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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 |
Delivered Continued Growth with Revenues up 4% Year-Over-Year and 1% Sequentially
ARPDAU up 3% to $0.74 Year-Over-Year
Average MPU increased 5% Year-Over-Year While Maintaining Elevated AMRPPU
Returned $15 Million of Capital to Shareholders Through Share Repurchase, Representing 25% of Total Authorization in First Three Months of Program(1)
SciPlay Corporation (NASDAQ: SCPL) (“SciPlay” or the “Company”) today reported results for the second quarter ended June 30, 2022.
Josh Wilson, Chief Executive Officer of SciPlay, said, "We are pleased with the progress we made and the continued momentum we are seeing in our business. Our teams have been laser-focused on executing on the strategy we laid out during our investor day, and capitalizing on the opportunities we see ahead. We grew market share in the quarter, once again outperforming the social casino market. Our core business remains healthy even in a seasonally soft quarter, and we continue to progress on the integration of Alictus with the studio launching a number of new games in the quarter.
"We grew our top line and continued to invest in our key initiatives to fuel long-term growth and profitability. Quick Hits® had its second consecutive quarter of record revenue and our largest games, like Jackpot Party® and Gold Fish Casino® continued to deliver strong results. We achieved a record payer conversion rate of 9.4% while maintaining our DAUs.
"We continue to target full year 2022 revenue growth of 10% and we have refined our target for full year AEBITDA margin(2) to a range of 28% to 29%."
Daniel O'Quinn, Interim Chief Financial Officer of SciPlay, added "This was another solid quarter with SciPlay delivering year-over-year and sequential revenue growth. We are seeing our investments in our growth initiatives paying off as we continue to deliver strong engagement and monetization metrics. Our highly cash generative business, coupled with a very strong balance sheet allowed us to invest in our future while at the same time return capital to shareholders. In just three months, we purchased $15 million or 1.1 million of our Class A shares. This represents 25% of our $60 million, two-year authorization. We will continue to be focused on allocating capital to drive profitable growth and enhance value for our shareholders."
_________________
(1) The amount and share count as of August 5, 2022.
(2) Represents a non-GAAP financial measure. Additional information on non-GAAP financial measures presented herein is available at the end of this release.
SUMMARY RESULTS
Three Months Ended
($ in millions)
June 30,
2022
2021
Revenue
$
160.1
$
154.0
Net income
32.3
37.9
Net income margin
20.2
%
24.6
%
Net cash provided by operating activities
37.6
48.7
Capital expenditures
3.1
5.0
Non-GAAP Financial Measures (1)
Adjusted EBITDA (“AEBITDA”)
$
41.1
$
47.9
AEBITDA margin
25.7
%
31.1
%
As of June 30,
As of December 31,
Balance Sheet Measures
2022
2021
Cash and cash equivalents
$
316.1
$
364.4
Available liquidity(2)
466.1
514.4
(1) The financial measures “AEBITDA” and “AEBITDA margin” are non-GAAP financial measures defined below under “Non-GAAP Financial Measures” and are reconciled to the most directly comparable GAAP measures in the accompanying supplemental tables at the end of this release.
(2) Available liquidity is calculated as cash and cash equivalents plus the undrawn capacity on our revolver.
Key Performance Indicators
(in millions, except Average Revenue Per Daily Active Users ("ARPDAU"), Average Monthly Revenue Per Paying User ("AMRPPU"), and percentages; KPIs include only in-app purchases)
Three Months Ended
June 30,
Increase /
2022
2021
(Decrease)
Mobile Penetration
90
%
88
%
2.0pp
Average Monthly Active Users
5.9
6.3
(0.4
)
Average Daily Active Users
2.3
2.3
—
ARPDAU
$
0.74
$
0.72
$
0.02
Average Monthly Paying Users
0.6
0.5
0.1
AMRPPU
$
90.99
$
96.29
$
(5.30
)
Payer Conversion Rate
9.4
%
8.5
%
0.9pp
pp = percentage points.
Second Quarter 2022 Financial Highlights
Second Quarter Key Performance Highlights
About SciPlay
SciPlay Corporation (NASDAQ: SCPL) is a leading developer and publisher of digital games on mobile and web platforms. SciPlay currently offers social casino games Jackpot Party® Casino, Gold Fish® Casino, Quick Hit® Slots, 88 Fortunes® Slots, MONOPOLY Slots, and Hot Shot Casino®, casual games Bingo Showdown®, Solitaire Pets™ Adventure, and Backgammon Live and a variety of hyper-casual games such as Rob Master 3D™, Deep Clean Inc.™ and Oh God™. All of SciPlay's games are offered and played on multiple platforms, including Apple, Google, Facebook, and Amazon. In addition to developing original games, SciPlay has access to a library of more than 1,500 real-world slot and table games provided by Light & Wonder, Inc. (formerly known as Scientific Games Corporation) and its Subsidiaries. For more information, please visit SciPlay.com.
You can access our filings with the SEC through the SEC website at www.sec.gov or through our website, and we strongly encourage you to do so. We routinely post information that may be important to investors on our website at investors.sciplay.com, and we use our website as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC's Regulation Fair Disclosure (Reg FD). The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this or any other document, and shall not be deemed "filed" under the Securities Exchange Act of 1934, as amended.
All ® and © notices signify marks registered in the United States by SciPlay Games, LLC and/or SG Gaming, Inc., and or their respective affiliates.
© 2022 SciPlay Corporation. All Rights Reserved.
Forward-Looking Statements
Throughout this press release, we make “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as “may,” “will,” “estimate,” “intend,” “plan,” “continue,” “believe,” “expect,” “anticipate,” “target,” “should,” “could,” “potential,” “opportunity,” “goal,” or similar terminology. These statements are based upon management’s current expectations, assumptions and estimates and are not guarantees of timing, future results or performance. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. Actual results may differ materially from those contemplated in these statements due to a variety of risks and uncertainties and other factors, including, among other things:
Additional information regarding risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated in forward-looking statements is included from time to time in our filings with the SEC, including the Company's current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K (including under the headings "Forward Looking Statements" and "Risk Factors"). Forward-looking statements speak only as of the date they are made and, except for our ongoing obligations under the U.S. federal securities laws, we undertake no and expressly disclaim any obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.
This press release may contain references to industry market data and certain industry forecasts. Industry market data and industry forecasts are obtained from publicly available information and industry publications. Industry publications generally state that the information contained therein has been obtained from sources believed to be reliable, but that the accuracy and completeness of that information is not guaranteed. Although we believe industry information to be accurate, it is not independently verified by us and we do not make any representation as to the accuracy of that information. In general, we believe there is less publicly available information concerning international social gaming industries than the same industries in the U.S. Some data is also based on our good faith estimates, which are derived from our review of internal surveys or data, as well as the independent sources referenced above. Assumptions and estimates of our and our industry's future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described under “Risk Factors” in Part II, Item 1A of our Quarterly Reports on Form 10-Q and Part I, Item 1A “Risk Factors” in our 2021 Annual Report on Form 10-K. These and other factors could cause future performance to differ materially from our assumptions and estimates.
Due to rounding, certain numbers presented herein may not precisely recalculate.
SCIPLAY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in millions, except per share amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Revenue
$
160.1
$
154.0
$
318.1
$
305.1
Operating expenses:
Cost of revenue(1)
47.9
48.0
96.1
95.1
Sales and marketing(1)
46.6
34.1
86.6
68.8
General and administrative(1)
14.7
18.0
31.4
33.7
Research and development(1)
11.3
9.5
22.8
19.0
Depreciation and amortization
5.5
3.5
10.2
6.9
Restructuring and other
1.1
1.1
3.3
1.4
Operating income
33.0
39.8
67.7
80.2
Other expense, net
—
(0.1
)
(0.5
)
(0.5
)
Net income before income taxes
33.0
39.7
67.2
79.7
Income tax expense
0.7
1.8
2.9
3.9
Net income
32.3
37.9
64.3
75.8
Less: Net income attributable to the noncontrolling interest
26.6
32.0
54.2
64.6
Net income attributable to SciPlay
$
5.7
$
5.9
$
10.1
$
11.2
Basic and diluted net income attributable to SciPlay per share:
Basic
$
0.23
$
0.24
$
0.41
$
0.47
Diluted
$
0.23
$
0.24
$
0.41
$
0.45
Weighted average number of shares of Class A common stock used in per share calculation:
Basic shares
24.6
24.4
24.6
23.8
Diluted shares
24.8
24.7
24.8
24.9
(1) Excludes depreciation and amortization.
SCIPLAY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions, except par value)
As of
June 30, 2022
December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
316.1
$
364.4
Accounts receivable, net
41.2
39.6
Prepaid expenses and other current assets
19.0
6.4
Total current assets
376.3
410.4
Property and equipment, net
3.0
3.5
Operating lease right-of-use assets
5.5
6.8
Goodwill
219.0
131.1
Intangible assets and software, net
80.1
49.6
Deferred income taxes
75.7
78.5
Other assets
1.6
1.7
Total assets
$
761.2
$
681.6
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
19.8
$
20.0
Accrued liabilities
52.3
50.2
Due to affiliate
3.1
1.6
Total current liabilities
75.2
71.8
Operating lease liabilities
4.1
5.4
Liabilities under TRA
64.7
64.7
Other long-term liabilities
38.0
14.7
Total stockholders’ equity(1)
$
579.2
$
525.0
Total liabilities and stockholders’ equity
$
761.2
$
681.6
(1) Includes $473.7 million and $426.4 million in noncontrolling interest as of June 30, 2022 and December 31, 2021, respectively.
SCIPLAY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Net cash provided by operating activities
$
37.6
$
48.7
$
74.2
$
68.3
Net cash used in investing activities
(3.1
)
(5.0
)
(111.3
)
(7.1
)
Net cash used in financing activities
(10.0
)
(15.0
)
(10.7
)
(29.2
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(0.4
)
0.1
(0.5
)
(0.1
)
Increase (decrease) in cash, cash equivalents and restricted cash
24.1
28.8
(48.3
)
31.9
Cash, cash equivalents and restricted cash, beginning of period
292.0
272.0
364.4
268.9
Cash, cash equivalents and restricted cash, end of period
$
316.1
$
300.8
$
316.1
$
300.8
Supplemental cash flow information:
Cash paid for income taxes
$
1.5
$
0.3
$
2.0
$
4.1
Supplemental non-cash transactions:
Non-cash additions to intangible assets related to license agreements
$
1.9
$
—
$
1.9
$
14.0
SCIPLAY CORPORATION
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO SCIPLAY TO AEBITDA
(Unaudited, in millions)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Net income attributable to SciPlay
$ 5.7
$ 5.9
$ 10.1
$ 11.2
Net income attributable to noncontrolling interest
26.6
32.0
54.2
64.6
Net income
32.3
37.9
64.3
75.8
Restructuring and other(1)
1.1
1.1
3.3
1.4
Depreciation and amortization
5.5
3.5
10.2
6.9
Income tax expense
0.7
1.8
2.9
3.9
Stock-based compensation
1.5
3.5
4.1
5.3
Other expense, net
—
0.1
0.5
0.5
AEBITDA
$ 41.1
$ 47.9
$ 85.3
$ 93.8
Revenue
$ 160.1
$ 154.0
$ 318.1
$ 305.1
Net income margin (Net income/Revenue)
20.2 %
24.6 %
20.2 %
24.8 %
AEBITDA margin (AEBITDA/Revenue)
25.7 %
31.1 %
26.8 %
30.7 %
(1) Refer to AEBITDA definition for a description of items included in restructuring and other.
RECONCILIATION OF NET INCOME MARGIN
TO AEBITDA MARGIN
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Net income margin (Net income/Revenue)
20.2
%
24.6
%
20.2
%
24.8
%
Restructuring and other
0.7
%
0.7
%
1.0
%
0.5
%
Depreciation and amortization
3.4
%
2.3
%
3.2
%
2.3
%
Income tax expense
0.5
%
1.2
%
0.9
%
1.3
%
Stock-based compensation
0.9
%
2.3
%
1.3
%
1.6
%
Other expense, net
0.0
%
0.0
%
0.2
%
0.2
%
AEBITDA margin (AEBITDA/Revenue)
25.7
%
31.1
%
26.8
%
30.7
%
Non-GAAP Financial Measures
Adjusted EBITDA, or AEBITDA, as used herein, is a non-GAAP financial measure that is presented as supplemental disclosure and is reconciled to net income attributable to SciPlay as the most directly comparable GAAP measure as set forth in the above table. We define AEBITDA to include net income attributable to SciPlay before: (1) net income attributable to noncontrolling interest; (2) interest expense; (3) income tax expense; (4) depreciation and amortization; (5) restructuring and other, which includes charges or expenses attributable to: (a) employee severance; (b) management changes; (c) restructuring and integration; (d) M&A and other, which includes: (i) M&A transaction costs; (ii) purchase accounting adjustments; (iii) unusual items (including certain legal settlements) and (iv) other non-cash items; (e) contingent acquisition consideration and (f) cost-savings initiatives; (6) stock-based compensation; (7) loss (gain) on debt financing transactions; and (8) other expense (income) including foreign currency (gains) and losses. We also use AEBITDA margin, a non-GAAP measure, which we calculate as AEBITDA as a percentage of revenue.
Our management uses AEBITDA and AEBITDA margin to, among other things: (i) monitor and evaluate the performance of our business operations; (ii) facilitate our management’s internal comparisons of our historical operating performance and (iii) analyze and evaluate financial and strategic planning decisions regarding future operating investments and operating budgets. In addition, our management uses AEBITDA and AEBITDA margin to facilitate management’s external comparisons of our results to the historical operating performance of other companies that may have different capital structures and debt levels. Our management believes that AEBITDA and AEBITDA margin are useful as they provide investors with information regarding our financial condition and operating performance that is an integral part of our management’s reporting and planning processes. In particular, our management believes that AEBITDA is helpful because this non-GAAP financial measure eliminates the effects of restructuring, transaction, integration or other items that management believes have less bearing on our ongoing underlying operating performance. Management believes AEBITDA margin is useful as it provides investors with information regarding the underlying operating performance and margin generated by our business operations. The forward-looking non-GAAP financial measure target AEBITDA margin range is presented on a supplemental basis. We are not providing a forward-looking quantitative reconciliation of target AEBITDA margin to the most directly comparable GAAP measure because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the relevant period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005459/en/
Media Relations Grace Russell +1 702-577-7928 Senior Director, Corporate Communications media@lnw.com
Investor Relations Robert Weiner +1 904-495-8227 Vice President, Investor Relations robert.weiner@sciplay.com
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