Q2 2024 PLAYSTUDIOS Inc Earnings Call Transcript
Key Points
- PLAYSTUDIOS Inc (MYPS) expanded its game portfolio from four social casino apps to 20 games across various casual categories.
- The company increased its daily active players (DAU) by nearly 230%, from 1.5 million to 3.4 million players.
- Revenues scaled by 8% from $287 million to $311 million, with adjusted EBITDA margins increasing by 620 basis points.
- The myVIP loyalty program has unified across primary apps, extending nearly $900 million in real-world benefits to players.
- The company maintains a solid balance sheet with over $100 million in cash, no debt, and over $80 million of borrowing capacity.
- Net revenues in the quarter were $72.6 million, a 7% decrease compared to the previous year.
- The social casino portfolio continues to face challenges, contributing to weaker results and a decline in operating margins.
- DAU and MAU were down 12% and 2% respectively from last year, driven by declines in Social Casino and Brainium.
- The company revised its 2024 guidance downward, projecting revenue between $285 million and $295 million, and adjusted EBITDA between $55 million and $60 million.
- The Tetris 40th anniversary celebration fell short of expectations in terms of consumer excitement and engagement.
Greetings and welcome to the PLAYSTUDIOS's second-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Sameer Jain, Head of Investor Relations and Treasury. Thank you, sir. You may begin.
Thank you, operator. Good afternoon and thank you for joining us for PLAYSTUDIOS's second-quarter 2024 earnings call. Joining me on the call today are Chairman and CEO, Andrew Pascal; and our CFO, Scott Peterson.
Before we begin, let me remind you that during the course of this call, we will make forward-looking statements. These statements are based on our current expectations and beliefs, and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for a discussion of the risks and uncertainties that may affect our future results.
I'd like to remind everyone that we will discuss certain non-GAAP financial measures during this call.
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