Business
Playtika Holding Corp. Reports First Quarter 2021 Results
First Quarter Revenue Grew 19.6% Year-Over-YearRefinancing of Term Loan B in March to Drive Annualized Cash Savings of $80 millionIncreasing Financial Outlook
About this update from Playtika Holding Corp.
[{"type":"text","content":"First Quarter Revenue Grew 19.6% Year-Over-YearRefinancing of Term Loan B in March to Drive Annualized Cash Savings of $80 millionIncreasing Financial Outlook for 2021 HERZLIYA, Israel, May 11, 2021 (GLOBE NEWSWIRE) -- Playtika Holding Corp. (NASDAQ: PLTK) today released financial results for its first quarter results for the period ending March 31, 2021. First quarter 2021 financial highlights: First quarter revenue was $638.9 million compared to $534.2 million in the prior year period.Net income was $35.7 million compared to $35.8 million in the prior year period.Adjusted EBITDA, a non-GAAP financial measure defined below, was $258.0 million compared to $186.1 million in the prior year period.Available liquidity, defined as our Cash and Cash Equivalents as of March 31, 2021, plus our undrawn revolving credit facility, is over $1.5 billion. “We kicked off 2021 with a very robust first quarter,” said Robert Antokol, Chief Executive Officer of Playtika. “Our Boost technology platform powers our best-in-class Live Operations, allowing Playtika to continually drive fresh content to our players. Our focus on data-driven game management, assisted by our impactful marketing campaigns, resulted in our impressive revenue growth. We are excited with our results and look forward to leveraging this success throughout the year.” “Our business displayed excellent momentum in the first quarter, and we experienced strong performance across all parts of our company,” said Craig Abrahams, President and Chief Financial Officer. “We continue to innovate within our portfolio of game franchises and delivered excellent organic revenue growth with over 40% Adjusted EBITDA margins in the quarter. We are pleased to be able to increase our financial outlook for the year, particularly of the target milestone of delivering $1 billion in adjusted EBITDA for 2021.” Highlights Casual portfolio grew revenue 30% year-over-yearSolitaire Grand Harvest grew revenue 60% year-over-yearBoard Kings grew revenue 57% year-over-yearBingo Blitz grew revenue 40% year-over-year Financial OutlookFor the full year 2021 the company anticipates revenue of $2.6 billion and Adjusted EBITDA of $1.0 billion, up from our prior guidance of $2.44 billion and $920 million. Conference CallPlaytika management will host a conference call at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time) ...