SciPlay Corporation (SCPL) Misses Q4 EPS by 8c, Revenues Beats

SciPlay Corporation (NASDAQ: SCPL) reported Q4 EPS of $0.18, $0.08 worse than the analyst estimate of $0.26. Revenue for the quarter came in at $147.1 million versus the consensus estimate of $146.32 million.

Fourth Quarter 2020 Financial Highlights

• Fourth quarter revenue was $147.1 million, and an increase of 30.3% over the prior year period. Mobile revenue grew 31.0% to $128.6 million.
• Net income was $31.0 million compared to $28.6 million in the prior year period, primarily driven by revenue growth. Net income margin was 21.1% for the quarter, a decrease of 420 bps from the prior year period, primarily reflecting the impact of higher stock-based compensation.
• AEBITDA, a non-GAAP financial measure defined below, was $45.0 million compared to $32.1 million, an increase of 40.2% from the prior year period, driven by revenue performance and lower sales and marketing expense as a percentage of revenue. AEBITDA margin, a non-GAAP financial measure defined below, was 30.6%, an increase of 220 bps from the prior year period.
• Net cash provided by operating activities was $61.5 million, a $28.8 million increase over the prior year reflecting continued strong results and timing of payments from platform providers.
• Cash and cash equivalents increased $58.6 million to $268.9 million from the third quarter 2020. Total available liquidity, which includes our undrawn revolver, was $418.9 million at year-end 2020.

Josh Wilson, Chief Executive Officer of SciPlay, said, "Our core business has never been healthier as we achieved record results in 2020. Our intense focus on data and live ops is driving tangible success and enhanced monetization of our evergreen franchises. Looking ahead, we couldn't be more excited about our expansion into the casual genre with the launch of Solitaire Pets Adventure this year. This is a major step in our evolution and I'm confident we have the right talent and expertise to leverage our success in the social casino space to the casual genre."

Mike Cody, Chief Financial Officer of SciPlay, added "2020 was an operational and financial success. We grew our full year revenue by 25% and delivered increases in net income and AEBITDA of more than 50%. In addition, we are well positioned to deliver future growth and long-term shareholder value with the acquisition of Come2Play. Our strong financial performance and balance sheet coupled with our high cash generating business provides us with the ability to continue to invest in our evergreen franchises and strategically expand into new genres to diversify our product and revenue base."

For earnings history and earnings-related data on SciPlay Corporation (SCPL) click here.

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