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CORRECTING and REPLACING Skillz Reports Record Q1 Revenue and Raises 2021 Guidance
mercredi 5 mai 2021, 06:01 , par Digital Pro Sound
– First Quarter Revenue Hits $84 Million, Up 92% Year-over-Year
– Paying Monthly Active Users Grows 81% Year-over-Year – Raises Full Year 2021 Revenue Guidance to $375 Million SAN FRANCISCO–(BUSINESS WIRE)–Fifth bullet under First Quarter Financial Highlights should read: Adjusted EBITDA was $(31.1) million during the first quarter of 2021, compared with $(14.6) million in the prior year (instead of Adjusted EBITDA was $31.1 million during the first quarter of 2021, compared with $14.6 million in the prior year). The updated release reads: SKILLZ REPORTS RECORD Q1 REVENUE AND RAISES 2021 GUIDANCE – First Quarter Revenue Hits $84 Million, Up 92% Year-over-Year – Paying Monthly Active Users Grows 81% Year-over-Year – Raises Full Year 2021 Revenue Guidance to $375 Million Skillz Inc. (NYSE: SKLZ) (“Skillz” or the “Company”), the leading mobile games platform bringing fair competition to players worldwide, today announced financial results for the first quarter ended March 31, 2021. “We are proud to report record-breaking first quarter results, giving us 21 consecutive quarters of revenue growth,” said Andrew Paradise, CEO and founder of Skillz. “Our performance and strong growth trajectory gave us the confidence to increase investment in Q1 and raise full year revenue guidance to $375 million.” First Quarter Financial Highlights Revenue grew to $83.7 million during the first quarter of 2021, up 92% over the prior year. Gross profit grew to $79.4 million during the first quarter of 2021, up 95% over the prior year. Gross margin was 95% during the first quarter of 2021, 100 basis points higher than the prior year. Net loss was $53.6 million during the first quarter of 2021, compared with $15.5 million in the prior year. Adjusted EBITDA was $(31.1) million during the first quarter of 2021, compared with $(14.6) million in the prior year. Gross Marketplace Volume1 (GMV) grew to $566.6 million during the first quarter of 2020, up 85% over the prior year. Cash on balance sheet of $613 million and no debt at the end of first quarter 2021. First Quarter Business Highlights Paying MAU reached 0.467 million with a 17% Paying to Playing MAU ratio which is 8x higher than the mobile gaming industry average2 and highlights the platform’s powerful competitive advantage over in-app purchases. Launched developer progression, a feature that allows game developers to create in-game milestones for players, such as winning a reward for bowling perfect games. This enables developers to introduce new game design mechanics that enhance player retention and engagement. Expanded Android footprint, growing revenue from Android users 2x faster than iOS. 1 Gross Marketplace Volume means the total entry fees paid by users for contests hosted on Skillz’s platform. Total entry fees include entry fees paid by end-users using cash deposits, prior cash winnings from end-users’ accounts that have not been withdrawn, and end-user incentives used to enter paid entry fee contests. 2 Note: According to Wappier Gaming Apps, conversion rates were 1.6% to 2% in 2020. Financial Outlook The Company is increasing 2021 revenue guidance to $375 million, which equates to 63% year-over-year growth. Investor Conference Call and Webcast The Company will host a conference call and webcast on Tuesday, May 4, 2021, at 5:00 pm Eastern Time. The conference call can be accessed by registering online at webcast registration, at which time registrants will receive dial-in information as well as a passcode and registrant ID. At the time of the call, participants will dial in using the numbers in the confirmation email and enter their passcode and ID, upon which they will enter the conference call. Access to a live video-webcast of the discussion in listen-only mode will be available through the “Investors” section of the Skillz website at www.skillz.com. A replay of the webcast will be archived on the Company’s website. About Skillz Inc. Skillz (NYSE: SKLZ) is the leading mobile games platform that connects players around the world in fair, fun, and meaningful competition. The Skillz platform helps developers build multi-million dollar franchises by enabling social competition in their games. Leveraging its patented technology, Skillz hosts billions of casual esports tournaments for millions of mobile players worldwide, and distributes millions in prizes each month. Skillz has earned recognition as one of Fast Company’s Most Innovative Companies, CNBC’s Disruptor 50, Forbes’ Next Billion-Dollar Startups, and the #1 fastest-growing company in America on the Inc. 5000. www.skillz.com Use of Non-GAAP Financial Measures In this press release, the Company includes Adjusted EBITDA which is a non-GAAP performance measure that the Company uses to supplement its results presented in accordance with U.S. GAAP. As required by the rules of the Securities and Exchange Commission (“SEC”), the Company has provided herein a reconciliation of the non-GAAP financial measure contained in this press release to the most directly comparable measure under GAAP. The Company’s management believes Adjusted EBITDA is useful in evaluating its operating performance and is a similar measure reported by publicly-listed U.S. competitors, and regularly used by security analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. By providing this non-GAAP measure, the Company’s management intends to provide investors with a meaningful, consistent comparison of the Company’s profitability for the periods presented. Adjusted EBITDA is not intended to be a substitute for any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. The Company defines and calculates Adjusted EBITDA as net loss before interest, other non-operating expense or income, provision for income taxes, and depreciation and amortization, and further adjusted for stock-based compensation and other special items determined by management, including, but not limited to, fair value adjustments for certain financial liabilities (including derivatives) associated with debt and equity transactions and impairment charges, as they are not indicative of business operations. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the Company’s actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside of the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, the ability of Skillz to: effectively compete in the global entertainment and gaming industries; attract and retain successful relationships with the third party developers that develop and update all of the games hosted on Skillz’s platform; comply with laws and regulations applicable to its business; and as well as other risks and uncertainties indicated from time to time in the Company’s SEC filings, including those under “Risk Factors” therein, which are available on the SEC’s website at www.sec.gov. Additional information will be made available in other filings that the Company makes from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that the Company believes to be reasonable as of this date. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Source: Skillz Inc. Skillz Inc. Consolidated Statements of Operations (Unaudited, in thousands, except share and per share amounts) Three months ended March 31, 2021 2020 Revenue $ 83,677 $ 43,559 Costs and expenses: Cost of revenue 4,256 2,767 Research and development 7,282 4,366 Sales and marketing 96,323 46,825 General and administrative 27,284 4,833 Total costs and expenses 135,145 58,791 Loss from operations (51,468 ) (15,232 ) Interest expense, net (24 ) (316 ) Change in fair value of common stock warrant liabilities (2,108 ) — Other income, net 50 51 Loss before income taxes (53,550 ) (15,497 ) Provision for income taxes 42 25 Net loss $ (53,592 ) $ (15,522 ) Net loss per share attributable to common stockholders – basic and diluted $ (0.15 ) $ (0.06 ) Weighted average common shares outstanding – basic and diluted 356,818,954 278,348,903 Skillz Inc. Consolidated Balance Sheets (Unaudited, in thousands, except share and per share amounts) March 31, December 31, 2021 2020 1 Assets Current assets: Cash and cash equivalents $ 612,578 $ 262,728 Warrant exercise receivable 104,558 — Prepaid expenses and other current assets 14,981 10,491 Total current assets 732,117 273,219 Property and equipment, net 5,398 5,292 Other long-term assets 3,908 3,910 Total assets $ 741,423 $ 282,421 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 9,513 $ 22,039 Accrued professional fees 725 5,699 Other current liabilities 29,860 19,618 Total current liabilities 40,098 47,356 Common stock warrant liabilities 112,378 178,232 Other long-term liabilities 36 46 Total liabilities 152,512 225,634 Commitments and contingencies Stockholders’ equity: Preferred stock $0.0001 par value; 10 million shares authorized — 0 issued and outstanding as of March 31, 2021 and December 31, 2020 — — Common stock $0.0001 par value; 625 million shares authorized; Class A common stock – 500 million shares authorized; 326 million and 292 million shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively; Class B common stock – 125 million shares authorized; 70 million and 78 million shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively 39 37 Additional paid-in capital 880,779 295,065 Accumulated deficit (291,907 ) (238,315 ) Total stockholders’ equity 588,911 56,787 Total liabilities and stockholders’ equity $ 741,423 $ 282,421 (1) Amounts in this column are preliminary estimates and are subject to change as management completes the restatement of the Company’s consolidated financial statements for the year ended December 31, 2020 required to reclassify its public warrants and private placement warrants as liabilities and record non-cash fair value adjustments into earnings to align with the guidance set forth by the Securities and Exchange Commission in the public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies,” as further described in our Current Report on Form 8-K filed May 4, 2021. Our independent registered public accounting firm has not audited or reviewed these estimates. Skillz Inc. Consolidated Statements of Cash Flows (Unaudited, in thousands) Three months ended March 31, 2021 2020 Operating Activities Net loss $ (53,592 ) $ (15,522 ) Adjustment to reconcile net loss to net cash used in operating activities: Depreciation and amortization 555 308 Stock-based compensation 10,945 357 Accretion of unamortized discount and amortization of issuance costs 9 171 Change in fair value of common stock warrant liabilities 2,108 — Changes in operating assets and liabilities: Prepaid expenses and other assets (4,499 ) (2,290 ) Accounts payable (12,526 ) 2,109 Accrued professional fees (851 ) — Other liabilities 10,332 5,758 Net cash used in operating activities (47,519 ) (9,109 ) Investing Activities Purchases of property and equipment, including internal-use software (659 ) (860 ) Net cash used in investing activities (659 ) (860 ) Financing Activities Borrowings under debt agreements, net of issuance costs — (95 ) Proceeds from issuance of common stock in follow-on offering, net of underwriting commissions, and offering costs 402,817 — Payments made towards offering costs (4,801 ) — Proceeds from exercise of stock options and issuance of common stock 12 241 Net cash provided by financing activities 398,028 146 Net change in cash, cash equivalents and restricted cash 349,850 (9,823 ) Cash, cash equivalents and restricted cash – beginning of year 265,648 28,548 Cash, cash equivalents and restricted cash – end of year $ 615,498 $ 18,725 Supplemental cash flow data: Cash paid during the period for: Interest $ 15 $ 178 Noncash investing and financing activities: Deferred offering costs in accounts payable and accrued liabilities $ 678 $ — Warrant exercise receivable $ 104,558 $ — Skillz Inc. Reconciliation of GAAP Net loss to Adjusted EBITDA (UNAUDITED) (Unaudited, in thousands, except share and per share amounts) Three months ended March 31, 2021 2020 Net loss $ (53,592 ) $ (15,522 ) Interest expense, net 24 316 Stock-based compensation 10,945 357 Change in fair value of common stock warrant liabilities(2) 2,108 — Provision for income taxes 42 25 Depreciation and amortization 555 308 Other non-operating costs (income) (50 ) (51 ) One-time transaction related expenses(1) 8,839 — Adjusted EBITDA $ (31,129 ) $ (14,567 ) (1) For the three months ended March 31, 2021, amounts represent transaction expenses related to the follow-on offering. (2) For the three month ended March 31, 2021, amounts represent the fair value adjustments related to the revaluation of liability classified warrants. Skillz Inc. Supplemental Financial Information (UNAUDITED) (Unaudited, in millions, except ARPU and ARPPU) Three months ended March 31, 2021 2020 Monthly active users (“MAUs”)(1) 2.7 2.6 Average revenue per user (“ARPU”)(2) $ 10.35 $ 5.57 Paying monthly active users (“pMAUs”)(3) 0.467 0.258 Average revenue per paying user (“ARPPU”)(4) $ 60 $ 56 Gross marketplace volume (“GMV”)(5) $ 567 $ 306 (1) “Monthly Active Users” or “MAUs” means the number of end-users who entered into a paid or free contest hosted on Skillz’s platform at least once in a month, averaged over each month in the period. (2) “Paying Monthly Active Users” or “pMAUs” means the number of end-users who entered into a paid contest hosted on Skillz’s platform at least once in a month, averaged over each month in the period. (3) “Average Revenue Per Monthly Active User” or “ARPU” means the average revenue in a given month divided by MAUs in that month, averaged over the period. (4) “Average Revenue Per Paying Monthly Active User” or “ARPPU” means the average revenue in a given month divided by Paying MAUs in that month, averaged over the period. (5) “GMV” or “Gross Marketplace Volume” means the total entry fees paid by users for contests hosted on Skillz’s platform. Total entry fees include entry fees paid by end-users using cash deposits, prior cash winnings from end-users’ accounts that have not been withdrawn, and end-user incentives used to enter paid entry fee contests. Contacts Investors: ir@skillz.comMedia: skillz@methodcommunications.com The post CORRECTING and REPLACING Skillz Reports Record Q1 Revenue and Raises 2021 Guidance first appeared on Digital Media Net.
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Date Actuelle
mer. 24 avril - 04:42 CEST
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