SciPlay third-quarter revenues rise 30%
SciPlay on Wednesday reported third-quarter net income of $5.5 million.
Third quarter revenue was $151.2 million. Mobile revenue of $131.8 million was up 35%, which was 750 bps above market growth.
Net income increased 40% to $35.1 million, with a net income margin of 23.2%, up from $25.0 million and 21.5%. Payer conversion rates reached a quarterly record of 7.3%.
Josh Wilson, Chief Executive Officer of SciPlay, said, “The third quarter represented another strong quarter as we outperformed the market with year over year revenue growth of 30%, driven by execution of our live ops strategy to increase monetization of games and franchises that players love to play. Our baseline remains above pre-COVID-19 levels even as the tailwind from “stay at home” begins to normalize. I’m really excited for the remainder of this year, 2021 and beyond as we begin to make inroads into the casual space, which will augment the growth in our social casino games. As we navigate the current environment, we remain focused on taking advantage of the many opportunities ahead of us that will help us to maximize value for our shareholders.”
Mike Cody, Chief Financial Officer of SciPlay, added “Our evergreen franchises drove 30% revenue growth this quarter and the operating leverage in our business drove even stronger increases in Net Income and AEBITDA. Payer conversion was a quarterly record of 7.3% as we continue to effectively executive our live ops strategy to drive maximum player engagement. We also ended the quarter in a strong cash position with $360 million in available liquidity providing ample resources to continue to grow the Company. We are on track integrating Come2Play into the company and are making progress toward a launch of Solitaire Pets Adventure in 2021 that will expand our addressable market and diversify our revenue base as the games scale.”