PLAYSTUDIOS, Inc. (NASDAQ:MYPS) Q3 2024 Earnings Conference Call November 4, 2024 5:00 PM ET

Company Participants

Samir Jain – Head of Treasury and Investor Relations
Andrew Pascal – Chairman and Chief Executive Officer
Scott Peterson – Chief Financial Officer

Conference Call Participants

Aaron Lee – Macquarie
Mike Hickey – Benchmark
Danny Pfeiffer – JP Morgan
David Pang – Stifel
Greg Gibas – Northland Securities
Martin Yang – Oppenheimer

Operator

Greetings, and welcome to the PLAYSTUDIOS Third Quarter 2024 Earnings Call and Webcast. At this time, all participants are in a listen-only mode. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

Its now my pleasure to turn the call over to Samir Jain, Head of Treasury and Investor Relations. Samir Jain, please go ahead.

Samir Jain

Thank you, operator. Good afternoon, and thank you for joining us for PLAYSTUDIOS third quarter 2024 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 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’d 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 third quarter earnings release and in our SEC filings.

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

Andrew Pascal

Great. Thank you, Samir, and welcome everyone to our third quarter 2024 earnings call. As always, our commentary today is in addition to the financial disclosures we made in our press release. So I encourage you to take a look at the release for a summary of our recent performance. I’ll begin with a few thoughts on the quarter and the company’s outlook, after which Scott will follow with a discussion of our financials. We’ll then open the call up for your questions.

Revenues and adjusted EBITDA in the quarter were ahead of consensus estimates and generally in line with our expectations. On a year-over-year basis, revenues were down 6% while adjusted EBITDA increased 8%. We remain focused on stabilizing revenue and increasing profitability. After carefully evaluating the potential impact of retooling our business on both revenues and profitability, we concluded that the resetting of our cost structure is critical to our success going forward.