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Zynga Announces First Quarter 2022 Financial Results

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Zynga Inc. (NASDAQ: ZNGA) today released financial results for the first quarter ended March 31, 2022.

“We started off 2022 with a strong quarterly performance, achieving our highest ever Q1 advertising revenue and bookings led by our hyper-casual portfolio,” said Frank Gibeau, CEO of Zynga. “Through continued execution across all aspects of our multi-year growth strategy including live services, new game development and investments in our advertising platform, new markets and technologies, we are strengthening our position as a leading mobile-first, free-to-play live services company.”

First Quarter 2022 Financial Summary



$ in millions

Q1’22

Actuals

Q1’21

Actuals

Variance $

(Y/Y)

Variance %

(Y/Y)

Revenue

$

691

$

680

$

11

2

%

Net release of (increase in) deferred revenue (1)

$

(4

)

$

(39

)

$

36

(91

%)

Bookings

$

695

$

720

$

(25

)

(3

%)

Net income (loss)

$

(25

)

$

(23

)

$

(2

)

7

%

Adjusted EBITDA (2)

$

144

$

123

$

21

17

%

Note: Certain measures as presented differ due to the impact of rounding.

(1)

For clarity, a net release of deferred revenue results in revenue being higher than bookings and is a positive impact to Adjusted EBITDA as reported; a net increase in deferred revenue results in revenue being lower than bookings and is a negative impact to Adjusted EBITDA as reported.

(2)

Adjusted EBITDA includes the net release of (increase in) deferred revenue.

  • Revenue & Bookings: In Q1, we achieved revenue of $691 million, up 2% year-over-year, and quarterly bookings of $695 million, down 3% year-over-year. Online game or user pay revenue was $538 million, down 3% year-over-year, and user pay bookings were $528 million, down 11% year-over-year. Advertising & other revenue was a Q1 record of $154 million, up 24% year-over-year, and advertising & other bookings reached its highest Q1 performance of $167 million, up 35% year-over-year.
  • Audience Metrics: Average mobile daily active users (DAUs) were 40 million, up 3% year-over-year, and average mobile monthly active users (MAUs) were 209 million, up 27% year-over-year. Mobile average bookings per mobile DAU (ABPU) of $0.190 were down 6% year-over-year.
  • Costs & Expenses: Cost of revenue was $252 million or 36% of revenue, compared to 38% of revenue in the year-ago quarter. Non-GAAP cost of revenue was $185 million or 27% of bookings, down from 29% of bookings in the year-ago quarter. GAAP operating expenses were $424 million, representing 61% of revenue and an improvement from 62% in the year-ago quarter. Non-GAAP operating expenses of $364 million represented 52% of bookings, versus 49% in the year-ago quarter.
  • Profitability & Cash Flow: Net loss was $25 million, compared to a net loss of $23 million in the year-ago quarter, and Adjusted EBITDA was $144 million, up $21 million year-over-year. We had an operating cash outflow of $203 million versus a cash outflow of $164 million in the prior year quarter. In the quarter, we completed the final earn out payments related to the acquisitions of Small Giant Games and Rollic, totaling $265 million.

Due to the pending transaction with Take-Two Interactive Software, Inc. (“Take-Two”) announced on January 10, 2022, Zynga is not hosting a conference call or providing forward guidance in connection with the release of its quarterly results.

Additional information regarding the pending transaction with Take-Two is provided in a registration statement on Form S-4 filed by Take-Two with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the transaction, which includes a joint proxy statement/prospectus of Zynga and Take-Two, and all other relevant documents filed with the SEC. The registration statement was declared effective on April 7, 2022 and the definitive joint proxy statement/prospectus was sent to Zynga and Take-Two stockholders.

About Zynga Inc.

Zynga is a global leader in interactive entertainment with a mission to connect the world through games. With massive global reach in more than 175 countries and regions, Zynga has a diverse portfolio of popular game franchises that have been downloaded more than four billion times on mobile including CSR Racing™, Empires & Puzzles™, FarmVille™, Golf Rival™, Hair Challenge™, Harry Potter: Puzzles & Spells™, High Heels!™, Merge Dragons!™, Merge Magic!™, Toon Blast™, Toy Blast™, Words With Friends™ and Zynga Poker™. With Chartboost, a leading mobile advertising and monetization platform, Zynga is an industry-leading next-generation platform with the ability to optimize programmatic advertising and yields at scale. Founded in 2007, Zynga is headquartered in California with locations in North America, Europe and Asia. For more information, visit www.zynga.com or follow Zynga on Twitter, Instagram, Facebook or the Zynga blog.

Key Operating Metrics

We manage our business by tracking several operating metrics: “Mobile DAUs,” which measure daily active users of our mobile games, “Mobile MAUs,” which measure monthly active users of our mobile games, and “Mobile ABPU,” which measures our average daily mobile bookings per average Mobile DAU, each of which is recorded and estimated by our internal analytics systems. We determine these operating metrics by using internal company data based on tracking of user account activity. We also use information provided by third parties, including third party network logins provided by platform providers, to help us track whether a player logged in under two or more different user accounts is the same individual. Overall, we believe that the amounts are reasonable estimates of our user base for the applicable period of measurement and that the methodologies we employ and update from time-to-time are reasonably based on our efforts to identify trends in player behavior. However, factors relating to user activity and systems and our ability to identify and detect attempts to replicate legitimate player activity may impact these numbers.

Mobile DAUs. We define Mobile DAUs as the number of individuals who played one of our mobile games during a particular day. Average Mobile DAUs for a particular period is the average of the Mobile DAUs for each day during that period. Under this metric, an individual who plays two different mobile games on the same day is counted as two DAUs. We use information provided by third parties to help us identify individuals who play the same game to reduce this duplication. However, we do not have the third party network login data to link an individual who has played under multiple user accounts for our hyper-casual games (which includes the games acquired from Rollic in October 2020), mobile messenger games (prior to the third quarter of 2021), Puzzle Combat, Merge Magic! and games acquired from Gram Games in May 2018, Small Giant in January 2019, Peak in July 2020 and StarLark in October 2021, and accordingly, actual Mobile DAUs may be lower than reported due to the potential duplication of these individuals. We use Mobile DAUs as a measure of audience engagement.

Mobile MAUs. We define Mobile MAUs as the number of individuals who played one of our mobile games in the 30-day period ending with the measurement date. Average Mobile MAUs for a particular period is the average of the Mobile MAUs at each month-end during that period. Under this metric, an individual who plays two different mobile games in the same 30-day period is counted as two Mobile MAUs. We use information provided by third parties to help us identify individuals who play the same game to reduce this duplication. However, we do not have the third party network login data to link an individual who has played under multiple user accounts for our hyper-casual games (which includes the games acquired from Rollic in October 2020), mobile messenger games (prior to the third quarter of 2021), Puzzle Combat, Merge Magic! and games acquired from Gram Games in May 2018, Small Giant in January 2019, Peak in July 2020 and StarLark in October 2021, and accordingly, actual Mobile MAUs may be lower than reported due to the potential duplication of these individuals. We use Mobile MAUs as a measure of total game audience size.

Mobile ABPU. We define Mobile ABPU as our total mobile bookings in a given period, divided by the number of days in that period, divided by the average Mobile DAUs during the period. We believe that Mobile ABPU provides useful information to investors and others in understanding and evaluating our results in the same manner as management. We use Mobile ABPU as a measure of overall monetization across all of our players through the sale of virtual items and advertising.

Our business model around our social games is designed so that, as more players play our games, social interactions increase and the more valuable our games and our business become. All engaged players of our games help drive our bookings and, consequently, both online game revenue and advertising revenue. Virtual items are purchased by players who are socializing with, competing against or collaborating with other players, most of whom do not buy virtual items. Accordingly, we primarily focus on Mobile DAUs, Mobile MAUs and Mobile ABPU, which we believe collectively best reflect key audience metrics.

Non-GAAP Financial Measures

We have provided in this press release certain non-GAAP financial measures to supplement our consolidated financial statements prepared in accordance with U.S. GAAP (our “GAAP financial statements”). Management uses non-GAAP financial measures internally in analyzing our financial results to assess operational performance and liquidity. Our non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.

The presentation of our non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, our GAAP financial statements. We believe that both management and investors benefit from referring to our non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe our non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial measures we use in making operating decisions and because our investors and analysts use them to help assess the health of our business.

We have provided reconciliations of our non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures in the following tables. Because of the following limitations of our non-GAAP financial measures, you should consider the non-GAAP financial measures presented in this press release with our GAAP financial statements.

Key limitations of our non-GAAP financial measures include:

  • Bookings does not reflect that we defer and recognize online game revenue and revenue from certain advertising transactions over the estimated average playing period of payers for durable virtual items or as consumed for consumable virtual items; bookings also includes other adjustments, if applicable;
  • Adjusted EBITDA does not include the impact of stock-based compensation expense, acquisition-related transaction expenses, contingent consideration adjustments, legal settlements and related legal expense, and expenses incurred from vacated leases (which includes impairment charges recognized);
  • Adjusted EBITDA does not reflect provisions for or benefits from income taxes and does not include other income (expense) net, which includes foreign exchange and asset disposition gains and losses, interest expense and interest income;
  • Adjusted EBITDA excludes depreciation and amortization of tangible and intangible assets. Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized may have to be replaced in the future;
  • Free cash flow is derived from net cash provided by operating activities less cash spent on capital expenditures; and
  • Non-GAAP Cost of Revenue and Non-GAAP Operating Expenses do not include the impact of amortization of intangible assets from acquisitions, contingent consideration adjustments, acquisition-related transaction expenses, legal settlements and related legal expense, expenses incurred from vacated leases or stock-based compensation expense.

ZYNGA INC.

CONSOLIDATED BALANCE SHEETS

(In millions, unaudited)

March 31,

December 31,

2022

2021

Assets

Current assets:

Cash and cash equivalents

$

826.0

$

984.0

Short-term investments

10.5

169.0

Accounts receivable, net of allowance of $0.9 at March 31, 2022 and December 31, 2021

233.4

242.5

Restricted cash

81.0

161.0

Prepaid expenses

68.4

56.7

Other current assets

47.4

35.4

Total current assets

1,266.7

1,648.6

Goodwill

3,586.8

3,601.1

Intangible assets, net

834.8

900.5

Property and equipment, net

36.6

30.3

Right-of-use assets

84.1

86.4

Restricted cash

0.2

40.2

Prepaid expenses

18.9

25.0

Other non-current assets

31.9

26.8

Total assets

$

5,860.0

$

6,358.9

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$

48.4

$

95.6

Income tax payable

30.9

52.2

Deferred revenue

746.4

748.1

Operating lease liabilities

17.9

17.1

Other current liabilities

284.0

650.4

Total current liabilities

1,127.6

1,563.4

Convertible senior notes, net

1,542.1

1,343.8

Deferred revenue

0.3

0.3

Deferred tax liabilities, net

84.6

93.8

Non-current operating lease liabilities

131.6

133.4

Other non-current liabilities

67.7

112.3

Total liabilities

2,953.9

3,247.0

Stockholders’ equity:

Common stock and additional paid-in capital

5,398.6

5,625.0

Accumulated other comprehensive income (loss)

(138.3

)

(107.1

)

Accumulated deficit

(2,354.2

)

(2,406.0

)

Total stockholders’ equity

2,906.1

3,111.9

Total liabilities and stockholders’ equity

$

5,860.0

$

6,358.9

ZYNGA INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data, unaudited)

Three Months Ended

March 31, 2022

December 31, 2021

March 31, 2021

Revenue:

Online game

$

537.7

$

534.0

$

557.0

Advertising and other

153.5

161.4

123.3

Total revenue

691.2

695.4

680.3

Costs and expenses:

Cost of revenue

252.2

260.1

260.7

Research and development

112.4

151.9

140.7

Sales and marketing

251.1

245.6

248.7

General and administrative

60.5

39.1

35.7

Total costs and expenses

676.2

696.7

685.8

Income (loss) from operations

15.0

(1.3

)

(5.5

)

Interest income

0.9

1.4

1.7

Interest expense

(3.1

)

(15.0

)

(14.7

)

Other income (expense), net

(15.7

)

(10.2

)

8.9

Income (loss) before income taxes

(2.9

)

(25.1

)

(9.6

)

Provision for (benefit from) income taxes

21.6

42.1

13.4

Net income (loss)

$

(24.5

)

$

(67.2

)

$

(23.0

)

Net income (loss) per share attributable to common stockholders:

Basic

$

(0.02

)

$

(0.06

)

$

(0.02

)

Diluted

$

(0.02

)

$

(0.06

)

$

(0.02

)

Weighted-average common shares used to compute net income (loss) per share attributable to common stockholders:

Basic

1,133.2

1,124.9

1,084.4

Diluted

1,133.2

1,124.9

1,084.4

Stock-based compensation expense included in the above line items:

Cost of revenue

$

0.7

$

0.8

$

0.6

Research and development

31.0

27.7

24.3

Sales and marketing

4.8

4.8

3.9

General and administrative

8.5

8.9

8.4

Total stock-based compensation expense

$

45.0

$

42.2

$

37.2

ZYNGA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions, unaudited)

Three Months Ended

March 31, 2022

December 31, 2021

March 31, 2021

Cash flows from operating activities:

Net income (loss)

$

(24.5

)

$

(67.2

)

$

(23.0

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization

69.2

68.2

56.5

Stock-based compensation expense

45.0

42.3

37.2

(Gain) loss from derivatives, sale of investments and other assets and foreign currency, net

26.6

18.3

(9.0

)

Noncash lease expense

3.9

4.0

4.2

Noncash interest expense

1.6

13.7

13.2

Change in deferred income taxes and other

(9.3

)

(6.9

)

(15.2

)

Changes in operating assets and liabilities:

Accounts receivable, net

8.2

(33.5

)

(59.5

)

Prepaid expenses and other assets

(19.2

)

(3.1

)

(2.0

)

Accounts payable

(46.3

)

45.0

(18.8

)

Deferred revenue

4.3

22.1

40.4

Income tax payable

(30.0

)

(20.4

)

5.9

Operating lease and other liabilities

(232.2

)

75.6

(193.6

)

Net cash provided by (used in) operating activities

(202.7

)

158.1

(163.7

)

Cash flows from investing activities:

Purchases of investments

(2.2

)

(1.5

)

(537.2

)

Maturities of investments

84.8

83.5

83.9

Sales of investments

74.0

Acquisition of property and equipment

(10.3

)

(5.7

)

(1.7

)

Business combinations, net of cash acquired

(12.6

)

(286.1

)

(19.6

)

Release of restricted cash escrow from business combinations

(120.0

)

Asset acquisitions of intangible assets

(1.0

)

(0.9

)

Other investing activities, net

(20.4

)

(8.0

)

(0.3

)

Net cash provided by (used in) investing activities

(7.7

)

(217.8

)

(475.8

)

Cash flows from financing activities:

Debt issuance costs paid

(0.9

)

Taxes paid related to net share settlement of stockholders' equity awards

(5.7

)

(2.5

)

(8.2

)

Proceeds from issuance of common stock

7.3

18.3

10.5

Acquisition-related contingent consideration payments

(56.6

)

(25.1

)

Net cash provided by (used in) financing activities

(55.0

)

15.8

(23.7

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(12.6

)

(19.3

)

(1.7

)

Net change in cash, cash equivalents and restricted cash

(278.0

)

(63.2

)

(664.9

)

Cash, cash equivalents and restricted cash, beginning of period

1,185.2

1,248.4

1,500.4

Cash, cash equivalents and restricted cash, end of period

$

907.2

$

1,185.2

$

835.5

ZYNGA INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In millions, unaudited)

Three Months Ended

March 31, 2022

December 31, 2021

March 31, 2021

Reconciliation of Revenue to Bookings: Total

Revenue

$

691.2

$

695.4

$

680.3

Change in deferred revenue

3.7

21.2

39.2

Other bookings adjustments

10.0

Bookings

$

694.9

$

726.6

$

719.5

Reconciliation of Revenue to Bookings: Mobile

Revenue

$

672.2

$

673.9

$

660.7

Change in deferred revenue

3.8

21.1

38.9

Bookings

$

676.0

$

695.0

$

699.6

Reconciliation of Revenue to Bookings: Online Game

Revenue

$

537.7

$

534.0

$

557.0

Change in deferred revenue

(9.4

)

21.2

39.3

Bookings

$

528.3

$

555.2

$

596.3

Reconciliation of Revenue to Bookings: Advertising & Other

Revenue

$

153.5

$

161.4

$

123.3

Change in deferred revenue

13.0

0.1

(0.1

)

Other bookings adjustments

10.0

Bookings

$

166.5

$

171.5

$

123.2

Reconciliation of Net Income (Loss) to Adjusted EBITDA

Net income (loss)

$

(24.5

)

$

(67.2

)

$

(23.0

)

Provision for (benefit from) income taxes

21.6

42.1

13.4

Other expense (income), net

15.7

10.2

(8.9

)

Interest income

(0.9

)

(1.4

)

(1.7

)

Interest expense

3.1

15.0

14.7

Depreciation and amortization

68.7

67.6

56.5

Acquisition-related transaction expenses

12.5

4.6

1.5

Contingent consideration adjustments

(13.7

)

28.9

33.4

(Gain) loss on legal settlements and related legal expense

12.0

Expenses incurred from vacated lease(1)

4.9

4.6

Stock-based compensation expense

45.0

42.2

37.2

Adjusted EBITDA

$

144.4

$

146.6

$

123.1

Reconciliation of GAAP Operating Expense to Non-GAAP Operating Expense

GAAP operating expense

$

424.0

$

436.6

$

425.1

Acquisition-related transaction expenses

(12.5

)

(4.6

)

(1.5

)

Contingent consideration adjustments

13.7

(28.9

)

(33.4

)

Gain (loss) on legal settlements and related legal expense

(12.0

)

Expenses incurred from vacated lease(1)

(4.9

)

(4.6

)

Stock-based compensation expense

(44.3

)

(41.4

)

(36.6

)

Non-GAAP operating expense

$

364.0

$

357.1

$

353.6

Reconciliation of Cash Provided by Operating Activities to Free Cash Flow

Net cash provided by (used in) operating activities

$

(202.7

)

$

158.1

$

(163.7

)

Acquisition of property and equipment

(10.3

)

(5.7

)

(1.7

)

Free cash flow

$

(213.0

)

$

152.4

$

(165.4

)

(1)

Amount includes impairment charges (if applicable), rent and other expenses (including depreciation) associated with our impaired office buildings.

ZYNGA INC.

RECONCILIATION OF GAAP TO NON-GAAP COSTS AND EXPENSES

(In millions, unaudited)

Three Months Ended March 31, 2022

GAAP
measure

Amortization
of intangible
assets from
acquisitions

Contingent
consideration
adjustments

Acquisition
related
expenses

Gain (loss)
on legal
settlements and
related
legal expense

Expenses
incurred
from
vacated
lease

Stock-based
compensation
expense

Non-GAAP
measure

Cost of revenue

252.2

(66.1

)

(0.7

)

185.4

Operating expenses

Research and development

112.4

13.7

(1.3

)

(31.0

)

93.8

Sales and marketing

251.1

(0.1

)

(4.8

)

246.2

General and administrative

60.5

(11.1

)

(12.0

)

(4.9

)

(8.5

)

24.0

Total operating expenses

424.0

13.7

(12.5

)

(12.0

)

(4.9

)

(44.3

)

364.0

Total costs and expenses

$

676.2

$

(66.1

)

$

13.7

$

(12.5

)

$

(12.0

)

$

(4.9

)

$

(45.0

)

$

549.4

Three Months Ended March 31, 2021

GAAP
measure

Amortization
of intangible
assets from
acquisitions

Contingent
consideration
adjustments

Acquisition
related
expenses

Gain (loss)
on legal
settlements and
related
legal expense

Expenses
incurred
from
vacated
lease

Stock-based
compensation
expense

Non-GAAP
measure

Cost of revenue

260.7

(52.8

)

(0.6

)

207.3

Operating expenses

Research and development

140.7

(33.4

)

(24.3

)

83.0

Sales and marketing

248.7

(3.9

)

244.8

General and administrative

35.7

(1.5

)

(8.4

)

25.8

Total operating expenses

425.1

(33.4

)

(1.5

)

(36.6

)

353.6

Total costs and expenses

$

685.8

$

(52.8

)

$

(33.4

)

$

(1.5

)

$

$

$

(37.2

)

$

560.9

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Contact information

Investor Relations:
Investors@zynga.com

Media Relations:
Kenny Johnston
Press@zynga.com

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FEELM unveils the world's first ceramic coil disposable pod solution at Vaper Expo UK 202227.5.2022 13:38:00 CEST | Press release

FEELM, the flagship atomization tech brand belonging to SMOORE, today showcased the world's first ceramic coil disposable pod solution series, FEELM Max at Vaper Expo UK 2022 in Birmingham, UK. By launching the solution and showcasing its cutting-edge ceramic coil heating technology, FEELM is introducing ceramic coil to the emerging category of disposable vape. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220527005197/en/ (Photo: Business Wire) As a new category in the ascendant, the disposable vape has been growing in popularity since 2020. The market size of disposable (closed system) vaping product has grown to approximately USD2.125 billion in 2021, accounting for 22.7% of global vaping device market share; and it is expected to increase at a GAGR of over 28% from 2022 to 2026, being the fastest-growing category among all vaping products, according to the estimates of Frost & Suvillian. In 2022, the market size of disp

Mavenir’s Containerized Open vRAN Small Cell Solution Wins Award for Outstanding Contribution to Emerging Technology or Architecture27.5.2022 09:00:00 CEST | Press release

Mavenir, the Network Software Provider building the future of networks with cloud-native software that runs on any cloud and transforms the way the world connects, today announced to have won the SCF Small Cell Awards 2022 for Outstanding Contribution to Emerging Technology or Architecture, for its design and delivery of the first fully containerized small cell Open Virtualized Radio Access Network (Open vRAN), for indoor and outdoor connectivity. Mavenir’s containerized Open vRAN solution is a first of its kind and combines the interoperability of Open RAN with the portability and flexibility of containers. This small cell solution brings the same future-forward approaches of Open RAN and containerization having significant impacts in macro networks to small cell networks. The deployment of a containerized solution is a significant milestone in the evolution of connectivity, moving away from the physical infrastructure to a digital cloud-based environment. Containers take virtualizati

TYAN Brings Modern HPC Server Platforms for Data Centers at ISC 202227.5.2022 09:00:00 CEST | Press release

TYAN®, an industry-leading server platform design manufacturer and MiTAC Computing Technology Corporation subsidiary, will exhibit its latest HPC platforms powered by 3rd Gen AMD EPYC™ Processors with AMD 3D V-Cache™ technology for data centers deployments at the ISC 2022 event from May 30th to June 1st at booth #D400. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220527005002/en/ TYAN’s Server Platforms Powered by AMD EPYC 7003 Series Processors Provide the Best Foundation for Data Centers that Can be Tailored to Specific Workloads (Photo: Business Wire) “The amount of data generated by humans and machines has increased exponentially and this requires a steady increase of data center compute performance, therefore, modern data centers need balanced hardware to efficiently manage growing data volumes,” said Danny Hsu, Vice President of MiTAC Computing Technology Corporation's Server Infrastructure Business Unit. “TYAN’s ser

Takeda and Seagen to Highlight ADCETRIS ® Combination Data Showing Statistically Significant Improvement in Overall Survival (OS) for Patients with Advanced Hodgkin Lymphoma26.5.2022 23:25:00 CEST | Press release

Takeda Pharmaceutical Company Limited (TSE:4502) and Seagen Inc., (NASDAQ:SGEN) today announced that overall survival (OS) data from the Phase 3 ECHELON-1 clinical trial of an ADCETRIS® (brentuximab vedotin) plus chemotherapy combination will be presented in an oral session at the 59th American Society of Clinical Oncology (ASCO) Annual Meeting on Friday, June 3, 2022, 1:00-4:00 PM CT, and at the 27th European Hematology Association (EHA) Annual Meeting on Friday, June 10, 2022, 11:30 – 12:45 CEST. “The longer-term follow-up data from the ECHELON-1 trial have significant clinical importance, as this trial represents one of only two frontline randomized studies in advanced stage Hodgkin lymphoma that shows an overall survival advantage for the experimental arm,” said Stephen Ansell, M.D., Ph.D., Mayo Clinic, and ECHELON-1 study investigator. “These results clearly show that the addition of brentuximab vedotin to chemotherapy improves the long-term outcome of patients and the combination