Gdev Inc. · NASDAQ:GDEV
Gdev — Nexters Global — Q3 2021 Earnings Presentation
18 slides from Gdev's earnings presentation, Nov 17, 2021
Slide 1: Q3 2021 Financial Results
Q3 2021 Financial Results Nexters Global 17 November 2021 1
Slide 2: Disclaimer
Disclaimer Forward-looking statements Certain statements in this presentation may constitute “forward-looking statements” for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer
Slide 3: Key operating and non-IFRS metrics used in the presentation
Key operating and non-IFRS metrics used in the presentation In this presentation, we use a number of key operating and non-IFRS financial metrics which we believe accurately, in material aspects, reflect the principal parameters of our historic and projected performance. For further information, reg
Slide 4: Key Highlights
Key Highlights
Slide 5: 3Q 2021 highlights and recent developments
3Q 2021 highlights and recent developments Strong growth across platforms and geographies Desktop platforms grew by 55% YoY $151m Bookings in 3Q 2021 +29% YoY Asia region grew by 95% YoY Advertisement revenue more than doubling YoY and comprising 6% of total 371k MPU in 3Q 2021 bookings +30% YoY Lau
Slide 6: Key financial highlights (1/2)
Key financial highlights (1/2) $m $m Revenue Operating Cash Flow Revenue of $115m, up 77% YoY, driven primarily by bookings +77% +59% growth 115 51 Operating cash flow of $51m, up 59% YoY, demonstrating the increased efficiency and cash 32 65 generation capacity of our business Adjusted Net Income o
Slide 7: Key financial highlights (2/2)
Key financial highlights (2/2) $m $m Total Costs and Expenses, Excluding D&A Adjusted Costs and Expenses (1) (2) Total costs and expenses, excl. D&A of $231m, up 204% YoY mostly due +204% +24% to the growth of selling and 231 112 marketing expenses and non-cash non-recurring share listing 90 expense
Slide 8: Updated guidance for 2021
Updated guidance for 2021 (A) (B) Change in bookings guidance Bookings Adjusted costs and expenses (1) being driven by lower platform $ million $ million commissions forecast by equal amount Lower adjusted costs and expenses guidance due to 560-570 455-465 decrease in platform commissions partially
Slide 9: Key Operating Highlights
Key Operating Highlights ‘000 users $/month $m Monthly paying users (1) Average bookings per paying user (2) Bookings Monthly Paying Users of 371k, up 30% YoY due to our substantial +30% +29% investments in marketing in 2021 -3% 371 132 151 Average bookings per paying 128 user of $128, down 3% YoY d
Slide 10: Diversification across key platforms and geographies
Diversification across key platforms and geographies $m $m Bookings by platform (1) Bookings by geography (1) There is a strong growth in Mobile Desktop US Europe Asia FSU Other bookings across all key platforms and geographies which makes our bookings profile more diversified, +29% +29% reducing de
Slide 11: Improving engagement and payer conversion
Improving engagement and payer conversion DAU DAU/MAU Engagement and conversion ‘000 users % metrics gaining momentum +20% 1,198 20% 20% despite post-Covid months 1,024 1,037 Sequential decline in MAU and 975 889 863 DAU driven by seasonal factors as 808 17% well as lower UA investments 16% 16% 15%
Slide 12: Strong pipeline to strengthen platforms & genre diversification
Strong pipeline to strengthen platforms & genre diversification Other new titles Officially released in July Released Web version in October Puzzle Island Active work with optimization cycles Experimental step to To be launched November under a re-launch the game on Web new name Reached main metrics
Slide 13: Appendix
Appendix
Slide 14: Balance Sheet
Balance Sheet ($ in thousands) Q3 2021 FY 2020(1) Assets Non-current assets Property and equipment 1 098 171 Intangible assets 145 76 Goodwill 1 473 — Long-term deferred platform commission fees 113 185 89 588 Right-of-use-assets 1 430 1 044 Deferred tax assets 7 — Total non-current assets 117 338 9
Slide 15: Profit and Loss Statement
Profit and Loss Statement ($ in thousands) 9M 2021 9M 2020(1) Q3 2021 Q3 2020(1) Revenue 311 510 186 535 115 177 64 500 Costs and expenses, excluding depreciation and amortization Cost of revenue: Platform commissions (84 707) (54 196) (30 717) (18 422) Game operation cost (12 997) (11 471) (4 838)
Slide 16: Cash Flow Statement
Cash Flow Statement ($ in thousands) 9M 2021 9M 2020 Q3 2021 Q3 2020 Operating activities Income/(loss) for the year net of tax (135 495) (7 052) (103 700) (11 171) Adjustments for: Depreciation and amortization 1 713 395 645 163 Share-based payments expense 126 349 36 125 644 12 Net finance income
Slide 17: Adjusted Costs and Expenses
Reconciliation of non-IFRS measures: Adjusted Costs and Expenses $m 9M 2021 9M 2020 Q3 2021 Q3 2020 Platform commissions 85 54 31 18 Game operating costs 13 11 5 4 Selling and marketing expenses 219 126 64 53 General and administrative expenses 14 1 6 0.3 Listing Charge 125 - 125 - Less share-based
Slide 18: Adjusted Net Income/ Loss
Reconciliation of non-IFRS measures: Adjusted Net Income/ Loss 9M 2021 9M 2020 Q3 2021 Q3 2020 $m Net Loss -135 -7 -104 -11 Add back: - Share based compensation expense 1 - - - - Impairment of non-current assets - - - - - Gains and losses arising as result of business combinations(1) 125 - 125 - - O