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Thunderbird Entertainment Group Reports Fiscal Year End 2022 Results, Fiscal 2022 Revenue $149.0 Million, 34% Year-Over-Year Increase
Thursday, October 27, 2022Company Profile | Follow Company
Thunderbird Entertainment fiscal 2022 revenue was $149.0 million, a 34% year-over-year increase
Vancouver, BC, October 27, 2022--(T-Net)--Thunderbird Entertainment Group Inc. (TSXV: TBRD, OTCQX: THBRF) today announced its year end results for Fiscal 2022, which ended June 30, 2022, and provided a corporate update.
Financial Highlights
"In Fiscal 2022 Thunderbird invested in long term, sustainable growth," said Jennifer Twiner McCarron, Thunderbird's Chief Executive Officer. "We are pleased with our performance and progress during this build year. Thunderbird remains a top content provider to all major buyers with a demonstrated ability to deliver top quality content. We have numerous projects coming up through our robust development pipeline and look forward to sharing more Company updates as we continue our journey to become the next big global studio."
Thunderbird's Fiscal 2022 Corporate Highlights
Results of Operations |
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For the three months ended |
For the year ended |
||||||||
|
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
||||||
($000's, except per share data) |
$ |
$ |
$ |
$ |
||||||
|
|
|
|
|
||||||
Revenue |
44,119 |
|
26,097 |
|
148,998 |
111,519 |
|
|||
Expenses |
45,939 |
|
26,984 |
|
145,400 |
105,829 |
|
|||
Net income (loss) from continuing operations |
(1,820 |
) |
(887 |
) |
3,598 |
5,690 |
|
|||
Income from discontinued operation |
- |
|
- |
|
- |
47 |
|
|||
Net income (loss) for the period |
(1,820 |
) |
(887 |
) |
3,598 |
5,737 |
|
|||
Foreign currency translation adjustment |
3 |
|
(10 |
) |
17 |
(47 |
) |
|||
Loss on translation of discontinued operation |
- |
|
- |
|
- |
(35 |
) |
|||
Comprehensive net income (loss) for the period |
(1,817 |
) |
(897 |
) |
3,615 |
5,655 |
|
|||
|
|
|
|
|
||||||
Basic income (loss) per share - continuing operations |
(0.037 |
) |
(0.018 |
) |
0.073 |
0.119 |
|
|||
Diluted income (loss) per share - continuing operations |
(0.037 |
) |
(0.018 |
) |
0.070 |
0.113 |
|
|||
Basic income per share - discontinued operation |
- |
|
- |
|
- |
0.001 |
|
|||
Diluted income per share - discontinued operation |
- |
|
- |
|
- |
0.001 |
|
EBITDA, Adjusted EBITDA and Free Cash Flow |
|||||||||||
|
For the three months ended |
For the year ended |
|||||||||
|
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||
($000's) |
$ |
$ |
$ |
$ |
|||||||
|
|
|
|
|
|||||||
Net income (loss) from continuing operations |
(1,820 |
) |
(887 |
) |
3,598 |
|
5,690 |
|
|||
|
|
|
|
|
|||||||
Income tax expense |
65 |
|
422 |
|
2,892 |
|
2,315 |
|
|||
Deferred income tax expense (recovery) |
(648 |
) |
(371 |
) |
(614 |
) |
216 |
|
|||
Finance costs |
|
|
|
|
|||||||
Interest |
340 |
|
392 |
|
1,505 |
|
1,475 |
|
|||
Dividends on redeemable preferred shares |
8 |
|
11 |
|
39 |
|
67 |
|
|||
Amortization |
|
|
|
|
|||||||
Property and equipment |
535 |
|
419 |
|
2,311 |
|
1,356 |
|
|||
Right-of-use assets |
2,829 |
|
1,583 |
|
8,227 |
|
6,695 |
|
|||
Intangible assets |
67 |
|
67 |
|
270 |
|
270 |
|
|||
|
3,196 |
|
2,523 |
|
14,630 |
|
12,394 |
|
|||
|
|
|
|
|
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EBITDA |
1,376 |
|
1,636 |
|
18,228 |
|
18,084 |
|
|||
|
|
|
|
|
|||||||
Share-based compensation |
252 |
|
387 |
|
938 |
|
1,168 |
|
|||
Unrealized foreign exchange loss (gain) |
781 |
|
(103 |
) |
578 |
|
(989 |
) |
|||
Loss on disposal of property and equipment |
- |
|
- |
|
1 |
|
733 |
|
|||
Gain on disposal of right-of-use assets |
- |
|
(11 |
) |
- |
|
(277 |
) |
|||
Severance costs |
- |
|
300 |
|
208 |
|
583 |
|
|||
Other |
- |
|
70 |
|
108 |
|
309 |
|
|||
|
1,033 |
|
643 |
|
1,833 |
|
1,527 |
|
|||
|
|
|
|
|
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Adjusted EBITDA |
2,409 |
|
2,279 |
|
20,061 |
|
19,611 |
|
|||
|
|
|
|
|
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Cash (outflows) inflows from continuing operations |
(12,690 |
) |
3,333 |
|
(5,562 |
) |
22,275 |
|
|||
Purchase of property and equipment |
(1,078 |
) |
(523 |
) |
(4,131 |
) |
(1,360 |
) |
|||
Net advances (repayment) of interim production financing |
13,021 |
|
2,006 |
|
23,610 |
|
(8,622 |
) |
|||
Free Cash Flow |
(747 |
) |
4,816 |
|
13,917 |
|
12,293 |
|
ABOUT THUNDERBIRD ENTERTAINMENT GROUP
Thunderbird Entertainment Group is a global award-winning, full-service multiplatform production, distribution and rights management company, headquartered in Vancouver, with additional offices in Los Angeles, Toronto, and Ottawa.
Thunderbird creates award-winning scripted, unscripted, and animated programming for the world's leading digital platforms, as well as Canadian and international broadcasters. Thunderbird's vision is to produce high quality, socially responsible content that makes the world a better place.
The Company develops, produces, and distributes animated, factual, and scripted content through its various content arms, including Thunderbird Kids and Family (Atomic Cartoons), Thunderbird Unscripted (Great Pacific Media), formerly known as Thunderbird Factual, and Thunderbird Scripted. Productions under the Thunderbird umbrella include The Last Kids on Earth, Molly of Denali, Highway Thru Hell and Kim's Convenience, among others. The Company also has a team dedicated to global distribution and consumer products. Thunderbird is on Facebook, Twitter, and Instagram at @tbirdent.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility of the adequacy or accuracy of this release, which has been prepared by management.
NON-IFRS MEASURES
In addition to the results reported in accordance with IFRS, the Company uses various non-IFRS financial measures which are not recognized under IFRS, as supplemental indicators of our operating performance and financial position. These non-IFRS financial measures are provided to enhance the user's understanding of our historical and current financial performance and our prospects for the future. Management believes that these measures provide useful information in that they exclude amounts that are not indicative of our core operating results and ongoing operations and provide a more consistent basis for comparison between periods. The following discussion explains the Company's use of EBITDA, Adjusted EBITDA, Free Cash Flow, Cash Available for Use, Cash Required for Use in Productions and Gross Margin.
"EBITDA" is calculated based on earnings before interest, income taxes, depreciation and amortization. "Adjusted EBITDA" is calculated based on EBITDA before share-based compensation, unrealized foreign exchange gain/loss and items of an unusual or one-time nature that do not reflect our ongoing operations. EBITDA and Adjusted EBITDA are commonly reported and widely used by investors and lenders as an indicator of a company's operating performance and ability to incur and service debt, and as a valuation metric. EBITDA and Adjusted EBITDA are not earnings measures recognized by IFRS and therefore do not have a standardized meaning prescribed by IFRS. Therefore, EBITDA and Adjusted EBITDA may not be comparable to similar measures presented by other issuers.
"Free Cash Flow" ("FCF") is calculated based on cash flows from operations, purchase of property and equipment and net interim production financing. FCF represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets.
"Cash Available for Use" is defined as the total cash and cash equivalents of the Company less Cash Required for Use in Productions. Cash Available for Use funds ongoing working capital requirements, principal and interest payments on corporate demand loans as well as ongoing development and growth efforts and thus is an important liquidity measure that management uses to monitor the business on an ongoing basis.
"Cash Required for Use in Productions" is defined as cash required for the funding of productions from the development stage through to completion that is not considered by the Company to be available for other uses. The cash is not legally restricted and has not been classified as Restricted Cash on the consolidated statement of financial position. This cash has been provided by buyers and third-party Intellectual Property ("IP") owners that have engaged the Company to provide services, as well as banks with whom the Company has contracted to provide interim production financing. Management uses the amount of Cash Required for Use in Productions to determine the Company's Cash Available for Use.
"Gross Margin" is calculated based on revenue less direct operating costs. Gross Margin is not an earnings measure recognized by IFRS and therefore does not have a standardized meaning prescribed by IFRS; accordingly, Gross Margin may not be comparable to similar measures presented by other issuers. Gross Margin is a useful measure of profitability before considering operating and other expenses and can be used to assess the Company's ability to generate positive net earnings and cash flows.
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