Financial Data and Key Metrics Changes - Q3 GAAP revenue was $27 million, representing a 9% increase quarter over quarter and an 11% increase year over year [6][15] - Adjusted EBITDA loss was $12 million, a 3% decrease quarter over quarter and a 15% increase year over year [6][16] - Paying MAU reached 155,000, up 6% quarter over quarter and 28% year over year [6][15] Business Line Data and Key Metrics Changes - The launch of "Solitaire Skills" as an owned and operated title is showing early promise and serves as a testing ground for new features [8] - Aarki's ad tech business experienced accelerating revenue growth, supported by new AI-driven product launches [8][10] - R&D expenses increased by 15% year over year to $5 million, while sales and marketing expenses decreased by 10% year over year to $17 million [15][16] Market Data and Key Metrics Changes - The competition platform showed stability, contributing to the overall revenue growth despite a typically softer seasonal period [6][10] - Aarki's net revenue increased by more than 100% year over year, indicating strong growth in the ad tech market [10] Company Strategy and Development Direction - The company is focused on enhancing player and developer engagement, operational efficiency, and a path to profitability [9][10] - The Fair Play initiative aims to protect players and maintain fair competition, with ongoing litigation against competitors for alleged bot usage [10][11] - The company is exploring growth opportunities beyond gaming into e-commerce and interactive entertainment [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the progress across both Skillz and Aarki, highlighting the potential for long-term growth [12][13] - The company is committed to achieving compliance with New York Stock Exchange listing standards and expects to file necessary reports by December 17, 2025 [4][16] Other Important Information - The company is working to complete its financial statements for previous quarters and is under scrutiny for compliance with listing standards [3][4] - The balance sheet remains healthy with $213 million in cash and $129.7 million in total debt principal outstanding [16] Q&A Session Summary - The Q&A session was concluded without any specific questions being recorded, indicating a focus on the presentation rather than audience inquiries [17]

Digital Focus Realignment - The company is realigning its digital focus to leverage the strength of U.S iCasino and Canadian operations, emphasizing omnichannel benefits[7, 9] - The company will rebrand U S OSB product to theScore Bet on December 1, 2025, retaining a database of 2.9 million digital users[8] - The company's iCasino business achieved its highest quarterly gaming revenue to date, driven by record cross-sell from OSB and growth from standalone apps[7] Share Repurchase and Capital Allocation - The company repurchased $354 million of shares through November 5, 2025, and the board authorized a new three-year $750 million share repurchase program effective January 1, 2026[7] Omnichannel Strategy and Database Growth - 37% of digitally acquired customers are within 50 miles of one or more retail properties[13] - 64% of PENN Play database growth since 2019 is from digital customers[15] - Omnichannel customers have 6x the value and 3x the retention compared to single-channel customers[15] iCasino Growth and Retail Customer Engagement - Q3 2025 iCasino NGR growth was +41% year-over-year, with MAU growth of +79% year-over-year[18] - In Q3 2025, the record cross-sell percentage in iCasino was 62%[18] - The percentage of the active retail database also active online in states with retail, OSB, and iCasino (PA, MI, WV) reached 14.4% in September 2025[20] Canadian Market Opportunity - Ontario OSB & iCasino growth was +7% year-over-year (September 2025 YTD)[22] - The company expects to launch in Alberta in 2026 for OSB & iCasino, covering approximately 12% of the Canadian population[10, 23] Product Improvements and Retention - Enhanced OSB product features led to a +410 bps increase in SGP % Mix of Handle and a +800 bps increase in % of MAUs Live Betting (Y/Y in Oct-25)[25] - Improved retention efforts resulted in a +32% increase in M/M Retained Users (Y/Y in Oct-25) and a +1,000 bps increase in M/M Retention % (Y/Y in Sep-Oct 2025)[25] Retail Business Stability - The total retail portfolio saw revenue growth of +1.5% and EBITDAR growth of +3.5% year-over-year in Q3[28] - Excluding certain properties, revenue grew by +1.2% and EBITDAR grew by +2.3%[28] Hollywood Casino Joliet Performance - Hollywood Casino Joliet saw a +42% growth in active database (Q3-25 vs Q2-25)[35]

Core Insights - Playtika Holding (PLTK) reported quarterly earnings of $0.18 per share, exceeding the Zacks Consensus Estimate of $0.17 per share, and up from $0.11 per share a year ago, representing an earnings surprise of +5.88% [1] - The company generated revenues of $674.6 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.59% and increasing from $620.8 million year-over-year [2] - Playtika's stock has underperformed, losing about 46% since the beginning of the year, while the S&P 500 has gained 15.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.16 on revenues of $668.67 million, and for the current fiscal year, it is $0.53 on revenues of $2.74 billion [7] - The estimate revisions trend for Playtika was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Gaming industry, to which Playtika belongs, is currently in the top 33% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - GDEV Inc., another company in the same industry, is expected to report quarterly earnings of $0.42 per share, reflecting a year-over-year decline of -46.8% [9]

Financial Performance - Revenue reached $674.6 million, reflecting a 8.7% increase year-over-year but a (3.1)% decrease sequentially[7] - GAAP Net Income was $39.1 million, a 17.8% sequential increase but a (0.5)% year-over-year decrease[7] - Adjusted Net Income significantly increased by 912.3% sequentially and 16.3% year-over-year, reaching $65.8 million[7] - Adjusted EBITDA was $217.5 million, showing a 30.2% sequential increase and a 10.3% year-over-year increase[7] - The Adjusted EBITDA margin was 32.2%, compared to 24.0% in Q2 2025 and 31.8% in Q3 2024[7] Platform Performance - Direct-to-Consumer (DTC) Platforms revenue increased by 19.0% sequentially and 20.0% year-over-year, achieving an all-time high[7, 8] - Third-Party Platforms revenue increased 4.2%[10] - Bingo Blitz revenue reached $162.6 million, a 1.5% sequential increase and a 1.7% year-over-year increase[8] - Slotomania revenue was $68.5 million, reflecting a (20.8)% sequential decrease and a (46.7)% year-over-year decrease[8] - June's Journey revenue was $68.3 million, a (1.2)% sequential decrease and a (2.7)% year-over-year decrease[8] User Metrics - Average Daily Paying Users (DPUs) were 354K, a (6.3)% sequential decrease but a 17.6% year-over-year increase[8] - Average Payer Conversion was 4.3%, up from 4.0% in Q3 2024 and consistent with Q2 2025[8] Capital Structure - Cash, cash equivalents, and short-term investments totaled $640.8 million as of September 30, 2025[7] - Available liquidity was approximately $1.19 billion as of September 30, 2025[22] - The company entered into an agreement to extend the maturity of the Revolving Credit Facility to September 2027 and decreased the aggregate principal amount from $600 million to $550 million[22]

Core Insights - Snail, Inc. continues to show steady growth across its entertainment portfolio through new content launches and industry recognition [1] - The company is strengthening its core franchise and enhancing community engagement within its ARK ecosystem [2] - Snail's indie publishing branch, Wandering Wizard, is expanding its global portfolio with unique projects and has received industry accolades [3] - The Interactive Films division is gaining recognition for its short-form storytelling platform, Salty TV, with multiple awards for its titles [4] - Overall, these achievements reflect Snail's strategic momentum across various entertainment sectors, diversifying revenue streams and enhancing brand visibility [5] Gaming and Publishing - The 'ARK x Teenage Mutant Ninja Turtles' Cosmetic Pack collaboration emphasizes the importance of mod content for sustaining engagement with ARK: Survival Ascended [2] - The upcoming airship building RPG, Echoes of Elysium, is set to release on December 4, 2025, marking a significant addition to Snail's gaming portfolio [2] - Wandering Wizard's collaboration with Argentina-based studio Seven Leaf Clover for the launch of Rebel Engine on Steam showcases the branch's commitment to diverse gaming projects [3] Interactive Films - Salty TV's titles, including My Ex's Bestfriend, Hollywood Heartthrob, and Faux Fiance, received recognition from the International Short Drama Association, highlighting the division's potential [4] - The awards for Salty TV's titles include Best Revenge-Driven Narrative and Most Charismatic Screen Presence, indicating strong audience engagement potential [4] Strategic Momentum - The combination of efforts in gaming, publishing, and digital storytelling illustrates Snail's strategy to diversify revenue streams and strengthen brand visibility [5]

Core Insights - Mobiquity Technologies and Context Networks have entered a five-year strategic agreement with NRT Technology to enhance advertising solutions in the gaming industry, allowing casinos to deliver targeted advertising across multiple guest touchpoints [1][6] - The partnership provides Context Networks access to NRT's extensive distribution network, which includes over 800 casinos in North America and all of the world's largest casino properties [2] Group 1: Partnership Details - The collaboration will integrate Context Networks' advertising technology into NRT's casino solutions, utilizing the Contextual Promotions Media Network™ (CPMN) to unify digital advertising and analytics [3] - The CPMN is designed to allow casino operators to act as digital publishers without significant capital investment, ensuring transparency and compliance in advertising transactions [3][5] Group 2: Advertising Technology Features - The integrated Deep Intelligence Marketing (DIM) layer of the CPMN provides real-time, context-aware advertising experiences by leveraging behavioral, geographic, and psychographic data [4] - The CPMN introduces new non-gaming revenue streams for operators, enhancing player engagement and loyalty while providing advertisers with a transparent ecosystem for measuring campaign effectiveness [5] Group 3: Operational Infrastructure - NRT's financial kiosks, non-gaming kiosks, and digital table game signs will support targeted advertising, with over 11,000 kiosks globally already coded for marketing [7] - The JoinGo Loyalty App, used by 80% of casinos, will feature embedded digital advertising experiences, enhancing player engagement [7] Group 4: Company Backgrounds - Context Networks is a programmatic advertising platform focused on the gaming industry, providing advanced ad-serving capabilities and creating new revenue streams for casino operators [9] - Mobiquity Technologies specializes in advertising and data intelligence, utilizing AI for programmatic media and audience targeting across various digital platforms [10]

Core Insights - The analyst specializes in the gaming industry and consumer-facing stocks, with a focus on companies like Nintendo, GameStop, Capcom, and Take-Two, aiming to identify long-term value in iconic gaming franchises [1] - The research approach combines disciplined methods such as Discounted Cash Flow (DCF) and relative multiples with narrative context to clarify complex valuations for long-term investors [1] - The analyst also evaluates companies outside the gaming sector, including Monster Beverage, Sprouts, Macy's, and Live Nation, emphasizing the importance of brand, narrative, and consumer behavior in driving valuation [1] Industry Focus - The analyst is expanding coverage into gaming publishers to uncover potential investment opportunities within the sector [1] - The intersection of culture, technology, and financials is highlighted as a critical area for investment analysis, particularly in sectors with durable growth stories [1]

Core Viewpoint - NetEase, Inc. is set to report its financial results for the third quarter of 2025 on November 20, 2025, before the U.S. markets open [1]. Financial Reporting - The earnings teleconference call will occur at 7:00 a.m. Eastern Time on November 20, 2025, with management discussing quarterly results and answering questions [2]. - Interested parties can join the call by dialing 1-914-202-3258 and providing conference ID: 10051135, 15 minutes prior to the call [3]. - A replay of the call will be available until November 27, 2025, and will also be webcast live for 12 months on NetEase's Investor Relations website [3]. Company Overview - NetEase, Inc. is a leading internet and game services provider, known for its premium content and extensive gaming ecosystem [4]. - The company operates popular mobile and PC games in China and globally, supported by one of the largest in-house game R&D teams [5]. - Beyond gaming, NetEase offers services through subsidiaries like Youdao, an intelligent learning and advertising solutions provider, and NetEase Cloud Music, an online music platform [6].

Core Insights - Light & Wonder (LNW) reported quarterly earnings of $1.81 per share, exceeding the Zacks Consensus Estimate of $1.42 per share, and showing an increase from $1.34 per share a year ago, resulting in an earnings surprise of +27.46% [1] - The company posted revenues of $841 million for the quarter ended September 2025, which was 2.51% below the Zacks Consensus Estimate, but an increase from $817 million year-over-year [2] - Light & Wonder has surpassed consensus EPS estimates in all four of the last quarters, but has only topped revenue estimates once in the same period [2] Financial Performance - The company's earnings surprise of +27.46% indicates strong performance relative to expectations, while the revenue miss suggests challenges in meeting market forecasts [1][2] - Light & Wonder shares have declined approximately 15.1% year-to-date, contrasting with the S&P 500's gain of 15.1% [3] Future Outlook - The company's earnings outlook is critical for assessing future stock performance, with current consensus EPS estimates at $1.79 for the upcoming quarter and $5.25 for the current fiscal year, alongside projected revenues of $928.8 million and $3.37 billion respectively [7] - The Zacks Rank for Light & Wonder is currently 4 (Sell), indicating expectations of underperformance in the near future due to unfavorable estimate revisions prior to the earnings release [6] Industry Context - The Gaming industry, to which Light & Wonder belongs, is currently ranked in the top 37% of over 250 Zacks industries, suggesting a relatively strong position within the market [8] - The performance of Light & Wonder may be influenced by broader industry trends, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Financial Performance - Consolidated revenue increased by 3% year-over-year to $841 million[9,63], driven by Gaming and iGaming revenue growth[63] - Consolidated AEBITDA increased by 18% year-over-year to $375 million[9,63], with margin expansion across all businesses[63] - Adjusted NPATA increased by 25% year-over-year to $153 million[9,63], benefiting from revenue growth and expanded AEBITDA margins[63] - Adjusted NPATA per share (EPSa) increased 35% year-over-year to $1.81[9,63] Segment Results - Gaming revenue increased by 4% year-over-year to $558 million[19,23], driven by Gaming operations and Table products[23] - SciPlay revenue decreased by 4% year-over-year to $197 million[19,23], but AEBITDA increased by 8% to $71 million[23] - iGaming revenue increased by 16% year-over-year to $86 million[19,23], with AEBITDA increasing by 42% to $34 million[23] Key Metrics - Recurring revenue accounted for approximately 69% of consolidated revenue, totaling $580 million, a 14% year-over-year increase[9] - North America installed base increased 42% year-over-year to 47,240 units, including over 11,250 units from Grover Gaming[29,33] - Wagers processed through OGS in iGaming grew 23% year-over-year to $28 billion[52,53] Capital Allocation - $111 million was returned to shareholders through share repurchases in 3Q25[9] - The company maintains a net debt leverage ratio of 3.5x[78]