DoubleDown Interactive (NASDAQ: DDI), a leading developer and publisher of digital games on mobile and web-based platforms, is reporting unaudited financial results for the fourth quarter and year ended December 31, 2023; that report includes contributions from European iGaming operator, SuprNation, which DoubleDown acquired in October 2023. Highlights of the report included $83.1 million revenue in the fourth quarter of 2023 compared to $76.2 million in the fourth quarter of 2022; a decrease in operating expenses, which totaled $47.5 million in the quarter compared to $321.4 million in the same quarter in 2022; Adjusted EBITDA reached $36.2 million for Q4 2023, up from $24.7 million for Q4 2022; net income came in at $25.5 million for the quarter compared to a loss of $(194.4) million in the same quarter of 2022; average revenue per daily active user (“ARPDAU”) for DDI’s social casino/free-to-play games increased to $1.24 for the quarter, up from $0.98 in Q4 2022 and $1.06 in Q3 2023; and average monthly revenue per payer for the social casino/free-to-play games increased to $279 for the quarter of 2023.
“Our fourth-quarter results, which include a 3% year-over-year increase in core social casino revenue to $78.8 million and a 46% increase in Adjusted EBITDA to $36.2 million, highlight our best-in-class ability to monetize our loyal players combined with our disciplined approach to user acquisition and R&D spend which drives consistent profitability and strong free cash flow,” said DoubleDown CEO In Keuk Kim in the press release. “We continue to deliver strong engagement metrics for our flagship social casino game DoubleDown Casino, as ARPDAU and average monthly revenue per payer rose 26% and 23%, respectively, compared to the 2022 fourth quarter. As a result, cash flows from operating activities were approximately $30 million in the fourth quarter. . . . We place a primary focus on being capital efficient as reflected in our strong Adjusted EBITDA margins and free cash-flow generation. At 2023 year-end, cash and cash equivalents and short-term investments net of current borrowing were approximately $235 million, which is equivalent to approximately $4.75 per ADS. Our strong net cash position and consistent ability to generate attractive free cash flow provides the company with significant flexibility to evaluate further opportunities to deploy capital that would continue to expand our business in gaming categories with attractive addressable markets and where our operating discipline would ultimately deliver additional free cash flow and create new value for our shareholders.”
To view the full press release, visit https://ibn.fm/tz4cc
About DoubleDown Interactive Co. Ltd.
DoubleDown Interactive is a leading developer and publisher of digital games on mobile and web-based platforms. The company is the creator of multiformat interactive entertainment experiences for casual players, bringing authentic Vegas entertainment to players around the world through an online social casino experience. DDI’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. For more information about this company, please visit www.DoubleDownInteractive.com.
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