Playtika Holding Corp. · NASDAQ:PLTK
Playtika — Q4 2023 Earnings Presentation
18 slides from Playtika's earnings presentation, Feb 26, 2024
Slide 1: Fourth Quarter 2023 and Full Year 2023 Results
PLAYTIKA HOLDING CORP. Fourth Quarter 2023 and Full Year 2023 Results February 26, 2024
Slide 2: Legal Disclaimer: Forward-Looking Statements
LEGAL DISCLAIMER Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Exchange Act. All statements other than statements of historical facts contained in this prese nt
Slide 3: FY2023 Financial Results Summary
FY2023 FINANCIAL RESULTS SUMMARY 3 Initial Guidance Updated Guidance Actual Revenue $2,570 - $2,620 million $2,550 to $2,565 million $2,567.0 million Net Income - $235.0 million Net Income Margin % - 9.2% Credit Adjusted EBITDA $805 to $830 million $825 to $832 million $832.2 million Credit Adjusted
Slide 4: FY2023 Selected Highlights
FY2023 SELECTED HIGHLIGHTS FY23 Revenue of $2,567.0 million, Net Income of $235.0 million, Credit Adjusted EBITDA of $832.2 million, Free Cash Flow of $436.4 million Revenue decreased by (1.9)% Y/Y Net income decreased by (14.6)% Y/Y Credit Adjusted EBITDA increased by 3.4% Y/Y Free Cash Flow increa
Slide 5: FY2023 Financial Highlights
FY2023 FINANCIAL HIGHLIGHTS 5 Revenue Free Cash Flow (1.9)% +13.7% Note: USD in millions. See appendix for definitions of Credit Adjusted EBITDA and Free Cash Flow. Credit Adjusted EBITDA is a non-gaap measures, see reconciliation on slides 15 and 16. Net Income (14.6)% Credit Adjusted EBITDA +3.4%
Slide 6: Q4 Financial Highlights
Q4 FINANCIAL HIGHLIGHTS Revenue of $637.9 million, Net Income of $37.3 million, and Credit Adjusted EBITDA of $188.9 million. Revenue increased by 1.2% sequentially and 1.1% year over year. Net income decreased by (1.6)% sequentially and (57.4)% year over year. Credit Adjusted EBITDA decreased (8.1)
Slide 7: Q4 Business Highlights
Q4 BUSINESS HIGHLIGHTS Average Daily Paying Users of 306K increased 2.3% sequentially and decreased (2.2)% year over year. Average Payer Conversion of 3.5%, down slightly from the prior quarter and flat versus the year prior. Bingo Blitz revenue of $150.3 million increased 0.4% sequentially and decr
Slide 8: Quarterly Revenue by Platform
QUARTERLY REVENUE BY PLATFORM 8 Direct-to-Consumer Platforms Revenue Third-Party Platforms RevenueTotal Revenue +1.1% +7.6% (1.0)% Note: USD in millions. See appendix for definitions of Direct-to-Consumer Platforms.
Slide 9: Selected Quarterly Financials
SELECTED QUARTERLY FINANCIALS 9 Note: USD in millions. See appendix for definitions of Credit Adjusted EBITDA. Credit Adjusted EBITDA is a non-gaap measure, see reconciliation on slides 15 and 16. Net Income (57.4)% Credit Adjusted EBITDA and Margin (6.8)%
Slide 10: Quarterly KPI Trends
QUARTERLY KPI TRENDS 10 Average Daily Paying Users (in millions) Average Daily Active Users (in millions) Average Revenue per Daily Active User Average Payer Conversion (2.2)% (2.3)% Flat Note: See appendix for definitions of Average Daily Paying Users, Average Daily Active Users, Average Revenue pe
Slide 11: Revenue Contribution
REVENUE CONTRIBUTION 11Note: See appendix for definitions of Casual Themed Games, Social Casino Themed Games, and Direct-to-Consumer Platforms. Revenue Mix (Casual and Social Casino) Revenue Mix (DTC and 3rd Party Platforms)
Slide 12: Capital Structure Overview
CAPITAL STRUCTURE OVERVIEW 12 Available Liquidity (as of 12/31/23) Debt Maturity Profile (as of 12/31/23) Approximately $1.63 billion in available liquidity Liquidity is expected to continue to improve with Free Cash Flow generation No near-term debt maturities Net LTM leverage of approximately 1.7x
Slide 13: Fiscal Year 2024 Guidance
FISCAL YEAR 2024 GUIDANCE 13 FY23 Actual FY24 Guidance Revenue $2,567.0 million $2,520 million to $2,620 million Credit Adjusted EBITDA $832.2 million $730 million to $770 million Credit Adjusted EBITDA Margin 32.4% 29.0% to 29.4% Capital Expenditures $79.2 million (1) $110 million to $115 million (
Slide 14: Appendix: Credit Adjusted EBITDA Definition
APPENDIX Credit Adjusted EBITDA: Our Credit Agreement defines Adjusted EBITDA (which we call “Credit Adjusted EBITDA”) as net income b efore (i) interest expense, (ii) interest income, (iii) provision for income taxes, (iv) depreciation and amortization expense, (v) impairment of intangible assets,
Slide 15: Appendix: Reconciliation of GAAP to Non-GAAP Measure
APPENDIX Reconciliation of GAAP to Non-GAAP Measure 15Note: USD in millions. (1) Reflects, for the three months ended December 31, 2023 and 2022, stock-based compensation expense related to the issuance of equity awards to certain of our employees. (2) Amounts for the three months ended December 31,
Slide 16: Appendix: Reconciliation of GAAP to Non-GAAP Measure
APPENDIX Reconciliation of GAAP to Non-GAAP Measure 16Note: USD in millions. (1) Reflects, for the years ended December 31, 2023 and 2022, stock-based compensation expense related to the issuance of equity awards to certain of our employees. (2) Amounts for the years ended December 31, 2023 and 2022
Slide 17: Appendix: Calculation of Free Cash Flow
APPENDIX Calculation of Free Cash Flow 17Note: USD in millions. Twelve Months Ended, December 31, 2022 December 31, 2023 Free Cash Flow Reconciliation Cash Flow from Operating Activities 493.7$ 515.6$ Purchase of property and equipment (68.3) (32.6) Capitalization of internal use software costs (30.
Slide 18: Appendix: Metric Definitions
APPENDIX Average Revenue per Daily Active User: or “ARPDAU” means (i) the total revenue in a given period, (ii) divided by the number of days in that period, (iii) divided by the average Daily Active Users during that period. Daily Active Users: or “DAUs” means the number of individuals who played o