Business
Playtika Holding Corp. Reports Fourth Quarter 2020 Results
Fourth Quarter Revenue Grew 17.5% Year-Over-YearFull Year 2020 Revenue Grew 25.6% Year-Over-YearCompleted $2.16 billion Initial Public Offering HERZLIYA,
About this update from Playtika Holding Corp.
[{"type":"text","content":"Fourth Quarter Revenue Grew 17.5% Year-Over-YearFull Year 2020 Revenue Grew 25.6% Year-Over-YearCompleted $2.16 billion Initial Public Offering HERZLIYA, Israel, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Playtika Holding Corp. (NASDAQ: PLTK) today released financial results for its fourth quarter and full-year results for the periods ending December 31, 2020. Fourth quarter 2020 financial highlights: Fourth quarter revenue was $573.5 million compared to $488.2 million in the prior year period.Net income was $76 million compared to $30 million in the prior year period due primarily to the flow-through impact of increased revenuesAdjusted EBITDA, a non-GAAP financial measure defined below, was $210.4 million compared to $169.7 million in the prior year period.After giving effect to the proceeds raised in the IPO in January 2021, available liquidity, defined as our Cash and Cash Equivalents as of December 31, 2020, plus our undrawn revolving credit facility, is over $1 billion. On January 15, 2021, subsequent to quarter-end, the Company increased the capacity under its revolving credit facility from $350 million to $550 million. 2020 financial highlights: 2020 revenue of $2,371.5 million compared to $1,887.6 million in the prior year. Revenue surpassed $2 billion for the first time in 2020.Net income was $92.1 million compared to $288.9 million in the prior year.Adjusted EBITDA was $941.6 million compared to $712.1 million in the prior year. “Playtika had an incredible year of growth and achievement in 2020, culminating in our successful public offering in January of 2021,” said Robert Antokol, Chief Executive Officer of Playtika. “Throughout the challenging backdrop of 2020, our people displayed the necessary commitment and teamwork to allow Playtika to continue its mission of providing our customers with infinite ways to play. As evidence of our progress, for the first time our Casual portfolio recorded over $1 billion in annual revenues. Our relentless focus on data and expertise in live operations is the foundation of our success and will continue to provide a competitive advantage as we look forward with optimism to 2021 and beyond.” “We executed across our entire organization to deliver an impressive set of results for both the fourth quarter and full year 2020,” said Craig Abrahams, President and Chief Financial Officer. “I was espe...