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Zynga Announces Fourth Quarter and 2015 Financial Results

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Zynga Announces Fourth Quarter and 2015 Financial Results February 10, 2016 Zynga Announces Fourth Quarter and 2015 Financial Results Delivers $182M in Bookings and $1.7M in Adjusted EBITDA in Q4 Core Live Mobile Franchises Grew Bookings 63% Year-Over-Year in 2015 Outlines Expected 2016 Game Slate Announces Completion of $200M Share Repurchase Program SAN FRANCISCO, Feb. 10, 2016 (GLOBE NEWSWIRE) -- Zynga Inc. (NASDAQ:ZNGA), a leading social game developer, today announced financial results for the fourth quarter ended December 31, 2015. In addition to today's press release, a copy of our Q4 2015 Quarterly Earnings Letter, which outlines our Q4 2015 financial results and business outlook, is available on our website at http://investor.zynga.com. Zynga management will host a live Q&A session at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today, February 10, to discuss the Company's Q4 2015 performance and business outlook. Questions may be asked on the call or submitted in advance via email to [email protected], and the company will respond to as many questions as possible. "In terms of our financial scorecard, for 2015, we made good progress in our transition to mobile on a bookings level but, due to the lack of significant new releases, we saw an overall decline in our audience. While our total bookings grew 1%, our core live mobile franchises - Slots, Words With Friends and Poker - were up 63% and all of mobile grew 35%. We ended the year with mobile now representing 73% of total bookings up from 60% in Q4 2014. We saw our web business continue to decline with bookings down 32% and audience down 53%. Overall for the year, we managed to support a relatively large slate of new game development and user acquisition while remaining profitable," said Mark Pincus, CEO and Founder of Zynga. "Our mobile audience was down 1% in 2015. Within the quarter, it was down sequentially by 5% driven by a lack of significant new releases. However we've stemmed these declines for our core live mobile franchises - Slots, Words With Friends and Poker - which were up 1% for the quarter versus a loss of 6% in Q3. This was led by Slots, which accelerated its audience growth rate from 6% in Q3 to 15% in Q4. Words With Friends moved from a loss of 7% in Q3 to flat in Q4 and a 9% increase in the beginning of Q1. Poker has moved from a 10% decline in Q3 to a 4% decline in Q4 and has flipped to positive growth of 12% in the beginning of Q1," Pincus continued. "For 2016 and beyond, growth and profits will be driven by our ability to continue our momentum with live franchises and execute on new game launches. While we get that Zynga has been a show me story, in 2016, we have better visibility into our slate than ever before, with 6 new games already in soft launch. While we have high conviction in our ability to launch these games, the biggest challenge will be delivering on long-term retention and the LTV to support user acquisition at scale," said Pincus. "We expect to launch 10 new games in 2016. In Social Casino in the first half of this year, we plan to launch Spin It Rich!, Willy Wonka Slots, True Vegas and Vegas Diamond Slots. In Match-3, we expect to launch 2 new games in the first half of this year with Zindagi's Crazy Cake Swap and a branded game leveraging the Wizard of Oz license. In Invest Express, we expect to launch a sequel to FarmVille 2: Country Escape as well as CityVille Mobile in the second half of 2016. Finally, in Action Strategy, we also expect to launch CSR2 and Dawn of Titans in the second half of the year. As we exit the year with this slate of new games launched and in the market, we expect to have changed our mix of R&D and unlaunched slate to live, revenue generating games which will improve our company's predictability, profitability and growth," said Pincus. 2015 Performance Summary Ended 2015 with $700 million in reported bookings; up 1% year-over-year. $17 million in Adjusted EBITDA; down 57% year-over-year. Grew mobile bookings 35% year-over-year; web bookings declined 32% year-over-year. Delivered strong player monetization growth; ABPU up 26% year-over-year. Strongest advertising year to date; 2015 ads and other bookings up 22% year-over-year. DAU declined 20% year-over-year with mobile DAUs declining 1% and web DAUs declining 53%. Launched a $100 million cost reduction plan; $45 million in annualized savings from workforce reduction and $55 million in annualized savings from reduction in centralized services costs and spend. Q4 Performance Highlights Financial Highlights Bookings of $182 million; above the high end of the guidance range, flat year-over-year and up 3% sequentially. Adjusted EBITDA of $1.7 million; within the guidance range. Mobile bookings of $134 million or 73% of overall bookings, up 21% year-over-year and up 10% sequentially. Advertising and other bookings up 23% year-over-year and 24% sequentially; best advertising quarter to date. $987 million in cash, cash equivalents and marketable securities. Began $200 million share repurchase program which we completed in the first quarter of 2016. Product Updates Slots - Delivered highest quarterly bookings in franchise history; bookings up 78% year-over-year and 7% sequentially. Launched Princess Bride Slots and Black Diamond Casino, now in the top 30 grossing Casino charts in the Apple App Store. Words With Friends - Delivered strongest quarterly bookings performance in the history of the game; up 28% year- over-year and 29% sequentially. Consumers played 11% more words as a result of fun new features. Dawn of Titans - On track to launch in 2016; continuing to see strong potential with an average Apple App Store rating of 4.4 stars. Scaled to 14 test markets and ABPU remains strong. CSR2 - On track to launch in 2016; now testing across 10 markets with an average Apple App Store rating of 4.6 stars. CityVille - Entered into geo-lock with new CityVille Mobile in the fourth quarter of 2015; worldwide launch expected in 2016. Announces Acquisition of Zindagi Games Today, Zynga announced its Q1 2016 acquisition of Zindagi Games. Zindagi is made up of world-class engineers, game designers, product managers and artists who have delivered high quality games with small teams. Led by founders Umrao Mayer and George Simmons, the Zindagi team has delivered high quality Match-3 games, in addition to developing second party mobile titles. Announces Completion of Share Repurchase Program Today, the company announced the completion of our last repurchase program of $200 million. In aggregate, 80.2 million shares were repurchased under the plan at an average price of $2.50. Financial Highlights (in thousands, except per share data) Quarter ended Year ended December 31,2015 September 30, 2015 December 31,2014 December 31,2015 December 31,2014 GAAP Results Revenue $ 185,769 $ 195,737 $ 192,547 $ 764,717 $ 690,410 Net income (loss) $ (46,869) $ 3,052 $ (45,126) $ (117,181) $ (225,900) Diluted net income (loss) per share $ (0.05) $ 0.00 $ (0.05) $ (0.13) $ (0.26) Non-GAAP Results Bookings $ 182,104 $ 175,979 $ 182,352 $ 699,955 $ 694,300 Adjusted EBITDA $ 1,656 $ 12,415 $ 9,432 $ 17,127 $ 39,932 Non-GAAP net income (loss) $ 375 $ 3,681 $ (2,451) $ (10,235) $ (12,582) Non-GAAP earnings (loss) per share $ 0.00 $ 0.00 $ 0.00 $ (0.01) $ (0.01) Player Metrics (users and payers in millions) The company tracks operating metrics using internal systems which rely on internal company data and third party data. We rely on the veracity of data provided by individuals and reported by third parties to calculate our metrics and reduce duplication of data. In the first quarter of 2015, the company modified its calculations to take into account our business's transition to mobile and updates to our operating metrics which utilize additional third party data to help us identify whether a player logged in under two or more accounts is the same individual. As a result of these changes, we revised the definitions for DAUs, MAUs, MUUs, and MUPs in the first quarter of 2015. In the third quarter of 2015, the company made a subsequent modification to its calculations of MUU to further reduce duplication. For comparative purposes, all of these key operating metrics have been revised for the fourth quarter of 2014 to reflect the company's current definitions and calculations for all periods presented. Please refer to our Quarterly Report on Form 10-Q for the quarters ended March 31, 2015, June 30, 2015, September 30, 2015 and, when filed, our Annual Report on Form 10-K for the year ended December 31, 2015 for a full explanation of the changes and the comparison of the revised and as reported numbers for 2014 and 2015. Three Months Ended December 31, September 30, December 31, Q4'15 Q4'15 2015 2015 2014 Q/Q Y/Y Average daily active users (DAU) 18 19 24 (5%) (24%) Average mobile DAUs 15 16 18 (5%) (14%) Average web DAUs 3 3 6 (7%) (49%) Average monthly active user (MAUs) 68 75 98 (9%) (30%) Average mobile MAUs 55 61 70 (9%) (21%) Average web MAUs 13 14 28 (11%) (54%) Average daily bookings per average DAU (ABPU) $ 0.110 $ 0.100 $ 0.084 9% 31% Average monthly unique users (MUUs)(1) 48 51 64 (5%) (24%) Average monthly unique payers (MUPs)(1) 0.8 0.9 1.0 (7%) (19%) Payer conversion(1) 1.7% 1.7% 1.6% (2%) 7% (1) MUUs, MUPs and payer conversion exclude NaturalMotion legacy games (CSR Racing, CSR Classics and Clumsy Ninja) and games from recently acquired Rising Tide as our systems are unable to distinguish whether a player of these games is also a player of other Zynga games.
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