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SKLZ Skillz

Skillz is the leading mobile games platform that connects players around the world in fair, fun, and meaningful competition. The Skillz platform helps developers build multi-million dollar franchises by enabling social competition in their games. Leveraging its patented technology, Skillz hosts billions of casual esports tournaments for millions of mobile players worldwide, and distributes millions in prizes each month. Skillz has earned recognition as one of Fast Company's Most Innovative Companies, CNBC's Disruptor 50, Forbes' Next Billion-Dollar Startups, and the #1 fastest-growing company in America on the Inc. 5000.

Company profile

Ticker
SKLZ
Exchange
Website
CEO
Harry Evans Sloan
Employees
Incorporated
Location
Fiscal year end
Former names
Flying Eagle Acquisition Corp.
SEC CIK
Subsidiaries
Skillz Platform Inc. ...
IRS number
844478274

SKLZ stock data

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Calendar

9 Aug 21
20 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Skillz earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 695.7M 695.7M 695.7M 695.7M 695.7M 695.7M
Cash burn (monthly) (positive/no burn) (positive/no burn) 26.51M 16.74M 8.61M 9.33M
Cash used (since last report) n/a n/a 98.17M 62M 31.89M 34.53M
Cash remaining n/a n/a 597.53M 633.7M 663.81M 661.17M
Runway (months of cash) n/a n/a 22.5 37.9 77.1 70.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
14 Sep 21 Andrew Paradise CEO Performance Stock Unit Class A common stock Grant Acquire A No No 0 16,119,540 0 16,119,540
19 Aug 21 Miriam Aguirre Class A common stock Sell Dispose S No No 10.344 439,431 4.55M 1,546,242
19 Aug 21 Miriam Aguirre Class A common stock Option exercise Acquire M No No 1.325 170,091 225.37K 1,985,673
19 Aug 21 Miriam Aguirre Class A common stock Option exercise Acquire M No No 1.325 159,455 211.28K 1,815,582
19 Aug 21 Miriam Aguirre Class A common stock Option exercise Acquire M No No 1.325 439,431 582.25K 1,656,127
19 Aug 21 Miriam Aguirre Class A common stock Option exercise Acquire M No No 1.325 138,956 184.12K 1,216,696
19 Aug 21 Miriam Aguirre Stock Option Class A common stock Option exercise Dispose M No No 1.325 170,091 225.37K 1,140,552
19 Aug 21 Miriam Aguirre Stock Option Class A common stock Option exercise Dispose M No No 1.325 159,455 211.28K 0
19 Aug 21 Miriam Aguirre Stock Option Class A common stock Option exercise Dispose M No No 1.325 439,431 582.25K 159,455
19 Aug 21 Miriam Aguirre Stock Option Class A common stock Option exercise Dispose M No No 1.325 138,956 184.12K 598,886

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

73.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 233 198 +17.7%
Opened positions 93 124 -25.0%
Closed positions 58 38 +52.6%
Increased positions 64 30 +113.3%
Reduced positions 37 28 +32.1%
13F shares
Current Prev Q Change
Total value 4.69B 3.31B +41.6%
Total shares 244.58M 212.74M +15.0%
Total puts 11.09M 7.14M +55.4%
Total calls 8.87M 2.6M +241.2%
Total put/call ratio 1.3 2.7 -54.4%
Largest owners
Shares Value Change
MS Morgan Stanley 32.74M $711.1M -3.1%
ARK Investment Management 24.6M $534.4M +309.2%
Atlas Venture Fund IX 23.28M $0 0.0%
Atlas Venture Associates IX 22.91M $497.6M -0.2%
Wildcat Capital Management 21.27M $461.89M 0.0%
WestCapSkillz 2020-A 15.3M $0 0.0%
T Ventures Management 13.8M $299.82M -10.7%
Vanguard 11.49M $249.58M -41.5%
BLK Blackrock 10.79M $234.39M +149.9%
Allianz Asset Management GmbH 6.22M $135.15M +57128.4%
Largest transactions
Shares Bought/sold Change
ARK Investment Management 24.6M +18.59M +309.2%
Vanguard 11.49M -8.16M -41.5%
BLK Blackrock 10.79M +6.47M +149.9%
Allianz Asset Management GmbH 6.22M +6.21M +57128.4%
CMTDF Sumitomo Mitsui Trust 6.15M +6.15M NEW
Nikko Asset Management Americas 6.14M +6.14M NEW
FMR 31.61K -3.97M -99.2%
STT State Street 4M +3.88M +3092.8%
Voloridge Investment Management 0 -3.39M EXIT
GS Goldman Sachs 2.31M +2.29M +10060.7%

Financial report summary

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Risks
  • The COVID-19 pandemic could materially adversely affect our business, financial condition and results of operations.
  • Competition within the broader entertainment industry is intense and our existing and potential users may be attracted to competing forms of entertainment such as television, movies and sporting events, as well as other entertainment and gaming options on the Internet. If our platform and games available through our platform do not maintain or increase their popularity, our business, financial condition, results of operations and prospects would be materially adversely affected.
  • We rely on our third-party developer partners to develop and update all of the games featured on our platform. The decision of developers to remove the Skillz Software Development Kit, or “SDKs” from their games or changes in the terms of our commercial relationships with third-party developers could adversely impact our financial condition and results of operations and prospects. In addition, the failure of developers to provide timely and reliable updates to their games could adversely impact our financial condition and results of operations and prospects.
  • A limited number of games historically have accounted for a substantial portion of our revenue. If these games were to become less popular or be removed from our platform and we are unable to identify and market suitable replacements, our business and prospects could suffer.
  • Maintaining and enhancing our brand and reputation is critical to our business prospects. Failure to grow our brand and reputation could harm our business, financial condition and results of operations.
  • If users engage in criminal, inappropriate or fraudulent activities that seek to exploit our platform and users, our ability to attract and retain developers and users may be harmed, which could have an adverse impact on our reputation, business, financial condition and operating results.
  • We primarily rely, and expect to continue to rely, on Amazon Web Services (“AWS”) to deliver our offerings to users on our platform and any failure, disruption of or interference with our use of AWS could adversely affect our business, financial condition, results of operations and prospects.
  • Our use of third-party open source software could negatively affect our ability to offer our products and services through our platform and subject us to possible litigation.
  • Economic downturns and political and market conditions beyond our control could adversely affect our business, financial condition, results of operations and prospects.
  • Our business model depends upon the continued compatibility between the games featured on our platform and major mobile gaming operating systems and upon third-party platforms for the distribution of such games. If such third parties interfere with the distribution of our products or offerings, our business, financial condition, results of operations and prospects would be adversely affected.
  • We rely on information technology and other systems and platforms, and any failures, errors, defects or disruptions in our or our vendors’ or other partners’ systems or platforms could diminish our brand and reputation, subject us to liability, disrupt our business, affect our ability to scale our technical infrastructure and adversely affect our business, financial condition, operating results and growth prospects.
  • Our business is subject to a variety of U.S. and foreign laws, many of which are unsettled and still developing and which could subject us to claims or otherwise harm our business, financial condition, results of operations and growth prospects. Any change in existing regulations or their interpretation, or the regulatory climate applicable to our platform and services, or changes in tax rules and regulations or interpretation thereof related to our platform and services, could adversely impact our ability to operate our business as currently conducted or as we seek to operate in the future, which could have a material adverse effect on our business, financial condition, results of operations and growth prospects.
  • Existing and future laws that permit skill-based gaming may be accompanied in the future by regulatory and/or licensing requirements, which could have a material adverse effect on our business, financial condition, results of operations, growth prospects and reputation.
  • The success of gaming products depends on a variety of factors and is not completely controlled by us.
  • We rely on other third-party service providers and if such third parties do not perform adequately or terminate their relationships with us, our costs may increase and our business, financial condition and results of operations could be adversely affected.
  • We rely on third-party providers to validate the identity and identify the location of end-users, and if such providers fail to perform adequately or fail to provide accurate information, or if we do not maintain business relationships with them, our business, financial condition, results of operations and prospects could be adversely affected.
  • Our growth prospects and market potential will depend on our ability to operate in a number of jurisdictions and if we fail to do so our business, financial condition, results of operations and prospects could be impaired.
  • Negative events or negative media coverage relating to, or a declining popularity of, gaming in particular, or other negative coverage may adversely impact our ability to retain or attract users, which could have an adverse impact on our business, financial condition, results of operations and prospects.
  • We may have difficulty accessing the services of banks, credit card issuers and payment processing services providers, which may make it difficult to sell our products and services.
  • Our results of operations may fluctuate due to seasonality and other factors and, therefore, our periodic operating results will not be guarantees of future performance.
  • We may invest in or acquire other businesses, and our business may suffer if we are unable to successfully integrate acquired businesses into our company or otherwise manage the growth associated with multiple acquisitions.
  • If we fail to detect fraud or theft, including by end-users and employees, our reputation may suffer, which could harm our brand and reputation and negatively impact our business, financial condition and results of operations and can subject us to investigations and litigation.
  • Despite our security measures, our information technology and infrastructure may be vulnerable to attacks by hackers or breached due to employee error, malfeasance or other disruptions. Any such breach could compromise our networks and the information stored there could be accessed, publicly disclosed, lost or stolen. Any such access, disclosure or other loss of information could result in legal claims or proceedings, liability under laws that protect the privacy of personal information, and regulatory penalties, disruption of our operations and the services we provide to users, damage to our reputation, and a loss of confidence in our products and services, which could adversely affect our business, financial condition, results of operations, prospects or reputation.
  • We are subject to laws and regulations concerning privacy, information security, data protection, consumer protection and protection of minors, and these laws and regulations are continually evolving. Our actual or perceived failure to comply with these laws and regulations could harm our business, financial condition, results of operations, reputation or prospects.
  • Failure to obtain, maintain, protect or enforce our intellectual property rights could harm our business, results of operations, financial condition and prospects.
  • We have incurred losses since inception. We may not achieve profitability in the near future, depending on company strategic priorities.
  • We rely on assumptions and estimates to calculate certain of our key metrics, and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business.
  • Our workforce and operations have grown substantially since our inception and we expect that they will continue to do so. If we are unable to effectively manage that growth, our financial performance and future prospects will be adversely affected.
  • Continued growth and success will depend on the performance of the current and future employees of Skillz, including certain key employees. Recruitment and retention of these individuals is vital to growing our business and meeting our business plans. The loss of any of our key executives or other key employees could harm our business.
  • If the use of mobile devices as game platforms and the proliferation of mobile devices generally do not increase, our business could be adversely affected.
  • We are a party to pending litigation with various plaintiffs and we may be subject to future litigation in the operation of our business. An adverse outcome in one or more proceedings could adversely affect our business.
  • Our insurance may not provide adequate levels of coverage against claims.
  • Our strategy to expand internationally will be subject to increased challenges and risks.
  • Companies and governmental agencies may restrict access to platforms, our website, mobile applications or the Internet generally, which could lead to the loss or slower growth of players on the Skillz platform.
  • The requirements of being a public company may strain our resources and divert management’s attention, and the increases in legal, accounting and compliance expenses may be greater than we anticipate.
  • As a private company, Skillz was not required to document and test its internal controls over financial reporting nor was its management required to certify the effectiveness of its internal controls and its auditors were not required to opine on the effectiveness of Skillz’s internal control over financial reporting. Failure to maintain adequate financial, information technology and management processes and controls could result in material weaknesses which could lead to errors in our financial reporting, which could adversely affect our business, financial condition, results of operations and prospects.
  • Changes in tax laws or tax rulings could materially affect our effective tax rates, financial position and results of operations.
  • Our reported financial results may be affected by changes in accounting principles generally accepted in the United States.
  • We may require additional capital to support our growth plans, and such capital may not be available on terms acceptable to us, if at all. This could hamper our growth and adversely affect our business, financial condition, results of operations and prospects.
  • Our investment portfolio may become impaired by deterioration of the financial markets.
  • The occurrence of an earthquake, other natural disaster or other significant business interruption at or near any of our facilities could cause damage to our facilities and equipment and interfere with our operations.
  • The trading price of our Class A common stock has been, and may continue to be, volatile, and the value of our Class A common stock may decline.
  • Outstanding warrants are exercisable for shares of our Class A common stock and, if exercised, would increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders.
  • We are a “controlled company” within the meaning of the rules of the New York Stock Exchange (“NYSE”) and our stockholders may not have certain corporate governance protections that are available to stockholders of companies that are not controlled companies.
  • The dual class structure of our common stock has the effect of concentrating voting power with our Chief Executive Officer and Co-Founder, which will limit an investor’s ability to influence the outcome of important transactions, including a change in control.
  • We cannot predict the impact our dual class structure may have on the stock price of our Class A common stock.
  • Delaware law and provisions in our certificate of incorporation and bylaws could make a takeover proposal more difficult.
  • Our certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings and the federal district courts as the sole and exclusive forum for other types of actions and proceedings, in each case, that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers or other employees.
Management Discussion
  • Revenue increased by $30.6 million, or 52%, to $89.5 million in the three months ended June 30, 2021 from $58.9 million in the three months ended June 30, 2020. The increase was attributable primarily to an increase in Paying MAUs, driven by sales and marketing investment to acquire new paying users. ARPU increased 62% over the same period.
  • Revenue increased by $70.7 million, or 69%, to $173.2 million in the six months ended June 30, 2021 from $102.4 million in the six months ended June 30, 2020. The increase was attributable primarily to an increase in paying MAUs, driven by sales and marketing investment to acquire new paying users. ARPU increased 72% over the same period.
  • Cost of revenue increased by $1.4 million, or 49%, to $4.4 million in the three months ended June 30, 2021 from $2.9 million in the three months ended June 30, 2020, growing in line with revenue. The increase in cost of revenue was primarily driven by payment processing and software costs. Cost of revenue as a percentage of revenue was 5% in the three months ended June 30, 2021 and 2020.
Content analysis
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New words: Aarki, advisor, agent, announced, auction, bona, broaden, contractor, deterioration, discontinue, environment, fide, filer, footprint, forma, forward, incremental, investee, issuer, Joint, July, modification, nonrecurring, ownership, prepayment, quality, reassessed, remeasurement, replacement, role, trademark, whichever, worth
Removed: loan