Business
Playtika Holding Corp. Reports First Quarter 2022 Results
First Quarter Revenue Grew to $676.9 million, up 6.0% year-over-year and up 4.3% Sequentially Average Daily Payer Conversion Increased to 3.2% Casual
About this update from Playtika Holding Corp.
[{"type":"text","content":"First Quarter Revenue Grew to $676.9 million, up 6.0% year-over-year and up 4.3% Sequentially\nAverage Daily Payer Conversion Increased to 3.2%\nCasual Portfolio Revenue Grew 20.7% year-over-year and is now 52.5% of Total Revenue\nHERZLIYA, Israel, May 10, 2022 /PRNewswire/ -- Playtika Holding Corp. (NASDAQ: PLTK) today released financial results for its first quarter for the period ending March 31, 2022.\nFirst Quarter 2022 Financial Highlights:\nFirst quarter revenue was $676.9 million compared to $638.9 million in the prior year period.Net income was $83.2 million compared to $35.7 million in the prior year period.Adjusted EBITDA, a non-GAAP financial measure defined below, was $220.5 million compared to $258.0 million in the prior year period.Our cash and cash equivalents and short-term bank deposits totaled $1,107.9 million as of March 31, 2022 with $600 million in additional borrowing capacity pursuant to our Revolving Credit Facility, resulting in over $1.7 billion of available liquidity.\"We delivered strong revenue growth as a result of our continual efforts to improve and refine our monetization program and increase retention of our players,\" said Robert Antokol, Chief Executive Officer of Playtika. \"The year began with investment in our product roadmaps and new marketing campaigns to secure our foundation for ongoing growth. I want to thank our employees who have remained resilient through the war in Ukraine. I am forever grateful for their sacrifice and dedication to helping Playtika become a market leader in mobile gaming entertainment.\"\n\"Our differentiated live-ops and direct-to-consumer platforms provided strong sequential revenue growth in the first quarter across both our casual and casino games portfolio, and we are encouraged by strong operating metrics, with increases in average daily payer conversion and ARPDAU,\" said Craig Abrahams, President and Chief Financial Officer. \"We continue to lay the groundwork for future growth by making investments in the business to support new game development, recent acquisitions, offline marketing campaigns, and investments in our workforce. These investments in marketing are weighted more heavily to the start of the year and will position the company well for sustainable growth.\" \nHighlights\nCasual portfolio grew revenue 20.7% year-over-year, comprising 52.5% of ...