obligations (682) (807)
Payments for extinguishment of debt -- (135,855)
Repurchase of common stock (10,905) --
Payments to cover taxes upon exercise
of stock options and issuance of
common stock (1,236) --
Proceeds from exercise of common stock
warrants, net of redemptions -- 46
------- --------
Net cash used in financing activities (12,823) (136,616)
------- --------
Net change in cash, cash equivalents and
restricted cash $(585.SI)$ (32,358)
Cash, cash equivalents and restricted cash
-- beginning of year 312,028 365,436
------- --------
Cash, cash equivalents and restricted cash
-- end of period $311,443 $ 333,078
======= ========
Supplemental cash flow data:
Cash paid during the period for:
Interest $ 6,726 $ 12,261
Taxes $ 183 $ 200
Skillz Inc.
Reconciliation of GAAP Net Loss to Adjusted EBITDA (Unaudited)
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- ----------------------
2024 2023 2024 2023
------- ------- ------- -------
Net loss $(21,115) $(33,545) $(21,793) $(85,848)
Interest income
(expense), net (242) 2,279 (688) 7,486
Stock-based
compensation 6,721 12,440 22,894 33,610
Change in fair
value of
warrant
liability -- (127) (11) (278)
Provision for
income taxes 32 9 142 193
Depreciation and
amortization 389 486 1,188 1,858
Gain on
extinguishment
of debt -- -- -- (15,205)
Gain from
litigation
settlement(1) -- -- (46,000) --
Other income
(expense), net 333 (48) 78 (98)
Impairment
charges -- -- -- 455
Adjusted EBITDA $(13,882) $(18,506) $(44,190) $(58,282)
======= ======= ======= =======
1) For the nine months ended September 30, 2024, amount represents
certain funds received as part of the settlement with AviaGames.
Skillz Inc.
Reconciliation of GAAP to Non-GAAP Operating Expenses
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ----------------------
2024 2023 2024 2023
------ ------ ------- -------
Research and
development $ 4,742 $ 7,852 $ 13,638 $ 24,757
Less:
stock-based
compensation (322) (1,415) (651) (3,581)
------ ------ ------- -------
Non-GAAP research
and development $ 4,420 $ 6,437 $ 12,987 $ 21,176
====== ====== ======= =======
Sales and
marketing $19,294 $31,925 $ 61,138 $ 99,510
Less:
stock-based
compensation (1,086) (2,482) (4,885) (6,478)
------ ------ ------- -------
Non-GAAP sales and
marketing $18,208 $29,443 $ 56,253 $ 93,032
====== ====== ======= =======
General and
administrative $18,147 $24,389 $ 58,419 $ 78,080
Less:
stock-based
compensation (5,309) (8,543) (17,351) (23,551)
------ ------ ------- -------
Non-GAAP general
and
administrative $12,838 $15,846 $ 41,068 $ 54,529
====== ====== ======= =======
Skillz Inc.
Supplemental Financial Information
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- --------------------------
2024 2023 2024 2023
------- ------- ------- -------
Gross
marketplace
volume
("GMV")
(000s)(1) $158,238 $241,146 $481,169 $774,007
Paying monthly
active users
("PMAUs")
(000s)(2) 121 168 121 193
Monthly active
users
("MAUs")
(000s)(3) 845 1,038 837 1,094
Average GMV
per paying
monthly
active
user(4) $ 435.9 $ 478.8 $ 441.8 $ 446.2
Average GMV
per monthly
active
user(5) $ 62.4 $ 77.5 $ 63.9 $ 78.6
Average
revenue per
paying
monthly
active user
("ARPPU")(6) $ 67.6 $ 72.3 $ 68.9 $ 69.9
Average
revenue per
monthly
active user
("ARPU")(7) $ 9.7 $ 11.7 $ 10.0 $ 12.3
Paying MAU to
MAU ratio 14% 16% 14% 18%
Average
end-user
incentives,
included as
sales and
marketing
expense, per
paying active
user(8) $ 28.0 $ 33.6 $ 27.1 $ 29.8
Average
end-user
incentives,
included as
sales and
marketing
expense, per
playing
active
user(9) $ 4.0 $ 5.4 $ 3.9 $ 5.2
(1) "GMV" or "Gross Marketplace Volume" means the total entry fees paid by users for contests hosted on Skillz' platform. Total entry fees include entry fees paid by end-users using cash deposits, prior winnings from end-users' accounts that have not been withdrawn, and end-user incentives used to enter paid entry fee contests.
(2) "Paying Monthly Active Users" or "PMAUs" means the number of end-users who entered into a paid contest hosted on Skillz' platform at least once in a month, averaged over each month in the period.
(3) "Monthly Active Users" or "MAUs" means the number of playing end-users who entered into a paid or free contest hosted on Skillz' platform at least once in a month, averaged over each month in the period.
(4) "Average GMV Per Paying Monthly Active User" means the average GMV in a given month divided by Paying MAUs in that month, averaged over the period.
(5) "Average GMV Per Monthly Active User" means the average GMV in a given month divided by MAUs in that month, averaged over the period.
(6) "Average Revenue Per Paying Monthly Active User" or "ARPPU" means the average revenue in a given month divided by Paying MAUs in that month, averaged over the period and does not include a deduction for end-user incentives that are included in sales and marketing expense.
(7) "Average Revenue Per Monthly Active User" or "ARPU" means the average revenue in a given month divided by MAUs in that month, averaged over the period and does not include a deduction for end-user incentives that are included in sales and marketing expense.
(8) Amount reflects the average end-user incentives included in sales and marketing expense in a given month divided by PMAUs in that month, averaged over the period.
(9) Amount reflects the average end-user incentives included in sales and marketing expense in a given month divided by MAUs in that month, averaged over the period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107136187/en/
CONTACT: Investors: ir@skillz.com
or
James Leahy, Richard Land
JCIR
(212) 835-8500 or sklz@jcir.com
Media: press@skillz.com
(END) Dow Jones Newswires
November 07, 2024 18:24 ET (23:24 GMT)
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