Playtika Holding Corp. (NASDAQ: PLTK) has released its financial results for the fourth quarter and fiscal year ended December 31, 2023. The company reported a 1.2% sequential increase and a 1.1% year-over-year increase in revenue for the fourth quarter of 2023, reaching $637.9 million. Additionally, its direct-to-consumer (DTC) platforms revenue saw a 0.4% sequential increase and a substantial 7.6% year-over-year increase, totaling $161.6 million.
However, the net income for the same quarter decreased by 1.6% sequentially and by a significant 57.4% year over year, amounting to $37.3 million. The credit adjusted EBITDA also decreased by 8.1% sequentially and 6.8% year over year, reaching $188.9 million. Playtika's cash and cash equivalents totaled $1,029.7 million as of December 31, 2023.
Looking at the full fiscal year 2023, Playtika reported revenue of $2,567.0 million, compared to $2,615.5 million in the prior year. Its DTC platforms revenue increased to $639.4 million from $606.9 million in the prior year. However, the company's net income for the fiscal year decreased to $235.0 million from $275.3 million in the prior year. The credit adjusted EBITDA for fiscal year 2023 also saw an increase to $832.2 million from $805.1 million in the prior year. Playtika generated a free cash flow of $436.4 million compared to $383.7 million in the prior year.
The company also provided a financial outlook for fiscal year 2024, with revenue expected to be between $2.520 billion and $2.620 billion and credit adjusted EBITDA projected to be between $730 million and $770 million. Additionally, capital expenditures for fiscal year 2024 are expected to be between $110 million and $115 million, including $17 million in accrued capital expenditures from the fourth quarter of fiscal year 2023 that will be paid in fiscal year 2024.
Playtika has initiated a quarterly dividend of $0.10 per share, with the first payment scheduled for April 5, 2024, to shareholders of record as of March 22, 2024. The company expressed its intention to continue paying quarterly dividends, subject to market conditions and approval by its board of directors.
In terms of operational metrics and business highlights, Playtika reported that average daily paying users increased by 2.3% sequentially but decreased by 2.2% year over year. The average payer conversion remained flat year over year. Additionally, various game titles experienced both sequential and year-over-year revenue changes, with some showing increases and others showing decreases.
