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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Zynga Inc | NASDAQ:ZNGA | 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% | 8.18 | 8.23 | 6.40 | 0 | 01:00:00 |
Delivered Results Above Guidance Range With $182M in Bookings and $11M in Adjusted EBITDA
Zynga management will host a live Q&A session at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today, May 4, to discuss the Company's Q1 2016 performance and business outlook. Questions may be asked on the call or submitted in advance via email to investors@zynga.com, and the company will respond to as many questions as possible.
“It’s been a productive two months leading Zynga as CEO. I’m seeing our momentum improve as our teams continue their commitment to growing our established live franchises and demonstrate more cost and operating discipline. As a result, Q1 bookings were above the high end of our guidance range at $182 million, and Adjusted EBITDA was above our range at $11 million. Our mobile momentum continued with mobile now representing 76% of our total bookings, up from 73% from last quarter, and total mobile audience up 7% from last quarter,” said Frank Gibeau, CEO of Zynga. “Zynga has all the ingredients it needs for a successful turnaround. My priority is to bring our founding social gaming vision to life in our games and lead our teams to deliver high quality experiences for players on time and profitably.”
“Since joining, the biggest surprise for me has been how much operating leverage we have across the company, which we can unlock with improved planning, more focused execution and cost control. That means putting in place more disciplined, consistent development practices and more cross team collaboration. Over the long term, there’s no reason why Zynga’s margins can’t be more in line with its peers. We’re committed to improving our operating leverage and cost management to attain those levels. Longer term, we’re building a world class studio and innovative creative culture. In my experience, the best games in the world are made by small, complete teams with great chemistry who build games in a predictable and profitable way,” said Gibeau.
Financial Highlights
Mobile Highlights
Product Highlights
Financial Highlights (in thousands, except per share data)
Three Months Ended | ||||||||||||
March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||||||||
GAAP Results | ||||||||||||
Revenue | $ | 186,721 | $ | 185,769 | $ | 183,293 | ||||||
Net income (loss) | $ | (26,558 | ) | $ | (51,198 | ) | $ | (46,496 | ) | |||
Diluted net income (loss) per share | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.05 | ) | |||
Non-GAAP Results | ||||||||||||
Bookings | $ | 181,625 | $ | 182,104 | $ | 167,410 | ||||||
Adjusted EBITDA | $ | 10,939 | $ | 1,656 | $ | 2,093 | ||||||
Non-GAAP net income (loss) | $ | 1,553 | $ | 375 | $ | (6,713 | ) | |||||
Non-GAAP earnings (loss) per share | $ | 0.00 | $ | 0.00 | $ | (0.01 | ) | |||||
Player Metrics (users and payers in millions)
Three Months Ended | ||||||||||||||||||||||
March 31, | December 31, | March 31, | Q1'16 | Q1'16 | ||||||||||||||||||
2016 | 2015 | 2015 | Q/Q | Y/Y | ||||||||||||||||||
Average daily active users (DAUs) | 19 | 18 | 25 | 7 | % | (21 | )% | |||||||||||||||
Average mobile DAUs | 16 | 15 | 19 | 7 | % | (16 | )% | |||||||||||||||
Average web DAUs | 3 | 3 | 6 | 10 | % | (37 | )% | |||||||||||||||
Average monthly active user (MAUs) | 68 | 68 | 100 | 1 | % | (32 | )% | |||||||||||||||
Average mobile MAUs | 55 | 55 | 76 | 0 | % | (27 | )% | |||||||||||||||
Average web MAUs | 13 | 13 | 24 | 4 | % | (46 | )% | |||||||||||||||
Average daily bookings per average DAU (ABPU) | $ | 0.103 | $ | 0.110 | $ | 0.076 | (6 | )% | 36 | % | ||||||||||||
Average monthly unique users (MUUs) (1) | 56 | 48 | 71 | (2 | ) | 16 | % | (21 | )% | |||||||||||||
Average monthly unique payers (MUPs) (1) | 1.0 | 0.8 | 1.1 | 18 | % | (12 | )% | |||||||||||||||
Payer conversion (1) | 1.7 | % | 1.7 | % | 1.5 | % | 2 | % | 11 | % | ||||||||||||
(1) MUUs, MUPs and payer conversion exclude certain games as our systems are unable to distinguish whether a player of these games is also a player of other Zynga games. We exclude players of these games to avoid potential duplication.
(2) In the third quarter of 2015, the company made a modification to its calculation of MUU to further reduce duplication. MUU for the first quarter of 2015 has been revised to reflect the company’s current calculation.
First Quarter 2016 Financial Summary
Second Quarter Outlook
Zynga’s outlook for the second quarter of 2016 is as follows:
Conference Call Details
In addition to today’s press release, a copy of our Q1 2016 Quarterly Earnings Letter, which outlines our Q1 2016 financial results and business outlook, is available on our website at http://investor.zynga.com.
Zynga will host a live Q&A session today, May 4, 2016, at 2:00 pm PDT (5:00 pm EDT) to discuss financial results. Questions may be asked on the call or submitted in advance via email to investors@zynga.com, and the company will respond to as many questions as possible.
The live Q&A session can be accessed at http://investor.zynga.com - a replay of which will be available through the website after the call - or via the below conference dial-in number:
Toll-Free Dial-In Number: (800) 537-0745 International Dial-In Number: (253) 237-1142 Conference ID: 81887124
About Zynga Inc.
Zynga Inc. is a leading developer of the world’s most popular social games that are played by millions of monthly consumers. The company has created evergreen franchises such as FarmVille, Zynga Casino and Words With Friends. Zynga’s NaturalMotion, an Oxford-based mobile game and technology developer, is the creator of hit mobile games in popular entertainment categories, including CSR Racing, CSR Classics and Clumsy Ninja. Zynga games have been played by more than 1 billion people around the world and are available on a number of global platforms including Apple iOS, Google Android, Facebook and Zynga.com. The company is headquartered in San Francisco, California. Learn more about Zynga at http://blog.zynga.com or follow us on Twitter and Facebook.
The Zynga Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11743
Key Operating Metrics
We manage our business by tracking several operating metrics: “DAUs,” which measure daily active users of our games, “MAUs,” which measure monthly active users of our games, “MUUs,” which measure monthly unique users of our games, “MUPs,” which measure monthly unique payers in our games, and “ABPU,” which measures our average daily bookings per average DAU, each of which is recorded by our internal analytics systems. The numbers for these operating metrics are calculated using internal company data based on tracking of user account activity. We also use third party network logins to help us track whether a player logged under two or more different user accounts is the same individual. We believe that the numbers are reasonable estimates of our user base for the applicable period of measurement; however, factors relating to user activity and systems may impact these numbers.
Please refer to our Annual Report on Form 10-K for the year ended December 31, 2015 and, when filed, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, for our definitions of “DAU,” “MAU,” “MUU,” “MUP” and “ABPU”.
MUUs, MUPs and payer conversion in this press release exclude Rising Ride games (Black Diamond Casino and Vegas Diamond Slots) and Zindagi legacy games (Yummy Gummy and Crazy Kitchen) as our systems are unable to distinguish whether a player of these games is also a player of other Zynga games. We exclude players of these games to avoid potential duplication.
Forward-Looking Statements
This press release contains forward-looking statements relating to, among other things, our outlook for the second quarter of 2016, including revenue, net income (loss), net income (loss) per share, bookings, Adjusted EBITDA and non-GAAP income (loss) per share); certain other financial items necessary for GAAP to non-GAAP reconciliation; our future operational plans, use of cash, strategies and prospects; our cost structure and cost reduction plans and estimated savings and charges; our ability to accelerate execution, drive profitability and nurture creativity and innovation while reducing costs and lowering discretionary spend; the breadth and depth of our 2016 game slate and the success of these games, including recently launched Willy Wonka and the Chocolate Factory Slots, Spin It Rich! Slots, Vegas Diamond Slots and Crazy Cake Swap and future launches of True Vegas Slots, Wizard of Oz Magic Match, Ice Age: Arctic Blast, FarmVille: Tropic Escape, Dawn of Titans and CSR2; our ability to change our mix of R&D and unlaunched game slate to live games; our ability to increase the predictability of our business; our continued transition to mobile; our ability to sustain player engagement, develop compelling social features, optimize to increase long-term player retention and the lifetime value of our players, generate installs (including organically and through accretive player acquisition spend) and monetize our live games (including our Slots franchise games, Words With Friends, Zynga Poker, FarmVille franchise games and Match-3 franchise games) and games in geo-lock testing (including True Vegas Slots, Wizard of Oz Magic Match, Ice Age: Arctic Blast, FarmVille: Tropic Escape, Dawn of Titans and CSR2); our ability to grow our mobile bookings in 2016 and beyond; our ability to execute against our strategy and deliver long-term value to our shareholders, employees and players and fulfill our mission to connect the world through games; our ability to attract and retain key employees in light of business challenges, including employees key to franchise games and planned launches and senior management; the strength of our balance sheet and our ability to effectively manage our cost structure and investments; the timely launch and success of our games, including the launch of our 2016 game slate (including the games noted above); our ability to improve our execution against audience growth and product quality; our ability to effectively market our games; our ability to execute in mobile; our ability to sustain and expand key games to sustain and grow audiences, bookings, and engagement, including games within our Slots franchise, Words With Friends, Zynga Poker, FarmVille franchise and Match-3 franchise; investment in new game development, marketing for live games and new game launches and core infrastructure in data and analytics; our ability to build on our social legacy in both our web games and our new mobile games and build a player network across mobile games; leverage licensed brands like Wizard of Oz and Willy Wonka and the Chocolate Factory, our ability to accurately forecast our upcoming game launches and bookings and revenue related to upcoming game launches and the performance of our existing games; our ability to operate in an entrepreneurial manner, innovate on game mechanics, and leverage data and analytics in our operations; our ability to utilize, protect, defend and enforce our intellectual property; and the market opportunity in the social gaming market, including the mobile market, the advertising market, the market for social game categories in which we invest, and our ability to capitalize on and contribute to this market opportunity.
Forward-looking statements often include words such as “outlook,” “project,” “plan,” “intend,” “could,” “should,” “would,” “will,” “might,” “anticipate,” “estimate,” “continue,” “believe,” “may,” “target,” “expect,” or similar expressions, the negative or plural of these words or expressions and statements in the future tense are generally forward-looking. The achievement or success of the matters covered by such forward-looking statements is subject to a number of risks, uncertainties, and assumptions. More information about factors that could affect our operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2015, and, when filed, our Quarterly Report on Form 10-Q for the three months ended March 31, 2016, copies of which may be obtained by visiting our Investor Relations web site at http://investor.zynga.com or the Securities and Exchange Commission’s (the “SEC”) web site at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. There is no guarantee that the circumstances described in our forward-looking statements will occur. Except as required by law, we assume no obligation to update any forward-looking statements for any reason to conform these statements to actual results or to changes in our expectations. The results we report in our Quarterly Report on Form 10-Q for the three months ended March 31, 2016 could differ from the preliminary results we have announced in this press release.
Non-GAAP Financial Measures
We have provided in this press release certain non-GAAP financial measures, including bookings, Adjusted EBITDA, non-GAAP net income (loss), free cash flow, non-GAAP provision for (benefit from) income taxes, non-GAAP net income (loss) per share, and non-GAAP diluted share count, to supplement our consolidated financial statements prepared in accordance with GAAP (our “GAAP financial statements”). Management uses these non-GAAP financial measures internally in analyzing our financial results to assess operational performance and liquidity. Our non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for our GAAP financial statements. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial metrics we use in making operating decisions and because our investors and analysts use them to help assess the health of our business. In line with our historical practice, the financial information presented herein is provided on a supplemental, non-GAAP basis unless otherwise indicated. We have provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in (i) this press release announcing our financial results for the three months ended March 31, 2016 (which is included as Exhibit 99.1 to our Current Report on Form 8-K, filed with the SEC on May 4, 2016, a copy of which may be obtained by visiting our Investor Relations web site at http://investor.zynga.com or the SEC’s web site at www.sec.gov), (ii) when filed, our Quarterly Report on Form 10-Q for the three months ended March 31, 2016, a copy of which may be obtained by visiting our Investor Relations web site at http://investor.zynga.com or the SEC’s web site at www.sec.gov, and (iii) our first quarter of 2016 earnings slides presentation, dated May 4, 2016, a copy of which may be obtained by visiting our Investor Relations web site at http://investor.zynga.com.
Some limitations of the non-GAAP financial measures included in this press release:
Because of these limitations, you should consider the non-GAAP financial measures presented in this press release with our GAAP financial statements. See the GAAP to non-GAAP reconciliations in this press release and in the places listed above for further details.
ZYNGA INC.CONSOLIDATED BALANCE SHEETS(In thousands, unaudited)
March 31, | December 31, | |||||||
2016 | 2015 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 731,451 | $ | 742,217 | ||||
Marketable securities | 126,010 | 245,033 | ||||||
Accounts receivable | 72,393 | 79,610 | ||||||
Income tax receivable | 4,638 | 5,233 | ||||||
Restricted cash | 2,082 | 209 | ||||||
Other current assets | 41,065 | 39,988 | ||||||
Total current assets | 977,639 | 1,112,290 | ||||||
Goodwill | 652,436 | 657,671 | ||||||
Other intangible assets, net | 58,406 | 64,016 | ||||||
Property and equipment, net | 271,590 | 273,221 | ||||||
Restricted cash | 250 | 986 | ||||||
Other long-term assets | 17,298 | 16,446 | ||||||
Total assets | $ | 1,977,619 | $ | 2,124,630 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 13,398 | $ | 29,676 | ||||
Other current liabilities | 61,107 | 77,691 | ||||||
Deferred revenue | 123,920 | 128,839 | ||||||
Total current liabilities | 198,425 | 236,206 | ||||||
Deferred revenue | 27 | 204 | ||||||
Deferred tax liabilities | 6,461 | 6,026 | ||||||
Other non-current liabilities | 95,928 | 95,293 | ||||||
Total liabilities | 300,841 | 337,729 | ||||||
Stockholders’ equity: | ||||||||
Common stock and additional paid in capital | 3,270,310 | 3,234,551 | ||||||
Treasury stock | (102,130 | ) | (98,942 | ) | ||||
Accumulated other comprehensive income (loss) | (69,581 | ) | (52,388 | ) | ||||
Accumulated deficit | (1,421,821 | ) | (1,296,320 | ) | ||||
Total stockholders’ equity | 1,676,778 | 1,786,901 | ||||||
Total liabilities and stockholders’ equity | $ | 1,977,619 | $ | 2,124,630 | ||||
ZYNGA INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data, unaudited)
Three Months Ended | ||||||||||||
March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||||||||
Revenue: | ||||||||||||
Online game | $ | 137,057 | $ | 129,463 | $ | 147,963 | ||||||
Advertising and other | 49,664 | 56,306 | 35,330 | |||||||||
Total revenue | 186,721 | 185,769 | 183,293 | |||||||||
Costs and expenses: | ||||||||||||
Cost of revenue | 57,139 | 63,397 | 57,622 | |||||||||
Research and development | 87,737 | 85,099 | 107,520 | |||||||||
Sales and marketing | 46,344 | 53,066 | 31,839 | |||||||||
General and administrative | 22,384 | 39,333 | 40,381 | |||||||||
Total costs and expenses | 213,604 | 240,895 | 237,362 | |||||||||
Income (loss) from operations | (26,883 | ) | (55,126 | ) | (54,069 | ) | ||||||
Interest income | 705 | 603 | 794 | |||||||||
Other income (expense), net | 2,100 | 1,463 | 8,359 | |||||||||
Income (loss) before income taxes | (24,078 | ) | (53,060 | ) | (44,916 | ) | ||||||
Provision for (benefit from) income taxes | 2,480 | (1,862 | ) | 1,580 | ||||||||
Net income (loss) | $ | (26,558 | ) | $ | (51,198 | ) | $ | (46,496 | ) | |||
Net income (loss) per share attributable to common stockholders: | ||||||||||||
Basic and diluted | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.05 | ) | |||
Weighted average common shares used to compute net income (loss) per share attributable to common stockholders: | ||||||||||||
Basic and diluted | 871,093 | 922,540 | 898,344 | |||||||||
Stock-based expense included in the above line items | ||||||||||||
Cost of revenue | $ | 649 | $ | 1,712 | $ | 1,072 | ||||||
Research and development | 24,203 | 24,063 | 28,317 | |||||||||
Sales and marketing | 1,991 | 2,320 | 1,519 | |||||||||
General and administrative | 2,765 | 3,677 | 10,554 | |||||||||
Total stock-based expense | $ | 29,608 | $ | 31,772 | $ | 41,462 | ||||||
ZYNGA INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands, unaudited)
Three Months Ended | ||||||||||||
March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||||||||
Operating activities: | ||||||||||||
Net income (loss) | $ | (26,558 | ) | $ | (51,198 | ) | $ | (46,496 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in)operating activities: | ||||||||||||
Depreciation and amortization | 10,812 | 11,966 | 17,722 | |||||||||
Stock-based expense | 29,608 | 31,772 | 41,462 | |||||||||
(Gain) loss from sales of investments, assets and other, net | 11 | 725 | (6,056 | ) | ||||||||
Tax benefits (costs) from stock-based awards | — | 899 | — | |||||||||
Excess tax benefits (costs) from stock-based awards | — | (899 | ) | — | ||||||||
Accretion and amortization on marketable securities | 259 | 770 | 2,087 | |||||||||
Deferred income taxes | 1,422 | (3,542 | ) | 998 | ||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable, net | 7,217 | 7,604 | 10,090 | |||||||||
Income tax receivable | 595 | (217 | ) | (1,198 | ) | |||||||
Other assets | (1,812 | ) | (4,307 | ) | (7,687 | ) | ||||||
Accounts payable | (12,818 | ) | (1,292 | ) | 1,063 | |||||||
Deferred revenue | (5,096 | ) | (3,665 | ) | (15,883 | ) | ||||||
Other liabilities | (6,945 | ) | 14,849 | (43,104 | ) | |||||||
Net cash provided by (used in) operating activities | (3,305 | ) | 3,465 | (47,002 | ) | |||||||
Investing activities: | ||||||||||||
Purchases of marketable securities | — | — | (101,091 | ) | ||||||||
Sales and maturities of marketable securities | 118,900 | 165,181 | 234,555 | |||||||||
Acquisition of property and equipment | (2,654 | ) | (985 | ) | (2,112 | ) | ||||||
Business acquisitions, net of cash acquired | (12,500 | ) | — | — | ||||||||
Proceeds from sale of property and equipment | 398 | 64 | — | |||||||||
Proceeds from sale of equity method investment | — | — | 10,507 | |||||||||
Net cash provided by (used in) investing activities | 104,144 | 164,260 | 141,859 | |||||||||
Financing activities: | ||||||||||||
Taxes paid related to net share settlement of equity awards | (919 | ) | (1,036 | ) | (1,008 | ) | ||||||
Repurchases of common stock | (112,392 | ) | (88,409 | ) | — | |||||||
Proceeds from employee stock purchase plan and exercise of stock options | 2,476 | 275 | 3,390 | |||||||||
Excess tax benefits (costs) from stock-based awards | — | 899 | — | |||||||||
Acquisition-related contingent consideration payment | — | — | (10,790 | ) | ||||||||
Net cash provided by (used in) financing activities | (110,835 | ) | (88,271 | ) | (8,408 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (770 | ) | (257 | ) | (297 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | (10,766 | ) | 79,197 | 86,152 | ||||||||
Cash and cash equivalents, beginning of period | 742,217 | 663,020 | 131,303 | |||||||||
Cash and cash equivalents, end of period | $ | 731,451 | $ | 742,217 | $ | 217,455 | ||||||
ZYNGA INC.RECONCILIATION OF GAAP TO NON-GAAP RESULTS(In thousands, except per share data, unaudited)
Three Months Ended | ||||||||||||
March 31, 2016 | December 31, 2015 | March 31, 2015 | ||||||||||
Reconciliation of Revenue to Bookings | ||||||||||||
Revenue | $ | 186,721 | $ | 185,769 | $ | 183,293 | ||||||
Change in deferred revenue | (5,096 | ) | (3,665 | ) | (15,883 | ) | ||||||
Bookings | $ | 181,625 | $ | 182,104 | $ | 167,410 | ||||||
Reconciliation of Net income (loss) to Adjusted EBITDA | ||||||||||||
Net income (loss) | $ | (26,558 | ) | $ | (51,198 | ) | $ | (46,496 | ) | |||
Provision for (benefit from) income taxes | 2,480 | (1,862 | ) | 1,580 | ||||||||
Other income (expense), net | (2,100 | ) | (1,463 | ) | (8,359 | ) | ||||||
Interest income | (705 | ) | (603 | ) | (794 | ) | ||||||
Restructuring expense, net | 468 | 19,748 | 3,461 | |||||||||
Depreciation and amortization | 10,812 | 11,966 | 17,722 | |||||||||
Acquisition-related transaction expenses | — | 249 | — | |||||||||
Contingent consideration fair value adjustment | 2,030 | (3,288 | ) | 9,400 | ||||||||
Stock-based expense | 29,608 | 31,772 | 41,462 | |||||||||
Change in deferred revenue | (5,096 | ) | (3,665 | ) | (15,883 | ) | ||||||
Adjusted EBITDA | $ | 10,939 | $ | 1,656 | $ | 2,093 | ||||||
Reconciliation of Net income (loss) to Non-GAAP net income (loss) | ||||||||||||
Net income (loss) | $ | (26,558 | ) | $ | (51,198 | ) | $ | (46,496 | ) | |||
Restructuring expense, net | 468 | 19,748 | 3,461 | |||||||||
Amortization of intangible assets from acquisitions | 7,379 | 7,402 | 6,264 | |||||||||
Acquisition-related transaction expenses | — | 249 | — | |||||||||
Contingent consideration fair value adjustment | 2,030 | (3,288 | ) | 9,400 | ||||||||
Stock-based expense | 29,608 | 31,772 | 41,462 | |||||||||
Change in deferred revenue | (5,096 | ) | (3,665 | ) | (15,883 | ) | ||||||
Tax effect of non-GAAP adjustments to net income (loss) | (6,278 | ) | (645 | ) | (4,921 | ) | ||||||
Non-GAAP net income (loss) | $ | 1,553 | $ | 375 | $ | (6,713 | ) | |||||
GAAP diluted shares | 871,093 | 922,540 | 898,344 | |||||||||
Non-GAAP diluted shares | 882,350 | 939,110 | 898,344 | |||||||||
Non-GAAP earnings (loss) per share: | $ | 0.00 | $ | 0.00 | $ | (0.01 | ) | |||||
Reconciliation of Cash provided by operating activities to free cash flow | ||||||||||||
Net cash provided by (used in) operating activities | (3,305 | ) | 3,465 | (47,002 | ) | |||||||
Acquisition of property and equipment | (2,654 | ) | (985 | ) | (2,112 | ) | ||||||
Excess tax benefits (costs) from stock-based awards | — | 899 | — | |||||||||
Free cash flow | $ | (5,959 | ) | $ | 3,379 | $ | (49,114 | ) | ||||
Reconciliation of GAAP to Non-GAAP provision for (benefit from) income taxes | ||||||||||||
GAAP provision for (benefit from) income taxes | 2,480 | (1,862 | ) | 1,580 | ||||||||
Restructuring expense, net | 85 | 2,240 | 381 | |||||||||
Amortization of intangible assets from acquisitions | 1,347 | 378 | 689 | |||||||||
Acquisition-related transaction expenses | — | 453 | — | |||||||||
Contingent consideration fair value adjustment | 371 | (964 | ) | 1,035 | ||||||||
Stock-based expense | 5,405 | 396 | 4,564 | |||||||||
Change in deferred revenue | (930 | ) | (1,858 | ) | (1,748 | ) | ||||||
Non-GAAP provision for (benefit from) income taxes | $ | 8,758 | $ | (1,217 | ) | $ | 6,501 | |||||
ZYNGA INC.RECONCILIATION OF GAAP TO NON-GAAP SECOND QUARTER 2016 OUTLOOK(In thousands, except per share data, unaudited)
Second Quarter 2016 | ||||||
Reconciliation of Revenue to Bookings | ||||||
Revenue range | $ | 170,000 - 180,000 | ||||
Change in deferred revenue | (10,000 | ) | ||||
Bookings range | $ | 160,000 - 170,000 | ||||
Reconciliation of Net income (loss) to Adjusted EBITDA | ||||||
Net income (loss) range | $ | (26,000) - (20,000) | ||||
Provision for (benefit from) income taxes | 0 - 2,000 | |||||
Other income (expense), net | (1,000) - (2,000) | |||||
Interest income | (1,000 | ) | ||||
Depreciation and amortization | 11,000 | |||||
Stock-based expense | 27,000 - 25,000 | |||||
Change in deferred revenue | (10,000 | ) | ||||
Adjusted EBITDA range | $ | 0 - 5,000 | ||||
Reconciliation of Net income (loss) to Non-GAAP net income (loss) | ||||||
Net income (loss) range | $ | (26,000) - (20,000) | ||||
Amortization of intangible assets from acquisitions | 7,000 | |||||
Stock-based expense | 27,000 - 25,000 | |||||
Change in deferred revenue | (10,000 | ) | ||||
Tax effect of non-GAAP adjustments to net income (loss) | (3,000) - (4,000) | |||||
Non-GAAP net income (loss) range | $ | (5,000) - (2,000) | ||||
GAAP and Non-GAAP diluted shares | 875,000 | |||||
Net income (loss) per share range | $ | (0.03) - (0.02) | ||||
Non-GAAP earnings (loss) per share range | $ | (0.01) - 0.00 | ||||
Joo Mi KimSenior Director of Finance and Investor Relations415-339-5266joomi@zynga.com
Press ContactStephanie Hessshess@zynga.com
1 Year Zynga Chart |
1 Month Zynga Chart |
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