Skillz Inc (SKLZ) 2025 Q2 法說會逐字稿

Good afternoon all. I'd like to welcome you all to the Skillz Incorporated second-quarter 2025 results call. My name is Elliot and I'll be moderating your call today. (Operator Instructions)

大家下午好。歡迎大家參加 Skillz Incorporated 2025 年第二季業績電話會議。我叫艾略特，今天我將主持您的電話會議。（操作員指示）

And I'll turn the conference call over to your host, Joe Jaffoni from JCIR to begin. Please go ahead.

現在我將把電話會議交給主持人、JCIR 的 Joe Jaffoni 來開始。請繼續。

This afternoon, Skillz issued its 2025 second-quarter earnings release, which is available on the company's Investor Relations website. The company is in the process of completing its unaudited interim financial statements and other disclosures for the second quarter ended June 30, 2025. Accordingly, we are announcing preliminary results for the second quarter, which are based on currently available information and are subject to revision.

今天下午，Skillz 發布了 2025 年第二季財報，可在公司投資人關係網站上查閱。該公司正在完成截至 2025 年 6 月 30 日的第二季未經審計的中期財務報表及其他揭露。因此，我們宣布第二季度的初步業績，該業績基於目前可用的信息，可能會進行修訂。

Actual results may differ from these preliminary financial results and other financial information as final adjustments and developments may arise between now and the time the results are finalized. In the event the company determines it will not file its quarterly report on Form 10-Q by the prescribed deadline, it will file an extension on Form 12b-25 with the Securities and Exchange Commission, which may include further disclosure.

實際結果可能與這些初步財務結果和其他財務資訊不同，因為從現在到結果最終確定之間可能會出現最終調整和發展。如果公司決定不在規定期限前提交 10-Q 表季度報告，則將向美國證券交易委員會提交 12b-25 表延期報告，其中可能包括進一步揭露。

The company is also completing the financial statements and other disclosures for the year ending December 31, 2024. We were unable to file our annual report on Form 10-K for the year ending December 31, 2024, and we previously announced we received a notice from the NYSE that the company was not in compliance with its listing standards.

該公司還正在完成截至 2024 年 12 月 31 日的財務報表和其他揭露。我們無法提交截至 2024 年 12 月 31 日的 10-K 表格年度報告，並且我們先前宣布收到紐約證券交易所的通知，稱該公司不符合其上市標準。

The company is working diligently to complete the necessary work to file the Form 10-K as soon as practical, and currently expects to file the Form 10-K within the six-month period granted by the NYSE notice. Additionally, the company intends to take the necessary steps to achieve compliance with the applicable NYSE listing standards as soon as practicable.

該公司正在努力盡快完成提交 10-K 表格所需的工作，目前預計將在紐約證券交易所通知授予的六個月期限內提交 10-K 表格。此外，該公司打算盡快採取必要措施以符合適用的紐約證券交易所上市標準。

Before I turn the call over to Skillz's Founder and CEO, Andrew Paradise, please note that management's comments today may include forward-looking statements within the meaning of federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, expect, should, or other similar phrases, are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them.

在我將電話轉給 Skillz 的創始人兼執行長 Andrew Paradise 之前，請注意，管理層今天的評論可能包括聯邦證券法所定義的前瞻性陳述。前瞻性陳述通常使用諸如將、期望、應該或其他類似詞語來表示，這些陳述受多種風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。因此，您在解釋和依賴它們時應謹慎。

We refer you to the company's SEC filings for a more detailed discussion of the risks that could impact future operating results and financial conditions.

我們請您參閱該公司向美國證券交易委員會提交的文件，以更詳細地討論可能影響未來營運績效和財務狀況的風險。

During the call, management will discuss non-GAAP financial measures, which it believes can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. The reconciliation of these measures to the most directly comparable GAAP measures is available in the company's second-quarter 2025 earnings release.

在電話會議中，管理階層將討論非公認會計準則財務指標，認為這些指標有助於評估公司的營運表現。這些措施不應被孤立地考慮或取代我們根據 GAAP 編制的財務結果。這些指標與最直接可比較的 GAAP 指標的對帳可在公司 2025 年第二季財報中查閱。

With that, I'll turn the call over to Andrew for some opening remarks, followed by a review of the financial performance from Skillz's CFO, Gaetano Franceschi, before we open the call for questions. Andrew?

說完這些，我將把電話交給安德魯 (Andrew) 來致一些開場白，然後由 Skillz 的首席財務官 Gaetano Franceschi 對財務業績進行回顧，之後我們開始提問。安德魯？

Thank you, Joe, and good afternoon. I want to begin today's call by providing some key quarterly financial updates before turning to our fair play initiative and litigation updates.

謝謝你，喬，下午好。在今天的電話會議上，我想先提供一些重要的季度財務更新，然後再討論我們的公平競爭倡議和訴訟更新。

Q2 GAAP revenue was $27 million, up from $21 million in Q1 2025 and $25 million in Q2 2024. Excluding one-time adjustments, revenue grew 22% quarter over quarter and 4% year over year. Q2 paying MAU was 146,000, up from 124,000 in Q1 2025, and 122,000 in Q2 2024, which is 18% growth quarter over quarter and 20% growth year over year.

第二季 GAAP 營收為 2,700 萬美元，高於 2025 年第一季的 2,100 萬美元和 2024 年第二季的 2,500 萬美元。不計一次性調整，營收季增 22%，年增 4%。第二季付費 MAU 為 146,000，高於 2025 年第一季的 124,000，也高於 2024 年第二季的 122,000，季增 18%，年增 20%。

Q2 adjusted EBITDA loss of $10 million, better than a loss of $16 million in Q1 2025 and a loss of $13 million in Q2 2024, which is an improvement of 36% quarter over quarter and 17% year over year. Taken together, these results reflect continued progress toward returning skills to consistent top line growth and positive adjusted EBITDA.

第二季調整後 EBITDA 虧損 1,000 萬美元，優於 2025 年第一季的 1,600 萬美元虧損和 2024 年第二季的 1,300 萬美元虧損，較上季改善 36%，較去年同期改善 17%。綜合起來，這些結果反映了公司在恢復技能、實現持續收入成長和調整後 EBITDA 方面取得的持續進展。

Moving now on to the first of our four pillars. During the quarter, we made significant progress in enhancing our platform to improve player and developer engagement retention. When we discussed this pillar, we considered both short and long-term innovation across our platform. That means improving our player experience and enhancing developer features while prioritizing projects that will support new content, which in the gaming industry, can have a long timeline from development to market readiness.

現在讓我們來討論四大支柱中的第一個。本季度，我們在增強平台以提高玩家和開發者參與度保留率方面取得了重大進展。當我們討論這一支柱時，我們考慮了整個平台的短期和長期創新。這意味著改善我們的玩家體驗並增強開發人員功能，同時優先考慮支援新內容的項目，在遊戲產業中，從開發到市場準備可能需要很長的時間。

In the quarter, our product teams delivered several platform launches contributing to our quarterly sequential revenue growth. We enhanced our loyalty program in Q2, marking one of the most significant platform changes in several years. We recalibrated rewards to incentivize players to become high value users without negatively impacting retention.

本季度，我們的產品團隊推出了多個平台，促進了我們季度連續收入的成長。我們在第二季增強了忠誠度計劃，這是多年來最重大的平台變革之一。我們重新調整了獎勵，以激勵玩家成為高價值用戶，同時又不會對保留率產生負面影響。

The revamped program introduced secured milestones, personalized incentives, and one of the largest monthly prize pools in mobile gaming. This initiative, paired with improvements to our trophy system and live event experience, are being well received by our players. Additionally, we introduced ACH deposit and instant withdrawal, positioning skills as a leader in withdrawal times while providing players with funding and optionality.

改進後的計劃引入了有保障的里程碑、個性化的激勵措施以及行動遊戲中最大的月度獎金池之一。這項舉措，加上我們獎盃系統和現場活動體驗的改進，受到了玩家的一致好評。此外，我們推出了 ACH 存款和即時提款功能，將技術定位為提款時間的領導者，同時為玩家提供資金和可選性。

Our previous average withdrawal timeline was a known pain point for some players. We listen to the player feedback and implement a solution that makes us one of the fastest and safest platforms to transact within our category.

我們之前的平均提款時間是一些玩家所熟知的痛點。我們聽取玩家的回饋並實施解決方案，使我們成為同類產品中交易速度最快、最安全的平台之一。

We also launched the first version of our Skillz Arcade, a single app experience that allows players to seamlessly switch between more than a dozen games. Our goal is to build one of the largest single apps for prize-based competition with additional features to be layered in as we continue to improve the arcade experience.

我們還推出了 Skillz Arcade 的第一個版本，這是一種單一應用體驗，允許玩家在十幾款遊戲之間無縫切換。我們的目標是建立最大的基於獎品的競賽單一應用程式之一，並在不斷改善街機體驗的同時添加更多附加功能。

We previously discussed our long-term focus on new content pipeline generation, including a three-year commitment of $75 million to support the developer accelerator program. This program aims to help defray cost for developers and encourage them to build their games for our platform as they work to create the next successful hit. Since announcing this in February, we've identified several opportunities to invest in a variety of genres.

我們之前討論過我們對新內容管道生成的長期關注，包括承諾三年投入 7500 萬美元來支持開發者加速器計劃。該計劃旨在幫助開發人員分擔成本，並鼓勵他們為我們的平台建立遊戲，以創造下一個成功的熱門遊戲。自從二月宣布這一消息以來，我們已經發現了多個投資多種類型的機會。

While there's still a lot of work to be done, we're encouraged to see some of the early deliverables from our product roadmap benefiting the player and developer experience.

雖然還有很多工作要做，但我們很高興看到我們的產品路線圖中的一些早期成果有益於玩家和開發者的體驗。

With respect to up leveling our organization, we continue to strengthen our global team. This includes key hires across our product, marketing, analytics and operations teams that contributed to this quarter's results.

在提升組織水平方面，我們將繼續加強我們的全球團隊。這包括我們產品、行銷、分析和營運團隊中為本季業績做出貢獻的關鍵員工。

For our third pillar, our go-to-market focus on user acquisition and monetization. This has been an area where we saw significant improvement with meaningful quarter-over-quarter growth in paying MAU.

對於我們的第三大支柱，我們的行銷重點是用戶獲取和貨幣化。我們在這個領域看到了顯著的改善，付費 MAU 的季度環比增長顯著。

To highlight again, paying MAU or MAU for Q2 grew 18% versus Q1, with the 146,000 PMAU representing our highest level in seven quarters. The improvement in PMAU is primarily driven by new platform launches and effective marketing to new and lapsed users.

再次強調，第二季的付費 MAU 或 MAU 較第一季成長了 18%，其中 146,000 PMAU 代表了我們七個季度以來的最高水準。PMAU 的提升主要得益於新平台的推出以及針對新用戶和流失用戶的有效行銷。

User acquisition spend in Q2 is lower than recent quarters while we increase the volume of new paying users. We will continue to optimize customer acquisition costs while strategically scaling traffic. We believe our improved marketing efficiency and execution on our product roadmap will continue to benefit our monetization efforts.

第二季度的用戶獲取支出低於最近幾個季度，同時我們增加了新付費用戶的數量。我們將繼續優化客戶獲取成本，同時策略性地擴大流量。我們相信，我們改進的行銷效率和產品路線圖的執行將繼續有利於我們的貨幣化努力。

On our progress to demonstrate a clear path to profitability. With the information just provided, we believe we're making the steady strides needed to achieve our goal of generating positive adjusted EBITDA. While we talked in detail about the sequential growth of the platform business, I'd also like to highlight that Aarki's revenue growth is also accelerating.

我們在展示盈利清晰路徑方面取得了進展。透過剛剛提供的訊息，我們相信我們正在穩步邁進，以實現正調整後 EBITDA 的目標。在我們詳細討論平台業務的連續成長的同時，我還想強調的是，Aarki 的營收成長也在加速。

This AI powered ad tech business is continuing to innovate in the mobile marketing space, and we're pleased with the team's execution across those strategic initiatives. In the quarter, Aarki delivered two key innovations. On iOS, it rolled out scan for native, privacy-centric models that drive both acquisition and retention without IDFA, identifier for advertiser, reliance.

這家由人工智慧驅動的廣告科技公司正在行動行銷領域不斷創新，我們對團隊在這些策略舉措中的執行情況感到滿意。本季度，Aarki 實現了兩項關鍵創新。在 iOS 上，它推出了原生的、以隱私為中心的模型掃描，無需依賴 IDFA（廣告商識別碼）即可推動用戶獲取和留存。

On Android, Aarki moved its top of funnel deep learning to graphics processing unit accelerated training on over 1 billion examples per day, enabling real-time bid optimization at scale. These advances expand Aarki's addressable market, sharpen row ads for its customers, and strengthen the integration with skills competition platform. With both businesses growing revenue, we're pleased with the progress in Q2.

在 Android 上，Aarki 將其深度學習漏斗頂端轉移到圖形處理單元，每天對超過 10 億個範例進行加速訓練，從而實現大規模即時出價優化。這些進步擴大了 Aarki 的目標市場，為其客戶增強了廣告投放能力，並加強了與技能競賽平台的整合。隨著兩項業務的收入不斷增長，我們對第二季度的進展感到滿意。

Turning to an update on our fair play initiative. As we discussed on previous calls, protecting players and preserving fair competition is core to our values. We continue to pursue litigation against Papaya and Voodoo Games for their alleged use of bots, a practice we believe undermines consumer trust and harms the entire industry. These two cases are ongoing in the Southern District of New York, and Papaya and Voodoo will have to answer to US laws and US consumers. They have, in our opinion, defrauded.

談談我們公平競賽倡議的最新進展。正如我們在之前的電話會議中討論的那樣，保護球員和維護公平競爭是我們價值觀的核心。我們將繼續對 Papaya 和 Voodoo Games 提起訴訟，指控他們使用機器人，我們認為這種做法破壞了消費者的信任並損害了整個產業。這兩起案件正在紐約南區審理中，Papaya 和 Voodoo 將不得不對美國法律和美國消費者負責。我們認為，他們實施了詐欺行為。

With respect to our Papaya litigation, the court recently issued a public order that Papaya must unseal, and I'll quote from the order: one, its admission of its historical use of bots; and two, references to its executives' assertions of their rights against self-incrimination under the Fifth Amendment, end quote.

關於我們的 Papaya 訴訟，法院最近發布了一項公共命令，Papaya 必須解除封存，我將引用該命令中的以下內容：第一，承認其歷史上使用過機器人；第二，提及其高管根據第五修正案主張其不自證其罪的權利，引文結束。

We believe the elimination of [boffrod] is critical to protecting players and restoring trust in this industry that we pioneered. As a leading US-based platform for fair skill-based competition, we're confident that a level playing field, one that does not include the use of bots, will benefit players and shareholders.

我們相信，消除 [boffrod] 對於保護玩家和恢復我們所開創的這個行業的信任至關重要。作為美國領先的公平技能競爭平台，我們相信，一個不使用機器人的公平競爭環境將使玩家和股東受益。

I'll conclude my comments by reiterating our view that our current valuation gives no weight to the combined value of our operating platform and the progress we've made towards achieving our goals. As we continue to execute on our business strategy, we expect our unique platform to generate returns for our shareholders.

最後，我想重申我們的觀點，即我們目前的估值沒有考慮到我們的營運平台的綜合價值以及我們在實現目標方面所取得的進展。隨著我們繼續執行我們的業務策略，我們期望我們獨特的平台能夠為我們的股東帶來回報。

And with that, I'll turn it over to Gaetano.

現在，我將把發言權交給 Gaetano。

Thank you, Andrew, and good afternoon, everyone.

謝謝你，安德魯，大家下午好。

Turning to the second-quarter financial results, revenue was $27 million, up 30% sequentially, and up 8% year over year. Excluding one-time adjustments, revenue grew 22% sequentially and 4% year over year. Paying MAU of 146,000 was up 18% sequentially and up 20% year over year. Our paid user conversion rate, which is paying MAU divided by MAU, was 19% in Q1, up from 15% a year ago.

談到第二季的財務業績，營收為 2,700 萬美元，季增 30%，年增 8%。不計一次性調整，營收季增 22%，年增 4%。付費月活躍用戶數為 146,000，季增 18%，較去年同期成長 20%。我們的付費用戶轉換率（即付費月活躍用戶數除以每月活躍用戶數）在第一季為 19%，高於去年同期的 15%。

Turning to costs and expenses. Research and development expenses were $5 million, up 13% year over year. Excluding stock-based compensation, R&D expenses were 17% of Q2 revenue.

談到成本和費用。研發費用為500萬美元，較去年成長13%。不包括股票薪酬，研發費用佔第二季營收的 17%。

Sales and marketing expenses were $18 million, down 16% year over year. Excluding stock-based compensation, sales and marketing expenses were 62% of Q2 revenue.

銷售和行銷費用為 1800 萬美元，年減 16%。不包括股票薪酬，銷售和行銷費用佔第二季收入的 62%。

Q2 UA marketing was $3 million, while Q2 engagement marketing was $9 million. General and administrative expenses were $8 million. Excluding stock-based compensation and funds received as part of an insurance settlement in Q2, G&A expenses were 49% of Q2 revenue.

Q2 UA 行銷費用為 300 萬美元，而 Q2 參與行銷費用為 900 萬美元。一般及行政開支為800萬美元。不包括股票薪酬和第二季度作為保險和解金收到的資金，一般及行政費用佔第二季收入的 49%。

Q2 net loss of $9 million compares to a net income of $26 million in the same quarter last year. Excluding an insurance recovery in Q2 and $46 million in obvious settlements in the prior year. Q2 net loss improved by $3 million year over year.

第二季淨虧損 900 萬美元，去年同期淨收入為 2,600 萬美元。不包括第二季的保險賠償和去年同期的 4,600 萬美元明顯和解金。第二季淨虧損年增300萬美元。

Adjusted EBITDA loss in the second quarter was $10 million, up 36% sequentially, and up 17% year over year. Net cash used in operating activities for Q2 was $21 million. Excluding litigation settlements, insurance recovery, and a semi-annual debt payment, Q2 net cash used in operating activities was $8 million.

第二季調整後 EBITDA 虧損為 1,000 萬美元，較上季成長 36%，較去年同期成長 17%。第二季經營活動所用淨現金為 2,100 萬美元。不包括訴訟和解、保險賠償和半年債務支付，第二季經營活動所用淨現金為 800 萬美元。

We ended the second quarter with $239 million of cash, comprised of $229 million in cash and cash equivalents and $10 million in restricted cash. At the end of Q2, we had $129.7 million of total principal due on our outstanding debt. With our improving cash burden, we have the flexibility to deploy capital to enhance shareholder value.

截至第二季末，我們的現金餘額為 2.39 億美元，其中包括 2.29 億美元的現金和現金等價物以及 1,000 萬美元的受限現金。截至第二季末，我們未償還債務的本金總額為 1.297 億美元。隨著現金負擔的改善，我們可以靈活地部署資本來提高股東價值。

At this time, we'll turn the call back to the operator for the Q&A session.

此時，我們將把電話轉回給接線生，進行問答環節。

(Operator Instructions)

（操作員指示）

We have no questions at this time. So ladies and gentlemen, this concludes our Q&A and today's conference call. We'd like to thank you for your participation. You may now disconnect your lines.

我們目前沒有問題。女士們、先生們，我們的問答和今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。