PLAYSTUDIOS, Inc.

Greetings. Welcome to the Play Studios first quarter 2023 earnings call. At this time, all participants are on a listen-only mode. A question and answer session will follow the phone presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. I will now turn the conference over to your host, Samir Jean, head of treasury and investor relations. You may begin.

Thank you, Operator. Good afternoon, and thank you for joining us for Play Studios' first quarter 2023 earnings call. Joining me on the call today are our Chairman and CEO, Andrew Paschal, and our CFO, Scott Peterson. Before we begin, let me remind you that during the course of this call, we will make forward-looking statements. These statements are based on our current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for a discussion of the risks and uncertainties that may affect our future results. I would like to remind everyone that we will discuss certain non-GAAP financial measures during this call. These measures should not be considered as a substitute for financial results prepared in accordance with GAAP. Our results are prepared in accordance with GAAP, and a reconciliation to comparable GAAP measures will be provided in our first quarter earnings release and in our SEC filings. With that, I'll pass the call to Andrew.

Thank you, Samir. Welcome to our first quarter 2023 earnings call. It's been an eventful start to the year and we're excited to share our progress. Play Studios has a 12 year history of developing and publishing free to play mobile games. Since becoming an operating business, we have consistently posted year over year revenue growth. Our success can be attributed to the quality and creative execution of our diversified portfolio of 17 games, along with our industry only loyalty program that enables players to play the games they love while earning real world benefits. Our strong operating performance is a result of our unique strategy, which we believe will continue to drive our growth. While we have achieved meaningful success, we are early in our journey, and we believe there's substantial growth ahead. We are constantly evaluating new opportunities to expand our portfolio and provide our players with the best possible leisure experiences. Results this quarter were quite strong. Our revenue and adjusted EBITDA for the quarter were ahead of both street and company expectations as we demonstrated our capacity to balance top line growth with margin and profit expansion. Adjusted EBITDA margins grew 940 basis points from year ago levels and 710 basis points from last quarter. Margins have been steadily expanding over recent quarters and we see a clear path to achieving rates that are in line with our industry peers. I want to emphasize that our adjusted EBITDA growth is happening in conjunction with revenue growth, a rare distinction in the current environment. We will remain focused on optimizing our performance and further improving our return on invested capital. Margin gains are being driven by cost, discipline, and efficiencies. As part of our efforts to further these goals, we recently initiated a comprehensive restructuring plan that called for the consolidation of several studios and a 10% reduction in our global headcount. We expect to see further benefits from these changes later this year. I'd like to emphasize that we remain committed to our core portfolio and will continue to invest in these games. Our focus on high quality content and innovative gameplay remains a key differentiator, and we're confident that our ongoing investment in these areas will continue to drive revenue growth and profitability. Our portfolio of growth games remains a key driver of our business, and we are very encouraged by the quarter's results. Tetris in particular continues to perform very well, growing its user base and revenues. We are also seeing increased engagement following the launch of the Tetris movie on Apple Plus, which has introduced more players to the game. In addition to Tetris, other growth games such as My Vegas Bingo, MGM Slots, and our Brainiam Collection are also performing well. On the topic of future growth drivers, Play Awards has also made notable progress in the quarter. We remain committed to creating a best-in-class loyalty platform with Play Awards, which we believe is a unique differentiator for our business. In the quarter, we relaunched a rewards partnership with Norwegian Cruise Line and added a new property from Gateway Casinos, which helped us achieve a 2.5% increase in unique rewards from the year-ago period. Reward purchases at quarter end were $440,000 and had a retail value of over $27 million. Looking ahead, we plan to integrate play awards into our casual game portfolio by year end, which we believe will provide exposure to 3 million daily average users. We see this as a springboard for a successful launch of our loyalty as a service offering. As we've emphasized in the past, our ultimate goal is to evolve play awards into a fully autonomous, self-sufficient, and profitable business. Given this quarter's strong results, we are raising our full year guidance It is worth noting that we're raising our outlook at a time when industry and economic challenges are high. We believe that our current momentum, coupled with the collection of internal initiatives underway, will sustain our growth despite the secular challenges. With that said, our long-term focus remains on executing our strategic initiatives, investing in our core business, and creating long-term value for our shareholders. We're confident in our ability to deliver sustainable growth and profitability. and we look forward to sharing our progress with you in the coming quarters. In closing, I want to reaffirm how encouraged I am about our first quarter performance and excited about our future potential. Across all of our studios, teams, and products, we're seeing signs of improvement, and we believe we have advanced our position as the leaders in rewarded play. Our unique business model, combined with operating discipline, has resulted in strong adjusted EBITDA margins that we believe can be in line with industry peers. Lastly, we have a strong balance sheet and cash position, enabling us to pursue a range of investment opportunities, including organic product initiatives, additional M&A targets, along with stock repurchases, all of which will be focused on further increasing return on invested capital. I'll now hand things over to Scott for a more comprehensive review of our results. Scott?