PLAYSTUDIOS, Inc. (NASDAQ:MYPS) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET

Company Participants

Samir Jain - Head of IR and Treasury

Andrew Pascal - Co-Founder, Chairman and CEO

Scott Peterson - VP and CFO

Conference Call Participants

David Pang - Stifel

Aaron Lee - Macquarie

Ryan Sigdahl - Craig-Hallum Capital Group

Arthur Chu - Bank of America

Operator

Greetings. Welcome to the PLAYSTUDIOS First Quarter 2023 Earnings Call. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host, Samir Jain, Head of Treasury and Investor Relations. You may begin.

Samir Jain

Thank you, operator. Good afternoon, and thank you for joining us for PLAYSTUDIOS first quarter 2023 earnings call. Joining me on the call today are our Chairman and CEO, Andrew Pascal; and our CFO, Scott Peterson. Before we begin, let me remind you that during the course of this call, we will make forward-looking statements. These statements are based on our current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for a discussion of the risks and uncertainties that may affect our future results.

I would like to remind everyone that we will discuss certain non-GAAP financial measures during this call. These measures should not be considered as a substitute for financial results prepared in accordance with GAAP. Our results are prepared in accordance with GAAP and a reconciliation to comparable GAAP measures will be provided in our first quarter earnings release and in our SEC filings.

With that, I'll pass the call to Andrew.

Andrew Pascal

Thank you, Samir. Welcome to our first quarter 2023 earnings call. It's been an eventful start to the year and we're excited to share our progress. PLAYSTUDIOS has a 12-year history of developing and publishing free-to-play mobile games. Since becoming an operating business, we have consistently posted year-over-year revenue growth.

Our success can be attributed to the quality and creative execution of our diversified portfolio of 17 games, along with our industry-only loyalty program that enables players to play the games they love while earning real-world benefits. Our strong operating performance is a result of our unique strategy, which we believe will continue to drive our growth. While we have achieved meaningful success, we are early in our journey and we believe there's substantial growth ahead. We are constantly evaluating new opportunities to expand our portfolio and provide our players with the best possible leisure experiences. Results this quarter were quite strong. Our revenue and adjusted EBITDA for the quarter were ahead of both Street and company expectations as we demonstrated our capacity to balance top line growth with margin and profit expansion.