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DoubleDown Interactive(DDI) - 2023 Q4 - Annual Report
DDIDoubleDown Interactive(DDI)2024-02-12 16:00

Revenue Performance - Revenue in Q4 2023 increased by 9% year-over-year to 83.1million,withcoresocialcasinorevenueup383.1 million, with core social casino revenue up 3% to 78.8 million[4][7] - Full-year 2023 revenue decreased 4% to 308.9million,withAdjustedEBITDAincreasingto308.9 million, with Adjusted EBITDA increasing to 118.9 million from 101.6millionin2022[8][18]−RevenueforQ42023was101.6 million in 2022[8][18] - Revenue for Q4 2023 was 83.1 million, up 9.1% from 76.2millioninQ42022[31]−Full−year2023revenuewas76.2 million in Q4 2022[31] - Full-year 2023 revenue was 308.9 million, a 3.8% decrease from 321.0millionin2022[31]AdjustedEBITDAandMargin−AdjustedEBITDAinQ42023rose46321.0 million in 2022[31] Adjusted EBITDA and Margin - Adjusted EBITDA in Q4 2023 rose 46% to 36.2 million, with Adjusted EBITDA margin increasing to 43.5% from 32.4% in Q4 2022[4][7] - Adjusted EBITDA for Q4 2023 was 36.2million,upfrom36.2 million, up from 24.7 million in Q4 2022, with an Adjusted EBITDA margin of 43.5% compared to 32.4% in the same period last year[26] - Full-year 2023 Adjusted EBITDA reached 118.9million,a17118.9 million, a 17% increase from 101.6 million in 2022, with the Adjusted EBITDA margin improving to 38.5% from 31.6%[26] Net Income and Operating Income - Net income in Q4 2023 was 25.5million,comparedtoanetlossof25.5 million, compared to a net loss of (194.4) million in Q4 2022[7][13] - Net income for Q4 2023 was 25.5million,asignificantimprovementfromanetlossof25.5 million, a significant improvement from a net loss of 194.4 million in Q4 2022[26] - Full-year 2023 net income was 100.4million,comparedtoanetlossof100.4 million, compared to a net loss of 234.0 million in 2022[26] - Operating income for Q4 2023 was 35.6million,asubstantialimprovementfromanoperatinglossof35.6 million, a substantial improvement from an operating loss of 245.2 million in Q4 2022[31] Operating Expenses and Goodwill Impairment - Operating expenses in Q4 2023 decreased 85% to 47.5million,primarilyduetotheabsenceofa47.5 million, primarily due to the absence of a 269.9 million goodwill impairment charge from Q4 2022[7][12] ARPDAU and Revenue per Payer - ARPDAU for social casino/free-to-play games increased 26% to 1.24inQ42023comparedtoQ42022[4][7]−Averagemonthlyrevenueperpayerforsocialcasino/free−to−playgamesincreased231.24 in Q4 2023 compared to Q4 2022[4][7] - Average monthly revenue per payer for social casino/free-to-play games increased 23% to 279 in Q4 2023 compared to Q4 2022[4][7] Cash and Cash Equivalents - Cash and cash equivalents plus short-term investments net of current borrowing stood at 235millionattheendof2023[6]−Cashandcashequivalentsstoodat235 million at the end of 2023[6] - Cash and cash equivalents stood at 206.9 million as of December 31, 2023, down from 217.4millionattheendof2022[29]NetCashFlowsfromOperatingActivities−NetcashflowsfromoperatingactivitiesinQ42023were217.4 million at the end of 2022[29] Net Cash Flows from Operating Activities - Net cash flows from operating activities in Q4 2023 were 29.7 million, compared to (20.9)millioninQ42022[15]AcquisitionsandMarketExpansion−ThecompanyacquiredSuprNationinQ42023,contributing(20.9) million in Q4 2022[15] Acquisitions and Market Expansion - The company acquired SuprNation in Q4 2023, contributing 4.3 million in revenue over 61 days and marking its entry into the European iGaming market[2][5] Total Assets and Liabilities - Total assets increased to 801.6millionin2023from801.6 million in 2023 from 792.1 million in 2022, while total liabilities decreased significantly to 74.3millionfrom74.3 million from 165.8 million[29] Retained Earnings - The company's retained earnings increased to 326.8millionin2023from326.8 million in 2023 from 226.4 million in 2022[29]