SCIPLAY CORP Rapport de gestion et analyse de la situation financière et des résultats d’exploitation (formulaire 10-Q)
The following discussion is intended to enhance the reader's understanding of our operations and current business environment from management's perspective and should be read in conjunction with the description of our business included under Part I, Item 1 "Condensed Consolidated Financial Statements" and Part II, Item 1A "Risk Factors" in this Quarterly Report on Form 10-Q and under Part I, Item 1 "Business", Item 1A "Risk Factors" and Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our 2021 Form 10-K. The terms "we" and "our" as used herein refer toSciPlay and its consolidated subsidiaries. This "Management's Discussion and Analysis of Financial Condition and Results of Operations" contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and should be read in conjunction with the disclosures and information contained and referenced under "Forward-Looking Statements" and "Risk Factors" included in this Quarterly Report on Form 10-Q and "Risk Factors" included in our 2021 Form 10-K.
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20 -------------------------------------------------------------------------------- https://www.sciplay.com/investors/, and we use this website address as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of theSEC's Regulation Fair Disclosure (Reg FD). The contents of our website are not incorporated by reference in this Form 10-Q and shall not be deemed "filed" under the Securities Exchange Act of 1934, as amended.
APERÇU DE L’ENTREPRISE
We are a leading developer and publisher of digital games on mobile and web platforms. We operate in the social gaming market, which is characterized by gameplay online, on mobile phones or on tablets that are social and competitive, and self-directed in pace and session length, as well as the hyper-casual space, which is characterized by simpler core loops and more repetitive gameplay than casual games. We generate a substantial portion of our revenue from in-app purchases in the form of coins, chips and cards, which players can use to play slot games, table games or bingo games. We generate additional revenue in the hyper-casual space from the receipt of advertising revenue. Players who install our social games typically receive free coins, chips or cards upon the initial launch of the game and additional free coins, chips or cards at specific time intervals. Players may exhaust the coins, chips or cards that they receive for free and may choose to purchase additional coins, chips or cards in order to extend their time of game play. Once obtained, coins, chips and cards (either free or purchased) cannot be redeemed for cash nor exchanged for anything other than game play within our apps. Players who install our hyper-casual games receive free, unlimited gameplay that requires viewing of periodic in-game advertisements. We currently offer a variety of social casino games, including Jackpot Party® Casino, Gold Fish® Casino, Quick Hit® Slots, 88 Fortunes® Slots, MONOPOLY® Slots and Hot Shot Casino®. We continue to pursue our strategy of expanding into the casual games market. Current casual game titles include Bingo Showdown®, Solitaire Pets™ Adventure and Backgammon Live as well as other titles in the hyper-casual space through our acquisition of Alictus, including games such as Candy Challenge 3D™, Boss Life™ andDeep Clean Inc. 3D™. During the nine months endedSeptember 30, 2022 , we launched five hyper-casual games, including the top hitMaster Doctor 3D. We currently plan to soft-launch SpellSpinner: Fantasy Quest, a casual game, during the first quarter of 2023. Our social casino games typically include slots-style game play and occasionally include table games-style game play, while our casual games blend solitaire-style or bingo game play with adventure game features and our hyper-casual games include many simple core loop mechanics. All of our games are offered and played across multiple platforms, including Apple, Google, Facebook, Amazon and Microsoft. In addition to our internally created game content, our content library includes recognizable game content from Light & Wonder. This content allows players who like playing land-based game content to enjoy some of those same titles in our free-to-play games. We have access to Light & Wonder's library of more than 1,500 iconic casino titles, including titles and content from third-party licensed brands such as MONOPOLY™, THE FLINTSTONES™, JAMES BOND™ and PLAYBOY™(1). We believe our access to this content, coupled with our years of experience developing in-house content, uniquely positions us to create compelling digital games. (1) The MONOPOLY name and logo, the distinctive design of the game board, the four corner squares, the MR. MONOPOLY name and character, as well as each of the distinctive elements of the board, cards and the playing pieces are trademarks of Hasbro for its property trading game and game equipment and are used with permission. © 1935, 2022 Hasbro. All Rights Reserved. Licensed by Hasbro.
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THE FLINTSTONES™ et tous les personnages et éléments associés © & ™ Hanna-Barbera.
©2022Playboy Enterprises International, Inc. PLAYBOY , PLAYMATE, PLAYBOY BUNNY and the Rabbit Head Design are trademarks ofPlayboy Enterprises International, Inc. and used under license bySciPlay Games, LLC . 21 --------------------------------------------------------------------------------
Événements récents
OnMarch 1, 2022 , we acquired 80% of aTurkey -based hyper-casual gaming studio, Alictus (see Note 1). Alictus has developed and published a number of games, including Candy Challenge 3D™,Rob Master 3D™, Deep Clean Inc.™, Oh God!™, Money Buster!™ and Collect Cubes™. The Alictus acquisition has allowed us to further scale in the casual market while diversifying our revenue streams. OnMay 9, 2022 our Board of Directors approved a share repurchase program under which the Company is authorized to repurchase, from time to time throughMay 9, 2024 , up to an aggregate amount of$60.0 million of our outstanding Class A common stock (see Note 6). Since the initiation of the program onMay 9, 2022 and throughNovember 4, 2022 , we returned$28.4 million of capital to shareholders through the repurchase of 2.2 million shares of Class A common stock. RESULTS OF OPERATIONS
Sommaire des résultats d’exploitation
Three Months Ended Nine Months Ended
September 30, Variance September 30, Variance
($ in millions) 2022 2021 2022 vs. 2021 2022 2021 2022 vs. 2021
Revenue $ 170.8 $ 146.6 $ 24.2 17 % $ 488.9 $ 451.7 $ 37.2 8 %
Operating expenses 137.4 108.1 29.3 27 % 387.8 333.0 54.8 16 %
Operating income 33.4 38.5 (5.1) (13) % 101.1 118.7 (17.6) (15) %
Net income 33.7 37.0 (3.3) (9) % 98.0 112.8 (14.8) (13) %
Net income attributable to
SciPlay 4.8 5.9 (1.1) (19) % 14.9 17.1 (2.2) (13) %
AEBITDA $ 42.8 $ 44.7 $ (1.9) (4) % $ 128.1 $ 138.5 $ (10.4) (8) %
Net income margin 19.7 % 25.2 % (5.5) pp nm 20.0 % 25.0 % (5.0) pp nm
AEBITDA margin 25.1 % 30.5 % (5.4) pp nm 26.2 % 30.7 % (4.5) pp nm
pp = percentage points.
nm = not meaningful.
Mesures financières non conformes aux PCGR
Adjusted EBITDA, or AEBITDA, as used herein, is a non-GAAP financial measure that is presented as supplemental disclosure and is reconciled to net income attributable toSciPlay as the most directly comparable GAAP measure as set forth in the below table. We define AEBITDA to include net income attributable toSciPlay before: (1) net income attributable to noncontrolling interest; (2) interest expense; (3) income tax expense; (4) depreciation and amortization; (5) restructuring and other, which includes charges or expenses attributable to: (a) employee severance; (b) management changes; (c) restructuring and integration; (d) M&A and other, which includes: (i) M&A transaction costs; (ii) purchase accounting adjustments (including contingent acquisition consideration); (iii) unusual items (including legal settlements related to major litigation); and (iv) other non-cash items; and (e) cost-savings initiatives; (6) stock-based compensation; (7) loss (gain) on debt financing transactions; and (8) other expense (income) including foreign currency (gains) and losses. We also use AEBITDA margin, a non-GAAP measure, which we calculate as AEBITDA as a percentage of revenue. Our management uses AEBITDA and AEBITDA margin to, among other things: (i) monitor and evaluate the performance of our business operations; (ii) facilitate our management's internal comparisons of our historical operating performance and (iii) analyze and evaluate financial and strategic planning decisions regarding future operating investments and operating budgets. In addition, our management uses AEBITDA and AEBITDA margin to facilitate management's external comparisons of our results to the historical operating performance of other companies that may have different capital structures and debt levels. 22 -------------------------------------------------------------------------------- Our management believes that AEBITDA and AEBITDA margin are useful as they provide investors with information regarding our financial condition and operating performance that is an integral part of our management's reporting and planning processes. In particular, our management believes that AEBITDA is helpful because this non-GAAP financial measure eliminates the effects of restructuring, transaction, integration or other items that management believes have less bearing on our ongoing underlying operating performance. Management believes AEBITDA margin is useful as it provides investors with information regarding the underlying operating performance and margin generated by our business operations. The following table reconciles Net income attributable toSciPlay to AEBITDA and AEBITDA margin: Three Months Ended Nine Months Ended September 30, September 30, ($ in millions, except percentages) 2022 2021 2022 2021 Net income attributable to SciPlay$ 4.8 $ 5.9 $ 14.9 $ 17.1 Net income attributable to noncontrolling interest 28.9 31.1 83.1 95.7 Net income 33.7 37.0 98.0 112.8 Restructuring and other 1.1 1.7 4.4 3.1 Depreciation and amortization 5.6 4.4 15.8 11.3 Income tax expense 1.1 1.6 4.0 5.5 Stock-based compensation 2.7 0.1 6.8 5.4 Other (income) expense, net (1.4) (0.1) (0.9) 0.4 AEBITDA$ 42.8 $ 44.7 $ 128.1 $ 138.5 Revenue$ 170.8 $ 146.6 $ 488.9 $ 451.7 Net income margin (Net income/Revenue) 19.7 % 25.2 % 20.0 % 25.0 % AEBITDA margin (AEBITDA/Revenue) 25.1 % 30.5 % 26.2 % 30.7 %
Chiffre d’affaires, indicateurs de performance clés et autres paramètres
Three Months Ended Nine Months Ended
September 30, Variance September 30, Variance
($ in millions) 2022 2021 2022 vs. 2021 2022 2021 2022 vs. 2021
Mobile in-app purchases $ 148.5 $ 130.8 $ 17.7 14 % $ 425.9 $ 399.5 $ 26.4 7 %
Web in-app purchases and 22.3 15.8 6.5 41 % 63.0 52.2 10.8 21 %
other(1)
Total revenue $ 170.8 $ 146.6 $ 24.2 17 % $ 488.9 $ 451.7 $ 37.2 8 %
(1) Autres représentent principalement les revenus générés par la fourniture aux plates-formes publicitaires d’un accès à notre plate-forme logicielle de jeux, ce qui facilite le placement de l’inventaire publicitaire. Les revenus publicitaires n’ont pas été significatifs sur les périodes présentées.
Les informations sur les revenus par zone géographique sont résumées comme suit :
Three Months Ended Nine Months Ended
September 30, Variance September 30, Variance
($ in millions) 2022 2021 2022 vs. 2021 2022 2021 2022 vs. 2021
North America(1) $ 156.8 $ 134.0 $ 22.8 17 % $ 447.4 $ 413.3 $ 34.1 8 %
International 14.0 12.6 1.4 11 % 41.5 38.4 3.1 8 %
Total revenue $ 170.8 $ 146.6 $ 24.2 17 % $ 488.9 $ 451.7 $ 37.2 8 %
(1)
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Revenu
Pour les trois mois terminés
For the nine months endedSeptember 30, 2022 , revenues increased in social casino games as a result of an increase in average monthly paying users due to a higher payer conversion rate during the period, coupled with a$15.4 million increase in advertising revenue following the Alictus acquisition.
Pour les trois mois terminés
For the nine months endedSeptember 30, 2022 , MPU has increased while we have experienced lower AMRPPU due to the introduction of new paying player cohorts. These cohorts are not currently monetizing at the same level as our existing payer base, but we do anticipate the newer cohorts' monetization to increase over time. Payer conversion and AMRPPU continues to be higher than pre-COVID periods.
Les éléments suivants reflètent nos indicateurs de performance clés et autres mesures :
We manage our business by tracking several key performance indicators, each of
which is tracked by our internal analytics systems and referred to in our
discussion of operating results. Our key performance indicators are impacted by
several factors that could cause them to fluctuate on a quarterly basis, such as
platform providers' policies, restrictions, seasonality, user connectivity and
addition of new content to certain portfolios of games. Future growth in players
and engagement will depend on our ability to retain current players, attract new
players, launch new games and features and expand into new markets and
distribution platforms.
For a description of the definitions of our key performance indicators and other
metrics and their usefulness to our investors, see "Management's Discussion and
Analysis of Financial Condition and Results of Operations" included in our 2021
Form 10-K.
Three Months Ended Nine Months Ended
(in millions, except ARPDAU, September 30, Variance September 30, Variance
AMRPPU, and percentages) 2022 2021 2022 vs. 2021 2022 2021 2022 vs. 2021
In-App Purchases(1):
Mobile Penetration 90% 89% 1.0 pp nm 90 % 88 % 2.0 pp nm
Average MAU 5.9 6.1 (0.2) (3.3) % 6.0 6.3 (0.3) (4.8) %
Average DAU 2.2 2.3 (0.1) (4.3) % 2.3 2.4 (0.1) (4.2) %
ARPDAU $ 0.80 $ 0.69 $ 0.11 15.9 % $ 0.76 $ 0.70 $ 0.06 8.6 %
Average MPUs 0.6 0.5 0.1 10.7 % 0.6 0.5 0.1 6.3 %
AMRPPU $ 95.45 $ 93.67 $ 1.78 1.9 % $ 92.97 $ 94.26 $ (1.29) (1.4) %
Payer conversion rate 9.7 % 8.5 % 1.2 pp nm 9.4 % 8.4 % 1.0 pp nm
(1) The above KPIs include only in-app purchases, as advertising revenue is not material for the periods presented.
pp = percentage points.
nm = not meaningful.
L’augmentation du pourcentage de pénétration du mobile pour les trois et neuf mois terminés
Average MAU for the three and nine months endedSeptember 30, 2022 decreased due to the turnover in users. ARPDAU increased as a function of lower average DAU for periods presented. Average DAU slightly declined for the three and nine months endedSeptember 30, 2022 due to the turnover in users compared to the three and nine months endedSeptember 30, 2021 . 24 -------------------------------------------------------------------------------- For the three months endedSeptember 30, 2022 , AMRPPU and average MPU increased as payer conversion improved compared to the three months endedSeptember 30, 2021 . For the nine months endedSeptember 30, 2022 , AMRPPU declined while MPU improved as payer conversion improved, compared to the nine months endingSeptember 30, 2021 .
Les taux de conversion des payeurs sont à un niveau record en raison de l’interaction constante des payeurs avec les jeux par nos joueurs suite à l’introduction de nouveaux contenus et fonctionnalités dans nos jeux.
Operating Expenses
Three Months Ended
September 30, Variance Percentage of Revenue
($ in millions) 2022 2021 2022 vs. 2021 2022 2021 2022 vs. 2021
Change
Operating expenses:
Cost of revenue(1) $ 52.0 $ 46.2 $ 5.8 13 % 30.4 % 31.5 % (1.1) pp
Sales and marketing(1) 49.5 32.9 16.6 50 % 29.0 % 22.4 % 6.6 pp
General and administrative(1) 17.4 13.1 4.3 33 % 10.2 % 8.9 % 1.3 pp
Research and development(1) 11.8 9.8 2.0 20 % 6.9 % 6.7 % 0.2 pp
Depreciation and amortization 5.6 4.4 1.2 27 % 3.3 % 3.0 % 0.3 pp
Restructuring and other 1.1 1.7 (0.6) (35) % nm nm nm
Total operating expenses $ 137.4 $ 108.1 $ 29.3 27 %
(1) Excludes depreciation and amortization.
pp = percentage points.
nm = not meaningful.
Nine Months Ended
September 30, Variance Percentage of Revenue
($ in millions) 2022 2021 2022 vs. 2021 2022 2021 2022 vs. 2021
Change
Operating expenses:
Cost of revenue(1) $ 148.1 $ 141.3 $ 6.8 5 % 30.3 % 31.3 % (1.0) pp
Sales and marketing(1) 136.1 101.7 34.4 34 % 27.8 % 22.5 % 5.3 pp
General and administrative(1) 48.8 46.8 2.0 4 % 10.0 % 10.4 % (0.4) pp
Research and development(1) 34.6 28.8 5.8 20 % 7.1 % 6.4 % 0.7 pp
Depreciation and amortization 15.8 11.3 4.5 40 % 3.2 % 2.5 % 0.7 pp
Restructuring and other 4.4 3.1 1.3 42 % nm nm nm
Total operating expenses $ 387.8 $ 333.0 $ 54.8 16 %
(1) Excludes depreciation and amortization.
pp = percentage points.
nm = not meaningful.
Cost of revenue
Pour les deux périodes comparables, le coût des revenus a augmenté en raison de la hausse des frais de plateforme en ligne avec la croissance des revenus.
Ventes et marketing
For the three and nine months endedSeptember 30, 2022 , sales and marketing expense increased primarily due to higher marketing spend of$14.9 million and$31.2 million , respectively, coupled with higher salaries and benefits of$1.2 million and$2.2 million , respectively, primarily related to an average increased headcount. 25 --------------------------------------------------------------------------------
général et administratif
For the three months endedSeptember 30, 2022 , general and administrative expenses increased primarily due to a$3.0 million increase in salaries and benefits related to an average increased headcount of 27%, coupled with a$2.6 million increase in stock-based compensation, which was partially offset by a$1.6 million decrease in legal expenses. For the nine months endedSeptember 30, 2022 , general and administrative expenses increased primarily due to a$5.2 million increase in salaries and benefits related to an average increased headcount of 23%, coupled with a$1.4 million increase in stock-based compensation, which was partially offset by a$4.6 million decrease in legal expenses.
Recherche et développement
For the three and nine months endedSeptember 30, 2022 , research and development expenses increased primarily due to increases of$1.8 million and$3.6 million , respectively, in salary and benefit costs as a result of increases of 8% and 7% in research and development average headcounts for the same periods, coupled with higher software costs and professional services.
Dépréciation et amortissement
Pour les trois et neuf mois terminés
Restructuring and other
Pour les trois mois terminés
For the nine months endedSeptember 30, 2022 , the increase in restructuring and other is due to an increase in costs related to mergers and acquisitions-related activity coupled with certain costs associated with management changes.
Résultat net et AEBITDA
For the three and nine months endedSeptember 30, 2022 , net income and AEBITDA decreased primarily due to higher operating expenses primarily related to user acquisition spend, coupled with personnel costs, partially offset by an increase in revenue, as discussed above. Net income margin decreased by 5.5 percentage points and 5.0 percentage points, respectively, primarily due to higher operating expenses as described above. AEBITDA margin decreased by 5.4 percentage points and 4.5 percentage points, respectively, primarily due to higher operating expenses as a result of increased investment in marketing.
DIRECTIVES COMPTABLES RÉCEMMENT PUBLIÉES
Pour une description des prises de position comptables récemment publiées, voir la note 1.
ESTIMATIONS COMPTABLES CRITIQUES
For a description of our policies regarding our critical accounting estimates,
see "Critical Accounting Estimates" in our 2021 Form 10-K. There have been no
significant changes in our critical accounting estimate policies or the
application or the results of the application of those policies to our condensed
consolidated financial statements.
26
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TRÉSORERIE, RESSOURCES EN CAPITAL ET FONDS DE ROULEMENT
Introduction
SciPlay is a holding company, with no material assets other than its ownership of SciPlay Parent LLC Interests, no operating activities on its own and no independent means of generating revenue or cash flow. Operations are carried out bySciPlay Parent LLC and its subsidiaries, and we depend on distributions fromSciPlay Parent LLC to pay our taxes and expenses.SciPlay Parent LLC's ability to make distributions to us is restricted by the terms of the Revolver (as defined below) by and amongSciPlay Games, LLC , as the successor borrower,SciPlay Parent LLC , as a guarantor, the subsidiary guarantors party thereto, the lenders party thereto andBank of America, N.A ., as administrative agent and collateral agent, and may be restricted by any future credit agreement we or our subsidiaries enter into, any future debt or preferred equity securities we or our subsidiaries issue, other contractual restrictions or applicableNevada law. We have funded our operations primarily through cash flows from operating activities. Based on our current plans and market conditions, we believe that cash flows generated from our operations and borrowing capacity under the Revolver will be sufficient to satisfy our anticipated cash requirements for the foreseeable future. However, we intend to continue to make significant investments to support our business growth and may require additional funds to respond to business challenges, including the need to develop new games and features or enhance our existing games, improve our operating infrastructure or acquire complementary businesses, personnel and technologies. Accordingly, we may need to engage in equity or debt financings to secure additional funds. We may not be able to obtain additional financing on terms favorable to us, if at all. If we are unable to obtain adequate financing or financing on terms satisfactory to us when we require it, our ability to continue to support our business growth and to respond to business challenges could be significantly impaired, and our business may be harmed.
Politique de dividende
We have never paid any cash dividends on our common stock and do not presently intend to pay cash dividends on our common stock. However, we reconsider our dividend policy on a regular basis and may determine in the future to declare or pay cash dividends on our common stock. Under the terms of the Revolver, we are limited in our ability to pay cash dividends or make certain other restricted payments (other than stock dividends) on our common stock.
Facilité de crédit renouvelable
For a description of the Revolver, see "Liquidity,Capital Resources and Working Capital " in our 2021 Form 10-K. There have been no material changes related to the Revolver disclosed in our 2021 Form 10-K.
Le revolver n’était pas dégainé au
Changements dans les flux de trésorerie
The following table presents a summary of our cash flows for the periods
indicated:
Nine Months Ended
September 30,
($ in millions) 2022 2021
Net cash provided by operating activities $ 95.2 $ 126.3
Net cash used in investing activities (110.5) (13.7)
Net cash used in financing activities (49.1) (50.7)
Effet des variations des taux de change sur la trésorerie, les équivalents de trésorerie et la trésorerie affectée
(0.8) -
(Diminution) augmentation de la trésorerie, des équivalents de trésorerie et de la trésorerie affectée
La trésorerie nette provenant des activités d’exploitation a diminué principalement en raison d’une variation défavorable du fonds de roulement, y compris le paiement de la
27 --------------------------------------------------------------------------------
La trésorerie nette affectée aux activités d’investissement a augmenté principalement en raison d’un
Net cash used in financing activities decreased primarily due to a$12.6 million net decrease in taxes paid related to net share settlement of equity awards and employee stock purchase plan settlements, coupled with a$7.1 million decrease in distributions to Light & Wonder driven by lowerSciPlay Corporation tax payments, offset by an$18.2 million increase in the repurchase of Class A common stock shares.
Obligations hors bilan
À partir de
Obligations contractuelles
There have been no material changes to our contractual obligations disclosed in our 2021 Form 10-K other than the acquisition of Alictus and related redeemable non-controlling interest described in Note 1.
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