2022 Q1 Form 10-Q Financial Statement

#000182801622000039 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $676.9M $638.9M
YoY Change 5.95% 19.6%
Cost Of Revenue $186.9M $183.0M
YoY Change 2.13% 10.31%
Gross Profit $490.0M $455.9M
YoY Change 7.48% 23.78%
Gross Profit Margin 72.39% 71.36%
Selling, General & Admin $256.9M $240.4M
YoY Change 6.86% 23.73%
% of Gross Profit 52.43% 52.73%
Research & Development $112.7M $85.20M
YoY Change 32.28% 40.13%
% of Gross Profit 23.0% 18.69%
Depreciation & Amortization $10.80M $9.900M
YoY Change 9.09% 20.73%
% of Gross Profit 2.2% 2.17%
Operating Expenses $369.6M $325.6M
YoY Change 13.51% 27.64%
Operating Profit $120.4M $130.3M
YoY Change -7.6% 15.11%
Interest Expense $23.70M $78.00M
YoY Change -69.62% 46.07%
% of Operating Profit 19.68% 59.86%
Other Income/Expense, Net $0.00 $1.300M
YoY Change -100.0% -1400.0%
Pretax Income $92.90M $54.60M
YoY Change 70.15% -0.55%
Income Tax $9.700M $18.90M
% Of Pretax Income 10.44% 34.62%
Net Earnings $83.20M $35.70M
YoY Change 133.05% -0.28%
Net Earnings / Revenue 12.29% 5.59%
Basic Earnings Per Share $0.20 $0.09
Diluted Earnings Per Share $0.20 $0.09
COMMON SHARES
Basic Shares Outstanding 412.0M shares 406.5M shares
Diluted Shares Outstanding 412.5M shares 409.5M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.108B $1.014B
YoY Change 9.28%
Cash & Equivalents $885.8M $963.8M
Short-Term Investments $222.1M $50.00M
Other Short-Term Assets $99.20M $99.80M
YoY Change -0.6%
Inventory
Prepaid Expenses
Receivables $139.7M $182.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.347B $1.296B
YoY Change 3.92%
LONG-TERM ASSETS
Property, Plant & Equipment $105.6M $96.00M
YoY Change 10.0%
Goodwill $829.3M $479.4M
YoY Change 72.99%
Intangibles $419.3M $317.4M
YoY Change 32.1%
Long-Term Investments $17.80M
YoY Change
Other Assets $30.70M $7.600M
YoY Change 303.95%
Total Long-Term Assets $1.542B $1.008B
YoY Change 52.93%
TOTAL ASSETS
Total Short-Term Assets $1.347B $1.296B
Total Long-Term Assets $1.542B $1.008B
Total Assets $2.889B $2.304B
YoY Change 25.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.90M $28.40M
YoY Change 47.54%
Accrued Expenses $140.8M $130.5M
YoY Change 7.89%
Deferred Revenue $31.00M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.20M $12.50M
YoY Change -2.4%
Total Short-Term Liabilities $531.5M $422.5M
YoY Change 25.8%
LONG-TERM LIABILITIES
Long-Term Debt $2.420B $2.433B
YoY Change -0.52%
Other Long-Term Liabilities $121.0M $91.00M
YoY Change 32.97%
Total Long-Term Liabilities $2.420B $2.433B
YoY Change -0.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $531.5M $422.5M
Total Long-Term Liabilities $2.420B $2.433B
Total Liabilities $3.129B $3.030B
YoY Change 3.26%
SHAREHOLDERS EQUITY
Retained Earnings -$1.335B -$1.691B
YoY Change -21.06%
Common Stock $4.100M $4.100M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$240.0M -$725.8M
YoY Change
Total Liabilities & Shareholders Equity $2.889B $2.304B
YoY Change 25.36%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $83.20M $35.70M
YoY Change 133.05% -0.28%
Depreciation, Depletion And Amortization $10.80M $9.900M
YoY Change 9.09% 20.73%
Cash From Operating Activities $58.10M -$56.40M
YoY Change -203.01% 17.5%
INVESTING ACTIVITIES
Capital Expenditures $13.00M $7.500M
YoY Change 73.33% -46.04%
Acquisitions $29.30M $0.00
YoY Change
Other Investing Activities $0.00 -$2.200M
YoY Change -100.0%
Cash From Investing Activities -$180.3M -$71.90M
YoY Change 150.76% 208.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $470.4M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$6.200M $577.0M
YoY Change -101.07% -993.19%
NET CHANGE
Cash From Operating Activities $58.10M -$56.40M
Cash From Investing Activities -$180.3M -$71.90M
Cash From Financing Activities -$6.200M $577.0M
Net Change In Cash -$131.2M $442.8M
YoY Change -129.63% -425.83%
FREE CASH FLOW
Cash From Operating Activities $58.10M -$56.40M
Capital Expenditures $13.00M $7.500M
Free Cash Flow $45.10M -$63.90M
YoY Change -170.58% 3.23%

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1
CY2022Q1 us-gaap Use Of Estimates
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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.
CY2022Q1 us-gaap Concentration Risk Credit Risk
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<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. A large percentage of the Company’s cash is maintained with three financial institutions with high credit standings. The Company performs periodic evaluations of the relative credit standing of these financial 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>
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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19.27
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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22.24
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0.21
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0
CY2022Q1 playtika Share Based Compensation Expense Net Of Amounts Capitalized
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24300000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2021Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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676900000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 playtika Contract Receivable Collection Period
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CY2022Q1 us-gaap Accounts And Other Receivables Net Current
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CY2022Q1 us-gaap Contract With Customer Asset Net
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CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
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24000000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022Q1 us-gaap Interest Expense
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23700000 USD
CY2021Q1 us-gaap Interest Expense
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CY2022Q1 us-gaap Interest Income Expense Nonoperating Net
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800000 USD
CY2021Q1 us-gaap Interest Income Expense Nonoperating Net
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200000 USD
CY2022Q1 playtika Foreign Currency Translation Differences
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CY2021Q1 playtika Foreign Currency Translation Differences
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800000 USD
CY2022Q1 us-gaap Other Operating Income Expense Net
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CY2021Q1 us-gaap Other Operating Income Expense Net
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1300000 USD
CY2022Q1 playtika Interest Expense And Other Net
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27500000 USD
CY2021Q1 playtika Interest Expense And Other Net
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75700000 USD
CY2022Q1 us-gaap Income Loss Attributable To Parent
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CY2021Q1 us-gaap Income Loss Attributable To Parent
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CY2021Q1 us-gaap Income Loss Attributable To Parent
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CY2022Q1 us-gaap Income Tax Expense Benefit
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9700000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
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18900000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
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18900000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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CY2022Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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CY2021Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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CY2021Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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300000 USD
CY2022Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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409500000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
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0.20
CY2021Q1 us-gaap Earnings Per Share Basic
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CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2021Q1 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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12879952 shares

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