SciPlay Corporation has released its financial results for the first quarter that ended March 31, 2022. The company reported a 5% increase in overall revenue when compared to the prior year period.
Revenue during Q1 2022 reached $158m. The company attributes the rise in revenue to high payor conversion rates during the first quarter.
Net income fell by nearly $5m during the first quarter, reaching a total of $32m. Adjusted EBITDA was $44.2m in Q1, and the adjusted EBITDA margin reached 28% during the quarter.
SciPlay CEO Josh Wilson said: "We are successfully executing on the plan we had laid out, reporting another exceedingly strong quarter. We are benefiting from our ongoing investments in key areas and enjoying strong momentum across our growing businesses. Alictus’ integration is proceeding very well with the team in Turkey releasing two new games in the first quarter of 2022, with one of them achieving #1 on Google Play and #5 on iOS.”
SciPlay Interim Chief Financial Officer Daniel O'Quinn commented: "This was another excellent quarter with SciPlay generating its second strongest quarterly revenue, only behind the second quarter of 2020, which benefited from COVID related closures. Total revenues increased 5% year over year, growing well ahead of the industry.
“While Alictus performed well in the quarter, our focus remains on generating sustainable organic growth. Investments in key initiatives are positively impacting engagement and monetization metrics and our business continues to be highly cash generative. Our balance sheet remains very strong with close to $300m in cash and cash equivalents, even after the purchase of Alictus. We remain focused on driving profitable growth and delivering enhanced value for shareholders."
Wilson also spoke about a company initiative to boost shareholder value through its repurchase plan.
He said: “In addition, we expect to further enhance shareholder value with our newly authorized two-year share repurchase plan of up to $60m. This reinforces our commitment to shareholder returns.
“We are looking forward to seeing our shareholders at our inaugural investor day on May 17 where we will provide an update on our strategy and the path forward. As we plan for the future, we could not be more excited about the opportunity ahead.”
