Playtika Holding Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Playtika Holding Corp. has submitted its annual 10-K filing detailing its financial performance and operations for the fiscal year 2023.</b>

AI Summary

Playtika Holding Corp. (PLTK) filed a Annual Report (10-K) with the SEC on February 26, 2024. Playtika Holding Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in Herzliya Pituach, Israel. The filing includes detailed financial information for the fiscal years 2023, 2022, and 2021. Playtika Holding Corp. is classified under SIC code 7374 for Services-Computer Processing & Data Preparation.

Why It Matters

For investors and stakeholders tracking Playtika Holding Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Playtika's financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factors disclosed in this report are essential for stakeholders to understand the company's revenue streams, profitability, debt levels, and potential challenges in the competitive gaming industry.

Risk Assessment

Risk Level: medium — Playtika Holding Corp. shows moderate risk based on this filing. The company operates in the highly competitive and rapidly evolving mobile gaming industry, facing risks related to user acquisition costs, game performance, and changing consumer preferences, as detailed in their risk factors.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Playtika's performance and competitive positioning in the gaming market.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period)
• 2024-02-26 — Filing Date (The date the 10-K was filed with the SEC)
• 001-39896 — SEC File Number (The SEC's file number for Playtika Holding Corp.)

Key Players & Entities

• Playtika Holding Corp. (company) — Filer of the 10-K report
• Herzliya Pituach (location) — Location of principal executive offices
• 2023-12-31 (date) — Fiscal year end date
• 2024-02-26 (date) — Filing date
• 7374 (industry_code) — Standard Industrial Classification code

FAQ

Industry Context

Playtika operates in the digital gaming industry, specifically focusing on mobile games. This sector is characterized by high competition, rapid technological advancements, and evolving player preferences.

Regulatory Implications

The filing is a Form 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) that gives a comprehensive summary of a company's financial performance.

What Investors Should Do

1. Review Playtika's detailed financial statements for FY 2023.
2. Analyze the risk factors section for potential business challenges.
3. Compare FY 2023 performance against previous years (2022, 2021).

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-26: Filing Date — The date Playtika Holding Corp. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value PLTK The Nasdaq Stock Market
• $600.0 million — lobal Select Market. "Notes" means our $600.0 million aggregate principal amount of our 4.250
• $1,900.0 million — Financing Rate. "Term Loan" means our $1,900.0 million senior secured first lien term loan pur
• $2,567.0 million — r ended December 31, 2023, we generated $2,567.0 million in revenues, net income of $235.0 milli
• $235.0 million — 67.0 million in revenues, net income of $235.0 million and $832.2 million in Credit Adjusted E
• $832.2 million — enues, net income of $235.0 million and $832.2 million in Credit Adjusted EBITDA, representing
• $0.76 — 31, 2023, and our ARPDAU increased from $0.76 in the year ended December 31, 2022 to
• $0.81 — in the year ended December 31, 2022 to $0.81 in the year ended December 31, 2023. In

Filing Documents

• playtika-20231231.htm (10-K) — 2246KB
• a2023q4-ex211xsubsidiaries.htm (EX-21.1) — 5KB
• a2023q4-ex231xeyconsent.htm (EX-23.1) — 2KB
• a2023q4-ex311xceo302cert.htm (EX-31.1) — 9KB
• a2023q4-ex312xcfo302cert.htm (EX-31.2) — 9KB
• a2023q4-ex321xceo906cert.htm (EX-32.1) — 5KB
• a2023q4-ex322xcfo906cert.htm (EX-32.2) — 5KB
• pltkpolicyforrecoveryoferr.htm (EX-97.1) — 28KB
• playtika-20231231_g1.jpg (GRAPHIC) — 350KB
• 0001828016-24-000006.txt (&nbsp;) — 12778KB
• playtika-20231231.xsd (EX-101.SCH) — 91KB
• playtika-20231231_cal.xml (EX-101.CAL) — 128KB
• playtika-20231231_def.xml (EX-101.DEF) — 366KB
• playtika-20231231_lab.xml (EX-101.LAB) — 1014KB
• playtika-20231231_pre.xml (EX-101.PRE) — 677KB
• playtika-20231231_htm.xml (XML) — 1812KB

Business

Business 8 Item 1a.

Risk Factors

Risk Factors 18 Item 1b. Unresolved Staff Comments 59 I tem 1c. Cybersecurity Risk Management and Strategy 59 Item 2.

Properties

Properties 60 Item 3.

Legal Proceedings

Legal Proceedings 61 Item 4. Mine Safety Disclosures 63 Part II. Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 64 Item 6. Reserved 65 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 66 Item 7a.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 82 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 84 Item 9. Changes In and Disagreements with Accountants On Accounting and Financial Disclosure 134 Item 9a.

Controls and Procedures

Controls and Procedures 134 Item 9b. Other Information 134 Item 9c. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 135 Part III. Item 10. Directors, Executive Officers and Corporate Governance 135 Item 11.

Executive Compensation

Executive Compensation 135 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 135 Item 13. Certain Relationships and Related Transactions, and Director Independence 135 Item 14. Principal Accounting Fees and Services 135 Part IV. Item 15. Exhibits, Financial Statement Schedules 135 Item 16. Form 10-K Summary 139 Signatures 140 3 The following terms are used in this Annual Report on Form 10-K unless otherwise noted or indicated by the context: "Alpha" means Alpha Frontier Limited, a company formed under the laws of the Cayman Islands. "ASC" means Accounting Standards Codification. "ASU" means Accounting Standards Update. "Average Revenue per Daily Active User" or "ARPDAU" means (i) the total revenue in a given period, (ii) divided by the number of days in that period, (iii) divided by the average Daily Active Users during that period. "Average Revenue per Paying User" or "ARPPU" means (i) the total revenue derived from the purchase of in-game virtual items in a given period, (ii) divided by the number of days in that period, (iii) divided by the average DPUs during the period. "CIE" means Caesars Interactive Entertainment, Inc. "Credit Agreement" means our Credit Agreement, dated as of December 10, 2019, by and among us, the lenders party thereto and Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent and the other parties thereto, as amended, which includes the Credit Facilities, consisting of the Revolving Credit Facility and the Term Loan. "Credit Facilities" means our Revolving Credit Facility and Term Loan, each pursuant to the Credit Agreement. "Daily Active Users" or "DAUs" means the number of individuals who played one of our games during a particular day on a particular platform. Under this metric, an individual who plays two different games on the same day is counted as two DAUs. Similarly, an individual who plays the same game on two different platforms (e.g., web and mobil

BUSINESS

ITEM 1. BUSINESS Overview Our mission is to entertain the world through infinite ways to play. We are one of the world's leading developers of mobile games creating fun, innovative experiences that entertain and engage our users. We have built best-in-class live game operations services and a proprietary technology platform to support our portfolio of games which enable us to drive strong user engagement and monetization. Our games are free-to-play, and we are experts in providing novel, curated in-game content and offers to our users, at optimal points in their game journeys. Our players love our games because they are fun, creative, engaging, and kept fresh through a release of new features that are customized for different player segments. As a result, we have retained paying users over long periods of time. We have primarily grown our game portfolio through acquisitions. Once we acquire games, we seek to enhance the scale and profitability of those games by applying our live operations services and our technology platform, the Playtika Boost Platform. By leveraging this platform, our game studios can dedicate a greater portion of their time to creating innovative content, features, and experiences for players. We have a powerful combination of scale and operating cash flow. In the year ended December 31, 2023, we generated $2,567.0 million in revenues, net income of $235.0 million and $832.2 million in Credit Adjusted EBITDA, representing a net income margin of 9.2%, and a Credit Adjusted EBITDA margin of 32.4%. We were founded in Israel in 2010, when we released our first game, Slotomania , which remains the second largest game in our portfolio based on revenues as of December 31, 2023. On January 15, 2021, we became a publicly traded company with our common stock traded on the Nasdaq Global Select Market under the ticker symbol "PLTK ." Our Core Strengths Portfolio of sustainable, top grossing games with a loyal user base Our strategy is to f

View Full Filing

View this 10-K filing on SEC EDGAR