SciPlay Corporation posted its results for this year’s second quarter, which ended on June 30. Core casino business performance “remained strong,” according to the report.
Revenue during the second quarter grew by 4% when compared to the previous year’s period and reached $160.1m. The company attributed the growth to “a full quarter of revenue contribution from Alictus.”
Net income fell from $37.9m in Q2 2021 to $32.3m during this year’s second quarter. An increase in operating expenses led to the decline in net income.
Adjusted EBITDA was $41.1m during the quarter, while the adjusted EBITDA margin reached 25.7%.
SciPlay CEO Josh Wilson said: "We are pleased with the progress we made and the continued momentum we are seeing in our business. Our teams have been laser-focused on executing on the strategy we laid out during our investor day and capitalizing on the opportunities we see ahead. We grew market share in the quarter, once again outperforming the social casino market. Our core business remains healthy even in a seasonally soft quarter, and we continue to progress on the integration of Alictus with the studio launching a number of new games in the quarter.
"We grew our top line and continued to invest in our key initiatives to fuel long-term growth and profitability. Quick Hits had its second consecutive quarter of record revenue and our largest games, like Jackpot Party and Gold Fish Casino continued to deliver strong results. We achieved a record payer conversion rate of 9.4% while maintaining our DAUs.”
SciPlay Interim Chief Financial Officer Daniel O’Quinn agreed with Wilson and said the company’s revenue growth reflects another strong quarter.
He commented: "This was another solid quarter with SciPlay delivering year-over-year and sequential revenue growth. We are seeing our investments in our growth initiatives paying off as we continue to deliver strong engagement and monetization metrics. Our highly cash generative business, coupled with a very strong balance sheet allowed us to invest in our future while at the same time return capital to shareholders.
“In just three months, we purchased $15m or 1.1 million of our Class A shares. This represents 25% of our $60m, two-year authorization. We will continue to be focused on allocating capital to drive profitable growth and enhance value for our shareholders."
