King Digital Entertainment plc Presents at Bank of America Merrill Lynch 2014 Global Technology Conference, Jun-04-2014 08:30 AM
May 28 14
King Digital Entertainment plc Presents at Bank of America Merrill Lynch 2014 Global Technology Conference, Jun-04-2014 08:30 AM. Venue: The Ritz-Carlton Hotel, 600 Stockton Street, San Francisco, California, United States. Speakers: Hope F. Cochran, Chief Financial Officer and Principal Accounting Officer.
King Digital Entertainment plc Reports Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Second Quarter and Full Year of 2014
May 7 14
King Digital Entertainment plc reported unaudited consolidated earnings and operating results for the first quarter ended March 31, 2014. For the quarter, the company's revenue was $606,709,000 against $205,918,000 a year ago. Profit before tax was $161,211,000 against $65,581,000 a year ago. Profit was $127,199,000 or $0.41 diluted per share against $52,651,000 or $0.16 diluted per share a year ago. Net cash generated from operating activities was $164,176,000 against $27,932,000 a year ago. Purchases of intangible assets were $2,102,000 against $1,788,000 a year ago. Purchase of property, plant and equipment was $6,301,000 against $1,698,000 a year ago. Adjusted revenue was $607,574,000 against $206,019,000 a year ago. Adjusted EBITDA was $248,591,000 against $81,422,000 a year ago. Adjusted profit was $187,880,000 or $0.61 diluted per share against $65,121,000 or $0.20 diluted per share a year ago. Adjusted revenue, which adjusts for the change in deferred revenue, was $608,000,000, representing an increase of $402,000,000 or 195% compared to first quarter 2013 and an increase of $6,000,000 or 1% compared to fourth quarter of 2013.
For the quarter, the company's daily active users increased to 143 million in the first quarter of 2014, up 107 million or 297% from first quarter 2013, and up 19 million or 15% from fourth quarter 2013. Monthly active users increased to 481 million in the first quarter of 2014, up 343 million or 249% from first quarter 2013, and up 73 million or 18% from fourth quarter 2013. Monthly unique users increased to 352 million in the first quarter of 2014, up 251 million or 249% from first quarter 2013, and up 48 million or 16% from fourth quarter 2013. The company believes the increase in MUUs is driven by organic growth plus targeted acquisition efforts outside traditional markets in North America and Western Europe.
For second quarter 2014, the company expects gross bookings, adjusted EBITDA and adjusted EBITDA margin based on adjusted revenue to remain relatively consistent compared to the first quarter 2014 results, with continuing revenue diversification.
Looking at fiscal year 2014, the company expects gross bookings of $2,550,000,000 to $2,650,000,000; adjusted revenue for the year of $2,400,000,000 to $2,500,000,000; and an adjusted EBITDA margin based on adjusted revenue of approximately 40% for the year. Finally, with respect to taxes, company expects effective tax rate to range from 15% to 22% in 2014.