Playtika Holding Corp (PLTK) 2024 Q3 法說會逐字稿

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（音訊進行中）

In summary, we are excited about the potential to SuperPlay acquisition brings and confident in our ability to enhance our growth profile, all while maintaining a firm focus on financial discipline. With that, let us dive into our Q3 financial performance.

總之，我們對 SuperPlay 收購帶來的潛力感到興奮，並對我們增強成長前景的能力充滿信心，同時保持對財務紀律的堅定關注。接下來，讓我們深入了解第三季的財務表現。

For the quarter, we generated $620.8 million of revenue, down 1% sequentially and down 1.5% year over year. Credit adjusted EBITDA margins improved over Q2 as we generated credit adjusted EBITDA of $197.2 million, up 3.2% sequentially and down 4.1% year over year.

本季度，我們實現了 6.208 億美元的收入，季減 1%，年減 1.5%。信貸調整後 EBITDA 利潤率較第二季有所改善，信貸調整後 EBITDA 為 1.972 億美元，季增 3.2%，年減 4.1%。

Net income was $39.3 million, down 54.6% sequentially and up 3.7% year over year. Our direct-to-consumer business continues to outperform the overall business as we generated $174.4 million, which was up 0.4% sequentially and up 8.3% year over year.

淨利潤為 3,930 萬美元，季減 54.6%，年增 3.7%。我們的直接面向消費者業務繼續跑贏整體業務，創造了 1.744 億美元的收入，環比增長 0.4%，同比增長 8.3%。

Turning now to our business results in the quarter. Revenue across our top three games was up 1.1% sequentially and down 20% year over year. Bingo Blitz revenue was $159.9 million, up 2.7% sequentially and up 6.8% year over year. Bingo continued strong execution of its direct-to-consumer business in the quarter, helping drive DGC revenue to a record high. In addition, Bingo achieved its highest revenue month in history in July.

現在轉向我們本季的業務業績。我們排名前三的遊戲收入環比成長 1.1%，年減 20%。Bingo Blitz 營收為 1.599 億美元，季增 2.7%，年增 6.8%。Bingo 在本季繼續強勁執行其直接面向消費者業務，幫助 DGC 收入創下歷史新高。此外，Bingo 在 7 月實現了歷史上最高的月份收入。

Solitaire Grand Harvest revenue was $79 million, up 6.5% sequentially and down 0.2% year over year. We are optimistic about the roadmap going into next year as Solitaire continues to regain its footing and drive incremental success.

Solitaire Grand Harvest 營收為 7,900 萬美元，季增 6.5%，年減 0.2%。隨著 Solitaire 繼續重新站穩腳跟並取得逐步成功，我們對明年的路線圖感到樂觀。

Slotomania revenue was $128.7 million, down 3.8% sequentially and down 9.3% year over year. While we increased our user acquisition spend per Slotomania this year, Q3 results did not meet our expectations.

Slotomania 營收為 1.287 億美元，季減 3.8%，年減 9.3%。雖然我們今年增加了每個 Slotomania 的用戶獲取支出，但第三季的結果並未達到我們的預期。

Moving forward, we are realigning our strategic focus in the studio, placing a greater emphasis on the product in future roadmap to drive a meaningful increase in paying users. This shift includes the introduction of historic IP such just Cleopatra II launching in Q4 as the first in a series of leading titles under our licensing agreement with IGT.

展望未來，我們正在重新調整工作室的策略重點，在未來的路線圖中更加重視產品，以推動付費用戶的有意義成長。這項轉變包括引入歷史性 IP，例如根據我們與 IGT 的許可協議在第四季度推出的《Cleopatra II》，這是一系列領先遊戲中的第一個。

Additionally, we are implementing key product changes such as modifying the in-game experience for [albums] and Slotomania club which are designed to enhance engagement, and monetization opportunities.

此外，我們正在實施關鍵的產品變更，例如修改[專輯]和 Slotomania 俱樂部的遊戲內體驗，旨在提高參與度和獲利機會。

Turning now to specific line items in our P&L for the quarter. Cost of revenue decreased by 3.3% year over year, driven by a change in revenue mix between direct-to-consumer platforms revenue, and third-party platforms revenue, as well as the decline in overall revenue.

現在轉向本季損益表中的具體項目。由於直接面向消費者的平台收入和第三方平台收入之間的收入結構變化以及整體收入的下降，收入成本比去年同期下降3.3%。

R&D expenses declined by 2.9% year over year. The decline in R&D were due to the extensive cost management implemented consistently throughout the year. Sales and marketing expenses increased by 5% year over year. The increase in sales and marketing expenses was primarily due to the increase in performance marketing.

研發費用較去年同期下降2.9%。研發的下降是由於全年持續實施的廣泛成本管理。銷售和行銷費用較去年同期成長5%。銷售及行銷費用的增加主要是由於效果行銷的增加。

As discussed in our Q1 earnings call, we anticipated that sales and marketing spend would be the highest in Q1, which year-over-year growth tapering in subsequent quarters. Accordingly, sales and marketing expenses declined by 11% sequentially.

正如我們在第一季財報電話會議中所討論的，我們預計第一季的銷售和行銷支出將是最高的，而隨後幾季的年成長將逐漸放緩。因此，銷售和行銷費用較上季下降了 11%。

G&A expenses declined by 3.5% year over year. The decline in G&A expenses was driven by a one-time favorable adjustment of payable contingent considerations and reduced compensation expenses from lower head count.

一般管理費用較去年同期下降 3.5%。一般及行政費用的下降是由於應付或有對價的一次性有利調整以及員工人數減少導致的補償費用減少所致。

As of September 30, we had approximately $1.2 billion in cash, cash equivalents and short-term investments. This does not incorporate the contemplated upfront payment of $700 million for the SuperPlay acquisition.

截至 9 月 30 日，我們擁有約 12 億美元的現金、現金等價物和短期投資。這不包括預計為收購 SuperPlay 支付的 7 億美元預付款。

Looking at our operating metrics, average DPU increased 1% sequentially, and 0.7% year over year to 301,000. Average DAU decreased 6.2% sequentially and 9.5% year over year to 7.6 million. The decline in average DAU year-over-year was primarily due to the strategic decision to reallocate marketing dollars in R&D resources away from some of our smaller casual titles such as JustPlay 1v1. ARPDAU increased 4.7% sequentially and up 9.9% year over year to $0.89.

從我們的營運指標來看，平均 DPU 環比成長 1%，年成長 0.7%，達到 301,000。平均 DAU 環比下降 6.2%，年減 9.5%，至 760 萬。平均 DAU 年比下降主要是由於策略決策，將研發資源的行銷資金從 JustPlay 1v1 等一些較小的休閒遊戲中重新分配。ARPDAU 環比成長 4.7%，年增 9.9%，至 0.89 美元。

We are adjusting our guidance for the year as follows. Revenue is now expected to range from $2.505 billion to $2.52 billion, reflecting our revised outlook. Meanwhile, we are raising our credit adjusted EBITDA guidance to a range of $755 million to $765 million.

我們正在調整今年的指導如下。目前預計收入範圍為 25.05 億美元至 25.2 億美元，反映了我們修改後的前景。同時，我們將信用調整後 EBITDA 指引提高至 7.55 億美元至 7.65 億美元。

Finally, we are lowering our capital expenditure guidance to $90 million as we remain focused on maximizing free cash flow. Our guidance does not incorporate the impact of the SuperPlay acquisition as the acquisition is still pending, and we expect to close later this quarter.

最後，我們將資本支出指引降低至 9,000 萬美元，因為我們仍然專注於最大化自由現金流。我們的指引並未納入 SuperPlay 收購的影響，因為該收購仍懸而未決，我們預計將於本季稍後完成。

With that, we'd be happy to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Chris Schoell, UBS.

克里斯‧舍爾，瑞銀集團。

Great. Thank you. Craig, just taking the midpoint of your full-year guidance, I believe implies a higher revenue decline, but improvement on EBITDA in 4Q. Can you help us think through the drivers there? And when you announced the SuperPlay deal and you mentioned coming back to the market with capital allocation and future M&A plans, any updated thoughts you can provide at this stage? Thank you.

偉大的。謝謝。克雷格，僅取全年指導的中點，我認為這意味著收入下降幅度更大，但第四季度 EBITDA 有所改善。您能幫助我們思考那裡的司機嗎？當您宣布SuperPlay交易時，您提到了回歸市場的資本配置和未來的併購計劃，您現階段有什麼最新的想法可以提供嗎？謝謝。

Sure. Thank you for the question. So I'll start with the second part first. After our Q4 earnings, post the closing of the SuperPlay transaction, we will update both on the guidance for 2025, as well as discuss our capital allocation framework as it relates to M&A as well.

當然。謝謝你的提問。所以我先從第二部分開始。在我們發布第四季度收益後，在 SuperPlay 交易結束後，我們將更新 2025 年的指導，並討論我們與併購相關的資本配置框架。

In terms of this year, obviously, overperforming in terms of raising the guidance for EBITDA based on cost management and being selective on marketing investments to the highest ROI opportunities. When you look at top line slot of many of them, some of the casino game titles underperformed relative to expectations as we started the quarter. And so that, help dictate lower guidance for the quarter.

就今年而言，顯然，在提高基於成本管理的 EBITDA 指導以及選擇性行銷投資以獲得最高投資回報率機會方面表現出色。當您查看其中許多老虎機的營收時，會發現一些賭場遊戲的表現相對於我們本季初的預期而言較差。因此，有助於確定本季較低的指引。

Great. Thank you. If I can just say one more. I believe you mentioned that a new product and feature roadmap for Slotomania. Just how are you thinking about the timeline for stabilization here and any shifts in competitive dynamics you would call out.

偉大的。謝謝。如果我還能再說一句的話。我相信您提到了 Slotomania 的新產品和功能路線圖。您如何看待這裡穩定的時間表以及您會指出的競爭動態的任何變化。

Hi, it's Robert here. So regarding Slotomania, as we spoke last third quarter, were very strong plan during regarding a content, especially with the deal that we did with IGP. We're going to start launching video content in the end of this year already. And together with the product changing, we believe that next year is going to be a very interesting and promising for Slotomania.

嗨，我是羅伯特。因此，關於 Slotomania，正如我們在上第三季所說，在內容方面有非常強有力的計劃，尤其是我們與 IGP 達成的交易。我們將於今年底開始推出影片內容。隨著產品的變化，我們相信明年對 Slotomania 來說將是非常有趣且充滿希望的一年。

Great. Thank you very much.

偉大的。非常感謝。

Drew Crum, Stifel.

德魯克拉姆、史蒂菲爾。

Okay. Thanks, guys. Good morning. As it relates to your revenue mix, the DTCP has continued to increase sequentially as a percentage of the total. I know you haven't updated that 30% target, but is there anything forthcoming that would cause a material change in the mix? And then I have a quick follow-up.

好的。謝謝，夥計們。早安.由於它與您的收入組合相關，DTCP 在總收入中所佔的百分比持續增加。我知道您還沒有更新 30% 的目標，但是即將發生的事情是否會導致組合發生重大變化？然後我會進行快速跟進。

No, I think we have continued execution as it relates to new title launches. So in terms of the execution we have in June's journey, the execution that we have and Solitaire Grand Harvest continues to help there. But nothing outside of the performance that you've seen the last few quarters. It's pretty consistent and steady. And post SuperPlay acquisition, we'll have to reassess their roadmap and opportunities to integrate DTCP there as well.

不，我認為我們會繼續執行，因為它與新遊戲的發布有關。因此，就我們在 6 月旅程中的執行而言，我們的執行和 Solitaire Grand Harvest 繼續提供協助。但除了你在過去幾季看到的表現之外，什麼都沒有。這是相當一致和穩定的。收購 SuperPlay 後，我們將不得不重新評估他們的路線圖以及在那裡整合 DTCP 的機會。

Got it. Okay. And then just on the casual side of your portfolio, you mentioned the record performance for animals and coins and the strong performance for Bingo and stabilization for Solitaire. If you isolate those, it looks like the revenue was weaker and anything to call out or flag in terms of what drove that decline? Thanks.

知道了。好的。然後，在您的投資組合的休閒方面，您提到了動物和硬幣的創紀錄表現以及賓果遊戲的強勁表現和紙牌遊戲的穩定表現。如果你將這些因素孤立起來，看起來收入有所疲軟，那麼有什麼值得指出或標記的導致收入下降的原因嗎？謝謝。

So I think what you're seeing is that as we continue to focus investments on our biggest titles that are number one in their respective categories, as we see better performance there. And some of these smaller titles where we've taken away R&D and marketing resources from them, those titles will continue to stagnate or decline. And so we're managing the portfolio for growth from the biggest titles, and more so on profitability from some other smaller titles.

因此，我認為您所看到的是，隨著我們繼續將投資重點放在各自類別中排名第一的最大遊戲上，因為我們看到了更好的表現。對於一些較小的遊戲，我們剝奪了它們的研發和行銷資源，這些遊戲將繼續停滯或下降。因此，我們正在管理投資組合，以實現最大遊戲的成長，以及其他一些較小遊戲的獲利能力。

Got it. Thanks, guys.

知道了。謝謝，夥計們。

Eric Handler, Roth Capital.

埃里克·漢德勒，羅斯資本。

Good morning and thanks for the question. You guys have always done a very good job of driving higher average revenue per -- with daily paying users and your player conversion. But as you sort of look at your portfolio of growth titles versus sort of like your smaller titles, ultimately, you want those larger titles to keep expanding the funnel in terms of DAUs. Can you maybe talk a little bit about the dynamic that's going on? Like are you seeing growth in DAUs with your focus titles?

早安，謝謝你的提問。你們一直在透過每日付費用戶和玩家轉換來推動更高的平均收入方面做得非常出色。但當您比較成長型遊戲的投資組合與小型遊戲時，您最終會希望這些較大的遊戲在 DAU 方面不斷擴大漏斗。您能談談正在發生的動態嗎？您是否看到您的焦點遊戲的 DAU 有所增長？

So as we look at further diversification of the portfolio, both through future acquisitions and the acquisitions we've done over the last few years, we see growth in those titles in terms of growing the user base. And as we look at more of the legacy titles, it's more consistent with what you've seen over the last eight quarters in a more consistent decline in the DAU base as we focus on higher quality customers in Tier-1 markets, I think what you see is DPU this quarter was up both year-over-year and sequentially.

因此，當我們透過未來的收購和過去幾年的收購來進一步實現產品組合的多元化時，我們看到這些遊戲在擴大用戶基礎方面有所成長。當我們關注更多的傳統遊戲時，這與您在過去八個季度所看到的情況更加一致，因為我們專注於一級市場中更高品質的客戶，因此 DAU 基礎更加持續下降，我認為您會看到本季的DPU 年比和季後均有所上升。

And so that is the metric that we're most focused on. I think some of the smaller titles like 1v1 and Redecor, both at bigger declines as we pulled back on marketing dollars. (multiple speakers) Those were low revenue producing titles to begin with. So it's not the same user base in terms of quality.

所以這是我們最關注的指標。我認為一些較小的遊戲，如 1v1 和 Redecor，隨著我們削減行銷費用，它們的跌幅更大。（多名發言者）這些遊戲一開始收入就很低。所以就品質而言，用戶群並不相同。

Great. Thanks, Craig.

偉大的。謝謝，克雷格。

Matt Cost, Morgan Stanley.

馬特‧科斯特，摩根士丹利。

Good morning. Thanks for taking the questions. I guess on the marketing side, Craig, you're very clear and your message is pretty clearly throughout the year that there'd be this step-up in marketing in 1Q and then kind of decline or kind of minimal reversion over the rest of the year. But as we look at kind of the 4Q guide, where revenue and EBITDA moving in opposite direction, it seems like you're being a little more selective on the marketing side. I think you said -- so I guess what are you seeing there? I mean, would you look back on the marketing that you did in the first half and say, you know, it didn't pan out as well as you had hoped and figured so you're just really paring down as we move into the second half, like what is changing in that UA environment.

早安.感謝您提出問題。我想在行銷方面，克雷格，你非常清楚，你的訊息在全年中都很明確，即第一季度的行銷將會有所提升，然後在其餘時間裡會出現下降或最小程度的回歸。但當我們查看第四季度的指南時，營收和 EBITDA 朝著相反的方向發展，看來你們在行銷方面更有選擇性。我想你說過——所以我猜你在那裡看到了什麼？我的意思是，你是否會回顧上半年所做的行銷並說，你知道，它並沒有達到你希望和認為的那麼好，所以當我們進入新的市場時，你真的在​​削減開支嗎？ 下半年，就像 UA 環境中發生的變化一樣。

Hey, It's Nir, Playtika CMO.

嘿，我是 Nir，Playtika 首席行銷長。

Thanks for the question. So basically, as we have a variety of different game, so the obviously the story is different for each one of them. In H1, we tried different approach. Some of the things that we did around the offline activity didn't meet our expectation and we did the shifting towards, say, performance.

謝謝你的提問。基本上，由於我們有多種不同的遊戲，所以顯然每個遊戲的故事都是不同的。在上半年，我們嘗試了不同的方法。我們圍繞線下活動所做的一些事情沒有達到我們的預期，我們做了一些轉向，例如績效。

I think that overall in the marketing arena, we see lots of things that they can be beneficial for us in the future. An example for that, what we are seeing with the policy change of Google that they announced that the Google ad sale, we start rolling out personalize ad for Poker casino, it is the great news for us, an opportunity basically to put slots, poker, and bingo under the same role as a casual game.

我認為總的來說，在行銷領域，我們看到了很多未來對我們有益的事情。舉個例子，我們看到谷歌的政策變化，他們宣布穀歌廣告銷售，我們開始推出撲克賭場的個人化廣告，這對我們來說是個好消息，基本上是一個投放老虎機、撲克的機會，和賓果遊戲的作用一樣，都是休閒遊戲。

So this is a -- it can be beneficial for us from just as an example, for marketing, retargeting, and also for improved algorithm that we are using with Google. So we are seeing the thing that can help us in the future. And we're going to focus the more on the performance side moving forward.

因此，這對我們來說是有益的，僅作為一個例子，對於行銷、重定向以及我們與Google一起使用的改進演算法。所以我們看到了未來可以幫助我們的東西。我們將更加關注未來的性能方面。

Great. Thank you. And then just on the revenue guide. Should we think of Slotomania as the main driver of like the lower revenue guide? Or are there other big movers that you would call out?

偉大的。謝謝。然後就是收入指南。我們是否應該將 Slotomania 視為收入指南降低的主要驅動力？或者您還會提到其他重大推動者嗎？

No, I think it's a mix of Slotomania and the smaller titles.

不，我認為這是 Slotomania 和小型遊戲的混合體。

Got it. Thank you.

知道了。謝謝。

Aaron Lee, Macquarie.

亞倫李，麥格理。

Hey, good morning, guys. Thanks for taking the question. Once I start with SuperPplay, are there any opportunities for synergies or just cross-pollination of best practices or monetization in between this acquisition and some of your existing titles like maybe board games or animals and coins?

嘿，早上好，夥計們。感謝您提出問題。一旦我開始使用 SuperPplay，這次收購與您現有的一些遊戲（例如棋盤遊戲或動物和硬幣）之間是否有任何協同作用或最佳實踐或貨幣化的交叉授粉機會？

So of course, when you look at the founders of SuperPlay, the guys exited Playtika, and they cared for Playtika and there's a lot of, look and feel in the SuperPlay like Playtika a -- we are not a -- in this point of the deal, we're not speaking about synergies right now. This is not the focus of synergy. SuperPlay has their own roadmap, and they're going to walk independently and get to their targets. You know, always in the future, things can happen. But right now, there's no real conversation regarding this.

當然，當你看看 SuperPlay 的創始人時，他們退出了 Playtika，他們關心 Playtika，SuperPlay 的許多外觀和感覺都像 Playtika 一樣——我們不是——在這一點上就這筆交易而言，我們現在不是在談論協同效應。這不是協同的重點。SuperPlay有自己的路線圖，他們將獨立行走並達到目標。你知道，在未來，事情總是會發生。但現在，還沒有關於此事的真正對話。

Okay. Fair enough. That makes sense. As a quick follow-up. I know last quarter you mentioned a new game being developed by Claire's chronicles. Does that seem still on track for a second quarter '25 launch? And how are you thinking about growing that and also growing June's Journey? Is there going to be any cross-sell there? Or is it really just trying to focus on growing both at the same time?

好的。很公平。這是有道理的。作為快速跟進。我知道上個季度您提到了克萊爾編年史正在開發的一款新遊戲。這似乎仍有望在 25 年第二季發布嗎？您如何考慮發展這一點以及發展六月的旅程？那裡會有交叉銷售嗎？或者它真的只是想同時專注於兩者的發展？

So yes, we mentioned a new game of [good] guys going to be launched next year. We're already doing better days, were already doing some launches in the some small places. There is no way a connection between this game and a roadmap of June's Journey. It's a different team and different targets. June's Journey have amazing roadmap for next year. June's Journey was growing incredibility in the last six years, one of our leading titles, and it's going to say one of our leading titles.

所以，是的，我們提到了明年將推出一款關於[好]傢伙的新遊戲。我們已經做得更好了，已經在一些小地方進行了一些發布。這個遊戲和六月之旅的路線圖之間沒有任何關聯。這是一個不同的團隊和不同的目標。六月的旅程為明年制定了令人驚嘆的路線圖。《六月之旅》在過去六年變得越來越令人難以置信，它是我們的領先遊戲之一，而且它也是我們的領先遊戲之一。

Okay. Thanks, Robert, appreciate the color.

好的。謝謝，羅伯特，欣賞這個顏色。

Omar Dessouky, Bank of America.

奧馬爾·德蘇基，美國銀行。

Thanks a lot. We've been noticing a trend towards hybrid monetization. I just wanted to get your updated thoughts on whether you think that's a growth vertical and if your thoughts in advertising have changed at all since the last couple calls that we've talked to you.

多謝。我們注意到混合貨幣化的趨勢。我只是想了解您的最新想法，了解您是否認為這是一個垂直增長，以及自我們上次與您通話以來您對廣告的想法是否發生了變化。

No. I think for the most part of our portfolio is on [purchase] and focus. We have titles like animals & coins which has advertising natively built into the game as a part of it from the design from the beginning and some other titles as well but no anticipation of shifting strategy there strategically.

不。我認為我們投資組合的大部分內容都是[購買]和焦點。我們有像《動物與硬幣》這樣的遊戲，從一開始的設計就將廣告內置到遊戲中，作為遊戲的一部分，還有其他一些遊戲，但沒有預期會戰略性地改變策略。

Okay, got it. Thanks. Appreciate it.

好的，明白了。謝謝。欣賞它。

Thank you. I'm showing no further questions in queue at this time. So thank you all for your participation. This concludes today's program. You may now disconnect.

謝謝。目前，我沒有在隊列中顯示任何其他問題。感謝大家的參與。今天的節目到此結束。您現在可以斷開連線。