Playtika Holding (PLTK) 27 Feb 212020 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Playtika's Fourth Quarter and Full Year 2020 Financial Results Conference call. At this time, all participant lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, David Niederman, Vice President, Investor Relations and Capital Markets. Please go ahead, sir.

thank and joining call full Holding and the today for everyone, Corporation. quarter fourth year to you us for for Playtika Welcome XXXX earnings

comments but and performance. We afternoon today, These this on like and and uncertainties, President to limited statements Officer. not company's today's these and and Officer; undertake not rely President on that you Robert call control. Troy me future. These Vice representing of Financial and Playtika; are discussion this update remind anticipated Rapps, statements our forward-looking Corporate after Joining risks Antokol, Abrahams, beyond you other future the rather performance, Chief should statements, views and Co-Founder not subject forward-looking the are may I'd of to in as the are revenue but no CEO Eric Playtika's Vanke, them statements of Craig of guarantee Accounting including are to contain as call. our future to which of obligation some a Development; Chief operating apply

will a turn to discussion of the I our filings call risks the For with the more Robert. With that, uncertainties, please over SEC. and complete see now

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little about bit a So, background Playtika.

was When of at say. years, company that few to look actually main years the was founders. we the the established I ago almost would one you have I XX and So, a XX things like

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on outlook. I'd progress Robert. our to the and during year everyone to full joining few you, then I'll and achievements quarter Thank speak reviewing call. XXXX and like some the us minutes a spend also thank financials and the

for the call Following that, up Q&A. we'll open

I a and was event, underscore our our a successful event currency it for many also commensurate was want company. sheet, gaming QX and be success compensate gained years and transformative This of our to our with employees, last IPO balance Playtika that industry. within public strengthened used though for both the can a We to month. level First, profile mobile our also raised M&A the to leadership a of

excited to investors share as journey to be are and and public company a we grow. We our innovate with our

today. to to progress. of of had games great the measures year call some highlights excited share a Turning from individual we performance I'm achievements on and some XXXX;

forward, disclose is but we we data of selected will, this to not highlight games, will quarter. Going time, from every performance time

of portfolio and ability anniversary other included XX-year program and time, games we've Blitz million. operated revenue Bingo that casual within had or events. Blitz in-game this in for milestone its record group, $X many of This a continue that with to Our passed first high sustainability XX-day and showcases billion We years reaching for with grow the franchises. to revenues $XXX the booster in our along balloons speaks the Bingo to feature this celebrations celebrated daily our new

show, which with the placement the the game with a We audience. DeGeneres the also studio during live was Ellen commemorated anniversary five-show on played

the XX% Solitaire Grand million purchases. to finished world also game largest in growth the in-app and in revenue achieving based year, casual on a solitaire $XXX year-over-year Harvest become record

In addition, growing had year, a June's Journey million. to XX% $XXX record

our to games. Turning casino-theme

enjoy performance scale our growing Bingo XXXX. Our to and and even year, to XX% growth a this XXth testament our success at continues franchises. to game, ability long-lasting largest LiveOps is sustained in and build Like Blitz, Slotomania,

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have updates providing We to many our on forward exciting look new for call. planned XXXX and next features

Finally, quick I a update want to provide regarding COVID-XX.

to the allowed a accommodate prior We locations of continued to our offices is some guidelines to caution in under to safety return employees. to open exercise while limited Israel our ensure workers by of Certain local capacities, model. are

to safety will always, monitor employees of we and is situation our priority As continue as it evolves. our

users the last of with this respectively driven from portfolio million DAUs content the and and down the same X% will increased last year. impact average US by fourth new increase same fourth to year. XX.X% product were a financial Europe pleased and the organic and the Journey. XXXX over revenues, of review In year-over-year million, contributed the features. $XXX.X contributed games the orders believe QX games while XX.X stay-at-home $XXX.X geographic growing the and believe rollout positive XX% from the revenues our daily Grand during the Harvest, Overall, users We the On Blitz, XX.X%, benefit Now, daily June's XX% for prior respectively. by strong XXXX. Solitaire expansion were year. We casino-theme quarter paying and we XX% by we the contributed of the basis, of quarter, increased million and of or X% third growth and performance in casual was XX% from Revenues The was we period approximately in period fourth of in XX% contributing performance. APAC continued Slotomania, peak the concluded Average quarter. XXX,XXX continued with of COVID-XX experienced the quarter, second quarter, Bingo XX% approximately that over

million a over to to or the expense at adjusted for Turning incurred total costs incurred GAAP million in $XX.X interest $XXX.X EBITDA we expenses; prior-year of was quarter a $XX.X representing fourth XX.X% reported year. under QX, last up Fourth expenses and million credit of We strong facilities $XX XXXX. compared expense from income in period. million, were net QX X% revenues interest percentage quarter year. the last million, fourth the of million our of but year-over-year, of decreased increase net XX% quarter million as XX.X% $XX.X $XXX.X $XX income versus In to

XX.X%, year. driven discipline. margins year-over-year also focus last EBITDA were our which adjusted increase the in on cost compares same the XX.X% was revenue QX to This in and expansion by margin period Our largely

XXXX, point, earnings in expire that which an and place in lower EBITDA when that put a detail was our we our compensation. management long-term compensation. cash EBITDA was can table This a adjustments plan stock-based earlier As back will distributed release, plan within today. included company The charges EBITDA from the be were adjusted and press for reminder, add adjustment includes to reviewed the private stock-based release to a from be our primary in will -- in earnings compensation

and also cash we line to million M&A. IPO available M&A. which As provide increased million billion potential our liquidity credit With over in pursue $XXX.X more over revolver, of of $XXX future we in investments. with includes part the combined to million and in December look we We IPO million support now from increased balance, net as our had cash $XXX XX, $XXX have increased to revolving as of to proceeds our $X flexibility

financial guidance. provide like to I'd Finally,

new launched we at in we content have January. initiatives As many have already looked planned XXXX, some game and

drive are this optimistic this growth year. should We

our year was For Mobile performance QX and continues. remains billion $X.XX we within the business strong growing million. and of adjusted the of closing, In XXXX, segment the revenue $XXX of anticipate momentum our gaming. full fastest EBITDA

monetization new to continue We on product improving our benefit features. and focus content and from adding

and In benefits acquired driving the seeing the leveraging in our addition, of studios. platform we Boost are growth

All of first fourth With your we'd an quarter be to led questions. company. and a excellent to factors happy our that, as public take report these to

from the Morgan question Nowak [Operator from Stanley. comes Instructions] of line Brian first Our

begin. may You

have Thanks my questions. taking I for two.

come saw the Just and you one on first players XXXX. the in payers that

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question, Boost the second the platform. Regarding

one I platform, about Boost hour. the so Okay, speak more platform Boost than can the

how monetize game, it's then we everyone think casual we we everybody I and it's ourselves for -- and same thought, okay, close would really thought guy me, casual, first showed the knows of to but casino and same monetize games, it's the and to this how games, to to Boost So thing, we doing, showed the Playtika started casino the company what it's move something when they are came. idea that

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And from comes from Ju Suisse. Stephen question of our Credit line next the

You may begin.

Okay. you. Thank

from seems to to headline it So, investors seems from intensifying. least a a environment seems recurring be M&A the question be around activity standpoint as like, at

to So, equity Or as valuations targets now with do starting of you can you fund get acquisitions shrink? is on as the starting Also think are list cash. reasonable? your potential well to

kind terms So, you what's the you. of change what at? of on may going to be parameters or change Thank not looking in targets

Thanks, obvious throughout in continue increase seen the Stephen. had we've to that creep XXXX Yes, up. and an been I continues, it's know has market and consolidation prices activity

on been the right think finding I we've very deals. focused

our or listed also demonstrate culture that financial We our deals discipline.

Boost, deals our have available stagnant, growing that how assets a done LiveOps platform of We very broad in to we've acquire we acquire that us, we turnarounds. assets, leveraging pipeline can can been have and

opportunities available broad there's to And so, pipeline, I think because us to of that that market. the be may of a broader not lot available

way you so, because grow and these that think of that you LiveOps our those we we business line for that And and when we do I fact really the through feel about that the in-app good of have bottom a which the drives pipeline multiples purchases, to EBITDA, that drops XX% able to continue effectively paid to we're assets execute which the and with when drive assets XX% overtime. the lowers improvements, also

we've we XX years. all done do currency public seen deals seven that have really we can value the on use. across We over creation So, you've and focus equity that last

have as think very use. what's our partner going value can on I we're the we the right cash shareholders, for also what's structure partnering as with. creator we're entrepreneurs And those that focused to well for We

And so, think we'll about be I thoughtful that.

you. Thank

Our Sheridan from next of question Eric from will UBS. the come line

You may begin.

a performance how Maybe and to Thank group you see the it as much. you just so of year. the evolving the business turning through

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question. the for you Thank

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We're in monetization in depending We have depending our been skills. never UA.

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We'll next question, take please. our

All right.

Sachs. of Our line question King from next the Goldman Mike comes from

may You begin.

to Thank for a on question, company. very as the much congratulations report and first earnings you your public

think you the bit differences whether portfolio cadence casual year you any about versus your think you. about for casino growth? your could little Thank throughout XXXX, the social about and as talk between are a As there you your revenue expectations

Sure.

part to is portfolio, you our of if casino. look casual portfolio our the it relative growing at fastest So,

'XX still very in comp are then is cadence, we 'XX start I Our growth. year, roadmaps think and the expectations, I throughout. to our growth forecasting the relative the we the manage throughout, have that of terms of tough a know strong we And usually year

think don't on think I event our is product -- I LiveOps new launch. roadmap either point anything a to So, there from specifically or

things for basis. think on it's there's of It's provide and monetization anything of that that LiveOps the retention steady of features, sort daily flow a we So, features, don't -- to peak do is product very I sort whether of some usually content, sort weekly year. throughout there new variety going of that's and sort of a other features, us,

just a any data follow-up. that talk quick out that I views you And Thanks. any Right. Thanks, on those have? in might you you Craig. gaps have have if IDSA changes that Could you and to could initiatives fill are experimenting about updated to Apple's

Sure. Eric will take that.

sure. Yes,

than on still spring. because how it's I So, going to released few it think it's others. But IDSA, tell are effective early that us things be impact more us or go insulate this will only to there a

is, grow Robert reliant in less to addressing First new much users alluded on and earlier our are we Eric's revenue. acquiring this question, to

in So that's the the distinction between market. us big

substantial is thing is our re-targeting. a of part budget that second from The marketing

that be the all of impacted. scope done of platform many Our And revenue in XX a for, users, technology many of so There more bolstering acquire that about where of our that former dedicate comes and our games to XX% re-acquiring beyond from. proprietary lot we only is own and we're have wouldn't cases, you around sort IDSA, years. where resources have then been also, of is that could so users new

from about that's I beyond of it again so of in-app business, if purchases, I is only also IDSA. of IDSA. would to in-app from result what comes our is insulated revenue purchases, scope in that a And last from sort look that, at is the we're ads, think, as negative the So, very of XX% you consequences X% because say of predominantly and any favor thing

Thanks Great. for guys. the time,

question line next of our comes And from from Drew Crum the Stifel.

You may begin.

thanks. Okay, Hi, guys.

can two games then pipeline. what's adjusted less EBITDA mentioned, during months I slippage. know I any share that? Can new around But of the than you ago. your you updates margin you guidance stages in roadshow, remind the development. for separately were And Thanks. development So, that implies was some driving think, XX various there us

Hey, Drew.

So in other public, costs margins, terms public headcount whether with some are being insurance, additional and costs. there company some it's of associated D&O

look component take one Robert, that's as think, so, you is of one? that kind I and there, roadmap. really do And immaterial year-over-year in just to of else you terms anything want

Yes.

to of seconds bit, the two a history Playtika. regarding So, want speak about game, I new little the

years, Playtika the DNA. studios few So, took now, games. and focuses never In categories. this few we we of game games opportunity of developing now. Right developing new amazing It was never developing we are and two our success acquired last the history new in different with

better. We are checking them, we do

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you. feature is So, this Playtika Boost. using can a this is that cycle we always growing the and Thank

line Colin the from Sebastian comes from of Baird. question next Our

begin. may You

great. recent of the couple have on Congrats questions. IPO. you. All a I right, Thank

metric? we mentioned games. Robert, thinking monetization variability you taking year. wondering Playtika about First beyond just off, if DAUs in through the how MAUs, the then, the sustainable, higher some terms could in see is of that trends player metrics, in conversion And And or quarterly you're rate

potentially in the expand what could means types revenue the bit and initiatives. those a Thank terms of streams new of on of you. that timing you If

Sure. Thanks, Colin.

daily really find We most we're important in metrics, conversion obviously our on of relative drives at paying metric is DAU. what terms on looking users. the business that So and to focused that that

forward, just growth. and which will like DPUs conversion, historically, drive expectation continue going think, have our is drive I that drive is we we'll to

And there's so, reason XXXX QX the don't on we to I DPUs think don't any second in conversion you grow going I -- last to very want anything I know high Robert, we're throughout had do take year, why not question? continue but of in see those same metrics. to

Yes.

we when billion started Playtika we $X saw few words So, moved. use revenues after and to casual huge the ago, three division about division add We success, did -- years moved say than and years the casual not a three to less When this ago. we the division. only

game digital saw success or know it's the it's We It actually, if a matter we doesn't So, if another to don't understand after and LiveOps. do we we product. that how monetize. want to

that Boost understanding then game, So, Playtika experience believe technology that all interesting AI take we based feature the and Playtika and bringing the the on activities, of a direction beyond and it's direction. with to very this the

to we now, teams. games. AI and studying it's or opportunity, we company. technology But but We're we kinds market, understand going this other because we're are timing The focusing, ourselves Right are the and in next strong year, looking we're looking as we games Europe. we games. a as we because okay, one are in one that's labs company around; now, we're are we not this, not of it, building we year about ourselves doing right very Yes, going do we right games, Israel to could focus in yes, So now, a spoke have happen stuff. we are on looking two big really here, mentioned

Thank believe we're on are where ourselves believe it, market. direction We the is this really a in and as being believe this in a because We we you. we exciting as about ourselves company. in leader And going. technology in ourselves. it So,

Thanks, Robert. Craig. Thanks,

our And Bazinet come of the question from Jason next from will line Citi.

You begin. may

so Thanks much.

Boost COVID, going your that only there think sort else of the conversion would by in would driven say something [ph] sort I financials at rate to on opens world observer a jumped in of related casual even that high the look else X.X% rate that payer there was XQ up. was and stay allow or to range but as something the conversion that

variables if could sustainability and any comment of other So that sort of just the caused that on you it. bump

First, for thank I in and past you question. to lot of the happy a really question. answered the the answer times

we had the huge pushed COVID. Yes, the So, yes, by COVID bump revenue. the a

all focused pushed secret and still it especially so, when conversion, And [ph] is we are the of look kinds their and is the for where revenues on we casual, timing activities at right now, other the this activities. on But the it's depending the COVID.

acquisition user you we ago. revenues the only and the LiveOps. we conversion experience revenues When to better the and the user can't and better conversion monetization a bringing side minutes story from story acquired I that casual, acquisition, driving is becoming that We are by again, by higher. few the in our was drove we and the and it's the technology be and And casino to using told

growth COVID major So, not but yes, it's to the revenues. helped our the the business,

Super helpful. Thank you.

Thank you.

question come of you. Bank Thank the And Ryan last our of Gee America. will from line from

You begin. may

the over just good remind the Thanks your questions and the the Hey, guess maybe businesses? casino investments Which Robert. the of strategic M&A, in an we dollars you're Where new one to should expect medium-term where to should then forward? QA most at opportunity expect games this we if that's for or point focus? near- both areas us for fitting here. Can for guys. spending priorities between And kind you going casual morning, I taking segments? Yes. of

Yes, leaders I mention to want in we you first, categories. for Well, few thank different the that question. are

Solitaire, in leaders are leaders we Object. Hidden We are leaders we in are we leaders in Bingo, are leaders in we Slot, in Poker, are

it's So, casual. and only not casino

We five. in three, five been we are leaders one, the in the today different have casual But already number the casino categories on or game number side, number industry.

casual the us believe We of So, that casino right stable. from we LiveOps We focus can company opportunity will most the to knowledge side. We M&A on side. is now, grow in monetization that believe more the casual make more is the our in believe on help it opportunities there. there have the around the

are we by good again, opportunities. -- working So, opportunities

will good So, today side, no. to our casino financial if leader. new new opportunity say we a a categories bring But side, focus to never on the more on today we is the games, our see is more focus casual be opportunity,

we leader gaming be mobile management, If you solitaire; trying be ask in ambition. and a any to is me to and bingo, our object leader [ph], in in ask to didn't have categories. mission. the world. different We in the my we're and poker, get now one started This we casino, We want

said casual as spending, This are UA our good world. doesn't results. is do before, with we where best. matter good results, good Playtika have if It -- see When or it's spending Regarding we I your money casino. we

place of casual, to we're right still spend. on So we I this more the opportunity casino spending now. have you side, the is tell Thank but spending on the you. can course that we're

in growth two just of quick the for been past maybe has growth Drivers pressure couple then, Craig. ones but some And on payers, ARPU. Great. of years revenue

that why year-over-year should continue the through walk see ARPU? in you foreseeable to that specifically, expect And future we if over dynamic can So is? declines

Sure.

So, ARPU is really a shift. mix

the the that DAU down in shift casual added casino ARPDAU titles. and theme are lower than the That increases we ARPDAU. mix As large drove titles, there

us, at it. because no look into was built acquisitions you organic first story, when QX think pure there's the I right,

obviously looking all topline forward QX grew you're And the So, then, until year-over-year, XX.X% another when we are at have results organics. going acquisition, organically.

in at sales. noise of no -- same-store terms now looking seeing sort your you're So, of

easier a will to mix product And be is say, the you it going -- shifting. that's so, much that that but result were about talking of I shift forward, really think

much. Thank you very

you. Thank queue. in showing And further not any I'm questions the

Well, to Okay, great. thank first you. Thank us. appreciate looking our much you Really joining on taking Stay safe. and call the join time again. very us everyone for forward

you, so Thank Thank you guys. much.

today's conference Thank concludes call. this gentlemen, and Ladies participating. for you

disconnect. now may You