Zynga Files S-1: Summary Financials

Tyler Durden's picture

The much-awaited filing of the Farmville creator's $1 billion IPO can be found here.

Some highlights:

  • Q1 2011 revenue: $235.4MM, up from $100.9MM YoY, LTM revenue $731.9 MM
  • Q1 Net Income: $11.8MM up from $6.4MM YoY, LTM Net Income: $96.2MM
  • Q1 Adjusted EBITDA: $112.2MM, up from $93.5MM, LTM EBITDA: $411.4MM
  • Adjusted EBITDA definition also excludes stock based comp and change in deferred revenue
  • Cash: $995.6MM, almost the same size as the entire proposed IPO
  • Working Capital: $603.4MM

Quarterly financials:

The business model in a nutshell:

We are the world’s leading online social game developer with 232 million average MAUs in 166 countries. We have launched the most successful social games in the industry in each of the last three years and generated over $1.5 billion in cumulative bookings since our inception in 2007. Our games are accessible on Facebook, other social networks and mobile platforms to players worldwide, wherever and whenever they want. All of our games are free to play, and we generate revenue through the in-game sale of virtual goods and advertising.... In July 2010, we began migrating to Facebook Credits as the primary payment method for our games played through Facebook, and by April 2011, we had completed this migration. Facebook remits to us an amount equal to 70% of the face value of Facebook Credits purchased by our players for use in our games. We record bookings and recognize revenue net of amounts retained by Facebook.

In other words: people pay fiat created out of Bernanke's digital printer for fake fiat created out of a computer.