Playstudios, Inc. · NASDAQ:MYPS
Playstudios — Acies Acquisition — SPAC Merger (March 2021)
24 slides from Playstudios's SPAC merger presentation, Mar 17, 2021
Slide 1: It's More Than A Game
IT’S MORE THAN A GAME.
Slide 2: Disclaimer
DISCLAIMER Disclaimer This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a proposed business combination (the “proposed business combination”) between PLAYSTUDIOS, Inc. (“PLAYSTUDIOS” or the
Slide 3: Disclaimer (continued): Use of Projections
DISCLAIMER (continued) Use of Projections This presentation contains projected financial information with respect to PLAYSTUDIOS, including revenue, cost of sales, user acquisition costs, other expenses and Adjusted EBITDA. Such projected financial information constitutes forward - looking informati
Slide 4: Disclaimer (continued): Additional Information
DISCLAIMER (continued) Additional Information In connection with the proposed business combination, Acies filed a registration statement on Form S - 4 with the SEC (File No. 333 - 253135) on February 16, 2021, which includes a proxy statement/prospectus, that will be both the proxy statement to be d
Slide 5: Che
Che
Slide 6: Financial Overview
FINANCIAL OVERVIEW • Historical Performance - Annual - 2020 Quarterly - 2020 Metrics • Forecasted Performance - Annual - Operating Leverage - 2021 Q1 Metrics
Slide 7: Financials
FINANCIALS Sustained and projected top and bottom - line growth. (in 000's) Net Revenue Virtual Currency 157,114 193,849 231,726 268,137 97% 99% 97% 99% Advertising 4,688 356 383 1,745 3% 0% 0% 1% Other 134 1,294 7,312 0 0% 1% 3% 0% Total Net Revenue 161,936 195,499 239,421 269,882 YOY % 21% 22% 13%
Slide 8: A History of Revenue Growth
A HISTORY OF REVENUE GROWTH Sustained network and consistently scaled revenues year - over - year. D AU Monthly Revenue D A U Revenue
Slide 9: Revenue
REVENUE Sustained revenue growth. Revenue M 50 M 100 M 150 M 200 M 250 M 300 M 2 0 17 2 0 18 2 0 19 2 0 20 13% 22% 21% 19% CAGR 2017 - 2020
Slide 10: AEBITDA
0. 0 % 2. 0 % 4. 0 % 6. 0 % 8. 0 % 1 0 . 0 % 1 2 . 0 % 1 4 . 0 % 1 6 . 0 % 1 8 . 0 % $ M $5 M $10 M $15 M $20 M $25 M $30 M $35 M $40 M $45 M AEBITDA Proven profitability with clear path to margin growth. Margin A d j u s t e d A E B I T D A Adjusted AEBITDA before adjusting for Cap SW costs Margin
Slide 11: Key Performance Indicators: Audience and Monetization
$0.33 $0.28 $0.39 $0.40 $0.55 $0.54 $0.54 2017 2018 2019 Q1 Q2 Q3 Q4 2020 2020 2020 2020e 1.6 1.6 1.6 1.6 1.5 1.4 1.3 2017 2018 2019 Q1 Q2 Q3 Q4 2020 2020 2020 2020e Average DAU (in millions) KEY PERFORMANCE INDICATORS Audience and Monetization
Slide 12: Key Performance Indicators: Monetization
1.0% 1.4% 2.0% 2.0% 2.3% 2.4% 2.4% Average Daily Payer Conversion (PPU) $28 $24 $20 $19 $24 $23 $22 2017 2018 2019 Q1 Q2 Q3 Q4 2017 2018 2019 Q1 Q2 Q3 Q4 2020 2020 2020 2020e 2020 2020 2020 2 0 20e Daily Average Revenue per Paying User (ARPPU) KEY PERFORMANCE INDICATORS Monetization
Slide 13: Revenue Bridge
REVENUE BRIDGE Clear and actionable plan to achieve business results. Loyalty Lift 10% Market Growth Network Cross - Marketing Bingo Category 300K DAU $0.40 ARPDAU Idle RPG Category 375K DAU $0.50 ARPDAU $270M $435M 2020E Revenue 2022E Base Forecast M&A New Game Genres Player Networks $45M $60M EXPA
Slide 14: Revenue
500 M 450 M 400 M 350 M 300 M 250 M 200 M 150 M 100 M 50 M M 2 0 17 2 0 18 2 0 19 2 0 20 2 0 21 2 0 22 33% 22% 13% 22% 21% Revenue REVENUE Sustained and projected revenue growth.
Slide 15: AEBITDA
2020 - 2022 AEBITDA and Margins Impacted by extraordinary development and User Acquisition expenses related to new game launches. AEBITDA Proven profitability with clear path to margin growth. 0 . 0 % 5 . 0 % 1 0 . 0 % 1 5 . 0 % 2 0 . 0 % 2 5 . 0 % $ M $10 M $20 M $30 M $40 M $50 M $60 M $70 M $80 M
Slide 16: Margin
20.7% 2.6% 1.8% 2.6% 1.5% 3.2% 0% 5% 12.0% 10% 1 5 % 2 0 % 2 5 % 3 0 % CY20 Margin Core Bus Op Ex E Commerce Ad Mon Corp Expenses New Games Post Launch CY22 Margin UA Efficiency Op Ex Efficiency CY23 Margin MARGIN Clear path to margin growth. 2.0% - 2.5% 2.5% - 3.0% 25% - 26% 30% F o r ec a s t ed M
Slide 17: AEBITDA Margin: In Line with Our Peers
21% 25% 30% 36% 35% 32% 32% 25% LTM EBITDA Margin % as of September 30, 2020 1 Median: 32% (Excl. PLAYSTUDIOS) PLAYSTUDIOS PLAYSTUDIOS PLAYSTUDIOS Playtika 2 Double Down 2, 3 Aristocrat 4 SciPlay 2 Zynga 2, 5 2022E Forecast 2023E Forecast 2025E Forecasted Interactive 30% F o r ec a s t ed Margin 202
Slide 18: AEBITDA Growth
$44 $90 $22 $12 $19 $7 $0 $ 2 0 $ 4 0 $ 6 0 $ 8 0 $ 1 00 $ 1 20 $ 1 40 CY20 Margin Core Games Ad Monetization Bingo & Kingdom Boss Corp Expenses CY22 Margin Margin Expansion M & A A E B I T D A Clear path to AEBITDA growth. Margin 2025 30% Forecasted N or m a l iz e d Margins Genres M & A New AEBITD
Slide 19: Financial Overview
(in 000's) Year Ende d Dec ember 31 % of Revenue 2017 2018 2019 2020e 2021e 2022e 201 7 2018 201 9 2020e Total Net Revenue 161,936 195,499 239,421 269,882 327,980 435,205 YOY% 21% 22% 13% 22% 33% Expenses Cost of Sales 53,409 66 , 784 80,267 91,470 102,169 128,448 33% 34% 34% 34% User Acquisition 46
Slide 20: Guidance
GUIDANCE • 2021 - Reward engagement expected to recover & grow as travel restrictions are loosened and partners look to reinvigorate their businesses - Core games expected to grow in line with the social casino market - New game launches in Q1 and Q3 expected to grow audience and revenue - User Acqu
Slide 21: Attachments
AT TA C H M E N T S
Slide 22: Transaction Highlights
16.7x 16.4x 15.2x 12.3x 11.2x 9.9x 9.8x Pl aytika Z y n g a Gaming Pe ers Avg. PLA YSTUDIOS G l u PLA YSTUDIOS ('23 sta bilized margin ) Sci Play EV / 2022E AEBITDA (1) TRANSACTION HIGHLIGHTS x Enormous, high growth, untapped TAM x Differentiated, proven, business model • Loyalty engenders player en
Slide 23: Capital Structure (Pro Forma)
CAPITAL STRUCTURE (Pro Forma) 16% 4% 13% 48% 19% Acies Public Acies Founders PLAYSTUDIOS Founders Other PLAYSTUDIOS PIPE x Material ownership by PLAYSTUDIOS founders and management x 35% public float x Support from Blackrock, Neuberger Berman, and Clearbridge, among other Tier - I PIPE investors Sha
Slide 24: It's More Than A Game
IT’S MORE THAN A GAME.