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Glu Reports Third Quarter 2013 Financial Results

Glu Mobile Inc. (NASDAQ:GLUU), a leading global developer and publisher of free-to-play games for smartphone and tablet devices, today announced financial results for its third quarter ended September 30, 2013.

“Our third quarter results were boosted by the exceptional early performance of Deer Hunter 2014,” stated Niccolo de Masi, Chief Executive Officer of Glu. “Deer Hunter 2014 has broken Glu daily revenue and DAU records and consistently remained in or near the top 10 on both the Apple App Store and Google Play US top grossing charts. As a result of this title’s momentum, we now expect record topline non-GAAP revenue and adjusted EBITDA profitability in Q4.”

De Masi continued, “In December we expect to launch Eternity Warriors 3, a sequel of one of Glu’s most successful franchises to date. The combination of upcoming title launches, Deer Hunter 2014’s momentum, and a strengthened balance sheet position us well for 2014.”

Third Quarter 2013 Financial Highlights:

All financial information in this press release reflects the recognition on a gross basis of smartphone revenues attributable to sales to end customers through third party digital storefronts.

  • Revenues: Total GAAP revenues were $21.7 million in the third quarter of 2013 compared to $26.1 million in the third quarter of 2012. Total non-GAAP revenues were $22.6 million in the third quarter of 2013 compared to $25.9 million in the third quarter of 2012. Non-GAAP revenues exclude changes in deferred revenues.
  • Gross Margin: GAAP gross margin was 59% in the third quarter of 2013 compared to 69% in the third quarter of 2012. Non-GAAP gross margin was 66% in the third quarter of 2013 compared to 73% in the third quarter of 2012. Non-GAAP gross margin excludes changes in deferred revenues and cost of revenues, amortization of intangible assets and non-cash warrant expense.
  • GAAP Operating Loss: GAAP operating loss was $(7.8) million in the third quarter of 2013 compared to a $(4.2) million loss in the third quarter of 2012.
  • Non-GAAP Operating Loss: Non-GAAP operating loss was $(4.8) million in the third quarter of 2013 compared to a loss of $(2.7) million during the third quarter of 2012. Non-GAAP operating loss excludes changes in deferred revenues and deferred cost of revenues, amortization of intangible assets, non-cash warrant expense, stock-based compensation expense, restructuring charges, change in fair value of the Blammo earnout, transitional costs and impairment of goodwill.
  • Adjusted EBITDA: Adjusted EBITDA was a $(4.1) million loss for the third quarter of 2013 compared to a $(2.1) million loss during the third quarter of 2012. Adjusted EBITDA is defined as non-GAAP operating income/(loss) less depreciation.
  • GAAP Net Loss and EPS: GAAP net loss was $(8.0) million for the third quarter of 2013 compared to a loss of $(3.6) million for the third quarter of 2012. GAAP EPS was a loss of $(0.11) for the third quarter of 2013, based on 71.5 million weighted-average basic shares outstanding, compared to a loss of $(0.06) for the third quarter of 2012, based on 64.6 million weighted-average basic shares outstanding.
  • Non-GAAP Net Loss and EPS: Non-GAAP net loss was $(4.7) million for the third quarter of 2013 compared to a loss of $(1.6) million for the third quarter of 2012. Non-GAAP EPS was a loss of $(0.07) for the third quarter of 2013 based on 71.5 million weighted-average basic shares outstanding, compared to a loss of $(0.03) for the third quarter of 2012 based on 64.6 million weighted-average basic shares outstanding.
  • Cash Flows Used in Operations: Cash flows used in operations were $(5.9) million for the third quarter of 2013 compared to cash flows used in operations of $(2.6) million for the third quarter of 2012.

A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

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