– Fourth Quarter Revenue of $46.9 million, Net
Loss of $143.5 million
– Adjusted EBITDA1 of $(9.5) million
Skillz Inc. (NYSE: SKLZ) (“Skillz” or the “Company”), the
leading mobile games platform bringing fair competition to players
worldwide, today announced results for the fourth quarter and
fiscal year ending December 31, 2022.
Fourth Quarter Financial Update:
- Revenue of $46.9 million, down 57% year over year.
- Gross profit of $42.0 million.
- Net loss of $143.5 million.
- Adjusted EBITDA1 of $(9.5) million.
- Paying monthly active users (PMAU)2 of 235,000.
- Average Revenue Per Paying Monthly Active User (ARPPU)3 of
$66.6.
- Research and Development was $7.4 million.
- Sales and Marketing was $34.5 million.
- General and Administrative was $22.5 million.
Full Year 2022 Financial Update:
- Revenue of $269.7 million, down 29% year over year.
- Gross profit of $239.0 million.
- Net loss of $438.9 million.
- Adjusted EBITDA1 of $(122.4) million.
- Paying monthly active users (PMAU)2 of 386,000.
- Average Revenue Per Paying Monthly Active User (ARPPU)3 was
$59.7.
- Research and Development was $52.3 million.
- Sales and Marketing was $277.0 million.
- General and Administrative was $163.0 million.
- Cash, cash equivalents, and marketable securities as of
December 31, 2022 of $546.5 million.
- Debt outstanding as of December 31, 2022 of $272.8
million.
“We are pleased with the large-scale operational and
organizational improvements we made in the back-half of 2022. We
are making solid progress in strengthening management and our Board
of Directors with high-caliber operators who will enable us to
execute against our strategic plan to achieve growth, over time, as
we march to profitability,” said Andrew Paradise, Skillz’ CEO. “We
continue to innovate on our platform and look forward to reaping
the benefits from this work during 2023. While the short-term
operating environment remains volatile, we have strong confidence
in Skillz’ people and platform, bolstered by our strong liquidity
position,” concluded Paradise.
Restatement of Previously Issued Financial Statements
As disclosed, we concluded that the previously issued
consolidated financial statements as of and for the years ended
December 31, 2021 and December 31, 2020 and the previously issued
unaudited interim condensed consolidated financial statements in
2020 and 2021 and the first three quarters of 2022, were materially
misstated and require restatement. The restatement primarily
relates to (i) an increase in end-user liability, (ii) indirect tax
liabilities in foreign jurisdictions and U.S. sales and use tax
liabilities, and (iii) impairment of long-lived assets of Aarki,
Inc. Please see our Current Report on Form 8-K filed with the
Securities and Exchange Commission (the “SEC”) on March 24, 2023
for additional information. The restated financial information will
also be included in our Annual Report on Form 10-K for the year
ended December 31, 2022 (the “2022 10-K”), which we expect to file
on March 31, 2023. We will also report ineffective internal control
over financial reporting in the 2022 10-K.
1. Adjusted EBITDA is a non-GAAP metric;
for a reconciliation of each measure against its most comparable
GAAP metric, please see the section titled “Use of Non-GAAP
Financial Measures” in this press release.
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. “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.
Investor Conference Call
Skillz will host a live conference call at 4:30 p.m. Eastern
Time today. Access to a live audio-webcast of the discussion in
listen-only mode, as well as an archived replay of the webcast
afterward, will be available through links posted in the events
section of our investor relations website at
https://investors.skillz.com/events-and-presentations. An audio
replay of the Q&A conference call will be available through
Thursday, April 6, 2023 and can be accessed by dialing 1 (866)
813-9403 (US) or +44 204 525 0658 (international) and entering the
passcode 140788.
About Skillz Inc.
Skillz is the leading mobile games platform dedicated to
bringing out the best in everyone through competition. The Skillz
platform helps developers create multi-million dollar franchises by
enabling social competition in their games. Leveraging its patented
technology, Skillz hosts billions of casual eSports tournaments for
millions of mobile players worldwide, with the goal of building the
home of competition for all. Skillz has earned recognition as one
of Fast Company’s Best Workplaces for Innovators, CNBC’s Disruptor
50, Forbes’ Next Billion-Dollar Startups, Fast Company’s Most
Innovative Companies, and the number-one fastest-growing company in
America on the Inc. 5000. www.skillz.com
Use of Non-GAAP Financial Measures
In this press release, the Company includes Adjusted EBITDA,
which is a non-GAAP performance measure that the Company uses to
supplement its results presented in accordance with U.S. GAAP. The
Company’s management believes Adjusted EBITDA is useful in
evaluating its operating performance and is a similar measure
reported by publicly-listed U.S. competitors, and regularly used by
security analysts, institutional investors, and other interested
parties in analyzing operating performance and prospects. By
providing this non-GAAP measure, the Company’s management intends
to provide investors with a meaningful, consistent comparison of
the Company’s profitability for the periods presented. Non-GAAP
operating expense is also included in this press release, which is
a non-GAAP financial measure. The Company’s management believes
non-GAAP operating expense is useful to investors and analysts as a
supplement to its financial information prepared in accordance with
GAAP for analyzing operating performance and identifying operating
trends in its business. The Company uses non-GAAP operating expense
internally to facilitate period-to-period comparisons and analysis
in order to make operating decisions. As required by the rules of
the SEC, the Company has provided herein a reconciliation of
Adjusted EBITDA and non-GAAP operating expense to the most directly
comparable measures under GAAP. Adjusted EBITDA and non-GAAP
operating expense are not intended to be substitutes for any U.S.
GAAP financial measures and, as calculated, may not be comparable
to other similarly titled financial measures of other companies in
other industries or within the same industry.
The Company defines and calculates Adjusted EBITDA as net loss
before interest expense, net; (benefit) or provision for income
taxes; depreciation and amortization, and other income or expense,
net; as further adjusted for stock-based compensation and other
special items determined by management, including, but not limited
to, change in fair value of common stock warrant liabilities,
acquisition-related expenses, impairment charges, loss contingency
accruals, restructuring charges and one-time nonrecurring expenses.
The Company defines and calculates non-GAAP operating expense as
GAAP operating expense adjusted for stock-based compensation,
one-time transaction expenses and other special items determined by
management, including, but not limited to acquisition-related
expenses for transactions costs, certain loss contingency accruals
and restructuring charges, as they are not indicative of business
operations.
The Company does not provide a reconciliation for non-GAAP
estimates on a forward-looking basis as it is unable to provide a
meaningful calculation or estimation of reconciling items and the
information is not available without unreasonable effort. This is
due to the inherent difficulty of forecasting the timing or amount
of various items that would impact the most directly comparable
forward-looking U.S. GAAP financial measures that have not yet
occurred, are out of the Company’s control and/or cannot be
reasonably predicted. Forward-looking non-GAAP financial measures
provided without the most directly comparable U.S. GAAP financial
measures may vary materially from the corresponding U.S. GAAP
financial measures.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. The Company’s
actual results may differ from its expectations, estimates, and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward-looking statements.
These forward-looking statements involve significant risks and
uncertainties that could cause the Company’s actual results to
differ materially from those discussed in the forward-looking
statements. Most of these factors are outside of the Company’s
control and are difficult to predict. Factors that may cause such
differences include, but are not limited to, the ability of Skillz
to: effectively compete in the global entertainment and gaming
industries; attract and retain successful relationships with the
third party developers who develop and update the games hosted on
Skillz platform; comply with laws and regulations applicable to its
business; the commercial, reputational and regulatory risks to our
business that may arise as a consequence of our need to restate our
financial statements; any disruption to our business that may occur
on a longer-term basis should we be unable to remediate during
fiscal year 2023 certain material weaknesses in our internal
controls over financial reporting; as well as other risks and
uncertainties indicated from time to time in the Company’s SEC
filings, including those under “Risk Factors” therein, which are
available on the SEC’s website at www.sec.gov. Additional
information will be made available in other filings that the
Company makes from time to time with the SEC. In addition, any
forward-looking statements contained in this press release are
based on assumptions that the Company believes to be reasonable as
of this date. The Company undertakes no obligation to update any
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect new information or the
occurrence of unanticipated events, except as required by law.
Source: Skillz Inc.
Skillz Inc.
Consolidated Statements of
Operations and Comprehensive Loss
(in thousands, except for number
of shares and per share amounts)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022
2021(1)
2022
2021(1)
(As Restated)
(As Restated)
Revenue
$
46,872
$
108,200
$
269,709
$
380,154
Costs and expenses:
Cost of revenue
4,916
8,422
30,718
25,243
Research and development
7,425
15,744
52,265
46,232
Sales and marketing
34,458
155,404
277,014
466,691
General and administrative
22,478
34,248
163,018
135,802
Impairment of goodwill and long-lived
assets
116,821
—
168,051
—
Total costs and expenses
186,098
213,818
691,066
673,968
Loss from operations
(139,226
)
(105,618
)
(421,357
)
(293,814
)
Interest expense, net
(4,432
)
(1,086
)
(23,992
)
(1,222
)
Change in fair value of common stock
warrant liabilities
599
6,024
6,004
87,922
Other income (expense), net
(273
)
(59
)
125
49
Loss before income taxes
(143,332
)
(100,739
)
(439,220
)
(207,065
)
Provision (benefit) for income taxes
143
(314
)
(345
)
(19,140
)
Net loss
$
(143,475
)
$
(100,425
)
$
(438,875
)
$
(187,925
)
Net loss per share attributable to common
stockholders – basic
$
(0.34
)
$
(0.25
)
$
(1.07
)
$
(0.49
)
Weighted average common shares
outstanding – basic
416,032,487
399,980,596
409,969,539
384,625,249
Net loss attributable to common
stockholders - diluted
$
(143,475
)
$
(100,425
)
$
(438,875
)
$
(275,847
)
Net loss per share attributable to common
stockholders – diluted
$
(0.34
)
$
(0.25
)
$
(1.07
)
$
(0.71
)
Weighted average common shares
outstanding – diluted
416,032,487
399,980,596
409,969,539
388,549,673
Other comprehensive income (loss):
Change in unrealized gain (loss) on
available-for-sale investments, net of tax
1,169
(248
)
(1,315
)
(248
)
Total other comprehensive income
(loss)
1,169
(248
)
(1,315
)
(248
)
Total comprehensive loss
$
(142,306
)
$
(100,673
)
$
(440,190
)
$
(188,173
)
(1) Results for the three months ended
December 31, 2021 are different from previously reported amounts as
they have been restated to reflect an increase in consolidated net
loss of $1.5 million associated with corrections to previously
reported amounts. Results for the twelve months ended December 31,
2021 are different from previously reported amounts as they have
been restated to reflect an increase in consolidated net loss of
$6.5 million associated with corrections to previously reported
amounts.
Skillz Inc.
Consolidated Balance
Sheets
(in thousands, except for number
of shares and par value per share amounts)
December 31,
December 31,
2022
2021(2)
(As Restated)
Assets
Current assets:
Cash and cash equivalents
$
362,516
$
241,332
Marketable securities, current
127,268
319,055
Accounts receivable, net
7,177
12,769
Prepaid expenses and other current
assets
4,722
16,704
Total current assets
501,683
589,860
Property and equipment, net
2,991
9,988
Operating lease right-of-use assets,
net
472
14,511
Marketable securities, non-current
56,728
182,629
Non-marketable equity securities
55,649
55,649
Intangible assets, net
—
79,137
Goodwill
—
85,872
Other long-term assets
3,772
3,478
Total assets (2)
$
621,295
$
1,021,124
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
1,696
$
19,753
Operating lease liabilities, current
2,133
2,110
Other current liabilities (2)
45,666
77,953
Total current liabilities (2)
49,495
99,816
Operating lease liabilities,
non-current
11,942
13,567
Common stock warrant liabilities,
non-current
289
6,293
Long-term debt, non-current
272,781
278,889
Other long-term liabilities
8,387
13,400
Total liabilities
342,894
411,965
Commitments and contingencies
Stockholders’ equity:
Preferred stock $0.0001 par value; 10
million shares authorized — 0 issued and outstanding as of December
31, 2022 and 2021
—
—
Common stock $0.0001 par value; 625
million shares authorized; Class A common stock – 500 million
shares authorized; 340 million and 292 million shares issued and
outstanding as of December 31, 2021 and 2020, respectively; Class B
common stock – 125 million shares authorized; 69 million and 78
million shares issued and outstanding as of December 31, 2022 and
2021, respectively
41
40
Additional paid-in capital
1,153,031
1,043,600
Accumulated other comprehensive loss
(1,563
)
(248
)
Accumulated deficit (2)
(873,108
)
(434,233
)
Total stockholders’ equity (2)
278,401
609,159
Total liabilities and stockholders’
equity
$
621,295
$
1,021,124
(2) The Consolidated Balance Sheet amounts
at December 31, 2021, are different from previously reported
amounts as they have been restated to reflect a reduction to
Accounts receivable and Goodwill of $0.7 million and $1.0 million
respectively, an increase in other current liabilities of $13.0
million, a decrease to other long-term liabilities of $0.1 million,
and a corresponding decrease to accumulated deficit and
shareholders’ equity of $14.5 million associated with a correction
to previously reported amounts.
Skillz Inc.
Consolidated Statement of Cash
Flows
(in thousands)
Twelve Months Ended December
31,
2022
2021(3)
(As Restated)
Operating Activities
Net loss
$
(438,875
)
$
(187,925
)
Adjustment to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
17,871
11,665
Stock-based compensation
108,202
60,331
Gain on extinguishment of debt
(2,553
)
—
Accretion of unamortized debt discount and
amortization of debt issuance costs
3,743
149
Amortization of premium for marketable
securities
3,095
—
Impairment charges
168,051
634
Deferred income taxes
(698
)
(19,377
)
Change in fair value of common stock
warrant liabilities
(6,004
)
(87,922
)
Changes in operating assets and
liabilities:
Accounts receivable, net
5,592
931
Prepaid expenses and other assets
11,602
(6,284
)
Operating lease right-of-use assets
1,605
(14,511
)
Accounts payable
(17,222
)
6,261
Loss contingency accrual
(4,449
)
11,557
Operating lease liabilities
(1,602
)
15,677
Other accruals and liabilities
(27,955
)
28,660
Net cash used in operating
activities
(179,597
)
(180,154
)
Investing Activities
Purchases of property and equipment,
including internal use software
(1,892
)
(3,236
)
Investment in non-marketable equity
securities
—
(54,769
)
Purchases of marketable securities
(454,091
)
(504,032
)
Proceeds from sales of marketable
securities
167,847
2,100
Proceeds from maturities of marketable
securities
599,522
—
Cash paid for business acquisition, net of
cash acquired
—
(83,987
)
Net cash provided by (used in)
investing activities
311,386
(643,924
)
Financing Activities
Principal payments on finance lease
liabilities
(2,612
)
(1,582
)
Borrowings under debt agreements, net of
issuance costs
—
280,897
Payments for debt issuance costs
(2,005
)
(3
)
Payments for extinguishment of debt
(7,298
)
—
Proceeds from issuance of common stock in
follow-on offering, net of underwriting commissions, and offering
costs
—
402,138
Payments made towards offering costs
—
(13,222
)
Net proceeds from exercise of stock
options and issuance of common stock
1,310
3,883
Proceeds from exercise of common stock
warrants, net of redemptions
—
130,571
Net cash provided by (used in)
financing activities
$
(10,605
)
$
802,682
Net change in cash, cash equivalents and
restricted cash
121,184
(21,396
)
Cash, cash equivalents and restricted
cash – beginning of year
244,252
265,648
Cash, cash equivalents and restricted
cash – end of year
$
365,436
$
244,252
(3) Cash flow activity within net cash
used in operating activities for the year ended December 31, 2021,
is different from previously reported amounts as net loss, certain
adjustments to reconcile net loss to net cash used in operating
activities, and changes in operating assets and liabilities have
been restated for corrections.
Skillz Inc.
Reconciliation of GAAP Net
Loss to Adjusted EBITDA
(in thousands)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022
2021
2022
2021
(As Restated)
(As Restated)
Net loss(9)
$
(143,475
)
$
(100,425
)
$
(438,875
)
$
(187,925
)
Interest expense, net(1)
4,432
1,086
23,992
1,222
Stock-based compensation(2)
10,834
17,800
108,202
60,331
Change in fair value of common stock
warrant liabilities
(599
)
(6,024
)
(6,004
)
(87,922
)
(Benefit) provision for income taxes
143
(314
)
(345
)
(19,140
)
Depreciation and amortization(9)
2,105
5,040
17,871
11,665
Other (income) expense, net
273
59
(125
)
(49
)
Acquisition related expenses(3)
—
1,113
—
7,983
Impairment charge(4)
116,821
—
168,051
—
Loss contingency accrual(5)
—
—
—
11,557
Restructuring charges(6)
—
—
4,830
—
One-time nonrecurring expenses(7)(8)
—
2,196
26
14,630
Adjusted EBITDA(9)
$
(9,466
)
$
(79,469
)
$
(122,377
)
$
(187,648
)
(1) For the twelve months ended December
31, 2022, amount includes $2.6 million gain on extinguishment of
debt for our 2021 senior secured notes.
(2) For the twelve months ended December
31, 2022, amount includes stock-based compensation recognized for
the cancellation of the Chief Executive Officer’s award of
16,119,540 performance share units granted on September 14, 2021
(the “CEO Performance Stock Units”).
(3) For the periods presented, this
represents acquisition-related expenses for our Aarki
acquisition.
(4) For the three and twelve months ended
December 31, 2022, amount includes impairment of intangible assets
related to the developed technology and customer relationships for
our Aarki acquisition, goodwill, as well as impairment of lease
right-of-use assets and other long-lived assets.
(5) For the twelve months ended December
31, 2021, this amount represents a loss contingency accrual related
to a litigation matter relating to a former employee.
(6) For the twelve months ended December
31, 2022, amount includes restructuring charges related to employee
termination benefits.
(7) For the twelve months ended December
31, 2022, amounts represent one-time nonrecurring expenses related
to IPO bonuses for certain employees, net of amounts forfeited by
terminated employees.
(8) For the three and twelve months ended
December 31, 2021, amounts represent one-time nonrecurring expenses
related to the follow-on offering and executive severance
expense.
(9) Results for the three months ended
December 31, 2021 are different from previously reported amounts as
they have been adjusted to reflect an increase in consolidated net
loss of $1.5 million associated with corrections to previously
reported amounts. Results for the twelve months ended December 31,
2021 are different from previously reported amounts as they have
been adjusted to reflect an increase in consolidated net loss of
$6.5 million and an increase in depreciation and amortization of
$0.5 million associated with corrections to previously reported
amounts.
Skillz Inc.
Reconciliation of GAAP to
Non-GAAP Operating Expenses
(in thousands)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022
2021
2022
2021
Research and development(7) (As
Restated)
$
7,425
$
15,744
$
52,265
$
46,232
Less: stock-based compensation
(1,600
)
(2,179
)
(4,662
)
(7,416
)
Less: one-time nonrecurring
expenses(2)
—
(138
)
—
(554
)
Less: restructuring charges(3)
—
—
(2,052
)
—
Non-GAAP research and development
$
5,825
$
13,427
$
45,551
$
38,262
Sales and marketing(8) (As Restated)
$
34,458
$
155,404
$
277,014
$
466,691
Less: stock-based compensation
(2,036
)
(2,745
)
(8,615
)
(8,770
)
Less: one-time nonrecurring
expenses(2)
—
(130
)
—
(525
)
Less: restructuring charges(3)
—
—
(1,066
)
—
Non-GAAP sales and marketing
$
32,422
$
152,529
$
267,333
$
457,396
General and administrative(9) (As
Restated)
$
22,478
$
34,248
$
163,018
$
135,802
Less: stock-based compensation(4)
(7,198
)
(12,876
)
(94,925
)
(44,145
)
Less: loss contingency accrual(5)
—
—
—
(11,557
)
Less: acquisition related expenses(6)
—
(1,113
)
—
(7,983
)
Less: one-time nonrecurring
expenses(1)(2)
—
(1,928
)
(26
)
(13,551
)
Less: restructuring charges(3)
—
—
(1,712
)
—
Non-GAAP general and administrative
$
15,280
$
18,331
$
66,355
$
58,566
(1) For the year ended December 31, 2022,
amounts represent one-time nonrecurring expenses related to IPO
bonuses for certain employees, net of amounts forfeited by
terminated employees.
(2) For the three and twelve months ended
December 31, 2021, amounts represent one-time nonrecurring expenses
related to the follow-on offering and executive severance
expense.
(3) For the year ended December 31, 2022,
amount includes restructuring charges related to employee
termination benefits.
(4) For the year ended December 31, 2022,
amount includes stock-based compensation recognized for the
cancellation of the Chief Executive Officer’s award of 16,119,540
performance share units granted on September 14, 2021 (the “CEO
Performance Stock Units”).
(5) For the year ended December 31, 2021,
this amount represents a loss contingency accrual related to a
litigation matter relating to a former employee.
(6) For the year ended December 31, 2021,
this represents acquisition related expenses for our Aarki
acquisition.
(7) Research and development expenses for
the three and twelve months ended December 31, 2021 are different
from previously reported amounts as they have been adjusted to
reflect an increase of $0.3 million and $0.2 million, respectively,
associated with corrections to previously reported amounts.
(8) Sales and marketing expenses for the
three and twelve months ended December 31, 2021 are different from
previously reported amounts as they have been adjusted to reflect
an increase of $0.3 million and $1.2 million, respectively,
associated with corrections to previously reported amounts.
(9) General and administrative expenses
for the three and twelve months ended December 31, 2021 are
different from previously reported amounts as they have been
adjusted to reflect an increase of $0.3 million and $0.8 million,
respectively, associated with corrections to previously reported
amounts.
Skillz Inc.
Supplemental Financial
Information
(in millions, except ARPU and
ARPPU)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022
2021
2022
2021
Gross marketplace volume (“GMV”)
(000s)(1)
$
297,575
$
649,664
$
1,642,282
$
2,435,782
Paying monthly active users (“PMAUs”)
(000s)(2)
235
611
386
513
Monthly active users (“MAUs”)
(000s)(3)
1,290
3,719
2,105
2,949
Average GMV per paying monthly active
user(4)
423.0
354.2
354.4
395.9
Average GMV per monthly active user(5)
76.9
58.2
65.0
68.8
Average revenue per paying monthly active
user (“ARPPU”)(6)
66.6
59.0
59.7
62.0
Average revenue per monthly active user
(“ARPU”)(7)
12.1
9.7
11.0
10.9
Paying MAU to MAU ratio
18
%
16
%
18
%
18
%
Average end-user incentives, included as
sales and marketing expense, per paying active user(8)
27.97
31.19
25.33
30.78
Average end-user incentives, included as
sales and marketing expense, per playing active user(9)
5.08
5.13
4.65
5.35
(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/20230330005575/en/
Investors: ir@skillz.com Media: press@skillz.com
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