Playtika Holding Corp. Reports Q4 and 2024 Financial Results
Playtika Holding Corp. (NASDAQ: PLTK) reported Q4 2024 financial results with revenue of $650.3 million, up 4.8% sequentially and 1.9% year over year. Direct-to-Consumer revenue reached $174.6 million, showing 8.0% year-over-year growth.
Q4 highlights include a net loss of $16.7 million and Credit Adjusted EBITDA of $183.9 million. For full-year 2024, revenue was $2,549.3 million with net income of $162.2 million.
Key operational metrics show Average Daily Paying Users of 339K (up 12.6% sequentially) and improved payer conversion at 4.2%. The company declared a quarterly dividend of $0.10 per share. For FY2025, Playtika projects revenue between $2.80 - $2.85 billion and Credit Adjusted EBITDA of $715 - $740 million.
Playtika Holding Corp. (NASDAQ: PLTK) ha riportato i risultati finanziari del Q4 2024 con un fatturato di $650,3 milioni, in aumento del 4,8% rispetto al trimestre precedente e dell'1,9% rispetto all'anno precedente. Il fatturato diretto al consumatore ha raggiunto $174,6 milioni, mostrando una crescita dell'8,0% rispetto all'anno precedente.
I punti salienti del Q4 includono una perdita netta di $16,7 milioni e un EBITDA rettificato per il credito di $183,9 milioni. Per l'intero anno 2024, il fatturato è stato di $2.549,3 milioni con un reddito netto di $162,2 milioni.
I principali indicatori operativi mostrano un numero medio di utenti paganti giornalieri di 339K (in aumento del 12,6% rispetto al trimestre precedente) e un miglioramento del tasso di conversione dei pagatori al 4,2%. L'azienda ha dichiarato un dividendo trimestrale di $0,10 per azione. Per l'anno fiscale 2025, Playtika prevede un fatturato compreso tra $2,80 - $2,85 miliardi e un EBITDA rettificato per il credito di $715 - $740 milioni.
Playtika Holding Corp. (NASDAQ: PLTK) reportó resultados financieros del Q4 2024 con ingresos de $650.3 millones, un aumento del 4.8% secuencialmente y del 1.9% en comparación con el año anterior. Los ingresos directos al consumidor alcanzaron $174.6 millones, mostrando un crecimiento del 8.0% en comparación con el año anterior.
Los aspectos destacados del Q4 incluyen una pérdida neta de $16.7 millones y un EBITDA Ajustado por Crédito de $183.9 millones. Para el año completo 2024, los ingresos fueron de $2,549.3 millones con un ingreso neto de $162.2 millones.
Las métricas operativas clave muestran un promedio diario de usuarios que pagan de 339K (un aumento del 12.6% secuencialmente) y una mejora en la conversión de pagadores al 4.2%. La compañía declaró un dividendo trimestral de $0.10 por acción. Para el año fiscal 2025, Playtika proyecta ingresos entre $2.80 - $2.85 mil millones y un EBITDA Ajustado por Crédito de $715 - $740 millones.
Playtika 홀딩 Corp. (NASDAQ: PLTK)는 2024년 4분기 재무 결과를 발표하며 수익이 $650.3 백만에 달했다고 보고했습니다. 이는 전분기 대비 4.8% 증가하고 전년 대비 1.9% 증가한 수치입니다. 소비자 직접 판매 수익은 $174.6 백만에 도달하여 전년 대비 8.0% 성장했습니다.
4분기 하이라이트에는 $16.7 백만의 순손실과 $183.9 백만의 신용 조정 EBITDA가 포함됩니다. 2024년 전체 연도 수익은 $2,549.3 백만이며 순이익은 $162.2 백만입니다.
주요 운영 지표는 평균 일일 유료 사용자 수가 339K(전분기 대비 12.6% 증가)이며, 결제 전환율이 4.2%로 개선되었음을 보여줍니다. 회사는 주당 $0.10의 분기 배당금을 선언했습니다. 2025 회계연도에 대해 Playtika는 수익을 $2.80 - $2.85 억 달러 사이로 예상하고 있으며, 신용 조정 EBITDA는 $715 - $740 백만으로 예상하고 있습니다.
Playtika Holding Corp. (NASDAQ: PLTK) a publié ses résultats financiers pour le 4ème trimestre 2024 avec un chiffre d'affaires de $650,3 millions, en hausse de 4,8% par rapport au trimestre précédent et de 1,9% par rapport à l'année précédente. Les revenus directs aux consommateurs ont atteint $174,6 millions, affichant une croissance de 8,0% par rapport à l'année précédente.
Les points forts du 4ème trimestre incluent une perte nette de $16,7 millions et un EBITDA ajusté par crédit de $183,9 millions. Pour l'année entière 2024, le chiffre d'affaires était de $2.549,3 millions avec un bénéfice net de $162,2 millions.
Les indicateurs opérationnels clés montrent un nombre moyen d'utilisateurs payants quotidiens de 339K (en hausse de 12,6% par rapport au trimestre précédent) et une amélioration du taux de conversion des payeurs à 4,2%. L'entreprise a déclaré un dividende trimestriel de $0,10 par action. Pour l'exercice 2025, Playtika prévoit un chiffre d'affaires compris entre $2,80 - $2,85 milliards et un EBITDA ajusté par crédit de $715 - $740 millions.
Playtika Holding Corp. (NASDAQ: PLTK) hat die finanziellen Ergebnisse für das 4. Quartal 2024 veröffentlicht, mit einem Umsatz von $650,3 Millionen, was einem Anstieg von 4,8% im Vergleich zum vorherigen Quartal und 1,9% im Vergleich zum Vorjahr entspricht. Der Umsatz aus dem Direktvertrieb an Verbraucher erreichte $174,6 Millionen und zeigte ein Wachstum von 8,0% im Jahresvergleich.
Die Highlights des 4. Quartals umfassen einen Nettoverlust von $16,7 Millionen und ein kreditbereinigtes EBITDA von $183,9 Millionen. Für das gesamte Jahr 2024 betrug der Umsatz $2.549,3 Millionen bei einem Nettogewinn von $162,2 Millionen.
Wichtige betriebliche Kennzahlen zeigen durchschnittlich 339K zahlende Nutzer pro Tag (ein Anstieg von 12,6% im Vergleich zum vorherigen Quartal) und eine verbesserte Zahl der zahlenden Nutzer von 4,2%. Das Unternehmen erklärte eine vierteljährliche Dividende von $0,10 pro Aktie. Für das Geschäftsjahr 2025 prognostiziert Playtika einen Umsatz zwischen $2,80 - $2,85 Milliarden und ein kreditbereinigtes EBITDA von $715 - $740 Millionen.
- Revenue up 4.8% sequentially to $650.3M
- DTC revenue grew 8.0% YoY to $174.6M
- Casual games revenue increased 11.3% YoY
- Daily paying users up 12.6% to 339K
- Payer conversion improved to 4.2%
- FY2025 revenue guidance of $2.80-2.85B shows growth
- Q4 net loss of $16.7M (144.8% decline YoY)
- Credit Adjusted EBITDA down 2.6% YoY
- Social casino revenue declined 10.0% YoY
- Slotomania revenue dropped 13.5% YoY
- FY2024 revenue declined vs 2023 ($2,549.3M vs $2,567.0M)
- Free Cash Flow decreased to $396.8M from $436.4M
Insights
Playtika's Q4 2024 results reveal a company in transition, with revenue growing 4.8% sequentially to $650.3 million but swinging to a net loss of $16.7 million - a concerning 144.8% decline year-over-year. This stark profitability drop despite revenue growth signals potential structural challenges beyond seasonal factors.
The company's portfolio is undergoing a significant transformation. Casual games revenue surged 11.6% sequentially and 11.3% year-over-year, while social casino games declined 4.9% sequentially and 10.0% year-over-year. This divergence represents a fundamental shift in Playtika's business model, with the traditional social casino segment (including Slotomania, down 13.5% YoY) facing competitive pressures and market saturation.
User engagement metrics tell a more positive story, with Average Daily Paying Users increasing 12.6% sequentially and payer conversion improving to 4.2% from 3.5% a year ago. This disconnect between improving user metrics and declining profitability suggests higher user acquisition costs or increased promotional activity to maintain engagement.
Management's 2025 guidance of
The SuperPlay acquisition mentioned by CEO Robert Antokol signals Playtika's M&A-driven growth strategy, but investors should note that integration costs and development investments will likely continue to pressure near-term profitability. The maintained
Revenue of
DTC platforms Revenue Increased
GAAP Net Income of
HERZLIYA, Israel, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Playtika Holding Corp. (NASDAQ: PLTK) today released financial results for its fourth quarter and fiscal year ended December 31, 2024.
Fourth Quarter 2024 Financial Highlights:
- Revenue of
$650.3 million increased4.8% sequentially and1.9% year over year. - DTC platforms revenue of
$174.6 million increased0.1% sequentially and8.0% year over year. - Net income of
$(16.7) million decreased (142.5)% sequentially and (144.8)% year over year. - Credit Adjusted EBITDA of
$183.9 million decreased (6.7)% sequentially and (2.6)% year over year. - Cash and cash equivalents totaled
$565.8 million as of December 31, 2024.
FY2024 Financial Highlights:
- FY2024 revenue of
$2,549.3 million compared to$2,567.0 million in the prior year. - DTC platforms revenue of
$694.2 million compared to$639.4 million in the prior year. - Net income of
$162.2 million compared to$235.0 million in the prior year. - Credit Adjusted EBITDA of
$757.7 million compared to$832.2 million in the prior year. - Free Cash Flow of
$396.8 million compared to$436.4 million in the prior year1.
1 We define Free Cash Flow as net cash provided by operating activities minus capital expenditures.
“We are thrilled with the progress we have made in executing our return to growth strategy, highlighted by our successful acquisition of SuperPlay,” said Robert Antokol, Chief Executive Officer. “Looking ahead, we are excited by our pipeline of new games and continued M&A opportunities, which we believe will drive consistent topline growth and create value for our shareholders.”
“Our disciplined approach to capital allocation and portfolio management is reflected in our strong EBITDA results, demonstrating our commitment to maximizing returns” said Craig Abrahams, President and Chief Financial Officer. “As we continue to evolve our portfolio mix, we anticipate this year to be transitional as we invest in newly acquired studios in their early stages. We believe these investments will position us for renewed EBITDA growth starting in 2026 and beyond.”
Selected Q4 Operational Metrics and Business Highlights
- Average Daily Paying Users of 339K increased
12.6% sequentially and increased10.8% year over year. - Average Payer Conversion of
4.2% , up from4.0% in Q3 2024 and3.5% in Q4 2023. - Casual games revenue increased
11.6% sequentially and11.3% year over year. - Social casino-themed games revenue decreased (4.9)% sequentially and (
10.0% ) year over year. - Bingo Blitz revenue of
$159.1 million decreased (0.5)% sequentially and increased5.8% year over year. - Slotomania revenue of
$118.4 million decreased (7.9)% sequentially and (13.5)% year over year. - Solitaire Grand Harvest revenue of
$72.5 million decreased (8.1)% sequentially and (4.3)% year over year.
Playtika Announces Quarterly Dividend
Playtika’s Board of Directors declared a cash dividend of
Financial Outlook
For FY2025, revenue expected to be between
Conference Call
Playtika management will host a conference call at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time) today to discuss the company’s results. The conference call can be accessed via a webcast accessible at investors.playtika.com. A replay of the call will be available through the website one hour following the call and will be archived for one year.
Summary Operating Results of Playtika Holding Corp.
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| (in millions of dollars, except percentages, Average DPUs, and ARPDAU) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenues | $ | 650.3 | $ | 637.9 | $ | 2,549.3 | $ | 2,567.0 | |||||||
| Total cost and expenses | $ | 595.0 | $ | 517.9 | $ | 2,157.7 | $ | 2,065.4 | |||||||
| Operating income | $ | 55.3 | $ | 120.0 | $ | 391.6 | $ | 501.6 | |||||||
| Net income | $ | (16.7 | ) | $ | 37.3 | $ | 162.2 | $ | 235.0 | ||||||
| Credit Adjusted EBITDA | $ | 183.9 | $ | 188.9 | $ | 757.7 | $ | 832.2 | |||||||
| Net income margin | (2.6 | )% | 5.8 | % | 6.4 | % | 9.2 | % | |||||||
| Credit Adjusted EBITDA margin | 28.3 | % | 29.6 | % | 29.7 | % | 32.4 | % | |||||||
| Non-financial performance metrics | |||||||||||||||
| Average DAUs | 8.0 | 8.6 | 8.1 | 8.7 | |||||||||||
| Average DPUs (in thousands) | 339 | 306 | 312 | 310 | |||||||||||
| Average Daily Payer Conversion | 4.2 | % | 3.5 | % | 3.8 | % | 3.6 | % | |||||||
| ARPDAU | $ | 0.89 | $ | 0.80 | $ | 0.86 | $ | 0.81 | |||||||
| Average MAUs | 29.1 | 30.9 | 29.0 | 29.4 | |||||||||||
About Playtika Holding Corp.
Playtika (NASDAQ: PLTK) is a mobile gaming entertainment and technology market leader with a portfolio of multiple game titles. Founded in 2010, Playtika was among the first to offer free-to-play social games on social networks and, shortly after, on mobile platforms. Headquartered in Herzliya, Israel, and guided by a mission to entertain the world through infinite ways to play, Playtika has employees across offices worldwide.
Forward Looking Information
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Exchange Act. All statements other than statements of historical facts contained in this press release, including statements regarding our business strategy, plans and our objectives for future operations, are forward-looking statements. Further, statements that include words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “intend,” “intent,” “may,” “might,” “potential,” “present,” “preserve,” “project,” “pursue,” “should,” “will,” or “would,” or the negative of these words or other words or expressions of similar meaning may identify forward-looking statements.
We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. 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. Moreover, we operate in a very competitive and rapidly changing environment and industry. As a result, it is not possible for our management to assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated, predicted or implied in the forward-looking statements.
Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include without limitation:
- actions of our majority shareholder or other third parties that influence us;
- our reliance on third-party platforms, such as the iOS App Store, Facebook, and Google Play Store, to distribute our games and collect revenues, and the risk that such platforms may adversely change their policies;
- our reliance on a limited number of games to generate the majority of our revenue;
- our reliance on a small percentage of total users to generate a majority of our revenue;
- our free-to-play business model, and the value of virtual items sold in our games or in the SuperPlay portfolio, is highly dependent on how we manage the game revenues and pricing models;
- our inability to integrate SuperPlay into our operations successfully or realize the anticipated benefits of this acquisition;
- our inability to refinance our revolving credit facility which is set to expire in March 2026 or otherwise obtain additional financing, in each case, on favorable terms or at all;
- the ability of the SuperPlay portfolio to compete in a highly competitive industry with low barriers to entry;
- our ability to retain existing players, attract new players and increase the monetization of our player base;
- our ability to develop and/or launch new products and content or otherwise execute against our product roadmap strategy;
- we have significant indebtedness and are subject to the obligations and restrictive covenants under our debt instruments;
- our controlled company status;
- legal or regulatory restrictions or proceedings could adversely impact our business, including the SuperPlay portfolio, and limit the growth of our operations;
- risks related to our international operations and ownership, including our significant operations in Israel and Ukraine and the fact that our controlling stockholder is a Chinese-owned company;
- geopolitical events such as the Wars in Israel and Ukraine;
- our reliance on key personnel, including our ability to retain the key personnel of SuperPlay;
- market conditions or other factors affecting the payment of dividends, including the decision whether or not to pay a dividend;
- uncertainties regarding the amount and timing of repurchases under our stock repurchase program;
- security breaches or other disruptions could compromise our information or our players’ information and expose us to liability; and
- our inability to protect our intellectual property and proprietary information could adversely impact our business.
| PLAYTIKA HOLDING CORP. CONSOLIDATED BALANCE SHEETS (In millions, except for per share data) | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 565.8 | $ | 1,029.7 | |||
| Restricted cash | 1.9 | 2.0 | |||||
| Accounts receivable | 187.6 | 171.5 | |||||
| Prepaid expenses and other current assets | 117.5 | 147.9 | |||||
| Total current assets | 872.8 | 1,351.1 | |||||
| Property and equipment, net | 115.4 | 119.9 | |||||
| Operating lease right-of-use assets | 89.9 | 100.3 | |||||
| Intangible assets other than goodwill, net | 562.2 | 311.2 | |||||
| Goodwill | 1,692.3 | 987.2 | |||||
| Deferred tax assets, net | 119.0 | 99.3 | |||||
| Investment in unconsolidated entities | 20.6 | 54.4 | |||||
| Other non-current assets | 167.0 | 151.6 | |||||
| Total assets | $ | 3,639.2 | $ | 3,175.0 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | |||||||
| Current liabilities | |||||||
| Current maturities of long-term debt | $ | 11.6 | $ | 16.8 | |||
| Accounts payable | 58.6 | 65.0 | |||||
| Operating lease liabilities, current | 25.7 | 19.5 | |||||
| Accrued expenses and other current liabilities | 463.0 | 438.3 | |||||
| Total current liabilities | 558.9 | 539.6 | |||||
| Long-term debt | 2,388.5 | 2,399.6 | |||||
| Contingent consideration | 354.6 | 20.8 | |||||
| Other long-term liabilities | 372.2 | 318.7 | |||||
| Operating lease liabilities, long-term | 71.4 | 88.2 | |||||
| Deferred tax liabilities | 24.7 | 29.6 | |||||
| Total liabilities | 3,770.3 | 3,396.5 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity (deficit) | |||||||
| Common stock of US | 4.1 | 4.1 | |||||
| Treasury stock at cost (51.8 shares at December 31, 2024 and 2023) | (603.5 | ) | (603.5 | ) | |||
| Additional paid-in capital | 1,362.7 | 1,264.9 | |||||
| Accumulated other comprehensive income (loss) | (0.2 | ) | 20.6 | ||||
| Accumulated deficit | (894.2 | ) | (907.6 | ) | |||
| Total stockholders' deficit | (131.1 | ) | (221.5 | ) | |||
| Total liabilities and stockholders’ deficit | $ | 3,639.2 | $ | 3,175.0 | |||
| PLAYTIKA HOLDING CORP. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions, except for per share data) | |||||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 650.3 | $ | 637.9 | $ | 2,549.3 | $ | 2,567.0 | |||||||
| Costs and expenses | |||||||||||||||
| Cost of revenue | 178.8 | 180.6 | 692.1 | 718.5 | |||||||||||
| Research and development | 96.3 | 101.5 | 403.0 | 406.4 | |||||||||||
| Sales and marketing | 195.3 | 158.0 | 705.0 | 585.7 | |||||||||||
| General and administrative | 92.0 | 77.8 | 288.7 | 303.5 | |||||||||||
| Impairment charges | 32.6 | — | 68.9 | 51.3 | |||||||||||
| Total costs and expenses | 595.0 | 517.9 | 2,157.7 | 2,065.4 | |||||||||||
| Income from operations | 55.3 | 120.0 | 391.6 | 501.6 | |||||||||||
| Interest and other, net | 33.7 | 32.6 | 111.1 | 109.5 | |||||||||||
| Income before income taxes | 21.6 | 87.4 | 280.5 | 392.1 | |||||||||||
| Provision for income taxes | 38.3 | 50.1 | 118.3 | 157.1 | |||||||||||
| Net income (loss) | (16.7 | ) | 37.3 | 162.2 | 235.0 | ||||||||||
| Other comprehensive income (loss) | |||||||||||||||
| Foreign currency translation | (12.8 | ) | 6.8 | (10.9 | ) | 5.6 | |||||||||
| Change in fair value of derivatives | 5.6 | (10.7 | ) | (9.9 | ) | (2.6 | ) | ||||||||
| Total other comprehensive income (loss) | (7.2 | ) | (3.9 | ) | (20.8 | ) | 3.0 | ||||||||
| Comprehensive income (loss) | $ | (23.9 | ) | $ | 33.4 | $ | 141.4 | $ | 238.0 | ||||||
| Net income (loss) per share attributable to common stockholders, basic | $ | (0.04 | ) | $ | 0.10 | $ | 0.44 | $ | 0.64 | ||||||
| Net income (loss) per share attributable to common stockholders, diluted | $ | (0.04 | ) | $ | 0.10 | $ | 0.44 | $ | 0.64 | ||||||
| Weighted-average shares used in computing net income per share attributable to common stockholders, basic | 373.0 | 367.8 | 371.8 | 366.3 | |||||||||||
| Weighted-average shares used in computing net income per share attributable to common stockholders, diluted | 374.8 | 368.3 | 372.1 | 366.8 | |||||||||||
| PLAYTIKA HOLDING CORP. CONSOLIDATED STATEMENT OF CASH FLOWS (In millions) | |||||||
| Year ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities | $ | 490.1 | $ | 515.6 | |||
| Cash flows from investing activities | |||||||
| Purchase of property and equipment | (40.9 | ) | (32.6 | ) | |||
| Capitalization of internal use software costs | (31.6 | ) | (37.4 | ) | |||
| Purchase of software for internal use | (20.8 | ) | (9.2 | ) | |||
| Payments for business combination, net of cash acquired | (686.9 | ) | (159.6 | ) | |||
| Proceeds from short-term investments | 256.5 | — | |||||
| Purchase of short-term investments | (256.5 | ) | — | ||||
| Investments in unconsolidated entities | (2.6 | ) | (1.8 | ) | |||
| Other investing activities | 0.7 | 0.4 | |||||
| Net cash used in investing activities | (782.1 | ) | (240.2 | ) | |||
| Cash flows from financing activities | |||||||
| Dividends paid | (111.5 | ) | — | ||||
| Repayments on bank borrowings | (23.8 | ) | (14.3 | ) | |||
| Payment of tax withholdings on stock-based payments | (2.6 | ) | (3.9 | ) | |||
| Payment for share buyback | (0.8 | ) | — | ||||
| Net cash out flow for business acquisitions and other | (28.4 | ) | — | ||||
| Net cash used in financing activities | (167.1 | ) | (18.2 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | (4.9 | ) | 4.1 | ||||
| Net change in cash, cash equivalents and restricted cash | (464.0 | ) | 261.3 | ||||
| Cash, cash equivalents and restricted cash at the beginning of the period | 1,031.7 | 770.4 | |||||
| Cash, cash equivalents and restricted cash at the end of the period | $ | 567.7 | $ | 1,031.7 | |||
| CALCULATION OF FREE CASH FLOW (In millions) | |||||||
| Year ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities | $ | 490.1 | $ | 515.6 | |||
| Purchase of property and equipment | (40.9 | ) | (32.6 | ) | |||
| Capitalization of internal use software costs | (31.6 | ) | (37.4 | ) | |||
| Purchase of software for internal use | (20.8 | ) | (9.2 | ) | |||
| Free Cash Flow | $ | 396.8 | $ | 436.4 | |||
Non-GAAP Financial Measures
Credit Adjusted EBITDA is a non-GAAP financial measure and should not be construed as an alternative to net income as an indicator of operating performance, nor as an alternative to cash flow provided by operating activities as a measure of liquidity, or any other performance measure in each case as determined in accordance with GAAP.
Below is a reconciliation of Credit Adjusted EBITDA to net income, the closest GAAP financial measure. Our Credit Agreement defines Adjusted EBITDA (which we call “Credit Adjusted EBITDA”) as net income before (i) interest expense, (ii) interest income, (iii) provision for income taxes, (iv) depreciation and amortization expense, (v) impairment charges, (vi) stock-based compensation, (vii) contingent consideration, (viii) acquisition and related expenses, and (ix) certain other items. We calculate Credit Adjusted EBITDA Margin as Credit Adjusted EBITDA divided by revenues.
Credit Adjusted EBITDA and Credit Adjusted EBITDA Margin as calculated herein may not be comparable to similarly titled measures reported by other companies within the industry and are not determined in accordance with GAAP. Our presentation of Credit Adjusted EBITDA and Credit Adjusted EBITDA Margin should not be construed as an inference that our future results will be unaffected by unusual or unexpected items.
| RECONCILIATION OF NET INCOME TO CREDIT ADJUSTED EBITDA (In millions) | |||||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income | $ | (16.7 | ) | $ | 37.3 | $ | 162.2 | $ | 235.0 | ||||||
| Provision for income taxes | 38.3 | 50.1 | 118.3 | 157.1 | |||||||||||
| Interest and other, net | 33.7 | 32.6 | 111.1 | 109.5 | |||||||||||
| Depreciation and amortization | 48.6 | 42.0 | 165.7 | 158.0 | |||||||||||
| EBITDA | 103.9 | 162.0 | 557.3 | 659.6 | |||||||||||
| Stock-based compensation(1) | 29.0 | 27.5 | 99.2 | 110.0 | |||||||||||
| Impairment charges | 32.6 | — | 68.9 | 51.3 | |||||||||||
| Changes in estimated value of contingent consideration | 6.0 | 1.4 | (9.8 | ) | 1.4 | ||||||||||
| Acquisition and related expenses(2) | 10.0 | (2.2 | ) | 19.7 | 6.5 | ||||||||||
| Other items(3) | 2.4 | 0.2 | 22.4 | 3.4 | |||||||||||
| Credit Adjusted EBITDA | $ | 183.9 | $ | 188.9 | $ | 757.7 | $ | 832.2 | |||||||
| Net income margin | (2.6 | )% | 5.8 | % | 6.4 | % | 9.2 | % | |||||||
| Credit Adjusted EBITDA margin | 28.3 | % | 29.6 | % | 29.7 | % | 32.4 | % | |||||||
| _________ | |||||||||||||||
| (1) Reflects stock-based compensation expense related to the issuance of equity awards to our employees and Directors. (2) Includes costs incurred to evaluate and pursue acquisition activities as well as costs incurred by the Company in connection with the evaluation of strategic alternatives. (3) The amount for the three months ended December 31, 2024 consists primarily of The amount for the year ended December 31, 2024 consists primarily of | |||||||||||||||
Contacts
| Investor Relations | ||
| Tae Lee | ||
| Tael@playtika.com | ||
Source: Playtika Holding Corp
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