GLUU - Earnings call transcript Q3 2018

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Operator

Good day, ladies and gentlemen, and welcome to the Q3 2018 Glu Mobile Earnings Conference Call. [Operator Instructions].

As a reminder, today's conference is being recorded for replay purposes. It is now my pleasure to turn the conference over to Harman Singh, Vice President of Finance and Investor Relations. Please go ahead.

Harman Singh

Operator. you, Thank and Mobile's everyone, for us joining Good quarter thank XXXX Glu third earnings on afternoon, you conference call.

today Eric Chief On Executive call are President Earl, the and Officer; and Officer. Ludwig, Financial and COO Nick Chief

We believes During of are regarding events We call. no XX-Q. materially caution this as that based undertake of the company. on and consider from These forms described statements that more risk this statements factors and our in company performance important future Any financial assumptions call, differ the cause forward-looking on future update be XX-K to future in we and to forward-looking release as these that will statements, factors result filed the specifically, forward-looking a we are could you date. SEC, to events. in be with making reasonable the the make those the obligation most fully the to today conference statements actual documents reports this results recent press the during of

both GAAP call, encourage to be and from, investment an will consider substitute isolation measures considered present superior intended non-GAAP GAAP are we this During The in non-GAAP financial to or for, before making a results, financial measures and we to measures. not all investors decision.

supplemental measures For accessed complete the www.glu.com/investors. information today's that quantitative accompanying reconciliation and most GAAP our those regarding information, of please via comparable financial website, can our to presentation non-GAAP earnings directly Investor figures, refer the be call

of you a or will operating in of for from quarter's our This the the revenue financial changes refer in reconciliation financial GAAP provide consistent Excel and are the Excel the prior reminder, and along file to with cost otherwise with website quarters. aid tables. on deferred discuss website. to GAAP call information during Nick. below, you a to reconciliation. that, and bookings and based results the with We're expenses non-GAAP encourage more deferred on to earnings We accessible on easily a call. this used also total the non-GAAP supplementary in this to stated data As file IR And will basis over to I'd like now providing our PowerPoint we we've turn methodology revenue, all conference results in same on presentation follow the our slides the aside financial Both

Nick Earl

a as XX.X% reached record adjusted momentum basis. the results plans. third were first for earnings in established Harman. fourth another last along QX year half Thanks, third increased our review These of then the strong year us detail, are highlights to $XXX.X quarter. bookings increase results quarter, Glu's the thank update I outlook. then level our Bookings games. in more game quarter and by on Growth and continued development on with XXXX financial EBITDA an driven over strength in addition an better-than-expected of million, the a year's call. for quarter in Hello, and quarter in from discuss Glu continued our will you joining provide QX results our strong third will full profitability our Eric

time. growth by our to titles flow scale reflects Free and adjusted a our also in reached $XX.X financial third that top strong results the of deliver strategy demonstrates reported These annuity-like flexibility support profitability providing record longer-term double-digit the improving result cash our also business. of million significantly repeatable creating of grow improved bookings financial quarter level, XXXX. our since further EBITDA in EBITDA business of over benefit profitability, quarter the growth. highest We consecutive line and This margins adjusted driven

$XX.X remain $XXX it consistent surpassing XX% which playbook Growth a to XXXX. collectively a engaging our generated help has in the from Through year and add diligently already XX% the the and Sports of features to X committed Home Glu create titles, shareholder and a XX% experience more to bookings, of million that and in live driving million. year, Top new million ago Fashion Home, XX% year-over-year in of and November its impressive was and into players Baseball, X we lifetime Design Covet bookings game years contributed a the in grew are transform $XX Design value. in XXXX, up ability performer, more created quarter. we quarter generated following more We coming the full operations driven total than standout clear year-over-year performance and grew $XXX our was X these Design compelling keeps by game back. bookings titles, first the months to ago. This Home bookings has for Since bookings, launch million profitable

bottom our added launched recently and successfully Covet over day released have flow-through second-highest quarter, theme line. to series We the year's have user we the Fashion updates engagement that bookings last Midnight results. more -- and from history title's was $XX.X third in to deepened while demonstrating growth outstanding million, title. bookings saw standpoint. series fantastic We contributing It a grew events a a X-year-old for the per XX% increase Masquerade

looks in Seven Vil from from Snow Queen complete utilizing challenge, Cruella XXX Style a from out Maleficent Covet this their style favorite pieces with and Challenges Beauty Disney recognizable from by their reflects In to Disney, De and Dwarfs, series various looks the Dalmatians, exclusive franchises, collection characters. including rolled inspired creativity by we and Sleeping design player featuring more. White challenges Additionally, many Disney collaboration of the

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Design adding to are depth We of play Covet and Fashion features Home.

augmented For support Design also features, growth will Home, adding meta social that we internationalization e-commerce full and a year. are next its game, reality,

define increase with year-over-year. development and In new bookings us a addition gives that talent creative significant we launches on which new profitable to games, from is upside our have potential we XXXX. financial titles, as protection resources This annuity-like Growth building Growth our that from to business. for planned three downside Again, strategy focus games three are our core adding games, augmented and

improved As well for WWE, core Elder mechanic we as its have game. as redesigned its

wider a DASH testing is a the expected experience. best as Development partners to we a next is the growth Disney our to franchise Animation Disney This with to Philippines in appeals drive more ago, results launch original our Town a be X with encouraging. Diner been combines IP continues title user to Dash target DASH is that deep have goal Our on to for little early and audience theme, tested more Studios the WWE our a than Town that continue refine LTV. to core month and and began also seasonality. the global weeks meta audience game of mechanic perennial accessible Walt large with title a the in game the Pixar. without Beta year-round the games

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strides creativity, growth taken operations free focusing simplifying As end we the fostering on and into we we believe flow. in the cash head year, profitable of and have huge

XXXX on outlook Our a full improved EBITDA in year for us adjusted put and financial terms profitability. results bookings the and track of record for

We resources business. strength are to our stack to titles our focus new a in position record X from launches enhance new to value XXXX, while expected our tracking believe operations enhancing in in of In contributions shareholder Growth our is core planned increasing best the to various bookings top on approach no We not on continue with games. with our performance Growth the Since game for the foundation goal stages on we company testament to value. developing this are long-term XXXX to strong their are our is for expect new a that to to we live XXXX, of comment of testing, early launches bookings.

to year. we live for share preliminary our next games existing our want did for outlook However,

to anticipate we business. we normal continued as bookings overall and bookings not helping include X% company of for Based by cultivate contribution expect does XXXX. continue thank year-over-year Growth three our increase year I hard guidance Again, well off in launch growth expect games strong this their is We any the midpoint titles declines to core -- X the between XXXX show dedication. XX% to our work that with $XXX.X from May the for September defined our of catalog shareholders million, titles. as strong the creativity, like team support for our the to would Glu of year-over-year to a new and

turn thank entertaining to rich, like players the years to we experiences to and to committed remain In for addition, over our now engaging I'll providing Eric. to I'd whom come. call

Eric Ludwig

closer a to at everyone year the provide call. the record quarter look comments provide for some afternoon quarter full and financial good XXXX. and I two last Nick, well the fourth the the discuss you, retrospective years will then and a further as will on provide preliminary on as in results I guidance for then Thank XXXX.

last $XX.X the As quarter. increase delivered results for the comparable was XX% a for the strong financial Nick million we quarter, said, quarter over Revenue year.

games. XX% a over X catalog this the quarter a titles, X third bookings led This the million the was XX% million. original which with Ad program quarter, royalties $XX.X team second to growth. title $XXX.X rose and $XX.X third July XX.X% third strong our bookings our X driven that in of million million, first Home of bookings. $X implemented The in bookings XX.X% and Growth from increase. Investor by increase Bookings will XX% ads Fashion bookings grew titles which or were year of item. by over the last last of bookings. Presentation last Evergreen grew next contributed total same Baseball a Growth performance first titles. quarter years due. year's franchise as a merchandising bookings reaching $XX.X Covet Growth in for quarter. all present drove chart over last we was do For million this games, performance to new Design came bookings third now; X we Tap was grew record, straight million, XX% and IP the increase quarter-over-quarter, strong quarter. August, from in year's compared Sports total pie year's bookings quarter. to our year One X% games, XX% had The no categories: Beginning housekeeping The which robust with $XX.X bookings up from time a to combine legacy in and quarter, from sequential

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games As a of X.X% year-over-year. quarter-over-quarter percentage catalog our bookings, and total declined XX.X%

year's compared and profitability in I costs, on hosting QX $XXX,XXX legacy improved excluding costs in $XX.X million profitability percentage We EBITDA with and on and significant UA year. were Adjusted million. $XX figures presented, the of last XX% third and third or $XX.X drove and resulting last higher marketing flat to margins higher and bookings The $XX.X platform XX% million $X.X flow-through, marketing EBITDA quarter. royalties to were spend Evergreen adjusted were $X.X a UA Operating titles a of were quarter. bookings improved of includes last our adjusted marketing $XX.X catalog straight this million a improvement million. quarter. the a from For year's loss both million, million essentially adjusted margin as was our last slight GAAP commissions basis, games. non-GAAP declined for just basis. expenses, a reported and UA loss Adjusted incremental over

million free our with to the the GAAP intangible title a of Titan million shutdown studio. included Dairy related of Our equivalents We million loss $XX.X with our World $XX.X cash quarter. Free write-off $XX.X operations from $X.X cash the and and generated in ended cash asset flow million, third of we third and quarter of

increase and expect on For profitability a the basis. to bookings adjusted year-over-year we EBITDA quarter, fourth

Sports $XX.X guidance that last of do is quarter the implied million in expect the the to fourth identical through million. to range bookings to the see we third Sports Tap now call. that of Series years, guidance quarter decline We $XX.X expect we to when next due expect the on provided version Baseball's see We seasonality. quarter earnings is with of March the bookings Tap over the bookings Consistent over, not seasonal fourth an accelerated This end growth to Baseball launches. World quarter prior

expense royalties of $X.X midpoint we of our million. $XX million, to the and be expect costs $X.X adjusted the side hosting adjusted and guidance, On at commissions bookings of million

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our increase guidance guidance our due the $XXX.X quarter full $X.X $X.X million $XXX.X to a adding prior full increasing to million. is range This million are million over the year third the an We to full to of to year guidance. beat for of

million. of to adjusted $X.X and million year expected are be royalties $XXX.X $XX.X with costs range, On to and of the full for UA $XX.X adjusted $XXX.X expected or the be all hosting the adjusted million. expense of of midpoint bookings, side be at operating total anticipated the costs XX.X% commissions to million, million guidance other platform marketing expenses are

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the Looking to forward next XXXX, scales the believe level. business to we

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XX% in expected the XXXX of at Our total $XXX.X titles to growth bookings of are be million midpoint.

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total $XXX growth to bookings. X% XX% titles business, approximately catalog to million. existing the expect $XXX XXXX we, expect or therefore, year-over-year X% of bookings entire core Across million to We of decline

with generate from For core margins our believe we the that EBITDA adjusted XXXX. in EBITDA second XXXX, business we consistent of margins adjusted will half

already the new second largely I as guidance margins, for costs just for the as XXXX 'XX development included core are provided well XXXX. our titles business the in Additionally, core half X in in both

in new XXXX is to for generation core core does We It's from that include this from any contribution existing expect important title Diner our free profitability and as stack believe only our on note of not on significant Town in outlook basis business the launches our a bookings business. our top flow to have preliminary cash existing new Disney/Pixar GAAP games become Growth and title. X X existing Growth these We X titles and WWE, DASH titles. our that XXXX potential of

earnings in well We year-end before the for core as about, expect provide in on February in into games have beta XXXX. I titles, titles. formal we will business, both which these call our the call X visibility our talked guidance new we February more just as early Once

We reach we'll XXXX. take that, With to pleased far are Operator? our track are long-term on with the now very excited and financial We about future. in so progress remain questions. goals our

Operator

question Instructions]. Benchmark. [Operator Mike And our Hickey first comes from of

Michael Hickey

your guide I XX% guess games, the on profile 'XX maybe on from more XX%, you give on us granularity, growth the I to Growth Eric, can guess, game? each respective any

Eric Ludwig

Probably yes, great the -- second was not in Mike? what sorry, question,

Michael Hickey

curious any international Design that also or Home. if Covet also growth includes maybe from And development

Eric Ludwig

great Yes, question.

growth So we like further in e-commerce. XX% to XX%. XX%. in March. much as XX% to until X to some of which in reflect details Tap new is programs Design does today below to well not ones the Home, X the breakdown willing have like XX% and that both as of QX not the other will would of above the we're quarter, or be meta first seasonality the the Certainly, meta, guidance to going probably internationalization break the assumption and expected Covet to of title our as which within I relative QX out go some of But in see decline highlight to that to titles rollout so Baseball things Sports there launches in end XX% the will

Nick Earl

thing just kind qualitatively. Yes. I'll more add And, Mike, of one

lot about the reality, ocean meta careful. were thoughtful be of very, an and that same few metaphor we be to augmented on we're I international and careful talked social about like the add and and we as calls, more trying try we create these very definitely so a because, to very we've work engines here is have at and flying before, time, to As in the across to plane an things talked going the last a e-commerce the business, things

we really going So giving we're into to be to why of things guidance work just out. not around here. these going but think, methodical a have going year the they're lot We of lot how just growth There's a in they're that's moved experiment why next being of and and about about aggregate, code. for supply the overall, to lot how them how into actually introduce talk very we we're them titles, a

Eric Ludwig

that, I very feel business. to that the comfortable just would add we with base But

business is the to with XXXX. overall core of going Our EBITDA second margins with -- margins half adjusted EBITDA have par growth on

of consensus that high I new our is contribution from and no where think guidance titles. assumes about is range that today, end

our happy some Growth that when to have very, gotten gotten And titles, should XXXX we're where become success the better visibility. effect new in that a we very we've with So they we X core we've with business. do be have to if stacking games,

Michael Hickey

good. Yes, okay. Looks

sequential The you're good. last MAU, obviously. your -- guess of the the I question, in like sort Sounds -- declines some aggregate, looks experiencing your DAU,

your you and perspective your categories. could us curious maybe growth metrics on Just give catalog your within on if some thoughts those and that

Eric Ludwig

we're our of average quarter. MAU come months at degradation most user, think the active at I both XX Evergreens mean, the last titles, being titles, catalog I legacy per the catalog of and bookings and over this which, look $X.XX DAU the the daily declines our in you have if the Yes. from the

our X All Growth games that of are above average.

catalog our XXX,XXX titles it basis. daily and average, year-over-year the Evergreen believe actives up Growth really is titles we below the a games are that I catalog DAU on of of are on about titles and a declining from core All from kind MAU. and

of So X it tale really halves. is a

Operator

Our from of comes Cowen. question Doug next Creutz

Douglas Creutz

that of at think the grow on let's talked At see help. mentioned year, of game the in, do. you being were building kind you year you the far Can things do where it's sort could down and to want kind path Design How are? you a benchmark you Elder continued call. you say, of you're where an you of the beginning year? the Today, still into that you feeling about really the of Home game Obviously, to Elder beginning

Nick Earl

done or answering sort grown strongly was I and we experience. that continually we're of just we has the game really really much going that Mike's so deep deep to not in adding really and just saying speaks things core We're really mechanic loop they're when works. there's this really they're game to strong that know core really well experience. Elder so how the meta the that not you add consider believe and and question, It great Yes. amazed

We have very that been will diligently. It's Elder that's working of experimenting a componentry on they team this, development are different lots game. talented with and working ultimately make up the

will journey view are of to them. time. as see few we starting to see in think, destination. -- contributions adding we a the complete. We to that is early expect ever a why will and next Elder I sort we going first things, be I don't material we with start we'll With say benefits we when was going said, of then I like year to late start as game just that over next don't be it opposed -- keep believe live more actually year, the half

Douglas Creutz

early out sort of titles. that Is part I would new just kind second of in you're plus reason when there need Okay. be cycle? margins Is that UA. to of the with the of with what UA there say, about we think any spend then And and saw, line the the games of investing that Design on terms of of Home on new line for half in your being -- in to year invest 'XX. next reflects sort assume talking that,

Eric Ludwig

Yes.

great Doug. question, So

So let repeat me I just what said.

business, It gave X of OpEx today for current of studio for core that our hired the we million teams but all which X titles. -- all games, includes in well $XXX are titles of Growth the the OpEx to So games also includes XXXX as the guidance OpEx, the our $XXX games, our the all for not of catalog XXXX UA, as studio as just already Growth of games. million,

X X title weeks help to into are done After escape is marketing per ROI-based million of game after the orbit. whether gross XX% and first feel, costs. as new that I be of titles. X.X-year not historically, and what royalties driven we in upside any that between are and we payback. XX% And quarters, be ranged I apply X-year [indiscernible] range payback a game will then done, Diner of we'll launch, dollars $X our it that would or then will horizon time has that, we've Growth And spending the anything any said Disney/Pixar call outside launch $X next velocity get about launch kind So revenue. money of a of see UA in and whatever when of a when in in revenue them, launch then or new non-ROI on featuring royalties it's kind and that -- missing would to WWE and that escape of the we we abnormal to philosophy million for spend to Town, we this title, weeks expect DASH new X based prior is we year

In both Disney/Pixar and who X world-class licensed are brand partners with co-marketing would addition, say of our partners. and fantastic. are with their marketing WWE I are titles brand at

see with you I partners won't reduction in expect an accelerant that the their So to XX% about, talked given of those actually would co-marketing more XX% brand an and/or that be dollars. from hopefully the I organic maybe additive but downloading benefit

core for new of and G&A incremental of games, the and and both EBITDA which the dollar business, in marketing games includes the of investment second the be as sales So margins XXXX whole significantly marginal and on titles with than so well. business will new an are Growth half headcount year, assuming the costs flow-through -- next they that, higher of revenue the Growth kind

Operator

Stifel. from of Crum comes Drew question next Our

Andrew Crum

sequential on you're Or off coming expect basis. Baseball, look a to year, we this Sports higher inside Tap the on terms a franchise Should year, So XQ by what's in your severe I decline? of sequential base last talk than similar a at the decline As we anticipating? guidance mid-teens you're can you declined more expect about that? for should XQ, XQ something

Eric Ludwig

number. going mean, I give to specific I'm a Yes. not you

look remarks, grew franchise time you years, years, for that player quarter if and both some July first -- bringing the and some prepared X second the in the did at mentioned August legacy July out usually Game, see did we charge we and We and history. the this around August, my in from I packs pretty what third All-Star declines. quarter we grew outstanding However, other from merchandising. the X $X.XXX the merchandising some to in

lot share. think November expect the wallet to than quarter into November, -- off because QX X, and revenue quarter continue right those in baseball know from third then fourth But October, last year's probably if have will I title to accelerated or I So don't the would they December from we decline that we a are a to the pulled March we higher December as into of days, got X the we that really every a I base. launch something just see more in year, will then QX new declines season effect. And declines XX, as coming starts, we

Operator

[Operator Instructions].

Partners. Aftahi from question next of Roth comes Darren Capital Our

Dillon Heslin

higher is of a if to advertising remarks, given of where trends I the you the see implied I that maybe This little built on is bit more could X% touch prepared some little into Darren. I to Like can on XQ or quarter-over-quarter. they're some bit you How plans. lead Dillon your -- think, in of impacting bookings, that sort revenue? mentioned wanted the spend bit for little your a XQ up bookings know a advertising can growth advertising added you that? you

Eric Ludwig

Yes. Yes, sure. Thanks, Dillon.

for to a I that in quarter, fourth last that came I QX, XX.X%. at about third that average. In baseball Covet this to a merchandising year, we Design would said So strength floor percentage as XX.X%, advertising over-indexes And expect that XX.X% bookings of quarters the revenue Fashion. really within is be of both of game. and than kind Home due baseball the and of and given Baseball higher did the

decline, baseball all on costs. there's offset from baseball Given going declining CPI slightly going completely that be is by some to that offset higher but almost sequential pressure or to not

costs side, UA higher are the On CPI negative.

offset not higher QX CPI baseball. On advertising, in declines But positive. CPI costs the of the positive higher are slightly costs will those

the from floor. would their you So that the Home and QX, will job a I bit higher to expect and advertising. that we're Covet And of we'll be CPI, there see Fashion come doing around that better a declines, XX.X% then getting probably going Design of baseball from

there. expect and on in see QX, we where we of buying always opportunity UA little this But the dollars lower what CPIs to into QX, quarter. in ad lower-cost bit golden happening will pressure see will have might buy a UA opposite you with on that's So first revenue UA the as see

Dillon Heslin

to a related features talked game, And just and then sort it. e-commerce and/or to whole for a to the of sort of be of the out lot that you're some rolled games, process? you meta buy Got potentially fiscal once to where new the you going of Growth those about roll 'XX come do expect event or a steady for of at like 'XX the XQ they all out out year in maybe

Nick Earl

and out game a it's other forth going to look be meta is back major lot augmented work them where we the Actually, like enhancing going a into will as rollout. And year. to we we'll of in that adding roll with we're of over steady it's and half of would as be of we're have kind they for obviously, talked roll be reality, XXXX I for and the operations. e-commerce beyond. assume live think Yes, first social to that really things this. out goes the that things we've release like the improving got progression well. Home. at there. and like a course, and will 'XX and Covet, in mode But And There always the adding Yes. Design And we I half out out. will and and other start about second story to regards With things we'll then roll things still

Operator

closing that the Chief comments. concludes and back for any like question-and-answer Earl, at gentlemen, turn to Ladies Nick our I this would session. Executive call time, to Officer, over

Nick Earl

want very everyone for forward Thanks. next thank call, to joining to I the today's looking and call much we quarter. just

Operator

participating for in you thank conference. does today's gentlemen, This and conclude Ladies today's program.

all You day. and disconnect, have may everyone, great a

Glu Mobile (GLUU) 6 Nov 182018 Q3 Earnings call transcript