Playtika Holding Corp.

Good morning, ladies and gentlemen. Thank you for standing by. And welcome to the third quarter 2021 earnings call for Platica Holdings Corp. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press the start and the one key on your touch-tone telephone. Please be advised that today's conference may be recorded. If you recall operating systems, please press start and zero. I would now like to hand the conference over to your speaker host today, Mr. David Titterman, Vice President of Investor Relations.

Welcome to everyone, and thank you for joining us today for the third quarter 2021 earnings call for Pletika Holding Corp. Joining me on the call today are Robert Atikal, co-founder and CEO of Pletika, and Craig Abrams, Pletika's President and Chief Financial Officer. I'd like to remind you that today's discussion may contain forward-looking statements, including but not limited to the company's anticipated future revenue and operating performance. These statements and other comments are not a guarantee of future performance, but rather are subject to risks and uncertainties, some of which are beyond our control. These forward-looking statements apply as of today, and we should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. For a more complete discussion of the risks and uncertainties, please see our filings with the SEC. We have posted an accompanying slide deck to our investor relations website, and we'll also post our prepared remarks immediately. Now I'll turn the call over to Robert.

Thank you, David, and thank you, everyone, joining us today. We have recently had many exciting developments and made good progress in terms of setting the stage for growth in 2022. We are building momentum across all our area of business. including game operation, technology, and importantly, new game development and M&A. I will discuss all of this in more detail, and then Craig will review our Q3 results. We have recently acquired an incredible new studio, launched a new game in October, and soft-launched another new game last week. and also continues to drive innovation and product improvements across our existing portfolio. We believe all of these achievements will give us a strong foundation for future growth. Let's start with Reworks and their hit app, ReaderCall. We were delighted to welcome the team to the Platica family in August. ReaderCore is an exciting mobile app where users create their own internal designs which are then voted and rated by other members of the app's community, making it highly creative, engaging, and social experience. This represents Playtika's first move into areas beyond traditional games, and we are optimistic that it's the beginning of a powerful long-term growth driver. We believe that the world of games and apps are increasingly converging. The product mechanics and the operation skills acquired to success in both categories have meaningful overlap. This is evident in not just Riddico, but also in numbers of other prominent non-gaming properties across e-commerce, lifestyle, educational, tech, and more. Redecor is an exciting first step further expand in the direction and the gain access to large new markets. In the two months since closing the deal, we have primarily focused on setting the groundwork needed for future scale and compliment the Redecor teams incredible talent with top experts from some of Playtika's most successful studios, bringing experience in data analytics, technology, and monetization. Early results from Ridico have been very encouraging. We are thrilled about the potential for Ridico and very happy to future expand our exciting footprint in the mobile hub of Helsinki. As we continue to look to areas beyond games, we believe our unmatched expertise in data analytics, gamification, monetization, technology and integration with our Boost platform will give us a distinct advantage. Let's turn to Switchcraft, the new game from our Wooga studio that we launched globally last month. We are very encouraged from the early feedback from the first few weeks since our global launch. We had originally planned Switchcraft's global launch for 2022, but the game performed beyond expectations in early testing, which enabled us to accelerate the launch timeline. Switchcraft offers a unique combination of classic match-three gameplay with compelling stories of mystery and magic. topped off with top-of-the-line production value that can provide endless hour of fun and exciting to the players. We also love that the characters in the game are highly diverse, and we believe this is important progress for the mobile game industry. We are really proud of our Google Studio for creating such an amazing game and hope everyone on the call takes some time to play it. In terms of our new game strategy, we have a deep bench of game developers' talent at Playtika that we have built up as we acquired studios. This has provided us with a solid pipeline of new games which will serve another growth driver. Today, I am pleased to announce that our game, Merge Story, went into soft launch last week. This game was built by our Jelly Button Studio, creators of Bald Kings. Merge Story has been in development for two years and offers a unique and innovation take of the Merge category. We received excellent internal feedback from players and the platforms. Merge Story is a hybrid game that combines the core Merge game mechanics with casual build slash battle elements. The metrics we are seeing so far are very positive, putting us on track for a global launch in Q2 of next year. Additionally, we will soft launch another game next year as well. If both games perform well during soft launch, we are mainly globally launch two new games next year. This would put us as well ahead of the new game launch timing we discussed at our IPO in January. We will provide more details at our Analyst Day now in March 2022. In conclusion, we are very proud of our progress across these different areas and are confident that we are setting our platica for long-term growth and success. Our focus in the long-term health of our business and the steps we have taken this year put us firm footing to win and lead our long term. Additionally, as we look at the landscape of opportunities and new business models emerging, we are really excited about what we see both in Israel and beyond, especially in the businesses adjustment in mobile games. We're excited to share more details about the work we are doing in this area in coming quarters. With that, I will turn the call over to Craig to review the third quarter results.

Thanks, Robert, and thank you to everyone joining our call today. In Q3, we grew revenue 4% year-over-year to $635.9 million, beating a difficult comparison due to the COVID lockdowns in Q3 2020. This will be the last quarter of this phenomenon, and we anticipate year-over-year comparisons will be more typical going forward. Let's take a closer look at our results for the third quarter. Last quarter, we reiterated our full year 2021 revenue guidance of $2.6 billion. This implied a relatively flat second half, which is what we anticipated at that time. Our actual Q3 results were down 3.6% sequentially. While there were many areas of success within the quarter, a few of which Robert highlighted, there were also a few areas that impacted our results. First, we had lower than expected revenues for both Board Kings and World Series of Poker. Starting with BoardKings, we've made recent management changes, which we believe will set the business back to growth. We are also encouraged that the upcoming World Series of Poker main event, in collaboration with the World Series of Poker land-based tournaments, and upcoming product roadmap will spur growth in our WSOP game. In addition, product and platform investments that will help our growth in the future resulted in comparatively fewer new product features for Slotomania and Bingo Blitz. Let me spend some time reviewing our casual and casino-themed portfolios. Our casual portfolio continues to perform, growing 12% year-over-year and now accounting for approximately 49% of revenue as we continue to diversify and earn more revenue from our casual games. This does include approximately one month of contribution from Redecor. Solitaire Grand Harvest was our fastest growing game, increasing 45% year-over-year. For Solitaire, we launched an ambitious project in Q3, rebuilding the game on the Unity platform. By shifting the Unity, we will enable the game to scale more efficiently and position it for continued growth. The project will extend through Q2 next year and is going well. Bingo Blitz had a solid quarter, growing 15% year over year. Another strategic initiative in the quarter included a total revamping of the Bingo engine, the first step in preparing Bingo Blitz for the next decade. Looking ahead, We're working on a complete brand facelift, including refreshing the lobby, map, logo, payment page, and many other aspects of the game. Additionally, we're planning features that will enhance the social experience even further and provide our players with even more reasons to play. Finally, we saw good results from June's Journey, with this game seeing success with the launch of the collectible album in September, utilizing our Boost platform. This is a great example of how we can apply our technology and capabilities across our portfolio and highlights our potential to replicate this going forward. Turning to our casino-themed portfolio, revenues were down 4% year over year. We were highly focused on developing several campaigns, both for product and marketing. We are optimistic these campaigns will drive performance starting in Q1 2022. Starting with Slotomania, The team is working on many exciting projects that will extend through Q4 and beyond. We are very excited to announce that we have developed new localization capabilities for Slotomania that will allow us to operate the game, not just in different languages, but also from a live ops perspective. That includes local holidays and regional focus marketing. This was an ambitious project that will allow us to bring this capability to other games in our portfolio via the Boost platform. This gives us the ability to tap two new growth vectors, further expanding into markets outside the U.S. and also targeting people within the U.S. and current players for whom English is not their primary language. Additionally, we also rewrote the client from the ground up, moving Slotomania from C Sharp to JavaScript. This was the culmination of an 18-month project that will allow us to develop features more quickly and efficiently and also gives us access to a wider pool of R&D talent. For Caesar Slots, We've substantially revised the game experience with an overall rebranding and look and feel of the game. Our new theme is The Caesar's Way, which comes with a new set of features and design to give our players more control within the game, making them feel like a true Caesar. Player feedback has been overwhelmingly positive. Additionally, we launched a marketing campaign with Ty Pennington from Extreme Makeover, and this drove excellent performance with installs of the game up 94% year-over-year in Q3. These are just a few of many technological advancements, new features, and marketing campaigns we worked on in the third quarter. These updates and enhancements to our games showcases our strategy to keep our games fresh and appealing to our loyal customers that have been playing our games for many years and attracting new players that love our genre but have not yet played our games. We are proud of the work we've done and believe these investments will position Playtika for long-term growth. Let me switch topics now to marketing and user acquisition. Our effective CPIs were stable in the third quarter and game installations were strong overall. This further highlights our ability to navigate a changing landscape. We were able to manage the decline in iOS installs by moving resources from social networks to other digital advertising networks and also investing in offline activity, which has increased organic installs. We also shifted budgets towards Android. As we mentioned, we believe Plateek is well-positioned to weather changes in the user acquisition environment due to our overall diversification of UI sources, abilities in data analytics, and artificial intelligence that allows us to evaluate the performance of marketing investments very quickly and direct dollars to areas that yield the best results. Turning to our P&L, cost of goods as a percentage of revenue declined year-over-year from 29.4% to 28.2%. This shift was primarily driven by the percentage of revenue flowing through our proprietary platforms to 21.7%, up from 14.5% in the third quarter of 2020. Our proprietary platforms continue to be a strong source of margin for Platica. This strength reduced the impact to our adjusted EBITDA from lower than expected revenues in the quarter. Regarding operating expenses, our R&D, sales and marketing, and G&A We're all essentially in line with our expectations as we continue to add team members to support our future growth plans. GAAP net income was $80.5 million compared to $119.9 million in the prior year quarter. Adjusted EBITDA was $247.8 million, representing a margin of 38.9%. This compares to $261.4 million in a 42.6% margin in the third quarter of 2020. As of September 30th, we had approximately $1 billion in cash-to-cash equivalents. Following our acquisition of Reworks, we now have over $1.5 billion in available liquidity to pursue M&A and fund growth opportunities. Turning to guidance, with our continued investment in future growth this year, we are revising our full-year financial guidance to revenue of $2.57 billion and adjusted EBITDA of $980 million. We expect Q4 to be a consistent top line levels as Q3, but as we look at Q1 22, the content roadmap for our entire portfolio is stacked with a compelling set of new features. And we believe these investments will drive growth into the next year. We are highly focused on our long-term potential and are making the appropriate investments to position the company for continued organic growth in 2022 and beyond. As Robert referenced, and also from our press release earlier today, I also want to make sure that everyone knows that we're moving our analyst day to early March in New York City. We have several exciting projects underway, and combined with what we hope is an improving situation with COVID, we believe it's best to wait a few more months to meet as many people as possible in person and share our long-term vision and plans then. In summary, we had a quarter with several bright spots, exciting investments and new initiatives, and also a few challenges. When we survey our business from a high level perspective, we are confident that the roadmaps we have planned for our games and the exciting growth drivers that we've spoken to here and on prior calls will allow us to achieve strong growth over the long term. With additional product investments planned through the rest of 2021, we are confident that we'll finish the year with over 8% growth over 2020 and set us up for strong top line growth in 2022. The key differentiators that set us apart and that we believe will give us the ability to outperform or all in place and, in fact, stronger than ever. Our technology, creativity, and desire to win are core parts of Plateka's DNA that we've built over a decade working together. We remain focused on the long-term opportunity to leverage our strengths and expand our leadership in new categories and business verticals in the process. With that, we'd be happy to take your questions.

Thank you, ladies and gentlemen. To ask a question at this time, you will need to press the start and the one key on your touchtone cell phone. To withdraw your question, press the pound key. Please stand by while we compile the Q&A roster. And our first question coming from the lineup, Brian Noel with Morgan Stanley. Your line is open.

Hi, good morning, guys. It's Matt on for Brian. Thanks for taking the questions. I have two if I could. So, In terms of a guidance update, maybe you can just dig into a little bit more detail on specifically where the source of that change came from. It seems like maybe there's been a slight downtick in casinos specifically versus your expectations and how you see that playing out as you move through the end of the year and into next year. And then just secondly, there's a comment in the press release about infrastructure and product investments in 3Q. Is the level of OPEX investment that you expect to make in infrastructure and product through the end of the year, is that reflected in 3Q? Should it be sustained? Should it kind of step down as we get into 4Q? Any detail there would be very helpful. Thank you.

Hey, good morning. Thank you for the question. So I will try to answer the question. Two questions in one shot. So me as a CEO, of course, I'm looking at the current quarter and looking at the right operation. But I think we as a company, and we said it in the beginning of the year, we are focusing for long-term, focusing for investment that will help us to grow and to take our future to a better place. So yes, we had some issues this quarter, and Craig will speak about it in a minute. But I think when you look at this quarter, We did three main important stuff. The first one is, of course, we acquired RadioCore, and we did an amazing job doing this so fast, and already it's operating very well. We launched SwitchCraft six months before we even thought that we were going to launch it, and we'll speak about it, of course, later. We built an infrastructure in four of our games that will help us to grow in 2022. And the last important stuff, And this is a big surprise even for us. We're going to launch another game called Melt Story in the beginning of next year. And this is a big thing for us as a company that said in the beginning of the year that we're going to launch one game in 2022, and now we're already focusing on launching two and maybe three games next year.

Sure, Matt. Thanks for the question. So in terms of third quarter specifically, two titles we had anticipated to have growth both in board games and World Series of Poker, and we saw declines. I think the changes that we're going to make in both titles give us confidence that we can get those titles back to growth in World Series of Poker. There was a key feature that was pushed back to the fourth quarter as well. In terms of the broader portfolio, we guided the back half of the year to be flat because we saw comparatively fewer new promotions and features as a result of some of the infrastructure enhancements we were making. And so the margin for error on the features we did launch was much smaller. And when some of those features didn't resonate as well as we had hoped, that impacted the quarter. So again, we think it's more roadmap related across a specific set of titles. And that does impact our fourth quarter in that we still have some of those infrastructure investments that permeate through the fourth quarter as well. And so that's why the guidance for the fourth quarter is consistent with the third, but as we look into 22 and we look at the first quarter of next year, we're very confident in terms of driving back to growth again. In terms of your question on cost, I think if you look at the third quarter, you see cost increases year over year, primarily in R&D, as we increase both employees as well as some cost increases there, but that's already reflected in the Q3 numbers. As you roll forward to Q4, Implied in the guidance, you'll see that there's a lower EBITDA as well. Some of that is seasonal in terms of the fourth quarter with marketing spend, and some of that is also just continued increases as we increase the workforce. But $980 million is our new target for 2021 in terms of adjusted EBITDA.

Great. Thank you.

Our next question, coming from the lineup, Steven Ju with Credit Suisse. Your line is open.

Okay, thank you. So Robert or Craig, can you update us on the current M&A environment? I think there was the potential for hopefully asset prices to maybe start coming in a little bit as some of the more subscale studios run into difficulties ramping their business on the other side of IDFA deprecation. Is this indeed happening from what you can tell? And is your potential backlog of deals hopefully elongating in the aftermath? Thanks.

Sure. Thanks, David. Good question. So just in the M&A environment, you know, it continues to be competitive. I think the private markets are not fully aligned with the public markets in terms of where we continue to see valuations. So I wouldn't say that the private market valuations have been impacted by IDFA. I think some of the businesses have been impacted, and so we'll have to see when valuations come in line. As we've always said, we're focused on equity value creation, and we're going to do deals that drives equity value. for our shareholders. And so, you know, we have a very broad pipeline of opportunities, given our technology, technical capabilities, and in terms of our ability to acquire assets in a variety of different categories. I think we're really excited about what we're seeing in some of the adjacent categories within gaming. I think in terms of beyond games, there's also other exciting opportunities. So we have nothing to share at this time, but there is a lot happening within our ecosystem. And, you know, we're excited about having liquidity to go after these opportunities. I think some of the traditional game opportunities, you know, if multiples don't come in line to where we think these businesses need to be valued, then you're not going to see us, you know, do a transaction that doesn't make economic sense.

Thank you.

Our next question coming from the lineup, Drew Crumwoody from Yolanda South Bend.

Okay, thanks, guys. Good morning. I trust you've had some time to digest the ruling in the Epic Games Apple case. Can you comment on how you see the anti-steering mandate impacting your business? And then separately, Craig, maybe you can talk about the divergence in DAOs, which were down in the quarter, versus MAOs, which were up. Thanks.

So, again, This is a very interesting question because still we are waiting to see what is going to happen. We don't know. There is many speculation about here and there, but anyway, because we are a little bit different than other companies and we have our own property platform and we are ready for every scenario that can happen. Every scenario is good for us and we are ready. As we said in the call, we have 22% of our revenues running on our own property platform. We're ready to grow this platform. We're ready for any other decisions. So this time, we need to wait. Regarding now, we see that this quarter, we're growing in MAUs. We are doing many, many different campaigns. We're doing many experiences because we're launching a new game, so there is a big environment of going to the MEUs. Rather than the EUs, we are flat like last quarter. Nothing happened here. Not a big issue. And the last thing, as I always say in the calls, this is not the main focus of the company. We are not looking at this number like this is the number. we saw in the first quarter we were down in the DEU, and our revenues grew dramatically. So it doesn't affect any of our revenues, but it's a number that we are looking at and trying to understand how to bring the quality to the EU, not only the big numbers.

Okay, thanks, Robert.

Our next question, coming from the line of Batyali with UPS. Your line is open. Great. Thank you.

Can you provide an update if there was any change for the contribution from the reworks acquisition in terms of maybe revenue and EBITDA? And generally, can you talk about some of the engagement trends that you're seeing, if there is any change with the pandemic kind of like lifting up? And you mentioned that There is going to be some change in terms of board kings, and we'll go back to growth eventually. What will drive that? Thank you.

Sure. So in terms of the reworks guidance, nothing has changed in terms of what we provided in the press release, $30 million for the year, one month of that being in the first quarter and the remainder of that being in the fourth quarter. We did not provide any guidance as it relates to any EBITDA contribution from that acquisition. given its minimal. In terms of, sorry, what was the second part of the question?

Engagement.

The engagement trend. In terms of player engagement, I think what we saw in the quarter was that in games where we had investment in infrastructure and technological changes, or we had fewer comparative features and releases, you would have seen engagement levels down in terms of player engagement. But I think in general, overall, everything's normal. It wasn't anything that we'd call out. I think there was two specific games that missed our expectations, and that drove really the difference between being flat back after the year and where we guided to in terms of our revised guidance.

Regarding both things, I want to mention a few things. So we have today nine leading games in our portfolio. It gives the company, you know, more stability, more strength. And sometimes it's happening that one of the guys don't perform well, and this time it was the, in the time of bulking, not perform well. We did the management changes and we're sure that it's going to grow, it started to grow back in the beginning of the year. We are doing many changes there, technology changes, management changes. And it's happening every time it's happened to another game, and this is the life of our business. This is the life of our company. There's nothing new. The only new thing here is that we are a public company, and we are speaking about it. But it's happening all the time, and our business was always like this, very stable and growing. So we feel very secure about it.

Got it. Thank you.

Our next question coming from the line of Eric Handler with MKM Partners.

Yes, thank you very much for the call and good morning. You've seen an acceleration in your new game launch roadmap. I'm wondering if you could comment about what has changed since the time of your IPO that's allowed you to be in this situation.

Thank you for the question. So, yes, when we started the year and we became a public company, we didn't have the confidence we have today about launching a new game, and we said we're going to launch one game. During the last few months, we implemented a boot platform to our new game development, and we see huge progress by feature side, by technology side, a lot of AI activities there. So it gives us, as a company, big confidence about launching the new title and for success. So this is the main thing that's changing and I think we need to focus on this because actually this is the new thing that's changing in the company during this year because we never launched a game in the past and this year we are aiming to launch for next year, sorry, three games. So this is a big, big thing for Playtika. We are really excited about it. We see amazing performance of Switchcraft We launched it a few weeks ago. We see already things happening there. And me, as the CEO of the company, as I said in the beginning, I'm looking at the quarter, but I'm focusing on the future. And this is the important stuff that we want to say at the call. This is our main message. We are an 11-year-old company, and we did very well every year. And this year, the main thing, and the main thing that makes me excited is launching these new titles. This is the next challenge of Platica, and until now, it looks very promising.

Thank you very much.

Our next question coming from Lana Clark-Lampin with BTIG. Lana, it's open.

Thanks. Speak for me, please. Robert, I wanted to see whether you might be willing to expand on some of the comments you made at the start of the call. Those are some big verticals you highlighted between e-commerce, lifestyle, and edtech. Sounds like maybe you think there's a services model extension with Boost. I'm curious if you'd elaborate on whether I'm reading that right or maybe the goal is something completely different. Separately, Craig, I wanted to see if you could help us think about what exactly a stacked product roadmap might translate to in terms of growth. I apologize if I missed some quantification here, but if not, I'm generally curious whether you think you can get back to prior levels of organic growth in the low double-digit plus range.

Okay, thanks for the question. You know, when we went public, we spoke about going beyond games, and our first position was Ridicor. And the funny thing and the interesting thing, we just had a poll there with our players at Ridicor, and they see Ridicor as an app, not as a game. And we look at it like a half game. So we understood very fast that most of the apps in the world, we can make them look and feel like a game. Because the mechanics are very, very similar. And at the end of the day, we understand the funnel of the players. We have our tools to monetize, to make live operations exactly as a game. So I cannot tell you exactly right now what is the direction that we're going to go next year and beyond games. But I can tell you that the confidence of a buying reader call is helping us to understand that now we can go beyond this category. Because, again, there is things that are similar for everything. Segmentation, economy, life zones, scale. It's similar. It doesn't matter if it's a game or if it's an app. And again, we need to show to the market that we are performing very well because we acquired it only two months ago. And, you know, we can tell a lot of stories, but still we need to show the number. But after we show the success here, it will make Platica a different company, and it's a very big game changer for us.

Yeah, in terms of the first quarter, we didn't give specific guidance. What I would say is that the first quarter of 2021 had a very strong roadmap, and we see a very strong roadmap lined up for the first quarter of 22 as well. So I think that would be a way to put it in context. I think in terms of specific guidance for 22 and beyond, on Analyst Day in early March, we'll be providing that guidance.

Thanks a lot.

Our next question, coming from the line of Sebastian with Baird, your line is open.

Great, thanks. If you can give an update on how you're thinking about industry consolidation in terms of several mobile publishers combining with third-party mobile advertising platforms, and perhaps if you're seeing any impact from IDFA and whether your thoughts about integrating more mobile ad tech capabilities have changed versus what we were talking about around the IPO. Thanks.

Sure, thanks. So in terms of what's happening in the industry, there has been a lot of MA activity. We are focused on acquiring great content to create long-lasting franchises, and I believe that will continue to be part of the strategy. I think there's also emerging business models around games that are very interesting that we're deeply evaluating as well. So a lot happening there. I'm not going to comment specifically on ad tech. I think in terms of IDFA, as we referenced in the prepared remarks, there hasn't been an impact to our effective CPIs as a result of a lot of the things that we've done to make changes in the quarter. I'm very proud of the team for how they've navigated a changing landscape in terms of switching sources, shifting some budget to Android, leveraging our AI technology to be more efficient and get payback periods more quickly, and overall drive stronger numbers of installs. And so the team's navigated it very well, and we continue to do a great job in light of those changes.

Our next question coming from the line of Doug Chris with Cowan. Your line is open.

Hey, thanks. Can you talk a little about your UA roadmap for Switchcraft, you know, how you're spending to acquire users now? It looks like download velocity has been pretty modest since you launched it. I'm just wondering if there was a point in which you planned to kind of put your foot on the gas to try to drive more users to the title. Thanks.

Yes, thanks for the question. So, yes. SwitchCut was our first launch of a new game. And our intention is to see the numbers and the KPIs before we starting to scale the UA activities here. We launched a few weeks ago. We see very good results regarding monetization and live ops. And I think we will wait in two or three months and then we'll start to scale the business because actually now this is not the right time to acquire new users for November, December, but in the beginning of the year we're going to see a huge push of users to Switchcraft and it's going to take a huge cut to a big, big different scale. This is our intention. Of course, we need to see that nothing is changing, but if it will stay like this, in the beginning of the year we're going to see a huge push of user on the Switchcraft and this is going to take the game to another place.

Perfect, thank you.

Our next question coming from the line of Beth Shelter with Capital, your line is open. Please check your mute button. And I'm showing no further questions at this time. I will now turn the call back over to Mr. Robert Antico for any closing remarks.

So thank you, guys, for the Q&A. Thank you to be on our call. I think we said our main thing that happened the last quarter and the main thing for the future. Again, we are really excited about the changes that we did in our games. We're really excited about launching a new game. We're excited about acquiring Redecor. And as we said in the beginning of the call, we are focusing on our future, and we see a very good future for Playtika. And I'm not speaking about five years from now. I'm speaking about one or two quarters from now. So this is where we are going, and we are going to start the next year very strongly. And see you for the next call. Thank you so much.

Ladies and gentlemen, that's the conference for today. Thank you for your participation. You may now disconnect.