(State of other jurisdiction | (I.R.S. Employer | |||||||
of incorporation or organization) | Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover page interactive data file (embedded within the Inline XBRL document). |
PLAYTIKA HOLDING CORP. | |||||
Registrant | |||||
By: | /s/ Craig Abrahams | ||||
Craig Abrahams | |||||
President and Chief Financial Officer | |||||
Dated as of |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in millions of dollars, except percentages, Average DPUs, and ARPDAU) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues | $ | 642.8 | $ | 659.6 | $ | 1,299.0 | $ | 1,336.5 | |||||||||||||||
Total cost and expenses | $ | 503.6 | $ | 568.3 | $ | 1,007.4 | $ | 1,124.8 | |||||||||||||||
Operating income | $ | 139.2 | $ | 91.3 | $ | 291.6 | $ | 211.7 | |||||||||||||||
Net income | $ | 75.7 | $ | 36.4 | $ | 159.8 | $ | 119.6 | |||||||||||||||
Credit Adjusted EBITDA | $ | 215.0 | $ | 201.5 | $ | 437.7 | $ | 399.0 | |||||||||||||||
Net income margin | 11.8 | % | 5.5 | % | 12.3 | % | 8.9 | % | |||||||||||||||
Credit Adjusted EBITDA margin | 33.4 | % | 30.5 | % | 33.7 | % | 29.9 | % | |||||||||||||||
Non-financial performance metrics | |||||||||||||||||||||||
Average DAUs | 8.6 | 9.8 | 8.8 | 10.0 | |||||||||||||||||||
Average DPUs (in thousands) | 307 | 310 | 317 | 317 | |||||||||||||||||||
Average Daily Payer Conversion | 3.6 | % | 3.2 | % | 3.6 | % | 3.2 | % | |||||||||||||||
ARPDAU | $ | 0.83 | $ | 0.74 | $ | 0.81 | $ | 0.74 | |||||||||||||||
Average MAUs | 28.3 | 35.3 | 29.2 | 33.5 |
June 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 955.1 | $ | 768.7 | |||||||
Restricted cash | 2.0 | 1.7 | |||||||||
Accounts receivable | 159.8 | 141.1 | |||||||||
Prepaid expenses and other current assets | 108.1 | 113.4 | |||||||||
Total current assets | 1,225.0 | 1,024.9 | |||||||||
Property and equipment, net | 112.9 | 125.7 | |||||||||
Operating lease right-of-use assets | 108.2 | 104.2 | |||||||||
Intangible assets other than goodwill, net | 313.6 | 354.0 | |||||||||
Goodwill | 813.2 | 811.2 | |||||||||
Deferred tax assets, net | 60.8 | 68.3 | |||||||||
Investments in unconsolidated entities | 54.1 | 52.6 | |||||||||
Other non-current assets | 157.4 | 156.7 | |||||||||
Total assets | $ | 2,845.2 | $ | 2,697.6 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | |||||||||||
Current liabilities | |||||||||||
Current maturities of long-term debt | $ | 11.7 | $ | 12.4 | |||||||
Accounts payable | 41.3 | 50.7 | |||||||||
Operating lease liabilities, current | 17.3 | 13.5 | |||||||||
Accrued expenses and other current liabilities | 340.3 | 385.2 | |||||||||
Total current liabilities | 410.6 | 461.8 | |||||||||
Long-term debt | 2,405.8 | 2,411.2 | |||||||||
Other long-term liabilities, including employee related benefits | 245.4 | 252.1 | |||||||||
Operating lease liabilities, long-term | 94.9 | 94.5 | |||||||||
Deferred tax liabilities | 33.4 | 46.6 | |||||||||
Total liabilities | 3,190.1 | 3,266.2 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity (deficit) | |||||||||||
Common stock of $0.01 par value; 1,600.0 shares authorized; 366.3 and 363.6 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 4.1 | 4.1 | |||||||||
Treasury stock at cost (51.8 shares at both June 30, 2023 and December 31, 2022) | (603.5) | (603.5) | |||||||||
Additional paid-in capital | 1,209.8 | 1,155.8 | |||||||||
Accumulated other comprehensive income | 27.5 | 17.6 | |||||||||
Accumulated deficit | (982.8) | (1,142.6) | |||||||||
Total stockholders' deficit | (344.9) | (568.6) | |||||||||
Total liabilities and stockholders’ deficit | $ | 2,845.2 | $ | 2,697.6 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues | $ | 642.8 | $ | 659.6 | $ | 1,299.0 | $ | 1,336.5 | |||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of revenue | 188.0 | 186.1 | 373.7 | 373.0 | |||||||||||||||||||
Research and development | 100.3 | 125.2 | 202.7 | 237.9 | |||||||||||||||||||
Sales and marketing | 141.2 | 151.8 | 284.9 | 331.5 | |||||||||||||||||||
General and administrative | 74.1 | 105.2 | 146.1 | 182.4 | |||||||||||||||||||
Total costs and expenses | 503.6 | 568.3 | 1,007.4 | 1,124.8 | |||||||||||||||||||
Income from operations | 139.2 | 91.3 | 291.6 | 211.7 | |||||||||||||||||||
Interest and other, net | 23.1 | 22.4 | 51.7 | 49.9 | |||||||||||||||||||
Income before income taxes | 116.1 | 68.9 | 239.9 | 161.8 | |||||||||||||||||||
Provision for income taxes | 40.4 | 32.5 | 80.1 | 42.2 | |||||||||||||||||||
Net income | 75.7 | 36.4 | 159.8 | 119.6 | |||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Foreign currency translation | (0.2) | (10.0) | 2.9 | (13.3) | |||||||||||||||||||
Change in fair value of derivatives | 14.8 | (5.9) | 7.0 | 12.8 | |||||||||||||||||||
Total other comprehensive income (loss) | 14.6 | (15.9) | 9.9 | (0.5) | |||||||||||||||||||
Comprehensive income | $ | 90.3 | $ | 20.5 | $ | 169.7 | $ | 119.1 | |||||||||||||||
Net income per share attributable to common stockholders, basic | $ | 0.21 | $ | 0.09 | $ | 0.44 | $ | 0.29 | |||||||||||||||
Net income per share attributable to common stockholders, diluted | $ | 0.21 | $ | 0.09 | $ | 0.44 | $ | 0.29 | |||||||||||||||
Weighted-average shares used in computing net income per share attributable to common stockholders, basic | 365.9 | 412.4 | 365.3 | 412.2 | |||||||||||||||||||
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted | 366.4 | 412.8 | 365.8 | 412.8 |
Six months ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities | $ | 227.5 | $ | 241.1 | |||||||
Cash flows from investing activities | |||||||||||
Purchase of property and equipment | (9.2) | (29.5) | |||||||||
Capitalization of internal use software costs | (18.6) | (23.7) | |||||||||
Purchase of software for internal use | (4.1) | (4.0) | |||||||||
Short-term bank deposits | — | 24.8 | |||||||||
Payments for business combination, net of cash acquired | — | (29.9) | |||||||||
Other investing activities | (1.1) | (5.0) | |||||||||
Net cash used in investing activities | (33.0) | (67.3) | |||||||||
Cash flows from financing activities | |||||||||||
Repayments on bank borrowings | (9.5) | (9.5) | |||||||||
Payment of tax withholdings on stock-based payments | (1.9) | (2.1) | |||||||||
Net cash used in financing activities | (11.4) | (11.6) | |||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 3.6 | (13.6) | |||||||||
Net change in cash, cash equivalents and restricted cash | 186.7 | 148.6 | |||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | 770.4 | 1,019.0 | |||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 957.1 | $ | 1,167.6 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 75.7 | $ | 36.4 | $ | 159.8 | $ | 119.6 | |||||||||||||||
Provision for income taxes | 40.4 | 32.5 | 80.1 | 42.2 | |||||||||||||||||||
Interest expense and other, net | 23.1 | 22.4 | 51.7 | 49.9 | |||||||||||||||||||
Depreciation and amortization | 48.2 | 42.6 | 87.3 | 82.1 | |||||||||||||||||||
EBITDA | 187.4 | 133.9 | 378.9 | 293.8 | |||||||||||||||||||
Stock-based compensation(1) | 25.3 | 35.4 | 54.5 | 75.2 | |||||||||||||||||||
Contingent consideration | — | 20.3 | — | (2.7) | |||||||||||||||||||
Acquisition and related expenses(2) | 1.9 | 4.6 | 3.1 | 13.6 | |||||||||||||||||||
Other items(3) | 0.4 | 7.3 | 1.2 | 19.1 | |||||||||||||||||||
Credit Adjusted EBITDA | $ | 215.0 | $ | 201.5 | $ | 437.7 | $ | 399.0 | |||||||||||||||
Net income margin | 11.8 | % | 5.5 | % | 12.3 | % | 8.9 | % | |||||||||||||||
Credit Adjusted EBITDA margin | 33.4 | % | 30.5 | % | 33.7 | % | 29.9 | % |
Investor Relations | Press Contact | |||||||
Tae Lee | Darlan Monterisi | |||||||
Tael@playtika.com | Darlanm@playtika.com |
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