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Playtika Holding Corp. (PLTK-3.12%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details financial results, including a decrease in revenues to $620.8 million from $630.1 million in the same quarter the previous year, primarily due to reduced monetization despite incremental revenues from acquired studios.
Cost of revenue decreased to $168.1 million from $173.9 million, attributed to lower platform fees and a higher percentage of revenue from Direct-To-Consumer platforms.
Research and development expenses decreased slightly to $99.2 million, with headcount reductions offset by increased costs in higher-cost locations and outsourcing.
Sales and marketing expenses increased to $149.9 million from $142.8 million, driven by increased media buy expenses related to acquisitions and higher spending across the company.
General and administrative expenses decreased to $76.8 million from $79.6 million, influenced by a reduction in contingent consideration and headcount reductions.
An impairment charge of $29.3 million was recorded, related to investments in unconsolidated affiliates.
Net income for the quarter was $39.3 million, up from $37.9 million in the previous year, with an effective tax rate of 38.3%.
Interest expense was consistent with the previous year, while interest income increased due to higher balances and rates on cash and investments.
Cash provided by operating activities was $337.0 million, while cash used in investing and financing activities was $125.5 million and $96.1 million, respectively.
Playtika's liquidity remains strong with $1,201.7 million in cash and cash equivalents, and $600 million in additional borrowing capacity under its Revolving Credit Facility.
The filing also discusses the impact of geopolitical events in Israel, where the company is headquartered, and outlines various legal proceedings and risks associated with its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Playtika Holding Corp. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.