The following is a summary of the PLAYSTUDIOS, Inc. (MYPS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• PLAYSTUDIOS reported a slight decrease in Q1 2024 revenue and adjusted EBITDA due to a strategic shift in product offerings. Net revenues of $77.8 million marked a 3% decrease, and the revealed Q1 consolidated adjusted EBITDA was 14% lower than the previous year at $15.3 million.

• The company reported a daily active users (DAU) count of 3.5 million and monthly active users (MAU) count of 14.8 million.

• An additional $4 million of stock was bought back, leaving the company with a cash reserve of approximately $127 million.

• The previously outlined financial guidance for 2024 remains unchanged, targeting $315-325 million in revenue and $65-70 million in adjusted EBITDA.

Business Progress:

• The company dedicated its efforts in Q1 2024 to building an infrastructure poised for game revitalization and growth with reported progress.

• In order to turn the playAWARDS platform into a revenue-generating business, partnerships with third-party game publishers are underway.

• The company is in the process of developing two new Tetris games, and plans to have the existing loyalty solution integrated fully into the game portfolio by year-end.

• Through a sustained M&A strategy and plans to celebrate Tetris's 40th anniversary with special campaign events, PLAYSTUDIOS aims to bolster DAU growth and retain its existing user base.

More details: playstudios IR

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