Good day, and thank you for standing by. Welcome to the Playtika Q3 2025 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you will need to press Star 101 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press Star 101 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Tae Lee, SVP, Corporate Finance and Investor Relations. Please go ahead. Welcome, everyone, and thank you for joining us today for the third quarter 2025 earnings call for Playtika Holding Corp. Joining me on the call today are Robert Antokol, Co-founder and CEO of Playtika, and Craig Abrahams, Playtika's President and Chief Financial Officer. I would like to remind you that today's discussion may contain forward-looking statements, including but not limited to the company's anticipated future revenue and operating performance, and more specifically, the future performance of our individual titles, such as Slotomania or our recently launched Disney Solitaire. These statements and other comments are not a guarantee of future performance, but rather are subject to risks and uncertainties, some of which are beyond our control. These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. We have posted an accompanying slide deck to our investor relations website, which contains information on forward-looking statements and non-GAAP measures, and we will also post our prepared remarks immediately following the call. For a more complete discussion of the risks and uncertainties, please see our filings with the SEC. With that, I will now turn the call over to Robert. Good morning, and thank you, everyone, for joining our call today. As we approach the end of 2025, I want to start with SuperPlay. Our SuperPlay portfolio is driving exceptional growth, led by Disney Solitaire, which has scaled faster than any title in our 15-year history. Disney Solitaire continues to outperform expectations, establishing itself as one of 2025's standout new mobile launches. The title is tracking an annualized run rate above $200 million, supported by strong engagement and rising DTC mix. Building on that momentum, I am pleased to announce that we have expanded our collaboration with Disney & Pixar Games and are developing a new title in the SuperPlay pipeline. We will share additional details at the appropriate time. Turning to the quarter, I'm proud to share that Playtika continues to execute with focus and discipline. This quarter, we delivered another record in direct-to-consumer revenue, reaching an all-time high with a broad-based contribution from Bingo Blitz, June's Journey, Solitaire Grand Harvest, and our SuperPlay portfolio. This performance reinforced the strength of our strategy to deepen player relationships and protect our operating margins. Supported by recent policy changes that opened new payment channels and expanded our ability to route transactions through direct-to-consumer platforms. As we look at 2026, our portfolio transitions will continue. This includes ongoing work to strengthen our slot business. Slotomania remains strategically important to Playtika, and while it continues to be a significant headwind for the business, we are focused on stabilizing the franchise over time. In parallel, we will continue relocating resources toward higher-return opportunities and away from titles that no longer meet our ROI thresholds. We believe this strategy will strengthen our portfolio mix and enhance long-term cash generation. With that context, Craig will walk through the details behind our record DTC numbers, provide updates on our top titles, and review the quarter's results in greater detail. Thank you, Robert. Our performance in the third quarter reflects the strength of our operating model and disciplined approach to investment. Our direct-to-consumer mix continued to expand margins, and SuperPlay's performance underscores the strategic rationale behind our acquisition strategy. We also advanced targeted investments in our new games pipeline and platform capabilities, including AI-driven initiatives in our House of Fun studio that replace manual processes, improving efficiency and scalability across live operations. We are reassessing our cost structure across the organization to sharpen operating efficiency while protecting capacity to invest behind our highest-return opportunities. On spending, we executed the planned step-down in second-half marketing, and CapEx remains on track to finish below our full-year guidance. With that, let's get into the details of the quarter. We generated $674.6 million of revenue in the quarter, down 3.1% sequentially and up 8.7% year-over-year. GAAP net income was $39.1 million, up 17.8% sequentially and down 0.5% year-over-year. Adjusted EBITDA was $217.5 million, up 30.2% sequentially and up 10.3% year-over-year, driven primarily by the planned step-down in sales and marketing for our SuperPlay titles and continued margin momentum from our DTC business. DTC revenue crossed the $200 million threshold to $209.3 million, up 19% sequentially and up 20% year-over-year. Growth was broad-based across the portfolio, with the majority of DTC revenue coming from our casual games, consistent with the portfolio transition underway to position the company for long-term success. We develop and operate our own DTC platforms, which enable us to achieve outstanding approval rates, reduce reliance on third-party providers, and optimize processing methodologies for even stronger results. As Google Play policies evolve in the U.S. following recent court rulings, we see a potential tailwind for further DTC adoption in economics, subject to final implementation and our own testing. DTC represented 31% of total revenue this quarter, and we are working to achieve 40% on a run-rate basis in the next two years. Now, let's review the performance of our top three titles. Bingo Blitz delivered another record quarter with revenue of $162.6 million, up 1.5% sequentially and 1.7% year-over-year, underscoring the franchise's resilience and ongoing leadership in its category. The studio drove results through seasonal programming, personalized promotions, and VIP engagement, supported by pacing enhancements and optimized offer packaging to sustain payer mix and timing game. These initiatives reflect our continued investment in live ops cadence, personalized merchandising, and routing more transactions through DTC channels, strategies that not only drove strong engagement but positioned Bingo Blitz for incremental margin and mixed benefits as adoption scales. Slotomania revenue was $68.5 million, down 20.8% sequentially and 46.7% year-over-year. This performance reflects the deliberate rebalancing of the game economy we initiated earlier this year, work we anticipated would create revenue pressure as we recalibrate progression, rewards, and pricing to support healthier long-term cohort returns. While we worked through these changes, we intentionally reduced performance marketing to avoid inefficient spending, which contributed to lower Slotomania DAU in the quarter. Once the pace of decline moderates, we plan to selectively re-accelerate performance marketing to rebuild scale. We are not assuming a near-term revenue recovery, and our focus remains on improving game experience, payer retention, and ROI discipline marketing with the goal of stabilizing the franchise. Looking ahead, we remain on track to launch our new slot title, Jackpot Tour, this quarter, but we do not expect material contributions to 2025 results. June's Journey revenue was $68.3 million, down 1.2% sequentially and down 2.7% year-over-year. The franchise remained resilient, supported by a strong live ops cadence and personalized in-game offers, and we aligned our content theming with an updated live ops and monetization strategy. During the quarter, we deepened monetization through economy updates and new features, which lifted ARPDAU. DTC adoption continued to rise in the quarter, where adoption is tracking ahead of plan. These initiatives reinforce June's Journey's position as a durable, high-quality franchise and provide a foundation for incremental margin benefits as we scale these levers. Turning now to specific line items in our P&L. Cost of revenue increased 6.1% year-over-year, reflecting both our revenue growth and higher amortization expense associated with the SuperPlay acquisition. Operating expenses were up 21.6% year-over-year, driven primarily by higher performance marketing investment and the GAAP impact of increased contingent consideration, both related to the SuperPlay acquisition. R&D decreased by 0.4% year-over-year, primarily driven by the termination of our long-term cash compensation program, offset by increases in employee compensation related to increased headcount. Sales & M arketing increased by 37.6% year-over-year, primarily driven by incremental performance marketing spend for the SuperPlay portfolio. As planned, we saw a meaningful sequential decline in performance marketing during Q3, which contributed to the improvement in adjusted EBITDA. We expect this seasonal pattern of heavier spend in the first half and a step-down in the second half to continue next year, reflecting the cadence of our marketing strategy and earn-out timing rather than a structural change to long-term margin levels. G&A expenses increased by 18.8% year-over-year, including a $30.8 million GAAP expense related to the revaluation of contingent consideration from the SuperPlay acquisition. Given SuperPlay's momentum, we remind investors that the acquisition-related contingent consideration may fluctuate, and any fair value remeasurement would flow through GAAP G&A but is excluded from adjusted EBITDA. Our adjusted EPS also excludes this impact. Excluding adjustments related to contingent consideration, G&A would have declined year-over-year by 23.7%, largely driven by the termination of our long-term cash compensation program. As previously disclosed, SuperPlay's first-year earn-out is tied to year-over-year portfolio revenue growth of the SuperPlay games versus a $342 million baseline. When revenue growth exceeds 60%, the multiple applied to incremental gross revenue steps up to 2x from 1.25 x, subject to the portfolio achieving adjusted EBITDA above - $10 million. I am pleased to say the business is currently tracking towards that 60% growth threshold, subject to the same conditions. As of September 30th, we had approximately $640.8 million in cash, cash equivalents, and short-term investments. Looking at our operating metrics, average DPU declined by 6.3% sequentially and increased 17.6% year-over-year to $354,000. Our average DAU decreased 6.8% sequentially and increased 7.9% year-over-year. ARPDAU increased 2.3% sequentially and was flat year-over-year. Finally, we expect to finish the year within our guidance range for both revenue and adjusted EBITDA. With that, we'd be happy to answer your questions. Thank you. At this time, we will conduct a question-and-answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while I compile the Q&A roster. Our first question comes from Colin Sebastian from Baird. Please go ahead. Thanks, and good morning and good afternoon, guys. I guess, first off, could you expand a bit maybe on the commentary around reallocating resources and then the AI initiatives at the studio level? Maybe which games could be impacted and where you're seeing the most productive uses of AI? Hey, Colin. Thanks for the question. We continue to look at our acquired titles, investing in growth there in our biggest franchises as well. I think we've had, obviously, a lot of benefit from DTC expansion this quarter and looking at rolling that out across all titles as well as our SuperPlay titles. In terms of capital allocation, we continue to look to return capital to shareholders through dividends and buybacks as well as pursuing selective accretive M&A. I think nothing has changed there. In terms of your question as it relates to AI, constantly looking at ways that we can enhance our player experience and do it in a way that allows our studios to be more efficient and move more quickly as they release features for our customers to improve our products. Personalizing products is probably where we see a lot of the upside in terms of our live ops capabilities as well as providing player support. Thanks for that, Craig. Maybe just as a follow-up on your commentary on marketing, the conversion and monetization metrics look pretty solid here even with the step-down in marketing. I guess, is the need to lean back into spending on paid acquisition, is that more about supporting new games or some of the other factors that you mentioned, including DTC? Sure. If we look at our growth titles. With the structure of the SuperPlay earn-out, a lot of the marketing was heavy in the first half and pared down in the second half. We expect that to ramp up again at the start of next year. As it relates to our biggest franchises and our other growth titles. Marketing is a key to continue to drive growth where we have strong return on investment. We apply that return on investment criteria as we analyze all of our investment opportunities. Where we see opportunities to invest, we're going to deploy capital. Where we see opportunities where the UA costs are high or does not make sense, we'll pull back. Okay. Thanks and nice job, guys. Thank you. Our next question comes from Omar Dessouky from Bank of America. Please go ahead. Hi, thanks. Craig, good to hear that SuperPlay is working well. As we get to the end of 2025, I was wondering if you could share any thoughts about the dividend in 2026. And you're thinking about capital allocation in 2026, if it's any different than 2025. Thanks for the question. Yeah, we can't share anything now on the future. What we can say is we're constantly evaluating our capital allocation framework, making sure it makes sense in light of what's going on in the business and the market more broadly. SuperPlay has had tremendous performance. We gave a slide in the presentation that we uploaded to the IR site this morning that shows that SuperPlay is on track to grow at the 60% threshold, so 60% growth over the $342 million baseline. It's tremendous performance from a studio that is continuing to focus on scaling their margins and becoming more profitable as they look into next year. With that, it's really impressive growth. Thank you. Thank you. Our next question comes from Aaron Lee from Macquarie. Please go ahead. Hey, good morning, guys. Thanks for taking my question. Nice results this quarter. There was also recent news that Google is barring sweepstakes from advertising under the Social Casino category. Just curious, do you see this as being a meaningful tailwind for your business at all? We don't comment on speculation, but obviously, it's a situation we'll continue to monitor, and wherever we see opportunities, we'll deploy capital. Okay. Fair enough. Then on Jackpot Tour, nice to see that's still on track for a fourth-quarter launch. In the past, you've said that the game will be differentiated from your other slot titles. Do you expect any cannibalization of your current slot portfolio once that launches? Thanks for the question. No. As I said in the past, Jackpot Tour is going to be a little bit different. It will approach a different audience. Today, when we look at our portfolio, the Social Casino, we see some places that we did not have in the past. We are very excited about it, and we think it will help us to support the issues that we had in Slotomania in the past. This is a very good direction for us for next year, for growth, of course. Thank you. All right. Sounds good. Congrats on the quarter. Thank you. Our next question comes from Doug Creutz from TD Cowen. Please go ahead. Hey, thank you. I just wanted to ask about the big acceleration in DTC growth you had. I think you mentioned that SuperPlay was a contributor. When did you move their titles onto your DTC platform? Are all their titles on it? Was there anything else that you'd call out that you did specifically in the quarter that drove that big step up in DTC growth? Thank you. As we spoke in the past, one of our biggest advantages is our DTC platform. By the way, this is our own platform that we are developing, we are supporting, we are not working with any third parties. This is always, for me, very important to say. We are not speaking about each game differently, but most of our games already are on our platform, on the DTC platform. We are very focused on this. We are very, as Craig said in the past, we are very disciplined with the expense, and we are very focused on the cash flow, the revenues. For us, this is one of the biggest channels to grow our EBITDA for next year. As I said, this is one of our biggest advantages, and there will be more surprises in the future. Doug, specifically in the third quarter, U.S. iOS was the major catalyst driving growth. Okay. Thank you. Thank you. Our next question comes from Eric Sheridan from Goldman Sachs. Please go ahead. Thanks so much for taking the question. Two, if I could. On Slotomania, you're thinking about what's going into stabilizing that title broadly on the operational side and how to think about the duration path to stabilizing that. That'd be number one. And then number two, when you think about allocating marketing dollars and incremental investments into the user base, how would you characterize the different return profiles you're seeing right now from user acquisition versus user retention and driving more frequent behavior among existing users? Thank you. I will speak a little bit about Slotomania, and then Nir, our CMO, will speak about your second question. Regarding Slotomania, as we said in the beginning of the year, we know what is our focus. We are working very hard, and we believe we can stabilize the game. We believe we can make the game better. We are working on the economy of the game. We did many, many different approaches this year. By the way, when you look at our history and you look at WSOP Game, that had the greatest thing in the last few years, and this year is doing very well. We know how to fix game, and we are very positive in our ability to do it. For Slotomania, regarding marketing, Nir can answer. Hi. Regarding the marketing, it basically really depends on the game and the different KPIs that we are looking. But theoretically, for each game, we have some games that are 15 years old. Obviously, we are always bringing back players that churn, and we believe that the environment and the excitement that we provide to them is something that will keep them playing. For each game, we have different allocations for retargeting and for user acquisition. In some places, the retargeting can be heavily shifted by the marketing budget. Thank you. Thank you. Thank you. Our next question comes from Eric Handler from ROTH Capital. Please go ahead. Good morning. Thanks for the question. Given the success that you've had in scaling Disney Solitaire this far this year, I'm curious if that's making you change any of your thoughts or desires with other internally produced games. I think you can—thanks for the question, Eric. I think you can see this quarter that we announced on this call. The new fourth game from SuperPlay is a Disney title. Obviously, the success of Disney Solitaire has given us and our partner confidence in launching a fourth title. SuperPlay is three for three in terms of launching successful games at scale. I'm not sure of any other studio in the West I can think of that's had that recent success. Further investing with them in a fourth title, and a branded one at that, is something we're really excited about. I think there definitely has had an influence on our thinking. We have Jackpot Tour coming out later this year, and we're constantly looking at other pipeline opportunities to grow as we look forward. Thanks, Craig. Thank you. Our next question comes from Albert Kim from UBS. Please go ahead. I'm Slotomania. Social Casino cat. Albert, we can't hear you that well. Is that? One moment for our next question. Our next question comes from Matthew Cost from Morgan Stanley. Please go ahead. Hi, everyone. Thanks for the questions. EBITDA for the quarter came in very strong, really strong margins, well ahead of expectations. Help us think through the moving pieces to hold the EBITDA guide steady for the year. What are kind of the puts and takes there? In terms of users and payers, I think we're down just a bit quarter- on- quarter in the third quarter. Is that just a function primarily of Slotomania and Casino? Thank you so much. Sure. On the first question, we had guided previously that marketing would come down in the second half. I think, obviously, that. We We never kind of laid out the split quarter to quarter. Marketing came down this quarter. We're expecting to invest more in marketing as we look into the fourth quarter as we see opportunities for investment. I think the enhancement on DTC and the nice jump that we had there in terms of penetration to 31% helped drive some margin tailwind as well. As we look at the portfolio as a whole, we continue to selectively look for opportunities for investment on the marketing side. We have decided to keep guidance stable. In terms of the KPIs, we do not break out the mix. What I can say is we did pull back on Slotomania as we saw the underperformance there, and we'll continue to invest more. As we add product enhancements and see stabilization there and invest behind growth opportunities. Great. Thank you. Thank you. Our next question comes from Albert Kim from UBS. Please go ahead. Hi. Thanks for taking the question. Hopefully, you can hear me now. Yeah, I just wanted to follow up on Slotomania and the wider Social Casino category. Are there any shifts in the competitive dynamic that you would call out since last quarter? You mentioned that there was some strength in the U.S. and iOS business. Where does the international opportunity stand in your point of view, and which regions could you drive the most upside in the coming years? Thank you. Sure. For clarification on U.S. iOS. What we were saying was that we saw strong DTC performance in that channel. It was not a comment on broader performance for that market. As we look at international markets, I think as we have seen through the SuperPlay acquisition, we have seen very strong performance in markets like Japan and other markets opening up for us. With the success of Disney Solitaire, I think that we always look at continued international growth. U.S. iOS and U.S. Android opportunities continue to be probably the biggest market for us. Thanks. As it relates to the competition for Slotomania, I don't think the market has changed quarter to quarter. The dynamics there have been pretty consistent. All right. I am showing no further questions at this time. Thank you for your participation in today's conference. This concludes the program. You may now disconnect.