Glu Reports Third Quarter 2019 Financial Results

Glu Reports Third Quarter 2019 Financial Results

SAN FRANCISCO--(BUSINESS WIRE)--Nov 6, 2019--

Glu Mobile Inc. (NASDAQ: GLUU), a leading global developer and publisher of free-to-play mobile games, today announced financial results for its third quarter ended September 30, 2019. The company also provided its outlook for its financial performance in the fourth quarter, increased full year 2019 financial guidance and provided a preliminary outlook for 2020.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191106006006/en/

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Nick Earl, Chief Executive Officer, stated, “Glu reported record third quarter bookings highlighted by double-digit increases in all three of our Growth Games on a year-over-year basis. We were extremely encouraged by our ability to drive early results from Diner DASH Adventures in its first full quarter and to make progress on our development pipeline, particularly with Disney Sorcerer’s Arena, which is on track to launch in Q1 2020. These accomplishments reflect the successful execution of our strategy and reinforce our belief that we are well positioned for continued top line growth heading into next year.”

Third Quarter 2019 Financial Highlights:  

 
 
 Three Months Ended 
in millions, except per share dataSeptember 30, 2019September 30, 2018
  
Revenue

$107.1

$99.3

Gross margin

64.7%

61.2%

Net loss

($5.1)

($0.3)

Net loss per share – basic and diluted

($0.03)

($0.00)

Weighted-average common shares outstanding – basic and diluted

146.2

142.4

Cash generated from operations excluding royalty advances

$3.3

$17.7

Cash paid for royalty advances that are included in cash used in operations

($0.0)

($0.1)

Cash and cash equivalents

$102.4

$80.8

Additional Financial Information
 Three Months EndedGuidance provided for three months ended
September 30, 2019
 September 30, 2019September 30, 2018LowHigh
Bookings

$120.4

$100.7

$110.0

$112.0

Platform commissions, excluding any impact of deferred platform commissions *

$32.1

$26.1

$29.3

$29.9

Royalties, excluding any impact of deferred royalties*

$7.2

$7.1

$6.6

$6.7

Hosting costs

$2.0

$1.6

$1.6

$1.6

User acquisition and marketing expenses

$40.2

$24.2

$37.0

$37.3

Adjusted other operating expenses*

$30.7

$30.0

$32.5

$32.5

Depreciation

$1.0

$1.0

$1.0

$1.0

* Platform commissions, excluding any impact of deferred platform commissions, Royalties, excluding any impact of deferred royalties, and Adjusted other operating expenses are non-GAAP financial measures. These non-GAAP financial items should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for these non-GAAP financial items to the most directly comparable financial items based on GAAP are provided in GAAP to Adjusted results reconciliation table.

Eric R. Ludwig, Chief Operating Officer and Chief Financial Officer, said, “Glu delivered strong top and bottom line results that soundly beat our guidance. The record bookings were led by strong performances from our three Growth Games, each of which reached all-time highs in quarterly bookings. We increased our full year 2019 guidance by the outperformance in the third quarter. We exit the third quarter with momentum in our core business and expect a significant sequential bottom line increase in the fourth quarter.”

Financial Outlook as of November 6, 2019:

Glu is providing its financial outlook for the fourth quarter and full year 2019 as follows:

Fourth Quarter 2019 Guidance: 

  
 in millionsLow 

High

Bookings

$101.5

 

$103.5

Platform commissions, excluding any impact of deferred platform commissions

$26.9

 

$27.5

Royalties, excluding any impact of deferred royalties

$4.9

 

$5.0

Hosting costs

$1.6

 

$1.6

User acquisition and marketing expenses

$23.8

 

$24.0

Adjusted other operating expenses

$33.1

 

$33.2

Depreciation

$1.0

 

$1.0

 

 

 

 

Supplemental information:

 

 

 

Income tax

$0.9

 

$0.9

Stock-based compensation

$4.2

 

$4.2

Amortization of intangible assets

$1.0

 

$1.0

Weighted-average common shares outstanding – basic

147.0

 

147.0

Weighted-average common shares outstanding – diluted

155.5

 

155.5

  

Full Year 2019 Guidance

  
 in millionsLow High
Bookings

$416.4

 

$418.4

Platform commissions, excluding any impact of deferred platform commissions

$109.7

 

$110.3

Royalties, excluding any impact of deferred royalties

$25.4

 

$25.5

Hosting costs

$6.9

 

$6.9

User acquisition and marketing expenses

$117.1

 

$117.3

Adjusted other operating expenses

$122.2

 

$122.3

Depreciation

$4.0

 

$4.0

    
Supplemental information:   
Income tax

$0.8

 

$0.8

Stock-based compensation

$17.1

 

$17.1

Transitional costs

$1.0

 

$1.0

Amortization of intangible assets

$4.4

 

$4.4

Weighted-average common shares outstanding – basic

145.8

 

145.8

Weighted-average common shares outstanding – diluted

157.3

 

157.3

Cash and cash equivalent balance

At least $115.0

 

2020 Bookings Outlook:

  • For fiscal 2020, the company expects the following results from its current live titles:
    • High single digit percentage increases on a year-over-year basis from its three Growth Games.
    • A full year of contribution from Diner DASH Adventures.
    • Expected declines in catalog titles will be more than offset by increases in the company’s three Growth Games, and Diner DASH Adventures.
    • As a result, the company expects an overall year-over-year growth rate in the low-single digit range, excluding new titles, specifically Disney Sorcerer’s Arena, Originals and Deer Hunter Next.
  • The company's outlook includes only bookings from games that are live and excludes bookings and variable expenses of platform fees, royalties, UA spend, and variable compensation on the above-mentioned new titles.
  • Bookings and variable cost contributions from games launched in 2020 will be included in the company’s quarterly and full year guidance in the quarter following the timing of their global launch.
  • The company believes that this new guidance philosophy will provide a higher quality view on its outlook and will reduce the exposure to the timing of global launches.

2020 Adjusted EBITDA Outlook:

  • Excluding bookings and variable costs from games launched in 2020, the company expects Adjusted EBITDA to be relatively in line, in absolute dollars, with the full year 2019 guidance levels.
  • Studio headcount costs for these new titles have already been included in operating expenses in the Adjusted EBITDA outlook.
  • Newly launched titles generally have Adjusted EBITDA losses until they scale to appropriate levels.
  • The company expects new games launched in 2020, collectively, to contribute modestly to Adjusted EBITDA.
  • Given the expected timing and margin characteristics of these 2020 launches, the company anticipates a low single digit Adjusted EBITDA loss in the first half of 2020 when factoring in new titles and it believes that Adjusted EBITDA will grow significantly throughout the second half of the year as new titles scale.
  • The company expects to exit 2020 with an Adjusted EBITDA margin of at least 15%, inclusive of games launched during the year.

Glu does not provide guidance on a GAAP basis primarily due to the fact that Glu is unable to predict, with reasonable accuracy, future changes in its deferred revenue and corresponding cost of revenue. The amount of Glu’s deferred revenue and cost of revenue for any given period is difficult to predict due to differing estimated useful lives of paying users across games, variability of monthly revenue, platform commissions and royalties by game and unpredictability of revenue from new game releases. Future changes in deferred revenue and deferred cost of revenue are uncertain and could be material to Glu’s results computed in accordance with GAAP. Accordingly, Glu is unable to provide a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure without unreasonable effort.

Quarterly Conference Call Information:

Glu will discuss its quarterly results via teleconference today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Please dial (866) 582-8907 (domestic), or (760) 298-5046 (international), with conference ID # 3779435 to access the conference call at least five minutes prior to the 2:00 p.m. Pacific Time start time. A live webcast and replay of the call will also be available on the investor relations portion of the company's website at www.glu.com/investors. An audio replay will be available between 5:00 p.m. Pacific Time, November 6, 2019, and 8:59 p.m. Pacific Time, November 13, 2019, by calling (855) 859-2056, or (404) 537-3406, with conference ID # 3779435.

Disclosure Using Social Media Channels

Glu currently announces material information to its investors using SEC filings, press releases, public conference calls and webcasts. Glu uses these channels as well as social media channels to announce information about the company, games, employees and other issues. Given SEC guidance regarding the use of social media channels to announce material information to investors, Glu is notifying investors, the media, its players and others interested in the company that in the future, it might choose to communicate material information via social media channels or, it is possible that information it discloses through social media channels may be deemed to be material. Therefore, Glu encourages investors, the media, players and others interested in Glu to review the information posted on the company forum ( http://ggnbb.glu.com/forum.php ) and the company Facebook site ( https://www.facebook.com/glumobile ) and the company twitter account ( https://twitter.com/glumobile ). Investors, the media, players or other interested parties can subscribe to the company blog and twitter feed at the addresses listed above. Any updates to the list of social media channels Glu will use to announce material information will be posted on the Investor Relations page of the company's website at www.glu.com/investors.

Use of Non-GAAP Financial Measures

To supplement Glu's unaudited condensed consolidated financial data presented in accordance with GAAP, Glu uses certain non-GAAP measures of financial performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Glu's results of operations as determined in accordance with GAAP. The non-GAAP financial measures used by Glu include historical and estimated bookings, platform commissions, excluding any impact of deferred platform commissions, royalties, excluding any impact of deferred royalties, and adjusted operating expenses. These non-GAAP financial measures exclude the following items from Glu's unaudited consolidated statements of operations:

  • Change in deferred platform commissions;
  • Change in deferred royalties;
  • Non-cash warrant expense;
  • Impairment and amortization of intangible assets;
  • Stock-based compensation expense;
  • Restructuring charges;
  • Transitional costs; and
  • Litigation costs

Bookings do not reflect the deferral of certain game revenue that Glu recognizes over the estimated useful lives of paying users of Glu’s games and excludes changes in deferred revenue.

Glu may consider whether significant items that arise in the future should also be excluded in calculating the non-GAAP financial measures it uses.

Glu believes that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding Glu's performance by excluding certain items that may not be indicative of Glu's core business, operating results or future outlook. Glu's management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing Glu's operating results, as well as when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate comparisons of Glu's performance to prior periods.

Cautions Regarding Forward-Looking Statements

This news release contains forward-looking statements, including those regarding our “Financial Outlook as of November 6, 2019” (“Fourth Quarter 2019 Guidance,” “Full Year 2019 Guidance,” “2020 Bookings Outlook” and “2020 Adjusted EBITDA Outlook”), and the statements that Disney Sorcerer’s Arena is on track to launch in Q1 2020, our belief that we are well positioned for continued top line growth heading into next year and that we exit the third quarter with momentum in our core business and expect a significant sequential bottom line increase in the fourth quarter. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Investors should consider important risk factors, which include: the risk that consumer demand for smartphones, tablets and next-generation platforms does not grow as significantly as we anticipate or that we will be unable to capitalize on any such growth; the risk that we do not realize a sufficient return on our investment with respect to our efforts to develop free-to-play games for smartphones, tablets and next-generation platforms, the risk that we will be unable build successful Growth Games that provide predictable bookings and year over year growth; the risk that we will not be able to maintain our good relationships with Apple and Google; the risk that our development expenses for games for smartphones, tablets and next-generation platforms are greater than we anticipate; the risk that our recently and newly launched games are less popular than anticipated or decline in popularity and monetization rate more quickly than we anticipate; the risk that our newly released games will be of a quality less than desired by reviewers and consumers; the risk that the mobile games market, particularly with respect to free-to-play gaming, is smaller than anticipated; the risk that we may lose a key intellectual property license; the risk that we are unable to recruit and retain qualified personnel for developing and maintaining the games in our product pipeline resulting in reduced monetization of a game, product launch delays or games being eliminated from our pipeline altogether; and other risks detailed under the caption "Risk Factors" in our Form 10-Q filed with the Securities and Exchange Commission on August 8, 2019 and our other SEC filings. You can locate these reports through our website at http://www.glu.com/investors. We are under no obligation, and expressly disclaim any obligation, to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

About Glu Mobile

Glu Mobile (NASDAQ: GLUU) is a leading creator of mobile games. Founded in 2001, Glu is headquartered in San Francisco with additional locations in San Mateo, Toronto and Hyderabad. With a history spanning over a decade, Glu’s culture is rooted in taking smart risks and fostering creativity to deliver world-class interactive experiences for our players. Glu’s diverse portfolio features top-grossing and award-winning original and licensed IP titles including, Cooking DASH, Covet Fashion, Deer Hunter, Design Home, Diner DASH Adventures, MLB Tap Sports Baseball and Kim Kardashian: Hollywood available worldwide on various platforms including the App Store and Google Play. For more information, visit www.glu.com or follow Glu on Twitter, Facebook and Instagram.

COOKING DASH, COVET FASHION, DEER HUNTER, DESIGN HOME, DINER DASH, TAP SPORTS, GLU, GLU MOBILE, and the 'g' character logo are trademarks of Glu Mobile Inc.

Glu Mobile Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,September 30,September 30,

2019

2018

2019

2018

 
Revenue 

 $

          107,077

 $

            99,285

 $

          298,502

 $

         270,921

 
Cost of revenue: 
Platform commissions, royalties and other

 

               36,758

 

               34,384

 

             102,377

 

              95,937

Impairment of prepaid royalties and minimum guarantees

 

                      -  

 

                      -  

 

                   457

 

                    99

Impairment and amortization of intangible assets

 

                 1,040

 

                 4,167

 

                 3,348

 

                7,102

Total cost of revenue 

 

               37,798

 

               38,551

 

             106,182

 

            103,138

Gross profit 

 

               69,279

 

               60,734

 

             192,320

 

            167,783

 
Operating expenses: 
Research and development

 

               22,968

 

               23,839

 

               69,250

 

              69,381

Sales and marketing

 

               46,140

 

               28,874

 

             109,285

 

              85,425

General and administrative

 

                 5,879

 

                 8,095

 

               17,465

 

              23,593

Restructuring charge

 

                      -  

 

                   160

 

                      -  

 

                  240

Total operating expenses 

 

               74,987

 

               60,968

 

             196,000

 

            178,639

 
Loss from operations 

 

                (5,708)

 

                  (234)

 

                (3,680)

 

             (10,856)

 
Interest and other income/(expense), net:

 

                   271

 

                     96

 

                 1,591

 

                 (521)

 
Loss before income taxes 

 

                (5,437)

 

                  (138)

 

                (2,089)

 

             (11,377)

Income tax benefit/(provision)

 

                   348

 

                  (118)

 

                   170

 

                 (500)

Net loss 

 $

             (5,089)

 $

                (256)

 $

             (1,919)

 $

          (11,877)

 
Net loss per common share - basic and diluted 

 $

               (0.03)

 $

               (0.00)

 $

               (0.01)

 $

              (0.08)

 
Weighted average common shares outstanding - basic and diluted 

 

             146,210

 

             142,378

 

             145,381

 

            140,685

Glu Mobile Inc.
Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30,December 31,

2019

2018

 
 ASSETS 
 Cash and cash equivalents 

 $

     102,445

 

 $

       97,834

 

 Accounts receivable, net 

 

          44,797

 

 

          27,325

 

 Prepaid royalties 

 

          14,064

 

 

           8,520

 

 Deferred royalties 

 

           5,477

 

 

           4,410

 

 Deferred platform commission fees 

 

          30,585

 

 

          25,862

 

 Restricted cash 

 

                -  

 

 

              110

 

 Prepaid expenses and other assets 

 

           6,331

 

 

           6,940

 

   Total current assets 

 

        203,699

 

 

        171,001

 

 
 Property and equipment, net 

 

          13,292

 

 

          13,888

 

 Operating lease right of use assets 

 

          36,311

 

 

                -  

 

 Long-term prepaid royalties 

 

          28,492

 

 

           1,667

 

 Other long-term assets 

 

           4,297

 

 

           2,505

 

 Intangible assets, net 

 

           5,797

 

 

           9,145

 

 Goodwill 

 

        116,227

 

 

        116,227

 

 Total assets 

 $

     408,115

 

 $

     314,433

 

 
 LIABILITIES AND STOCKHOLDERS' EQUITY 
 Accounts payable 

 $

       19,382

 

 $

       10,480

 

 Accrued liabilities 

 

              859

 

 

           1,384

 

 Accrued compensation 

 

           7,677

 

 

          17,896

 

 Accrued royalties 

 

          21,024

 

 

          14,139

 

 Accrued restructuring 

 

                -  

 

 

              294

 

 Short-term operating lease liabilities 

 

           3,672

 

 

                -  

 

 Deferred revenue 

 

        102,116

 

 

          85,736

 

   Total current liabilities 

 

        154,730

 

 

        129,929

 

 Long-term accrued royalties 

 

          28,488

 

 

           1,649

 

 Long-term operating lease liabilities 

 

          38,210

 

 

                -  

 

 Other long-term liabilities 

 

              357

 

 

           5,542

 

   Total liabilities 

 

        221,785

 

 

        137,120

 

 
 Common stock 

 

                15

 

 

                14

 

 Additional paid-in capital 

 

        628,709

 

 

        617,781

 

 Accumulated other comprehensive income 

 

                  8

 

 

                  1

 

 Accumulated deficit 

 

       (442,402

)

 

       (440,483

)

   Total stockholders' equity 

 

        186,330

 

 

        177,313

 

 Total liabilities and stockholders' equity 

 $

     408,115

 

 $

     314,433

 

Glu Mobile Inc.
GAAP to Adjusted Results Reconciliation
(in thousands)
(unaudited)Three Months Ended
 
June 30,September 30,December 31,March 31,June 30,September 30,

2018

2018

2018

2019

2019

2019

GAAP platform commissions 

 $

23,250

 

 $

25,650

 

 $

 24,756

 

 $

25,148

 

 $

24,799

 

 $

28,122

 

Change in deferred platform commissions 

 

 2,768

 

 

 413

 

 

 760

 

 

 (1,109

)

 

   1,860

 

 

3,972

 

Platform Commissions, excluding any impact of deferred platform commissions 

 $

26,018

 

 $

26,063

 

 $

25,516

 

 $

24,039

 

 $

26,659

 

 $

32,094

 

 

GAAP royalties (including impairment of royalties and minimum guarantees) 

 $

6,631

 

 $

7,141

 

 $

6,784

 

 $

6,605

 

 $

6,245

 

 $

6,643

 

Change in deferred royalties

 

 767

 

 

      (70

)

 

        122

 

 

          (596

)

 

     1,071

 

 

 592

 

Royalties, excluding any impact of deferred royalties 

 $

 7,398

 

 $

  7,071

 

 $

 6,906

 

 $

 6,009

 

 $

  7,316

 

 $

7,235

 

 

GAAP other operating expenses (GAAP operating expenses excluding user acquisition and
marketing expenses) 

 $

34,929

 

 $

36,797

 

 $

38,695

 

 $

38,314

 

 $

29,652

 

 $

34,791

 

Stock-based compensation

 

       (5,343

)

 

         (5,879

)

 

     (7,062

)

 

            (6,807

)

 

  (2,035

)

 

         (4,080

)

Transitional costs

 

            (13

)

 

  -  

 

 

(598

)

 

  (998

)

 

(5

)

 

(5

)

Restructuring charge

 

 -  

 

 

(160

)

 

-  

 

 

  -  

 

 

  -  

 

 

       -  

 

Litigation Costs

 

 -  

 

 

(717

)

 

(1,217

)

 

 (28

)

 

 416

 

 

  -  

 

Adjusted other operating expenses

 $

29,573

 

 $

30,041

 

 $

29,818

 

 $

30,481

 

 $

28,028

 

 $

30,706

 

In addition to the reasons stated above, which are generally applicable to each of the items Glu excludes from its non-GAAP financial measures, Glu believes it is appropriate to exclude certain items for the following reasons:

Change in Deferred Platform Commissions and Deferred Royalties. At the date we sell certain premium games and micro-transactions, Glu has an obligation to provide additional services and incremental unspecified digital content in the future without an additional fee. In these cases, we recognize any associated cost of revenue, including platform commissions and royalties, on a straight-line basis over the estimated life of the paying user. Internally, Glu’s management excludes the impact of the changes in deferred platform commissions and deferred royalties related to its premium and free-to-play games in its non-GAAP financial measures when evaluating the company’s operating performance, when planning, forecasting and analyzing future periods, and when assessing the performance of its management team. Glu believes that excluding the impact of the changes in deferred platform commissions and deferred royalties from its operating results is important to facilitate comparisons to prior periods and to understand Glu’s operations.

Non-cash Warrant expense. Glu recorded non-cash charges related to the warrants to purchase shares of common stock issued to certain brand holders as part of third party licensing, development and publishing arrangements. These charges were recorded in cost of revenue. When evaluating the performance of its consolidated results, Glu does not consider non-cash warrant charges as it places a greater emphasis on overall stockholder dilution rather than the accounting charges associated with any warrants. As the non-cash warrant expense impacts comparability from period to period Glu believes that investors benefit from a supplemental non-GAAP financial measure that excludes these charges.

Impairment and amortization of Intangible Assets. When analyzing the operating performance of an acquired entity or intangible asset, Glu's management focuses on the total return provided by the investment (i.e., operating profit generated from the acquired entity as compared to the purchase price paid) without taking into consideration any allocations made for accounting purposes. Because the purchase price for an acquisition necessarily reflects the accounting value assigned to intangible assets (including acquired in-process technology and goodwill), when analyzing the operating performance of an acquisition in subsequent periods, Glu's management excludes the GAAP impact of acquired intangible assets to its financial results. Glu believes that such an approach is useful in understanding the long-term return provided by an acquisition and that investors benefit from a supplemental non-GAAP financial measure that excludes the accounting expense associated with acquired intangible assets.

Stock-Based Compensation Expense. Glu applies the fair value provisions of Accounting Standard Codification Topic 718, Compensation-Stock Compensation (“ASC 718”). ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all share-based payments. Glu's management team excludes stock-based compensation expense from its short and long-term operating plans. In contrast, Glu's management team is held accountable for cash-based compensation and such amounts are included in its operating plans. Further, when considering the impact of equity award grants, Glu places a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants. Glu believes it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of its business.

Restructuring Charges. Glu undertook restructuring activities in the first, second and third quarters of 2017 and recorded cash restructuring charges due to the termination of certain employees in Asia and certain U.S. offices. Glu recorded the severance costs as an operating expense when it communicated the benefit arrangement to the employee and no significant future services, other than a minimum retention period, were required of the employee to earn the termination benefits. Additionally, Glu recorded restructuring charges upon exiting portions of certain facilities in Asia and the U.S. in 2017 and the first quarter of 2018. Glu believes that these restructuring charges do not reflect its ongoing operations and that investors benefit from a supplemental non-GAAP financial measure that excludes these charges.

Transitional Costs. GAAP requires expenses to be recognized for various types of events associated with a business acquisition such as legal, accounting and other deal related expenses. Glu incurred various costs related to the divestiture of its Moscow studio and termination of certain game related contracts. Glu recorded these transitional costs as operating expenses when they were incurred. Glu believes that these transitional costs affect comparability from period to period and that investors benefit from a supplemental non-GAAP financial measure that excludes these expenses.

Litigation costs. Glu incurred legal costs related to the complaint filed by the former Chief Executive Officer of Crowdstar in the Superior Court of the State of California for the County of Santa Clara against Glu, Time Warner Inc., Intel Capital Corporation, Middlefield Ventures Inc., Rachel Lam, and Jose Blanc. Glu believes that these legal costs have no direct correlation to the operation of its ongoing core business and affect comparability from period to period and, as a result, that investors benefit from a supplemental non-GAAP financial measure that excludes these expenses.

CONTACT: Investor Relations:

Bob Jones / Taylor Krafchik

Ellipsis

646-776-0886

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: ENTERTAINMENT TECHNOLOGY MOBILE ENTERTAINMENT SOFTWARE NETWORKS ELECTRONIC GAMES

SOURCE: Glu Mobile Inc.

Copyright Business Wire 2019.

PUB: 11/06/2019 04:05 PM/DISC: 11/06/2019 04:05 PM

Copyright Business Wire 2019.