Playtika Holding (PLTK) Misses Q1 EPS by 6c, Revenues Beat; Raises FY21 Revenues Guidance Above Consensus

Playtika Holding (NASDAQ: PLTK) reported Q1 EPS of $0.09, $0.06 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $638.9 million versus the consensus estimate of $580.07 million.

First quarter 2021 financial highlights:

• First quarter revenue was $638.9 million compared to $534.2 million in the prior year period.
• Net income was $35.7 million compared to $35.8 million in the prior year period.
• Adjusted EBITDA, a non-GAAP financial measure defined below, was $258.0 million compared to $186.1 million in the prior year period.
• Available liquidity, defined as our Cash and Cash Equivalents as of March 31, 2021, plus our undrawn revolving credit facility, is over $1.5 billion.

“We kicked off 2021 with a very robust first quarter,” said Robert Antokol, Chief Executive Officer of Playtika. “Our Boost technology platform powers our best-in-class Live Operations, allowing Playtika to continually drive fresh content to our players. Our focus on data-driven game management, assisted by our impactful marketing campaigns, resulted in our impressive revenue growth. We are excited with our results and look forward to leveraging this success throughout the year.”

“Our business displayed excellent momentum in the first quarter, and we experienced strong performance across all parts of our company,” said Craig Abrahams, President and Chief Financial Officer. “We continue to innovate within our portfolio of game franchises and delivered excellent organic revenue growth with over 40% Adjusted EBITDA margins in the quarter. We are pleased to be able to increase our financial outlook for the year, particularly of the target milestone of delivering $1 billion in adjusted EBITDA for 2021.”

GUIDANCE:

Playtika Holding sees FY2021 revenue of $2.6 billion, versus the consensus of $2.47 billion.

• For the full year 2021 the company anticipates revenue of $2.6 billion and Adjusted EBITDA of $1.0 billion, up from our prior guidance of $2.44 billion and $920 million.

For earnings history and earnings-related data on Playtika Holding (PLTK) click here.

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