2023 Q2 Form 10-Q Financial Statement

#000182801623000023 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $642.8M $656.2M
YoY Change -2.55% -3.06%
Cost Of Revenue $188.0M $185.7M
YoY Change 1.02% -0.64%
Gross Profit $454.8M $470.5M
YoY Change -3.95% -3.98%
Gross Profit Margin 70.75% 71.7%
Selling, General & Admin $215.3M $215.7M
YoY Change -16.23% -16.04%
% of Gross Profit 47.34% 45.84%
Research & Development $100.3M $102.4M
YoY Change -19.89% -9.14%
% of Gross Profit 22.05% 21.76%
Depreciation & Amortization $48.20M $11.60M
YoY Change 13.15% 7.41%
% of Gross Profit 10.6% 2.47%
Operating Expenses $315.6M $318.1M
YoY Change -17.43% -13.93%
Operating Profit $139.2M $152.4M
YoY Change 52.46% 26.58%
Interest Expense $35.80M $38.00M
YoY Change 38.22% 60.34%
% of Operating Profit 25.72% 24.93%
Other Income/Expense, Net $0.00 -$200.0K
YoY Change -100.0%
Pretax Income $116.1M $123.8M
YoY Change 68.51% 33.26%
Income Tax $40.40M $39.70M
% Of Pretax Income 34.8% 32.07%
Net Earnings $75.70M $84.10M
YoY Change 107.97% 1.08%
Net Earnings / Revenue 11.78% 12.82%
Basic Earnings Per Share $0.21 $0.23
Diluted Earnings Per Share $0.21 $0.23
COMMON SHARES
Basic Shares Outstanding 365.7M shares 365.3M shares
Diluted Shares Outstanding 366.4M shares 365.1M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $955.1M $767.2M
YoY Change -23.04% -30.75%
Cash & Equivalents $955.1M $767.2M
Short-Term Investments
Other Short-Term Assets $110.1M $104.9M
YoY Change -6.06% 5.75%
Inventory
Prepaid Expenses
Receivables $159.8M $176.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.225B $1.049B
YoY Change -17.61% -22.14%
LONG-TERM ASSETS
Property, Plant & Equipment $112.9M $119.2M
YoY Change 1.8% 12.88%
Goodwill $813.2M $813.3M
YoY Change 0.42% -1.93%
Intangibles $313.6M $337.9M
YoY Change -20.59% -19.41%
Long-Term Investments $54.10M $52.80M
YoY Change 137.28% 196.63%
Other Assets $157.4M $150.6M
YoY Change 428.19% 390.55%
Total Long-Term Assets $1.620B $1.646B
YoY Change 6.63% 6.72%
TOTAL ASSETS
Total Short-Term Assets $1.225B $1.049B
Total Long-Term Assets $1.620B $1.646B
Total Assets $2.845B $2.694B
YoY Change -5.36% -6.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.30M $38.80M
YoY Change -16.23% -7.4%
Accrued Expenses $93.20M $95.00M
YoY Change -39.99% -32.53%
Deferred Revenue $44.60M $39.60M
YoY Change 45.75% 27.74%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $11.70M $12.10M
YoY Change -5.65% -0.82%
Total Short-Term Liabilities $410.6M $357.4M
YoY Change -33.39% -32.76%
LONG-TERM LIABILITIES
Long-Term Debt $2.406B $2.409B
YoY Change -0.48% -0.49%
Other Long-Term Liabilities $245.4M $255.0M
YoY Change 140.12% 110.74%
Total Long-Term Liabilities $2.651B $2.664B
YoY Change 9.68% 10.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $410.6M $357.4M
Total Long-Term Liabilities $2.651B $2.664B
Total Liabilities $3.190B $3.155B
YoY Change -0.01% 0.83%
SHAREHOLDERS EQUITY
Retained Earnings -$982.8M -$1.059B
YoY Change -24.3% -20.69%
Common Stock $4.100M $4.100M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$344.9M -$460.7M
YoY Change
Total Liabilities & Shareholders Equity $2.845B $2.694B
YoY Change -5.36% -6.74%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $75.70M $84.10M
YoY Change 107.97% 1.08%
Depreciation, Depletion And Amortization $48.20M $11.60M
YoY Change 13.15% 7.41%
Cash From Operating Activities $207.0M $20.50M
YoY Change 13.11% -64.72%
INVESTING ACTIVITIES
Capital Expenditures $16.70M $5.000M
YoY Change -159.01% -61.54%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$900.0K $200.0K
YoY Change -100.64%
Cash From Investing Activities -$17.60M -$15.40M
YoY Change -115.58% -91.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.300M -$6.100M
YoY Change -1.85% -1.61%
NET CHANGE
Cash From Operating Activities 207.0M $20.50M
Cash From Investing Activities -17.60M -$15.40M
Cash From Financing Activities -5.300M -$6.100M
Net Change In Cash 184.1M -$1.400M
YoY Change -36.65% -98.93%
FREE CASH FLOW
Cash From Operating Activities $207.0M $20.50M
Capital Expenditures $16.70M $5.000M
Free Cash Flow $190.3M $15.50M
YoY Change -9.94% -65.63%

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashPaidForInterest
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CashReceivedForInterest
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CY2023Q1 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 periods. Actual results could differ from those estimates.
CY2023Q1 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, restricted cash, accounts receivable and derivative contracts. The Company’s investment policy imposes certain maturity limits on the Company’s portfolio and restricts the permitted investments to the purchase of bank deposits and highly rated fixed income securities.</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 </span></div>three platforms. Accounts receivable are recorded at their transaction amounts and do not bear interest. The Company performs ongoing credit evaluations of its customers.
CY2023Q1 playtika Number Of Distribution Marketing Promotion And Payment Platforms
NumberOfDistributionMarketingPromotionAndPaymentPlatforms
3 platform
CY2023Q1 playtika Derivatives Effectiveness Number Of Observations
DerivativesEffectivenessNumberOfObservations
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CY2023Q1 playtika Media Buy Expenses Current
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CY2023Q1 us-gaap Long Term Debt Noncurrent
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CY2023Q1 us-gaap Deferred Finance Costs Net
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y2M12D
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.08
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.21
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M6D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
400000 usd
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1200000 shares
CY2023Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
21.24
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
100000 shares
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
656200000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
9.72
CY2023Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
29800000 usd
CY2022Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
40500000 usd
CY2023Q1 playtika Share Based Compensation Expense Net Of Amounts Capitalized
ShareBasedCompensationExpenseNetOfAmountsCapitalized
29200000 usd
CY2022Q1 playtika Share Based Compensation Expense Net Of Amounts Capitalized
ShareBasedCompensationExpenseNetOfAmountsCapitalized
39800000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
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CY2023Q1 us-gaap Debt Instrument Face Amount
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CY2023Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
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DebtInstrumentFaceAmount
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CY2022Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2262500000 usd
CY2023Q1 playtika Number Of Demand Received
NumberOfDemandReceived
7 demand
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
656200000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
676900000 usd
CY2023Q1 playtika Contract Receivable Collection Period
ContractReceivableCollectionPeriod
P45D
CY2023Q1 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
176500000 usd
CY2022Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
141100000 usd
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
10900000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
10800000 usd
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
39600000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
38600000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
21800000 usd
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q1 playtika Long Lived Assets And Deferred Tax Assets Net
LongLivedAssetsAndDeferredTaxAssetsNet
222500000 usd
CY2022Q4 playtika Long Lived Assets And Deferred Tax Assets Net
LongLivedAssetsAndDeferredTaxAssetsNet
229900000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
38000000.0 usd
CY2022Q1 us-gaap Interest Expense
InterestExpense
23700000 usd
CY2023Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
7800000 usd
CY2022Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
800000 usd
CY2023Q1 playtika Foreign Currency Translation Differences
ForeignCurrencyTranslationDifferences
1800000 usd
CY2022Q1 playtika Foreign Currency Translation Differences
ForeignCurrencyTranslationDifferences
-3500000 usd
CY2023Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-200000 usd
CY2022Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-1100000 usd
CY2023Q1 playtika Interest Expense And Other Net
InterestExpenseAndOtherNet
28600000 usd
CY2022Q1 playtika Interest Expense And Other Net
InterestExpenseAndOtherNet
27500000 usd
CY2023Q1 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
123800000 usd
CY2022Q1 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
92900000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
39700000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9700000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.321
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.104
CY2023Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-2900000 usd
CY2023Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-1800000 usd
CY2022Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
14700000 usd
CY2022Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
700000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
84100000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
83200000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
364600000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
412000000.0 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
500000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
500000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
365100000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
412500000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16100000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27100000 shares

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