LAS VEGAS--(BUSINESS WIRE)--Skillz Inc. (NYSE: SKLZ) (“Skillz” or the “Company”), the leading mobile games platform bringing fair and fun competition to players worldwide, today announced that it will release its 2024 first quarter financial results after the close of the market on Thursday, May 9, 2024, and host a conference call and simultaneous webcast at 4:30 p.m. ET that day. During the call, Skillz management will review the Company’s financial results and provide a business update, followed by a ques ...

Skillz Inc. (SKLZ) reported mixed fourth-quarter 2023 results, with earnings surpassing the Zacks Consensus Estimate and revenues missing the same.On a year-over-year basis, the top declined, but the bottom line improved. The downside was due to a year-over-year decline in paying monthly active users and monthly active users.Earnings and RevenuesIn the quarter under review, Skillz reported an adjusted loss of $1.04 per share, narrower than the Zacks Consensus Estimate of $1.48. The company reported an adjus ...

Skillz Inc. (NYSE:SKLZ) Q4 2023 Earnings Conference Call March 14, 2024 4:30 PM ET Company Participants James Leahy - JCIR Andrew Paradise - Co-Founder and Chief Executive Officer Gaetano Franceschi - Chief Financial Officer Casey Chafkin - Co-Founder and Chief Strategy Officer Conference Call Participants Clark Lampen - BTIG Operator Good afternoon, all. I would like to welcome you all to the Skillz Inc. 2023 Fourth Quarter Results Call. My name is Harry, and I'll be your moderator for today's call. I woul ...

Skillz Reports 2023 Fourth Quarter and Full Year 2023 Results LAS VEGAS, March 14, 2024-- Skillz Inc. (NYSE: SKLZ) ("Skillz" or the "Company"), the leading mobile games platform bringing fair competition to players worldwide, today reported financial results for the fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Financial Highlights: Full Year 2023 Financial Highlights: "We made steady progress throughout 2023 with our strategic initiatives to position Skillz to deliver consiste ...

Skillz Inc. (SKLZ) is scheduled to report fourth-quarter 2023 results on Mar 14, after the closing bell. In the last reported quarter, the company’s earnings beat the Zacks Consensus Estimate by 2.5%.The Trend in Estimate RevisionFor the quarter to be reported, the Zacks Consensus Estimate for loss per share has narrowed from $1.49 to $1.46 in the past 30 days. In the prior-year quarter, SKLZ had incurred an adjusted loss of $2.4 per share. The consensus mark for revenues is pegged at $39.2 million, suggest ...

LAS VEGAS--(BUSINESS WIRE)--Skillz Inc. (NYSE: SKLZ) (“Skillz” or the “Company”), the leading mobile games platform bringing fair and fun competition to players worldwide, today announced that it will release its 2023 fourth quarter and full year financial results after the close of the market on Thursday, March 14, 2024, and host a conference call and simultaneous webcast at 4:30 p.m. ET that day. During the call, Skillz management will review the Company’s financial results and provide a business update, ...

Skillz Inc. (SKLZ) shares rallied 14.5% in the last trading session to close at $7.41. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 29.4% gain over the past four weeks.Improving user economics and solid development on its product efforts have been boosting investors’ confidence.This company is expected to post quarterly loss of $1.49 per share in its upcoming report, which represents a year-over-year chang ...

Skillz Inc (NYSE:SKLZ) Q3 2023 Earnings Conference Call November 8, 2023 4:30 PM ET Company Participants Jim Leahy - JCIR Andrew Paradise - Co-Founder and Chief Executive Officer Jason Roswig - President and Chief Financial Officer Casey Chafkin - Co-Founder and Chief Strategy Officer Conference Call Participants Ed Alter - Jefferies Operator Good afternoon all. I would like to welcome you all to the Skillz Inc 2023 Third Quarter Results Call. My name is Brika and I will be your moderator for today's call. ...

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______to______ Commission file number: 001-39243 SKILLZ INC. (Exact name of registrant as specified in its charter) Delaware 84-4478274 (S ...

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Skillz Inc.'s unaudited condensed consolidated financial statements, including balance sheets, statements of operations, cash flows, and detailed accounting policy notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$447.4 million** from **$621.3 million** due to reduced cash, while total liabilities fell to **$199.9 million** from **$342.9 million** due to debt extinguishment Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $324,779 | $362,516 | | Total current assets | $367,794 | $501,683 | | Total assets | $447,389 | $621,295 | | **Liabilities & Equity** | | | | Total current liabilities | $64,320 | $49,495 | | Long-term debt, non-current | $123,148 | $272,781 | | Total liabilities | $199,918 | $342,894 | | Total stockholders' equity | $247,471 | $278,401 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q2 2023 revenue decreased **44%** to **$40.2 million**, but net loss significantly narrowed to **$22.0 million** from **$62.6 million**, aided by a **$15.2 million** debt extinguishment gain Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $40,166 | $71,757 | $84,549 | $163,621 | | Loss from operations | ($35,633) | ($56,111) | ($67,701) | ($202,165) | | Gain on extinguishment of debt | $15,205 | $— | $15,205 | $— | | Net loss | ($21,987) | ($62,611) | ($57,581) | ($212,175) | | Net loss per share (Basic & Diluted) | ($1.05) | ($3.07) | ($2.75) | ($10.48) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities for H1 2023 significantly reduced to **$41.1 million**, with **$139.8 million** from investing and **$136.2 million** used in financing for debt extinguishment Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($41,057) | ($145,014) | | Net cash provided by investing activities | $139,758 | $76,312 | | Net cash used in financing activities | ($136,182) | ($2,641) | | **Net change in cash** | **($37,481)** | **($71,343)** | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue concentration from two developers, a 1-for-20 reverse stock split, debt repurchases, and ongoing legal matters - Games from two developer partners, Tether Studios and Big Run Studios, accounted for a combined **70% of revenue** in the first six months of 2023[149](index=149&type=chunk)[150](index=150&type=chunk) - During the first six months of 2023, the company repurchased approximately **$159.8 million** of its senior secured notes, recognizing a gain on extinguishment of **$15.2 million**[97](index=97&type=chunk) - On June 23, 2023, the company effectuated a **1-for-20 reverse stock split** of its common stock, with all share and per-share amounts retrospectively adjusted[110](index=110&type=chunk) End-User Incentive Costs (in millions) | Incentive Treatment | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | Reduction of Revenue | $7.2 | $13.1 | $15.2 | $29.5 | | Sales and Marketing Expense | $15.8 | $27.7 | $32.6 | $65.8 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, detailing a strategic shift to prioritize profitability through reduced marketing spend, leading to lower revenue but improved net loss and Adjusted EBITDA [Overview and Key Operating Metrics](index=28&type=section&id=Overview%20and%20Key%20Operating%20Metrics) Key Q2 2023 metrics show user declines (PMAUs **196,000**, MAUs **1.1 million**) but increased monetization, with ARPPU rising to **$68.2** Key Operating Metrics | Metric (in thousands, except per user data) | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Gross marketplace volume (GMV) | $255,229 | $432,209 | | Paying monthly active users (PMAUs) | 196 | 421 | | Monthly active users (MAUs) | 1,068 | 2,234 | | Average revenue per paying monthly active user (ARPPU) | $68.2 | $56.8 | - The company's strategy in 2022 and 2023 has focused on driving higher efficiency from marketing investment by reducing spend on low-return engagement programs and optimizing user acquisition[159](index=159&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q2 2023 revenue declined **44%** due to reduced user acquisition and engagement marketing spend, leading to a **36%** improvement in loss from operations - Q2 2023 revenue decreased by **$31.6 million (44%)** year-over-year, primarily due to intentional, significant cuts in user acquisition and engagement marketing spend to prioritize profitability[179](index=179&type=chunk) - Sales and marketing expenses for Q2 2023 fell by **$40.6 million (55%)** year-over-year, driven by a **$22.5 million** reduction in user acquisition spend and a **$14.3 million** cut in engagement marketing[182](index=182&type=chunk) - General and administrative costs increased by **$3.2 million (12%)** in Q2 2023, mainly due to higher legal fees, partially offset by lower employee-related costs from restructuring[183](index=183&type=chunk) [Non-GAAP Financial Measures](index=36&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA loss improved to **$20.2 million** in Q2 2023 from **$34.0 million** in Q2 2022, reflecting enhanced operational performance Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Metric | Q2 2023 | Q2 2022 | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net loss | ($21,987) | ($62,611) | ($57,581) | ($212,175) | | **Adjusted EBITDA** | **($20,244)** | **($33,994)** | **($41,137)** | **($96,512)** | [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, liquidity included **$324.8 million** in cash and **$33.4 million** in marketable securities, deemed sufficient for the next year - Principal sources of liquidity as of June 30, 2023, were **$324.8 million** in cash and cash equivalents and **$33.4 million** in marketable securities[207](index=207&type=chunk) - After open market repurchases in 2022 and 2023, **$129.7 million** of the senior secured notes remained outstanding as of June 30, 2023[210](index=210&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk on cash and marketable securities, with foreign currency risk deemed immaterial - The company's main market risk is interest rate risk related to its **$324.8 million** in cash and cash equivalents and **$33.4 million** in marketable securities[222](index=222&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were ineffective as of June 30, 2023, due to material weaknesses in risk assessment, ITGCs, and accounting process controls, with remediation ongoing - Disclosure controls and procedures were deemed **not effective** as of June 30, 2023[225](index=225&type=chunk) - The ineffectiveness is due to ongoing material weaknesses in three areas: Risk Assessment, Information Technology General Controls (ITGCs), and Internal Controls Over Accounting Processes[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk) - Remediation efforts for 2023 include creating a steering committee, augmenting personnel, redesigning controls around end-user liability and indirect taxes, and continuing enhancements to ITGCs and accounting process controls[230](index=230&type=chunk)[232](index=232&type=chunk) [PART II - OTHER INFORMATION](index=42&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section provides disclosures on legal proceedings, risk factors, and other required information [Other Information (Items 1-6)](index=42&type=section&id=Other%20Information%20(Items%201-6)) This section covers legal proceedings by reference to Note 7 and confirms no material changes to previously disclosed risk factors - For details on legal proceedings, the report refers to Note 7 of the financial statements[234](index=234&type=chunk) - There have been no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022[235](index=235&type=chunk)