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Introduction Acies was incorporated on August 14, 2020 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. On June 21, 2021, Acies consummated the Acies Merger with Old PLAYSTUDIOS, pursuant to the Merger Agreement.
The business is unprofitable at the operating level (-10.18% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 18.8% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 39% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$231M
▼ -18.8% YoY
Net Income (TTM)
-$36M
▲ +0.2% YoY
Op. Margin
-14.94%
▲ +1.2pp YoY
ROIC
-11.30%
▲ +1.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$26M
▼ -39.2% YoY
Op. Cash Flow (TTM)
$27M
▼ -42.4% YoY
Net Debt
-$97M
Net Cash Position
Cash & Equiv.
$104M
5Y CAGR: -2.7%
5Y CAGR: -11.4%
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