Playtika Holding Corp. First Quarter 2023 Results

Key insights

7 takeaways

01
Playtika reported Q1 2023 revenue of $656.2 million, representing a 3.1% decline year-over-year despite a 4.0% sequential increase.See it on page 5
02
Credit Adjusted EBITDA grew 12.8% year-over-year to $222.7 million, achieving a margin of 33.9%.See it on page 6
03
Revenue performance was mixed across titles: Bingo Blitz grew 13.0% and Solitaire Grand Harvest grew 29.0% year-over-year, while Slotomania revenue declined 12.1%.See it on page 4
04
The company maintains a strong financial position with $767.2 million in cash and cash equivalents and a net leverage ratio of approximately 2.0x.See it on page 9
05
Average Daily Paying Users reached 326,000, reflecting a 0.9% year-over-year increase, with average payer conversion rising to 3.6%.See it on page 7
06
Playtika projects full-year 2023 revenue between $2,570 million and $2,620 million, with planned capital expenditures of $115–$120 million.See it on page 2
07
Revenue distribution remains evenly split, with direct-to-consumer and third-party platforms each contributing approximately 50% of total revenue.See it on page 5

Summary

Playtika Holding Corp. reported first-quarter 2023 results with total revenue of $656.2 million, reflecting a 4.0% sequential rise but a 3.1% decline YoY, driven by modest growth on direct-to-consumer platforms and a 12.1% YoY drop in Slotomania revenue. Net income stood at $84.1 million, down 3.9% sequentially yet up 1.1% YoY, while Credit Adjusted EBITDA reached $222.7 million, up 9.9% sequentially and 12.8% YoY, yielding a margin of 33.9%. Cash and cash equivalents totaled $767.2 million, supporting a debt-free balance sheet with net leverage around 2.0x.

Key performance indicators showed Average Daily Paying Users at 326 k, a 4.2% sequential increase and 0.9% YoY growth, with Average Payer Conversion rising to 3.6%. Game-specific highlights included Bingo Blitz revenue of $159.2 million (13.0% YoY growth) and Solitaire Grand Harvest revenue of $85.5 million (29.0% YoY growth), while Slotomania revenue fell 12.1% YoY. Platform mix remained balanced, with direct-to-consumer and third-party channels contributing roughly 50% each of total revenue.

The company projects FY2023 revenue between $2,570 and $2,620 million, Credit Adjusted EBITDA of $805–$830 million (margin 31.3-31.7%), and capital expenditures of $115–$120 million, underscoring continued investment in game development and platform expansion.