Snail, Inc. Announces Third Quarter 2022 Financial Results
CULVER CITY, Calif., Dec. 15, 2022 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, today announced third quarter 2022 financial results for the quarter ended September 30, 2022. These results reflect activities of Snail Games USA Inc. as well as its subsidiaries.
Jim Tsai, Chief Executive Officer of Snail, commented: “We are thrilled to share our first earnings report as a public company. Our access to capital markets will support our goal to create immersive gaming experiences. We look forward to continuing to execute against our product roadmap and provide high-end entertainment experiences for consumers around the world.”
The Third Quarter 2022, and the Subsequent Business Highlights
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Survival Evolved in the ARK. For the three-month period ending September 30, 20,22 ARK: Survival Evolved averaged a total of 328,583 daily active users (“DAUs”) versus 221,336 DAUs in the prior year period.
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Growth in new installations for the third quarter 2022 was 4.4x higher than that of the third quarter 2021, 6.4M vs. 1,2M, respectively. Growth is largely due to Epic Games’ Free Week.
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The third quarter 2022 saw a decrease in units sold compared to last year’s. It was 1.1 million vs. the 1.2M. Included in the units sold are DLCs and games.
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The total amount of playtime is 2.9 billion hours through September 30, 2022.
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IPO. On November 9, 2022, the Company completed its initial public offering (“IPO”), in which it issued and sold 3,000,000 shares of Class A common stock at a public offering price of $5.00 per share for gross proceeds to the Company of approximately $15.0 million. The IPO was simultaneously completed by Snail Games USA stockholders who exchanged 500,000 shares for 6,251,420 Class A shares and 28,748,580 Class B shares of Snail, Inc. common stock.
-
Program for Share Repurchase. On November 10, 2022, the Company’s board of directors approved and established a new share repurchase program (the “Share Repurchase Program”) to reacquire shares of Snail, Inc.’s Class A common stock. The Share Repurchase program has no expiration date and cannot have a maximum aggregate of more than $5.0 million in shares. The CEO, Treasurer, and CFO can determine the exact number of shares and the method of repurchase. On December 13, 2022 1,090.877 shares of Class A stock were repurchased through the Share Repurchase program. The average share price was $2.98.
Financial Highlights for the Third Quarter of 2022
-
The decrease in revenue from $24.4 million to $15.6 millions in the third quarter 2022 was primarily responsible for the 36.1% drop in revenue ARK Sold units ARK The game’s age, and normalized sales in 2022 after its initial release, led to a decrease of $8.5 million in related revenues. Genesis II In June 2021. $3.3 million of the $8.5million decrease was due to one-off payments and revenue from previous contract payments. ARK Revenue, reduced sales ARK And ARK Mobile is responsible for the $5.2 Million decrease.
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The third quarter of 2022 saw a net loss of $1.5 million, compared with a net income of $3.8million in the previous year. This was due to the lower sales. ARKStatic licensing fees and higher general and administrative cost.
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The three-month period ending September 30, 2022 saw bookings drop by $6.9million, or 37.9% to $11.3million, compared with the previous year. This is primarily due to a decrease in demand for hotels. ARK-related revenues.
-
EBITDA in the third quarter 2022 was $1.5 million lower than the $4.6 million gain for the previous year.
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Cash stood at $9.0million as of September 30, 2022. This cash balance does in fact not reflect the $12.0 million net proceeds of the IPO on November 9, 2022.
Heidy Chow, Chief Financial Officer of Snail stated: “We are pleased with the continued engagement in our ARK A series of games. We remind investors that our brand is committed to long-term growth and investing in it. This includes focusing our attention on the upcoming release ARK 2, launching additional products, and implementing initiatives that enhance our product suite and improve our speed to market.”
Non-GAAP Financial Instruments
Snail believes Bookings (a non-GAAP measure) are valuable in evaluating the company’s operating performance. EBITDA, Bookings, and other non-GAAP financial metrics are not intended to be used as indicators of operating results. Snail supplements Bookings and EBITDA as they are critical operating measures that management uses to evaluate financial performance. Bookings adjusts for deferrals, and Snail believes it provides an indicator of sales volume in a given period. EBITDA adjusts items that Snail believes don’t reflect its ongoing operating performance. This includes items that aren’t cash items or those that change between periods without having any material impact on its operating results. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail’s operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments.
Bookings are the net sales of digital or physical products and services during the period. Bookings excludes deferred revenue. Below is a reconciliation for total net revenue to Bookings. This is the closest GAAP financial indicator.
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Three Months End |
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Nine months of work completed |
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2022 |
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2021 |
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2022 |
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2021 |
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(in millions) |
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(in millions) |
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Total net revenue |
$ |
15.6 |
|
$ |
24.4 |
|
|
$ |
59.1 |
|
$ |
83.2 |
|
|
Change in deferred net revenue |
|
(4.3 |
) |
|
(6.2 |
) |
|
|
(7.3 |
) |
|
(11.4 |
) |
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Book Bookings |
$ |
11.3 |
|
$ |
18.2 |
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|
$ |
51.8 |
|
$ |
71.8 |
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We define EBITDA as net income (loss) before (i) interest expense, (ii) interest income, (iii) income tax provision (benefit) and (iv) depreciation and amortization expense. The following table shows a reconciliation between net income (loss), and EBITDA.
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Three Months End |
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Nine Months End |
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2022 |
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2021 |
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2022 |
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2021 |
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(in millions) |
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(in millions) |
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Net income (loss) |
$ |
(1.5 |
) |
$ |
3.8 |
|
|
$ |
3.2 |
|
$ |
17.0 |
|
|
Interest income and interest income related parties |
|
– |
|
|
(0.4 |
) |
|
|
(0.6 |
) |
|
(1.1 |
) |
|
Interest expense and interest expense-related parties |
|
0.3 |
|
|
0.1 |
|
|
|
0.6 |
|
|
0.3 |
|
|
Income tax provision (benefit) |
|
(0.4 |
) |
|
0.9 |
|
|
|
0.8 |
|
|
4.2 |
|
|
Amortization expense and depreciation |
|
0.1 |
|
|
0.2 |
|
|
|
0.4 |
|
|
0.6 |
|
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EBITDA |
$ |
(1.5 |
) |
$ |
4.6 |
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|
$ |
4.4 |
|
$ |
21.0 |
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Webcast Details
To discuss the third quarter 2022 financial results, the Company will host a webcast today at 5:00 PM ET. Participants may access the live webcast and replay on the Company’s investor relations website at https://investor.snail.com/. You can also access the earnings call by dialing 1(877) 451-6152 in the United States or 1 (201) 389 0879 internationally
About Snail, Inc.
Snail, a global independent developer and publisher, is a leader in interactive digital entertainment. It offers a range of premium games for a variety platforms, including mobile and PCs.
Contacts:
Investors:
Forward-Looking Statements
Forward-looking statements can be found in this press release. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. Forward-looking statements are made by Snail regarding the following topics: growth prospects, strategies, launching new games, additional functionality to existing games, and competition from companies within a variety of industries including, but not limited to, Microsoft Xbox Live and Game Pass, Steam, Epic Games Stores, Google Stadia and Amazon Appstores. They also include information about Snail’s ability to attract and keep qualified management teams and other team members, as well as costs associated with intellectual property infringement, costs associated with protecting its brand and its plans for repurchases and how they will be done under the Share Repurchases, expectations of the program, and the program, and the timing and method of repurchases.
Further information on risks, uncertainties and other factors that could affect Snail’s financial results are included in its filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its Quarterly Report on Form 10-Q and other periodic reports on Forms 10-K and 10-Q filed or to be filed with the SEC. These forward-looking statement should not be relied on as actual outcomes or results could differ materially as a result. All forward-looking statements in this press release are based on management’s beliefs and assumptions and on information currently available to Snail, and Snail does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
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Snail Games USA Inc., and Subsidiaries |
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September 30, 2022 |
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December 31, 2021 |
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ASSETS |
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Current Assets |
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||||
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Cash |
$ |
9,044,666 |
|
|
$ |
10,164,338 |
|
|
Accounts receivable net of allowances to doubtful accounts of $19 929 and $31,525, respective |
|
4,596,313 |
|
|
|
12,244,785 |
|
|
Accounts receivable, related party, net |
|
12,239,430 |
|
|
|
8,435,823 |
|
|
Related party – Loan and interest receivable |
|
101,249 |
|
|
|
203,408 |
|
|
Prepaid expenses – related party net of long-term portion |
|
1,500,000 |
|
|
|
3,145,000 |
|
|
Prepaid expenses and other assets |
|
11,704,897 |
|
|
|
11,017,007 |
|
|
Total assets |
|
39,186,555 |
|
|
|
45,210,361 |
|
|
|
|
|
|
||||
|
Restricted cash or cash equivalents |
|
6,368,016 |
|
|
|
6,389,777 |
|
|
Prepaid expenses – Related party |
|
6,520,000 |
|
|
|
– |
|
|
Net property, plant, and equipment |
|
5,245,271 |
|
|
|
5,678,701 |
|
|
Intangible assets, net-license – related parties |
|
3,235,038 |
|
|
|
8,787,976 |
|
|
License for intangible assets and net |
|
– |
|
|
|
250,000 |
|
|
Intangible assets net – Other |
|
275,600 |
|
|
|
277,148 |
|
|
Deferred income tax |
|
8,191,051 |
|
|
|
8,191,051 |
|
|
Other assets not currently in use |
|
194,032 |
|
|
|
199,919 |
|
|
Net operating lease rights-of-use assets |
|
3,887,326 |
|
|
|
5,100,912 |
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Total assets |
$ |
73,102,889 |
|
|
$ |
80,085,845 |
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LIABILITIES, NONCONTROLLING INTERRESTS AND EQUITY |
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||||
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Current Liabilities |
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|
|
||||
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Accounts payable |
$ |
6,765,934 |
|
|
$ |
3,871,510 |
|
|
Accounts payable – Related Party |
|
22,330,781 |
|
|
|
23,733,572 |
|
|
Other liabilities and accrued costs |
|
2,375,610 |
|
|
|
2,975,475 |
|
|
Loan payable to related parties |
|
– |
|
|
|
400,000 |
|
|
Interest payable to related parties |
|
527,770 |
|
|
|
528,439 |
|
|
Revolving loan |
|
9,000,000 |
|
|
|
9,000,000 |
|
|
Note for short term |
|
6,666,667 |
|
|
|
– |
|
|
Notes payable |
|
– |
|
|
|
216,329 |
|
|
Current portion of long-term credit |
|
79,425 |
|
|
|
77,348 |
|
|
Current portion deferred revenue |
|
3,934,693 |
|
|
|
11,005,517 |
|
|
Current portion of operating lease liabilities |
|
1,339,172 |
|
|
|
1,688,965 |
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|
Total current liabilities |
|
53,020,053 |
|
|
|
53,497,155 |
|
|
|
|
|
|
||||
|
Accrued expenses |
|
454,438 |
|
|
|
– |
|
|
Net of the current portion, long-term debt |
|
2,825,390 |
|
|
|
2,885,434 |
|
|
Deferred revenue, net current portion |
|
9,048,505 |
|
|
|
9,275,417 |
|
|
Net of the current portion, operating lease liabilities |
|
3,285,679 |
|
|
|
4,375,786 |
|
|
Total liabilities |
|
68,634,064 |
|
|
|
70,033,792 |
|
|
|
|
|
|
||||
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Contingencies and commitments |
|
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|
||||
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|
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Equity: |
|
|
|
||||
|
Common stock, $0.01 Par Value, 1,000,000 shares approved, 500,000 shares issued, and outstanding |
|
5,000 |
|
|
|
5,000 |
|
|
Additional paid in capital |
|
12,881,055 |
|
|
|
94,159,167 |
|
|
Due to shareholder – loan receivable |
|
– |
|
|
|
(91,388,176 |
) |
|
Shareholder – Interest |
|
– |
|
|
|
(2,965,346 |
) |
|
Other comprehensive loss |
|
(343,277 |
) |
|
|
(266,557 |
) |
|
Retained earnings (accumulated surplus) |
|
(2,593,035 |
) |
|
|
16,045,231 |
|
|
Total Snail Games USA Inc. equity |
|
9,949,743 |
|
|
|
15,589,319 |
|
|
Noncontrolling Interests |
|
(5,480,918 |
) |
|
|
(5,537,266 |
) |
|
Total equity |
|
4,468,825 |
|
|
|
10,052,053 |
|
|
Total liabilities, equity and non-controlling interests |
$ |
73,102,889 |
|
|
$ |
80,085,845 |
|
|
|
|
|
|
||||
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Snail Games USA Inc., and Subsidiaries |
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|
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|
For the |
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For the |
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Three Months End |
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Nine Months End |
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|
|
|
2022 |
|
|
|
2021 |
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|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
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||||||||
|
Net Revenues |
$ |
15,614,171 |
|
|
$ |
24,361,019 |
|
|
$ |
59,132,284 |
|
|
$ |
83,200,198 |
|
|
Revenues cost |
|
11,468,961 |
|
|
|
15,478,327 |
|
|
|
37,744,863 |
|
|
|
48,381,061 |
|
|
Gross profit |
|
4,145,210 |
|
|
|
8,882,692 |
|
|
|
21,387,421 |
|
|
|
34,819,137 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
|
General and Administrative |
|
5,434,013 |
|
|
|
3,997,917 |
|
|
|
16,177,534 |
|
|
|
13,053,478 |
|
|
Research and Development |
|
116,624 |
|
|
|
216,798 |
|
|
|
479,630 |
|
|
|
588,207 |
|
|
Advertising and Marketing |
|
198,417 |
|
|
|
148,752 |
|
|
|
569,127 |
|
|
|
265,812 |
|
|
Amortization and depreciation |
|
128,536 |
|
|
|
208,896 |
|
|
|
435,644 |
|
|
|
638,659 |
|
|
Operating expenses |
|
5,877,590 |
|
|
|
4,572,363 |
|
|
|
17,661,935 |
|
|
|
14,546,156 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operation-related income (loss) |
|
(1,732,380 |
) |
|
|
4,310,329 |
|
|
|
3,725,486 |
|
|
|
20,272,981 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Other income (expenses). |
|
|
|
|
|
|
|
||||||||
|
Interest income |
|
12,712 |
|
|
|
21,230 |
|
|
|
45,789 |
|
|
|
71,857 |
|
|
Interest income – related parties |
|
505 |
|
|
|
420,164 |
|
|
|
582,128 |
|
|
|
1,128,397 |
|
|
Interest expense |
|
(261,070 |
) |
|
|
(114,447 |
) |
|
|
(613,338 |
) |
|
|
(304,918 |
) |
|
Interest expense – related parties |
|
– |
|
|
|
(2,016 |
) |
|
|
(3,222 |
) |
|
|
(5,983 |
) |
|
Other income |
|
19,500 |
|
|
|
31,247 |
|
|
|
319,153 |
|
|
|
482,790 |
|
|
Gain (or loss) in foreign currency transactions |
|
16,169 |
|
|
|
(15,987 |
) |
|
|
21,679 |
|
|
|
(80,755 |
) |
|
Equity in the loss of an unconsolidated entity |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(314,515 |
) |
|
Total other income (expense), net |
|
(212,184 |
) |
|
|
340,191 |
|
|
|
352,189 |
|
|
|
976,873 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income (loss), before income taxes |
|
(1,944,564 |
) |
|
|
4,650,520 |
|
|
|
4,077,675 |
|
|
|
21,249,854 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income tax provision (benefit) |
|
(398,998 |
) |
|
|
891,538 |
|
|
|
803,305 |
|
|
|
4,214,245 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income (loss) |
|
(1,545,566 |
) |
|
|
3,758,982 |
|
|
|
3,274,370 |
|
|
|
17,035,609 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Non-controlling interest is responsible for net loss |
|
(6,828 |
) |
|
|
(125,881 |
) |
|
|
56,348 |
|
|
|
(489,499 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Snail Games USA Inc. |
|
(1,538,738 |
) |
|
|
3,884,863 |
|
|
|
3,218,022 |
|
|
|
17,525,108 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Comprehensive income statement: |
|
|
|
|
|
|
|
||||||||
|
Other comprehensive income (loss) |
|
5,682 |
|
|
|
382,088 |
|
|
|
(76,720 |
) |
|
|
421,048 |
|
|
Total other comprehensive income (loss). |
$ |
(1,533,056 |
) |
|
$ |
4,266,951 |
|
|
$ |
3,141,302 |
|
|
$ |
17,946,156 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Snail Games USA Inc., and Subsidiaries |
|||||||
|
|
|
|
|
||||
|
Nine Months Ended September 30 |
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
||||
|
Cash flows from operations: |
|
|
|
||||
|
Net income |
$ |
3,274,370 |
|
|
$ |
17,035,609 |
|
|
Operative activities provide adjustments to reconcile net income and net cash. |
|
|
|
||||
|
Amortization – intangible assets – License |
|
250,000 |
|
|
|
450,000 |
|
|
Amortization – intangible assets. License, related parties |
|
5,552,938 |
|
|
|
10,675,193 |
|
|
Amortization – intangible assets – other |
|
672 |
|
|
|
6,149 |
|
|
Amortization – Loan origination fees |
|
19,149 |
|
|
|
22,388 |
|
|
Property and equipment: Depreciation, amortization |
|
435,644 |
|
|
|
638,659 |
|
|
Lease terminations: Gain |
|
(122,533 |
) |
|
|
– |
|
|
Get a paycheck protection program or an economic injury catastrophe loan forgiveness |
|
(174,436 |
) |
|
|
(392,200 |
) |
|
Dispose of fixed assets and get a return |
|
(17,067 |
) |
|
|
– |
|
|
Interest income from a shareholder loan |
|
(580,878 |
) |
|
|
(1,074,881 |
) |
|
Deferred taxes |
|
– |
|
|
|
2,682 |
|
|
Reduced non-controlling interest – dissolution |
|
– |
|
|
|
39,340 |
|
|
|
|
|
|
|
|
|
|
|
Asset and liability changes: |
|
|
|
|
|
|
|
|
Receivables |
|
7,648,432 |
|
|
|
5,049,456 |
|
|
Accounts receivable – related party |
|
(3,803,606 |
) |
|
|
2,542,956 |
|
|
Prepaid expenses – Related party |
|
(4,875,000 |
) |
|
|
– |
|
|
Prepaid expenses and other assets |
|
(2,232,406 |
) |
|
|
(5,689,750 |
) |
|
Other assets |
|
(15,228 |
) |
|
|
241,422 |
|
|
Accounts payable |
|
2,905,024 |
|
|
|
(390,331 |
) |
|
Accounts payable – Related Party |
|
(1,402,791 |
) |
|
|
311,024 |
|
|
Accrued expenses |
|
(127,993 |
) |
|
|
700,163 |
|
|
Interest payable to related parties |
|
1,490 |
|
|
|
5,983 |
|
|
Lease liabilities |
|
(103,782 |
) |
|
|
(130,090 |
) |
|
Deferred revenue |
|
(7,297,736 |
) |
|
|
(11,389,985 |
) |
|
Operating activities generate net cash. |
|
(665,737 |
) |
|
|
18,653,787 |
|
|
|
|
|
|
||||
|
Cash flows from investing activities |
|
|
|
||||
|
A loan provided to a related party |
|
– |
|
|
|
(24,506,321 |
) |
|
Repayment of loan granted by another party |
|
(300,000 |
) |
|
|
– |
|
|
Acquisition of license rights – related party |
|
– |
|
|
|
(5,000,000 |
) |
|
Equipment and property purchases |
|
(5,256 |
) |
|
|
(3,403 |
) |
|
Proceeds from the sale of equipment and property |
|
19,500 |
|
|
|
– |
|
|
Repayment of Pound Sand Note |
|
1,496,063 |
|
|
|
– |
|
|
Investment at cost |
|
– |
|
|
|
(895 |
) |
|
Net cash from (used in) investment activities |
|
1,210,307 |
|
|
|
(29,510,619 |
) |
|
|
|
|
|
||||
|
Cash flows from financing activities |
|
|
|
||||
|
Repayments of long-term debt |
|
(57,967 |
) |
|
|
(6,731,666 |
) |
|
Repayments of short-term notes |
|
(3,333,333 |
) |
|
|
– |
|
|
Long-term borrowings |
|
– |
|
|
|
2,904,815 |
|
|
Borrowing on short-term notes |
|
10,000,000 |
|
|
|
– |
|
|
Payroll protection program payments and an economic injury loan |
|
(90,198 |
) |
|
|
– |
|
|
Refund of the payments for the economic injury loan and paycheck protection program |
|
48,305 |
|
|
|
– |
|
|
Revolving loan borrowers |
|
– |
|
|
|
6,500,000 |
|
|
Cash dividend declared, paid |
|
(8,200,000 |
) |
|
|
– |
|
|
Financing activities provide net cash (used in). |
|
(1,633,193 |
) |
|
|
2,673,149 |
|
|
|
|
|
|
||||
|
Cash and cash equivalents: Effect of currency translation |
|
(52,810 |
) |
|
|
380,403 |
|
|
|
|
|
|
||||
|
Cash equivalents and cash substitutes, net decrease in cash |
|
(1,141,433 |
) |
|
|
(7,803,280 |
) |
|
|
|
|
|
||||
|
Cash, restricted cash, cash equivalents and cash equivalents – beginning of period |
|
16,554,115 |
|
|
|
33,902,707 |
|
|
|
|
|
|
||||
|
End of period cash, cash equivalents and restricted cash |
$ |
15,412,682 |
|
|
$ |
26,099,427 |
|
|
|
|
|
|
||||
|
Additional disclosures regarding cash flow information |
|
|
|
||||
|
Cash was paid for the following: |
|
|
|
||||
|
Interest |
$ |
594,189 |
|
|
$ |
105,577 |
|
|
Income taxes |
$ |
831,400 |
|
|
$ |
3,300,000 |
|
|
Noncash transactions are allowed during the following: |
|
|
|
||||
|
Loan and interest payments – Related parties |
$ |
103,890 |
|
|
$ |
– |
|
|
Related parties: Loan and interest receivable |
$ |
(103,890 |
) |
|
$ |
– |
|
|
Shareholders can borrow and pay interest |
$ |
94,934,400 |
|
|
$ |
– |
|
|
Dividend distribution |
$ |
(94,934,400 |
) |
|
$ |
– |
|
|
Noncash financing activities in the following period: |
|
|
|
||||
|
Get a paycheck protection program or an economic injury catastrophe loan forgiveness |
$ |
(174,436 |
) |
|
$ |
(392,200 |
) |
|
|
|
|
|
||||
