– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Delivers Strong Quarterly Revenue and Bookings
Reports Highest Ever Q1 Advertising Revenue and Bookings
Continued Execution Across Multi-Year Growth Strategy
SAN FRANCISCO--(BUSINESS WIRE)--Zynga Inc. (NASDAQ: ZNGA) today released financial results for the first quarter ended March 31, 2022.
“We started off 2022 with a strong quarterly performance, achieving our highest ever Q1 advertising revenue and bookings led by our hyper-casual portfolio,” said Frank Gibeau, CEO of Zynga. “Through continued execution across all aspects of our multi-year growth strategy including live services, new game development and investments in our advertising platform, new markets and technologies, we are strengthening our position as a leading mobile-first, free-to-play live services company.”
First Quarter 2022 Financial Summary
|
Q1’22 Actuals |
Q1’21 Actuals |
Variance $ (Y/Y) |
Variance % (Y/Y) |
||||||||
|
|
|
|
|
||||||||
Revenue |
$ |
691 |
|
$ |
680 |
|
$ |
11 |
|
2 |
% |
|
Net release of (increase in) deferred revenue (1) |
$ |
(4 |
) |
$ |
(39 |
) |
$ |
36 |
|
(91 |
%) |
|
Bookings |
$ |
695 |
|
$ |
720 |
|
$ |
(25 |
) |
(3 |
%) |
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
(25 |
) |
$ |
(23 |
) |
$ |
(2 |
) |
7 |
% |
|
Adjusted EBITDA (2) |
$ |
144 |
|
$ |
123 |
|
$ |
21 |
|
17 |
% |
|
|
|
|
|
|
||||||||
Note: Certain measures as presented differ due to the impact of rounding. |
||
(1) |
For clarity, a net release of deferred revenue results in revenue being higher than bookings and is a positive impact to Adjusted EBITDA as reported; a net increase in deferred revenue results in revenue being lower than bookings and is a negative impact to Adjusted EBITDA as reported. |
|
(2) |
Adjusted EBITDA includes the net release of (increase in) deferred revenue. |
|
Due to the pending transaction with Take-Two Interactive Software, Inc. (“Take-Two”) announced on January 10, 2022, Zynga is not hosting a conference call or providing forward guidance in connection with the release of its quarterly results.
Additional information regarding the pending transaction with Take-Two is provided in a registration statement on Form S-4 filed by Take-Two with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the transaction, which includes a joint proxy statement/prospectus of Zynga and Take-Two, and all other relevant documents filed with the SEC. The registration statement was declared effective on April 7, 2022 and the definitive joint proxy statement/prospectus was sent to Zynga and Take-Two stockholders.
About Zynga Inc.
Zynga is a global leader in interactive entertainment with a mission to connect the world through games. With massive global reach in more than 175 countries and regions, Zynga has a diverse portfolio of popular game franchises that have been downloaded more than four billion times on mobile including CSR Racing™, Empires & Puzzles™, FarmVille™, Golf Rival™, Hair Challenge™, Harry Potter: Puzzles & Spells™, High Heels!™, Merge Dragons!™, Merge Magic!™, Toon Blast™, Toy Blast™, Words With Friends™ and Zynga Poker™. With Chartboost, a leading mobile advertising and monetization platform, Zynga is an industry-leading next-generation platform with the ability to optimize programmatic advertising and yields at scale. Founded in 2007, Zynga is headquartered in California with locations in North America, Europe and Asia. For more information, visit www.zynga.com or follow Zynga on Twitter, Instagram, Facebook or the Zynga blog.
Key Operating Metrics
We manage our business by tracking several operating metrics: “Mobile DAUs,” which measure daily active users of our mobile games, “Mobile MAUs,” which measure monthly active users of our mobile games, and “Mobile ABPU,” which measures our average daily mobile bookings per average Mobile DAU, each of which is recorded and estimated by our internal analytics systems. We determine these operating metrics by using internal company data based on tracking of user account activity. We also use information provided by third parties, including third party network logins provided by platform providers, to help us track whether a player logged in under two or more different user accounts is the same individual. Overall, we believe that the amounts are reasonable estimates of our user base for the applicable period of measurement and that the methodologies we employ and update from time-to-time are reasonably based on our efforts to identify trends in player behavior. However, factors relating to user activity and systems and our ability to identify and detect attempts to replicate legitimate player activity may impact these numbers.
Mobile DAUs. We define Mobile DAUs as the number of individuals who played one of our mobile games during a particular day. Average Mobile DAUs for a particular period is the average of the Mobile DAUs for each day during that period. Under this metric, an individual who plays two different mobile games on the same day is counted as two DAUs. We use information provided by third parties to help us identify individuals who play the same game to reduce this duplication. However, we do not have the third party network login data to link an individual who has played under multiple user accounts for our hyper-casual games (which includes the games acquired from Rollic in October 2020), mobile messenger games (prior to the third quarter of 2021), Puzzle Combat, Merge Magic! and games acquired from Gram Games in May 2018, Small Giant in January 2019, Peak in July 2020 and StarLark in October 2021, and accordingly, actual Mobile DAUs may be lower than reported due to the potential duplication of these individuals. We use Mobile DAUs as a measure of audience engagement.
Mobile MAUs. We define Mobile MAUs as the number of individuals who played one of our mobile games in the 30-day period ending with the measurement date. Average Mobile MAUs for a particular period is the average of the Mobile MAUs at each month-end during that period. Under this metric, an individual who plays two different mobile games in the same 30-day period is counted as two Mobile MAUs. We use information provided by third parties to help us identify individuals who play the same game to reduce this duplication. However, we do not have the third party network login data to link an individual who has played under multiple user accounts for our hyper-casual games (which includes the games acquired from Rollic in October 2020), mobile messenger games (prior to the third quarter of 2021), Puzzle Combat, Merge Magic! and games acquired from Gram Games in May 2018, Small Giant in January 2019, Peak in July 2020 and StarLark in October 2021, and accordingly, actual Mobile MAUs may be lower than reported due to the potential duplication of these individuals. We use Mobile MAUs as a measure of total game audience size.
Mobile ABPU. We define Mobile ABPU as our total mobile bookings in a given period, divided by the number of days in that period, divided by the average Mobile DAUs during the period. We believe that Mobile ABPU provides useful information to investors and others in understanding and evaluating our results in the same manner as management. We use Mobile ABPU as a measure of overall monetization across all of our players through the sale of virtual items and advertising.
Our business model around our social games is designed so that, as more players play our games, social interactions increase and the more valuable our games and our business become. All engaged players of our games help drive our bookings and, consequently, both online game revenue and advertising revenue. Virtual items are purchased by players who are socializing with, competing against or collaborating with other players, most of whom do not buy virtual items. Accordingly, we primarily focus on Mobile DAUs, Mobile MAUs and Mobile ABPU, which we believe collectively best reflect key audience metrics.
Non-GAAP Financial Measures
We have provided in this press release certain non-GAAP financial measures to supplement our consolidated financial statements prepared in accordance with U.S. GAAP (our “GAAP financial statements”). Management uses non-GAAP financial measures internally in analyzing our financial results to assess operational performance and liquidity. Our non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.
The presentation of our non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, our GAAP financial statements. We believe that both management and investors benefit from referring to our non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe our non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial measures we use in making operating decisions and because our investors and analysts use them to help assess the health of our business.
We have provided reconciliations of our non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures in the following tables. Because of the following limitations of our non-GAAP financial measures, you should consider the non-GAAP financial measures presented in this press release with our GAAP financial statements.
Key limitations of our non-GAAP financial measures include:
ZYNGA INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(In millions, unaudited) |
||||||||
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2022 |
|
|
2021 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
826.0 |
|
|
$ |
984.0 |
|
Short-term investments |
|
|
10.5 |
|
|
|
169.0 |
|
Accounts receivable, net of allowance of $0.9 at March 31, 2022 and December 31, 2021 |
|
|
233.4 |
|
|
|
242.5 |
|
Restricted cash |
|
|
81.0 |
|
|
|
161.0 |
|
Prepaid expenses |
|
|
68.4 |
|
|
|
56.7 |
|
Other current assets |
|
|
47.4 |
|
|
|
35.4 |
|
Total current assets |
|
|
1,266.7 |
|
|
|
1,648.6 |
|
Goodwill |
|
|
3,586.8 |
|
|
|
3,601.1 |
|
Intangible assets, net |
|
|
834.8 |
|
|
|
900.5 |
|
Property and equipment, net |
|
|
36.6 |
|
|
|
30.3 |
|
Right-of-use assets |
|
|
84.1 |
|
|
|
86.4 |
|
Restricted cash |
|
|
0.2 |
|
|
|
40.2 |
|
Prepaid expenses |
|
|
18.9 |
|
|
|
25.0 |
|
Other non-current assets |
|
|
31.9 |
|
|
|
26.8 |
|
Total assets |
|
$ |
5,860.0 |
|
|
$ |
6,358.9 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
48.4 |
|
|
$ |
95.6 |
|
Income tax payable |
|
|
30.9 |
|
|
|
52.2 |
|
Deferred revenue |
|
|
746.4 |
|
|
|
748.1 |
|
Operating lease liabilities |
|
|
17.9 |
|
|
|
17.1 |
|
Other current liabilities |
|
|
284.0 |
|
|
|
650.4 |
|
Total current liabilities |
|
|
1,127.6 |
|
|
|
1,563.4 |
|
Convertible senior notes, net |
|
|
1,542.1 |
|
|
|
1,343.8 |
|
Deferred revenue |
|
|
0.3 |
|
|
|
0.3 |
|
Deferred tax liabilities, net |
|
|
84.6 |
|
|
|
93.8 |
|
Non-current operating lease liabilities |
|
|
131.6 |
|
|
|
133.4 |
|
Other non-current liabilities |
|
|
67.7 |
|
|
|
112.3 |
|
Total liabilities |
|
|
2,953.9 |
|
|
|
3,247.0 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock and additional paid-in capital |
|
|
5,398.6 |
|
|
|
5,625.0 |
|
Accumulated other comprehensive income (loss) |
|
|
(138.3 |
) |
|
|
(107.1 |
) |
Accumulated deficit |
|
|
(2,354.2 |
) |
|
|
(2,406.0 |
) |
Total stockholders’ equity |
|
|
2,906.1 |
|
|
|
3,111.9 |
|
Total liabilities and stockholders’ equity |
$ |
5,860.0 |
|
$ |
6,358.9 |
|||
ZYNGA INC. |
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
(In millions, except per share data, unaudited) |
||||||||||||
|
|
Three Months Ended |
|
|||||||||
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
March 31, 2021 |
|
|||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Online game |
|
$ |
537.7 |
|
|
$ |
534.0 |
|
|
$ |
557.0 |
|
Advertising and other |
|
|
153.5 |
|
|
|
161.4 |
|
|
|
123.3 |
|
Total revenue |
|
|
691.2 |
|
|
|
695.4 |
|
|
|
680.3 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
252.2 |
|
|
|
260.1 |
|
|
|
260.7 |
|
Research and development |
|
|
112.4 |
|
|
|
151.9 |
|
|
|
140.7 |
|
Sales and marketing |
|
|
251.1 |
|
|
|
245.6 |
|
|
|
248.7 |
|
General and administrative |
|
|
60.5 |
|
|
|
39.1 |
|
|
|
35.7 |
|
Total costs and expenses |
|
|
676.2 |
|
|
|
696.7 |
|
|
|
685.8 |
|
Income (loss) from operations |
|
|
15.0 |
|
|
|
(1.3 |
) |
|
|
(5.5 |
) |
Interest income |
|
|
0.9 |
|
|
|
1.4 |
|
|
|
1.7 |
|
Interest expense |
|
|
(3.1 |
) |
|
|
(15.0 |
) |
|
|
(14.7 |
) |
Other income (expense), net |
|
|
(15.7 |
) |
|
|
(10.2 |
) |
|
|
8.9 |
|
Income (loss) before income taxes |
|
|
(2.9 |
) |
|
|
(25.1 |
) |
|
|
(9.6 |
) |
Provision for (benefit from) income taxes |
|
|
21.6 |
|
|
|
42.1 |
|
|
|
13.4 |
|
Net income (loss) |
|
$ |
(24.5 |
) |
|
$ |
(67.2 |
) |
|
$ |
(23.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.02 |
) |
Diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares used to compute net income (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,133.2 |
|
|
|
1,124.9 |
|
|
|
1,084.4 |
|
Diluted |
|
|
1,133.2 |
|
|
|
1,124.9 |
|
|
|
1,084.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense included in the above line items: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
0.7 |
|
|
$ |
0.8 |
|
|
$ |
0.6 |
|
Research and development |
|
|
31.0 |
|
|
|
27.7 |
|
|
|
24.3 |
|
Sales and marketing |
|
|
4.8 |
|
|
|
4.8 |
|
|
|
3.9 |
|
General and administrative |
|
|
8.5 |
|
|
|
8.9 |
|
|
|
8.4 |
|
Total stock-based compensation expense |
|
$ |
45.0 |
|
|
$ |
42.2 |
|
|
$ |
37.2 |
|
ZYNGA INC. |
||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
(In millions, unaudited) |
||||||||||||
|
|
Three Months Ended |
|
|||||||||
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
March 31, 2021 |
|
|||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(24.5 |
) |
|
$ |
(67.2 |
) |
|
$ |
(23.0 |
) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
69.2 |
|
|
|
68.2 |
|
|
|
56.5 |
|
Stock-based compensation expense |
|
|
45.0 |
|
|
|
42.3 |
|
|
|
37.2 |
|
(Gain) loss from derivatives, sale of investments and other assets and foreign currency, net |
|
|
26.6 |
|
|
|
18.3 |
|
|
|
(9.0 |
) |
Noncash lease expense |
|
|
3.9 |
|
|
|
4.0 |
|
|
|
4.2 |
|
Noncash interest expense |
|
|
1.6 |
|
|
|
13.7 |
|
|
|
13.2 |
|
Change in deferred income taxes and other |
|
|
(9.3 |
) |
|
|
(6.9 |
) |
|
|
(15.2 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
8.2 |
|
|
|
(33.5 |
) |
|
|
(59.5 |
) |
Prepaid expenses and other assets |
|
|
(19.2 |
) |
|
|
(3.1 |
) |
|
|
(2.0 |
) |
Accounts payable |
|
|
(46.3 |
) |
|
|
45.0 |
|
|
|
(18.8 |
) |
Deferred revenue |
|
|
4.3 |
|
|
|
22.1 |
|
|
|
40.4 |
|
Income tax payable |
|
|
(30.0 |
) |
|
|
(20.4 |
) |
|
|
5.9 |
|
Operating lease and other liabilities |
|
|
(232.2 |
) |
|
|
75.6 |
|
|
|
(193.6 |
) |
Net cash provided by (used in) operating activities |
|
|
(202.7 |
) |
|
|
158.1 |
|
|
|
(163.7 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of investments |
|
|
(2.2 |
) |
|
|
(1.5 |
) |
|
|
(537.2 |
) |
Maturities of investments |
|
|
84.8 |
|
|
|
83.5 |
|
|
|
83.9 |
|
Sales of investments |
|
|
74.0 |
|
|
|
— |
|
|
|
— |
|
Acquisition of property and equipment |
|
|
(10.3 |
) |
|
|
(5.7 |
) |
|
|
(1.7 |
) |
Business combinations, net of cash acquired |
|
|
(12.6 |
) |
|
|
(286.1 |
) |
|
|
(19.6 |
) |
Release of restricted cash escrow from business combinations |
|
|
(120.0 |
) |
|
|
— |
|
|
|
— |
|
Asset acquisitions of intangible assets |
|
|
(1.0 |
) |
|
|
— |
|
|
|
(0.9 |
) |
Other investing activities, net |
|
|
(20.4 |
) |
|
|
(8.0 |
) |
|
|
(0.3 |
) |
Net cash provided by (used in) investing activities |
|
|
(7.7 |
) |
|
|
(217.8 |
) |
|
|
(475.8 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Debt issuance costs paid |
|
|
— |
|
|
|
— |
|
|
|
(0.9 |
) |
Taxes paid related to net share settlement of stockholders' equity awards |
|
|
(5.7 |
) |
|
|
(2.5 |
) |
|
|
(8.2 |
) |
Proceeds from issuance of common stock |
|
|
7.3 |
|
|
|
18.3 |
|
|
|
10.5 |
|
Acquisition-related contingent consideration payments |
|
|
(56.6 |
) |
|
|
— |
|
|
|
(25.1 |
) |
Net cash provided by (used in) financing activities |
|
|
(55.0 |
) |
|
|
15.8 |
|
|
|
(23.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(12.6 |
) |
|
|
(19.3 |
) |
|
|
(1.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash, cash equivalents and restricted cash |
|
|
(278.0 |
) |
|
|
(63.2 |
) |
|
|
(664.9 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
1,185.2 |
|
|
|
1,248.4 |
|
|
|
1,500.4 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
907.2 |
|
|
$ |
1,185.2 |
|
|
$ |
835.5 |
|
ZYNGA INC. |
||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP RESULTS |
||||||||||||
(In millions, unaudited) |
||||||||||||
|
|
Three Months Ended |
|
|||||||||
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
March 31, 2021 |
|
|||
Reconciliation of Revenue to Bookings: Total |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
691.2 |
|
|
$ |
695.4 |
|
|
$ |
680.3 |
|
Change in deferred revenue |
|
|
3.7 |
|
|
|
21.2 |
|
|
|
39.2 |
|
Other bookings adjustments |
|
|
— |
|
|
|
10.0 |
|
|
|
— |
|
Bookings |
|
$ |
694.9 |
|
|
$ |
726.6 |
|
|
$ |
719.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Revenue to Bookings: Mobile |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
672.2 |
|
|
$ |
673.9 |
|
|
$ |
660.7 |
|
Change in deferred revenue |
|
|
3.8 |
|
|
|
21.1 |
|
|
|
38.9 |
|
Bookings |
|
$ |
676.0 |
|
|
$ |
695.0 |
|
|
$ |
699.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Revenue to Bookings: Online Game |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
537.7 |
|
|
$ |
534.0 |
|
|
$ |
557.0 |
|
Change in deferred revenue |
|
|
(9.4 |
) |
|
|
21.2 |
|
|
|
39.3 |
|
Bookings |
|
$ |
528.3 |
|
|
$ |
555.2 |
|
|
$ |
596.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Revenue to Bookings: Advertising & Other |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
153.5 |
|
|
$ |
161.4 |
|
|
$ |
123.3 |
|
Change in deferred revenue |
|
|
13.0 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
Other bookings adjustments |
|
|
— |
|
|
|
10.0 |
|
|
|
— |
|
Bookings |
|
$ |
166.5 |
|
|
$ |
171.5 |
|
|
$ |
123.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income (Loss) to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(24.5 |
) |
|
$ |
(67.2 |
) |
|
$ |
(23.0 |
) |
Provision for (benefit from) income taxes |
|
|
21.6 |
|
|
|
42.1 |
|
|
|
13.4 |
|
Other expense (income), net |
|
|
15.7 |
|
|
|
10.2 |
|
|
|
(8.9 |
) |
Interest income |
|
|
(0.9 |
) |
|
|
(1.4 |
) |
|
|
(1.7 |
) |
Interest expense |
|
|
3.1 |
|
|
|
15.0 |
|
|
|
14.7 |
|
Depreciation and amortization |
|
|
68.7 |
|
|
|
67.6 |
|
|
|
56.5 |
|
Acquisition-related transaction expenses |
|
|
12.5 |
|
|
|
4.6 |
|
|
|
1.5 |
|
Contingent consideration adjustments |
|
|
(13.7 |
) |
|
|
28.9 |
|
|
|
33.4 |
|
(Gain) loss on legal settlements and related legal expense |
|
|
12.0 |
|
|
|
— |
|
|
|
— |
|
Expenses incurred from vacated lease(1) |
|
|
4.9 |
|
|
|
4.6 |
|
|
|
— |
|
Stock-based compensation expense |
|
|
45.0 |
|
|
|
42.2 |
|
|
|
37.2 |
|
Adjusted EBITDA |
|
$ |
144.4 |
|
|
$ |
146.6 |
|
|
$ |
123.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Operating Expense to Non-GAAP Operating Expense |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expense |
|
$ |
424.0 |
|
|
$ |
436.6 |
|
|
$ |
425.1 |
|
Acquisition-related transaction expenses |
|
|
(12.5 |
) |
|
|
(4.6 |
) |
|
|
(1.5 |
) |
Contingent consideration adjustments |
|
|
13.7 |
|
|
|
(28.9 |
) |
|
|
(33.4 |
) |
Gain (loss) on legal settlements and related legal expense |
|
|
(12.0 |
) |
|
|
— |
|
|
|
— |
|
Expenses incurred from vacated lease(1) |
|
|
(4.9 |
) |
|
|
(4.6 |
) |
|
|
— |
|
Stock-based compensation expense |
|
|
(44.3 |
) |
|
|
(41.4 |
) |
|
|
(36.6 |
) |
Non-GAAP operating expense |
|
$ |
364.0 |
|
|
$ |
357.1 |
|
|
$ |
353.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
(202.7 |
) |
|
$ |
158.1 |
|
|
$ |
(163.7 |
) |
Acquisition of property and equipment |
|
|
(10.3 |
) |
|
|
(5.7 |
) |
|
|
(1.7 |
) |
Free cash flow |
|
$ |
(213.0 |
) |
|
$ |
152.4 |
|
|
$ |
(165.4 |
) |
| (1) | Amount includes impairment charges (if applicable), rent and other expenses (including depreciation) associated with our impaired office buildings. |
ZYNGA INC. |
||||||||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP COSTS AND EXPENSES |
||||||||||||||||||||||||||||||||
(In millions, unaudited) |
||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Three Months Ended March 31, 2022 |
|
|||||||||||||||||||||||||||||
|
|
GAAP
|
|
|
Amortization
|
|
|
Contingent
|
|
|
Acquisition
|
|
|
Gain (loss)
|
|
|
Expenses
|
|
|
Stock-based
|
|
|
Non-GAAP
|
|
||||||||
Cost of revenue |
|
252.2 |
|
|
|
(66.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.7 |
) |
|
|
185.4 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
112.4 |
|
|
|
— |
|
|
|
13.7 |
|
|
|
(1.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
(31.0 |
) |
|
|
93.8 |
|
|
Sales and marketing |
|
251.1 |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4.8 |
) |
|
|
246.2 |
|
|
General and administrative |
|
60.5 |
|
|
|
— |
|
|
|
— |
|
|
|
(11.1 |
) |
|
|
(12.0 |
) |
|
|
(4.9 |
) |
|
|
(8.5 |
) |
|
|
24.0 |
|
|
Total operating expenses |
|
|
424.0 |
|
|
|
— |
|
|
|
13.7 |
|
|
|
(12.5 |
) |
|
|
(12.0 |
) |
|
|
(4.9 |
) |
|
|
(44.3 |
) |
|
|
364.0 |
|
Total costs and expenses |
|
$ |
676.2 |
|
|
$ |
(66.1 |
) |
|
$ |
13.7 |
|
|
$ |
(12.5 |
) |
|
$ |
(12.0 |
) |
|
$ |
(4.9 |
) |
|
$ |
(45.0 |
) |
|
$ |
549.4 |
|
|
|
Three Months Ended March 31, 2021 |
|
|||||||||||||||||||||||||||||
|
|
GAAP
|
|
|
Amortization
|
|
|
Contingent
|
|
|
Acquisition
|
|
|
Gain (loss)
|
|
|
Expenses
|
|
|
Stock-based
|
|
|
Non-GAAP
|
|
||||||||
Cost of revenue |
|
260.7 |
|
|
|
(52.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.6 |
) |
|
|
207.3 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
140.7 |
|
|
|
— |
|
|
|
(33.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24.3 |
) |
|
|
83.0 |
|
|
Sales and marketing |
|
|
248.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.9 |
) |
|
|
244.8 |
|
General and administrative |
|
35.7 |
|
|
|
— |
|
|
|
— |
|
|
|
(1.5 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8.4 |
) |
|
|
25.8 |
|
|
Total operating expenses |
|
|
425.1 |
|
|
|
— |
|
|
|
(33.4 |
) |
|
|
(1.5 |
) |
|
|
— |
|
|
|
— |
|
|
|
(36.6 |
) |
|
|
353.6 |
|
Total costs and expenses |
|
$ |
685.8 |
|
|
$ |
(52.8 |
) |
|
$ |
(33.4 |
) |
|
$ |
(1.5 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(37.2 |
) |
|
$ |
560.9 |
|
Обеспечивает высокие квартальные доходы и заказы
Отчеты о Самых высоких Доходах от рекламы и Бронированиях за 1 квартал
Продолжение Реализации Многолетней Стратегии Роста
САН-ФРАНЦИСКО - (ДЕЛОВАЯ ПЕРЕПИСКА) - Zynga Inc. (NASDAQ: ZNGA) сегодня опубликовала финансовые результаты за первый квартал, закончившийся 31 марта 2022 года.
“Мы начали 2022 год с высоких квартальных показателей, достигнув самого высокого за всю историю дохода от рекламы в первом квартале и количества бронирований благодаря нашему гипер-повседневному портфелю”, - сказал Фрэнк Гибо, генеральный директор Zynga. “Продолжая реализацию всех аспектов нашей многолетней стратегии роста, включая прямые трансляции, разработку новых игр и инвестиции в нашу рекламную платформу, новые рынки и технологии, мы укрепляем наши позиции в качестве ведущей компании, предоставляющей бесплатные онлайн-сервисы для мобильных устройств”.
Финансовая сводка За Первый квартал 2022 года
|
Q1’22 Actuals |
Q1’21 Actuals |
Variance $ (Y/Y) |
Variance % (Y/Y) |
||||||||
|
|
|
|
|
||||||||
Revenue |
$ |
691 |
|
$ |
680 |
|
$ |
11 |
|
2 |
% |
|
Net release of (increase in) deferred revenue (1) |
$ |
(4 |
) |
$ |
(39 |
) |
$ |
36 |
|
(91 |
%) |
|
Bookings |
$ |
695 |
|
$ |
720 |
|
$ |
(25 |
) |
(3 |
%) |
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
(25 |
) |
$ |
(23 |
) |
$ |
(2 |
) |
7 |
% |
|
Adjusted EBITDA (2) |
$ |
144 |
|
$ |
123 |
|
$ |
21 |
|
17 |
% |
|
|
|
|
|
|
||||||||
Note: Certain measures as presented differ due to the impact of rounding. |
||
(1) |
For clarity, a net release of deferred revenue results in revenue being higher than bookings and is a positive impact to Adjusted EBITDA as reported; a net increase in deferred revenue results in revenue being lower than bookings and is a negative impact to Adjusted EBITDA as reported. |
|
(2) |
Adjusted EBITDA includes the net release of (increase in) deferred revenue. |
|
Из-за незавершенной сделки с Take-Two Interactive Software, Inc. (“Take-Two”), объявленной 10 января 2022 года, Zynga не проводит телефонную конференцию и не предоставляет дальнейших указаний в связи с публикацией своих квартальных результатов.
Дополнительная информация о незавершенной сделке с Take-Two представлена в регистрационном заявлении по форме S-4, поданном Take-Two в Комиссию по ценным бумагам и биржам США (“SEC”) в связи со сделкой, которое включает совместное заявление о доверенности / проспект Zynga и Take-Two, и все другие соответствующие документы, поданные в SEC. Заявление о регистрации было объявлено вступившим в силу 7 апреля 2022 года, и окончательное совместное заявление о доверенности / проспект был отправлен акционерам Zynga и Take-Two.
О компании Zynga Inc.
Zynga - мировой лидер в области интерактивных развлечений, цель которого - объединить мир с помощью игр. Имея огромный глобальный охват в более чем 175 странах и регионах, Zynga обладает разнообразным портфолио популярных игровых франшиз, которые были загружены более четырех миллиардов раз на мобильные устройства, включая CSR Racing™, Empires & Puzzles™, FarmVille™, Golf Rival™, Hair Challenge™, Harry Potter: Puzzles & Spells™., High Heels!™, Merge Dragons!™, Merge Magic!™, Toon Blast™, Toy Blast™, Words With Friends™ и Zynga Poker™. Вместе с Chartboost, ведущей платформой мобильной рекламы и монетизации, Zynga представляет собой ведущую в отрасли платформу следующего поколения с возможностью оптимизации программной рекламы и масштабируемой доходности. Основанная в 2007 году, Zynga имеет штаб-квартиру в Калифорнии с филиалами в Северной Америке, Европе и Азии. Для получения дополнительной информации посетите веб-сайт www.Zynga.com или подписывайтесь на Zynga в Twitter, Instagram, Facebook или в блоге Zynga.
Ключевые Операционные показатели
Мы управляем нашим бизнесом, отслеживая несколько операционных показателей: “Мобильные DAU”, которые измеряют ежедневных активных пользователей наших мобильных игр, “Мобильные MAU”, которые измеряют ежемесячных активных пользователей наших мобильных игр, и “Мобильный ABPU”, который измеряет наши средние ежедневные мобильные заказы на средний мобильный DAU, каждый из который регистрируется и оценивается нашими внутренними аналитическими системами. Мы определяем эти операционные показатели, используя внутренние данные компании, основанные на отслеживании активности учетной записи пользователя. Мы также используем информацию, предоставленную третьими лицами, в том числе сетевые логины третьих лиц, предоставленные поставщиками платформ, чтобы помочь нам отслеживать, является ли игрок, вошедший в систему под двумя или более разными учетными записями пользователей, одним и тем же лицом. В целом, мы считаем, что эти суммы являются разумными оценками нашей пользовательской базы за соответствующий период измерения и что методологии, которые мы используем и время от времени обновляем, разумно основаны на наших усилиях по выявлению тенденций в поведении игроков. Однако на эти цифры могут повлиять факторы, связанные с пользовательской активностью и системами, а также наша способность выявлять и обнаруживать попытки воспроизведения законной активности игроков.
Мобильные DAU. Мы определяем мобильные DAU как количество пользователей, которые играли в одну из наших мобильных игр в течение определенного дня. Среднее значение мобильных DAU за определенный период - это среднее значение мобильных DAU за каждый день в течение этого периода. Согласно этому показателю, человек, который играет в две разные мобильные игры в один и тот же день, считается двумя DAU. Мы используем информацию, предоставленную третьими лицами, чтобы помочь нам идентифицировать людей, которые играют в одну и ту же игру, чтобы уменьшить это дублирование. Однако у нас нет данных для входа в стороннюю сеть, чтобы связать человека, который играл под несколькими учетными записями пользователей, с нашими гипер-казуальными играми (включая игры, приобретенные у Rollic в октябре 2020 года), играми для мобильных мессенджеров (до третьего квартала 2021 года), Puzzle Combat, Merge Magic! и игры, приобретенные у Gram Games в мае 2018 года, Small Giant в январе 2019 года, Peak в июле 2020 года и StarLark в октябре 2021 года, и, соответственно, фактические мобильные DAU могут быть ниже, чем сообщалось, из-за потенциального дублирования этих лиц. Мы используем мобильные DAU в качестве показателя вовлеченности аудитории.
Мобильный МАУс. Мы определяем мобильные MAU как количество пользователей, которые играли в одну из наших мобильных игр в течение 30-дневного периода, заканчивающегося датой измерения. Среднее значение мобильных MAU за определенный период - это среднее значение мобильных MAU на конец каждого месяца в течение этого периода. Согласно этому показателю, человек, который играет в две разные мобильные игры в течение одного и того же 30-дневного периода, считается двумя мобильными MAU. Мы используем информацию, предоставленную третьими лицами, чтобы помочь нам идентифицировать людей, которые играют в одну и ту же игру, чтобы уменьшить это дублирование. Однако у нас нет данных для входа в стороннюю сеть, чтобы связать человека, который играл под несколькими учетными записями пользователей, с нашими гипер-казуальными играми (включая игры, приобретенные у Rollic в октябре 2020 года), играми для мобильных мессенджеров (до третьего квартала 2021 года), Puzzle Combat, Merge Magic! и игры, приобретенные у Gram Games в мае 2018 года, Small Giant в январе 2019 года, Peak в июле 2020 года и StarLark в октябре 2021 года, и, соответственно, фактические мобильные MAU могут быть ниже, чем сообщалось, из-за потенциального дублирования этих лиц. Мы используем мобильные MAU в качестве показателя общего размера игровой аудитории.
Мобильный АБПУ. Мы определяем мобильный ABPU как общее количество наших мобильных бронирований за определенный период, деленное на количество дней в этом периоде, деленное на среднее количество мобильных DAU за этот период. Мы считаем, что Mobile ABPU предоставляет полезную информацию инвесторам и другим лицам для понимания и оценки наших результатов таким же образом, как и руководство. Мы используем Mobile ABPU как показатель общей монетизации для всех наших игроков за счет продажи виртуальных предметов и рекламы.
Наша бизнес-модель, основанная на наших социальных играх, разработана таким образом, что по мере того, как все больше игроков играют в наши игры, социальные взаимодействия увеличиваются и тем более ценными становятся наши игры и наш бизнес. Все вовлеченные игроки в наши игры помогают увеличить наши заказы и, следовательно, доходы как от онлайн-игр, так и от рекламы. Виртуальные предметы покупаются игроками, которые общаются, соревнуются или сотрудничают с другими игроками, большинство из которых не покупают виртуальные предметы. Соответственно, мы в первую очередь фокусируемся на мобильных DAU, Мобильных MAU и мобильных ABPU, которые, по нашему мнению, в совокупности наилучшим образом отражают ключевые показатели аудитории.
Финансовые показатели, Не относящиеся к ОПБУ
В этом пресс-релизе мы представили некоторые финансовые показатели, не относящиеся к ОПБУ, в дополнение к нашей консолидированной финансовой отчетности, подготовленной в соответствии с ОПБУ США (наша “Финансовая отчетность по ОПБУ”). Руководство использует финансовые показатели, отличные от GAAP, при внутреннем анализе наших финансовых результатов для оценки операционных показателей и ликвидности. Наши финансовые показатели, не относящиеся к GAAP, могут отличаться от финансовых показателей, не относящихся к GAAP, используемых другими компаниями.
Представление наших финансовых показателей, не относящихся к ОПБУ, не предназначено для рассмотрения изолированно или в качестве замены или превосходства нашей финансовой отчетности по ОПБУ. Мы считаем, что как руководству, так и инвесторам выгодно ссылаться на наши финансовые показатели, не относящиеся к GAAP, при оценке нашей деятельности, а также при планировании, прогнозировании и анализе будущих периодов. Мы считаем, что наши финансовые показатели, не относящиеся к GAAP, полезны для инвесторов, поскольку они обеспечивают большую прозрачность в отношении ключевых финансовых показателей, которые мы используем при принятии операционных решений, а также потому, что наши инвесторы и аналитики используют их для оценки состояния нашего бизнеса.
Мы предоставили сверки наших финансовых показателей, не относящихся к GAAP, использованных в этом пресс-релизе, с наиболее непосредственно сопоставимыми финансовыми показателями GAAP в следующих таблицах. Из-за следующих ограничений наших финансовых показателей, не относящихся к GAAP, вам следует рассмотреть финансовые показатели, не относящиеся к GAAP, представленные в этом пресс-релизе, вместе с нашей финансовой отчетностью по GAAP.
Основные ограничения наших финансовых показателей, не относящихся к GAAP, включают:
Zynga INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(In millions, unaudited) |
||||||||
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2022 |
|
|
2021 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
826.0 |
|
|
$ |
984.0 |
|
Short-term investments |
|
|
10.5 |
|
|
|
169.0 |
|
Accounts receivable, net of allowance of $0.9 at March 31, 2022 and December 31, 2021 |
|
|
233.4 |
|
|
|
242.5 |
|
Restricted cash |
|
|
81.0 |
|
|
|
161.0 |
|
Prepaid expenses |
|
|
68.4 |
|
|
|
56.7 |
|
Other current assets |
|
|
47.4 |
|
|
|
35.4 |
|
Total current assets |
|
|
1,266.7 |
|
|
|
1,648.6 |
|
Goodwill |
|
|
3,586.8 |
|
|
|
3,601.1 |
|
Intangible assets, net |
|
|
834.8 |
|
|
|
900.5 |
|
Property and equipment, net |
|
|
36.6 |
|
|
|
30.3 |
|
Right-of-use assets |
|
|
84.1 |
|
|
|
86.4 |
|
Restricted cash |
|
|
0.2 |
|
|
|
40.2 |
|
Prepaid expenses |
|
|
18.9 |
|
|
|
25.0 |
|
Other non-current assets |
|
|
31.9 |
|
|
|
26.8 |
|
Total assets |
|
$ |
5,860.0 |
|
|
$ |
6,358.9 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
48.4 |
|
|
$ |
95.6 |
|
Income tax payable |
|
|
30.9 |
|
|
|
52.2 |
|
Deferred revenue |
|
|
746.4 |
|
|
|
748.1 |
|
Operating lease liabilities |
|
|
17.9 |
|
|
|
17.1 |
|
Other current liabilities |
|
|
284.0 |
|
|
|
650.4 |
|
Total current liabilities |
|
|
1,127.6 |
|
|
|
1,563.4 |
|
Convertible senior notes, net |
|
|
1,542.1 |
|
|
|
1,343.8 |
|
Deferred revenue |
|
|
0.3 |
|
|
|
0.3 |
|
Deferred tax liabilities, net |
|
|
84.6 |
|
|
|
93.8 |
|
Non-current operating lease liabilities |
|
|
131.6 |
|
|
|
133.4 |
|
Other non-current liabilities |
|
|
67.7 |
|
|
|
112.3 |
|
Total liabilities |
|
|
2,953.9 |
|
|
|
3,247.0 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock and additional paid-in capital |
|
|
5,398.6 |
|
|
|
5,625.0 |
|
Accumulated other comprehensive income (loss) |
|
|
(138.3 |
) |
|
|
(107.1 |
) |
Accumulated deficit |
|
|
(2,354.2 |
) |
|
|
(2,406.0 |
) |
Total stockholders’ equity |
|
|
2,906.1 |
|
|
|
3,111.9 |
|
Total liabilities and stockholders’ equity |
$ |
5,860.0 |
|
$ |
6,358.9 |
|||
Zynga INC. |
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
(In millions, except per share data, unaudited) |
||||||||||||
|
|
Three Months Ended |
|
|||||||||
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
March 31, 2021 |
|
|||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Online game |
|
$ |
537.7 |
|
|
$ |
534.0 |
|
|
$ |
557.0 |
|
Advertising and other |
|
|
153.5 |
|
|
|
161.4 |
|
|
|
123.3 |
|
Total revenue |
|
|
691.2 |
|
|
|
695.4 |
|
|
|
680.3 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
252.2 |
|
|
|
260.1 |
|
|
|
260.7 |
|
Research and development |
|
|
112.4 |
|
|
|
151.9 |
|
|
|
140.7 |
|
Sales and marketing |
|
|
251.1 |
|
|
|
245.6 |
|
|
|
248.7 |
|
General and administrative |
|
|
60.5 |
|
|
|
39.1 |
|
|
|
35.7 |
|
Total costs and expenses |
|
|
676.2 |
|
|
|
696.7 |
|
|
|
685.8 |
|
Income (loss) from operations |
|
|
15.0 |
|
|
|
(1.3 |
) |
|
|
(5.5 |
) |
Interest income |
|
|
0.9 |
|
|
|
1.4 |
|
|
|
1.7 |
|
Interest expense |
|
|
(3.1 |
) |
|
|
(15.0 |
) |
|
|
(14.7 |
) |
Other income (expense), net |
|
|
(15.7 |
) |
|
|
(10.2 |
) |
|
|
8.9 |
|
Income (loss) before income taxes |
|
|
(2.9 |
) |
|
|
(25.1 |
) |
|
|
(9.6 |
) |
Provision for (benefit from) income taxes |
|
|
21.6 |
|
|
|
42.1 |
|
|
|
13.4 |
|
Net income (loss) |
|
$ |
(24.5 |
) |
|
$ |
(67.2 |
) |
|
$ |
(23.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.02 |
) |
Diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares used to compute net income (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,133.2 |
|
|
|
1,124.9 |
|
|
|
1,084.4 |
|
Diluted |
|
|
1,133.2 |
|
|
|
1,124.9 |
|
|
|
1,084.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense included in the above line items: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
0.7 |
|
|
$ |
0.8 |
|
|
$ |
0.6 |
|
Research and development |
|
|
31.0 |
|
|
|
27.7 |
|
|
|
24.3 |
|
Sales and marketing |
|
|
4.8 |
|
|
|
4.8 |
|
|
|
3.9 |
|
General and administrative |
|
|
8.5 |
|
|
|
8.9 |
|
|
|
8.4 |
|
Total stock-based compensation expense |
|
$ |
45.0 |
|
|
$ |
42.2 |
|
|
$ |
37.2 |
|
Zynga INC. |
||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
(In millions, unaudited) |
||||||||||||
|
|
Three Months Ended |
|
|||||||||
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
March 31, 2021 |
|
|||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(24.5 |
) |
|
$ |
(67.2 |
) |
|
$ |
(23.0 |
) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
69.2 |
|
|
|
68.2 |
|
|
|
56.5 |
|
Stock-based compensation expense |
|
|
45.0 |
|
|
|
42.3 |
|
|
|
37.2 |
|
(Gain) loss from derivatives, sale of investments and other assets and foreign currency, net |
|
|
26.6 |
|
|
|
18.3 |
|
|
|
(9.0 |
) |
Noncash lease expense |
|
|
3.9 |
|
|
|
4.0 |
|
|
|
4.2 |
|
Noncash interest expense |
|
|
1.6 |
|
|
|
13.7 |
|
|
|
13.2 |
|
Change in deferred income taxes and other |
|
|
(9.3 |
) |
|
|
(6.9 |
) |
|
|
(15.2 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
8.2 |
|
|
|
(33.5 |
) |
|
|
(59.5 |
) |
Prepaid expenses and other assets |
|
|
(19.2 |
) |
|
|
(3.1 |
) |
|
|
(2.0 |
) |
Accounts payable |
|
|
(46.3 |
) |
|
|
45.0 |
|
|
|
(18.8 |
) |
Deferred revenue |
|
|
4.3 |
|
|
|
22.1 |
|
|
|
40.4 |
|
Income tax payable |
|
|
(30.0 |
) |
|
|
(20.4 |
) |
|
|
5.9 |
|
Operating lease and other liabilities |
|
|
(232.2 |
) |
|
|
75.6 |
|
|
|
(193.6 |
) |
Net cash provided by (used in) operating activities |
|
|
(202.7 |
) |
|
|
158.1 |
|
|
|
(163.7 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of investments |
|
|
(2.2 |
) |
|
|
(1.5 |
) |
|
|
(537.2 |
) |
Maturities of investments |
|
|
84.8 |
|
|
|
83.5 |
|
|
|
83.9 |
|
Sales of investments |
|
|
74.0 |
|
|
|
— |
|
|
|
— |
|
Acquisition of property and equipment |
|
|
(10.3 |
) |
|
|
(5.7 |
) |
|
|
(1.7 |
) |
Business combinations, net of cash acquired |
|
|
(12.6 |
) |
|
|
(286.1 |
) |
|
|
(19.6 |
) |
Release of restricted cash escrow from business combinations |
|
|
(120.0 |
) |
|
|
— |
|
|
|
— |
|
Asset acquisitions of intangible assets |
|
|
(1.0 |
) |
|
|
— |
|
|
|
(0.9 |
) |
Other investing activities, net |
|
|
(20.4 |
) |
|
|
(8.0 |
) |
|
|
(0.3 |
) |
Net cash provided by (used in) investing activities |
|
|
(7.7 |
) |
|
|
(217.8 |
) |
|
|
(475.8 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Debt issuance costs paid |
|
|
— |
|
|
|
— |
|
|
|
(0.9 |
) |
Taxes paid related to net share settlement of stockholders' equity awards |
|
|
(5.7 |
) |
|
|
(2.5 |
) |
|
|
(8.2 |
) |
Proceeds from issuance of common stock |
|
|
7.3 |
|
|
|
18.3 |
|
|
|
10.5 |
|
Acquisition-related contingent consideration payments |
|
|
(56.6 |
) |
|
|
— |
|
|
|
(25.1 |
) |
Net cash provided by (used in) financing activities |
|
|
(55.0 |
) |
|
|
15.8 |
|
|
|
(23.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(12.6 |
) |
|
|
(19.3 |
) |
|
|
(1.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash, cash equivalents and restricted cash |
|
|
(278.0 |
) |
|
|
(63.2 |
) |
|
|
(664.9 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
1,185.2 |
|
|
|
1,248.4 |
|
|
|
1,500.4 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
907.2 |
|
|
$ |
1,185.2 |
|
|
$ |
835.5 |
|
Zynga INC. |
||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP RESULTS |
||||||||||||
(In millions, unaudited) |
||||||||||||
|
|
Three Months Ended |
|
|||||||||
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
March 31, 2021 |
|
|||
Reconciliation of Revenue to Bookings: Total |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
691.2 |
|
|
$ |
695.4 |
|
|
$ |
680.3 |
|
Change in deferred revenue |
|
|
3.7 |
|
|
|
21.2 |
|
|
|
39.2 |
|
Other bookings adjustments |
|
|
— |
|
|
|
10.0 |
|
|
|
— |
|
Bookings |
|
$ |
694.9 |
|
|
$ |
726.6 |
|
|
$ |
719.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Revenue to Bookings: Mobile |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
672.2 |
|
|
$ |
673.9 |
|
|
$ |
660.7 |
|
Change in deferred revenue |
|
|
3.8 |
|
|
|
21.1 |
|
|
|
38.9 |
|
Bookings |
|
$ |
676.0 |
|
|
$ |
695.0 |
|
|
$ |
699.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Revenue to Bookings: Online Game |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
537.7 |
|
|
$ |
534.0 |
|
|
$ |
557.0 |
|
Change in deferred revenue |
|
|
(9.4 |
) |
|
|
21.2 |
|
|
|
39.3 |
|
Bookings |
|
$ |
528.3 |
|
|
$ |
555.2 |
|
|
$ |
596.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Revenue to Bookings: Advertising & Other |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
153.5 |
|
|
$ |
161.4 |
|
|
$ |
123.3 |
|
Change in deferred revenue |
|
|
13.0 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
Other bookings adjustments |
|
|
— |
|
|
|
10.0 |
|
|
|
— |
|
Bookings |
|
$ |
166.5 |
|
|
$ |
171.5 |
|
|
$ |
123.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income (Loss) to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(24.5 |
) |
|
$ |
(67.2 |
) |
|
$ |
(23.0 |
) |
Provision for (benefit from) income taxes |
|
|
21.6 |
|
|
|
42.1 |
|
|
|
13.4 |
|
Other expense (income), net |
|
|
15.7 |
|
|
|
10.2 |
|
|
|
(8.9 |
) |
Interest income |
|
|
(0.9 |
) |
|
|
(1.4 |
) |
|
|
(1.7 |
) |
Interest expense |
|
|
3.1 |
|
|
|
15.0 |
|
|
|
14.7 |
|
Depreciation and amortization |
|
|
68.7 |
|
|
|
67.6 |
|
|
|
56.5 |
|
Acquisition-related transaction expenses |
|
|
12.5 |
|
|
|
4.6 |
|
|
|
1.5 |
|
Contingent consideration adjustments |
|
|
(13.7 |
) |
|
|
28.9 |
|
|
|
33.4 |
|
(Gain) loss on legal settlements and related legal expense |
|
|
12.0 |
|
|
|
— |
|
|
|
— |
|
Expenses incurred from vacated lease(1) |
|
|
4.9 |
|
|
|
4.6 |
|
|
|
— |
|
Stock-based compensation expense |
|
|
45.0 |
|
|
|
42.2 |
|
|
|
37.2 |
|
Adjusted EBITDA |
|
$ |
144.4 |
|
|
$ |
146.6 |
|
|
$ |
123.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Operating Expense to Non-GAAP Operating Expense |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expense |
|
$ |
424.0 |
|
|
$ |
436.6 |
|
|
$ |
425.1 |
|
Acquisition-related transaction expenses |
|
|
(12.5 |
) |
|
|
(4.6 |
) |
|
|
(1.5 |
) |
Contingent consideration adjustments |
|
|
13.7 |
|
|
|
(28.9 |
) |
|
|
(33.4 |
) |
Gain (loss) on legal settlements and related legal expense |
|
|
(12.0 |
) |
|
|
— |
|
|
|
— |
|
Expenses incurred from vacated lease(1) |
|
|
(4.9 |
) |
|
|
(4.6 |
) |
|
|
— |
|
Stock-based compensation expense |
|
|
(44.3 |
) |
|
|
(41.4 |
) |
|
|
(36.6 |
) |
Non-GAAP operating expense |
|
$ |
364.0 |
|
|
$ |
357.1 |
|
|
$ |
353.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
(202.7 |
) |
|
$ |
158.1 |
|
|
$ |
(163.7 |
) |
Acquisition of property and equipment |
|
|
(10.3 |
) |
|
|
(5.7 |
) |
|
|
(1.7 |
) |
Free cash flow |
|
$ |
(213.0 |
) |
|
$ |
152.4 |
|
|
$ |
(165.4 |
) |
| (1) | Amount includes impairment charges (if applicable), rent and other expenses (including depreciation) associated with our impaired office buildings. |
Zynga INC. |
||||||||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP COSTS AND EXPENSES |
||||||||||||||||||||||||||||||||
(In millions, unaudited) |
||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Three Months Ended March 31, 2022 |
|
|||||||||||||||||||||||||||||
|
|
GAAP
|
|
|
Amortization
|
|
|
Contingent
|
|
|
Acquisition
|
|
|
Gain (loss)
|
|
|
Expenses
|
|
|
Stock-based
|
|
|
Non-GAAP
|
|
||||||||
Cost of revenue |
|
252.2 |
|
|
|
(66.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.7 |
) |
|
|
185.4 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
112.4 |
|
|
|
— |
|
|
|
13.7 |
|
|
|
(1.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
(31.0 |
) |
|
|
93.8 |
|
|
Sales and marketing |
|
251.1 |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4.8 |
) |
|
|
246.2 |
|
|
General and administrative |
|
60.5 |
|
|
|
— |
|
|
|
— |
|
|
|
(11.1 |
) |
|
|
(12.0 |
) |
|
|
(4.9 |
) |
|
|
(8.5 |
) |
|
|
24.0 |
|
|
Total operating expenses |
|
|
424.0 |
|
|
|
— |
|
|
|
13.7 |
|
|
|
(12.5 |
) |
|
|
(12.0 |
) |
|
|
(4.9 |
) |
|
|
(44.3 |
) |
|
|
364.0 |
|
Total costs and expenses |
|
$ |
676.2 |
|
|
$ |
(66.1 |
) |
|
$ |
13.7 |
|
|
$ |
(12.5 |
) |
|
$ |
(12.0 |
) |
|
$ |
(4.9 |
) |
|
$ |
(45.0 |
) |
|
$ |
549.4 |
|
|
|
Three Months Ended March 31, 2021 |
|
|||||||||||||||||||||||||||||
|
|
GAAP
|
|
|
Amortization
|
|
|
Contingent
|
|
|
Acquisition
|
|
|
Gain (loss)
|
|
|
Expenses
|
|
|
Stock-based
|
|
|
Non-GAAP
|
|
||||||||
Cost of revenue |
|
260.7 |
|
|
|
(52.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.6 |
) |
|
|
207.3 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
140.7 |
|
|
|
— |
|
|
|
(33.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24.3 |
) |
|
|
83.0 |
|
|
Sales and marketing |
|
|
248.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.9 |
) |
|
|
244.8 |
|
General and administrative |
|
35.7 |
|
|
|
— |
|
|
|
— |
|
|
|
(1.5 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8.4 |
) |
|
|
25.8 |
|
|
Total operating expenses |
|
|
425.1 |
|
|
|
— |
|
|
|
(33.4 |
) |
|
|
(1.5 |
) |
|
|
— |
|
|
|
— |
|
|
|
(36.6 |
) |
|
|
353.6 |
|
Total costs and expenses |
|
$ |
685.8 |
|
|
$ |
(52.8 |
) |
|
$ |
(33.4 |
) |
|
$ |
(1.5 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(37.2 |
) |
|
$ |
560.9 |
|
