2024 Q2 Form 10-Q Financial Statement

#000182801624000019 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $627.0M $651.2M
YoY Change -2.46% -0.76%
Cost Of Revenue $168.2M $177.0M
YoY Change -10.53% -4.68%
Gross Profit $458.8M $474.2M
YoY Change 0.88% 0.79%
Gross Profit Margin 73.17% 72.82%
Selling, General & Admin $217.5M $262.2M
YoY Change 1.02% 21.56%
% of Gross Profit 47.41% 55.29%
Research & Development $100.6M $106.9M
YoY Change 0.3% 4.39%
% of Gross Profit 21.93% 22.54%
Depreciation & Amortization $38.70M $12.30M
YoY Change -19.71% 6.03%
% of Gross Profit 8.44% 2.59%
Operating Expenses $318.1M $369.1M
YoY Change 0.79% 16.03%
Operating Profit $140.7M $98.10M
YoY Change 1.08% -35.63%
Interest Expense -$20.40M $39.00M
YoY Change -156.98% 2.63%
% of Operating Profit -14.5% 39.76%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income $120.3M $74.90M
YoY Change 3.62% -39.5%
Income Tax $33.70M $21.90M
% Of Pretax Income 28.01% 29.24%
Net Earnings $86.60M $53.00M
YoY Change 14.4% -36.98%
Net Earnings / Revenue 13.81% 8.14%
Basic Earnings Per Share $0.23 $0.14
Diluted Earnings Per Share $0.23 $0.14
COMMON SHARES
Basic Shares Outstanding 371.1M shares 370.6M shares
Diluted Shares Outstanding 371.8M shares 370.8M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.100B $1.016B
YoY Change 15.21% 32.36%
Cash & Equivalents $710.3M $1.016B
Short-Term Investments $390.1M
Other Short-Term Assets $127.7M $155.2M
YoY Change 15.99% 47.95%
Inventory
Prepaid Expenses
Receivables $170.9M $172.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.399B $1.343B
YoY Change 14.2% 28.05%
LONG-TERM ASSETS
Property, Plant & Equipment $112.2M $120.8M
YoY Change -0.62% 1.34%
Goodwill $983.8M $984.9M
YoY Change 20.98% 21.1%
Intangibles $282.0M $295.8M
YoY Change -10.08% -12.46%
Long-Term Investments $48.40M $48.40M
YoY Change -10.54% -8.33%
Other Assets $155.2M $156.3M
YoY Change -1.4% 3.78%
Total Long-Term Assets $1.776B $1.802B
YoY Change 9.63% 9.5%
TOTAL ASSETS
Total Short-Term Assets $1.399B $1.343B
Total Long-Term Assets $1.776B $1.802B
Total Assets $3.175B $3.145B
YoY Change 11.6% 16.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.60M $57.40M
YoY Change -67.07% 47.94%
Accrued Expenses $83.20M $76.30M
YoY Change -10.73% -19.68%
Deferred Revenue $40.00M $43.90M
YoY Change -10.31% 10.86%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $16.50M $16.20M
YoY Change 41.03% 33.88%
Total Short-Term Liabilities $461.7M $492.1M
YoY Change 12.45% 37.69%
LONG-TERM LIABILITIES
Long-Term Debt $2.394B $2.397B
YoY Change -0.49% -0.47%
Other Long-Term Liabilities $305.3M $311.3M
YoY Change 24.41% 22.08%
Total Long-Term Liabilities $2.699B $2.709B
YoY Change 1.81% 1.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $461.7M $492.1M
Total Long-Term Liabilities $2.699B $2.709B
Total Liabilities $3.288B $3.325B
YoY Change 3.08% 5.39%
SHAREHOLDERS EQUITY
Retained Earnings -$842.3M -$891.7M
YoY Change -14.3% -15.76%
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 -$112.9M -$180.4M
YoY Change
Total Liabilities & Shareholders Equity $3.175B $3.145B
YoY Change 11.6% 16.72%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $86.60M $53.00M
YoY Change 14.4% -36.98%
Depreciation, Depletion And Amortization $38.70M $12.30M
YoY Change -19.71% 6.03%
Cash From Operating Activities $150.5M $29.60M
YoY Change -27.29% 44.39%
INVESTING ACTIVITIES
Capital Expenditures $23.10M $14.00M
YoY Change 38.32% 180.0%
Acquisitions
YoY Change
Other Investing Activities -$390.1M $1.000M
YoY Change 43244.44% 400.0%
Cash From Investing Activities -$413.2M -$35.90M
YoY Change 2247.73% 133.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -43.10M -$5.500M
YoY Change 713.21% -9.84%
NET CHANGE
Cash From Operating Activities 150.5M $29.60M
Cash From Investing Activities -413.2M -$35.90M
Cash From Financing Activities -43.10M -$5.500M
Net Change In Cash -305.8M -$14.20M
YoY Change -266.11% 914.29%
FREE CASH FLOW
Cash From Operating Activities $150.5M $29.60M
Capital Expenditures $23.10M $14.00M
Free Cash Flow $127.4M $15.60M
YoY Change -33.05% 0.65%

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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1300000 usd
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EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1017500000 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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IncomeTaxesPaid
33200000 usd
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IncomeTaxesPaid
39900000 usd
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CashPaidForInterest
43300000 usd
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CashPaidForInterest
41600000 usd
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CashReceivedForInterest
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CY2023Q1 playtika Cash Received For Interest
CashReceivedForInterest
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DividendsPayableCurrentAndNoncurrent
37100000 usd
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DividendsPayableCurrentAndNoncurrent
0 usd
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RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
100000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CapitalExpendituresIncurredButNotYetPaid
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EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
600000 usd
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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%">Use of estimates</span></div>The preparation of the interim 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 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.
CY2024Q1 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 three platforms. The Company performs ongoing credit evaluations of its customers.</span></div>
CY2024Q1 playtika Number Of Distribution Marketing Promotion And Payment Platforms
NumberOfDistributionMarketingPromotionAndPaymentPlatforms
3 platform
CY2024Q1 playtika Impairment Of Equity Securities
ImpairmentOfEquitySecurities
7000000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
88600000 usd
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EmployeeRelatedLiabilitiesCurrent
162500000 usd
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76300000 usd
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AccruedLiabilitiesCurrent
93900000 usd
CY2024Q1 playtika Media Buy Expenses Current
MediaBuyExpensesCurrent
61700000 usd
CY2023Q4 playtika Media Buy Expenses Current
MediaBuyExpensesCurrent
54500000 usd
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BusinessCombinationContingentConsiderationLiabilityCurrent
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37100000 usd
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DividendsPayableCurrent
0 usd
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CY2024Q1 us-gaap Long Term Debt Current
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16200000 usd
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23800000 usd
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LongTermDebtCurrent
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CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2397200000 usd
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DebtInstrumentFaceAmountNetCurrentPortion
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LongTermDebtNoncurrent
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CY2024Q1 us-gaap Deferred Finance Costs Net
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DeferredFinanceCostsNet
36100000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
48726990 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
14674667 shares
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.10
CY2024Q1 us-gaap Dividends Payable Current
DividendsPayableCurrent
37100000 usd
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y7M6D
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17.72
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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0
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
17.89
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y4M24D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
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CY2024Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
19.47
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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CY2024Q1 us-gaap Debt Instrument Fair Value
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CY2024Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
24200000 usd
CY2023Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
29800000 usd
CY2024Q1 playtika Share Based Compensation Expense Net Of Amounts Capitalized
ShareBasedCompensationExpenseNetOfAmountsCapitalized
23700000 usd
CY2023Q1 playtika Share Based Compensation Expense Net Of Amounts Capitalized
ShareBasedCompensationExpenseNetOfAmountsCapitalized
29200000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
500000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
600000 usd
CY2024Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2447800000 usd
CY2023Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2373700000 usd
CY2023Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
3600000 usd
CY2024Q1 playtika Number Of Demand Received
NumberOfDemandReceived
7 demand
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
651200000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
656200000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
651200000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
656200000 usd
CY2024Q1 playtika Contract Receivable Collection Period
ContractReceivableCollectionPeriod
P30D
CY2024Q1 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
172000000.0 usd
CY2023Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
171500000 usd
CY2024Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
11900000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
12500000 usd
CY2024Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
43900000 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
46000000.0 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
23400000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21900000 usd
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2024Q1 playtika Long Lived Assets And Deferred Tax Assets Net
LongLivedAssetsAndDeferredTaxAssetsNet
216200000 usd
CY2023Q4 playtika Long Lived Assets And Deferred Tax Assets Net
LongLivedAssetsAndDeferredTaxAssetsNet
220200000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
39000000.0 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
38000000.0 usd
CY2024Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
13000000.0 usd
CY2023Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
7800000 usd
CY2024Q1 playtika Foreign Currency Translation Differences
ForeignCurrencyTranslationDifferences
2800000 usd
CY2023Q1 playtika Foreign Currency Translation Differences
ForeignCurrencyTranslationDifferences
1800000 usd
CY2024Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
0 usd
CY2023Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-200000 usd
CY2024Q1 playtika Interest Expense And Other Net
InterestExpenseAndOtherNet
23200000 usd
CY2023Q1 playtika Interest Expense And Other Net
InterestExpenseAndOtherNet
28600000 usd
CY2024Q1 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
74900000 usd
CY2023Q1 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
123800000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
39700000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.292
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.321
CY2024Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
8000000.0 usd
CY2024Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-6300000 usd
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
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
53000000.0 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
84100000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
370500000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
364600000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
300000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
500000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
370800000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
365100000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21500000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16100000 shares
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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