2021 Q1 Form 10-Q Financial Statement

#000182801621000027 Filed on May 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $638.9M $534.2M
YoY Change 19.6% 19.86%
Cost Of Revenue $183.0M $165.9M
YoY Change 10.31% 24.08%
Gross Profit $455.9M $368.3M
YoY Change 23.78% 18.04%
Gross Profit Margin 71.36% 68.94%
Selling, General & Admin $240.4M $194.3M
YoY Change 23.73% 48.89%
% of Gross Profit 52.73% 52.76%
Research & Development $85.20M $60.80M
YoY Change 40.13% 52.0%
% of Gross Profit 18.69% 16.51%
Depreciation & Amortization $9.900M $8.200M
YoY Change 20.73%
% of Gross Profit 2.17% 2.23%
Operating Expenses $325.6M $255.1M
YoY Change 27.64% 49.62%
Operating Profit $130.3M $113.2M
YoY Change 15.11% -20.0%
Interest Expense $78.00M $53.40M
YoY Change 46.07% 4350.0%
% of Operating Profit 59.86% 47.17%
Other Income/Expense, Net $1.300M -$100.0K
YoY Change -1400.0%
Pretax Income $54.60M $54.90M
YoY Change -0.55% -61.53%
Income Tax $18.90M $19.10M
% Of Pretax Income 34.62% 34.79%
Net Earnings $35.70M $35.80M
YoY Change -0.28% -69.84%
Net Earnings / Revenue 5.59% 6.7%
Basic Earnings Per Share $0.09 $0.09
Diluted Earnings Per Share $0.09 $0.09
COMMON SHARES
Basic Shares Outstanding 406.5M shares 378.0M shares
Diluted Shares Outstanding 409.5M shares 378.0M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.014B
YoY Change
Cash & Equivalents $963.8M $137.2M
Short-Term Investments $50.00M
Other Short-Term Assets $99.80M
YoY Change
Inventory
Prepaid Expenses
Receivables $182.4M
Other Receivables $0.00
Total Short-Term Assets $1.296B
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $96.00M
YoY Change
Goodwill $479.4M
YoY Change
Intangibles $317.4M
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.600M
YoY Change
Total Long-Term Assets $1.008B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.296B
Total Long-Term Assets $1.008B
Total Assets $2.304B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.40M
YoY Change
Accrued Expenses $130.5M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $12.50M
YoY Change
Total Short-Term Liabilities $422.5M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $2.433B
YoY Change
Other Long-Term Liabilities $91.00M
YoY Change
Total Long-Term Liabilities $2.433B
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $422.5M
Total Long-Term Liabilities $2.433B
Total Liabilities $3.030B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$1.691B
YoY Change
Common Stock $4.100M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$725.8M -$1.582B
YoY Change
Total Liabilities & Shareholders Equity $2.304B
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $35.70M $35.80M
YoY Change -0.28% -69.84%
Depreciation, Depletion And Amortization $9.900M $8.200M
YoY Change 20.73%
Cash From Operating Activities -$56.40M -$48.00M
YoY Change 17.5%
INVESTING ACTIVITIES
Capital Expenditures $7.500M $13.90M
YoY Change -46.04%
Acquisitions $0.00
YoY Change
Other Investing Activities -$2.200M $0.00
YoY Change
Cash From Investing Activities -$71.90M -$23.30M
YoY Change 208.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $470.4M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $577.0M -$64.60M
YoY Change -993.19%
NET CHANGE
Cash From Operating Activities -$56.40M -$48.00M
Cash From Investing Activities -$71.90M -$23.30M
Cash From Financing Activities $577.0M -$64.60M
Net Change In Cash $442.8M -$135.9M
YoY Change -425.83%
FREE CASH FLOW
Cash From Operating Activities -$56.40M -$48.00M
Capital Expenditures $7.500M $13.90M
Free Cash Flow -$63.90M -$61.90M
YoY Change 3.23%

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176900000 USD
CY2020Q1 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
0 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
470400000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
577000000.0 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-64600000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-5900000 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
1200000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
442800000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-134700000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
523600000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
271900000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
966400000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
137200000 USD
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
21400000 USD
CY2020Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
25700000 USD
CY2021Q1 playtika Cash Paid For Interest
CashPaidForInterest
35600000 USD
CY2020Q1 playtika Cash Paid For Interest
CashPaidForInterest
48900000 USD
CY2021Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
11200000 USD
CY2020Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
13600000 USD
CY2021Q1 playtika Deferred Unpaid Offering Cost
DeferredUnpaidOfferingCost
300000 USD
CY2020Q1 playtika Deferred Unpaid Offering Cost
DeferredUnpaidOfferingCost
0 USD
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
Use of estimatesThe preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of credit risk and significant customers</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments, which potentially expose the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, short-term bank deposits, restricted cash, accounts receivable and derivative contracts. Substantially all of the Company’s cash and cash equivalents are maintained with three financial institutions with high credit standings. The Company performs periodic evaluations of the relative credit standing of these institutions.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Apple, Facebook and Google are significant distribution, marketing, promotion and payment platforms for the Company's games. A significant portion of the Company’s revenues has been generated from players who accessed the Company's games through these platforms. Therefore, the Company's accounts receivable are derived mainly from sales through these three platforms. Accounts receivable are recorded at their transaction amounts and do not bear interest. The Company performs ongoing credit evaluations of its customers.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the major accounts receivable of the Company as a percentage of the total accounts receivable as of the dates indicated:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.851%"><tr><td style="width:1.0%"/><td style="width:72.372%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.865%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.396%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.867%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,<br/>2021</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31,<br/>2020</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Apple</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">52%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">38%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Google</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">30%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">35%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Facebook</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">8%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">11%</span></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Restricted cash</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Restricted cash primarily consists of deposits to secure obligations under the Company's operating lease agreements and to secure company-issued credit cards.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Short-term bank deposits</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Bank deposits with maturities of more than three months but less than one year are included in short-term bank deposits. Such short-term bank deposits are stated at cost which approximates market value.</span></div>
CY2020Q4 us-gaap Goodwill
Goodwill
484800000 USD
CY2021Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 USD
CY2021Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-5400000 USD
CY2021Q1 us-gaap Goodwill
Goodwill
479400000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
575100000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
562100000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
257700000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
234400000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
317400000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
327700000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
23300000 USD
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
19000000.0 USD
CY2020Q4 us-gaap Deferred Revenue
DeferredRevenue
21300000 USD
CY2021Q1 playtika Pledge Of Capital Stock From Company And Domestic Guarantors
PledgeOfCapitalStockFromCompanyAndDomesticGuarantors
0.65
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
130500000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
121600000 USD
CY2021Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
118100000 USD
CY2020Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
130500000 USD
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
93400000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
173800000 USD
CY2021Q1 us-gaap Deferred Revenue
DeferredRevenue
22400000 USD
CY2021Q1 playtika Accrued Litigation Settlement
AccruedLitigationSettlement
0 USD
CY2020Q4 playtika Accrued Litigation Settlement
AccruedLitigationSettlement
37600000 USD
CY2021Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
364400000 USD
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
484800000 USD
CY2021Q1 playtika Operating Lease Right Of Use Asset Gross
OperatingLeaseRightOfUseAssetGross
111900000 USD
CY2021Q1 playtika Operating Lease Right Of Use Asset Accumulated Amortization
OperatingLeaseRightOfUseAssetAccumulatedAmortization
30100000 USD
CY2021Q1 playtika Operating Lease Right Of Use Asset Net
OperatingLeaseRightOfUseAssetNet
81800000 USD
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y1M6D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.039
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
4600000 USD
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
3700000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3400000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
15300000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
20000000.0 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
17700000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
15200000 USD
CY2021Q1 playtika Operating Leases Future Minimum Payments Due Year Five And Thereafter
OperatingLeasesFutureMinimumPaymentsDueYearFiveAndThereafter
31000000.0 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
99200000 USD
CY2021Q1 playtika Operating Lease Imputed Interest
OperatingLeaseImputedInterest
9500000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
89700000 USD
CY2021Q1 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
2445500000 USD
CY2021Q1 playtika Mandatory And Voluntary Prepayments From Proceeds From Debt Issuance Percentage
MandatoryAndVoluntaryPrepaymentsFromProceedsFromDebtIssuancePercentage
1
CY2021Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2500000000.0 USD
CY2020Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
2314400000 USD
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
12500000 USD
CY2021Q1 playtika Debt Instrument Face Amount Current Portion
DebtInstrumentFaceAmountCurrentPortion
19000000.0 USD
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
104600000 USD
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2433000000.0 USD
CY2021Q1 playtika Debt Instrument Face Amount Net Current Portion
DebtInstrumentFaceAmountNetCurrentPortion
2481000000.0 USD
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2209800000 USD
CY2021Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
54500000 USD
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
60600000 USD
CY2021Q1 us-gaap Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
Borrowings under the Credit Agreement bear interest at a rate equal to, at the Company’s option, either (a) LIBOR determined by reference to the cost of funds for Eurodollar deposits for the interest period relevant to such borrowing, adjusted for certain additional costs, subject to a floor of —% or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate as determined by the administrative agent and (iii) the one-month adjusted LIBOR rate plus 1.00%, in each case plus an applicable margin. Such applicable margin is (x) with respect to the New Term Loan, 2.75% per annum in the case of any LIBOR loan or 1.75% per annum in the case of any base rate loan, subject to one 0.25% step-down based on the Company’s credit ratings and (y) in the case of the Revolving Credit Facility, a range from 2.25% to 3.00% per annum in the case of any LIBOR loan and a range from 1.25% to 2.00% per annum in the case of any base rate loan, based on the Company’s net senior secured leverage ratio.
CY2021Q1 us-gaap Line Of Credit Facility Frequency Of Commitment Fee Payment
LineOfCreditFacilityFrequencyOfCommitmentFeePayment
quarterly
CY2021Q1 us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.0050
CY2021Q1 playtika Mandatory And Voluntary Prepayments Of A Percentage Of Excess Cash Flow
MandatoryAndVoluntaryPrepaymentsOfAPercentageOfExcessCashFlow
0.50
CY2021Q1 playtika Excess Cash Flow Value Which Triggers Mandatory Prepayments
ExcessCashFlowValueWhichTriggersMandatoryPrepayments
10000000 USD
CY2021Q1 playtika Pledge Of Capital Stock From Certain Domestic Guarantors
PledgeOfCapitalStockFromCertainDomesticGuarantors
1
CY2021Q1 us-gaap Debt Instrument Restrictive Covenants
DebtInstrumentRestrictiveCovenants
The Revolving Credit Facility includes a maximum first-priority net senior secured leverage ratio financial maintenance covenant of 6.25 to 1.0. At March 31, 2021, the Company’s first-priority net senior secured leverage ratio was 0.97 to 1.0.In addition, the Credit Agreement includes negative covenants, subject to certain exceptions, restricting or limiting the Company's ability and the ability of its restricted subsidiaries to, among other things: (i) make non-ordinary course dispositions of assets; (ii) make certain mergers and acquisitions; (iii) complete dividends and stock repurchases and optional redemptions (and optional prepayments) of subordinated debt; (iv) incur indebtedness; (v) make certain loans and investments; (vi) incur liens and certain fixed charges; (vii) transact with affiliates; (viii) change the business of the Company and its restricted subsidiaries; (ix) enter into sale/leaseback transactions; (x) allow limitations on negative pledges and the ability of restricted subsidiaries to pay dividends or make distributions; (xi) change the fiscal year and (xii) modify subordinated debt documents. Under the Credit Agreement, the Company may be required to meet specified leverage ratios or fixed charge coverage ratios in order to take certain actions, such as incurring certain debt or liens or making certain investments.
CY2021Q1 playtika Debt Instrument Modification Of Debt Terms
DebtInstrumentModificationOfDebtTerms
The Company accounts for the restructuring of its debt agreements in accordance with the accounting standards applicable to troubled debt restructuring, debt modification and debt extinguishment. Under the applicable accounting standards, the Company determined that the March 2021 financing transactions qualified for modification accounting. As a result, the Company expensed $14.5 million related to the debt modification, wrote off $22.9 million of previously deferred financing costs related to the modification of debt related to the Company’s Old Term Loan and carried over $34.9 million of deferred financing costs to the New Term Loan.
CY2021Q1 playtika Debt Instrument Redemption Price Percentage From Equity Proceeds
DebtInstrumentRedemptionPricePercentageFromEquityProceeds
0.40
CY2021Q1 playtika Percentage Outstanding After Redemption Occurrence
PercentageOutstandingAfterRedemptionOccurrence
0.50
CY2021Q1 playtika Debt Instrument In The Events Of Default
DebtInstrumentInTheEventsOfDefault
vents of default under the Indenture include, among others, the following with respect to the Notes: default which continues for 30 days in the payment of interest on the Notes; default in payment of the principal of, or premium, if any, on the Notes; failure to comply with certain covenants in the Indenture for 60 days (or 120 days with respect to the covenant relating to the provision of financial reports) upon the receipt of notice from the Trustee or holders of at least 25% in aggregate principal amount of the Notes; acceleration or payment default of indebtedness of the Company or certain of its subsidiaries in excess of a specified amount that remains uncured following the applicable grace period provided in such indebtedness; final judgments against the Company or certain of its subsidiaries in excess of a specified amount that remains unpaid for 45 days; and certain events of bankruptcy or insolvency with respect to the Company or certain of its subsidiaries. In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to the Company or certain of its subsidiaries, all Notes then outstanding will become due and payable immediately without further action or notice. If any other event of default occurs with respect to the Notes, the Trustee or holders of at least 25% in aggregate principal amount of the Notes may declare all Notes then outstanding to be due and payable immediately.
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
14300000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
19000000.0 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
19000000.0 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
19000000.0 USD
CY2021Q1 playtika Long Term Debt Maturities Year5 And Thereafter
LongTermDebtMaturitiesYear5AndThereafter
2428700000 USD
CY2021Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2500000000.0 USD
CY2020Q2 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
On May 26, 2020, the Board of Directors of the Company approved an amendment to the Certificate of Incorporation of the Company (the “Stock Split”) to increase the authorized number of shares of the Company’s common stock from ten (10) shares to one million (1,000,000) shares, to decrease the par value of each share of common stock of the Company from $1.00 per share to $0.01 per share, and to reclassify each share of common stock issued and outstanding immediately prior to the Stock Split into 94,500 shares of common stock.
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10 shares
CY2020Q2 playtika Common Stock Shares Authorized After Stock Split
CommonStockSharesAuthorizedAfterStockSplit
1000000 shares
CY2020Q2 us-gaap Stock Issued During Period Shares Stock Splits
StockIssuedDuringPeriodSharesStockSplits
94500 shares
CY2021Q1 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
On January 5, 2021, the Company’s Board of Directors approved an amended and restated certificate of incorporation of the Company effecting an additional 400-for-1 stock split of the Company’s issued and outstanding shares of common stock and an increase to the authorized shares of our common stock and preferred stock to 1.6 billion shares and 100 million shares, respectively. The split and the increase in authorized shares of the Company’s common stock was effected on January 6, 2021 and without any change in the par value per shares.
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1600000000 shares
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2279829 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8000000 shares
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y6M
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.71
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
7985297 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
27.00
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
42866 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
27.00
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
15942431 shares
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y6M
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
22.84
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
69700000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
0 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
31.62
CY2021Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
24300000 USD
CY2021Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
24300000 USD
CY2021Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2500000000.0 USD
CY2020Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
0 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
638900000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
534200000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
638900000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
534200000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
638900000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
534200000 USD
CY2021Q1 playtika Contract Receivable Collection Period
ContractReceivableCollectionPeriod
P45D
CY2021Q1 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
182400000 USD
CY2020Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
129300000 USD
CY2021Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
6100000 USD
CY2020Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
5800000 USD
CY2021Q1 us-gaap Deferred Revenue
DeferredRevenue
22400000 USD
CY2020Q4 us-gaap Deferred Revenue
DeferredRevenue
21300000 USD
CY2021Q1 playtika Foreign Currency Translation Differences
ForeignCurrencyTranslationDifferences
800000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
78000000.0 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
53400000 USD
CY2021Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
200000 USD
CY2020Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
100000 USD
CY2020Q1 playtika Foreign Currency Translation Differences
ForeignCurrencyTranslationDifferences
-4900000 USD
CY2021Q1 us-gaap Other Expenses
OtherExpenses
1300000 USD
CY2020Q1 us-gaap Other Expenses
OtherExpenses
-100000 USD
CY2021Q1 playtika Interest Expense And Other Net
InterestExpenseAndOtherNet
75700000 USD
CY2020Q1 playtika Interest Expense And Other Net
InterestExpenseAndOtherNet
58300000 USD
CY2021Q1 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
54600000 USD
CY2021Q1 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
54600000 USD
CY2020Q1 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
54900000 USD
CY2020Q1 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
54900000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18900000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18900000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19100000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19100000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.346
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.348
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.346
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
35800000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
406500000 shares
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
16700000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-10300000 USD
CY2021Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
300000 USD
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6700000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
35700000 USD
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
378000000.0 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
409500000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
378000000.0 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
playtika Number Of Common Stock Classes Outstanding
NumberOfCommonStockClassesOutstanding
1
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
0 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
638900000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
534200000 USD
CY2021Q1 us-gaap Costs And Expenses
CostsAndExpenses
508600000 USD
CY2020Q1 us-gaap Costs And Expenses
CostsAndExpenses
421000000.0 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
130300000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
113200000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
638900000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
534200000 USD
CY2021Q1 us-gaap Cost Of Revenue
CostOfRevenue
183000000.0 USD
CY2020Q1 us-gaap Cost Of Revenue
CostOfRevenue
165900000 USD
CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
85200000 USD
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
60800000 USD
CY2021Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
140100000 USD
CY2020Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
125300000 USD
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
100300000 USD
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
69000000.0 USD
CY2021Q1 us-gaap Costs And Expenses
CostsAndExpenses
508600000 USD
CY2020Q1 us-gaap Costs And Expenses
CostsAndExpenses
421000000.0 USD

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