The company said net revenue for the 3 months ended December 31, 2023 decreased by $41.5 from the prior year period, and its net loss was $91.6 ($0.54 per share), compared with $153.4 ($0.91 per share) a year earlier. Amounts are in millions of dollars as stated in the filing.

10-QQuarterly reportFiled Feb 9, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said net revenue for the 3 months ended December 31, 2023 decreased by $41.5 from the prior year period, and its net loss was $91.6 ($0.54 per share), compared with $153.4 ($0.91 per share) a year earlier. Amounts are in millions of dollars as stated in the filing.
The company said it recognized a goodwill impairment charge of $165.4 for the 9 months ended December 31, 2023, and impairment charges on acquisition-related Developed Game Technology intangible assets of $53.4 and $273.1 for the 3-month and 9-month periods, respectively. Amounts are in millions of dollars as stated in the filing.
The company said gross profit as a percentage of net revenue for the quarter was 49.7%, compared with 50.9% in the prior year period. It cited impairment charges on intangible assets and higher internal royalties as factors. Selling and marketing expenses decreased by $79.1, and the company attributed this to lower amortization of intangible assets related to the Zynga acquisition.
The company said it completed the issuance of $350.0 in additional senior notes on January 8, 2024. It said it intends to use the proceeds for general corporate purposes, including the repayment at maturity of the 2024 Notes. As of December 31, 2023, the company said it had no borrowings under its 2022 Credit Agreement and that about $499.5 was available for additional borrowing.

Key figures

Quarter ended December 31, 2023

Revenue: $1.4B
Operating income: −$129M
Net income: −$92M
EPS: −$0.54
Gross profit: $678M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Quarterly Net Revenue Down $41.5, Net Loss $91.6

The company said net revenue for the 3 months ended December 31, 2023 decreased by $41.5 from the prior year period, and its net loss was $91.6 ($0.54 per share), compared with $153.4 ($0.91 per share) a year earlier. Amounts are in millions of dollars as stated in the filing.

Source · Based on the MD&A text of the filing

Goodwill and Developed Game Technology Impairment Charges

The company said it recognized a goodwill impairment charge of $165.4 for the 9 months ended December 31, 2023, and impairment charges on acquisition-related Developed Game Technology intangible assets of $53.4 and $273.1 for the 3-month and 9-month periods, respectively. Amounts are in millions of dollars as stated in the filing.

Source · Based on the MD&A text of the filing

Quarterly Gross Margin and Selling and Marketing Expense Changes

The company said gross profit as a percentage of net revenue for the quarter was 49.7%, compared with 50.9% in the prior year period. It cited impairment charges on intangible assets and higher internal royalties as factors. Selling and marketing expenses decreased by $79.1, and the company attributed this to lower amortization of intangible assets related to the Zynga acquisition.

Source · Based on the MD&A text of the filing

Additional Senior Notes Issuance and Credit Facility

The company said it completed the issuance of $350.0 in additional senior notes on January 8, 2024. It said it intends to use the proceeds for general corporate purposes, including the repayment at maturity of the 2024 Notes. As of December 31, 2023, the company said it had no borrowings under its 2022 Credit Agreement and that about $499.5 was available for additional borrowing.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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