Has anybody had a chance to disext the result further?
The thing that concerned me most was the decrease in DAU at period end for their online gaming segments. Falls of 7.4% and 10% are fairly large numbers, if they are unable to keep DAU on the platform then its worthless. Has anybody come accross correspondence talking about this?
They have also flagged D&D will rise in FY19 plus an additional $100m investment in in UA costs which whilst this is a good thing long term will be a significant headwind to FY19 earnings. A flat FY19 result is a real possibility for mine.
The final thought from me is on the net debt position, gearing is a comfortable 1.7x times but there is little room for furthur acquisitions without the need for additional funds. I would prefer management chose to invest internally in FY19 and use spare cash to pay down debt.
Interested in other peoples thoughts here.
Ann: FY2018 Results Announcement, page-30
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