Zynga Announces Third Quarter 2017 Financial Results
November 07 2017 - 4:05PM
Zynga Inc. (Nasdaq:ZNGA) has released its third quarter 2017
financial results by posting management’s Q3 2017 Quarterly
Earnings Letter on its website. Please visit
http://investor.zynga.com/results.cfm to view the letter.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/40fe71bc-1911-45e5-998f-fc1df7513475
Zynga management will also host a Q&A session
at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time) to discuss
Zynga’s third quarter 2017 performance. Questions may be asked on
the call, and Zynga will respond to as many questions as
possible.
The live Q&A session can be accessed at
http://investor.zynga.com – a replay of which will be available
through the website after the call – or via the below conference
dial-in number:
- Toll-Free Dial-In Number: (800) 537-0745
- International Dial-In Number: (253) 237-1142
- Conference ID: 99825510
Statement from Zynga’s Chief Executive
Officer Frank Gibeau
“We had a strong Q3, delivering our best revenue
and bookings performance in over four years. This past quarter,
revenue was $224.6 million, above our guidance by $14.6 million and
up 23% year-over-year. Bookings were $213.5 million, above our
guidance by $8.5 million, and up 9% year-over-year. Our mobile user
pay hit an all-time high for both revenue and bookings, up 44% and
20% year-over-year, respectively. Mobile now represents 87% of our
total revenue and bookings,” said Frank Gibeau, CEO of Zynga. “We
delivered significant growth in profitability in the quarter
achieving net income of $18.1 million. This represents the first
time since we went public that Zynga has delivered two consecutive
quarters of net income. Our year-to-date cash flow from operations
has more than doubled to $68.2 million, up from $32.3 million a
year ago. We remain on track to deliver our improved margin goals
by the end of 2018 and, over the long-term, we’re focused on
achieving margins in-line with our peers.”
About Zynga Inc.
Since its founding in 2007, Zynga’s mission has
been to connect the world through games. To date, more than 1
billion people have played Zynga’s games across web and mobile,
including FarmVille, Zynga Poker, Words With Friends, Hit it Rich!
Slots and CSR Racing. Zynga’s games are available on a number of
global platforms including Apple iOS, Google Android, Facebook and
Zynga.com. The company is headquartered in San Francisco, Calif.,
and has additional offices in the U.S., Canada, U.K., Ireland,
India and Finland. Learn more about Zynga at
https://companyblogdotzynga.com/ or follow us on Twitter and
Facebook.
Contacts
Investor Relations ContactRebecca
Lauinvestors@zynga.com
Press ContactStephanie Hessshess@zynga.com
Cautionary Statements/Non-GAAP Financial
Measures
The preliminary financial results set forth in this
press release are estimates based on information currently
available to us. While we believe these estimates are meaningful,
they could differ from the actual amounts that we ultimately report
in our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2017. We assume no obligation and do not intend to
update these estimates prior to filing our Quarterly Report on Form
10-Q for the quarter ended September 30, 2017.
We have provided in this press release certain
non-GAAP financial measures to supplement our consolidated
financial statements prepared in accordance with GAAP (our “GAAP
financial statements”). Management uses non-GAAP financial measures
internally in analyzing our financial results to assess operational
performance and liquidity. Our non-GAAP financial measures may be
different from non-GAAP financial measures used by other
companies.
The presentation of our non-GAAP financial measures
is not intended to be considered in isolation of, as a substitute
for, or as superior to, our GAAP financial statements. We believe
that both management and investors benefit from referring to our
non-GAAP financial measures in assessing our performance and when
planning, forecasting and analyzing future periods. We believe our
non-GAAP financial measures are useful to investors because they
allow for greater transparency with respect to key financial
measures we use in making operating decisions and because our
investors and analysts use them to help assess the health of our
business.
We have provided reconciliations of our non-GAAP
financial measures used in this press release to the most directly
comparable GAAP financial measures in the following tables. Because
of the following limitations of our non-GAAP financial measures,
you should consider the non-GAAP financial measures presented in
this press release with our GAAP financial statements.
Key limitations of our non-GAAP financial measures
include:
- Bookings does not reflect that we defer and recognize online
game revenue and revenue from certain advertising transactions over
the estimated average life of durable virtual goods or as virtual
goods are consumed.
|
|
Three Months Ended |
|
|
|
September 30, 2017 |
|
Reconciliation
of Revenue to Bookings |
|
|
|
|
Revenue |
|
$ |
224,595 |
|
Change in deferred
revenue |
|
|
(11,108 |
) |
Bookings |
|
$ |
213,487 |
|
|
|
Three Months Ended |
|
|
|
September 30, 2017 |
|
|
June 30, 2017 |
|
|
March 31, 2017 |
|
|
December 31, 2016 |
|
|
September 30, 2016 |
|
Reconciliation
of Revenue to Bookings: Mobile |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
194,390 |
|
|
$ |
179,868 |
|
|
$ |
161,613 |
|
|
$ |
154,674 |
|
|
$ |
145,906 |
|
Change in deferred
revenue |
|
|
(7,848 |
) |
|
|
1,755 |
|
|
|
14,508 |
|
|
|
12,387 |
|
|
|
16,413 |
|
Bookings: Mobile |
|
$ |
186,542 |
|
|
$ |
181,623 |
|
|
$ |
176,121 |
|
|
$ |
167,061 |
|
|
$ |
162,319 |
|
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