Skillz Announces Third Quarter 2024 Results
Skillz (NYSE: SKLZ) reported unaudited financial results for Q3 2024, ending September 30, 2024.
Key Financial Metrics:
Revenue: $24.6 million
Net loss: $21.1 million
Adjusted EBITDA: $(13.9) million
Paying Monthly Active Users (PMAU): 121,000
Average Revenue Per Paying Monthly Active User (ARPPU): $67.6
Total operating expenses excluding the cost of revenue: $42.2 million
CEO Andrew Paradise highlighted stable PMAU and strategic customer acquisition, aiming for positive Adjusted EBITDA in 2025. CFO Gaetano Franceschi emphasized disciplined expense management and a strong balance sheet with over $300 million in cash and restricted cash.
Skillz will host a live investor conference call at 4:30 p.m. ET today, accessible via registration on their investor relations website.
Skillz (NYSE: SKLZ) ha riportato risultati finanziari non verificati per il terzo trimestre del 2024, terminato il 30 settembre 2024.
Indicatori finanziari chiave:
Fatturato: 24,6 milioni di dollari
Perdita netta: 21,1 milioni di dollari
EBITDA rettificato: (13,9) milioni di dollari
Utenti attivi mensili paganti (PMAU): 121.000
Ricavi medi per utente attivo mensile pagante (ARPPU): 67,6 dollari
Spese operative totali, escluse le spese per il ricavo: 42,2 milioni di dollari
Il CEO Andrew Paradise ha evidenziato la stabilità degli PMAU e l'acquisizione strategica dei clienti, puntando a un EBITDA rettificato positivo nel 2025. Il CFO Gaetano Franceschi ha sottolineato la gestione disciplinata delle spese e un bilancio solido con oltre 300 milioni di dollari in denaro e denaro vincolato.
Skillz ospiterà una conference call per gli investitori in diretta alle 16:30 ET di oggi, accessibile tramite registrazione sul loro sito web per le relazioni con gli investitori.
Skillz (NYSE: SKLZ) informó sobre resultados financieros no auditados para el tercer trimestre de 2024, que terminó el 30 de septiembre de 2024.
Métricas financieras clave:
Ingresos: 24.6 millones de dólares
Pérdida neta: 21.1 millones de dólares
EBITDA ajustado: (13.9) millones de dólares
Usuarios Activos Mensuales Pagantes (PMAU): 121,000
Ingresos Promedio por Usuario Activo Mensual Pagante (ARPPU): 67.6 dólares
Gastos operativos totales excluyendo el costo de ingresos: 42.2 millones de dólares
El CEO Andrew Paradise destacó la estabilidad de los PMAU y la adquisición estratégica de clientes, con el objetivo de lograr un EBITDA ajustado positivo en 2025. El CFO Gaetano Franceschi enfatizó la gestión disciplinada de gastos y un balance sólido con más de 300 millones de dólares en efectivo y efectivo restringido.
Skillz llevará a cabo una conferencia telefónica en vivo para inversores hoy a las 4:30 p.m. ET, accesible mediante registro en su sitio web de relaciones con inversores.
Skillz (NYSE: SKLZ)는 2024년 3분기 (2024년 9월 30일 종료)의 감사되지 않은 재무 결과를 보고했습니다.
주요 재무 지표:
수익: 2460만 달러
순손실: 2110만 달러
조정 EBITDA: (1390만 달러)
유료 월간 활성 사용자 수 (PMAU): 121,000명
유료 월간 활성 사용자당 평균 수익 (ARPPU): 67.6달러
수익 비용을 제외한 총 운영 비용: 4220만 달러
CEO Andrew Paradise는 PMAU의 안정성과 전략적 고객 확보를 강조하며 2025년에는 긍정적인 조정 EBITDA를 목표로 하고 있다고 밝혔습니다. CFO Gaetano Franceschi는 절제 있는 비용 관리와 3억 달러 이상의 현금 및 제한된 현금을 보유한 강력한 대차대조표를 강조했습니다.
Skillz는 오늘 오후 4시 30분(ET)에 실시간 투자자 전화 회의를 개최하며, 투자자 관계 웹사이트를 통해 등록하여 접근할 수 있습니다.
Skillz (NYSE: SKLZ) a annoncé des résultats financiers non audités pour le troisième trimestre 2024, se terminant le 30 septembre 2024.
Métriques financières clés :
Revenus : 24,6 millions de dollars
Perte nette : 21,1 millions de dollars
EBITDA ajusté : (13,9) millions de dollars
Utilisateurs actifs payants mensuels (PMAU) : 121 000
Revenu moyen par utilisateur actif payant mensuel (ARPPU) : 67,6 dollars
Frais d'exploitation totaux hors coûts des revenus : 42,2 millions de dollars
Le CEO Andrew Paradise a souligné la stabilité des PMAU et l'acquisition stratégique de clients, visant un EBITDA ajusté positif d'ici 2025. Le CFO Gaetano Franceschi a insisté sur la gestion disciplinée des dépenses et un bilan solide avec plus de 300 millions de dollars en liquidités et en liquidités restreintes.
Skillz animera une conférence téléphonique en direct pour les investisseurs aujourd'hui à 16h30 ET, accessible par inscription sur leur site web dédié aux relations investisseurs.
Skillz (NYSE: SKLZ) berichtete über nicht testierte Finanzergebnisse für das 3. Quartal 2024, das am 30. September 2024 endete.
Wichtige Finanzkennzahlen:
Umsatz: 24,6 Millionen Dollar
Nettoverlust: 21,1 Millionen Dollar
Bereinigtes EBITDA: (13,9) Millionen Dollar
Monatlich aktive zahlende Nutzer (PMAU): 121.000
Durchschnittlicher Umsatz pro zahlendem, monatlich aktiven Nutzer (ARPPU): 67,6 Dollar
Gesamte Betriebskosten ohne Umsatzkosten: 42,2 Millionen Dollar
CEO Andrew Paradise hob die Stabilität der PMAU und die strategische Kundenakquise hervor und strebt ein positives bereinigtes EBITDA im Jahr 2025 an. CFO Gaetano Franceschi betonte disziplinierte Ausgabenverwaltung und eine solide Bilanz mit über 300 Millionen Dollar in bar und beschränkten Mitteln.
Skillz wird heute um 16:30 Uhr ET eine Live-Konferenzschaltung für Investoren veranstalten, die über eine Registrierung auf ihrer Investor-Relations-Website zugänglich ist.
- Revenue of $24.6 million.
- Stable Paying Monthly Active Users (PMAU) at 121,000.
- Strong balance sheet with over $300 million in cash and restricted cash.
- Net loss of $21.1 million.
- Adjusted EBITDA of $(13.9) million.
- Total operating expenses excluding the cost of revenue at $42.2 million.
Insights
The Q3 results reveal significant challenges for Skillz. With revenue of
Third Quarter Financial Update (Unaudited):
-
Revenue of
.$24.6 million -
Net loss of
.$21.1 million -
Adjusted EBITDA1 of
.$(13.9) million - Paying monthly active users (PMAU)2 of 121,000.
-
Average Revenue Per Paying Monthly Active User (ARPPU)3 of
.$67.6 -
Total operating expenses excluding cost of revenue of
.$42.2 million
“Our third quarter operating performance was marked by continued execution on our strategic operating priorities as we further position Skillz to generate sustainable top-line growth and positive cash flow,” said Andrew Paradise, Skillz’ CEO. “Paying Monthly Average Users (pMAU) in the quarter was stable on a quarterly sequential basis. By focusing our customer acquisition spend on targeted channels we again achieved system-wide payback approaching six months. We are optimistic that continued execution on our strategic initiatives will position Skillz to generate positive Adjusted EBITDA on a run-rate basis in 2025.”
Gaetano Franceschi, Skillz’ CFO, added, “Our focus on disciplined operating expense management, including on user acquisition spend to ensure we achieve expected system-wide payback, continues to drive year over year improvements in our Adjusted EBITDA loss and our quarterly cash burn. Our strong balance sheet, including more than
Investor Conference Call
Skillz will host a live conference call at 4:30 p.m. ET today. To access the call, please register using the following link: https://www.netroadshow.com/events/login?show=4fd50b1c&confId=71853. After registering, an email will be sent, including dial-in details and a unique conference call access code and PIN required to join the live call. Access to the live audio webcast of the discussion in listen-only mode will also be available at investors.skillz.com
A replay of the webcast will be archived on the Company’s investor relations website. An audio replay of the conference call will be available through Thursday, November 14, 2024, and can be accessed by dialing (866) 813-9403 (US) or (929) 458-6194 (international) and entering the passcode 413242.
About Skillz Inc.
Skillz is the leading mobile games platform dedicated to bringing out the best in everyone through competition. The Skillz platform helps developers create multi-million dollar franchises by enabling social competition in their games. Leveraging its patented technology, Skillz hosts billions of casual eSports tournaments for millions of mobile players worldwide, with the goal of building the home of competition for all. Skillz has earned recognition as one of Fast Company’s Best Workplaces for Innovators, CNBC’s Disruptor 50, Forbes’ Next Billion-Dollar Startups, Fast Company’s Most Innovative Companies, and the number-one fastest-growing company in America on the Inc. 5000. www.skillz.com
1. Adjusted EBITDA is a non-GAAP metric; for a reconciliation of each measure against its most comparable GAAP metric, please see the section titled “Use of Non-GAAP Financial Measures” in this press release.
2. “Paying Monthly Active Users” or “PMAUs” means the number of end-users who entered into a paid contest hosted on Skillz’s platform at least once in a month, averaged over each month in the period.
3. “Average Revenue Per Paying Monthly Active User” or “ARPPU” means the average revenue in a given month divided by Paying MAUs in that month, averaged over the period and does not include a deduction for end-user incentives that are included in sales and marketing expense.
Use of Non-GAAP Financial Measures
In this press release, the Company includes Adjusted EBITDA, which is a non-GAAP performance measure that the Company uses to supplement its results presented in accordance with
The Company defines and calculates Adjusted EBITDA as net loss before interest income (expense), net; provision for income taxes; depreciation and amortization, and other income, net; as further adjusted for stock-based compensation and other special items determined by management, including, but not limited to, change in fair value of common stock warrant liabilities, impairment charges, loss contingency accruals, and one-time nonrecurring expenses. The Company defines and calculates non-GAAP operating expense as GAAP operating expense adjusted for stock-based compensation, one-time transaction expenses and other special items determined by management, including, but not limited to certain loss contingency accruals and restructuring charges, as they are not indicative of business operations.
The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis as it is unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements.
These forward-looking statements involve significant risks and uncertainties that could cause the Company’s actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside of the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, the ability of Skillz to: effectively compete in the global entertainment and gaming industries; attract and retain successful relationships with the third party developers who develop and update the games hosted on Skillz’ platform; drive brand awareness with end users; invest in growth and development of employees; comply with laws, regulations and expectations applicable to its business, including with respect to cybersecurity and corporate governance matters; mitigate the commercial, reputational and regulatory risks to our business; remediate during fiscal year 2024 certain non- fully remediated material weaknesses in our internal controls over financial reporting; and effectively resolve uncertainties associated with the resolution of our ongoing litigation with Voodoo SAS, Papaya Gaming, and other litigation matters. Additional factors that may cause such differences include other risks and uncertainties indicated from time to time in the Company’s SEC filings, including those under “Risk Factors” therein, which are available on the SEC’s website at www.sec.gov. Additional information will be made available in other filings that the Company makes from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that the Company believes to be reasonable as of this date. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
Skillz Inc. Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except for number of shares and per share amounts) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
24,564 |
|
|
$ |
36,427 |
|
|
$ |
75,094 |
|
|
$ |
120,975 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|||||||||
Cost of revenue |
|
3,373 |
|
|
|
3,693 |
|
|
|
10,171 |
|
|
|
11,923 |
|
|
Research and development |
|
4,742 |
|
|
|
7,852 |
|
|
|
13,638 |
|
|
|
24,757 |
|
|
Sales and marketing |
|
19,294 |
|
|
|
31,925 |
|
|
|
61,138 |
|
|
|
99,510 |
|
|
General and administrative |
|
18,147 |
|
|
|
24,389 |
|
|
|
58,419 |
|
|
|
78,080 |
|
|
Gain from litigation settlement |
|
— |
|
|
|
— |
|
|
|
(46,000 |
) |
|
|
— |
|
|
Impairment of intangible assets and other charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
455 |
|
|
Total costs and expenses |
|
45,556 |
|
|
|
67,859 |
|
|
|
97,366 |
|
|
|
214,725 |
|
|
Loss from operations |
|
(20,992 |
) |
|
|
(31,432 |
) |
|
|
(22,272 |
) |
|
|
(93,750 |
) |
|
Gain from extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,205 |
|
|
Interest income (expense), net |
|
242 |
|
|
|
(2,279 |
) |
|
|
688 |
|
|
|
(7,486 |
) |
|
Change in fair value of common stock warrant liabilities |
|
— |
|
|
|
127 |
|
|
|
11 |
|
|
|
278 |
|
|
Other income (expense), net |
|
(333 |
) |
|
|
48 |
|
|
|
(78 |
) |
|
|
98 |
|
|
Loss before income taxes |
|
(21,083 |
) |
|
|
(33,536 |
) |
|
|
(21,651 |
) |
|
|
(85,655 |
) |
|
Provision for income taxes |
|
32 |
|
|
|
9 |
|
|
|
142 |
|
|
|
193 |
|
|
Net loss |
$ |
(21,115 |
) |
|
$ |
(33,545 |
) |
|
$ |
(21,793 |
) |
|
$ |
(85,848 |
) |
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
|||||||||
Basic and diluted |
$ |
(1.20 |
) |
|
$ |
(1.57 |
) |
|
$ |
(1.22 |
) |
|
$ |
(4.05 |
) |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|||||||||
Basic and diluted |
|
17,531,790 |
|
|
|
21,305,470 |
|
|
|
17,928,062 |
|
|
|
21,175,797 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income: |
|
|
|
|
|
|
|
|||||||||
Change in unrealized gain on available-for-sale investments, net of tax |
|
1 |
|
|
|
135 |
|
|
|
7 |
|
|
|
1,526 |
|
|
Total other comprehensive income |
|
1 |
|
|
|
135 |
|
|
|
7 |
|
|
|
1,526 |
|
|
Total comprehensive loss |
$ |
(21,114 |
) |
|
$ |
(33,410 |
) |
|
$ |
(21,786 |
) |
|
$ |
(84,322 |
) |
Skillz Inc. Consolidated Balance Sheets (Unaudited) (in thousands, except for number of shares and par value per share amounts) |
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|
|
|
||||
|
|
September 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
301,443 |
|
|
$ |
302,028 |
|
|
Restricted cash |
|
10,000 |
|
|
|
10,000 |
|
|
Accounts receivable, net of allowance for credit losses of |
|
5,272 |
|
|
|
5,942 |
|
|
Prepaid expenses and other current assets |
|
5,103 |
|
|
|
6,721 |
|
|
Total current assets |
|
321,818 |
|
|
|
324,691 |
|
|
Property and equipment, net |
|
14,877 |
|
|
|
14,549 |
|
|
Marketable securities, non-current |
|
— |
|
|
|
1,125 |
|
|
Non-marketable equity securities |
|
52,768 |
|
|
|
52,768 |
|
|
Other non-current assets |
|
723 |
|
|
|
2,693 |
|
|
Total assets |
$ |
390,186 |
|
|
$ |
395,826 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
8,666 |
|
|
$ |
1,712 |
|
|
Operating lease liabilities, current |
|
1,311 |
|
|
|
1,364 |
|
|
Other current liabilities |
|
45,556 |
|
|
|
46,782 |
|
|
Total current liabilities |
|
55,533 |
|
|
|
49,858 |
|
|
Operating lease liabilities, non-current |
|
9,564 |
|
|
|
10,573 |
|
|
Common stock warrant liabilities, non-current |
|
— |
|
|
|
11 |
|
|
Long-term debt, net of current portion |
|
125,204 |
|
|
|
123,935 |
|
|
Other non-current liabilities |
|
422 |
|
|
|
960 |
|
|
Total liabilities |
|
190,723 |
|
|
|
185,337 |
|
|
Commitments and contingencies |
|
|
|
|||||
Stockholders’ equity: |
|
|
|
|||||
Common stock |
|
1 |
|
|
|
1 |
|
|
Treasury stock at cost, 4.1 million and 2.3 million as of September 30, 2024 and December 31, 2023, respectively |
|
(23,905 |
) |
|
|
(13,000 |
) |
|
Additional paid-in capital |
|
1,219,628 |
|
|
|
1,197,963 |
|
|
Accumulated other comprehensive loss |
|
— |
|
|
|
(7 |
) |
|
Accumulated deficit |
|
(996,261 |
) |
|
|
(974,468 |
) |
|
Total stockholders’ equity |
|
199,463 |
|
|
|
210,489 |
|
|
Total liabilities and stockholders’ equity |
$ |
390,186 |
|
|
$ |
395,826 |
|
Skillz Inc. Consolidated Statement of Cash Flows (Unaudited) (in thousands) |
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|
|
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|
|
Nine Months Ended September 30, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Operating Activities |
|
|
|
|||||
Net loss |
$ |
(21,793 |
) |
|
$ |
(85,848 |
) |
|
Adjustment to reconcile net loss to net cash used in operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
1,188 |
|
|
|
1,858 |
|
|
Stock-based compensation |
|
22,894 |
|
|
|
33,610 |
|
|
Gain on extinguishment of debt |
|
— |
|
|
|
(15,205 |
) |
|
Accretion of unamortized debt discount and amortization of debt issuance costs |
|
1,269 |
|
|
|
1,815 |
|
|
Amortization of premium for marketable securities |
|
— |
|
|
|
839 |
|
|
Impairment charges |
|
— |
|
|
|
455 |
|
|
Change in fair value of common stock warrant liabilities |
|
(11 |
) |
|
|
(278 |
) |
|
Noncash operating lease costs |
|
— |
|
|
|
17 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|||||
Accounts receivable, net |
|
670 |
|
|
|
(2,088 |
) |
|
Prepaid expenses and other assets |
|
3,588 |
|
|
|
(1,883 |
) |
|
Accounts payable |
|
6,954 |
|
|
|
699 |
|
|
Operating lease liabilities |
|
(1,062 |
) |
|
|
(1,732 |
) |
|
Other accruals and liabilities |
|
(1,274 |
) |
|
|
8,255 |
|
|
Net cash provided by (used in) operating activities |
|
12,423 |
|
|
|
(59,486 |
) |
|
Investing Activities |
|
|
|
|||||
Purchases of property and equipment, including internal-use software |
|
(1,317 |
) |
|
|
(12,081 |
) |
|
Settlement of loan receivable |
|
— |
|
|
|
(2,000 |
) |
|
Purchases of marketable securities |
|
(5 |
) |
|
|
— |
|
|
Proceeds from sales of marketable securities |
|
1,137 |
|
|
|
56,599 |
|
|
Proceeds from maturities of marketable securities |
|
— |
|
|
|
121,226 |
|
|
Net cash provided by (used in) investing activities |
|
(185 |
) |
|
|
163,744 |
|
|
Financing Activities |
|
|
|
|||||
Principal payments on finance leases obligations |
|
(682 |
) |
|
|
(807 |
) |
|
Payments for extinguishment of debt |
|
— |
|
|
|
(135,855 |
) |
|
Repurchase of common stock |
|
(10,905 |
) |
|
|
— |
|
|
Payments to cover taxes upon exercise of stock options and issuance of common stock |
|
(1,236 |
) |
|
|
— |
|
|
Proceeds from exercise of common stock warrants, net of redemptions |
|
— |
|
|
|
46 |
|
|
Net cash used in financing activities |
|
(12,823 |
) |
|
|
(136,616 |
) |
|
Net change in cash, cash equivalents and restricted cash |
|
(585 |
) |
|
|
(32,358 |
) |
|
Cash, cash equivalents and restricted cash – beginning of year |
|
312,028 |
|
|
|
365,436 |
|
|
Cash, cash equivalents and restricted cash – end of period |
$ |
311,443 |
|
|
$ |
333,078 |
|
|
Supplemental cash flow data: |
|
|
|
|||||
Cash paid during the period for: |
|
|
|
|||||
Interest |
$ |
6,726 |
|
|
$ |
12,261 |
|
|
Taxes |
$ |
183 |
|
|
$ |
200 |
|
Skillz Inc. Reconciliation of GAAP Net Loss to Adjusted EBITDA (Unaudited) (in thousands) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(21,115 |
) |
|
$ |
(33,545 |
) |
|
$ |
(21,793 |
) |
|
$ |
(85,848 |
) |
|
Interest income (expense), net |
|
(242 |
) |
|
|
2,279 |
|
|
|
(688 |
) |
|
|
7,486 |
|
|
Stock-based compensation |
|
6,721 |
|
|
|
12,440 |
|
|
|
22,894 |
|
|
|
33,610 |
|
|
Change in fair value of warrant liability |
|
— |
|
|
|
(127 |
) |
|
|
(11 |
) |
|
|
(278 |
) |
|
Provision for income taxes |
|
32 |
|
|
|
9 |
|
|
|
142 |
|
|
|
193 |
|
|
Depreciation and amortization |
|
389 |
|
|
|
486 |
|
|
|
1,188 |
|
|
|
1,858 |
|
|
Gain on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,205 |
) |
|
Gain from litigation settlement(1) |
|
— |
|
|
|
— |
|
|
|
(46,000 |
) |
|
|
— |
|
|
Other income (expense), net |
|
333 |
|
|
|
(48 |
) |
|
|
78 |
|
|
|
(98 |
) |
|
Impairment charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
455 |
|
|
Adjusted EBITDA |
$ |
(13,882 |
) |
|
$ |
(18,506 |
) |
|
$ |
(44,190 |
) |
|
$ |
(58,282 |
) |
|
1) For the nine months ended September 30, 2024, amount represents certain funds received as part of the settlement with AviaGames. |
Skillz Inc. Reconciliation of GAAP to Non-GAAP Operating Expenses (in thousands) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Research and development |
$ |
4,742 |
|
|
$ |
7,852 |
|
|
$ |
13,638 |
|
|
$ |
24,757 |
|
|
Less: stock-based compensation |
|
(322 |
) |
|
|
(1,415 |
) |
|
|
(651 |
) |
|
|
(3,581 |
) |
|
Non-GAAP research and development |
$ |
4,420 |
|
|
$ |
6,437 |
|
|
$ |
12,987 |
|
|
$ |
21,176 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Sales and marketing |
$ |
19,294 |
|
|
$ |
31,925 |
|
|
$ |
61,138 |
|
|
$ |
99,510 |
|
|
Less: stock-based compensation |
|
(1,086 |
) |
|
|
(2,482 |
) |
|
|
(4,885 |
) |
|
|
(6,478 |
) |
|
Non-GAAP sales and marketing |
$ |
18,208 |
|
|
$ |
29,443 |
|
|
$ |
56,253 |
|
|
$ |
93,032 |
|
|
|
|
|
|
|
|
|
|
|||||||||
General and administrative |
$ |
18,147 |
|
|
$ |
24,389 |
|
|
$ |
58,419 |
|
|
$ |
78,080 |
|
|
Less: stock-based compensation |
|
(5,309 |
) |
|
|
(8,543 |
) |
|
|
(17,351 |
) |
|
|
(23,551 |
) |
|
Non-GAAP general and administrative |
$ |
12,838 |
|
|
$ |
15,846 |
|
|
$ |
41,068 |
|
|
$ |
54,529 |
|
Skillz Inc. Supplemental Financial Information |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross marketplace volume (“GMV”) (000s)(1) |
$ |
158,238 |
|
|
$ |
241,146 |
|
|
$ |
481,169 |
|
|
$ |
774,007 |
|
|
Paying monthly active users (“PMAUs”) (000s)(2) |
|
121 |
|
|
|
168 |
|
|
|
121 |
|
|
|
193 |
|
|
Monthly active users (“MAUs”) (000s)(3) |
|
845 |
|
|
|
1,038 |
|
|
|
837 |
|
|
|
1,094 |
|
|
Average GMV per paying monthly active user(4) |
$ |
435.9 |
|
|
$ |
478.8 |
|
|
$ |
441.8 |
|
|
$ |
446.2 |
|
|
Average GMV per monthly active user(5) |
$ |
62.4 |
|
|
$ |
77.5 |
|
|
$ |
63.9 |
|
|
$ |
78.6 |
|
|
Average revenue per paying monthly active user (“ARPPU”)(6) |
$ |
67.6 |
|
|
$ |
72.3 |
|
|
$ |
68.9 |
|
|
$ |
69.9 |
|
|
Average revenue per monthly active user (“ARPU”)(7) |
$ |
9.7 |
|
|
$ |
11.7 |
|
|
$ |
10.0 |
|
|
$ |
12.3 |
|
|
Paying MAU to MAU ratio |
|
14 |
% |
|
|
16 |
% |
|
|
14 |
% |
|
|
18 |
% |
|
Average end-user incentives, included as sales and marketing expense, per paying active user(8) |
$ |
28.0 |
|
|
$ |
33.6 |
|
|
$ |
27.1 |
|
|
$ |
29.8 |
|
|
Average end-user incentives, included as sales and marketing expense, per playing active user(9) |
$ |
4.0 |
|
|
$ |
5.4 |
|
|
$ |
3.9 |
|
|
$ |
5.2 |
|
(1) “GMV” or “Gross Marketplace Volume” means the total entry fees paid by users for contests hosted on Skillz’ platform. Total entry fees include entry fees paid by end-users using cash deposits, prior winnings from end-users’ accounts that have not been withdrawn, and end-user incentives used to enter paid entry fee contests.
(2) “Paying Monthly Active Users” or “PMAUs” means the number of end-users who entered into a paid contest hosted on Skillz’ platform at least once in a month, averaged over each month in the period.
(3) “Monthly Active Users” or “MAUs” means the number of playing end-users who entered into a paid or free contest hosted on Skillz’ platform at least once in a month, averaged over each month in the period.
(4) “Average GMV Per Paying Monthly Active User” means the average GMV in a given month divided by Paying MAUs in that month, averaged over the period.
(5) “Average GMV Per Monthly Active User” means the average GMV in a given month divided by MAUs in that month, averaged over the period.
(6) “Average Revenue Per Paying Monthly Active User” or “ARPPU” means the average revenue in a given month divided by Paying MAUs in that month, averaged over the period and does not include a deduction for end-user incentives that are included in sales and marketing expense.
(7) “Average Revenue Per Monthly Active User” or “ARPU” means the average revenue in a given month divided by MAUs in that month, averaged over the period and does not include a deduction for end-user incentives that are included in sales and marketing expense.
(8) Amount reflects the average end-user incentives included in sales and marketing expense in a given month divided by PMAUs in that month, averaged over the period.
(9) Amount reflects the average end-user incentives included in sales and marketing expense in a given month divided by MAUs in that month, averaged over the period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107136187/en/
Investors: ir@skillz.com
or
James Leahy, Richard Land
JCIR
(212) 835-8500 or sklz@jcir.com
Media: press@skillz.com
Source: Skillz Inc.
FAQ
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