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Executives

Greg Cannon – VP of Finance, Corporate Controller

Niccolo de Masi – President and CEO

Eric Ludwig – EVP and CFO

Analysts

Darren Aftahi – Northland Securities

Mark Argento – Craig Hallum Capital

Atul Bagga – Lazard Capital

Adam Krejcik – Roth Capital

Tavis Mccourt – Morgan Keegan

John Tyler – Arcadia Investment Corp

Dan Niles – AlphaOne

Brandon Smith – Cypress Capital

Niccolo development Masi

Glu Mobile Inc. (GLUU) Q3 2011 Earnings Call November 3, 2011 4:30 PM ET

Operator

Good afternoon. My name is Kristena and I will be your conference operator today. At this time I would like to welcome everyone to the Glu Mobile Third Quarter 2011 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions)

I would now like to turn call over to Greg Cannon. You may begin, sir.

Greg Cannon

Good afternoon, everyone and thank you for joining us on the Glu Mobile third quarter 2011 financial results conference call. This is Greg Cannon, VP, Finance from Glu Mobile. On the call today, we have our CEO, Niccolo de Masi; and our CFO, Eric Ludwig.

During the course of this call, we will make forward-looking statements regarding future events and the future financial performance of the company. Generally, these statements are identified by the use of the words such as expect, believe, anticipate, intend and other words that denote future events. 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.

We caution you to consider the important risk factors that could cause actual results to differ materially from those in the forward-looking statements in the press release and in this conference call. These risk factors are described in our press release and are more fully detailed under the caption Risk Factors in the Form 10-Q filed with the Securities and Exchange Commission on August 15th, 2011.

During this call, we will present both GAAP and non-GAAP financial measures. Non-GAAP measures exclude the change in deferred revenues and royalties, amortization of in-process development contracts, amortization of intangibles, stock-based compensation charges, restructuring charges, changes in the fair value of the Blammo earnout, transitional costs and foreign currency gains and losses, primarily related to revaluation of assets and liabilities.

These non-GAAP measures are not intended to be considered in isolation from, a substitute for or superior to our GAAP results and we encourage investors to consider all measures before taking an investment decision. For complete information regarding our non-GAAP financial information, the most directly comparable GAAP measures and a quantitative reconciliation of those figures, please refer to today’s press release regarding our third quarter results.

The press release has also been furnished to the SEC as part of a Form 8-K. In addition, please note that the date of this conference call is November 3nd, 2011 and any forward-looking statements that we may make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of future events.

Lastly, this conference call is a property of Glu Mobile and any recording, reproduction or rebroadcast of this conference call without the expressed written permission of Glu is strictly prohibited.

With that, I’ll turn the call over to Niccolo. Niccolo?

Niccolo de Masi

Good afternoon and thank you everyone for joining us today. Before we begin, allow me to direct you to the supplemental presentation we’ve prepared to accompany today’s earnings. It can be accessed by our Investor website, glu.com/investors.

In addition to the presentation, we also have uploaded and will keep current demo videos of our Q4 titles having crossed over and become a majority smartphone revenue business in Q2, I’m pleased to report that our progress continue in Q3. We delivered $10.5 million of Q3 non-GAAP smart phone revenues, which was ahead of our expectations, and represented 326% growth from the same period last year.

Non-GAAP purchase revenue grew by 43% from Q2 2011 and offset to expected reduction in incented advertising revenues on IOS. Our Contract Killer brand extension title Contract Killer zombies went live simultaneously on those iOS and Android three weeks ago, and is performing well. It peaked at number two top growth in iOS, making it Glu’s most successful launch to date.

On Android, Contract Killer zombies peaked number six top growth. Casual title Boo Town went live two weeks ago for Halloween, and is beginning to build an audience space. Previously announced titles road racing and Toy village are still on track to be live in December. On our last earnings call, we announced that Q4 2011 would see more titles launched can we ever have in a single quarter.

Last year, we launched five titles in Q4, and a couple of months ago, we announced our first four titles in the holidays. Today, we are delighted to be announcing an additional five titles, which will be live in December and early January to take our total to nine Q4 submissions.

The first new title is ultra high production value Blood & Gore, Blood & Gore is a head-to-head combat masterpiece, which sets a new threshold for 3-D production values in Glu games. The second is Frontline Commander, a 3-D combat game set in the modern era, which also raises the bar on visual realism. Start off is effected, Glu partner’s title which allows players to form alliances with their friends in comparing zombie forwards, at its heart effected is the Tower Defense Mechanic and was generally a successful PSP game.

In collaboration with a novel of the same name by James Frey’s Full phantom Five, we bring you the Night World. The night world is a post politic tells action experience and it includes first title FX unreal engine. Colins is publishing additional simultaneously with the launch of the Night World on Apple’s App Store. Full hard vector is due out in the spring.

We believe we were breaking exciting new brand by creating the world’s first significant transmedia mobile property. In August, we consummated two strategic acquisitions, of Toronto-based Blammo Games, and Kirkland, Washington-based Griptonite studios.

We are pleased to report of the integration execution of both transactions as progress the plan. Blammo’s first product will be called Stardom. Stardom is a high-quality casual title aimed at alone players to act out the common fantasy of becoming a Hollywood celebrity. Stardom is expected to be live by early January.

Griptonite premium training program gas also preceded on schedule and has six new titles slated for launch in Q2 2012.

As part of integrating our two acquisitions, mid-way through Q3, we evolved our ore to create a company even better optimized for the rapid iterations required to operate games as a live service.

We are a revenue focused company and as such all my direct reports now have clear revenue accountability. We reduce some cost for the consolidation of two exact positions and placed a greater focus on Android execution.

Finally and most importantly, our new ore consolidates control of each studio locations, resources, products and revenues with a clear and empowered business units head.

With the Android ecosystem gaining momentum monthly, Glu is in our view the global premium mobile game company best positioned to capitalize. Unlike iOS, the Android landscape is fragmented by handset manufacturer, by OS version and even by the storefront through which consumers discover games.

Glu has in fact already put in place global distribution and podium infrastructure, which we believe combined to create our market leading position. It also positions us well to capture growth from international and emerging market, as very begin upgrading to smartphones. The portion of Glu’s total smartphone revenue from Android more than doubled from last quarter to over 30% in Q3.

In China, our operations are beginning to see the fruits of our strategy. Localizing and selling our iOS and Android titles in a region where Glu is differentiated high-production value titles are anticipated to resonate.

We also expect through our Tom Group partnership to beta launch our (inaudible) store from community in early 2012.

Glu is a launch partner of Amazon to Android storefront in Q2 this year. Further to this, we will be supporting the Kindle Fire with approximately half a dozen titles this quarter. We are excited by the vibrancy, with which the Android ecosystem continually evolves. Glu believes Amazon has unique content and e-commerce advantages to bring to bear with its aggressively priced tablet offering.

With Android devices are now being installed at a higher average daily rate than iOS, we still foresee the majority of Q4 smartphone revenues coming from iOS devices.

We finished September with a net cash balance of $36.9 million. We continue to be comparable that our cash balance sheet provides us with fast forward headroom to forward invest in iOS and Android with our expanded product capacity.

Glu expects to break even on a run rate basis once the new product cycle from our acquisitions is fully active in early 2013. We anticipate reaching profitability without needing to access the capital markets.

Browser-based casual gaming is allowing online mobile convergents switch a variety of HTML5 initiatives, such as those from Facebook and Zynga. All of Glu’s Facebook connect-enabled games will benefit from additional automatic discovery and Facebook’s HTML5 site. Glu however sees an increasing powerful opportunity to lead by deepening and enriching game play in all of our premium experiences. Our progress in Q3 has began to highlight the barriers to entry and modes around our business. Specifically, our lead on Android in cross platform client capabilities, our global distribution and our premium monetization expertise.

We integrate all of these with high production values to your capabilities to create a differentiated business model. Premium social accessibility with console quality game plays. The majority of our title successes to date have come from visually impressive premium experiences, where a single player can enjoy a cutting-edge environment that fully uses the latest smartphone hardware. We believe that continual rapid evolution in mobile hardware power will only increase consumer demand for Glu’s differentiated cycline gaming approach. We consider ourselves uniquely well-positioned as these strands accelerate in 2012.

And now I’ll hand you over to Eric Ludwig for analysis of our financial results and operating metrics.

Eric Ludwig

Great, thank you, Niccolo. I’ll first provide some details on the company’s financial results for the third quarter and will then conclude by providing our outlook for the fourth quarter and commentary on 2012.

First, let me summarize some of our key financial highlights for the third quarter of 2011. Total non-GAAP smartphone revenue of $10.5 million was up 326% on a year-over-year basis and accounted for 59% of the total. Our original IP accounted for over half of our total non-GAAP revenues for the first time, reaching 53%, which reflects our continuing shift to digital content. Our daily active users increased 28% it quarter-to- quarter to 2.1 million users. While our monthly active users increased 34% to 22.1 million. This was due to 29.4 million downloads of our titles during the third quarter.

Q3 operating expenses were very favorable as compared to our guidance. The majority of this capability was due to conservancy in our guidance in terms of variable marketing and new employee hiring. Additionally, a portion of favorable variance was due to real cash expenses that were included in guidance, but which we’ll reclassify this transitional expenses in our final results. We generated $108,000 in operating cash during the quarter and ended September with $36.9 million in cash in the balance sheet, both of which were significantly above our guidance.

The year-over-year and sequential growth to smartphone revenues reflects the overall strength of our premium product portfolio, including continued traction with Gun Bros, Contract Killer, Big Time Gangsta and Bug Village and the successful launch of Eternity Warriors in July.

I will just take a moment to drill down our third quarter revenues and highlight how we delivered against our guidance. During the third quarter, total non-GAAP revenue was $17.8 million, which exceeded our guidance range of $15 million to $16 million and was up 16% from the same period last year. The growth was driven by the increase in non-GAAP smartphone revenues, which grew 326% year-over-year to $10.5 million and was above the high-end of guidance of $9.5 million. In addition, our non-GAAP premium smartphone revenues increased to $8.1 million from $565,000 last year and accounted for 77% of our total non-GAAP smartphone revenue during the third quarter.

I won’t point out that we are able to sequentially grow our non-GAAP smartphone revenue despite the loss of approximately $3 million in CPI revenues on the Apple platform, recognized in the second quarter. This loss of revenue from CPI was replaced with further traction from enough purchases of both the Apple and Android platforms, as well as a non-incented advertising programs that we implemented.

I would now like to provide some title-specific revenue figures on our two titles. Gun Bros continues to be our most successful premium title to date. This title generated $1.5 million of non-GAAP smartphone revenue this quarter and has a lifetime revenue total of $6.6 million over the last 11 months. The sequential organic growth in non-CPI revenues on Gun Bros was $316,000 or an increase of 30% quarter-over-quarter. Contract Killer also performed well in the third quarter as total non-GAAP revenue was $1.8 million for a six-month lifetime total of $4.3 million.

I’m very pleased that our original IP revenue for the first time in Glu’s history is now the majority of our total revenue. Revenue from original IP accounted for 53% of non-GAAP revenues, up from 49% in the second quarter of 2011 and 23% during the same period last year. The increase reflects the impact of new original premium titles, continued strong performance for existing titles along with the ongoing deemphasis on the feature phone business. We expect this trend to continue as over 85% of our anticipated smartphone title launches in 2011 are royalty-free.

In regards to new and total installs of our titles, as of September 30, 2011, we had 131.3 million cumulative installs in the Apple and Android platforms and social networking websites, including Facebook. This is a sequential increase of approximately 29.4 million new installs for the second quarter. This increase is due to the continued popularity of Gun Bros, Contract Killer, Bug Village and Big Time Gangsta along with a special launch of Eternity Warriors.

During the third quarter of 2011, we had 866,000 In-App purchase mobile transaction, which was a decrease from 999,000 in the second quarter of this year. The average revenue – putting that purchase transaction however increased from $4.07 to $6.40 due mainly to higher price points for our virtual goods.

Turning now to our user metrics on Apple and Android and Facebook, we had 2.1 million daily active users for the month of September, up from 1.6 million in June and we had 22.1 million monthly active users, up from 16.5 million last quarter. Our legacy business was similar to the first and second quarters of 2011 as this business performed better than we expected despite declining 12% over the prior quarter and 44% of the third quarter year ago, both on a non-GAAP basis. We continue to expect a year-over-year rate of decline to accelerate as we focus our development resources solely in smartphones.

I will now walk through some additional operating results for our third quarter 2011. Non-GAAP gross margin was 81%, which is up from 74.8% during the same period last year and slightly above our guidance of 80%. As a reminder, the two items that we included in our cost of sales are royalties to third-party license holders, which have been and will continue to decline and hosting cost for our premium games, which are increasing each quarter on an absolute basis due to the increase in our dal amount.

Total non-GAAP operating expenses in the third quarter were $16.5 million, up 12% from $14.8 million during the second quarter of this year. This quarter’s OpEx reflects two months of expenses for Griptonite and Blammo.

The combination of the better-than-expected revenues and OpEx coming in much lower and forecast results in our ability to report a non-GAAP loss from operations of $2.1 million during the third quarter, compared to our guidance of a loss of between $6.7Million and $7.5 million. Our income tax for this quarter was a tax benefit of $813,000. This was a result of a tax benefit from the release of evaluation allowance of $1.7 million for Griptonite, which was now fully offset by $220,000 of foreign withholding taxes and $667,000 of other income tax expense. We believe that this income tax benefit was a one-time of event and will not repeat itself in future quarters.

Our non-GAAP net loss of $1.3 million or a loss of $0.02 per basic share also exceeded our guidance of a loss of between $7.4 million to $8.2 million or a loss of $0.12 to $0.14 per basic share. It should be noted that we ended Q3 with 60.5 million basic shares and 65.9 million diluted shares. A full reconciliation of GAAP to non-GAAP financial measures was included in press release we issued today.

Now turning to the balance sheet. As of September 30, 2011, our cash and cash equivalents balance was $36.9 million, up from $26.4 million at June 30, 2011. During Q3, we generated $108,000 of cash from operations due to the combination of strong top line results, lower-than-anticipated operating expenses and an acceleration of collections or accounts receivable. We received approximately $10 million from the Griptonite acquisition and used $300,000 net from investing activities. We also received $926,000 from financing activities from warrants and stock option exercises.

I want to now spend a few minutes talking about the Griptonite Blammo games acquisitions. We’ve made significant progress at integrating the two studios and are very excited about the games and development in the upcoming launch schedules. As Niccolo mentioned, our first title from Blammo games to be live in January 2012.

One of the key synergies that we discussed when we acquired both companies was a scalable we’d be able to realize by adding more development capacity, while leveraging our current sales, marketing and G&A functions. We added 184 for new employees from both companies, all but five of which were employees in the R&D group. We have not increased our sales and marketing head count to support either of these companies. Additionally, we’ve only added two incremental G&A employees since the closing of these acquisitions. A quarter after closing these transactions, we are even more comfortable with our decisions that this is the right time to forward invest in studio capacity.

Now turning to guidance. For the fourth quarter of 2011, we currently expect non-GAAP revenue to be in the range of $16 million to $17 million, which includes $11.5 million to $12 million in non-GAAP smartphone revenues. Our fourth-quarter non-GAAP smartphone revenue guidance implies 14% sequential growth at the high-end of the range due to the success of Contract Killer: Zombies, which has performed well thus far in the quarter. The tiles that we are announcing today and are not expected to be live until early to mid December, thus their incremental contribution to the quarter will be limited.

The slightly down quarter-over0-quarter total non-GAAP revenues at the high-end of the range is primarily due to the continued decrease in feature phone business. We expect non-GAAP gross margin to be approximately 84% as the future for revenue continues to decline and our non-GAA OpEx for the third quarter is expected to be $20 million, which reflects a full quarter for Griptonite and Blammo expenses.

Non-GAAP operating loss is expected to be a range from a loss of $5.7 million to $6.6 million. And we expect income tax expense for the fourth quarter of 2011 to be approximately $610,000 and non-GAAP net loss is expected to be a loss of between $6.3 million to $7.2 million or a loss between $0.10 to $0.12 per basic share.

For 2011, we have solely focused investors on our non-GAAP results. And we believe that is particularly justified now that we acquired Blammo. As we outlined in the acquisition, Blammo has an earnout that pays up to 3.3 million shares of additional consideration if Blammo achieves pre-defined revenue targets in its fiscal years ending March 31, 2013, 2014 and 2015. Every quarter in our GAAP results we’ll be assessing likelihood of Blammo achieving each fiscal year’s target and adjusting up or down our probability of achievement from the prior quarter’s assumptions.

This probability weighting will then be applied to the closing stock price each quarter and multiplied by the number of shares earnable for each calendar quarter, which will hit our GAAP Income segments. These charges could be expenses or benefits depending upon the combination of the changes in the possibility of the forecast in each period, as well as changes include stock price. As such, we’ll not be providing a GAAP forecast for guidance purposes.

For investors or analysts still attempting to prepare GAAP forecast, I would point you to the purchase accounting for Griptonite, which was included in the Form 8-KA we filed on October 13 for the annual non-cash GAAP charges, the useful lives in the income statement geographies for such charges. Blammo’s purchase accounting charges will be included in our Form 10-Q, which will be filed later this month.

Excluding from our guidance for Q4 2011 from the non-GAAP figures that I just provided are $1.5 million of amortization of intangibles in cost of sales, $495,000 of amortization of intangibles in OpEx, $272,000 of transitional and restructuring cost and $891,000 of stock-based compensation. These figures do not include the estimate for Blammo’s earnout expense that I previously explained not any estimate of GAAP to non-GAAP revenue and cost of sales adjustments for the fourth quarter.

Weighted average common shares outstanding for the fourth quarter of 2011 are expected to be approximately 62.6 million basic and 67 million diluted. This reflects the full quarter’s weighting of the 900,000 basic and diluted shares for Blammo games and 5.5 million basic and diluted shares for Griptonite. For Blammo games this excludes the earnout shares and a 100,000 shares held in Hasbro, expected to be released in Q3 2012. And for Griptonite, it differs from the approximately 6.1 million total shares of consideration is due to the 600,000 shares held in Hasbro, which will be released at the end of 2012.

We now anticipate ending 2011 with approximately $29 million in cash compared to our previous expectation of $24 million, which was benefited by the performance in the third quarter and better-than-expected guidance for the fourth quarter. We continue to expect to burn cash throughout 2012, bill a declining rates until we have break even. We anticipate breaking even on a run rate basis, once the new product cycle from our acquisitions is fully active in early 2013. We anticipate reaching profitability without needing to access the capital markets and without taking on any guess.

In regards to next year, while we are not providing specific guidance, we continue to expect the combined third quarter actual non-GAAP smartphone revenues plus the high-end guidance for the fourth quarter of smartphone revenue to grow at least 90% to the second half of 2012. Additionally, at an 85% target gross margin in 2012, our non-GAAP break even occurs at quarterly revenue levels of approximately $25 million.

I will close by saying that we are very excited about our ability to maintain momentum in our business driven by the success of existing titles and our aggressive launch schedule from our significantly increased studio capacity. The combination of our growing installed base along with our strong balance sheet positions Glu to remain a leader in the premium social mobiles gaming space.

I’ll now turn the call over to the operator for questions. Operator?

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from the line of Darren Aftahi from Northland Securities.

Darren Aftahi – Northland Securities

Hi, guys. Thanks for taking my questions. Just a couple here. First, is it possible to get some quantitative outstanding of how many downloads Contract Killer: Zombies has had over the first month of its life? Number two, I know you said 30%, over 30% of total smartphone revenues was Google, could we actually get the exact number? Three, if I was the backout, Griptonite and Blammo costs, did you make money in the quarter and how much if so on an operating basis? And then fourth one is, what sort of cannibalization are you seeing from Contract Killer: Zombies on the Contract Killer original version? Thanks.

Eric Ludwig

Well, a lot of questions there Darren. So let m first take the CKZ question. So we have seen certainly numerous millions of downloads, I won’t give a specific number. But Contract Killer: Zombies has been our most successful title launch to date in terms of top grossing, as well as in terms of downloads. On the Android, Niccolo said over 30% of our smartphone revenue came from the Android platform, the actual number was 34% of our smartphone revenues in the quarter came from Contract – kind of came from the Android platform. The second last question about Griptonite and Blammo, so we generated $108,000 of operating cash flow in the quarter, obviously stripping out Grip and Blammo expenses, which were several million dollars in the quarter. Obviously without we would not have been casual operations, given that we are right at the verge of breakeven in the current quarter.

And then the last question was about obvious as well, I will turn it over to Niccolo if you have got any – touch you want to add there?

Niccolo de Masi

There had been a huge amount of noticeable cannibalization between the two franchises, and that is really a sign of not only the differentiation between the two titles, but also the fact that the iOS market, we can deduce expand in – Android is at a blistering pace. So there is 190 to 200 million iOS devices installed, now I believe that the latest number for Apples, Android is got what 150 million plus in charging, so look like confident that brand extensions generally are going to be an important way for Glu in coming years, provided that we differentiate each new franchise extension efficiently.

Darren Aftahi – Northland Securities

Great. I’ll jump back in the queue. Thank you.

Niccolo de Masi

Thanks.

Operator

Your next question comes from the line of Mark Argento with Craig Hallum Capital.

Mark Argento – Craig Hallum Capital

Hi, good afternoon guys. When you look at your schedule, maybe you can judge this year’s schedule with what you anticipate for next year, with the addition of Blammo and Griptonite?

Niccolo de Masi

Well, so we’ve announced the first two Blammo titles, one will be live in early January and one will be live early Aprilish or April. Griptonite do to have approximately 6 titles in Q2, and we have announced that there is approximately 10 or 11 teams at Griptonite, so the balance of Griptonite titles will be coming in the second half of the year. So I think for modeling purposes, you’re going to assume that there are the rest of Griptonite titles sooner coming in Q3, early Q4. The rest of the Glu pre-acquisitions, you can look at the existing titles we have out, and extrapolates based on the likely 600% is the titles in Q4, and we just had thus far in 2011. So it shouldn’t be quite as lumpy 4Q for next year, although it really comes down how quickly we take teams off of the existing successes, and moved on to slightly for another franchise extension and another franchise altogether.

Mark Argento – Craig Hallum Capital

So, when you look at the core Glu teams, do you anticipate publishing the same relative same number of titles next year that you did this year?

Niccolo de Masi

It’s not miles of in round numbers, but I think I caveat that with this Q4 December, January, you’re going to see nine titles launched, depending on how well those bats, that will determine the lot of volume for next year, if we bat extremely well, you could have team supporting those titles for the bulk of the year.

And remember it takes us approximately 6 plus months to get a new titles out. So if we end of supporting something that launched in January for six months, that team will not be able to cycle for Christmas next year, they’ll miss that.

Eric Ludwig

And – Mark put that in context, so Gun Bros it took us about eight months to develop the title of launched last October. We still have a team completely live in that title, 12 months later still generating additional content updates and upgrades. So the teams obviously have been absorbed on a very successful title, but not bringing up new content.

Mark Argento – Craig Hallum Capital

Make sense, and then just shifting gears quickly to trends in that purchases, you mentioned that absolute number of buys were down on a quarter-over-quarter basis but, ASPs are up, was that buy design? And what kind of trends are you seeing going forward there?

Eric Ludwig

No, wasn’t by designing, first half that number, both number the transaction number on the revenue per transaction number are really out pushed my model, we don’t spend time yielding that from a modeling perspective.

Yeah, I would say that our Q3 was relatively weak number of titles up launched and really through of those three titles that we did launch, we’re not highly successful. So it was down partly due to new titles not generating significant in that purchases.

The ASPs so there peak was up, quite significantly due to, legibly, we’re continuing to press that the end below bond, how much revenue we could generate per in that purchase. And we were upload inject new price points and titles, we also had a sale on the cracking in Gun Bros and dropped it from the $500 price on the $40 and saw and good graphic generation from that as well.

So this number who has jumped around every quarter I don’t know what will happen in Q4, could junk go down, and that mean of the above given that or maybe we’re doing merchandising and seeing that our sales prices are, if it goes up it will be – that goes up and down every quarter.

Niccolo de Masi

But we’re business of optimizing revenue Mark as you know, so I think the price volumes equation something, there is not going to stabilize probably for another year.

Mark Argento – Craig Hallum Capital

Great, thanks guys.

Eric Ludwig

Great, thanks Mark.

Operator

Your next question comes from the line of Atul Bagga from Lazard Capital.

Atul Bagga – Lazard Capital

Hey, guys. Congrats on the quarter and thanks for taking my question. On Android, can you talk a little bit about monetization of Android versus – and how that compares with monetization on iOS?

Niccolo de Masi

Sure. Some of the principal differences of core are that incented advertising is all alive and well on Android, whereas there are limitations to it on iOS. Google is in the process of adding carrier billing to Google Checkout globally. And so you will an expansion of really reduced friction on the Google Checkout I think over the next year. And that’s only, only good news for us. I think it’s fair to say that the average consumer on iOS is still out indexing the average consumer on Android. However, that gap is closing. I think 6, 12 months ago, you saw that it would take many more users on Android to make same dollar amount of revenue as it in iOS. But this gap is narrowing to a factor of two or less as the Android marketplace continues to mature and continues to innovate frankly in what it allows on the advertising side. So –

Eric Ludwig

7% of the smartphone total of $7.5 million

Atul Bagga – Lazard Capital

And what percentage of that came from directly versus what percentage came from incented ad, video or whatever, CPI?

Eric Ludwig

So actually in the PowerPoint that is added on our website. We’ve got a good graphic here and it was about – let me just pull it up here, one moment here.

Atul Bagga – Lazard Capital

Okay.

Eric Ludwig

Yeah. It was about $2.5 million, was from offers incented ads, about $0.5 million came from non-incented ads, so other advertising models and then $6 million or $5.9 million was from In-App Purchases across both Apple and Android.

Atul Bagga – Lazard Capital

Got you. Thank you so much. And on your pipeline slate for fourth quarter. Can you talk about the rationale behind picking this launch window in mid to early December versus picking the date where you could capture some of the holiday sales of phone?

Niccolo de Masi

Actually what happens Atul, is a lot of people upgrade their handsets literally between Christmas and New Year, it’s a popular business present. So if you think about the timing when some will actually look to fill their devices with new content, it tends to be after Christmas because you tend to start downloading, so they actually think it’s pretty proven to be a successful strategy to aimed have titles live, call at mid-December onwards, and if you look at Gun Bros last year and our Q4 2010 in Q1’11 results you’ll see good amount of that bearing out actually historically.

Niccolo de Masi

Yeah, and then the addition had a tool is some mission process that Apple get pretty filled up right after Thanks giving, so it’s hard for us (inaudible) just to when these titles rationalize will be submitting virtually all these titles for approval are in mid November but we can pick the date is when the wide it could be anywhere from 2 to 4 weeks for Apple’s to approve them.

Atul Bagga – Lazard Capital

Perfect, thank you. And last question for you Niccolo you talked about your strategy for sick line games, can you talk a little bit about Face, HTML five platform and how do you think that might change the competitive landscape, let me understand HTML five platform probably, is not cheer to an optimum platform for games that you guys are producing but how do you see market evolving see next 12 to 18 months? Thank you.

Niccolo de Masi

Sure, so initial five is a consortium technology that is a displaying whereby, its being used by number of companies good results for that matter, we have launched applications initial five, and we will continue to say to work with the technology where are make sense for the game play experience.

The exciting opportunity in initial five it’s really for sinner client games that are able to build a casual lower production values experience entirely as the browser-based experience and what that of course does potentially is reduce the need to import your game so you have the opportunity of making that game work more easily across handsets and more easily across IOS, Android, in some day Windows Phone.

But you’re sacrificing round trip times on the server for content download your sacrificing to close this which the experience will run to the handsets so this peak, and so there is a whole class of games which you are never going to run very efficiently through a browser of any kind.

Contract Killer Zombie Isle is an example, it’s about of 300 MB clients, which of course with unheard-of before the advent of higher in smartphone. That game would not have run on the first iPhone, for example.

Now that through in megabyte experience is something which we think is phenomenal or user based clearly thinks is phenomenal and I mean there our consumers appreciate getting that high production value experience optimize for the device weather on Android or IOS.

So as the market of all we are passionate and firm believers that hardware power grows much faster than bandwidth does over the year from carriers. And what that means is, those are going to be likely more demand for every higher production value content on mobile devices as opposed to be an exclusively demand for lower production value content. So HTML5 I think is going to disrupt people who are building spin client games, sub 20-megabyte casual titles, which currently need coding to optimize from multiple devices, but likely won’t in HTML5 environment to the same extent.

But we think it’s actually largely a relevant trend for games like Gun Bros, Eternity Warriors, Contract Killer, Contract Killer: Zombies, Big Time Gangsta. Et cetera, and irrelevant for a lot other action venture games we’ve announced for this holiday period. In terms of discovery, HTML5 of course brings the advent of a whole cluster of additional stores, which can potentially work on both iOS and Android. And that’s something Glu is always very close to. As we mentioned in my earnings script, this fragmentation on Android not only by device and by OS, but by storefront. The mechanism by which consumers discover content can vary dramatically. Om Android you could find your content to the Android marketplace through a Carrier store or through now Amazon store.

And someday you’re going to discover that through various HTML5 sites, such as Facebook. So I think that’s a positive trend, it’s something which more discovery means Glu’s game scan reach more consumers, more of the time but less friction. And we’re definitely on top of that, we welcome additional discovery.

But fundamentally we think HTML5 is something which is a lot more transformative if Glu’s strategy was all about center clients, lower production value games than what we’ve had our success in and what we’re very much playing our success in the future.

Atul Bagga – Lazard Capital

Thank you.

Eric Ludwig

Thanks, Atul.

Operator

Your next question comes from the line of Adam Krejcik from Roth Capital.

Adam Krejcik – Roth Capital

Yeah, hey, guys. Couple of questions from me, First on Q4 guidance, just wondering what could be potential outside drivers to that, given that you said Contract Killer: Zombies was your most successful game to date. Is it dependent upon still getting out – it’s uncertain how many games are getting out in Q4 or can you just walk me through the element? Thanks.

Eric Ludwig

Yeah, sure, Adam. This is Eric. So I’d say probably the upside items for Q4 would be, we’ve given some pretty reduced guidance in the feature phones so from $7.2 million down to $4.5 to $5 million. So if we have any kind of seasonality that could be a potential upside. And then on the smartphone, we did guide smartphone revenue up 14% quarter-to-quarter, all of Contract Killer zombie sold, I would say if there was an upside, it would probably wouldn’t come from that title, it will probably come from either earlier releases of our titles, or successful launches of our CKC sort of performance on the remaining title at least like that – I would remind folks that we have put sizzle video on our website as well to showcase several of our new titles that we have announced.

Two of them have not been included in our video yet, but they will be launching in December, January for Guns n Glory and Start.

Adam Krejcik – Roth Capital

Okay. Fair enough. And then, Android you said 34% of revenues, just wondering so what are you guys assuming to hits about 50%, is that going to happen first half of next year or what your expectations?

Niccolo de Masi

Yes, it was 34% of the smartphone revenue, and specific guidance, obviously for Android to go up in the ranking, it is becoming down for the other channels, we haven’t come down. So it’s not probably in 2012 – we will be 50% of the overall, given that we have other channels besides Apple and Android across the world with other carriers, smart phone app stores it would probably go up but I wouldn’t say that we have 50% of the overall smartphone revenue in 2012.

Eric Ludwig

Your next year, you have got things like more iOS devices like sold in China, remember Apple is doing business in China where is Google is – company policy not, so I think you’re going to see growth on both and means that the percentage overall is not necessarily going to be cashing up and storing, and taking it as fast for you to extrapolate the trend from the past quarter or two.

Adam Krejcik – Roth Capital

Got it. And then final question on Group Griptonite, so six games I think you said in Q2 seems like quite a big number, are they building or creating a different type of game to your course or maybe like slightly lower or bigger client, just trying to get a sense of what the title that we’re working on is going to look like?

Niccolo de Masi

There will be a range of time period from the start of Q2 to the end of Q2 which these will impact, and they are pursuing a mix casual action of inter-strategy, although we are trying to of course supply all the learnings from the past 18 months, two years at Glu pre-expansion. So you will see some very high production value games with 30 large clients, you will see some casual games with 3-D graphics, and you will also see some call it more, core casual type game. What you are kind of more light-hearted but still of action adventure seems to them so, we will update a lot more on that probably in the next earnings call or throughout Q1.

Adam Krejcik – Roth Capital

Okay. Sounds good thanks guys.

Niccolo de Masi

Thanks Adam.

Operator

Your next question comes from the line of Tavis Mccourt with Morgan, Keegan

Tavis Mccourt – Morgan Keegan

Just have us – can you repeat again what the headwind was your facing dollar amount from not been able to do the incentive based advertising IOS from Q2 to Q3 and then secondarily did the acquisition this quarter contribute any revenues?

Niccolo de Masi

Yeah great thanks Tavis. So the CPI headwind was $3 million so our results you know we were up smartphone revenues quarter-over-quarter with the $3 million headwind so I think that was a big jump and immaterial amount of revenue from Griptonite no revenue from Blammo in the quarter.

Tavis Mccourt – Morgan Keegan

So I never get your guidance you had from Q2 to Q3 obviously sequential growth in smartphone revenues with by mission not really any great product launches during the quarter lot the strength in the early part of the quarter and that’s why the Q4 guidance is little more (inaudible) or just very difficult to predict and conservative?

Eric Ludwig

Well, I mean your million dollar in the upside from the higher of guidance I mean we were a big conserve in the guidance we already know which title was successful and which ones are unsuccessful at the August 2nd earnings call so not sure how we want to interpret it that we knew what’s going to happened as much as you can know with what titles are going to be launching.

Tavis Mccourt – Morgan Keegan

But I guess if you back out that it’s big advertising from Q2 your smart phone revenue would be about 6.5 million that grew by 3 million basic or 4 million sequentially without if you backup that impact?

Niccolo de Masi

Well, if you look at our second quarter numbers were 6.5 million dollars and I was three of that was CPI so you just look at such a great flight in our PowerPoint which should show the growth in our purchase I think that’s the story to look at it in the quarter and that’s the nice upward trend quarter to quarter-to-quarter-to-quarter. Significant growth, in the purchasing.

Tavis Mccourt – Morgan Keegan

You said advertising not go to completely zero in Q3 because Android grew. That’s was again that 3 million number you gave me was that a total number or that the IOS headwind?

Niccolo de Masi

That was IOS headwind but then be made up about million dollars of that on Android with CPI.

Tavis Mccourt – Morgan Keegan

Right we shouldn’t continue into Q4?

Niccolo de Masi

Yeah, that is still processing in Q4 for sure.

Tavis Mccourt – Morgan Keegan

Okay.

Patrick Reddy

Yeah. Thanks a lot.

Niccolo de Masi

Thanks Tavis.

Operator

Your next question comes from the line of John Tyler with Arcadia Investment Corp.

John Tyler – Arcadia Investment Corp

I wonder, if you talk a little bit about the new Nokia and Windows Mobile platforms coming out, and kind of how you thinking about those for next year in particular?

Niccolo de Masi

Sure, we were a launch partner with Windows Phone 7, I think we had three of the first 10 games that were live earlier this year, actually late last year. So Glu has been predict just supporter of any offering system restore front or any handset which we believe will have long-term global success. That’s why we were there for Amazon to the start, that’s why we were there actually Windows Phone 7 and Windows Phone 6 for that matter.

We’re extremely bullish on the long-term prospects of actually Windows phone 8, they’re moving the developing language away from C sharp, which is what harmonized Windows phone7 with X Play. But Windows Phone 8 using C++, which means that is lot easier for developer like us, it’s already building for iPhone and Android, decoder for Windows phone 8.

So all signs are that on the head to head basis, the ecosystem that Microsoft is building, is interesting in compiling for a lot of uses. It’s going to build the head of the enterprise market with the office compatibility, it can build a head up, head up gamer market with, X Play and Xbox connection in ecosystem Erratic.

And so really comes down to how quickly you think that you’re going to ship devices, Nokia has 1,2,3 devices, they’re trying to get out just in time for Christmas, forecast for 2012 I think it certainly, it going to be nowhere near IOS and Android, but in the 2012, but as we’ve said on previous calls, we do think to Windows Phone 8, Windows phone 7, Nokia alliance stands a very good chance of being the strongest most viable third-party platform or third-place platform rather after IOS and Android.

John Tyler – Arcadia Investment Corp

But real attraction comes in 13 and beyond that?

Niccolo de Masi

Yeah, that’s why, we think you’re going to see some impact from that, you have some impact in 2012, mostly second-half 2012, but it’s really 2013 when this can become really meaningful piece of the business, that I’ve been said remember that gaming ecosystem there is going to be somewhere between Android and IOS in terms of fragmentation.

So Microsoft is constraining device and OS fragmentation a little better than Android, because it’s not free, it’s a licensed product, but it’s can be made by multiple Manufactures. So we like it, because it’s going to be another platform that approves to Glu’s fragmentation of advantages.

It’s going to require porting. It’s going to require optimizations with we’re going to take games that will fit clients or even browser-based to make them work oftenly for all those devices.

John Tyler – Arcadia Investment Corp

Okay.

Niccolo de Masi

Within the early, we’re long-term optimistic on that. We think it actually shifts the ecosystem and total revenues, total market share includes direction in the long-term.

John Tyler – Arcadia Investment Corp

Okay, great. And then I wonder if you could talk a little bit about the margin implications of Glu partner kind of title as opposed to one of your own as you’re trying to migrate more towards in-house IP. And maybe the implications of using the unreal engine for any games, kind of how much is that take off of 85% gross margin go? Thanks.

Eric Ludwig

Yeah, sure John, thanks. So about 85% of our release late in 2011 is from complete original IP titles with zero royalties to any partners. The three titles that we’ve launched this year, all of them are original IP, we own the IP, but there are some sort of back-end royalty tied to the developer. But in those deals, it’s a work for hire, where we’ve engaged the work for hire, we own the IP and then there’s some sort of back-end royalty. And there actually is one title that was their IP, but we’ve got the rights for the iOS platform.

So I’m very comfortable with our gross margin, this quarter will be 84% of gross margins, that factors in the legacy feature phone business which had 30% royalty rates and that’s a declining business over time. So that’s 16 percentage points of margin, are going our way this quarter for partners of it is to the feature phone business. This is a small percentage for the – over the titles that are G partners and then some Amazon hosting cost.

John Tyler – Arcadia Investment Corp

Okay.

Niccolo de Masi

John, Glu has got about call it 20, 22, 23 teams internally. And if you look at the total revenues of 2012, G partners is adding incrementally. The equipment of a couple of teams on on top of that. It’s not going to shift the total mix and also we are not showing out any royalties anywhere near what they were in the silence IP business, because it’s our IP.

John Tyler – Arcadia Investment Corp

Okay, great. And then last one, if I can. I wonder what you’re finding is the most effective way of either raising average revenue per paying user, once you’ve got the user, right. Or demand creation for installs, is that anything in particular with the new premium model that you’re finding is working?

Niccolo de Masi

So, we’re in the witness of trying to make ever richer gaming and experiences, which get our consumers to give us their time. If they give us their time, we have maybe half a dozen different ad units on top of straightup In-App Purchases, which we use to drive total lifetime value from every user. So actually the most important mechanism for us to extract greater and greater lifetime values is cost and extensions expansions of the product constant deep in the experience to guess us, get some to give their time, even if you monetize the same rates if you’re going to keep your users around for longer an average, you’re going to see an overall our approved growth right, to be less turn.

So that’s top of the pile in terms of things like marketing and eCPM, is the eCPMs are much lower right now in mobiles and they are on the Internet, you’re going to see some conversion there and it will probably go higher, they will probably go lower.

And higher eCPMs and mobile mean that average revenue per user will probably also takeup overtime, ad units are getting clever about how you can use the mobile ecosystem and use games to drive more targeted adds and better taking meant higher eCPMs, that also means by the way is more targeted user acquisition, so it means with our advertising can be more effective.

Right now Glu is doing a lot less on the marketing front then you see far lot of companies are online and that’s the testament really the differentiating power of our games and the fact good titles and really sell themselves but you can rest assured that, have we believe we have the leading sales and marketing organization in the premium mobile base, and we are very – about trying out new channels, not only new channels to acquire users but also new channels to generate advertising revenue in our titles from our users.

John Tyler – Arcadia Investment Corp

Okay. Great, thank you.

Operator

Your next question comes from the line of Dan Niles with AlphaOne.

Dan Niles – AlphaOne

Hi, thanks, can you talk a little bit about, what you may have learned from the Blammo team and Griptonite teams that your required because when I look at the games your contract Zombie games, it’s also storyline, or are you having to get people into helicopters et cetera is, so it’s not, it seems like a pretty good improvement over the original Contract Killers, what does that potentially do the year, your hit ratio in terms of successful games do you think going forward or that just something already in the pipeline et cetera?

Niccolo de Masi

Yeah, so look, Glu is always believed, right, so we were the first company out there to launch in high production value of action adventure premium game with Gun Bros, reason that was voted top five most influential games on IOS last year by Poker games because we brought new ground, I think we saw around the corner better than a lot of companies about the fact that you know on all sizes spectrum production values are going to rise.

In the casual space, Bug Village was the first 3-D casual games, it did well. And so the overall trends for Glu has been to continually trying push the on below of forward every year in terms of using the hard really comes out taking advantage of more as law thats going to make the power to more powerful and cheaper every year and we are actually going to be endeavoring to do that in both useful hardcore side of the spectrum, so our titles take a good six months to built. So hence you can work backwards and see the Contract Killer, Zombie was in introduction, well before there were any acquisitions consummated. But I think you can also take from the statement standard for both Griptonite, Blammo, and Glu pretty expansion all of our studio share knowledge, and now we had a optimize lifetime value amortization, but also the direction that we think every sub sector within the our market needs to move to continue differentiate ourselves lower user of acquisition costs and make sure, our titles sell themselves, so thats big.

Dan Niles – AlphaOne

Great, Eric can you just refresh me with what do you said, I think I’ve missed it on you, you talked about break even and what revenue level that was potentially mild that now with the acquisitions and then the second part of that is huge growth obviously coming from the smart phone piece of it, but just to make sure we understand, I think you’ve talked about the past make sure, we’ve got your feature phones, down I think roughly 50% year over year, is that the right levels think about that in terms of second of next year still versus of the second of this year.

Eric Ludwig

Yeah, sure. Thanks Dan. And so, on the breakeven what I’ve said is we’ll breakeven at about a 85% gross margins for next year. We’ll breakeven in it $25 million quarterly revenue targets, so that’s the number of that we’ve been talking about, I didn’t say that we anticipate with the Griptonite Blammo and Glu prime we’ll grow smart phone, non-GAAP smart phone revenue 90% from second half of this year to second of next year.

So that’s taking our actual $10.5 million for Q3, and then taking into height of my guidance range 12 million smart phone and that combination will grow 90% year over year, but on the feature phone, what I said publically before is, if you want to be really conservative, you can drive that number down to about $1 million of quarter of revenue, it’s between a $1 million and $3 million quarter and I do not which one it is, if you want to be conservative I’ll take a million to one of the early aggressive, we go with three in somewhere between there will be a midpoint. So it’s between one and three-quarter out in Q4, 2012.

Dan Niles – AlphaOne

Okay, great. And the Niccolo, when you look out in terms of some of the games coming, and I don’t, if you seen this in terms of the amount of time people spent on Contract, Zombie versus the original Contract Killer but as you adding some of the more interesting futures like a storyline our social components or multi-player, I would think you’re seeing guys staying on your games for longer to play them, number one, is that true and it seems like a lot of new games are coming, how more of those either multi-player, social or storyline features to them that are coming out?

Eric Ludwig

Yeah, those are all (inaudible). As I said on the previous question, increasing lifetime, which is then increases lifetime value even if you don’t increase the rate at which a consumer is monetized every hour, every minute, every day, is the main kind of I’ll call operational focus of company. And we’re increasing lifetime value not only in existing titles, which are successful, in which we continue to support. But of course we’re trying to take those learnings and recycle them for new titles that are about to grip ground.

Now, you are right, there is more than a mechanism and the mechanism has to be appropriate to the game genre and to the game type. So real-time multiplayer is not appropriate for everyone just like a synchronous multiplier is not nationally appropriate, but those can be in some games. At the same time, we do think that adding consumable items to our economies will be a feature of the next 12 months and you’re going to see continued experimentation and cross fertilization of what works in more of our titles and we are very much a learning mission and we’re able to learn faster than a whole product cycle because the great thing is you can something that works in product A and then get it into something month or two later into product B, if that title is already live and has a full team working on update. So these are some of ways that we’re going to be trying to drive success at a faster than call it market growth rate.

Dan Niles – AlphaOne

Great. Thank you very much.

Greg Cannon

Thanks, Dan.

Operator

The next question comes from the line of Brandon Smith with Cypress Capital Management.

Brandon Smith – Cypress Capital

Hey, guys, how are you?

Greg Cannon

Hey, Brandon.

Brandon Smith – Cypress Capital

I think I missed one comment earlier. You had mentioned something about the number of games that you would have for the Kindle Fire?

Niccolo de Masi

Yeah, we said we were targeting about half a dozen this quarter.

Brandon Smith – Cypress Capital

This quarter, okay. Are those going to be out kind of close to launch or sometime in December?

Niccolo de Masi

We’ll update on that, but given then earnout live now, I think it’s a fair bet that it’ll be out sometime between the launch and Christmas. Yeah, I mean it will probably be in more than one bundle, but some will be there for close to launch.

Brandon Smith – Cypress Capital

Any issues you’ve perceived from the 7-inch blum factor?

Eric Ludwig

No, because we’ve actually but addressing tablets of that size in the Android ecosystem anyway. We cover a vast majority of revenue generating devices on Android anyway. So some of those if you can remember from the tablet launched in the last year, some of those have entering from 7-inch to 11-inch devices. So we’re already pretty adopted to that.

Brandon Smith – Cypress Capital

Okay, thanks. The only other question was, some of the private companies have been highlighting air play with the new iOS 5 and the ability to play some of the games on the large screen and then global TV had an update the other day, many thought on kind of largest screen formatter, any issues an importing some of the video games to that kind of Screen Resolution ?

Niccolo de Masi

Well, so I think, there are rumors about new IOS devices having, even higher resolutions things the next iPad might have retina display for example. We’ll be covering those, as we do with all successful devices, if that happens, if that those transpires, I think it’s healthy for Glu because it means it’s extending an iPad, retina display quality awards to a bigger screen as increasingly triple actually.

So I say our view one both of these topic air play, things iPad three, we always going to support stuff that we see a clear return on and directionally, of course, Screen Resolution to increasing, so we’re going to moving games in that direction. But of course this you do with titles that have yet to break ground as supposed to titles have been supported for the 6 to 12 months.

It’s an evolution, it’s a shift, right now there is not an enough air play, penetration for that to be what we see as platform in some right. But that could of course take the year from day, or next year if Apple, works harder on improving, its overall TV penetration and TV experience which in of course or equally rumor to be working on.

Brandon Smith – Cypress Capital

Thanks a lot guys.

Niccolo development Masi

Thanks Brandon.

Operator

Here no further questions.

Niccolo de Masi

All right, for in closing. I would like to thank my colleagues for their efforts and our shareholders for the support, as we continued to build momentum become the world leading premium mobile gaming company. Thank you again for you joining the call and I’ll see you next time.

Operator

This concludes today’s conference call. You may now disconnect.

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Source: Glu Mobile's CEO Discusses Q3 2011 Results - Earnings Call Transcript
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