PLAYSTUDIOS, Inc. (NASDAQ:MYPS) Q3 2022 Earnings Conference Call November 8, 2022 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
Jason Hahn - EVP and Head of Corporate and Business Development
Conference Call Participants
Ryan Sigdahl - Craig-Hallum Capital Group
Omar Dessouky - Bank of America Merrill Lynch
Martin Yang - Oppenheimer
Operator
Good day, ladies and gentlemen, thank you for standing by. Welcome to the PLAYSTUDIOS Third Quarter 2022 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. And please note that this conference call is being recorded today, November 8, 2022.
I will now turn the call over to Samir Jain, Head of Investor Relations and Treasury. Thank you, sir. Please go ahead.
Samir Jain
Welcome, everyone, and thank you for joining the PLAYSTUDIOS third quarter 2022 earnings call. Hosting the call today will be Andrew Pascal, PLAYSTUDIOS Chairman and Chief Executive Officer; and Scott Peterson, Chief Financial Officer of the company.
Our call today will contain forward-looking statements about future events, expectations and projections. These statements involve risks and uncertainties that could cause actual future results to differ materially from our current expectations. We refer you to our SEC filings for a more detailed discussion of the risk factors that could impact our future operating results and financial conditions.
During the call, management will also discuss certain non-GAAP financial measures. These measures should not be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is contained in our third quarter 2022 earnings release, which is available on the PLAYSTUDIOS website and in our SEC filings.
With that, I'll turn the call over to Andrew.
Andrew Pascal
Thank you, Samir, and good afternoon, everyone. Welcome to the PLAYSTUDIOS third quarter 2022 earnings call. We had a solid quarter, which showed both sequential strength and momentum on some of our key initiatives. Included in this is the performance of our core social casino games such as Pop! Slots, myVEGAS Slots and myKONAMI Slots, as well as notable progress with our newest products such as myVEGAS Bingo and Tetris.
Of course, the big news since we last spoke is the acquisition of Brainium, a well-established and successful casual games developer based in Portland, Oregon. We view the acquisition of Brainium as strategically significant and that it fundamentally repositions the company with a more diversified portfolio. I'll just also add that we were able to add Brainium without materially altering our strong financial position. As of September 30, we had no borrowings under our revolver and a cash balance of $212 million.