PLAYSTUDIOS, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>PLAYSTUDIOS, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

PLAYSTUDIOS, Inc. (MYPSW) filed a Annual Report (10-K) with the SEC on March 12, 2024. PLAYSTUDIOS, Inc. filed its 2023 Form 10-K on March 12, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in the 'Services-Prepackaged Software' industry (SIC 7372). PLAYSTUDIOS, Inc. was formerly known as Acies Acquisition Corp. The company's business address is 10150 Covington Cross Drive, Las Vegas, NV 89144.

Why It Matters

For investors and stakeholders tracking PLAYSTUDIOS, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of PLAYSTUDIOS' financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors to assess the company's performance and future outlook. Understanding the details within this filing is essential for stakeholders to evaluate the company's position in the prepackaged software industry and its compliance with SEC regulations.

Risk Assessment

Risk Level: medium — PLAYSTUDIOS, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond routine reporting, thus warranting a medium risk assessment for immediate trading decisions based solely on this filing.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to identify any significant trends or potential challenges affecting PLAYSTUDIOS' future performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-12 — Filing Date (Date of submission)
• 7372 — SIC Code (Standard Industrial Classification for Services-Prepackaged Software)

Key Players & Entities

• PLAYSTUDIOS, Inc. (company) — Filer name
• Acies Acquisition Corp. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-12 (date) — Filing date
• 10150 Covington Cross Drive, Las Vegas, NV 89144 (address) — Business and mailing address
• 725-877-7000 (phone) — Business phone number

FAQ

Industry Context

PLAYSTUDIOS, Inc. operates within the Services-Prepackaged Software industry, indicated by its SIC code 7372. This sector involves companies engaged in providing software products and related services.

Regulatory Implications

As a publicly traded company, PLAYSTUDIOS, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements, including revenue, net income, and balance sheet information.
2. Examine the 'Risk Factors' section of the 10-K to understand potential challenges and uncertainties facing the company.
3. Review management's discussion and analysis (MD&A) for insights into the company's performance drivers and future strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-12: Filing Date — Date PLAYSTUDIOS, Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for PLAYSTUDIOS, Inc. for the fiscal year ending December 31, 2023. Previous filings would have been under its former name, Acies Acquisition Corp.

Key Financial Figures

• $11.50 — A common stock at an exercise price of $11.50 per share MYPSW Nasdaq Stock Market LLC
• $0.0001 — 750,795 shares of Class A common stock, $0.0001 par value per share, and 16,457,769 sha
• $824 million — ewards with a retail value of more than $824 million. We believe there is opportunity to gr

Filing Documents

• myps-20231231.htm (10-K) — 2264KB
• myps-q42023xex1024.htm (EX-10.24) — 63KB
• myps-q42023xex211.htm (EX-21.1) — 16KB
• myps-q42023xex231.htm (EX-23.1) — 2KB
• myps-q42023xex311.htm (EX-31.1) — 10KB
• myps-q42023xex312.htm (EX-31.2) — 10KB
• myps-q42023xex321.htm (EX-32.1) — 9KB
• myps-q42023xex971.htm (EX-97.1) — 32KB
• myps-20231231_g1.jpg (GRAPHIC) — 116KB
• 0001823878-24-000005.txt (&nbsp;) — 12261KB
• myps-20231231.xsd (EX-101.SCH) — 77KB
• myps-20231231_cal.xml (EX-101.CAL) — 132KB
• myps-20231231_def.xml (EX-101.DEF) — 420KB
• myps-20231231_lab.xml (EX-101.LAB) — 1005KB
• myps-20231231_pre.xml (EX-101.PRE) — 733KB
• myps-20231231_htm.xml (XML) — 1703KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 50 Item 1C. Cybersecurity 50 Item 2.

Properties

Properties 51 Item 3.

Legal Proceedings

Legal Proceedings 51 Item 4. Mine Safety Disclosures 51 Part II 52 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52 Item 6. [Reserved] 54 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 69 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 71 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 113 Item 9A.

Controls and Procedures

Controls and Procedures 113 Item 9B. Other Information 114 Part III 115 Item 10. Directors, Executive Officers and Corporate Governance 115 Item 11.

Executive Compensation

Executive Compensation 115 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 115 Item 13. Certain Relationships and Related Transactions, and Director Independence 115 Item 14. Principal Accounting Fees and Services 115 Part IV 116 Item 15. Exhibits, Financial Statement Schedules 116 Item 16. Form 10-K Summary 118

Signatures

Signatures 119 In this Annual Report on Form 10-K, the terms "we," "us," "our," the "Company" and "PLAYSTUDIOS" mean PLAYSTUDIOS, Inc. (formerly Acies Acquisition Corp.) and our subsidiaries. On June 21, 2021 (the "Closing Date"), Acies Acquisition Corp., a Delaware corporation ("Acies" and after the Acies Merger described herein, the "Company"), consummated a business combination (the "Acies Merger") pursuant to the terms of the Agreement and Plan of Merger, dated as of February 1, 2021 (the "Merger Agreement"), by and among Acies, Catalyst Merger Sub I, Inc., a Delaware corporation ("First Merger Sub"), Catalyst Merger Sub II, LLC, a Delaware limited liability company ("Second Merger Sub"), and PlayStudios, Inc., a Delaware corporation ("Old PLAYSTUDIOS"). Immediately upon the consummation of the Acies Merger and the other transactions contemplated by the Merger Agreement (collectively, the "Transactions", and such completion, the "Closing"), First Merger Sub merged with and into Old PLAYSTUDIOS, with Old PLAYSTUDIOS surviving as a wholly owned subsidiary of Acies. Immediately following the First Merger, and as part of an integrated transaction with the First Merger, Old PLAYSTUDIOS merged with and into Second Merger Sub, with Second Merger Sub surviving as a wholly owned subsidiary of Acies. In connection with the Transactions, Acies changed its name to "PLAYSTUDIOS, Inc." and Second Merger Sub changed its name to "PLAYSTUDIOS US, LLC." 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this Annual Report on For

BUSINESS

ITEM 1. BUSINESS Introduction Acies was incorporated on August 14, 2020 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. Acies completed its initial public offering in October 2020. On June 21, 2021, Acies consummated the Acies Merger with Old PLAYSTUDIOS, pursuant to the Merger Agreement. In connection with the closing of the Acies Merger , we changed our name from Acies to PLAYSTUDIOS, Inc. PLAYSTUDIOS continues the existing business operations of Old PLAYSTUDIOS as a publicly traded company. Our website address is https://playstudios.com . Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are made available free of charge on our website as soon as reasonably practicable after we have electronically filed the material with, or furnished it to, the SEC. Overview PLAYSTUDIOS is a leading developer of free-to-play casual games for mobile and social platforms. With a focus on creating immersive and engaging experiences, we have built a strong reputation for combining high-quality games that resonate with players worldwide with our groundbreaking playAWARDS loyalty platform, which enables players to earn real-world rewards from a global collection of hospitality, entertainment and leisure brands. Our game portfolio includes a diverse range of titles, from social casino and card games to puzzle and adventure games. We generate revenue primarily through the sale of in-game virtual currency and the monetization of player engagement. Although o ur games are available to players for free, we historically have derived substantially all of our revenues from the sale of in-game virtual currency when players make voluntary in-game purchases. By offering players the optio

View Full Filing

View this 10-K filing on SEC EDGAR