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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SciPlay Corporation | NASDAQ:SCPL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.94 | 21.65 | 22.94 | 0 | 01:00:00 |
Nevada | 83-2692460 | |||||||
(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |||||||
incorporation or organization) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Class A Common Stock, $.001 par value | SCPL | The Nasdaq Stock Market |
Large accelerated filer | ☐ | Accelerated filer | ☒ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☒ |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Revenue | $ | 186.4 | $ | 158.0 | ||||||||||
Operating expenses: | ||||||||||||||
Cost of revenue(1) | 57.7 | 48.2 | ||||||||||||
Sales and marketing(1) | 46.9 | 40.0 | ||||||||||||
General and administrative(1) | 22.1 | 16.7 | ||||||||||||
Research and development(1) | 12.7 | 11.5 | ||||||||||||
Depreciation and amortization | 5.9 | 4.7 | ||||||||||||
Restructuring and other | 1.4 | 2.2 | ||||||||||||
Operating income | 39.7 | 34.7 | ||||||||||||
Other income (expense), net | 6.0 | (0.5) | ||||||||||||
Net income before income taxes | 45.7 | 34.2 | ||||||||||||
Income tax expense | 3.9 | 2.2 | ||||||||||||
Net income | 41.8 | 32.0 | ||||||||||||
Less: Net income attributable to the noncontrolling interest | 36.3 | 27.6 | ||||||||||||
Net income attributable to SciPlay | $ | 5.5 | $ | 4.4 | ||||||||||
Basic and diluted net income attributable to SciPlay per share: | ||||||||||||||
Basic | $ | 0.25 | $ | 0.18 | ||||||||||
Diluted | $ | 0.24 | $ | 0.18 | ||||||||||
Weighted average number of shares of Class A common stock used in per share calculation: | ||||||||||||||
Basic shares | 22.0 | 24.6 | ||||||||||||
Diluted shares | 23.0 | 24.8 | ||||||||||||
(1) Excludes depreciation and amortization. | ||||||||||||||
See accompanying notes to condensed consolidated financial statements. |
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Net income | $ | 41.8 | $ | 32.0 | |||||||||||||
Other comprehensive loss: | |||||||||||||||||
Foreign currency translation loss, net of tax | (1.5) | (1.6) | |||||||||||||||
Total comprehensive income | 40.3 | 30.4 | |||||||||||||||
Less: Comprehensive income attributable to the noncontrolling interest | 35.1 | 26.3 | |||||||||||||||
Comprehensive income attributable to SciPlay | $ | 5.2 | $ | 4.1 | |||||||||||||
See accompanying notes to condensed consolidated financial statements. |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 357.5 | $ | 330.1 | |||||||
Accounts receivable, net | 64.2 | 51.0 | |||||||||
Prepaid expenses and other current assets | 7.3 | 8.0 | |||||||||
Total current assets | 429.0 | 389.1 | |||||||||
Property and equipment, net | 3.6 | 3.0 | |||||||||
Operating lease right-of-use assets | 4.2 | 4.8 | |||||||||
Goodwill | 216.1 | 217.6 | |||||||||
Intangible assets and software, net | 79.6 | 74.8 | |||||||||
Deferred income taxes | 72.3 | 74.5 | |||||||||
Other assets | 1.7 | 1.9 | |||||||||
Total assets | $ | 806.5 | $ | 765.7 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 20.7 | $ | 18.4 | |||||||
Accrued liabilities | 37.9 | 35.2 | |||||||||
Due to affiliate | 4.0 | 3.8 | |||||||||
Total current liabilities | 62.6 | 57.4 | |||||||||
Operating lease liabilities | 2.4 | 3.1 | |||||||||
Liabilities under TRA | 60.2 | 60.2 | |||||||||
Other long-term liabilities | 26.0 | 29.4 | |||||||||
Total liabilities | 151.2 | 150.1 | |||||||||
Commitments and contingencies (see Note 8) | |||||||||||
Stockholders’ equity: | |||||||||||
Class A common stock, par value $0.001 per share, 625.0 shares authorized, 25.2 and 24.9 shares issued, 21.9 and 22.1 shares outstanding as of March 31, 2023 and December 31, 2022, respectively | — | — | |||||||||
Class B common stock, par value $0.001 per share, 130.0 shares authorized, 103.5 shares issued and outstanding as of March 31, 2023 and December 31, 2022 | 0.1 | 0.1 | |||||||||
Additional paid-in capital | 80.5 | 72.0 | |||||||||
Retained earnings | 80.1 | 74.6 | |||||||||
Treasury stock, at cost, 3.2 and 2.7 shares, respectively | (45.3) | (37.1) | |||||||||
Accumulated other comprehensive (loss) income | (0.7) | (0.4) | |||||||||
Total SciPlay stockholders’ equity | 114.7 | 109.2 | |||||||||
Noncontrolling interest | 540.6 | 506.4 | |||||||||
Total stockholders’ equity | 655.3 | 615.6 | |||||||||
Total liabilities and stockholders’ equity | $ | 806.5 | $ | 765.7 | |||||||
See accompanying notes to condensed consolidated financial statements. |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net cash provided by operating activities | $ | 41.7 | $ | 36.6 | |||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (3.8) | (2.0) | |||||||||
Acquisition of business, net of cash acquired | — | (106.2) | |||||||||
Net cash used in investing activities | (3.8) | (108.2) | |||||||||
Cash flows from financing activities: | |||||||||||
Payments on license obligations | (1.0) | (0.4) | |||||||||
Purchases of treasury stock | (8.2) | — | |||||||||
Distributions to Light & Wonder and affiliates, net | (0.1) | (0.2) | |||||||||
Taxes paid related to net share settlement of equity awards and other | (0.9) | (0.1) | |||||||||
Net cash used in financing activities | (10.2) | (0.7) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.3) | (0.1) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 27.4 | (72.4) | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 330.1 | 364.4 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 357.5 | $ | 292.0 | |||||||
Supplemental cash flow information: | |||||||||||
Cash paid for income taxes | $ | 0.4 | $ | 0.5 | |||||||
Supplemental non-cash transactions: | |||||||||||
Non-cash additions to intangible assets related to license agreements | $ | 7.1 | $ | — | |||||||
See accompanying notes to condensed consolidated financial statements. |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Mobile in-app purchases | $ | 165.7 | $ | 139.7 | ||||||||||
Web in-app purchases and other(1) | 20.7 | 18.3 | ||||||||||||
Total revenue | $ | 186.4 | $ | 158.0 | ||||||||||
(1) Other primarily represents advertising revenue, which was not material in the periods presented. |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
North America(1) | $ | 172.9 | $ | 144.9 | ||||||||||
International | 13.5 | 13.1 | ||||||||||||
Total revenue | $ | 186.4 | $ | 158.0 | ||||||||||
(1) North America revenue includes revenue derived from the U.S., Canada and Mexico. |
Accounts Receivable | Contract Assets(1) | Contract Liabilities(2) | |||||||||||||||
Beginning of period balance | $ | 51.0 | $ | 0.1 | $ | 3.0 | |||||||||||
Balance as of March 31, 2023 | 64.2 | 0.1 | 2.5 | ||||||||||||||
(1) Contract assets are included within Prepaid expenses and other current assets in our consolidated balance sheets. (2) Contract liabilities are included within Accrued liabilities in our consolidated balance sheets. |
Revenue Concentration | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Apple | 48.8% | 47.9% | ||||||||||||
34.3% | 34.6% | |||||||||||||
11.3% | 12.1% |
Accounts Receivable Concentration as of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Apple | 61.5% | 48.3% | |||||||||
24.7% | 30.5% | ||||||||||
8.0% | 10.7% |
Total | ||||||||
Balance as of December 31, 2022 | $ | 217.6 | ||||||
Foreign currency adjustments | (1.5) | |||||||
Balance as of March 31, 2023 | $ | 216.1 | ||||||
Gross Carrying Amount | Accumulated Amortization | Net Balance | |||||||||||||||
Balance as of March 31, 2023 | |||||||||||||||||
Intellectual property | $ | 74.3 | $ | (44.1) | $ | 30.2 | |||||||||||
Customer relationships | 29.7 | (24.6) | 5.1 | ||||||||||||||
Software | 40.7 | (23.8) | 16.9 | ||||||||||||||
Licenses | 33.3 | (11.0) | 22.3 | ||||||||||||||
Brand names and other | 10.4 | (5.3) | 5.1 | ||||||||||||||
Total intangible assets and software | $ | 188.4 | $ | (108.8) | $ | 79.6 | |||||||||||
Balance as of December 31, 2022 | |||||||||||||||||
Intellectual property | $ | 75.2 | $ | (43.2) | $ | 32.0 | |||||||||||
Customer relationships | 29.9 | (24.1) | 5.8 | ||||||||||||||
Software | 37.6 | (22.6) | 15.0 | ||||||||||||||
Licenses | 25.9 | (9.4) | 16.5 | ||||||||||||||
Brand names and other | 10.6 | (5.1) | 5.5 | ||||||||||||||
Total intangible assets and software | $ | 179.2 | $ | (104.4) | $ | 74.8 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Amortization expense | $ | 5.5 | $ | 4.3 |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Operating lease right-of-use assets | $ | 4.2 | $ | 4.8 | |||||||
Accrued liabilities | 2.3 | 2.3 | |||||||||
Operating lease liabilities | 2.4 | 3.1 | |||||||||
Total operating lease liabilities | $ | 4.7 | $ | 5.4 | |||||||
Weighted average remaining lease term, years | 2.0 | 2.3 | |||||||||
Weighted average discount rate | 4.9 | % | 4.9 | % | |||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows for operating leases for the three months ended March 31, 2023 and 2022, respectively | $ | 0.6 | $ | 0.6 | |||||||
Operating Leases | |||||
Remainder of 2023 | $ | 1.9 | |||
2024 | 2.4 | ||||
2025 | 0.7 | ||||
Less: imputed interest | (0.3) | ||||
Total | $ | 4.7 |
March 31, 2023 | December 31, 2022 | ||||||||||
Royalties to Light & Wonder for third-party IP | $ | 0.8 | $ | 0.2 | |||||||
Parent services | 0.9 | 0.4 | |||||||||
Reimbursable expenses to (from) Light & Wonder and its subsidiaries | 2.3 | 3.2 | |||||||||
$ | 4.0 | $ | 3.8 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
SciPlay awards(1) | $ | 5.9 | $ | 2.5 | ||||||||||
Parent awards | 0.6 | 0.1 | ||||||||||||
Total | $ | 6.5 | $ | 2.6 | ||||||||||
(1)Includes $2.3 million and $0.6 million of stock-based compensation classified as liability awards as of March 31, 2023 and 2022, respectively. |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 41.8 | $ | 32.0 | ||||||||||
Less: net income attributable to the noncontrolling interest | 36.3 | 27.6 | ||||||||||||
Net income attributable to SciPlay | $ | 5.5 | $ | 4.4 | ||||||||||
Denominator: | ||||||||||||||
Weighted average shares of Class A common stock for basic EPS | 22.0 | 24.6 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock-based compensation grants | 1.0 | 0.2 | ||||||||||||
Weighted average shares of Class A common stock for diluted EPS | 23.0 | 24.8 | ||||||||||||
Basic and diluted net income attributable to SciPlay per share: | ||||||||||||||
Basic | $ | 0.25 | $ | 0.18 | ||||||||||
Diluted | $ | 0.24 | $ | 0.18 |
Three Months Ended | ||||||||||||||||||||||||||
March 31, | Variance | |||||||||||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 vs. 2022 | |||||||||||||||||||||||
Revenue | $ | 186.4 | $ | 158.0 | $ | 28.4 | 18 | % | ||||||||||||||||||
Operating expenses | 146.7 | 123.3 | 23.4 | 19 | % | |||||||||||||||||||||
Operating income | 39.7 | 34.7 | 5.0 | 14 | % | |||||||||||||||||||||
Net income | 41.8 | 32.0 | 9.8 | 31 | % | |||||||||||||||||||||
Net income attributable to SciPlay | 5.5 | 4.4 | 1.1 | 25 | % | |||||||||||||||||||||
AEBITDA | $ | 53.5 | $ | 44.2 | $ | 9.3 | 21 | % | ||||||||||||||||||
Net income margin | 22.4 | % | 20.3 | % | 2.1 | pp | nm | |||||||||||||||||||
AEBITDA margin | 28.7 | % | 28.0 | % | 0.7 | pp | nm | |||||||||||||||||||
pp = percentage points. nm = not meaningful. |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
($ in millions, except percentages) | 2023 | 2022 | ||||||||||||
Net income attributable to SciPlay | $ | 5.5 | $ | 4.4 | ||||||||||
Net income attributable to noncontrolling interest | 36.3 | 27.6 | ||||||||||||
Net income | 41.8 | 32.0 | ||||||||||||
Restructuring and other | 1.4 | 2.2 | ||||||||||||
Depreciation and amortization | 5.9 | 4.7 | ||||||||||||
Income tax expense | 3.9 | 2.2 | ||||||||||||
Stock-based compensation | 6.5 | 2.6 | ||||||||||||
Other (income) expense, net | (6.0) | 0.5 | ||||||||||||
AEBITDA | $ | 53.5 | $ | 44.2 | ||||||||||
Revenue | $ | 186.4 | $ | 158.0 | ||||||||||
Net income margin (Net income/Revenue) | 22.4 | % | 20.3 | % | ||||||||||
AEBITDA margin (AEBITDA/Revenue) | 28.7 | % | 28.0 | % |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, | Variance | ||||||||||||||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 vs. 2022 | ||||||||||||||||||||||||||
Mobile in-app purchases | $ | 165.7 | $ | 139.7 | $ | 26.0 | 19 | % | |||||||||||||||||||||
Web in-app purchases and other(1) | 20.7 | 18.3 | 2.4 | 13 | % | ||||||||||||||||||||||||
Total revenue | $ | 186.4 | $ | 158.0 | $ | 28.4 | 18 | % | |||||||||||||||||||||
(1) Other primarily represents advertising revenue, which was not material in the periods presented. |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, | Variance | ||||||||||||||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 vs. 2022 | ||||||||||||||||||||||||||
North America(1) | $ | 172.9 | $ | 144.9 | $ | 28.0 | 19 | % | |||||||||||||||||||||
International | 13.5 | 13.1 | 0.4 | 3 | % | ||||||||||||||||||||||||
Total revenue | $ | 186.4 | $ | 158.0 | $ | 28.4 | 18 | % | |||||||||||||||||||||
(1) North America revenue includes revenue derived from the U.S., Canada and Mexico. |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
March 31, | Variance | Percentage of Revenue | |||||||||||||||||||||||||||||||||||||||
($ in millions) | 2023 | 2022 | 2023 vs. 2022 | 2023 | 2022 | 2023 vs. 2022 Change | |||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of revenue(1) | $ | 57.7 | $ | 48.2 | $ | 9.5 | 20 | % | 31.0 | % | 30.5 | % | 0.5 | pp | |||||||||||||||||||||||||||
Sales and marketing(1) | 46.9 | 40.0 | 6.9 | 17 | % | 25.2 | % | 25.3 | % | (0.1) | pp | ||||||||||||||||||||||||||||||
General and administrative(1) | 22.1 | 16.7 | 5.4 | 32 | % | 11.9 | % | 10.6 | % | 1.3 | pp | ||||||||||||||||||||||||||||||
Research and development(1) | 12.7 | 11.5 | 1.2 | 10 | % | 6.8 | % | 7.3 | % | (0.5) | pp | ||||||||||||||||||||||||||||||
Depreciation and amortization | 5.9 | 4.7 | 1.2 | 26 | % | 3.2 | % | 3.0 | % | 0.2 | pp | ||||||||||||||||||||||||||||||
Restructuring and other | 1.4 | 2.2 | (0.8) | (36) | % | nm | nm | nm | |||||||||||||||||||||||||||||||||
Total operating expenses | $ | 146.7 | $ | 123.3 | $ | 23.4 | 19 | % | |||||||||||||||||||||||||||||||||
(1) Excludes depreciation and amortization. pp = percentage points. nm = not meaningful. |
Three Months Ended | |||||||||||
March 31, | |||||||||||
($ in millions) | 2023 | 2022 | |||||||||
Net cash provided by operating activities | $ | 41.7 | $ | 36.6 | |||||||
Net cash used in investing activities | (3.8) | (108.2) | |||||||||
Net cash used in financing activities | (10.2) | (0.7) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.3) | (0.1) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | $ | 27.4 | $ | (72.4) |
Exhibit Number | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Label Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
(†) Filed herewith. ** Furnished herewith. * Management contracts and compensation plans and arrangements. |
SCIPLAY CORPORATION | |||||||||||
(Registrant) | |||||||||||
By: | /s/ Daniel O’Quinn | ||||||||||
Name: | Daniel O’Quinn | ||||||||||
Title: | Interim Chief Financial Officer and Secretary | ||||||||||
Dated: | May 9, 2023 |
1 Year SciPlay Chart |
1 Month SciPlay Chart |
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