Skillz Inc (SKLZ) 2025 Q3 法說會逐字稿

Hello, everybody, and welcome to the Skillz Q3 2025 earnings conference call. My name is Elliot, and I'll be coordinating your call today. (Operator Instructions) And I'll now hand over to Joe Jaffoni. Please go ahead.

大家好，歡迎參加 Skillz 2025 年第三季財報電話會議。我叫艾略特，今天我將負責協調您的通話。（操作說明）現在我將把麥克風交給喬·賈福尼。請繼續。

This morning, Skillz issued its 2025 third-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 third quarter ended September 30, 2025. Accordingly, we are announcing preliminary results for the third quarter, which are based on currently available information and are subject to revision.

今天上午，Skillz 發布了 2025 年第三季財報，可在公司投資人關係網站上查閱。該公司正在編制截至 2025 年 9 月 30 日的第三季未經審計的中期財務報表和其他揭露文件。因此，我們公佈第三季初步業績，該業績基於目前可獲得的信息，並可能進行修訂。

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 12-b25 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及其他財務資訊有所不同，因為從現在到最終結果確定期間可能會出現最終調整和發展情況。如果公司決定不按規定期限提交 10-Q 表格季度報告，則將向美國證券交易委員會提交 12-b25 表格延期申請，其中可能包括進一步披露。

The company is also completing the financial statements and other disclosures for the annual report on Form 10-K for the year ended December 31, 2024, and its quarterly reports on Form 10-Q for the three months ended March 31, 2025, and the three months ended June 30, 2025. We were unable to file an annual report on Form 10-K for the year ended 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.

該公司還在編制截至 2024 年 12 月 31 日止年度的 10-K 表格年度報告的財務報表和其他披露信息，以及截至 2025 年 3 月 31 日止三個月和截至 2025 年 6 月 30 日止三個月的 10-Q 表格季度報告。我們未能提交截至 2024 年 12 月 31 日止年度的 10-K 表格年度報告，並且我們先前宣布，我們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 well as the quarterly reports on Form 10-Qs for the three months ended March 31, 2025, and the three and six months ended June 30, 2025, as soon as practicable. The company expects to file the Form 10-K and Form 10-Qs by December 17, 2025, which is within the extension period provided to us by the New York Stock Exchange following our request for an additional extension period beyond the initial six-month period granted by the notice.

本公司正在努力完成必要的準備工作，以便盡快提交 10-K 表格以及截至 2025 年 3 月 31 日止三個月的季度報告和截至 2025 年 6 月 30 日止三個月和六個月的季度報告（10-Q 表格）。本公司預計將於 2025 年 12 月 17 日前提交 10-K 表格和 10-Q 表格，這符合紐約證券交易所應我們的請求而給予的延期期限，該請求是在通知中規定的最初六個月期限之外的額外延期。

Additionally, the company intends to take the necessary steps to achieve compliance with the applicable New York Stock Exchange listing standards as soon as possible. Before I turn the call over to Founder and Chief Executive Officer of Skillz, Andrew Paradise, please note that management's comments today may include forward-looking statements within the meaning of federal securities laws.

此外，該公司打算盡快採取必要措施，以符合紐約證券交易所適用的上市標準。在我將電話轉交給 Skillz 的創始人兼首席執行官 Andrew Paradise 之前，請注意，管理層今天的評論可能包含聯邦證券法意義上的前瞻性陳述。

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

前瞻性陳述通常使用諸如「將」、「預期」、「應該」或其他類似短語來識別，但這些陳述受到諸多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，在解讀和依賴這些內容時應謹慎。有關可能影響未來營運績效和財務狀況的風險的更詳細討論，請參閱本公司向美國證券交易委員會提交的文件。

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 generally accepted accounting principles. The reconciliation of these measures to the most directly comparable GAAP measures is available in the company's third-quarter 2025 earnings release.

在電話會議中，管理階層將討論其認為有助於評估公司經營績效的非GAAP財務指標。這些措施不應被孤立地看待，也不應被視為替代我們按照公認會計原則編制的財務表現。這些指標與最直接可比較的 GAAP 指標的調節情況可在公司 2025 年第三季財報中查閱。

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

接下來，我將把電話交給 Andrew 做開場白，然後由 Skillz 的財務長 Gaetano Franceschi 對財務表現進行回顧，之後我們將開放提問環節。安德魯？

Thank you, Joe, and good morning, everyone. I'll begin today's call with a review of the key Q3 quarterly results, which reflect the meaningful progress underway across Skillz and Aarki. Q3 GAAP revenue of $27 million grew 9% quarter over quarter, 11% year over year, supported by continued Arki momentum and stability of the competition platform.

謝謝你，喬，大家早安。今天，我將首先回顧第三季的關鍵業績，這些業績反映了 Skillz 和 Aarki 正在取得的重大進展。第三季 GAAP 營收為 2,700 萬美元，季增 9%，年增 11%，這得益於 Arki 的持續成長動能和競爭平台的穩定性。

Adjusted EBITDA loss of $12 million decreased 3% quarter over quarter and grew 15% year over year. Paying MAU of $155,000 grew 6% quarter over quarter and 28% year over year, driven by higher player diversion rates and deeper monetization. We delivered quarterly sequential growth in what's typically a softer seasonal period marked by higher digital traffic costs and competition for consumer attention during the fall sports season.

調整後的 EBITDA 虧損為 1,200 萬美元，較上季下降 3%，較去年同期成長 15%。付費用戶月活躍用戶數為 15.5 萬美元，季增 6%，年增 28%，主要得益於玩家流失率上升和貨幣化程度提高。在通常較為淡季的時期，我們實現了季度環比成長。這段期間數位流量成本較高，秋季體育賽事期間消費者註意力競爭激烈。

Taking a look at our four business pillars, beginning with the first pillar, enhancing the platform for player and developer engagement. In the quarter, we launched an owned and operated title, Solitaire Skillz, which is showing early promise. The game serves as a testing ground for new features that we rolled out platform-wide. Importantly, Solitaire Skillz was developed in conjunction with third-party developers and represents the first title to come to market through our $75 million developer accelerator program.

讓我們來看看我們的四大業務支柱，首先從第一支柱開始，也就是增強玩家和開發者參與的平台。本季度，我們推出了自主營運的遊戲《Solitaire Skillz》，目前已展現出良好的發展前景。該遊戲是我們面向全平台推出的新功能的測試平台。值得一提的是，《Solitaire Skillz》是與第三方開發商合作開發的，也是我們斥資 7,500 萬美元的開發商加速器計畫推出的首款遊戲。

This program continues to attract strong developer interest with additional titles and development that are expected to be showcased at the Game Developer (sic - Developers) Conference in March 2026. Some of these upcoming games will incorporate new technology that we believe will further energize our developer community.

該計劃持續吸引開發者的濃厚興趣，預計將在 2026 年 3 月的遊戲開發者大會上展示更多遊戲和開發成果。即將推出的一些遊戲將採用新技術，我們相信這將進一步激發我們開發者社群的活力。

Switching to Aarki. The momentum from our ad tech business continued this quarter with accelerating revenue growth supported by new AI-driven product launches across the iOS and Android operating systems. Building on data models introduced last quarter, Aarki launched on iOS-enabling privacy-forward performance marketing. These new offerings are already driving measurable scale and efficiency, and we will continue to invest in Aarki's machine and deep learning capabilities to expand its addressable market and improve returns on spend for advertisers.

切換到 Aarki。本季度，我們的廣告科技業務持續保持成長勢頭，在 iOS 和 Android 作業系統上推出的全新 AI 驅動型產品的支持下，營收成長加速。基於上個季度推出的資料模型，Aarki 在 iOS 上推出，實現了以隱私為先的績效行銷。這些新產品已經帶來了可衡量的規模和效率，我們將繼續投資 Aarki 的機器學習和深度學習能力，以擴大其目標市場並提高廣告商的支出回報率。

Regarding our second pillar, up-leveling our organization, our gains in operational efficiency across both the competition platform and Aarki businesses continue to improve, allowing us to more effectively leverage our people and resources. We continue to strengthen our global team, particularly with the expansion of our new India office where we're hosting today's call.

關於我們的第二個支柱，即提升組織水平，我們在競爭平台和 Aarki 業務的營運效率方面持續取得進步，使我們能夠更有效地利用我們的人員和資源。我們不斷加強全球團隊建設，特別是擴大了我們在印度的新辦事處，我們今天的電話會議就是在這裡舉行的。

As it relates to our third pillar, go-to-market strategy and monetization, our focus remains on acquiring and retaining quality paying players while driving efficient monetization. Paying MAU improved again this quarter, reflecting stronger conversion amongst our existing player base, while total MAU declined modestly. This reflects our emphasis on engagement quality over volume.

至於我們的第三個支柱，即市場進入策略和獲利模式，我們的重點仍然是獲取和留住優質付費玩家，同時推動高效的獲利模式。本季付費用戶數再次成長，反映出現有玩家群的轉換率有所提高，而總用戶數略有下降。這體現了我們對互動品質而非數量的重視。

We continue to optimize customer acquisition costs and improve marketing efficiency, supported by product-level enhancements that strengthen monetization and retention. Together, these initiatives reinforce our go-to-market discipline, positioning the business for profitable scaling once we expand traffic more broadly.

我們不斷優化客戶獲取成本，提高行銷效率，並透過產品層面的改進來增強獲利能力和客戶留存率。這些舉措共同強化了我們的市場推廣策略，為業務在流量大幅成長後實現獲利性規模化奠定了基礎。

For our fourth pillar, path to profitability, Aarki's business continues to expand its advertiser base and improve yield, with net revenue up more than 100% year-over-year and improving margins. With improvement in the competition platform, together with the ad tech business momentum, we continue to make progress on our path to profitability.

就我們的第四大支柱—獲利之路而言，Aarki 的業務持續擴大廣告客戶群並提高收益，淨收入年增超過 100%，利潤率也在不斷提高。隨著競爭平台的改善，以及廣告科技業務的發展勢頭，我們在實現盈利的道路上不斷取得進展。

Turning to an update on our fair play initiative. As discussed in 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. We remain firm in our position as both the Papaya and Voodoo matters move through the litigation process.

接下來，我們來報告一下公平競爭倡議的最新進展。如同先前通話中所討論的，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程序，我們認為這種做法會破壞消費者的信任，損害整個產業。在 Papaya 和 Voodoo 案件進入訴訟程序期間，我們的立場依然堅定。

On October 28, 2025, Judge Cote and the Southern District of New York denied Papaya's motion for summary judgment as to Skillz claims against Papaya. The court also denied Papaya's motion to exclude the Skillz survey and damages experts. I encourage you to read Judge Cotes' now public decision in detail.

2025 年 10 月 28 日，科特法官和紐約南區法院駁回了 Papaya 就 Skillz 對 Papaya 提出的索賠提出的簡易判決動議。法院還駁回了 Papaya 提出的排除 Skillz 調查和損害賠償專家的動議。我建議您詳細閱讀科茨法官現已公開的判決書。

While other motions are still pending before the court, the court's confirmation that Skillz claims against Papaya will proceed to a trial is a major step forward in our fair play initiative. Separately, I'd also like to address our dispute with Tether. As we disclosed in our 8-K filing, two of Tether's games, Solitaire Cube and 21 Blitz will remain on our platform for a period of up to 18 months following termination.

雖然其他動議仍在法院待審，但法院確認 Skillz 對 Papaya 的索賠將進入審判程序，這是我們公平競爭倡議向前邁出的重要一步。另外，我還想談談我們與 Tether 之間的糾紛。正如我們在 8-K 文件中所揭露的那樣，Tether 的兩款遊戲 Solitaire Cube 和 21 Blitz 將在終止後繼續在我們的平台上運作長達 18 個月。

During the post-termination period, Skillz has the option, but not the obligation, to host paid competitions for these games on the company's platform. In our view, the alleged bot fraud from our competitors not only affects our players, but also how our developer partners are able to monetize and generate revenue in our ecosystem. We appreciate the developers who stood by us and weather the issues caused by companies, in our view, engage in bot fraud.

在終止後的這段時間內，Skillz 可以選擇（但沒有義務）在其平台上舉辦這些遊戲的付費比賽。我們認為，競爭對手涉嫌的機器人詐欺行為不僅影響我們的玩家，還影響我們的開發者合作夥伴在我們的生態系統中實現盈利和創造收入的方式。我們感謝那些與我們並肩作戰，共同應對我們認為從事機器人詐欺的公司所造成的問題的開發者們。

With that being said, we remain committed to protecting the industry that we pioneered, and we anticipate our efforts to clean up the industry to be ultimately reflected in our financial performance. In closing, a key takeaway from today is that we're encouraged by the progress across both of our businesses. By combining our strengths in gaming and AI-driven ad tech, we're building a powerful foundation that can extend beyond gaming into adjacent verticals such as e-commerce, interactive entertainment, and retail media, where performance marketing and content converge.

儘管如此，我們仍然致力於保護我們開創的行業，並且我們預計我們清理行業的努力最終將反映在我們的財務表現中。最後，今天最重要的結論是，我們對兩家公司的進展感到鼓舞。透過結合我們在遊戲和人工智慧驅動的廣告技術方面的優勢，我們正在建立一個強大的基礎，該基礎可以擴展到遊戲以外的相鄰垂直領域，例如電子商務、互動娛樂和零售媒體，在這些領域，效果行銷和內容融合在一起。

The combination of a scaled competitive gaming platform and an AI-powered advertising technology solution uniquely positions Skillz and Aarki to capture long-term growth opportunities, and in doing so, enhance value for our shareholders.

規模化的競技遊戲平台與人工智慧驅動的廣告技術解決方案相結合，使 Skillz 和 Aarki 擁有獨特的優勢，能夠抓住長期成長機遇，從而提升股東價值。

With that, I'll hand it over to our Chief Financial Officer, Gaetano Franceschi for the financial review.

接下來，我將把這份報告交給我們的財務長蓋塔諾·弗朗切斯基進行財務審查。

Thank you, Andrew. Our third-quarter results demonstrate the benefits of disciplined execution and structural improvements across both Skillz and Aarki, producing stronger fundamentals and a clear trajectory toward profitability. Q3 GAAP revenue was $27 million, up from $25 million in Q2 2025 and $24 million in Q3 2024, representing 9% growth quarter over quarter and 11% year over year.

謝謝你，安德魯。我們第三季的業績證明了 Skillz 和 Aarki 兩家公司在執行力和結構改進方面的成效，從而產生了更強勁的基本面和清晰的獲利軌跡。第三季 GAAP 營收為 2,700 萬美元，高於 2025 年第二季的 2,500 萬美元和 2024 年第三季的 2,400 萬美元，季增 9%，年增 11%。

Q3 paying MAU was $155,000 up from $146,000 in Q2 2025 and $121,000 in Q3 2024, representing 6% growth quarter over quarter and 28% year over year. On costs, R&D expenses of $5 million increased 15% year over year, reflecting ongoing investment in our competition platform and Aarki. Sales and marketing expenses of $17 million decreased 10% year over year, reflecting ongoing optimization of our user acquisition and engagement spend.

第三季付費月活躍用戶數為 155,000 美元，高於 2025 年第二季的 146,000 美元和 2024 年第三季的 121,000 美元，季增 6%，年增 28%。成本方面，研發支出為 500 萬美元，年增 15%，反映了我們對競爭平台和 Aarki 的持續投資。銷售和行銷費用為 1700 萬美元，年減 10%，這反映了我們在用戶獲取和互動方面的支出持續優化。

G&A expenses of $17 million decreased 4% year over year, reflecting continued focus on expenses. Q3 net loss of $17 million improved 17% year over year. Q3 adjusted EBITDA loss was $12 million, down from a loss of $11 million in Q2 2025, and up from a loss of $14 million in Q3 2024, representing a 3% decrease quarter over quarter and 15% increase year over year.

一般及行政費用為 1,700 萬美元，年減 4%，反映出公司持續關注費用控制。第三季淨虧損1700萬美元，年增17%。第三季調整後 EBITDA 虧損為 1,200 萬美元，低於 2025 年第二季的 1,100 萬美元虧損，高於 2024 年第三季的 1,400 萬美元虧損，季減 3%，較去年同期成長 15%。

Our balance sheet remains healthy, and we continue to manage capital prudently as we progress toward sustained profitability. We ended Q3 with $213 million in cash, including $1 million of restricted cash, and $129.7 million of total debt principal outstanding. With continued execution and operational focus, we expect Skillz to deliver meaningful long-term value for our shareholders as we execute with focus and discipline.

我們的資產負債表依然健康，我們將繼續審慎管理資本，朝著持續獲利的目標邁進。第三季末，我們持有現金 2.13 億美元，其中包括 100 萬美元受限現金，未償債務本金總額為 1.297 億美元。透過持續的執行和營運重點，我們期望 Skillz 能夠為股東帶來有意義的長期價值，因為我們將以專注和自律的態度執行。

Operator, we're now ready to open the line for questions.

接線員，我們現在可以開始接受提問了。

(Operator Instructions) 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.

（操作員指示）女士們、先生們，我們的問答環節和今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。