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SciPlay reveals 17% revenue increase in Q3, but other areas are mixed

The SciPlay Corporation has posted its Q3 report, which shows a 17% increase in revenue.

SciPlay
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During the third quarter, SciPlay made $170.8m – a significant rise on 2021’s $146.6m. Meanwhile, its adjusted EBITDA surprisingly fell on Q3 2021, totalling $42.8m in 2022 against $44.7m the year before.

SciPlay said EBITDA was affected by ‘higher revenues more than offset by the increased expense for marketing innovation initiatives, investments in our SciPlay Engine and investments to build out a direct-to-consumer platform, which is expected to support future growth and margin expansion.’

Further, its net income also fell year-on-year, posting $33.7m in 2022 – compared to $37m for the same period last year.

Josh Wilson, CEO of SciPlay, commented on the report, saying: “SciPlay achieved record revenue and strong profitability in the third quarter. We outperformed the overall social casino market for the second consecutive quarter. SciPlay’s durable growth is the direct result of our long-term strategy, strategic investments and strong execution of our operating plan.”

Daniel O'Quinn, Interim CFO of SciPlay, added: "The records we achieved this quarter were the result of the strong execution from our teams and our continuing focus on great content and engaging our players. We also made significant progress advancing our capital allocation priorities, including investing in our core capabilities to fuel long-term growth while also buying stock under our share repurchase programme.

“To date, we have repurchased approximately $28m or nearly half of the total programme authorisation in the first five months. We have a strong balance sheet, with ample liquidity, and anticipate continuing to repurchase our shares given the compelling value."


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