Skillz Reports 2024 Fourth Quarter and Full Year 2024 Results
Skillz (NYSE: SKLZ) has released its Q4 and full-year 2024 financial results. In Q4, the company reported revenue of $20.4 million, gross profit of $17.1 million, and a net loss of $26.4 million. The company maintained 110,000 paying monthly active users with an average revenue per user of $68.1.
For the full year 2024, Skillz recorded revenue of $95.5 million, gross profit of $82.1 million, and a net loss of $48.2 million. The company ended the year with $281.9 million in cash and equivalents and total debt of $129.7 million. The company announced a $75 million developer accelerator program to enhance game innovation and expand platform offerings. Management reported sequential improvement in paying monthly active users from November 2024 through February 2025.
Skillz (NYSE: SKLZ) ha pubblicato i risultati finanziari del quarto trimestre e dell'intero anno 2024. Nel quarto trimestre, l'azienda ha riportato ricavi di 20,4 milioni di dollari, un profitto lordo di 17,1 milioni di dollari e una perdita netta di 26,4 milioni di dollari. L'azienda ha mantenuto 110.000 utenti attivi paganti mensili con un ricavo medio per utente di 68,1 dollari.
Per l'intero anno 2024, Skillz ha registrato ricavi di 95,5 milioni di dollari, un profitto lordo di 82,1 milioni di dollari e una perdita netta di 48,2 milioni di dollari. L'azienda ha chiuso l'anno con 281,9 milioni di dollari in contante e equivalenti e un debito totale di 129,7 milioni di dollari. L'azienda ha annunciato un programma di accelerazione per sviluppatori da 75 milioni di dollari per migliorare l'innovazione nei giochi e ampliare le offerte della piattaforma. La direzione ha segnalato un miglioramento sequenziale degli utenti attivi paganti mensili da novembre 2024 a febbraio 2025.
Skillz (NYSE: SKLZ) ha publicado sus resultados financieros del cuarto trimestre y del año completo 2024. En el cuarto trimestre, la empresa reportó ingresos de 20,4 millones de dólares, una ganancia bruta de 17,1 millones de dólares y una pérdida neta de 26,4 millones de dólares. La empresa mantuvo 110,000 usuarios activos mensuales de pago con un ingreso promedio por usuario de 68,1 dólares.
Para el año completo 2024, Skillz registró ingresos de 95,5 millones de dólares, una ganancia bruta de 82,1 millones de dólares y una pérdida neta de 48,2 millones de dólares. La empresa terminó el año con 281,9 millones de dólares en efectivo y equivalentes y una deuda total de 129,7 millones de dólares. La empresa anunció un programa de aceleración para desarrolladores de 75 millones de dólares para mejorar la innovación en los juegos y ampliar las ofertas de la plataforma. La dirección informó de una mejora secuencial en los usuarios activos mensuales de pago desde noviembre de 2024 hasta febrero de 2025.
Skillz (NYSE: SKLZ)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 4분기 동안 회사는 2040만 달러의 수익, 1710만 달러의 총 이익, 2640만 달러의 순손실을 기록했습니다. 회사는 11만 명의 유료 월간 활성 사용자를 유지하며 사용자당 평균 수익은 68.1달러였습니다.
2024년 전체 연도 동안 Skillz는 9,550만 달러의 수익, 8,210만 달러의 총 이익, 4,820만 달러의 순손실을 기록했습니다. 회사는 연말에 2억 8190만 달러의 현금 및 현금성 자산과 총 부채 1억 2970만 달러로 마감했습니다. 회사는 게임 혁신을 강화하고 플랫폼 제공을 확장하기 위해 7500만 달러 규모의 개발자 가속기 프로그램을 발표했습니다. 경영진은 2024년 11월부터 2025년 2월까지 유료 월간 활성 사용자 수의 순차적 개선을 보고했습니다.
Skillz (NYSE: SKLZ) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024. Au quatrième trimestre, l'entreprise a déclaré des revenus de 20,4 millions de dollars, un bénéfice brut de 17,1 millions de dollars et une perte nette de 26,4 millions de dollars. L'entreprise a maintenu 110 000 utilisateurs actifs payants mensuels avec un revenu moyen par utilisateur de 68,1 dollars.
Pour l'année complète 2024, Skillz a enregistré des revenus de 95,5 millions de dollars, un bénéfice brut de 82,1 millions de dollars et une perte nette de 48,2 millions de dollars. L'entreprise a terminé l'année avec 281,9 millions de dollars en liquidités et équivalents et une dette totale de 129,7 millions de dollars. L'entreprise a annoncé un programme d'accélérateur pour développeurs de 75 millions de dollars pour améliorer l'innovation dans les jeux et élargir les offres de la plateforme. La direction a signalé une amélioration séquentielle des utilisateurs actifs payants mensuels de novembre 2024 à février 2025.
Skillz (NYSE: SKLZ) hat seine Finanzzahlen für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Im vierten Quartal berichtete das Unternehmen von Einnahmen in Höhe von 20,4 Millionen Dollar, einem Bruttogewinn von 17,1 Millionen Dollar und einem Nettoverlust von 26,4 Millionen Dollar. Das Unternehmen hielt 110.000 zahlende monatlich aktive Nutzer mit einem durchschnittlichen Umsatz pro Nutzer von 68,1 Dollar.
Für das gesamte Jahr 2024 verzeichnete Skillz Einnahmen von 95,5 Millionen Dollar, einen Bruttogewinn von 82,1 Millionen Dollar und einen Nettoverlust von 48,2 Millionen Dollar. Das Unternehmen schloss das Jahr mit 281,9 Millionen Dollar in bar und Äquivalenten und einer Gesamtverschuldung von 129,7 Millionen Dollar ab. Das Unternehmen kündigte ein Entwicklerbeschleunigungsprogramm in Höhe von 75 Millionen Dollar an, um die Innovation im Spielbereich zu fördern und das Angebot der Plattform zu erweitern. Das Management berichtete von einer sequenziellen Verbesserung der zahlenden monatlich aktiven Nutzer von November 2024 bis Februar 2025.
- Strong cash position of $281.9 million provides operational flexibility
- Sequential improvement in paying monthly active users from November 2024 through February 2025
- High gross profit margin with $82.1 million on $95.5 million revenue
- $75 million investment in developer accelerator program for platform growth
- Q4 net loss of $26.4 million
- Full-year net loss of $48.2 million
- Significant debt burden of $129.7 million
- High operating expenses of $176.4 million for the year
Insights
Skillz's Q4 and full-year 2024 results reveal ongoing challenges in achieving profitability despite significant cash reserves. The company reported
The company's cash position remains strong at
User metrics show potential stabilization with 110,000 paying monthly active users in Q4 and average revenue per paying user at
The announced
Skillz's financial performance reflects the challenging economics of mobile skill-based gaming platforms. Their
The ARPPU of
The
The sequential monthly improvement in paying users mentioned by management is noteworthy, as user acquisition and retention have been persistent challenges in the competitive mobile gaming landscape. If this trend continues, it could indicate that Skillz's platform refinements are beginning to resonate with players.
Fourth Quarter 2024 Financial Highlights:
-
Revenue of
$20.4 million -
Gross profit of
$17.1 million -
Net loss of
$26.4 million -
Adjusted EBITDA1 of
$(18.5) million - Paying monthly active users (PMAU)2 of 110,000
-
Average Revenue Per Paying Monthly Active User (ARPPU)3 of
$68.1 -
Total operating expenses excluding cost of revenue of
$43.2 million
Full Year 2024 Financial Highlights:
-
Revenue of
$95.5 million -
Gross profit of
$82.1 million -
Net loss of
$48.2 million -
Adjusted EBITDA1 of
$(63.0) million - Paying monthly active users (PMAU)2 of 118,000
-
Average Revenue Per Paying Monthly Active User (ARPPU)3 of
$68.7 -
Total operating expenses excluding cost of revenue of
$176.4 million -
Cash, cash equivalents and restricted cash of
as of December 31, 2024$281.9 million -
Total outstanding debt of
as of December 31, 2024$129.7 million
“Throughout 2024, we advanced our strategic initiatives to return to consistent top-line growth and positive Adjusted EBITDA,” said Andrew Paradise, Skillz’ CEO. “As part of our focus on our new product and content pipeline, we recently announced a
Gaetano Franceschi, Skillz’ CFO, added, “Our efforts to return Skillz to profitable revenue growth and positive Adjusted EBITDA include a focus on operating expense management balanced with targeted investments to drive growth. We ended 2024 with cash, cash equivalents and restricted cash of
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. |
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=204d9fc3&confId=77995. 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, March 20, 2025, and can be accessed by dialing (866) 813-9403 (US) or (929) 458-6194 (international) and entering the passcode 575328.
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
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 or expense, net; (benefit) or provision for income taxes; depreciation and amortization, and other income or expense, net; as further adjusted for stock-based compensation and other special items determined by management, which may include, but are not limited to, change in fair value of common stock warrant liabilities, acquisition-related expenses, impairment charges, loss contingency accruals, restructuring charges and one-time nonrecurring expenses. The Company defines and calculates non-GAAP operating expense as GAAP operating expense adjusted for stock-based compensation and other special items determined by management, which may include, but are not limited to acquisition-related expenses for transaction costs, 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
Preliminary Results and 10-K Extension
The Company is in the process of completing its financial statements and other disclosures for the fiscal year ended December 31, 2024. As a result, the Company may file an extension for the filing of our Annual Report on Form 10-K for the year ended December 31, 2024. Accordingly, we are announcing preliminary results for the year, which are based on currently available information and are subject to revision as management completes its internal review. Actual results may differ from these preliminary financial results and other financial information due to the completion of our internal procedures, the audit of our financial statements, final adjustments and other developments that may arise between now and the time the results are finalized. Further disclosure may be included in the Form 12b-25 filed with the Securities and Exchange Commission.
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: sustain profitability if Skillz’ revenue continues to decline; 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; issues in the development and use of artificial intelligence and machine learning; 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 2025 certain non-fully remediated material weaknesses in our internal controls over financial reporting. 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
|
|
Twelve Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
20,372 |
|
|
$ |
31,104 |
|
|
$ |
95,466 |
|
|
$ |
152,079 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of revenue |
|
3,234 |
|
|
|
3,455 |
|
|
|
13,405 |
|
|
|
15,379 |
|
Research and development |
|
3,560 |
|
|
|
3,391 |
|
|
|
17,198 |
|
|
|
28,148 |
|
Sales and marketing |
|
19,118 |
|
|
|
23,346 |
|
|
|
80,255 |
|
|
|
122,855 |
|
General and administrative |
|
20,541 |
|
|
|
18,575 |
|
|
|
78,961 |
|
|
|
96,654 |
|
Gain from litigation settlement |
|
— |
|
|
— |
|
|
|
(46,000 |
) |
|
|
— |
|
|
Impairment of goodwill and long-lived assets |
|
— |
|
|
|
2,880 |
|
|
|
— |
|
|
|
3,335 |
|
Total costs and expenses |
|
46,453 |
|
|
|
51,647 |
|
|
|
143,819 |
|
|
|
266,371 |
|
Loss from operations |
|
(26,081 |
) |
|
|
(20,543 |
) |
|
|
(48,353 |
) |
|
|
(114,292 |
) |
Gain on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,205 |
|
Interest income (expense), net |
|
(390 |
) |
|
|
4,634 |
|
|
|
298 |
|
|
|
(2,852 |
) |
Change in fair value of common stock warrant liabilities |
|
— |
|
|
|
— |
|
|
|
11 |
|
|
|
278 |
|
Other income (expense), net |
|
(48 |
) |
|
|
441 |
|
|
|
(126 |
) |
|
|
540 |
|
Loss before income taxes |
|
(26,519 |
) |
|
|
(15,468 |
) |
|
|
(48,170 |
) |
|
|
(101,121 |
) |
Provision (benefit) for income taxes |
|
(81 |
) |
|
|
46 |
|
|
|
61 |
|
|
|
239 |
|
Net loss |
$ |
(26,438 |
) |
|
$ |
(15,514 |
) |
|
$ |
(48,231 |
) |
|
$ |
(101,360 |
) |
Net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic and diluted |
$ |
(1.50 |
) |
|
$ |
(0.74 |
) |
|
$ |
(2.70 |
) |
|
$ |
(4.85 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
17,614,974 |
|
|
|
20,883,293 |
|
|
|
17,845,771 |
|
|
|
20,893,085 |
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income: |
|
|
|
|
|
|
|
||||||||
Change in unrealized gain on available-for-sale investments, net of tax |
|
— |
|
|
|
30 |
|
|
|
7 |
|
|
|
1,556 |
|
Total other comprehensive income |
|
— |
|
|
|
30 |
|
|
|
7 |
|
|
|
1,556 |
|
Total comprehensive loss |
$ |
(26,438 |
) |
|
$ |
(15,484 |
) |
|
$ |
(48,224 |
) |
|
$ |
(99,804 |
) |
Skillz Inc. |
|||||||
Consolidated Balance Sheets |
|||||||
(Unaudited) |
|||||||
(in thousands, except for number of shares and par value per share amounts) |
|||||||
|
December 31, |
|
December 31, |
||||
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
271,923 |
|
|
$ |
302,028 |
|
Restricted cash |
|
10,000 |
|
|
|
10,000 |
|
Accounts receivable, net |
|
4,890 |
|
|
|
5,942 |
|
Prepaid expenses and other current assets |
|
7,592 |
|
|
|
6,721 |
|
Total current assets |
|
294,405 |
|
|
|
324,691 |
|
Property and equipment, net |
|
15,937 |
|
|
|
14,549 |
|
Operating lease right-of-use assets, net |
|
308 |
|
|
|
— |
|
Marketable securities, non-current |
|
— |
|
|
|
1,125 |
|
Non-marketable equity securities |
|
52,768 |
|
|
|
52,768 |
|
Other non-current assets |
|
755 |
|
|
|
2,693 |
|
Total assets |
$ |
364,173 |
|
|
$ |
395,826 |
|
Liabilities and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
9,797 |
|
|
$ |
1,712 |
|
Operating lease liabilities, current |
|
1,544 |
|
|
|
1,364 |
|
Other current liabilities |
|
45,912 |
|
|
|
46,782 |
|
Total current liabilities |
|
57,253 |
|
|
|
49,858 |
|
Operating lease liabilities, non-current |
|
9,338 |
|
|
|
10,573 |
|
Common stock warrant liabilities, non-current |
|
— |
|
|
|
11 |
|
Long-term debt, net of current portion |
|
125,654 |
|
|
|
123,935 |
|
Other non-current liabilities |
|
333 |
|
|
|
960 |
|
Total liabilities |
|
192,578 |
|
|
|
185,337 |
|
Stockholders’ equity: |
|
|
|
||||
Preferred stock |
|
— |
|
|
|
— |
|
Common stock 0.0001 par value; 31.3 million shares authorized; Class A common stock – 25.0 million shares authorized; 18.7 million and 18.1 million shares issued; 13.3 million and 15.8 million shares outstanding as of December 31, 2024 and 2023, respectively; Class B common stock - 6.3 million shares authorized; 3.4 million shares issued and outstanding as of December 31, 2024 and 2023, respectively |
|
1 |
|
|
|
1 |
|
Treasury shares, at cost, 5.4 million and 2.3 million shares as of December 31, 2024 and 2023, respectively |
|
(32,349 |
) |
|
|
(13,000 |
) |
Additional paid-in capital |
|
1,226,642 |
|
|
|
1,197,963 |
|
Accumulated other comprehensive loss |
|
— |
|
|
|
(7 |
) |
Accumulated deficit |
|
(1,022,699 |
) |
|
|
(974,468 |
) |
Total stockholders’ equity |
|
171,595 |
|
|
|
210,489 |
|
Total liabilities and stockholders’ equity |
$ |
364,173 |
|
|
$ |
395,826 |
|
Skillz Inc. |
|||||||
Consolidated Statement of Cash Flows |
|||||||
(Unaudited) |
|||||||
(in thousands) |
|||||||
|
Twelve Months Ended December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Operating Activities |
|
|
|
||||
Net loss |
$ |
(48,231 |
) |
|
$ |
(101,360 |
) |
Adjustment to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
1,568 |
|
|
|
1,961 |
|
Stock-based compensation |
|
30,087 |
|
|
|
43,692 |
|
Gain on extinguishment of debt |
|
— |
|
|
|
(15,205 |
) |
Accretion of unamortized debt discount and amortization of debt issuance costs |
|
1,719 |
|
|
|
2,214 |
|
Amortization of premium for marketable securities |
|
— |
|
|
|
890 |
|
Impairment charges |
|
— |
|
|
|
3,336 |
|
Change in fair value of common stock warrant liabilities |
|
(11 |
) |
|
|
(278 |
) |
Other, net |
|
— |
|
|
|
17 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable, net |
|
1,052 |
|
|
|
1,235 |
|
Prepaid expenses and other assets |
|
1,067 |
|
|
|
(1,840 |
) |
Accounts payable |
|
8,085 |
|
|
|
16 |
|
Operating lease liabilities |
|
(1,730 |
) |
|
|
(2,138 |
) |
Other accruals and liabilities |
|
(799 |
) |
|
|
(4,298 |
) |
Net cash used in operating activities |
|
(7,193 |
) |
|
|
(71,758 |
) |
Investing Activities |
|
|
|
||||
Purchases of property and equipment, including internal-use software |
|
(2,757 |
) |
|
|
(13,236 |
) |
Investment in loan receivable |
|
— |
|
|
|
(2,000 |
) |
Purchases of marketable securities |
|
(5 |
) |
|
|
— |
|
Proceeds from sales of marketable securities |
|
1,137 |
|
|
|
57,553 |
|
Proceeds from maturities of marketable securities |
|
— |
|
|
|
125,984 |
|
Net cash (used in) provided by investing activities |
|
(1,625 |
) |
|
|
168,301 |
|
Financing Activities |
|
|
|
||||
Principal payments on finance leases obligations |
|
(502 |
) |
|
|
(1,096 |
) |
Payments for extinguishment of debt |
|
— |
|
|
|
(135,855 |
) |
Repurchase of common stock |
|
(19,349 |
) |
|
|
(13,000 |
) |
Net proceeds from exercise of stock options and issuance of common stock |
|
(1,436 |
) |
|
|
— |
|
Net cash used in financing activities |
$ |
(21,287 |
) |
|
$ |
(149,951 |
) |
Net change in cash, cash equivalents and restricted cash |
|
(30,105 |
) |
|
|
(53,408 |
) |
Cash, cash equivalents and restricted cash – beginning of year |
|
312,028 |
|
|
|
365,436 |
|
Cash, cash equivalents and restricted cash – end of year |
$ |
281,923 |
|
|
$ |
312,028 |
|
Skillz Inc. |
|||||||||||||||
Reconciliation of GAAP Net Loss to Adjusted EBITDA |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(in thousands) |
|||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(26,438 |
) |
|
$ |
(15,514 |
) |
|
$ |
(48,231 |
) |
|
$ |
(101,360 |
) |
Interest income (expense), net |
|
390 |
|
|
|
(4,634 |
) |
|
|
(298 |
) |
|
|
2,852 |
|
Stock-based compensation |
|
7,193 |
|
|
|
10,254 |
|
|
|
30,087 |
|
|
|
43,692 |
|
Change in fair value of common stock warrant liabilities |
|
— |
|
|
|
— |
|
|
|
(11 |
) |
|
|
(278 |
) |
Provision (benefit) for income taxes |
|
(81 |
) |
|
|
46 |
|
|
|
61 |
|
|
|
239 |
|
Depreciation and amortization |
|
380 |
|
|
|
104 |
|
|
|
1,568 |
|
|
|
1,961 |
|
Gain on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,205 |
) |
Other (income) expense, net |
|
48 |
|
|
|
(441 |
) |
|
|
(126 |
) |
|
|
(540 |
) |
Impairment charges(1) |
|
— |
|
|
|
2,880 |
|
|
|
— |
|
|
|
3,335 |
|
Gain from litigation settlement(2) |
|
— |
|
|
|
— |
|
|
|
(46,000 |
) |
|
|
— |
|
Loss contingency accrual(3) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,524 |
) |
Adjusted EBITDA |
$ |
(18,508 |
) |
|
$ |
(7,305 |
) |
|
$ |
(62,950 |
) |
|
$ |
(68,828 |
) |
(1) For the three and twelve months ended December 31, 2023 amount includes recorded impairment of goodwill and long-lived assets. |
(2) For the twelve months ended December 31, 2024, amount includes gain on litigation settlement with AviaGames. |
(3) For the twelve months ended December 31, 2023, amount represents the settlement that occurred in 2024 of a litigation matter relating to a former employee. |
Skillz Inc. |
|||||||||||||||
Reconciliation of GAAP to Non-GAAP Operating Expenses |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(in thousands) |
|||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Research and development |
$ |
3,560 |
|
|
$ |
3,391 |
|
|
$ |
17,198 |
|
|
$ |
28,148 |
|
Less: stock-based compensation |
|
(202 |
) |
|
|
(428 |
) |
|
|
(853 |
) |
|
|
(4,010 |
) |
Non-GAAP research and development |
$ |
3,358 |
|
|
$ |
2,963 |
|
|
$ |
16,345 |
|
|
$ |
24,138 |
|
|
|
|
|
|
|
|
|
||||||||
Sales and marketing |
$ |
19,118 |
|
|
$ |
23,346 |
|
|
$ |
80,255 |
|
|
$ |
122,855 |
|
Less: stock-based compensation |
|
(1,582 |
) |
|
|
(2,004 |
) |
|
|
(6,467 |
) |
|
|
(8,481 |
) |
Non-GAAP sales and marketing |
$ |
17,536 |
|
|
$ |
21,342 |
|
|
$ |
73,788 |
|
|
$ |
114,374 |
|
|
|
|
|
|
|
|
|
||||||||
General and administrative |
$ |
20,541 |
|
|
$ |
18,575 |
|
|
$ |
78,961 |
|
|
$ |
96,654 |
|
Less: stock-based compensation |
|
(5,347 |
) |
|
|
(7,818 |
) |
|
|
(22,718 |
) |
|
|
(31,208 |
) |
Non-GAAP general and administrative |
$ |
15,194 |
|
|
$ |
10,757 |
|
|
$ |
56,243 |
|
|
$ |
65,446 |
|
Skillz Inc. |
|||||||||||||||
Supplemental Financial Information |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(in millions, except ARPU and ARPPU) |
|||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross marketplace volume (“GMV”) (000s)(1) |
$ |
127,079 |
|
|
$ |
189,573 |
|
|
$ |
608,248 |
|
|
$ |
963,580 |
|
Paying monthly active users (“PMAUs”) (000s)(2) |
|
110 |
|
|
|
137 |
|
|
|
118 |
|
|
|
179 |
|
Monthly active users (“MAUs”) (000s)(3) |
|
753 |
|
|
|
896 |
|
|
|
816 |
|
|
|
1,045 |
|
Average GMV per paying monthly active user(4) |
|
385.1 |
|
|
|
461.2 |
|
|
|
429.6 |
|
|
|
448.8 |
|
Average GMV per monthly active user(5) |
|
56.3 |
|
|
|
70.5 |
|
|
|
62.1 |
|
|
|
76.9 |
|
Average revenue per paying monthly active user (“ARPPU”)(6) |
|
68.1 |
|
|
|
73.3 |
|
|
|
68.7 |
|
|
|
70.0 |
|
Average revenue per monthly active user (“ARPU”)(7) |
|
9.9 |
|
|
|
10.8 |
|
|
|
10.0 |
|
|
|
11.9 |
|
Paying MAU to MAU ratio |
|
15 |
% |
|
|
15 |
% |
|
|
14 |
% |
|
|
17 |
% |
Average end-user incentives, included as sales and marketing expense, per paying active user(8) |
|
25.98 |
|
|
|
31.51 |
|
|
|
26.88 |
|
|
|
30.09 |
|
Average end-user incentives, included as sales and marketing expense, per playing active user(9) |
|
3.80 |
|
|
|
4.83 |
|
|
|
3.89 |
|
|
|
5.15 |
|
(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/20250313231154/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.