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PLAYSTUDIOS (MYPS) Q4 Earnings Lag, Adjusted EBITDA Up Y/Y
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PLAYSTUDIOS, Inc. (MYPS - Free Report) reported mixed fourth-quarter 2023 results, wherein its earnings missed the Zacks Consensus Estimate but net revenues beat the same. The top and bottom lines declined on a year-over-year basis.
The company’s quarterly results reflect year-over-year soft contributions from its playGAMES line of business and no reportable revenue generation from its playAWARDS business. The number of reward partners under playAWARDS declined sequentially to 113 from more than 120 partners in the reporting quarter. Also, increased depreciation and amortization expenses along with research and development costs ailed the bottom line in the quarter.
Nonetheless, the company is optimistic about the launch of the myVIP loyalty program along with its game development portfolio while entering 2024. Also, its inorganic growth initiatives are encouraging.
Following the announcement, shares of the company moved down 0.9% in the after-hours trading session on Mar 11.
Earnings & Revenue Discussion
In the quarter under review, PLAYSTUDIOS reported an adjusted loss per share of 15 cents, which missed the Zacks Consensus Estimate by 400%. In the year-ago quarter, the company reported an adjusted loss of 2 cents per share.
PLAYSTUDIOS, Inc. Price, Consensus and EPS Surprise
Net revenues of $77.1 million beat the consensus mark of $75.6 million by 1.5%. However, the metric declined 2.9% on a year-over-year basis.
Operating Highlights
During fourth-quarter 2023, the company reported an operating loss of $2.7 million, down 40% year over year from $4.5 million. Total operating costs and expenses were $79.8 million, down from $83.8 million reported in the year-ago quarter.
On the other hand, adjusted EBITDA in the quarter was $14.7 million, up from $12.1 million reported in the year-ago quarter. Adjusted EBITDA margin was 19.1%, up 390 basis points (bps) year over year.
Sneak Peek at 2023
Net revenues of PLAYSTUDIOS in 2023 amounted to $310.9 million, up from $290.3 million in 2022.
Adjusted EBITDA and adjusted EBITDA margin were up year over year by 62.7% to $62.3 million and 680 bps to 20%, respectively.
In the year, the company reported an adjusted loss per share of 15 cents compared with a loss of 14 cents per share reported in the previous year.
Balance Sheet
As of Dec 31, 2023, MYPS had cash and cash equivalents of $132.9 million, down from $134 million in 2022 end.
On Nov 1, 2023, the board of directors of the company extended the share repurchase authorization through Nov 10, 2024. Also, it increased the remaining amount authorized to $50 million from $30 million remaining under the previous authorization.
2024 Outlook
For the full year, the company expects net revenues between $315 million and $325 million. Also, adjusted EBITDA is expected to range between $65 million and $70 million.
Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) reported fourth-quarter 2023 results, with earnings and revenues missing the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis.
The company reported robust demand for its Norwegian Cruise Line brand, with bookings and pricing exceeding 2023 levels. Also, it reported solid demand for Oceania Cruises and Regent Seven Seas Cruises across various geographical regions, except for itinerary adjustments due to cancellations in the Middle East and Red Sea regions.
Hyatt Hotels Corporation (H - Free Report) delivered fourth-quarter 2023 results, wherein earnings topped the Zacks Consensus Estimate but declined on a year-over-year basis. On the other hand, the revenues surpassed the consensus mark and increased year over year.
Hyatt’s quarterly results reflected year-over-year growth in comparable system-wide revenue per available room, driven by an increase in occupancy and average daily rate. This uptrend is mainly driven by strong global travel demand, especially among leisure and business guests, and group customers. Moreover, rapid improvement in Greater China and strengthening group demand in the United States are encouraging. However, increased costs and expenses, and foreign currency risks partially offset the aforementioned tailwinds and hurt the bottom line.
Planet Fitness, Inc. (PLNT - Free Report) reported fourth-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. Also, both metrics increased on a year-over-year basis.
The company’s results reflect an improved cancel rate with increased visits per member and higher visit frequency across all age groups compared with the previous year. It noted rises in penetration levels among all generational groups. However, the company cited concerns about continued macroeconomic uncertainty and a slowing down of sales (owing to a transition toward more strength equipment over cardio). The company anticipates 2024 sales distribution to resemble 2023, showing a return to a standard quarterly rhythm.
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PLAYSTUDIOS (MYPS) Q4 Earnings Lag, Adjusted EBITDA Up Y/Y
PLAYSTUDIOS, Inc. (MYPS - Free Report) reported mixed fourth-quarter 2023 results, wherein its earnings missed the Zacks Consensus Estimate but net revenues beat the same. The top and bottom lines declined on a year-over-year basis.
The company’s quarterly results reflect year-over-year soft contributions from its playGAMES line of business and no reportable revenue generation from its playAWARDS business. The number of reward partners under playAWARDS declined sequentially to 113 from more than 120 partners in the reporting quarter. Also, increased depreciation and amortization expenses along with research and development costs ailed the bottom line in the quarter.
Nonetheless, the company is optimistic about the launch of the myVIP loyalty program along with its game development portfolio while entering 2024. Also, its inorganic growth initiatives are encouraging.
Following the announcement, shares of the company moved down 0.9% in the after-hours trading session on Mar 11.
Earnings & Revenue Discussion
In the quarter under review, PLAYSTUDIOS reported an adjusted loss per share of 15 cents, which missed the Zacks Consensus Estimate by 400%. In the year-ago quarter, the company reported an adjusted loss of 2 cents per share.
PLAYSTUDIOS, Inc. Price, Consensus and EPS Surprise
PLAYSTUDIOS, Inc. price-consensus-eps-surprise-chart | PLAYSTUDIOS, Inc. Quote
Net revenues of $77.1 million beat the consensus mark of $75.6 million by 1.5%. However, the metric declined 2.9% on a year-over-year basis.
Operating Highlights
During fourth-quarter 2023, the company reported an operating loss of $2.7 million, down 40% year over year from $4.5 million. Total operating costs and expenses were $79.8 million, down from $83.8 million reported in the year-ago quarter.
On the other hand, adjusted EBITDA in the quarter was $14.7 million, up from $12.1 million reported in the year-ago quarter. Adjusted EBITDA margin was 19.1%, up 390 basis points (bps) year over year.
Sneak Peek at 2023
Net revenues of PLAYSTUDIOS in 2023 amounted to $310.9 million, up from $290.3 million in 2022.
Adjusted EBITDA and adjusted EBITDA margin were up year over year by 62.7% to $62.3 million and 680 bps to 20%, respectively.
In the year, the company reported an adjusted loss per share of 15 cents compared with a loss of 14 cents per share reported in the previous year.
Balance Sheet
As of Dec 31, 2023, MYPS had cash and cash equivalents of $132.9 million, down from $134 million in 2022 end.
On Nov 1, 2023, the board of directors of the company extended the share repurchase authorization through Nov 10, 2024. Also, it increased the remaining amount authorized to $50 million from $30 million remaining under the previous authorization.
2024 Outlook
For the full year, the company expects net revenues between $315 million and $325 million. Also, adjusted EBITDA is expected to range between $65 million and $70 million.
Zacks Rank & Recent Consumer Discretionary Releases
PLAYSTUDIOS currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) reported fourth-quarter 2023 results, with earnings and revenues missing the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis.
The company reported robust demand for its Norwegian Cruise Line brand, with bookings and pricing exceeding 2023 levels. Also, it reported solid demand for Oceania Cruises and Regent Seven Seas Cruises across various geographical regions, except for itinerary adjustments due to cancellations in the Middle East and Red Sea regions.
Hyatt Hotels Corporation (H - Free Report) delivered fourth-quarter 2023 results, wherein earnings topped the Zacks Consensus Estimate but declined on a year-over-year basis. On the other hand, the revenues surpassed the consensus mark and increased year over year.
Hyatt’s quarterly results reflected year-over-year growth in comparable system-wide revenue per available room, driven by an increase in occupancy and average daily rate. This uptrend is mainly driven by strong global travel demand, especially among leisure and business guests, and group customers. Moreover, rapid improvement in Greater China and strengthening group demand in the United States are encouraging. However, increased costs and expenses, and foreign currency risks partially offset the aforementioned tailwinds and hurt the bottom line.
Planet Fitness, Inc. (PLNT - Free Report) reported fourth-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. Also, both metrics increased on a year-over-year basis.
The company’s results reflect an improved cancel rate with increased visits per member and higher visit frequency across all age groups compared with the previous year. It noted rises in penetration levels among all generational groups. However, the company cited concerns about continued macroeconomic uncertainty and a slowing down of sales (owing to a transition toward more strength equipment over cardio). The company anticipates 2024 sales distribution to resemble 2023, showing a return to a standard quarterly rhythm.