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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NYSE:KING | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.00 | 0 | 01:00:00 |
LONDON and NEW YORK, Feb. 11, 2016 /PRNewswire/ -- King Digital Entertainment plc ("King" or the "Company") (NYSE: KING), a leading interactive entertainment company for the mobile world, today reported financial results for the fourth quarter and full year ended December 31, 2015.
King CEO Riccardo Zacconi said, "Our fourth quarter 2015 results reflect our continued execution on our franchise strategy. For the fourth consecutive quarter, both Candy Crush Saga and Candy Crush Soda Saga continued to rank within the top 5 grossing games in the Apple App Store and Google Play Store in the U.S. We are also pleased to have launched the third installment of the Candy Crush franchise, Candy Crush Jelly Saga, which introduces new challenges and game modes, including our first 'boss mode', to offer our players another fun way to play one of the world's most popular games."
Financial Summary and Key Performance Metrics (in millions, except per share and per user data)
Three Months Ended |
Years Ended |
||||||||||||||
December 31, |
December 31, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
Non-GAAP Results |
|||||||||||||||
Gross bookings |
$ |
509 |
$ |
586 |
$ |
2,145 |
$ |
2,382 |
|||||||
Adjusted revenue |
$ |
478 |
$ |
559 |
$ |
2,021 |
$ |
2,284 |
|||||||
Adjusted EBITDA |
$ |
188 |
$ |
237 |
$ |
826 |
$ |
950 |
|||||||
Adjusted EBITDA margin |
39% |
42% |
41% |
42% |
|||||||||||
Capital expenditures |
$ |
26 |
$ |
17 |
$ |
62 |
$ |
41 |
|||||||
Adjusted profit |
$ |
123 |
$ |
184 |
$ |
617 |
$ |
738 |
|||||||
Adjusted EPS |
$ |
0.38 |
$ |
0.57 |
$ |
1.93 |
$ |
2.30 |
|||||||
GAAP Results |
|||||||||||||||
Revenue |
$ |
461 |
$ |
546 |
$ |
1,999 |
$ |
2,260 |
|||||||
Profit |
$ |
91 |
$ |
141 |
$ |
517 |
$ |
575 |
|||||||
Diluted EPS |
$ |
0.28 |
$ |
0.44 |
$ |
1.62 |
$ |
1.79 |
|||||||
Net cash provided by operating activities |
$ |
212 |
$ |
155 |
$ |
676 |
$ |
661 |
|||||||
Cash and cash equivalents at end of period |
$ |
1,107 |
$ |
964 |
$ |
1,107 |
$ |
964 |
|||||||
Key Performance Metrics |
|||||||||||||||
Monthly active users (MAUs) |
449 |
533 |
494 |
499 |
|||||||||||
Daily active users (DAUs) |
128 |
149 |
141 |
142 |
|||||||||||
Monthly unique users (MUUs) |
318 |
356 |
338 |
350 |
|||||||||||
Monthly unique payers (MUPs) |
6.583 |
8.344 |
7.386 |
9.824 |
|||||||||||
Monthly gross average bookings per |
$ |
25.76 |
$ |
23.42 |
$ |
24.20 |
$ |
20.21 |
|||||||
paying user (MGABPPU) |
Full Year 2015 Highlights
Full Year 2015 Results Summary
Gross Bookings and Revenue
Profit
Adjusted EBITDA
Cash and Cash Equivalents
Fourth Quarter 2015 Results Summary
Gross Bookings and Revenue
Profit
Adjusted EBITDA
Cash and Cash Equivalents
Network Reach
Monetization
Activision Blizzard Transaction
On November 2, 2015 the Company announced that it had signed a definitive agreement to be acquired by Activision Blizzard, Inc., a global interactive entertainment company (the "Acquisition"). Under the terms of the agreement Activision Blizzard will purchase all outstanding and issued shares of King for $18 in cash per share, for a total equity value of approximately $5.9 billion. The proposed transaction is being implemented by means of a scheme of arrangement under Irish law (the "Scheme"), and the resolutions required to approve the Scheme were passed by the requisite shareholder majorities at the Scheme meetings and the related extraordinary general meeting held on January 12, 2016.
The completion of the Acquisition remains subject to regulatory approvals and other customary closing conditions set out in the scheme circular related to the Acquisition, including the satisfaction of the EU Merger Regulation condition and sanction of the Scheme by the High Court of Ireland at the hearing to be held on February 18, 2016. The Scheme is expected to take effect in late February, subsequent to this hearing.
About King
King Digital Entertainment plc (NYSE: KING) is a leading interactive entertainment company for the mobile world. It had a network of 318 million monthly unique users as of fourth quarter 2015, has developed more than 200 exclusive games, and offers games in over 200 countries and regions through its king.com and royalgames.com websites, Facebook, and mobile distribution platforms such as the Apple App Store, Google Play Store and Amazon Appstore. King has game studios in Stockholm, Malmö, London, Barcelona, Berlin, Singapore, and Seattle, along with offices in San Francisco, Malta, Seoul, Tokyo, Shanghai and Bucharest.
Forward Looking Statements
All statements other than statements of historical fact contained in this release, including statements regarding the Activision Blizzard Acquisition are forward-looking statements. King has based these forward-looking statements on its estimates and assumptions as of the date of this release. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: uncertainties as to the timing of the Acquisition; uncertainties as to whether Activision Blizzard will be able to consummate the Acquisition; the possibility that competing offers will be made; the possibility that certain conditions to the consummation of the Acquisition will not be satisfied; the possibility that Activision Blizzard will be unable to obtain regulatory approvals for the Acquisition on a timely basis or at all, or be required, as a condition to obtaining regulatory approvals, to accept conditions that could reduce the anticipated benefits of the Acquisition; the possibility that shareholders will file lawsuits challenging the Acquisition, including actions seeking to rescind the Scheme or enjoin the consummation of the Acquisition; the ability to meet expectations regarding the accounting and tax treatments of the Acquisition; changes in relevant tax and other laws or regulations; the possibility that the Scheme may be terminated in circumstances that require King to reimburse certain expenses to Activision Blizzard or Activision Blizzard to pay a termination fee to King related to the Acquisition; and changes in the economic and financial conditions of the businesses of Activision Blizzard, King, or the combined company.
New risks emerge from time to time. It is not possible for King management to predict all risks, nor can King assess the impact of all factors on its business or the Activision Blizzard Acquisition or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that King may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. King does not undertake any obligation to update publicly or revise any forward-looking statements for any reason after the date of this release, nor to conform these statements to actual results, future events, or to changes in King's expectations.
Non-GAAP and Other Financial Measures
King uses International Financial Reporting Standards ("IFRS"). In addition to IFRS financials, this release includes certain financial measures not based on IFRS, including gross bookings, adjusted revenue, adjusted EBITDA, adjusted EBITDA margin, adjusted profit and adjusted EPS, as well as certain gross bookings information presented on a constant currency basis. These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. The non-GAAP financial measures used by King may differ from the non-GAAP financial measures used by other companies, and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. Some limitations of the non-GAAP financial measures we use are listed below:
Gross Bookings: Gross bookings is a non-GAAP financial measure that is not calculated in accordance with IFRS. Gross bookings is the economic benefit collected from the sale of virtual items and for access to skill tournaments. The Company uses gross bookings to evaluate the results of operations, generate future operating plans and assess performance. While King believes that this non-GAAP financial measure provides a meaningful measurement of the business performance during a particular period because it measures the total cash spend by players in the period, this information should be considered as supplemental in nature and is not meant as a substitute for revenue recognized in accordance with IFRS. In addition, other companies, including companies within our industry, may calculate gross bookings differently or not at all, which reduces its usefulness as a direct comparative measure.
Adjusted Revenue: Adjusted revenue is a non-GAAP financial measure that is not calculated in accordance with IFRS. King defines adjusted revenue as revenue adjusted to include changes in deferred revenue. King believes that adjusted revenue is a useful metric for calculating adjusted EBITDA margin and understanding our operating results and ongoing profitability.
Adjusted EBITDA and Adjusted EBITDA Margin: Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures that are not calculated in accordance with IFRS. King defines adjusted EBITDA as profit (loss), adjusted for income tax expense (credit), foreign currency exchange loss (gain), acquisition-related (benefit) expense (including acquisition-related contingent consideration fair value adjustments and other acquisition-related adjustments), non-operating (income) expense, net finance (income) costs, depreciation, amortization, share-based and other equity-related compensation (including social security charges associated therewith) and changes in deferred revenue. King defines adjusted EBITDA margin as adjusted EBITDA as a percentage of adjusted revenue. King believes that adjusted EBITDA and adjusted EBITDA margin are useful metrics for investors to understand and evaluate our operating results and ongoing profitability because they permit investors to evaluate our recurring profitability from our ongoing operating activities. King also uses these measures internally to establish forecasts, budgets and operational goals and to manage and monitor our business, as well as evaluating our ongoing and historical performance. Adjusted EBITDA and adjusted EBITDA margin have certain limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results of operations as reported under IFRS. Other companies, including companies in our industry, may calculate adjusted EBITDA differently or not at all, limiting its usefulness as a direct comparative measure.
Capital Expenditures: King defines capital expenditures as the amount paid in the period for the purchase of property, plant and equipment, and intangible assets. King monitors capital expenditures as a measure of the amount we have invested in maintaining or growing the scope of our business. Other companies, including companies in our industry, may calculate capital expenditures differently or not at all, limiting its usefulness as a direct comparative measure.
Adjusted Profit: Adjusted profit is a non-GAAP financial measure that is not calculated in accordance with IFRS. King defines adjusted profit as profit (loss), adjusted for share-based and other equity-related compensation (including social security charges associated therewith), changes in deferred revenue, acquisition-related (benefit) expense (including acquisition-related contingent consideration fair value adjustments and other acquisition-related adjustments) and amortization of acquired intangible assets. Other companies, including companies in our industry, may calculate adjusted profit differently or not at all, limiting its usefulness as a direct comparative measure.
Adjusted EPS: Adjusted EPS is a non-GAAP financial measure that is not calculated in accordance with IFRS. King defines adjusted EPS as adjusted profit divided by the diluted weighted average number of ordinary shares in issue during the period.
Foreign Exchange Effect on Gross Bookings: Certain gross bookings information in this release is presented on a constant currency basis. This information was calculated using exchange rates consistent with those in effect for the comparative periods. We believe the constant currency measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. Investors should be cautioned that the effect of changing foreign currency exchange rates has an actual effect on operating results.
Reconciliations of these non-GAAP measures to the most directly comparable IFRS measure are included in the accompanying tables.
For definitions of key performance indicators including MAUs, DAUs, MUUs, MUPs and MGABPPU, and other financial measures including Movement in player wallet and other adjustments, please see "Key Operating Metrics" and "Non-GAAP Financial Measures" in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Form 6-K filed by the Company with the U.S. Securities and Exchange Commission on November 5, 2015.
Certain figures in the release may not recalculate exactly due to rounding. This is because percentages and/or figures contained herein are calculated based on actual numbers and not the rounded numbers presented.
Contacts |
||
Investors: |
Media: | |
Alice Ryder, VP of Investor Relations |
Susannah Clark, VP of Communications | |
ir@king.com |
press@king.com | |
Brunswick Group | ||
kingteam@brunswickgroup.com |
KING DIGITAL ENTERTAINMENT PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) |
|||||||
Three Months Ended December 31, |
|||||||
2015 |
2014 |
||||||
Revenue |
$ |
460,736 |
$ |
545,617 |
|||
Other income |
2,264 |
9,163 |
|||||
Costs and expenses*: |
|||||||
Cost of revenue |
151,445 |
174,774 |
|||||
Research and development |
52,641 |
48,533 |
|||||
Sales and marketing |
71,493 |
107,763 |
|||||
General and administrative |
56,145 |
37,075 |
|||||
Total costs and expenses |
331,724 |
368,145 |
|||||
Other gains |
208 |
17,645 |
|||||
Net finance costs |
(6) |
(196) |
|||||
Profit before tax |
131,478 |
204,084 |
|||||
Income tax expense |
40,811 |
63,467 |
|||||
Profit |
$ |
90,667 |
$ |
140,617 |
|||
Earnings per share attributable to the equity holders of the Company during the period: |
|||||||
Basic earnings per share |
$ |
0.29 |
$ |
0.45 |
|||
Diluted earnings per share |
$ |
0.28 |
$ |
0.44 |
|||
Weighted average number of shares used in computing earnings per share: |
|||||||
Basic |
312,721 |
315,207 |
|||||
Diluted |
320,822 |
322,203 |
|||||
_______________ |
|||||||
* Includes share-based and other equity-related compensation expense as follows: |
|||||||
Cost of revenue |
$ |
165 |
$ |
507 |
|||
Research and development |
7,406 |
11,623 |
|||||
Sales and marketing |
2,235 |
2,042 |
|||||
General and administrative |
11,360 |
12,927 |
|||||
Total share-based and other equity-related compensation expense |
$ |
21,166 |
$ |
27,099 |
KING DIGITAL ENTERTAINMENT PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) |
|||||||
Years Ended December 31, |
|||||||
2015 |
2014 |
||||||
Revenue |
$ |
1,999,490 |
$ |
2,260,241 |
|||
Other income |
13,079 |
9,163 |
|||||
Costs and expenses*: |
|||||||
Cost of revenue |
636,295 |
716,743 |
|||||
Research and development |
198,445 |
177,934 |
|||||
Sales and marketing |
344,822 |
455,408 |
|||||
General and administrative |
178,410 |
184,236 |
|||||
Total costs and expenses |
1,357,972 |
1,534,321 |
|||||
Other gains |
21,859 |
34,100 |
|||||
Net finance costs |
(667) |
(905) |
|||||
Profit before tax |
675,789 |
768,278 |
|||||
Income tax expense |
159,010 |
193,427 |
|||||
Profit |
$ |
516,779 |
$ |
574,851 |
|||
Earnings per share attributable to the equity holders of the Company during the year: |
|||||||
Basic earnings per share |
$ |
1.65 |
$ |
1.86 |
|||
Diluted earnings per share |
$ |
1.62 |
$ |
1.79 |
|||
Weighted average number of shares used in computing earnings per share: |
|||||||
Basic |
312,428 |
309,120 |
|||||
Diluted |
319,438 |
320,301 |
|||||
_______________ |
|||||||
* Includes share-based and other equity-related compensation expense as follows: |
|||||||
Cost of revenue |
$ |
1,254 |
$ |
5,709 |
|||
Research and development |
39,912 |
63,992 |
|||||
Sales and marketing |
10,925 |
11,712 |
|||||
General and administrative |
47,780 |
85,876 |
|||||
Total share-based and other equity-related compensation expense |
$ |
99,871 |
$ |
167,289 |
KING DIGITAL ENTERTAINMENT PLC CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands) (unaudited) | |||||||||
Years Ended |
|||||||||
December 31, |
|||||||||
2015 |
2014 |
||||||||
Assets |
|||||||||
Current assets |
|||||||||
Cash and cash equivalents |
$ |
1,107,386 |
$ |
963,972 |
|||||
Trade and other receivables |
157,880 |
228,392 |
|||||||
Income tax receivable |
39,654 |
103,748 |
|||||||
Total current assets |
1,304,920 |
1,296,112 |
|||||||
Non current assets |
|||||||||
Intangible assets, net |
104,744 |
48,587 |
|||||||
Property, plant and equipment, net |
56,541 |
34,310 |
|||||||
Deferred tax assets |
30,745 |
14,733 |
|||||||
Income tax receivable |
34,598 |
38,431 |
|||||||
Other deposits |
2,599 |
9,604 |
|||||||
Total non current assets |
229,227 |
145,665 |
|||||||
Total assets |
$ |
1,534,147 |
$ |
1,441,777 |
|||||
Liabilities and shareholders' equity |
|||||||||
Current liabilities |
|||||||||
Trade and other payables |
101,323 |
137,638 |
|||||||
Deferred revenue |
56,274 |
34,310 |
|||||||
Income tax liabilities |
167,570 |
232,637 |
|||||||
Provision for other liabilities |
4,017 |
- |
|||||||
Total current liabilities |
329,184 |
404,585 |
|||||||
Non current liabilities |
|||||||||
Deferred tax liabilities |
3,634 |
669 |
|||||||
Income tax liabilities |
52,136 |
51,589 |
|||||||
Provision for other liabilities |
9,673 |
3,055 |
|||||||
Other non current liabilities |
4,356 |
13,000 |
|||||||
Total non current liabilities |
69,799 |
68,313 |
|||||||
Total liabilities |
$ |
398,983 |
$ |
472,898 |
|||||
Shareholders' equity |
|||||||||
Share capital |
77 |
78 |
|||||||
Other reserves |
404,181 |
456,499 |
|||||||
Retained earnings |
730,906 |
512,302 |
|||||||
Total shareholders' equity |
1,135,164 |
968,879 |
|||||||
Total liabilities and shareholders' equity |
$ |
1,534,147 |
$ |
1,441,777 |
KING DIGITAL ENTERTAINMENT PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
|||||||
Years Ended December 31, |
|||||||
2015 |
2014 |
||||||
Cash flows from operating activities |
|||||||
Profit for year |
$ |
516,779 |
$ |
574,851 |
|||
Adjustments to reconcile profit to net cash provided by operating activities: |
|||||||
Depreciation and amortization |
27,359 |
14,845 |
|||||
Equity settled share-based payments |
83,345 |
116,877 |
|||||
Unrealized foreign currency exchange gain |
(7,752) |
(32,835) |
|||||
Loss on disposal of property, plant and equipment & intangible assets & derecognition of intangible assets |
3,486 |
1,055 |
|||||
Impairment charge |
2,875 |
- |
|||||
Net finance costs |
667 |
905 |
|||||
Income tax expense |
159,010 |
193,427 |
|||||
Change in fair value of contingent consideration |
(20,000) |
(4,000) |
|||||
Change in deferred revenue |
21,964 |
23,368 |
|||||
Change in provisions |
10,635 |
(15,513) |
|||||
Changes in operating assets and liabilities: |
|||||||
Trade receivables |
78,141 |
4,020 |
|||||
Prepayments, other receivables, current and non current assets |
(3,974) |
(15,505) |
|||||
Trade payables |
(14,740) |
(5,488) |
|||||
Accrued expenses and other liabilities |
(16,058) |
(44,130) |
|||||
Cash generated from operations |
841,737 |
811,877 |
|||||
Interest received |
278 |
275 |
|||||
Finance costs paid |
(783) |
(1,020) |
|||||
Income tax paid, net of refunds |
(165,051) |
(149,847) |
|||||
Net cash provided by operating activities |
676,181 |
661,285 |
|||||
Cash flows from investing activities |
|||||||
Purchases of intangible assets |
(13,589) |
(9,729) |
|||||
Purchase of property, plant and equipment |
(47,996) |
(31,274) |
|||||
Purchase of business, net of cash acquired |
(44,574) |
(17,969) |
|||||
Net cash used in investing activities |
(106,159) |
(58,972) |
|||||
Cash flows from financing activities |
|||||||
Payment of dividends |
(298,175) |
(363,876) |
|||||
Proceeds from initial public offering |
- |
329,404 |
|||||
Repurchase of the company's share capital |
(125,729) |
(1,240) |
|||||
Proceeds from exercise of share options and employee share plan |
5,725 |
3,062 |
|||||
Net cash used in financing activities |
(418,179) |
(32,650) |
|||||
Net increase in cash and cash equivalents |
151,843 |
569,663 |
|||||
Cash and cash equivalents at the beginning of the year |
963,972 |
408,695 |
|||||
Exchange losses on cash and cash equivalents |
(8,429) |
(14,386) |
|||||
Cash and cash equivalents at the end of the year |
$ |
1,107,386 |
$ |
963,972 |
Reconciliations of Non-GAAP Results to Nearest GAAP Measures (in thousands, except per share amounts) (unaudited) |
||||||
Years Ended |
||||||
December 31, |
||||||
2015 |
2014 |
|||||
Reconciliation of Revenue to Gross Bookings: |
||||||
Revenue |
$ |
1,999,490 |
$ |
2,260,241 |
||
Sales tax |
124,539 |
101,665 |
||||
Other revenue |
(5,814) |
(8,648) |
||||
Movement in player wallet and other adjustments |
4,683 |
5,755 |
||||
Change in deferred revenue |
21,964 |
23,368 |
||||
Gross bookings |
$ |
2,144,862 |
$ |
2,382,381 |
||
Reconciliation of Revenue to Adjusted Revenue: |
||||||
Revenue |
$ |
1,999,490 |
$ |
2,260,241 |
||
Change in deferred revenue |
21,964 |
23,368 |
||||
Adjusted revenue |
$ |
2,021,454 |
$ |
2,283,609 |
||
Reconciliation of Profit to Adjusted EBITDA: |
||||||
Profit |
$ |
516,779 |
$ |
574,851 |
||
Add: |
||||||
Income tax expense |
159,010 |
193,427 |
||||
Foreign currency exchange gain |
(1,859) |
(29,100) |
||||
Acquisition-related expense |
2,001 |
4,248 |
||||
Non-operating (income) expense |
(11) |
413 |
||||
Net finance costs |
667 |
905 |
||||
Share-based and other equity-related compensation |
99,871 |
167,289 |
||||
Change in deferred revenue |
21,964 |
23,368 |
||||
Depreciation and amortization |
27,359 |
14,845 |
||||
Adjusted EBITDA |
$ |
825,781 |
$ |
950,246 |
||
Adjusted EBITDA margin |
41% |
42% |
||||
Reconciliation of Profit to Adjusted Profit: |
||||||
Profit |
$ |
516,779 |
$ |
574,851 |
||
Add: |
||||||
Share-based and other equity-related compensation |
99,871 |
167,289 |
||||
Acquisition-related expense |
2,001 |
4,248 |
||||
Change in deferred revenue |
21,964 |
23,368 |
||||
Amortization of acquired intangible assets |
2,535 |
745 |
||||
Tax effect of adjustments |
(25,938) |
(32,744) |
||||
Adjusted profit |
$ |
617,212 |
$ |
737,757 |
||
Reconciliation of Adjusted EPS: |
||||||
Adjusted profit |
$ |
617,212 |
$ |
737,757 |
||
Diluted weighted average number of ordinary shares |
319,438 |
320,301 |
||||
Adjusted EPS |
$ |
1.93 |
$ |
2.30 |
Reconciliations of Non-GAAP Results to Nearest GAAP Measures (in thousands, except per share amounts) (unaudited) |
||||||
Three Months Ended December 31, |
||||||
2015 |
2014 |
|||||
Reconciliation of Revenue to Gross Bookings: |
||||||
Revenue |
$ |
460,736 |
$ |
545,617 |
||
Sales tax |
30,350 |
27,406 |
||||
Other revenue |
(1,094) |
(1,820) |
||||
Movement in player wallet and other adjustments |
1,125 |
1,496 |
||||
Change in deferred revenue |
17,657 |
13,583 |
||||
Gross bookings |
$ |
508,774 |
$ |
586,282 |
||
Reconciliation of Revenue to Adjusted Revenue: |
||||||
Revenue |
$ |
460,736 |
$ |
545,617 |
||
Change in deferred revenue |
17,657 |
13,583 |
||||
Adjusted revenue |
$ |
478,393 |
$ |
559,200 |
||
Reconciliation of Profit to Adjusted EBITDA: |
||||||
Profit |
$ |
90,667 |
$ |
140,617 |
||
Add: |
||||||
Income tax expense |
40,811 |
63,467 |
||||
Foreign currency exchange loss (gain) |
792 |
(15,145) |
||||
Acquisition-related expense |
8,718 |
464 |
||||
Non-operating income |
1 |
1,510 |
||||
Net finance costs |
7 |
196 |
||||
Share-based and other equity-related compensation |
21,166 |
27,099 |
||||
Change in deferred revenue |
17,657 |
13,583 |
||||
Depreciation and amortization |
8,031 |
5,553 |
||||
Adjusted EBITDA |
$ |
187,850 |
$ |
237,344 |
||
Adjusted EBITDA margin |
39% |
42% |
||||
Reconciliation of Profit to Adjusted Profit: |
||||||
Profit |
$ |
90,667 |
$ |
140,617 |
||
Add: |
||||||
Share-based and other equity-related compensation |
21,166 |
27,099 |
||||
Acquisition-related expense |
8,718 |
464 |
||||
Change in deferred revenue |
17,657 |
13,583 |
||||
Amortization of acquired intangible assets |
703 |
461 |
||||
Tax effect of adjustments |
(15,432) |
1,960 |
||||
Adjusted profit |
$ |
123,479 |
$ |
184,184 |
||
Reconciliation of Adjusted EPS: |
||||||
Adjusted profit |
$ |
123,479 |
$ |
184,184 |
||
Diluted weighted average number of ordinary shares |
320,822 |
322,203 |
||||
Adjusted EPS |
$ |
0.38 |
$ |
0.57 |
Reconciliations of Non-GAAP Results to Nearest GAAP Measures (in thousands) (unaudited) |
|||
Three Months Ended |
|||
September 30, |
|||
2015 |
|||
Reconciliation of Revenue to Gross Bookings: |
|||
Revenue |
$ |
479,709 |
|
Sales tax |
29,259 |
||
Other revenue |
(1,485) |
||
Movement in player wallet and other adjustments |
975 |
||
Change in deferred revenue |
(6,314) |
||
Gross bookings |
$ |
502,144 |
|
Reconciliation of Profit to Adjusted EBITDA: |
|||
Profit |
$ |
142,684 |
|
Add: |
|||
Income tax expense |
31,166 |
||
Foreign currency exchange gain |
(1,614) |
||
Acquisition-related benefit |
(12,537) |
||
Non-operating income |
- |
||
Net finance costs |
272 |
||
Share-based and other equity-related compensation |
19,458 |
||
Change in deferred revenue |
(6,314) |
||
Depreciation and amortization |
7,266 |
||
Adjusted EBITDA |
$ |
180,381 |
|
Adjusted EBITDA margin |
38% |
Reconciliations of Non-GAAP Results to Nearest GAAP Measures (in thousands) (unaudited) | |||||||
Foreign Exchange Effect on Gross Bookings: |
|||||||
Three Months Ended |
|||||||
Sequential |
December 31, |
September 30, |
|||||
Reported gross bookings |
$ |
508,774 |
$ |
502,144 |
|||
Foreign exchange effect on Q4-15 gross bookings using Q3-15 rates |
7,884 |
||||||
Gross bookings excluding foreign exchange effect |
$ |
516,658 |
|||||
Reported gross bookings sequential change % |
1% |
||||||
Gross bookings excluding foreign exchange effect sequential change % |
3% |
||||||
Year over Year |
Three Months Ended December 31, |
||||||
2015 |
2014 |
||||||
Reported gross bookings |
$ |
508,774 |
$ |
586,282 |
|||
Foreign exchange effect on Q4-15 gross bookings using Q4-14 rates |
32,282 |
||||||
Gross bookings excluding foreign exchange effect |
$ |
541,056 |
|||||
Reported gross bookings year over year change % |
(13%) |
||||||
Gross bookings excluding foreign exchange effect year over year change % |
(8%) |
||||||
Year over Year |
Years Ended December 31, |
||||||
2015 |
2014 |
||||||
Reported gross bookings |
$ |
2,144,862 |
$ |
2,382,381 |
|||
Foreign exchange effect on full year 2015 gross bookings using 2015 rates |
160,800 |
||||||
Gross bookings excluding foreign exchange effect |
$ |
2,305,662 |
|||||
Reported gross bookings year over year change % |
(10%) |
||||||
Gross bookings excluding foreign exchange effect year over year change % |
(3%) |
1 According to App Annie.
2 "Gross bookings from games other than Candy Crush Saga" represents total gross bookings (including Candy Crush Soda Saga) less gross bookings from Candy Crush Saga.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/king-reports-fourth-quarter-and-full-year-2015-results-300219027.html
SOURCE King Digital Entertainment plc
Copyright 2016 PR Newswire
1 Year King Digital Entertainment plc Chart |
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