|
(15.9 |
)% |
|
|
3,225 |
|
|
|
3,579 |
|
|
|
(354 |
) |
|
(9.9 |
)% |
Average MAU |
|
12,658 |
|
|
|
13,712 |
|
|
|
(1,054 |
) |
|
(7.7 |
)% |
|
|
13,669 |
|
|
|
13,557 |
|
|
|
112 |
|
|
0.8 |
% |
Average DPU |
|
23 |
|
|
|
26 |
|
|
|
(3 |
) |
|
(11.5 |
)% |
|
|
25 |
|
|
|
27 |
|
|
|
(2 |
) |
|
(7.4 |
)% |
Average Daily Payer Conversion |
|
0.8 |
% |
|
|
0.8 |
% |
|
— |
pp |
|
— |
% |
|
|
0.8 |
% |
|
|
0.8 |
% |
|
— |
pp |
|
— |
% |
||
ARPDAU (in dollars) |
$ |
0.26 |
|
|
$ |
0.23 |
|
|
$ |
0.03 |
|
|
13.0 |
% |
|
$ |
0.25 |
|
|
$ |
0.24 |
|
|
$ |
0.01 |
|
|
4.2 |
% |
pp = percentage points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
PLAYSTUDIOS, INC.
|
|||||||||||||||||||||||||
|
Three Months Ended September 30, |
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
||||||||||||||
|
2024 |
|
2023 |
|
Change |
|
% Change |
|
2024 |
|
2023 |
|
Change |
|
% Change |
||||||||||
Available Rewards (in units) |
|
547 |
|
|
598 |
|
|
(51 |
) |
|
(8.5 |
%) |
|
|
543 |
|
|
578 |
|
|
(35 |
) |
|
(6.1 |
%) |
Purchases (in units) |
|
451 |
|
|
433 |
|
|
18 |
|
|
4.2 |
% |
|
|
1,472 |
|
|
1,338 |
|
|
134 |
|
|
10.0 |
% |
Retail Value of Purchases |
$ |
24,980 |
|
$ |
24,165 |
|
$ |
815 |
|
|
3.4 |
% |
|
$ |
96,977 |
|
$ |
78,145 |
|
$ |
18,832 |
|
|
24.1 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104956379/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
What was PLAYSTUDIOS (MYPS) revenue in Q3 2024?
How much cost savings is PLAYSTUDIOS (MYPS) targeting with its reinvention program?
What is PLAYSTUDIOS (MYPS) full-year 2024 revenue guidance?
What was PLAYSTUDIOS (MYPS) AEBITDA margin in Q3 2024?
