PLAYSTUDIOS (MYPS) 4 Nov 242024 Q3 Earnings call transcript

Greetings and welcome to the PLAYSTUDIOS Third Quarter 2024 Earnings Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Samir Jain, Head of Treasury and Investor Relations. Samir, please go ahead.

Thank you, operator. Good afternoon and thank you for joining us for PLAYSTUDIOS Third Quarter 2024 Earnings Call.

call our our CFO, the Andrew and on and Pascal; Scott me today Chairman are CEO, Joining Peterson.

our future These results. I'd we'll uncertainties financial Before filings you with our we beliefs materially. for for accordance that These GAAP. in forward-looking and that call, the and we to be expectations to differ could that substitute that and discussion remind based to measures not statements. make uncertainties results during the as considered are Please our call. begin, non-GAAP to course SEC of a may and let like current statements are me cause risks results will of on risks subject this measures certain everyone should prepared financial a this refer remind affect discuss actual during

GAAP prepared pass release reconciliation be in our with Our third measures SEC results that, comparable accordance our will earnings and Andrew. are GAAP call in to filings. With provided a quarter in to the and I'll

Great. welcome, call. everyone earnings third XXXX quarter and you, Samir to our Thank

today our the press As financial commentary made in always, addition our in disclosures release. is we to

total increased of in recent few line financials. release the basis, encourage a begin X%. I ahead EBITDA the then open with take of were technology concluded retooling our after will, a success our EBITDA plan, which look evaluating performance. I'll year-over-year of X%, consolidation critical On the XX%, the increasing the generally call our outlook, thoughts expectations. with suspension a focused that reduction down to remain is improving and company's in revenues and and of our a productivity while on resetting going the quarter adjusted your we games, profitability, our up launched focused consists October, profitability. After workforce discussion which at of reinvention of We'll consensus if and forward. new our a revenue stabilizing of select strategy estimates for on follow you a We of capacity. were in our functions questions. Revenues So adjusted of structure was both on and cost with revenues on a the to in key R&D business the impact summary and the the you for subscale potential quarter will over Scott of carefully This

plan year, XXX the our bringing were grew I more believe basis by further of will lower XX.X% quarter. Gains we've profitability, While a cost to changes basis the closer and cost result more share this sales these us million taken into year margin with savings and peers. efficiencies, points second annual when was the compared the ago recent XXX I to improve versus the expect EBITDA approximately for impact we provide our we'll normalized focus, encouraged in provide I this overall adjusted of of coming million. visibility to to user points guidance financial a of our that margins reduced can profile driven of we that Consistent $XX $XX acquisition spend. measures

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cash value is in time, pursue our We stock our of businesses invest the and allow our us to buying shareholders. At believe same intrinsic its that for annual value cash acquisitions. holdings continue valuation to greater public company large external all than back and our the creates generation and

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Andrew. Thanks,

filed release, $XX.X In the our revenues decrease for will be shortly. million, a summary versus third XX-Q comprehensive quarter a Form Please to a those quarter results. Net today's to addition press year filings were X% in look of our ago.

of games category. in Our social the portfolio weakness majority of for continued decline due to the accounted the

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and full product updates drivers results the scaling included the adoption of these loyalty advertising, our of of Some offering. of

spend. million $XX.X quarter. direct-to-consumer points expanded Third ago by Gains was increase lower were last year EBITDA XXX increase quarter Adjusted user a of $XX.X XXX basis versus consolidated driven adjusted an versus an margins EBITDA points a a and revenues year X% of higher ago. advertising basis mix versus in sales, million, XX.X% and acquisition

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and ] issued or of stock the share our year-to-date million As Andrew [ end our of the bought our program mentioned, we XX% back repurchase stock XX.X through of restarted have quarter. total

authorization million. currently stands $XX Our share at repurchase

pursuing Beyond capital in businesses and the goals our M&A. and same, investing repurchases, remain accretive allocation our strategic

million will million turn for Our revenues million adjusted million $XX some remarks. back call to unchanged. I closing Andrew in range $XXX the $XXX and of of EBITDA and consolidated and remain the $XX XXXX financial between guidance now

Scott. Thanks,

points impacting pressures, and monetization X% EBITDA we increase efforts open a our which XXX at and period. Increased working. drive versus sales, margin launched talent Before same Despite the and myVEGAS will basis simplify touch able adjusted industry end to margin improvements and which the over on prepared like a recently our restructuring, our call We are comprehensive highlights. we year to our by few profitability. business, remarks were for questions, continued Brainium a are our by grow ago I'd and further focus

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Instructions] is [Operator first Aaron from Our question coming from Macquarie. Lee

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degree are are converting the actually people that to So which spending.

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is Craig-Hallum. coming Sigdahl from from Ryan question Next

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and improvement. little far. has like QX, Sounds a Curious October how bit the portfolio sequential trended going whole of so maybe into

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is just this wanted I Scott. -- Sorry,

Yes.

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Okay.

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question is JPMorgan. from from Next Pfeiffer coming Danny

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Yes.

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question coming Pang from is Next from Stifel. David

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Next from Securities. Northland question from is coming Gibas Greg

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Yes.

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from is Next Oppenheimer. from question coming Martin Yang

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does today's teleconference and you. webcast. Thank conclude That

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