Business
Playtika Holding Corp. Reports Third Quarter 2021 Results
Third Quarter Revenue Grew to $636 million, up 4% year-over-yearAcquired Reworks, maker of hit game RedecorProprietary Platforms Increased to 22% of Overall
About this update from Playtika Holding Corp.
[{"type":"text","content":"Third Quarter Revenue Grew to $636 million, up 4% year-over-yearAcquired Reworks, maker of hit game RedecorProprietary Platforms Increased to 22% of Overall RevenuesSoft launched Merge Stories and additional new title planned for 2022 HERZLIYA, Israel, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Playtika Holding Corp. (NASDAQ: PLTK) today released financial results for its third quarter for the period ending September 30, 2021. Third Quarter 2021 Financial Highlights: Third quarter revenue was $635.9 million compared to $613.3 million in the prior year period.Net income was $80.5 million compared to $119.9 million in the prior year period.Adjusted EBITDA, a non-GAAP financial measure defined below, was $247.8 million compared to $261.4 million in the prior year period.Our cash and cash equivalents and short-term bank deposits totaled $994.2 million as of September 30th, 2021 with $600 million in additional borrowing capacity pursuant to our Revolving Credit Facility, resulting in over $1.5 billion of available liquidity. “The third quarter presented opportunities for us to make product investments and set the stage for growth in 2022 and beyond,” said Robert Antokol, Playtika Co-Founder, Chief Executive Officer, and Chairman. “We completed a substantial acquisition, globally launched an exciting new title, and continue to expand into evergreen categories with the soft launch of Merge Stories last week. We remain highly focused on implementing new features and campaigns to continue to grow our business.” “We are confident that the infrastructure and product investments made in Q3’21 will allow us to drive sequential growth across our portfolio into 2022,” said Craig Abrahams, President and Chief Financial Officer. Our proprietary platform growth continues to drive margin expansion to fund investments in marketing campaigns, R&D, and product teams. We remain optimistic for the future with over $1.5 billion of available liquidity to drive our M&A and new strategic initiatives.” Highlights Casual portfolio grew revenue 12% year-over-yearAverage Daily Player Conversion increased to 2.8%, up from 2.6% in Q3’20Bingo Blitz grew revenue 15% year-over-yearSolitaire Grand Harvest grew revenue 45% year-over-yearAcquired Reworks Oy, maker of the #2 Design Entertainment App for $400 million in cash New Game Developments Global launch of Switchcraft: Th...