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DOUBLE DOWN INTERACTIVE DoubleDown Interactive Reports Third Quarter 2021 Results November 10 , 2021 SEATTLE , Nov. 10 , 2021 ( GLOBE NEWSWIRE ) -- DoubleDown Interactive ( NASDAQ : DDI ) ( " DoubleDown " or the " Company " ) , a leading developer and publisher of digital social casino games , today reported its financial results for the third quarter ended September 30 , 2021 . Third Quarter 2021 Highlights vs. Third Quarter 2020 • Revenues decreased 6 % to $ 87.0 million . Adjusted EBITDA increased 4 % to $ 30.2 million . Adjusted EBITDA margin of 34.7 % improved by approximately 330 basis points . • Net income increased to $ 22.8 million , or $ 9.91 per common share on a fully diluted basis ( $ 0.50 on an ADS basis ) , compared to net income of $ 8.3 million , or $ 3.75 per common share on a fully diluted basis ( $ 0.19 on an ADS basis ) . Note each ADS represents 0.05 of a common share . • Average Revenue Per Daily Active User ( " ARPDAU ' ) increased 12 % to $ 0.96 . Average monthly revenue per payer increased 14 % to $ 224 . ● ● Payer conversion of 5.7 % , compared to 5.4 % . Payer conversion represents the percentage of monthly active users that made at least one purchase in a month during the respective quarters . " We are pleased with the results from our first quarter as a public company , including year - over - year Adjusted EBITDA growth , another record for average monthly revenue per payer , and the recent release of our first non - social casino gaming app , ' Undead World : Hero Survival , " said In Keuk Kim , Chief Executive Officer of DoubleDown . " We generated $ 33.7 million in net cash flows provided by operations and ended the quarter with a cash and cash equivalents balance of $ 223.1 million , providing us with a strong financial position . Looking ahead , we will continue to focus on growing our paying customer base with an emphasis on optimizing our monetization metrics . " Initial Public Offering On September 2 , 2021 , DoubleDown closed its initial public offering ( the " IPO " ) of 6,316,000 American Depositary Shares ( “ ADS ” ) , each representing 0.05 of a common share , at a price of $ 18.00 per ADS . DoubleDown sold 5,263,000 ADSs and STIC Special Situation Diamond Limited sold 1,053,000 ADSs in the IPO . DoubleDown received net proceeds of $ 86.5 million after deducting underwriting discounts and commissions and the offering expenses from the IPO . Summary Operating Results for DoubleDown Interactive Revenue ( $ MM ) Total operating expenses ( $ MM ) Adjusted EBITDA ( $ MM ) Net income ( $ MM ) Net income margin Adjusted EBITDA margin Non - financial performance metrics LA LA LA LA $ $ $ $ Three Months Ended September 30 , 2021 2020 87.0 $ 59.2 $ 30.2 $ 22.8 $ 26.2 % 34.7 % LA LA LA LA 92.2 71.3 28.9 8.3 9.0 % 31.4 %