SciPlay Corporation reports $158m in Q1 revenue

SciPlay Corporation’s revenue for Q1 2022 amounted to $158m, up 5% year-over-year and its second highest quarterly revenue ever reported.

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SciPlay has become the latest company to publish its Q1 financial results, highlighting a modest revenue rise attributable, it claims, to an increase in average monthly paying users (MPU). This was in turn due to a higher payer conversion rate during the quarter.

For Q1, average MPUs and monthly active users were both up 7% sequentially, while payer conversion rate remained at a record 8.9% level.

However, this increased user acquisition came at a cost. Both net income and adjusted EBITDA were down year-over-year.

The former figure fell from $38m to $32m, which SciPlay credited to, among other things, a $4.6m rise in user acquisition spend. Adjusted EBITDA, meanwhile, was down 3.7% year-over-year to $44.2m, due to higher operating expenses.

But this increased expenditure may be worthwhile in the long run. Average revenue per daily active user rose by 10.4% year-over-year, from $0.67 to $0.74.

“We are successfully executing on the plan we had laid out, reporting another exceedingly strong quarter,” said SciPlay’s CEO, Josh Wilson.

“We are benefiting from our ongoing investments in key areas and enjoying strong momentum across our growing businesses.”

Daniel O’Quinn, Interim Chief Financial Officer, was similarly optimistic, commenting: “Investments in key initiatives are positively impacting engagement and monetisation metrics and our business continues to be highly cash generative.

“Our balance sheet remains very strong with close to $300m in cash and cash equivalents, even after the purchase of Alictus.

“We remain focused on driving profitable growth and delivering enhanced value for shareholders.”

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