Playtika(PLTK) - 2024 Q2 - Quarterly Results

Revenue Performance - Revenue for Q2 2024 was $627.0 million, a decrease of 3.7% sequentially and 2.5% year over year[2]. - Revenues for the three months ended June 30, 2024, were $627.0 million, a decrease of 2.8% from $642.8 million in the same period of 2023[14]. Net Income and Profitability - Net income rose to $86.6 million, reflecting a sequential increase of 63.4% and a year-over-year increase of 14.4%[2]. - Net income for the three months ended June 30, 2024, was $86.6 million, compared to $75.7 million for the same period in 2023, representing a 14.0% increase[14]. - The provision for income taxes for the three months ended June 30, 2024, was $33.7 million, compared to $40.4 million in the same period of 2023[19]. EBITDA Metrics - Credit Adjusted EBITDA was $191.0 million, up 2.9% sequentially but down 11.2% year over year[2]. - Credit Adjusted EBITDA for the three months ended June 30, 2024, was $191.0 million, down from $215.0 million in the same period of 2023, resulting in a Credit Adjusted EBITDA margin of 30.5%[19]. - Credit Adjusted EBITDA for the full year 2024 is projected to be in the middle of the range of $730 - $770 million[5]. Cash and Investments - Cash, cash equivalents, and short-term investments totaled $1.1 billion as of June 30, 2024[2]. - The company experienced a net change in cash, cash equivalents, and restricted cash of $(319.9) million for the six months ended June 30, 2024[15]. - The company reported a net cash used in investing activities of $449.1 million for the six months ended June 30, 2024, compared to $33.0 million in the same period of 2023[15]. - Cash flows from operating activities for the six months ended June 30, 2024, were $180.1 million, a decrease from $227.5 million in the same period of 2023[15]. Direct-to-Consumer Performance - Direct-to-Consumer (DTC) revenue was $173.7 million, increasing 1.3% sequentially and 5.1% year over year[2]. User Metrics - Average Daily Paying Users (DPUs) decreased to 298K, down 3.6% sequentially and 2.9% year over year[3]. - The average Payer Conversion rate improved to 3.7%, up from 3.5% in Q1 2024[3]. Costs and Expenses - Total costs and expenses for the three months ended June 30, 2024, were $486.3 million, down from $503.6 million in the same period of 2023[14]. Dividends - Playtika's Board declared a cash dividend of $0.10 per share, payable on October 4, 2024[4]. - The company paid dividends totaling $37.1 million during the six months ended June 30, 2024[15]. Future Outlook - The company expects full-year 2024 revenue to be at the lower end of the range of $2.52 - $2.62 billion[5].