LAS VEGAS, May 10, 2021 /PRNewswire/ — SciPlay Corporation (NASDAQ: SCPL) (“SciPlay” or the “Company”) today reported results for the first quarter ended March 31, 2021.
Josh Wilson, Chief Executive Officer of SciPlay, said, “Our teams continued to execute at a high level this quarter delivering strong top and bottom line results with broad based strength across the portfolio. Our payer focus and live-ops strategy delivered sequential growth in key monetization metrics and we achieved record payer conversion for the 5th consecutive quarter. The soft launch of Solitaire Pets Adventure in April is an important step in our path to diversification in the $20B+ casual genre. This is an exciting time in SciPlay’s journey as we invest to build our pipeline of games to drive long-term growth and shareholder value.”
Mike Cody, Chief Financial Officer of SciPlay, added “This was another strong quarter of execution and monetization, building on the gains from 2020. Importantly we were able to deliver 28% top line growth, performing above the social casino market. Our social casino portfolio has never been stronger and our investment in the casual genre should enhance our ability to deliver shareholder value.”
First Quarter 2021 Financial Highlights
- First quarter revenue was $151.1 million, an increase of 27.7% over the prior year period driven by strong performance from our portfolio of social casino games. Mobile revenue grew 31.2% from the prior year period to $132.8 million.
- Net income was $37.9 million compared to $31.1 million in the prior year period, an increase of 21.9% primarily driven by revenue growth. Net income margin was 25.1%, a decrease of 120 bps from the prior year period.
- AEBITDA, a non-GAAP financial measure defined below, was $45.9 million compared to $34.8 million, an increase of 31.9% from the prior year period, driven by revenue growth partially offset by the increases in operating expenses. AEBITDA margin, a non-GAAP financial measure defined below, was 30.4%, an increase of 100 bps from the prior year period.
- Net cash provided by operating activities was $19.6 million, a $3.9 million decrease over the prior year period reflecting an increase in accounts receivable related to the timing of payments from our platform providers.
- Cash and cash equivalents increased $3.1 million to $272.0 million from the fourth quarter 2020.
First Quarter Key Performance Highlights
- Payer conversion rate reached an all-time high of 8.1% validating our continued payer focus and live-ops strategy to drive increased monetization.
- Average Monthly Revenue Per Paying User (AMRPPU) increased 11.0% to $92.80 from the prior year period.
- Average Revenue Per Daily Active User (ARPDAU) grew 36.7% from the prior year period to $0.67.
- Mobile penetration increased 300 bps from the prior year period to 88%.
Earnings Conference Call
As previously announced, SciPlay executive leadership will host a conference call on Monday, May 10, 2021, at 9:15 a.m. EDT to review the Company’s first quarter results. To access the call live via a listen-only webcast and presentation, please visit http://investors.sciplay.com and click on the webcast link under the News and Events section. To access the call by telephone, please dial: +1 (877) 870-4263 for U.S. and +1 (412) 317-0790 for International and ask to join the SciPlay Corporation call. A replay of the webcast will be archived in the Investors section on www.sciplay.com.
We are a leading developer and publisher of digital games on mobile and web platforms. We currently offer seven core games, including four social casino games and three primary casual games, and recently added a solitaire social game targeted toward casual game players. Our social casino games typically include slots-style game play and occasionally include table games-style game play, while our casual games blend slots-style or bingo game play with adventure game features. All of our games are offered and played on multiple platforms, which include Apple, Google, Facebook, Amazon, and Microsoft. In addition to our internally created game content, our content library includes recognizable, real-world slot and table games content from Scientific Games Corporation. This content allows players who like playing land-based slot machines to enjoy some of those same titles in our free-to-play games.