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SciPlay Reports Record Results for the Fourth Quarter and Full Year 2022

Significantly Outperformed the Social Casino Market

Generated Revenue Growth of 18% in the Quarter and 11% for the Full Year and Achieved Full Year Financial Targets

LAS VEGAS–(BUSINESS WIRE)–SciPlay Corporation (NASDAQ: SCPL) (“SciPlay” or the “Company”) today reported results for the fourth quarter and fiscal year ended December 31, 2022.

Josh Wilson, Chief Executive Officer of SciPlay, commented, “SciPlay capped a pivotal year with strong fourth quarter and full year results and delivered impressive top-line results, growing revenue 18% in the fourth quarter and 11% for the full year. We significantly outperformed the social casino market and achieved record KPIs in the fourth quarter, including payer conversion of 10.4%, ARPDAU reaching an 18% increase YoY and a 13% YoY increase in paying users.

“SciPlay’s strong performance was powered by strategic investments made in key initiatives including proprietary technologies, data science and marketing all while implementing dynamic and impactful LiveOps in our games. Our team continues to execute on our differentiated approach to drive consistent growth, increasing profitability and increasing shareholder value.”

Daniel O’Quinn, Interim Chief Financial Officer of SciPlay, commented “Our record fourth quarter and full year results are clear indicators of our industry-leading performance. We generated double-digit growth on both the top and bottom line in the quarter and achieved our full year financial targets, while continuing to invest in our long-term growth strategies generating substantial operating cash flow and returning significant capital to our shareholders.

“The strength of our platform and unmatched player loyalty propelled the performance of our games to all-time highs with record ARPDAU and record paying players as we continue to deliver long-term value for our shareholders.”

SUMMARY RESULTS

 

 

Three Months Ended

 

Year Ended

($ in millions)

December 31,

 

December 31,

 

2022

 

2021

 

2022

 

2021

Revenue

$

182.1

 

 

$

154.4

 

 

$

671.0

 

 

$

606.1

 

Net income

 

52.8

 

 

 

12.2

 

 

 

150.8

 

 

 

125.0

 

Net income margin

 

29.0

%

 

 

7.9

%

 

 

22.5

%

 

 

20.6

%

Net cash provided by operating activities

 

55.2

 

 

 

37.5

 

 

 

150.4

 

 

 

163.8

 

Capital expenditures

 

2.9

 

 

 

1.1

 

 

 

11.5

 

 

 

9.1

 

 

 

 

 

 

 

 

 

Non-GAAP Financial Measures (1)

 

 

 

 

 

 

 

Adjusted EBITDA (“AEBITDA”)

$

58.7

 

 

$

47.4

 

 

$

186.8

 

 

$

185.9

 

AEBITDA margin

 

32.2

%

 

 

30.7

%

 

 

27.8

%

 

 

30.7

%

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

Balance Sheet Measures

2022

 

2021

 

 

 

 

Cash and cash equivalents

$

330.1

 

 

$

364.4

 

 

 

 

 

Available liquidity(2)

 

480.1

 

 

 

514.4

 

 

 

 

 

(1)

The financial measures “AEBITDA” and “AEBITDA margin” are non-GAAP financial measures defined below under “Non-GAAP Financial Measures” and are reconciled to the most directly comparable GAAP measures in the accompanying supplemental tables at the end of this release.

(2)

Available liquidity is calculated as cash and cash equivalents plus the undrawn capacity on our revolver.

 

Key Performance Indicators – In-App Purchases

(in millions, except ARPDAU(1), AMRPPU(2), and percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Year Ended

 

 

 

December 31,

 

Increase /

 

December 31,

 

Increase /

 

2022

 

2021

 

(Decrease)

 

2022

 

2021

 

(Decrease)

Mobile Penetration

90%

 

89%

 

1.0pp

 

90%

 

89%

 

1.0pp

Average Monthly Active Users

5.7

 

5.9

 

(0.2)

 

6.0

 

6.2

 

(0.2)

Average Daily Active Users

2.2

 

2.3

 

(0.1)

 

2.3

 

2.3

 

ARPDAU(1)

$0.87

 

$0.74

 

$0.13

 

$0.78

 

$0.71

 

$0.07

Average Monthly Paying Users

0.6

 

0.5

 

0.1

 

0.6

 

0.5

 

0.1

AMRPPU(2)

$99.16

 

$98.38

 

$0.78

 

$94.58

 

$95.26

 

($0.68)

Payer Conversion Rate

10.4%

 

8.9%

 

1.5pp

 

9.6%

 

8.5%

 

1.1pp

(1)

Average Revenue per Daily Active User.

(2)

Average Monthly Revenue per Paying User.

 

Fourth Quarter 2022 Financial Highlights

Fourth Quarter Key Performance Highlights

Full Year 2022 Financial Highlights

Full Year 2022 Key Performance Highlights

Earnings Conference Call

As previously announced, SciPlay executive leadership will host a conference call on Thursday, March 2, 2023 at 8:30 am EST to review the Company’s fourth quarter and full year results. Participants may pre-register for the call by navigating to SciPlay Call. To access the call live via a listen-only webcast and presentation, please visit http://investors.sciplay.com/news-and-events/events-and-presentations and click on the webcast link for the Q4 2022 SciPlay Earnings Conference Call. To access the call by telephone, please dial: +1 (833) 630-1073 (U.S.) or +1 (412) 317-1833 (International) and reference Conference ID: SciPlay call. An audio call replay will be available until March 16, 2023, by dialing +1 (877)-344-7529 (U.S.) or +1 (412)-317-0088 (International) and (855) 669-9658 (Canada), and provide passcode 5469053. A replay of the webcast will be archived in the Investors section on http://www.sciplay.com.

About SciPlay

SciPlay Corporation (NASDAQ: SCPL) is a leading developer and publisher of digital games on mobile and web platforms. SciPlay currently offers social casino games Jackpot Party® Casino, Gold Fish® Casino, Quick Hit® Slots, 88 Fortunes® Slots, MONOPOLY® Slots, and Hot Shot Casino®, casual games Bingo Showdown®, Solitaire Pets™ Adventure, and Backgammon Live, and a variety of hyper-casual games such as Rob Master 3D™, Deep Clean, Inc.™ and Oh God™. All of SciPlay’s games are offered and played on multiple platforms, including Apple, Google, Facebook and Amazon. In addition to developing original games, SciPlay has access to a library of more than 1,500 real-world slot and table games provided by Light & Wonder, Inc. and its Subsidiaries. For more information, please visit http://www.SciPlay.com.

All ® and © notices signify copyrights owned by and/or marks registered in the United States by SciPlay Games, LLC and/or LNW Gaming, Inc. (formerly known as SG Gaming, Inc.), and/or their respective affiliates.

© 2023 SciPlay Corporation. All Rights Reserved.

You can access our filings with the Securities Exchange Commission (“SEC”) through the SEC website at http://www.sec.gov or through our website, and we strongly encourage you to do so. We routinely post information that may be important to investors on our website at http://investors.sciplay.com/, and we use our website as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC’s Regulation Fair Disclosure (Reg FD). The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document, and shall not be deemed “filed” under the Securities Exchange Act of 1934, as amended.

All ® notices signify marks registered in the United States. © 2023 SciPlay Corporation. All Rights Reserved.

Forward-Looking Statements

Throughout this press release, we make “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as “may,” “will,” “estimate,” “intend,” “plan,” “continue,” “believe,” “expect,” “anticipate,” “target,” “should,” “could,” “potential,” “opportunity,” “goal,” or similar terminology. These statements are based upon management’s current expectations, assumptions and estimates and are not guarantees of timing, future results or performance. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. Actual results may differ materially from those contemplated in these statements due to a variety of risks and uncertainties and other factors, including, among other things:

Additional information regarding risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated in forward-looking statements is included from time to time in our filings with the SEC, including the Company’s current reports on Form 8-K, quarterly reports on Form 10-Q, and annual reports on Form 10-K, including the forthcoming reports to be filed with the SEC for the year ended December 31, 2022 (including under the headings “Forward Looking Statements” and “Risk Factors”). Forward-looking statements speak only as of the date they are made and, except for our ongoing obligations under the U.S. federal securities laws, we undertake no and expressly disclaim any obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

This press release may contain references to industry market data and certain industry forecasts. Industry market data and industry forecasts are obtained from publicly available information and industry publications. Industry publications generally state that the information contained therein has been obtained from sources believed to be reliable, but that the accuracy and completeness of that information is not guaranteed. Although we believe industry information to be accurate, it is not independently verified by us and we do not make any representation as to the accuracy of that information. In general, we believe there is less publicly available information concerning international social gaming industries than the same industries in the U.S. Some data is also based on our good faith estimates, which are derived from our review of internal surveys or data, as well as the independent sources referenced above. Assumptions and estimates of our and our industry’s future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in “Risk Factors” in Part I, Item 1A of our 2022 Annual Report on Form 10-K. These and other factors could cause future performance to differ materially from our assumptions and estimates.

Non-GAAP Financial Measures

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 to SciPlay as the most directly comparable GAAP measure as set forth in the above table. We define AEBITDA to include net income attributable to SciPlay 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.

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.

SCIPLAY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

 

2022

 

2021

 

2022

 

2021

Revenue

$

182.1

 

 

$

154.4

 

 

$

671.0

 

 

$

606.1

 

Operating expenses:

 

 

 

 

 

 

 

Cost of revenue(1)

 

55.9

 

 

 

48.7

 

 

 

204.0

 

 

 

190.0

 

Sales and marketing(1)

 

41.5

 

 

 

33.6

 

 

 

177.6

 

 

 

135.3

 

General and administrative(1)

 

18.8

 

 

 

15.6

 

 

 

67.6

 

 

 

62.4

 

Research and development(1)

 

12.2

 

 

 

10.9

 

 

 

46.8

 

 

 

39.7

 

Depreciation and amortization

 

5.6

 

 

 

4.2

 

 

 

21.4

 

 

 

15.5

 

Restructuring and other(2)

 

0.7

 

 

 

28.4

 

 

 

5.1

 

 

 

31.5

 

Total operating expenses

 

134.7

 

 

 

141.4

 

 

 

522.5

 

 

 

474.4

 

Operating income

 

47.4

 

 

 

13.0

 

 

 

148.5

 

 

 

131.7

 

Other income (expense):

 

 

 

 

 

 

 

Other income (expense), net

 

2.1

 

 

 

(0.6

)

 

 

3.0

 

 

 

(1.0

)

Total other income (expense), net

 

2.1

 

 

 

(0.6

)

 

 

3.0

 

 

 

(1.0

)

Net income before income taxes

 

49.5

 

 

 

12.4

 

 

 

151.5

 

 

 

130.7

 

Income tax benefit (expense)

 

3.3

 

 

 

(0.2

)

 

 

(0.7

)

 

 

(5.7

)

Net income

 

52.8

 

 

 

12.2

 

 

 

150.8

 

 

 

125.0

 

Less: Net income attributable to the noncontrolling interest

 

45.3

 

 

 

10.0

 

 

 

128.4

 

 

 

105.7

 

Net income attributable to SciPlay

$

7.5

 

 

$

2.2

 

 

$

22.4

 

 

$

19.3

 

Basic and diluted net income attributable to SciPlay per share:

 

 

 

 

 

 

 

Basic

$

0.33

 

 

$

0.09

 

 

$

0.94

 

 

$

0.80

 

Diluted

$

0.32

 

 

$

0.09

 

 

$

0.91

 

 

$

0.77

 

 

 

 

 

 

 

 

 

Weighted average number of shares of Class A common stock used in per share calculation:

 

 

 

 

 

 

 

Basic shares

 

22.7

 

 

 

24.5

 

 

 

23.9

 

 

 

24.2

 

Diluted shares

 

23.5

 

 

 

24.8

 

 

 

24.5

 

 

 

25.0

 

Contacts

COMPANY CONTACTS

Media Relations
Andrea Schneider, +1 917-769-6060
Director, Global Communications
SciPlayPress@sciplay.com

Investor Relations
Robert Weiner, +1 904-495-8227
Vice President, Investor Relations
SciPlayIR@sciplay.com

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