DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) (“DoubleDown” or the
“Company”), a leading developer and publisher of digital games on
mobile and web-based platforms, today announced unaudited financial
results for the third quarter ended September 30, 2024.
Third Quarter 2024 vs. Third Quarter
2023 Summary:
- Revenue increased to $83.0 million
in the third quarter of 2024 from $73.0 million in the third
quarter of 2023. SuprNation, a European iGaming operator
(“SuprNation”) which was acquired by the Company on October 31,
2023, generated total revenue of $7.8 million in the third quarter
of 2024. Revenue exclusive of the contributions from SuprNation
increased 3% to $75.2 million.
- Operating expenses increased to
$47.7 million in the third quarter of 2024 from $43.3 million in
the third quarter of 2023, primarily due to the third quarter 2024
inclusion of operating expenses related to SuprNation, partially
offset by lower sales and marketing and research and development
expenses.
- Net income decreased to $25.1
million, or earnings per fully diluted common share of $10.11
($0.51 per American Depositary Share (“ADS”)), in the third quarter
of 2024, from net income of $26.9 million, or earnings per fully
diluted common share of $10.87 ($0.54 per ADS), in the third
quarter of 2023. The decrease was primarily due to loss on foreign
currency translation and higher general and administrative expense
which included new expenses for SuprNation, partially offset by
higher revenue and lower overall sales and marketing and research
and development expenses. Each ADS represents 0.05 share of a
common share.
- Adjusted EBITDA increased to $36.1
million for the third quarter of 2024 from $29.7 million in the
third quarter of 2023. Adjusted EBITDA margin increased to 43.5% in
the third quarter of 2024 from 40.7% in the third quarter of
2023.
- Average Revenue Per Daily Active
User (“ARPDAU”) for the Company’s social casino/free-to-play games
increased to $1.30 in the third quarter of 2024 from $1.06 in the
third quarter of 2023 and slightly decreased from $1.33 in the
second quarter of 2024.
- Average monthly revenue per payer
for the social casino/free-to-play games increased to $281 in the
third quarter of 2024 from $245 in the third quarter of 2023 and
slightly decreased from $288 in the second quarter of 2024.
“The third quarter marked another period of strong performance
with consolidated revenue rising 14% to $83 million and Adjusted
EBITDA increasing 22% to $36.1 million,” said In Keuk Kim, Chief
Executive Officer of DoubleDown. “Our third quarter growth includes
a 3% year-over-year increase in social casino revenue to $75.2
million, the fourth consecutive quarter of year-over-year growth.
The consistent top-line and cash generating performance of our core
social casino business highlights our best-in-class ability to
monetize our loyal players while maintaining strict discipline with
our user acquisition and R&D spend which drives strong
profitability and free cash flow. This core operating focus, which
we also apply to our SuprNation iGaming business, has resulted in
trailing twelve months cash flows from operations of approximately
$101 million, including $31.8 million generated in the 2024 third
quarter, our third consecutive quarter of more than $30
million.
“Our SuprNation iGaming operations continue to generate higher
quarterly revenue compared to the estimated level the business was
achieving prior to our acquisition in October 2023. As we gain more
experience with operating our first real money casino site, our
focus for the business continues to emphasize go-to-market
initiatives, including marketing and player-engagement strategies,
that are consistent with our commitment to drive profitable revenue
growth and positive cash flow contributions.
“Our disciplined approach to user acquisition and R&D spend
delivers exceptional quarterly Adjusted EBITDA margins and free
cash flow which continues to further solidify our strong balance
sheet and financial position. We ended the third quarter with an
aggregate net cash position of approximately $335 million, or
approximately $6.76 per ADS. With our strong net cash position and
consistent strong free cash flow generation we have significant
financial flexibility to evaluate organic and M&A focused
growth opportunities that can create new value for our
shareholders.”
Summary Operating Results for DoubleDown Interactive
(Unaudited)
| |
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Revenue ($ MM) |
$ |
83.0 |
|
|
$ |
73.0 |
|
|
$ |
259.4 |
|
|
$ |
225.8 |
|
| Total operating expenses |
|
47.7 |
|
|
|
43.3 |
|
|
|
156.9 |
|
|
|
143.2 |
|
| Net income ($ MM) |
$ |
25.1 |
|
|
$ |
29.7 |
|
|
$ |
88.8 |
|
|
$ |
82.8 |
|
| Adjusted EBITDA ($ MM) |
$ |
36.1 |
|
|
$ |
26.9 |
|
|
$ |
105.0 |
|
|
$ |
75.0 |
|
| Net income margin |
|
30.3% |
|
|
|
36.9% |
|
|
|
34.2% |
|
|
|
33.2% |
|
| Adjusted EBITDA margin |
|
43.5% |
|
|
|
40.7% |
|
|
|
40.5% |
|
|
|
36.7% |
|
|
|
|
|
|
|
|
|
|
| Non-financial performance
metrics |
|
|
|
|
|
|
|
| Average MAUs (000s) |
|
1,312 |
|
|
|
1,675 |
|
|
|
1,393 |
|
|
|
1,837 |
|
| Average DAUs (000s) |
|
632 |
|
|
|
749 |
|
|
|
665 |
|
|
|
794 |
|
| ARPDAU |
$ |
1.30 |
|
|
$ |
1.06 |
|
|
$ |
1.30 |
|
|
$ |
1.05 |
|
| Average monthly revenue per
payer |
$ |
281 |
|
|
$ |
245 |
|
|
$ |
283 |
|
|
$ |
234 |
|
| Payer conversion |
|
6.8% |
|
|
|
5.9% |
|
|
|
6.6% |
|
|
|
5.9% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Social
casino/free-to-play games only |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2024 Financial Results
Revenue in the third quarter of 2024, inclusive
of the contributions from SuprNation, was $83.0 million, an
increase of 14% from $73.0 million in the third quarter of 2023.
Revenue exclusive of the contributions from SuprNation increased 3%
year over year to $75.2 million, primarily reflecting higher
engagement and monetization of the existing player base.
Operating expenses in the third quarter of 2024
increased 10% year over year to $47.7 million. The increase is
primarily due to the inclusion of SuprNation expenses in the third
quarter of 2024, which were not incurred in the third quarter of
2023 given that SuprNation was acquired in October 2023.
Net income was $25.1 million in the third
quarter of 2024, or $10.11 per fully diluted common share ($0.51
per ADS), as compared to net income of $26.9 million, or $10.87 per
fully diluted common share ($0.54 per ADS), in the third quarter of
2023. The decrease in net income was primarily due to loss on
foreign currency translation and higher general and administrative
expenses which included the new expenses for SuprNation, partially
offset by increased revenue and lower sales and marketing and
research and development expenditures. Each ADS represents 0.05
share of a common share.
Adjusted EBITDA in the third quarter of 2024
increased 22%, or $6.4 million, to $36.1 million, compared to $29.7
million in the third quarter of 2023. Consistent with the increase
in net income, the improvement in Adjusted EBITDA primarily
reflects higher revenue and lower sales and marketing and research
and development expenses, partially offset by higher general and
administrative expenses which included the new expenses for
SuprNation.
Net cash flows provided by operating activities
for the third quarter of 2024 increased to $31.8 million from $28.7
million in the third quarter of 2023. The increase is primarily due
to higher operating income.
Conference Call
DoubleDown will hold a conference call today (November 11,
2024) at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss
these results. A question-and-answer session will follow
management’s presentation.
To access the call, please use the following link: DoubleDown
Third Quarter 2024 Earnings Call. After registering, an email will
be sent, including dial-in details and a unique conference call
access code required to join the live call. To ensure you are
connected prior to the beginning of the call, please register a
minimum of 15 minutes before the start of the call.
A simultaneous webcast of the conference call will be available
with the following link: DoubleDown Third Quarter 2024 Earnings
Webcast, or via the Investor Relations page of the DoubleDown
website at ir.doubledowninteractive.com. For those not planning to
ask a question on the conference call, the Company recommends
listening via the webcast. A replay will be available on the
Company’s Investor Relations website shortly after the event.
About DoubleDown Interactive
DoubleDown Interactive Co., Ltd. is a leading developer and
publisher of digital games on mobile and web-based platforms. We
are the creators of multi-format interactive entertainment
experiences for casual players, bringing authentic Vegas
entertainment to players around the world through an online social
casino experience. The Company’s flagship social casino title,
DoubleDown Casino, has been a fan-favorite game on leading social
and mobile platforms for years, entertaining millions of players
worldwide with a lineup of classic and modern games. Following its
acquisition of SuprNation in October 2023, the Company also
operates three real-money iGaming sites in Western Europe.
Safe Harbor Statement
Certain statements contained in this press
release are “forward-looking statements” about future events and
expectations for purposes of the safe harbor provisions under the
United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on our beliefs, assumptions,
and expectations of industry trends, our future financial and
operating performance, and our growth plans, taking into account
the information currently available to us. These statements are not
statements of historical fact. We have based these forward-looking
statements on our current expectations and assumptions about future
events. While our management considers these expectations and
assumptions to be reasonable, they are inherently subject to
significant business, economic, competitive, regulatory and other
risks, contingencies and uncertainties, most of which are difficult
to predict and many of which are beyond our control. Therefore, you
should not place undue reliance on such statements. Words such as
“anticipates,” believes,” “continues,” “estimates,” “expects,”
“goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,”
potential,” “near-term,” long-term,” “projections,” “assumptions,”
“projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,”
“should,” “could,” “would,” “will,” and similar expressions are
intended to identify such forward-looking statements. We qualify
any forward-looking statements entirely by these cautionary
factors. We assume no obligation to update or revise any
forward-looking statements for any reason or to update the reasons
actual results could differ materially from those anticipated in
these forward-looking statements, even if new information becomes
available in the future.
Use and Reconciliation of Non-GAAP
Financial Measures
In addition to our results determined in
accordance with the accounting principles generally accepted in the
United States of America (“GAAP”), we believe the following
non-GAAP financial measure is useful in evaluating our operating
performance. We present “adjusted earnings before interest, taxes,
depreciation and amortization” (“Adjusted EBITDA”) because we
believe it assists investors and analysts by facilitating
comparison of period-to-period operational performance on a
consistent basis by excluding items that we do not believe are
indicative of our core operating performance. The items excluded
from the Adjusted EBITDA may have a material impact on our
financial results. Certain of those items are non-recurring, while
others are non-cash in nature. Accordingly, the Adjusted EBITDA is
presented as supplemental disclosure and should not be considered
in isolation of, as a substitute for, or superior to, the financial
information prepared in accordance with GAAP, and should be read in
conjunction with the financial statements furnished in our report
on Form 6-K filed with the SEC.
In our reconciliation from our reported GAAP
“net income before provision for taxes” to our Adjusted EBITDA, we
eliminate the impact of the following six line items: (i)
depreciation and amortization; (ii) interest income; (iii) interest
expense; (iv) foreign currency transaction/remeasurement (gain)
loss; (v) short-term investments (gain) loss; and (vi) other
(income) expense, net. The below table sets forth the full
reconciliation of our non-GAAP measures:
| Reconciliation of
non-GAAP measures |
Three months ended September 30, |
|
Nine months ended September 30, |
|
(in millions, except percentages) |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
| Net income (loss) |
$ |
25.1 |
|
$ |
26.9 |
|
|
$ |
88.8 |
|
$ |
75.0 |
|
| Income tax benefit
(expense) |
|
8.8 |
|
|
7.8 |
|
|
|
26.2 |
|
|
22.1 |
|
| Income (loss) before tax |
|
33.9 |
|
|
34.7 |
|
|
|
114.9 |
|
|
97.1 |
|
|
|
|
|
|
|
|
| Adjustments for: |
|
|
|
|
|
|
Depreciation and amortization |
|
0.8 |
|
|
0.1 |
|
|
|
2.5 |
|
|
0.2 |
|
|
Interest income |
|
(4.0 |
) |
|
(3.1 |
) |
|
|
(11.3 |
) |
|
(10.5 |
) |
|
Interest expense |
|
0.5 |
|
|
0.4 |
|
|
|
1.3 |
|
|
1.3 |
|
|
Foreign currency transaction/remeasurement (gain) loss |
|
4.9 |
|
|
(2.3 |
) |
|
|
(2.3 |
) |
|
(5.4 |
) |
|
Short-term investments (gain) loss |
|
7 |
|
|
- |
|
|
|
0.0 |
|
|
0.1 |
|
|
Other (income) expense, net |
|
(0.0 |
) |
|
(0.1 |
) |
|
|
(0.2 |
) |
|
- |
|
| Adjusted EBITDA |
$ |
36.1 |
|
$ |
29.7 |
|
|
$ |
105.0 |
|
$ |
82.8 |
|
| Adjusted EBITDA margin |
|
43.5% |
|
|
40.7% |
|
|
|
40.5% |
|
|
36.7% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
We encourage investors and others to review our
financial information in its entirety and not to rely on any single
financial measure.
Company Contact:Joe Sigristir@doubledown.com+1
(206) 773-2266Chief Financial
Officerhttps://www.doubledowninteractive.com
Investor Relations Contact:Joseph Jaffoni or
Richard LandJCIR+1 (212) 835-8500DDI@jcir.com
|
DoubleDown Interactive Co., Ltd. |
|
Condensed Consolidated Balance Sheets |
|
(In thousands of U.S. dollars, except share and per share
amounts) |
|
|
| |
September 30, |
December 31, |
|
|
|
2024 |
|
|
2023 |
| Assets |
(unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
292,651 |
|
$ |
206,911 |
|
Short-term investments |
|
80,000 |
|
|
67,756 |
|
Accounts receivable, net |
|
33,376 |
|
|
32,517 |
|
Prepaid expenses, and other assets |
|
9,895 |
|
|
8,570 |
| Total current assets |
$ |
415,922 |
|
$ |
315,754 |
|
Property and equipment, net |
|
583 |
|
|
444 |
|
Operating lease right-of-use assets, net |
|
4,450 |
|
|
7,130 |
|
Intangible assets, net |
|
49,377 |
|
|
51,571 |
|
Goodwill |
|
396,887 |
|
|
396,704 |
|
Deferred tax asset |
|
10,936 |
|
|
28,934 |
|
Other non-current assets |
|
1,694 |
|
|
2,807 |
| Total assets |
$ |
879,849 |
|
$ |
803,344 |
|
|
|
|
| Liabilities and Shareholders’
Equity |
|
|
|
Accounts payable and accrued expenses(1) |
$ |
13,203 |
|
$ |
13,293 |
|
Short-term operating lease liabilities(2) |
|
917 |
|
|
3,157 |
|
Income taxes payable |
|
240 |
|
|
112 |
|
Contract liabilities |
|
1,482 |
|
|
2,520 |
|
Current portion of borrowing with related party(3) |
|
- |
|
|
38,778 |
|
Other current liabilities(4) |
|
3,728 |
|
|
10,645 |
| Total current liabilities |
$ |
19,570 |
|
$ |
68,505 |
|
Long-term borrowings with related party(5) |
|
37,890 |
|
|
- |
|
Long-term operating lease liabilities(6) |
|
3,753 |
|
|
4,420 |
|
Deferred tax liabilities, net |
|
360 |
|
|
848 |
|
Other non-current liabilities(7) |
|
2,668 |
|
|
1,681 |
| Total liabilities |
$ |
64,241 |
|
$ |
75,454 |
| Shareholders’ equity |
|
|
|
Common stock, KRW 10,000 par value - 200,000,000 Shares authorized;
2,477,672, issued and outstanding |
|
21,198 |
|
|
21,198 |
|
Additional paid-in-capital |
|
359,280 |
|
|
359,280 |
|
Accumulated other comprehensive income |
|
19,253 |
|
|
19,982 |
|
Retained earnings |
|
415,800 |
|
|
327,273 |
| Total shareholders’ equity
attributable to shareowners of DDI Co. Ltd. |
$ |
815,531 |
|
$ |
727,733 |
|
Equity attributable to noncontrolling interests |
|
77 |
|
|
157 |
| Total equity |
$ |
815,608 |
|
$ |
727,890 |
| Total liabilities and
shareholders’ equity |
$ |
879,849 |
|
$ |
803,344 |
| |
|
|
|
|
|
| (1) Includes
related party royalty and other payables of $1,503 and $1,618 at
September 30, 2024 and December 31, 2023, respectively (see Note 12
to the unaudited consolidated financial statements of the Company
for the nine months ended September 30, 2024). |
| (2) Includes
related party operating lease liability of $719 and $1,298 at
September 30, 2024 and December 31, 2023, respectively (see Note 12
to the unaudited consolidated financial statements of the Company
for the nine months ended September 30, 2024). |
| (3) Includes
related party notes payable of $0 and $38,778 at September 30, 2024
and December 31, 2023, respectively (see Note 12 to the unaudited
consolidated financial statements of the Company for the nine
months ended September 30, 2024). |
| (4) Includes
related party interest payable of $0 and $9,501 at September 30,
2024 and December 31, 2023, respectively (see Note 12 to the
unaudited consolidated financial statements of the Company for the
nine months ended September 30, 2024). |
| (5) Includes
related party notes payable of $37,890 and $0 at September 30, 2024
and December 31, 2023, respectively (see Note 12 to the unaudited
consolidated financial statements of the Company for the nine
months ended September 30, 2024). |
| (6) Includes
related party operating lease liability of $1,959 and $4,414 at
September 30, 2024 and December 31, 2023, respectively (see Note 12
to the unaudited consolidated financial statements of the Company
for the nine months ended September 30, 2024). |
| (7) Includes
related party interest payable of $605 and $0 at September 30, 2024
and December 31, 2023, respectively (see Note 12 to the unaudited
consolidated financial statements of the Company for the nine
months ended September 30, 2024). |
| |
|
DoubleDown Interactive Co., Ltd. |
|
Condensed Consolidated Statement of Income and
Comprehensive Income |
|
(Unaudited, in thousands except share and per share
amounts) |
|
|
| |
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Revenue |
$ |
82,981 |
|
|
$ |
72,983 |
|
|
$ |
259,360 |
|
|
$ |
225,766 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
Cost of revenue(1)(2) |
|
24,760 |
|
|
|
23,658 |
|
|
|
78,953 |
|
|
|
74,282 |
|
|
Sales and marketing(1) |
|
8,864 |
|
|
|
10,585 |
|
|
|
34,731 |
|
|
|
39,733 |
|
|
Research and development(1) |
|
2,537 |
|
|
|
4,361 |
|
|
|
8,984 |
|
|
|
14,473 |
|
|
General and administrative(1)(3) |
|
10,747 |
|
|
|
4,644 |
|
|
|
31,725 |
|
|
|
14,526 |
|
|
Depreciation and amortization |
|
834 |
|
|
|
55 |
|
|
|
2,480 |
|
|
|
158 |
|
| Total operating expenses |
|
47,742 |
|
|
|
43,303 |
|
|
|
156,873 |
|
|
|
143,172 |
|
| Operating income |
$ |
35,239 |
|
|
$ |
29,680 |
|
|
$ |
102,487 |
|
|
$ |
82,594 |
|
| Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense(4) |
|
(457 |
) |
|
|
(443 |
) |
|
|
(1,292 |
) |
|
|
(1,341 |
) |
|
Interest income |
|
4,045 |
|
|
|
3,132 |
|
|
|
11,305 |
|
|
|
10,511 |
|
|
Gain (loss) on foreign currency transactions |
|
(341 |
) |
|
|
1,177 |
|
|
|
3,772 |
|
|
|
3,907 |
|
|
Gain (loss) on foreign currency remeasurement |
|
(4,582 |
) |
|
|
1,096 |
|
|
|
(1,520 |
) |
|
|
1,484 |
|
|
Gain (loss) on short-term investments |
|
(7 |
) |
|
|
(7 |
) |
|
|
(20 |
) |
|
|
(76 |
) |
|
Other, net |
|
40 |
|
|
|
91 |
|
|
|
198 |
|
|
|
(4 |
) |
| Total other income (expense),
net |
$ |
(1,302 |
) |
|
$ |
5,046 |
|
|
$ |
12,443 |
|
|
$ |
14,481 |
|
| Income before income tax |
$ |
33,937 |
|
|
$ |
34,726 |
|
|
$ |
114,930 |
|
|
$ |
97,075 |
|
|
Income tax (expense) |
|
(8,794 |
) |
|
|
(7,796 |
) |
|
|
(26,161 |
) |
|
|
(22,116 |
) |
| Net income |
$ |
25,143 |
|
|
$ |
26,930 |
|
|
$ |
88,769 |
|
|
$ |
74,959 |
|
|
Less: Net income attributable to noncontrolling interests |
|
101 |
|
|
|
- |
|
|
|
242 |
|
|
|
- |
|
| Net income attributable to
DoubleDown Interactive Co., Ltd. |
$ |
25,042 |
|
|
$ |
26,930 |
|
|
$ |
88,527 |
|
|
$ |
74,959 |
|
| Other comprehensive income
(expense): |
|
|
|
|
|
|
|
|
Pension adjustments, net of tax |
|
102 |
|
|
|
(48 |
) |
|
|
208 |
|
|
|
(156 |
) |
|
Gain (loss) on foreign currency translation |
|
4,165 |
|
|
|
(1,821 |
) |
|
|
(1,000 |
) |
|
|
(3,168 |
) |
| Other comprehensive income
(expense) |
|
4,267 |
|
|
|
(1,870 |
) |
|
|
(792 |
) |
|
|
(3,325 |
) |
| Comprehensive income |
$ |
29,410 |
|
|
$ |
25,061 |
|
|
$ |
87,977 |
|
|
$ |
71,635 |
|
|
Less: Comprehensive income attributable to noncontrolling
interests |
|
101 |
|
|
|
- |
|
|
|
179 |
|
|
|
- |
|
| Comprehensive income
attributable to DoubleDown Interactive Co., Ltd. |
$ |
29,309 |
|
|
$ |
25,061 |
|
|
$ |
87,798 |
|
|
$ |
71,635 |
|
| Earnings per share: |
|
|
|
|
|
|
|
| Basic |
$ |
10.11 |
|
|
$ |
10.87 |
|
|
$ |
35.73 |
|
|
$ |
30.25 |
|
| Diluted |
$ |
10.11 |
|
|
$ |
10.87 |
|
|
$ |
35.73 |
|
|
$ |
30.25 |
|
| Weighted average shares
outstanding: |
|
|
|
|
|
|
|
| Basic |
|
2,477,672 |
|
|
|
2,477,672 |
|
|
|
2,477,672 |
|
|
|
2,477,672 |
|
| Diluted |
|
2,477,672 |
|
|
|
2,477,672 |
|
|
|
2,477,672 |
|
|
|
2,477,672 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Excluding
depreciation and amortization. |
| (2) Includes
related party royalty expense of $564 and $513 for the three months
ended September 30, 2024 and 2023, respectively, and $1,805
and $1,963 for the nine months ended September 30, 2024 and
2023, respectively (See Note 12 to the unaudited consolidated
financial statements of the Company for the three and nine months
ended September 30, 2024). |
| (3) Includes
related party rent and general and administrative expense of $1,616
and $349 for the three months ended September 30, 2024 and 2023,
respectively, and $4,593 and $1,108 for the nine months ended
September 30, 2024 and 2023, respectively (See Note 12 to the
unaudited consolidated financial statements of the Company for the
three and nine months ended September 30, 2024). |
| (4) Includes
related party interest expense of $425 and $442 for the three
months ended September 30, 2024 and 2023, respectively, and
$1,268 and $1,323 for the nine months ended September 30, 2024
and 2023 (See Note 12 to the unaudited consolidated financial
statements of the Company for the three and nine months ended
September 30, 2024). |
| |
|
DoubleDown Interactive Co., Ltd. |
|
Condensed Consolidated Statement of Cash
Flows |
|
(Unaudited, in thousands of U.S. dollars) |
| |
|
| |
Nine months ended September 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
| Cash flow from (used in)
operating activities: |
|
|
|
| Net Income |
$ |
88,769 |
|
|
$ |
74,959 |
|
| Adjustments to reconcile net
income to net cash from operating activities: |
|
|
|
|
Depreciation and amortization |
|
2,480 |
|
|
|
158 |
|
|
(Gain)/Loss on foreign currency remeasurement |
|
1,520 |
|
|
|
(1,484 |
) |
|
Loss on short-term investments |
|
20 |
|
|
|
76 |
|
|
Deferred taxes |
|
17,200 |
|
|
|
21,110 |
|
| Working capital
adjustments: |
|
|
|
|
Accounts receivable |
|
(948 |
) |
|
|
(6,847 |
) |
|
Prepaid expenses, other current and non-current assets |
|
520 |
|
|
|
1,090 |
|
|
Accounts payable, accrued expenses and other payables |
|
(588 |
) |
|
|
(3,381 |
) |
|
Contract liabilities |
|
(1,039 |
) |
|
|
(382 |
) |
|
Income tax payable |
|
(1,713 |
) |
|
|
15 |
|
|
Loss contingency |
|
- |
|
|
|
(95,250 |
) |
|
Other current and non-current liabilities |
|
(5,093 |
) |
|
|
1,055 |
|
| Net cash flows from (used in)
operating activities |
$ |
101,128 |
|
|
$ |
(8,881 |
) |
| Cash flow from (used in)
investing activities: |
|
|
|
|
Purchases of intangible assets |
$ |
(5 |
) |
|
$ |
- |
|
|
Purchases of property and equipment |
|
(291 |
) |
|
|
(173 |
) |
|
Issuance of note receivable |
|
- |
|
|
|
(1,086 |
) |
|
Proceeds from disposal of property and equipment |
|
2 |
|
|
|
- |
|
|
Purchases of short-term investments |
|
(81,659 |
) |
|
|
(47,465 |
) |
|
Sales of short-term investments |
|
66,795 |
|
|
|
75,633 |
|
| Net cash flows from (used in)
investing activities |
$ |
(15,158 |
) |
|
$ |
26,909 |
|
| Cash flow from (used in)
financing activities: |
|
|
|
|
Dividends distributed to noncontrolling interests |
|
(320 |
) |
|
|
- |
|
| Net cash flows from (used in)
financing activities: |
$ |
(320 |
) |
|
$ |
- |
|
| Net foreign exchange
difference on cash and cash equivalents |
|
90 |
|
|
|
(1,444 |
) |
| Net increase in cash and cash
equivalents |
$ |
85,740 |
|
|
$ |
16,584 |
|
| Cash and cash equivalents at
beginning of period |
$ |
206,911 |
|
|
$ |
217,352 |
|
| Cash and cash equivalents at
end of period |
$ |
292,651 |
|
|
$ |
233,936 |
|
| Cash paid during year
for: |
|
|
|
| Interest |
$ |
9,977 |
|
|
$ |
- |
|
| Income taxes |
$ |
10,211 |
|
|
$ |
20 |
|
DoubleDown Interactive (NASDAQ:DDI)
過去 株価チャート
から 10 2024 まで 11 2024
DoubleDown Interactive (NASDAQ:DDI)
過去 株価チャート
から 11 2023 まで 11 2024
