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Overview
April 2019
OVERVIEW
UNDER CONTRUTION
SciPlay Second Quarter Results
Ended June 30, 2019
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE
Agenda
Overview
2019 Second Quarter
Results Review
Why we Win
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 1
Overview
April 2019
OVERVIEW
UNDER CONTRUTION
Overview
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATESciPlay at a Glance
OFFERING 7 CORE GAMES…
$118mm 18%
Revenue Growth
44%
AEBITDA Growth
83%
Mobile Penetration
Revenue (Q2 2019) (Q218 – Q219) (Q218 – Q219)1 (Q2 2019)
$33mm 8.1mm
Average MAUs
6.0%
Payer Conversion
$81.42 AMRPU
AEBITDA (Q2 2019)1 (Q2 2019) Rate (Q2 2019) (Q2 2019)
∼28% 2.7mm
Average DAUs
$0.48 ARPDAUMobile Gaming is Large and Highly Engaging
Mobile Gaming Market Target Audience in the Casual Genre
Target Demographic Casual Games
~$85bn Females/Males, Age 35+
Global mobile and tablet
gaming market in 2019(1)
1.5bn
people played games on
mobile or tablet in 2017(1)
80%
of spend on Apple and Google
Play stores in 2017(2)
Game
3 hrs 35 min Higher
+ Genres + +
spent per day on mobile devices Greater Better
by the average American in 2018(3) Engagement Loyalty Monetization
(1) Source: IDC Worldwide Mobile and Handheld Gaming Forecast, 2019 – 2023. (2) Source: App Annie. (3) Source: eMarketer.
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 4Expanding Market Across Attractive Genres
Further Expansion into …Anchored by Evergreen
Growing Casual Genre… Social Casino
Top Grossing iOS Games’ Rank Trajectory
After Hitting Top 25(4)
Months (After Hitting Top 25)
$85bn 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Mobile Gaming(1) 1
Our Market Opportunity
$30bn
Ranking
Casual (2)
$5bn
Social Casino(3)
100
Social Casino Median All Other Games Median
(1) Source: IDC Worldwide Mobile and Handheld Gaming Forecast, 2019 –2023. Total projected worldwide market in 2019 for smartphone and tablet gaming revenue.
(2) Source: Eilers & Krejcik. Total projected market in 2019 for social casino mobile games and other casual mobile games, such as puzzle, card and match three games.
(3) Source: Eilers & Krejcik. Total projected market in 2019 for social casino mobile games.
(4) Source: App Annie for top grossing games in the US on iPhone (as of October 2018). Includes only games that first achieved top 25 US grossing rank within the time period of 1/1/2012
through 7/1/2017.
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 5Overview
April 2019
OVERVIEW
UNDER CONTRUTION
2019 Second Quarter Results
Review
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE2Q19 Highlights
• SciPlay completed an initial public offering (“IPO”) on May 7th and began
trading on The NASDAQ Global Select Market under the symbol “SCPL”
• Revenue grew 18% to $118 million, which was more than double the market rate
of growth according to Eilers & Krejcik
• Mobile revenue increased 28% to $98 million
• Net income increased $14 million to $26 million; margin of 22%
• AEBITDA grew 44% to $33 million; robust AEBITDA margin of 28%
• Payer conversion rates increased to 6% driven by the growing popularity of our
games and increased interaction with the games by our players as a result of
the introduction of new game features
• Jackpot Party, our largest game by revenue, grew 28% or 3x market growth
driven by improved player engagement and monetization
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 7Revenue up 18% in Q2, to $118M
Revenue growth more than double the industry, and record growth of
24% year-over-year during the month of June
($ in millions)
2Q’ 18 Revenue: $100mm +18% 2Q’ 19 Revenue: $118mm
$114 $118 $118
$105
$96 $98 $100
$91 $95
$80
Q1' 17 Q2 '17 Q3 '17 Q4'17 Q1' 18 Q2 '18 Q3 '18 Q4'18 Q1' 19 Q2 '19
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 8AEBITDA up 44% in Q2 2019
AEBITDA Growing at a Faster Rate than Revenue While the Company
Launches and Invests in Games
($ in millions)
2Q’18 AEBITDA: $23mm(1) +44% 2Q ‘19 AEBITDA: $33mm(1)
$33
$23 $23 $24 $25 $25
$21 $19
$13 $16
Q1' 17 Q2 '17 Q3 '17 Q4'17 Q1' 18 Q2 '18 Q3 '18 Q4'18 Q1' 19 Q2 '19
(1) 2Q2019 AEBITDA and 2Q2018 AEBITDA include intellectual property royalties paid to Scientific Games that will no longer be paid subsequent to the IPO and the entering into of a new IP
Licensing Agreement (as defined in Appendix A). Such royalty expenses were $2.9mm in 2Q2019 and $6.3mm in 2Q2018.
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 9Engaged User Base Driving Results
Payer Conversion
ARPDAU Average MPUs Rate
$0.48 0.5 6.0%
$0.42 0.4 5.4%
2Q18 2Q19 2Q18 2Q19 2Q18 2Q19
Note: Payer conversion rate represents average number of players who made a purchase at least once in a month by average MAUs. “Average MPUs” means average monthly paid
users. “ARPDAU” means average revenue per daily active user.
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 10Annual Revenue Outlook - 2019
For the full year 2019, the company expects
revenue to be in a range of $480 to $490 million
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 11Long-Term AEBITDA Margin Goal
Continue profit margin expansion through strong revenue growth and
operational leverage as games scale and enter growth stage
Goal
>35%
Current
28%
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 12Valuation Gap
Current valuation gap to peer set provides compelling entry point and
significant upside potential
~14x
EBITDA1
~7x
EBITDA1
Peer Set
(1) EBITDA and EBITDA ratio are non-GAAP financial measures that are presented on a supplemental basis. We do not provide reconciliations for forward-looking non-GAAP financial measures
because we cannot forecast and quantify, without unreasonable effort, certain amounts that are necessary for such reconciliations, in cluding [] in its reconciliation of historic numbers, the amount
of which, based on historical experience, could be significant.
Valuations based on FactSet data 7.22.19; peer set represents median valuation; peer set includes Zynga, Tencent, Netmarble and Glu
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 13Overview
April 2019
OVERVIEW
UNDER CONTRUTION
Why we Win
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATESciPlay Platform Built to Scale
GAMES ACROSS MULTIPLE GENRES
FUTURE PIPELINE
User Monetization
Acquisition Engagement
TECHNOLOGY STACK
BREADTH AND DEPTH OF EXPERIENCE
Seamless and Integrated Across Games
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 15Deep and Largely Exclusive Library of Content
Market Leading, Proven Gaming Content Library Leads to Efficient Cost
Structure
1,500+ Titles Large In-House library
3rd Party Brands
Marquee Partnerships
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 16Significant Growth Opportunities
Untapped strategic growth
Selective M&A opportunities
Growth from new
New Models monetization models
8.6% international Continue international
International revenue in 2018
growth and expansion
Historically released 1-2 Develop and scale new
New games games every 12-18
months
social casino and casual
titles
Diversified portfolio of Continue to grow DAU,
Existing games successful games with
strong cohort dynamics
payer conversion and
ARPDAU
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 17Games in Various Stages of Growth
All Games Go Most Games in Margins Improving as
Though a Similar Early Stages of Games Progress Along a
Life Cycle Life Cycle Predictable Trajectory
FUTURE PIPELINE
Develop Launch Ramp Growth
(9-12 Months) (3-6 Months) (1-1½ Years) (2+ Years)
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 18High Operating Leverage as Games Launch, Ramp and Grow
2018 Percentage Contribution Margin by Game
% Contribution Margin(1)
2017 2014-15(2) 2012
Year Launched
Significant operational leverage as
game scales and enters growth stage
2018
(1) Represents revenue less platform fees, IP royalties, marketing and dedicated game team expenses.
(2) Bingo Showdown acquired by SciPlay in 2017.
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 19Why We Win
Perfect Balance of Art and Science
Superior Game Live Ops Built on a Scalable Platform
Exceptional Monetization Engines Fueled by Data-Driven Approach
Access to a Wealth of Owned and Licensed Authentic IP
Strategic Approach to Market Segmentation and Portfolio Development
Strong Talent Mix Comprised of Industry Veterans
Core Values and Culture of Innovation, Passion and Creativity
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 20Overview
April 2019
OVERVIEW
UNDER CONTRUTION
Appendix
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATEForward-Looking Statements; Additional Notes
Throughout this presentation, we make "forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
statements describe future expectations, guidance, plans, results or strategies and can often be identified by the use of terminology such as "may,” "will,” "estimate,”
"intend,” "plan,” "continue,” "believe,” "expect,” "anticipate,” "target,” "should,” "could,” "potential,” "opportunity,” "goal” or similar terminology, and include, without
limitation, SciPlay's revenue guidance for full year 2019. These statements are based upon management’s current expectations, assumptions and estimates and are not
guarantees of timing, future results or performance. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. Actual
results may differ materially from those contemplated in these statements due to a variety of risks and uncertainties and other factors, including, among other things: our
ability to attract and retain players; our reliance on third-party platforms; our dependence on the optional purchases of virtual currency to supplement the availability of
periodically offered free virtual currency; our ability to continue to launch and enhance games that attract and retain a significant number of paying players; our
reliance on a small percentage of our players for nearly all of our revenue; our ability to adapt to, and offer games that keep pace with, changing technology and
evolving industry standards; competition; the impact of legal and regulatory restrictions on our business, including significant opposition in some jurisdictions to interactive
social gaming, including social casinos, and how such opposition could lead these jurisdictions to adopt legislation or impose a regulatory framework to govern
interactive social gaming or social casinos specifically, and how this could result in a prohibition on interactive social gaming or social casinos altogether, restrict our
ability to advertise our games, or substantially increase our costs to comply with these regulations; laws and government regulations, both foreign and domestic, including
those relating to our parent, Scientific Games Corporation, and to data privacy and security, including with respect to the collection, storage, use, transmission, sharing
and protection of personal information and other consumer data, and those laws and regulations that affect companies conducting business on the internet, including
ours; the continuing evolution of the scope of data privacy and security regulations, and our belief that the adoption of increasingly restrictive regulations in this area is
likely within the U.S. and other jurisdictions; our ability to use the intellectual property rights of our parent, Scientific Games Corporation, and other third parties, including
the third-party intellectual property rights licensed to Scientific Games Corporation, under our intellectual property license agreement ("IP License Agreement”) with our
parent; protection of our proprietary information and intellectual property, inability to license third-party intellectual property and the intellectual property rights of others;
security and integrity of our games and systems; security breaches, cyber-attacks or other privacy or data security incidents, challenges or disruptions; reliance on or
failures in information technology and other systems; our ability to complete acquisitions and integrate businesses successfully; our ability to pursue and execute new
business initiatives; fluctuations in our results due to seasonality and other factors; dependence on skilled employees with creative and technical backgrounds; natural
events that disrupt our operations or those of our providers or suppliers; risks relating to foreign operations, including the complexity of foreign laws, regulations and
markets; the uncertainty of enforcement of remedies in foreign jurisdictions; the effect of currency exchange rate fluctuations; the impact of foreign labor laws and
disputes; the ability to attract and retain key personnel in foreign jurisdictions; the economic, tax and regulatory policies of local governments; and compliance with
applicable anti-money laundering, anti-bribery and anti-corruption laws; U.S. and international economic and industry conditions; changes in tax laws or tax rulings, or the
examination of our tax positions; litigation and other liabilities relating to our business, including litigation and liabilities relating to consumer protection, gambling-related
matters, employee matters, alleged service and system malfunctions, alleged intellectual property infringement and claims relating to our contracts, licenses and
strategic investments; restrictions and covenants in debt agreements, including those that could result in acceleration of the maturity of our indebtedness; failure to
maintain adequate internal control over financial reporting; influence of certain stockholders, including decisions that may conflict with the interests of other
stockholders; our ability to achieve some or all of the anticipated benefits of being a standalone public company; our dependence on distributions from SciPlay Parent
Company, LLC to pay our taxes and expenses, including substantial payments we will be required to make under the Tax Receivable Agreement; and stock price
volatility.
Additional information regarding risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated in forward-looking
statements is included from time to time in our filings with the SEC, including the company’s current reports on Form 8-k and quarterly reports. Forward-looking statements
speak only as of the date they are made and, except for our ongoing obligations under the U.S. federal securities laws, we undertake no and expressly disclaim any
obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.
You should also note that this presentation may contain references to industry market data and certain industry forecasts. Industry market data and industry forecasts are
obtained from publicly available information and industry publications. Industry publications generally state that the information contained therein has been obtained
from sources believed to be reliable, but that the accuracy and completeness of that information is not guaranteed. Although we believe industry information to be
accurate, it is not independently verified by us. In general, we believe there is less publicly available information concerning international social gaming industries than
the same industries in the U.S. Some data is also based on our good faith estimates, which are derived from our review of internal surveys or data, as well as the
independent sources referenced above. Assumptions and estimates of our and our industry's future performance are necessarily subject to a high degree of uncertainty
and risk due to a variety of factors, including those described in the company’s quarterly reports on Form 10-Q. These and other factors could cause future performance
to differ materially from our assumptions and estimates.
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 22Non-GAAP Financial Measures Adjusted EBITDA, or AEBITDA, as used herein, is a non-GAAP financial measure that is presented as supplemental disclosure and is reconciled to net income as the most directly comparable GAAP measure as set forth in the below table. We define AEBITDA to include net income attributable to SciPlay before: (1) net income attributable to noncontrolling interest; (2) interest expense; (3) income tax (benefit) expense; (4) depreciation and amortization; (5) contingent acquisition consideration; (6) restructuring and other, which includes charges or expenses attributable to: (a) employee severance; (b) management changes; (c) restructuring and integration; (d) M&A and other, which includes: (i) M&A transaction costs; (ii) purchase accounting adjustments; (iii) unusual items (including certain legal settlements) and (iv) other non-cash items; and (e) cost-savings initiatives; (7) stock-based compensation; (8) loss (gain) on debt financing transactions; and (9) other expense (income) including foreign currency (gains) and losses. AEBITDA margin, as used herein, represents our AEBITDA (as defined above) as a percentage of revenue. AEBITDA margin is a non-GAAP financial measure that is presented as supplemental disclosures for illustrative purposes only and is reconciled to net income attributable to SciPlay, the most directly comparable GAAP measure. The Company’s management uses the following non-GAAP financial measures in conjunction with GAAP financial measures: Adjusted EBITDA, or AEBITDA and AEBITDA margin. These non-GAAP financial measures are presented as supplemental disclosures. They 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 Company’s financial statements filed with the SEC. The non-GAAP financial measures used by the Company may differ from similarly titled measures presented by other companies.Our management uses AEBITDA and AEBITDA margin to, among other things: (i) monitor and evaluate the performance of our business operations; (ii) facilitate our management’s internal comparisons of our historical operating performance and (iii) analyze and evaluate financial and strategic planning decisions regarding future operating investments and operating budgets. In addition, our management uses AEBITDA and AEBITDA margin to facilitate management’s external comparisons of our results to the historical operating performance of other companies that may have different capital structures and debt levels. Our management believes that AEBITDA and AEBITDA margin are useful as they provide investors with information regarding our financial condition and operating performance that is an integral part of our management’s reporting and planning processes. In particular, our management believes that AEBITDA is helpful because this non-GAAP financial measure eliminates the effects of restructuring, transaction, integration or other items that management believes have less bearing on our ongoing underlying operating performance. Management believes AEBITDA margin is useful as it provides investors with information regarding the underlying operating performance and margin generated by our business operations. CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 23
Relationship with Scientific Games Post-IPO
In connection with the IPO, SciPlay entered into new intercompany agreements
with Scientific Games covering back office support services, Scientific Games IP
and third party IP
Support Services: Scientific Games provides back office support services (e.g. finance, HR, IT) with fee
based on usage. Fee now in range of $5M - $6M per year – expected to stay in that range or decline
over time
Scientific Games IP: We paid $255M for 1) a perpetual, exclusive, non royalty-bearing license to use all
Scientific Games IP existing, created or acquired before the third anniversary of the IPO in our existing
and future social games and 2) a non-exclusive, perpetual, non-royalty bearing right to use Scientific
Games IP created or acquired after the third anniversary of the IPO in our existing games, in each
case, subject to certain exceptions. We also expect to receive a right of first negotiation to convert
non-exclusive licenses to exclusive licenses and to purchase rights outside of those already purchased
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 24GAAP to Non-GAAP Reconciliation
Years Ended December
Quarterly
31,
($ in millions) Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1’19 Q2’19 2017 2018
Net income (loss) attributable
$4.4 $8.5 $4.7 $5.5 ($1.1) $12.2 $9.2 $18.7 $13.7 $12.3 $23.1 $39.0
to SciPlay
Net income attributable to
- - - - - - - - - 13.9 - -
noncontrolling interest
Net income (loss) $4.4 $8.5 $4.7 $5.5 ($1.1) $12.2 $9.2 $18.7 $13.7 $26.2 $23.1 $39.0
Contingent acquisition
- - - - 18.0 - 8.4 1.1 0.3 1.4 - 27.5
consideration
Restructuring and other 0.2 0.1 - - 0.1 - 0.6 0.3 0.3 0.2 0.3 1.0
Depreciation and
2.4 3.2 5.7 5.7 5.8 5.8 1.7 1.8 1.7 1.8 17.0 15.1
amortization
Other expense (income), net 1.3 1.4 (0.2) 0.1 (0.1) 0.7 0.2 (3.8) 1.6 0.4 2.6 (3.0)
Income tax expense (benefit) 4.0 7.0 4.0 7.1 (0.6) 3.7 2.8 4.5 4.7 (0.7) 22.1 10.4
Stock-based compensation 1.0 1.1 1.6 0.6 0.6 0.7 0.8 1.9 2.7 3.9 4.3 4.0
AEBITDA $13.3 $21.3 $15.8 $19.0 $22.7 $23.1 $23.7 $24.5 $25.0 $33.2 $69.4 $94.0
% AEBITDA margin 16.7% 23.4% 16.6% 19.9% 23.3% 23.2% 22.5% 21.5% 21.1% 28.1% 19.2% 22.6%
Net income (loss) $4.4 $8.5 $4.7 $5.5 ($1.1) $12.2 $9.2 $18.7 $13.7 $12.3 $23.1 $39.0
% Net income (loss) margin 5.5% 9.3% 4.9% 5.8% (1.1%) 12.2% 8.7% 16.4% 11.6% 22.2% 6.4% 9.4%
Revenue $79.8 $91.0 $95.1 $95.5 $97.5 $99.7 $105.3 $113.7 $118.4 $118.1 $361.4 $416.2
CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 25Licensor Legends ANCHORMAN™ ©2019 Paramount Pictures. All Rights Reserved. BATTLESHIP is a trademark of Hasbro and is used with permission. © 2019 Hasbro. All Rights Reserved. Licensed by Hasbro. BETTY BOOP ©2019 King Features Syndicate, Inc./Fleischer Studios, Inc. ™ Hearst Holdings, Inc./Fleischer Studios, Inc. JAMES BOND, , and all other James Bond related materials © 1962-2019 Danjaq, LLC and Metro-Goldwyn-Mayer Studios Inc. JAMES BOND, , and all other James Bond related trademarks are trademarks of Danjaq, LLC. All Rights Reserved. CHEERS™ © 2019 CBS Studios Inc. CHEERS and related marks are trademarks of CBS Studios Inc. All Rights Reserved. Cirque du Soleil and KOOZA are trademarks owned by Cirque du Soleil and used under license. © 2007 Cirque du Soleil. All rights reserved. Licensed by Cirque du Soleil. CLUE and all related characters are trademarks of Hasbro and are used with permission. © 2019 Hasbro. All Rights Reserved. Licensed by Hasbro. DEAN MARTIN™ © The Dean Martin Family Trust 2019. Used with permission. All rights reserved. Dean Martin™ is a trademark of the Dean Martin Family Trust. JOHNNY CASH™ ©2019 John R. Cash Revocable Trust. Used with permission. All rights reserved. "Johnny Cash" is a registered trademark of the John R. Cash Revocable Trust. The Skull/KISS Depot Army Logo™ ©2019 Kiss Catalog Ltd. All rights reserved. LOTERIA ™/©: Licensed by Don Clemente, Inc. 2019. All rights reserved. MARGARITAVILLE™ © 2019 Margaritaville Enterprises, LLC. All rights reserved. MARGARITAVILLE is a registered trademark of Margaritaville Enterprises, LLC and is used under license. Michael Jackson™; Rights of the Publicity and Persona Rights: Triumph International, Inc. © 2019 Triumph International, Inc. Licensing Representative: Authentic Brands Group, LLC. The MONOPOLY name and logo, the distinctive design of the game board, the four corner squares, the MR. MONOPOLY name and character, as well as each of the distinctive elements of the board, cards, and the playing pieces are trademarks of Hasbro for its property trading game and game equipment and are used with permission. © 2019 Hasbro. All Rights Reserved. Licensed by Hasbro. OUIJA is a trademark of Hasbro and is used with permission. © 2019 Hasbro. All Rights Reserved. Licensed by Hasbro. Star Trek: TM & © 2019 CBS Studios Inc. All rights reserved. STAR TREK and related marks are trademarks of CBS Studios Inc. Tetris™ & © 1985-2019 Tetris Holding. THE FLINTSTONES™ and all related characters and elements © & ™ Hanna-Barbera. (s19) THE GAME OF LIFE is a trademark of Hasbro and is used with permission. © 2019 Hasbro. All Rights Reserved. Licensed by Hasbro. The Godfather™ and © 2019 Paramount Pictures. All Rights Reserved. WONDER WOMAN and all related characters and elements © & ™ DC Comics. (s19) YAHTZEE is a trademark of Hasbro and is used with permission. © 2019 Hasbro. All Rights Reserved. Licensed by Hasbro. Other intellectual property, including the look and feel of the games and certain individual components and displays are trade dress of Scientific Games Corp. and its Subsidiaries. TM and © 2019 Scientific Games Corp. and its Subsidiaries. All rights reserved. CONFIDENTIAL & PROPRIETARY – DO NOT DISSEMINATE PAGE 26
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