Delivers Strong Quarterly Revenue and Bookings
Reports Highest Ever Q1 Advertising Revenue and BookingsContinued Execution Across Multi-Year Growth Strategy
SAN FRANCISCO, May 10 (Bernama-BUSINESS WIRE) -- Zynga Inc. (NASDAQ: ZNGA) today released financial results for the first quarter ended March 31, 2022.
“We started off 2022 with a strong quarterly performance, achieving our highest ever Q1 advertising revenue and bookings led by our hyper-casual portfolio,” said Frank Gibeau, CEO of Zynga. “Through continued execution across all aspects of our multi-year growth strategy including live services, new game development and investments in our advertising platform, new markets and technologies, we are strengthening our position as a leading mobile-first, free-to-play live services company.”
Note: Certain measures as presented differ due to the impact of rounding.
(1)For clarity, a net release of deferred revenue results in revenue being higher than bookings and is a positive impact to Adjusted EBITDA as reported; a net increase in deferred revenue results in revenue being lower than bookings and is a negative impact to Adjusted EBITDA as reported.
(2)Adjusted EBITDA includes the net release of (increase in) deferred revenue.
· Revenue & Bookings: In Q1, we achieved revenue of $691 million, up 2% year-over-year, and quarterly bookings of $695 million, down 3% year-over-year. Online game or user pay revenue was $538 million, down 3% year-over-year, and user pay bookings were $528 million, down 11% year-over-year. Advertising & other revenue was a Q1 record of $154 million, up 24% year-over-year, and advertising & other bookings reached its highest Q1 performance of $167 million, up 35% year-over-year.
· Audience Metrics: Average mobile daily active users (DAUs) were 40 million, up 3% year-over-year, and average mobile monthly active users (MAUs) were 209 million, up 27% year-over-year. Mobile average bookings per mobile DAU (ABPU) of $0.190 were down 6% year-over-year.
· Costs & Expenses: Cost of revenue was $252 million or 36% of revenue, compared to 38% of revenue in the year-ago quarter. Non-GAAP cost of revenue was $185 million or 27% of bookings, down from 29% of bookings in the year-ago quarter. GAAP operating expenses were $424 million, representing 61% of revenue and an improvement from 62% in the year-ago quarter. Non-GAAP operating expenses of $364 million represented 52% of bookings, versus 49% in the year-ago quarter.
· Profitability & Cash Flow: Net loss was $25 million, compared to a net loss of $23 million in the year-ago quarter, and Adjusted EBITDA was $144 million, up $21 million year-over-year. We had an operating cash outflow of $203 million versus a cash outflow of $164 million in the prior year quarter. In the quarter, we completed the final earn out payments related to the acquisitions of Small Giant Games and Rollic, totaling $265 million.
(1)For clarity, a net release of deferred revenue results in revenue being higher than bookings and is a positive impact to Adjusted EBITDA as reported; a net increase in deferred revenue results in revenue being lower than bookings and is a negative impact to Adjusted EBITDA as reported.
(2)Adjusted EBITDA includes the net release of (increase in) deferred revenue.
· Revenue & Bookings: In Q1, we achieved revenue of $691 million, up 2% year-over-year, and quarterly bookings of $695 million, down 3% year-over-year. Online game or user pay revenue was $538 million, down 3% year-over-year, and user pay bookings were $528 million, down 11% year-over-year. Advertising & other revenue was a Q1 record of $154 million, up 24% year-over-year, and advertising & other bookings reached its highest Q1 performance of $167 million, up 35% year-over-year.
· Audience Metrics: Average mobile daily active users (DAUs) were 40 million, up 3% year-over-year, and average mobile monthly active users (MAUs) were 209 million, up 27% year-over-year. Mobile average bookings per mobile DAU (ABPU) of $0.190 were down 6% year-over-year.
· Costs & Expenses: Cost of revenue was $252 million or 36% of revenue, compared to 38% of revenue in the year-ago quarter. Non-GAAP cost of revenue was $185 million or 27% of bookings, down from 29% of bookings in the year-ago quarter. GAAP operating expenses were $424 million, representing 61% of revenue and an improvement from 62% in the year-ago quarter. Non-GAAP operating expenses of $364 million represented 52% of bookings, versus 49% in the year-ago quarter.
· Profitability & Cash Flow: Net loss was $25 million, compared to a net loss of $23 million in the year-ago quarter, and Adjusted EBITDA was $144 million, up $21 million year-over-year. We had an operating cash outflow of $203 million versus a cash outflow of $164 million in the prior year quarter. In the quarter, we completed the final earn out payments related to the acquisitions of Small Giant Games and Rollic, totaling $265 million.
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