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Glu Mobile's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: GLUU

I am pleased to report that in Q2 2012 we delivered $24.2 million of total non-GAAP revenue, and $20.4 million of non-GAAP smart phone revenue, well ahead of expectations. Smart phone revenue growth was 111% over the same period last year, and 17% quarter-on-quarter. Smart phone revenues made up 85% of total non-GAAP revenues in Q2, compared to 54% last year.

During Q2, we continued to invest in the future growth of our business. We were considerably favorable to adjusted EBITDA guidance due to our strength in smart phone revenue and favorable gross margin expansion.

Underpinning these strong results were Deer Hunter Reloaded and Little Kingdom, both from our Griptonite studio that we acquired last August. Deer Hunter Reloaded peaked at number six top grossing and number one top free in the iOS store. Little Kingdom was our first title to launch with seven languages supported in addition to English.

Our acquisition of the Deer Hunter brand allowed us to save over $1.4 million in royalties. We would have otherwise have owed in the quarter. This morning, we consummated a tuck-in technology infrastructure acquisition in the form of GameSpy Technologies, formerly a subsidiary of News Corp’s IGN division.

GameSpy brings a 10 plus year track record providing cross-platform, online, and database services to many of the gaming industry’s largest players.

Glu issued 600,000 shares worth under $3 million at today’s closing for an asset which IGN originally acquired for tens of millions. GameSpy brings Glu a team and technology with which to enhance long-term lifetime value through incorporating robust social functionality, synchronous multiplayer, and asynchronous player versus player mechanics.

Glu has been working with GameSpy operationally since Gun Brothers multiplayer and Death Match went live on Android earlier this year. We’ve continued and expanded the relationship since and are incorporating GameSpy technology in many of our H-2 releases.

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