Total Revenue of $49.1
Million
Total Direct Operating Margin Increased to 61%
from 47%
Selling, General, and Administrative Expenses
Decreased By $8.9 Million, or
24%
Adjusted EBITDA of $4.4
Million, an Increase of $4.3
Million from Prior Year
Positive Working Capital of $1.5 Million as of Year End
LOS
ANGELES, July 1, 2024 /PRNewswire/ -- Cineverse
Corp. ("Cineverse" or the "Company") (NASDAQ: CNVS), a global
streaming technology and entertainment company, today announced its
financial results for the quarter and fiscal year ended
March 31, 2024 ("FY 2024").
FY 2024 Financial Overview (all comparisons
are to the prior fiscal year ended March 31,
2023):
For the fiscal year ended March 31,
2024, the Company's initiatives to reduce operating costs,
optimize our streaming channel portfolio and increase margins
continued to have a positive impact on our financial results
contributing to Adjusted EBITDA of $4.4
million for the year, up $4.3
million over the prior year.
During the fourth quarter, the Company recorded a $14.0 million non-cash, non-recurring impairment
to Goodwill. The Goodwill impairment was required by US GAAP as a
result of our market capitalization ($21.8
million as of March 31, 2024)
being significantly below our book value. This triggered a required
impairment assessment under US GAAP.
In addition, during the first quarter of fiscal year 2025, the
Company began to execute on its previously approved share
repurchase program and acquired 184 thousand shares through
June 30, 2024. The share repurchase
program remains in place as previously reported and will continue
to be utilized to support our stock price as appropriate.
Chairman's Commentary:
Chris McGurk,
Cineverse Chairman and CEO, stated, "Our focus this year has been a
concerted drive toward sustainable profitability for the Company.
Our full year and fourth quarter results reflect the results of
those efforts, with vastly improved operating margins and
significantly streamlined cost structure generating positive and
growing Adjusted EBITDA and accelerating a rapid trend toward
positive annual net income. Excluding the key non-cash Goodwill
Impairment and non-operating Metaverse investment loss, we reduced
our net loss by $4.8 million or by
58% to $3.4 million for the full year
and were virtually break even on net income in this most recent
reported quarter. We generated Adjusted EBITDA of $4.4 million, an increase of $4.3 million, despite losing significant revenues
from the runoff of our legacy Digital Cinema equipment business and
lapping the success last year of the horror phenomenon Terrifier 2.
Our direct operating margins improved significantly, to 61% versus
47% in the prior year, reflecting major SG&A cost savings from
our Cineverse Services India organization, a unique competitive
advantage for us where now we operate with more than half of our
total workforce."
McGurk continued, "Importantly, given what we
believe is a vastly undervalued stock equity price that has
sustained at that depressed level well below book value for far too
long, we began to implement the Company's previously announced
stock repurchase program subsequent to year end. We believe that by
repurchasing our significantly undervalued shares we are taking
advantage of a significant value-creation opportunity for the
Company that will prove itself as we continue to execute our
strategic growth and profitability plan.
"Finally, Terrifier 3, the highly anticipated
next installment of the Terrifier horror franchise, will be
released on October 11, 2024. All of
the marketing, streaming, advertising, podcast and human assets of
the Company are being geared up to support this film, which we
believe will be a major contributor to our growth and
profitability."
FY 2024 Financial Highlights:
- Full-year consolidated revenue was $49.1
million, down from $68.0
million in the prior year, primarily due to prior year
legacy Digital Cinema revenues of $12.0
million and revenue of $3.8
million from last year's theatrical success of the horror
phenomenon Terrifier 2, which are not included in the current year.
- Streaming revenue of $37.3
million was down from the prior year revenue of $40.4 million, driven by a $6.6 million decrease in advertising-based
revenue to $12.5 million from
$19.1 million, attributable to our
channel optimization efforts and persistent headwinds in the
advertising market, partially offset by a 25% increase in
subscription-based revenue to $13.5
million from $10.8
million.
- The Company's direct operating costs decreased $17.2 million to $19.1
million, down from $36.4
million. This was driven by lower revenue and significantly
improved direct operating margin of 61%, up from 47%, and a
$2.3 million decrease in estimated
royalty-related liabilities at the fiscal year end as compared to
the prior year.
- The Company also achieved an $8.9
million decrease in selling, general and administrative
expenses (SG&A) by further leveraging its Cineverse Services
India business which was a primary driver of $5.8 million in reduced compensation expense, as
well as tighter spending controls.
- Net loss attributable to common stockholders was $21.8 million, or $(1.78) per diluted share, compared to
$10.1 million, or $(1.13) per share in the prior year.
- Adjusted EBITDA increased to $4.4
million from $0.1 million in
the prior year.
- Working Capital improved to a positive $1.5 million as of March
31, 2024 compared to $(7.8)
million as of March 31, 2023
reflecting our improving financial condition.
- Stockholders' equity was $32.2
million, or $2.62 per weighted
average outstanding share for the year, as of March 31, 2024.
Q4 FY 2024 Highlights (all comparisons are to
the prior year fiscal quarter ended March
31, 2023):
- Total revenue was $9.9 million
compared to $12.5 million, reflecting
a decrease in the Company's physical business ($1.3 million), the Digital Cinema ($0.8 million) impact in the prior year quarter,
and the impact of our channel portfolio optimization efforts where
we have culled lower margin channels, concentrating our resources
on higher-return performers.
- The Company's direct operating expenses decreased to
$2.0 million from $6.5 million, in part attributable to the reduced
fourth quarter estimate of the Company's royalty accrual, leading
to a direct operating margin of 79%, as compared to 48% for the
prior year quarter. This margin is well above our previously stated
margin target of 45% to 50% and we expect future quarters to return
to our previously stated targeted margins.
- SG&A expenses decreased by $1.0
million to $6.8 million from
$7.8 million, reflecting the impact
of our continued cost savings initiatives.
- Adjusted EBITDA increased by $2.4
million to $1.6 million.
- Financial condition overview:
- Cash and cash equivalents of $5.2
million as of March 31, 2024.
- In February 2024, the Company
expanded its revolving line of credit facility with East West Bank from $5.0 million to $7.5
million.
- In June 2024, the Company was
notified in writing by EWB that it intends to extend the maturity
date of the Line of Credit Facility to September 15, 2025, subject to definitive
documentation.
- Digital content library valued in FY 2024 at $26 million to $30
million in a third-party appraisal, compared to a book value
of $2.6 million as of March 31, 2024.
Operational Developments During the
Quarter
- Announced partnership with Google Cloud to launch
cineSearch, a conversational search & discovery (SAND)
tool for film and television content, with a public beta
subsequently launched in May
2024.
- Expanded existing credit line with East West Bank to $7.5
Million – further strengthening Cineverse's balance sheet
without equity dilution
- Debuted Dog Whisperer with Cesar
Milan FAST channel – featuring every episode of the
beloved series – on Amazon Freevee.
- Activated Matchpoint at CES 2024 – saw significant lead
generation and potential revenue generation from event.
- Launched Cineverse 360 Audience Network, a new ad
platform which brings advertisers a scalable solution for reaching
enthusiast audiences across a network of Cineverse and third-party
publishers.
- Reached a multi-year extension of its partnership with
Konami Cross Media NY, Inc., solidifying the Company's
position as a leader in the streaming anime landscape.
- Premiered Sid & Marty Krofft
Channel – featuring 50 years of iconic shows now made
available as VOD offering on Roku Channel, Cineverse, Dove Channel
and Midnight Pulp. This marks a historic re-release of the
remastered library – making the culture-defining shows
available on digital platforms for the first time thanks to
Cineverse's proprietary streaming technology,
Matchpoint.
- Partnered with Peacock to exclusively stream the documentary
film, Represent, which follows hopefuls, as they compete for
spots on the first U.S. Olympic women's surfing team, as well as
ON FIRE, a true and harrowing survival drama.
- Terry City, Ad Industry Veteran from Yahoo!, Buzzfeed,
Tastemade and Variety, joined Cineverse as SVP and Head of
Cineverse 360.
Operational Developments Subsequent to
Quarter-End
- Set release date for "Terrifier 3" – the highly anticipated
follow up to runaway hit, "Terrifier 2" – for October 11, 2024. Announced Iconic Events as
theatrical distribution partner.
- Announced the capability to provide robust, cost-streaming
workforce solution to Matchpoint customers through the Company's
India-based Cineverse Services
India.
- Expanded wildly successful Bob Ross Universe with
episodes remastered in HD & 4K
for the first time ever – along with exclusive new ambient viewing
content "The Bob Ross Gallery Collection" series.
- Expanded podcast network to explosive growth - yielding a 49%
revenue surge over the last 60 days.
- Announced partnerships with Gracenote, Vionlabs and Datatonic
to enhance the Company's conversational AI-Powered content
discovery tool, cineSearch.
- Announced numerous channel launches on Xfinity, Xumo, Zone-ify
and DIRECTV – driving additional distribution to unlock the
potential for revenue growth.
- Announced a new distribution deal with Australia-based Network 10, a division of
Paramount Global, to bring 10 play's FAST channels.
President's Commentary:
Erick Opeka, President and Chief
Strategy Officer, added, "We made considerable progress during the
quarter building out our direct sales teams for advertising and
technology, expanding our technology partnerships, and scaling the
distribution of our audio and video content businesses, all while
continuing to optimize both operating and SG&A costs. The
streaming business is currently operating at greater than 50%
direct operating margins, and with our recent efforts at model
optimization, we can sustainably maintain or even expand those
margins as our new, margin-rich technology products and services
begin to contribute to the top line.
During the quarter, we secured carriage agreements for The Dog
Whisperer Channel with nearly all hardware manufacturers and FAST
streaming services in North
America, and we expect 100% carriage within the next
quarter. The channel's performance has exceeded our expectations in
the short period it has been in the market, outperforming our top
channels by up to 40% on key platforms. If this trend continues, we
expect this channel to rapidly become one of our highest-revenue
FAST channels in the market. We plan on fully localizing and
distributing this channel globally as various territories revert to
us over the coming quarters. We also secured initial contractual
placements for The Sid and Marty Krofft
Channel and GoPro, and given the market's interest in both
sports and retro content, we expect considerable expansion of
distribution leading up to the end of this year. Finally, we have
had considerable success launching our kids vertical, with nearly
45 million minutes streamed in the first month alone. We expect
significant expansion of that business as well and are working on
new advertising products for the market focused on the monetization
of kids & family content.
On the sales front, we tripled the size of our direct
advertising sales force with experienced executives and closed
major campaigns with Focus Features, Amazon Prime Video, SimpliSafe
Home Security, 20th Century Fox, Master Class, A24 Studios, and
many more. We expect to see a significant percentage of our
inventory shift to higher-margin direct sales over the next several
quarters. Additionally, we are expanding our sales team to handle
the rapidly growing footprint of our Podcast Network, which
currently ranks #7 in North
America in terms of download volume at 12 million monthly
downloads. We believe there is significant revenue upside in this
business that we will be able to realize as we focus on
dramatically increasing monetization over the next two quarters.
Lastly, we also hired our head of sales for our technology business
and expect the first SaaS deals to close from that sales pipeline
in early July. Given our product suite's ability to meet the
rapidly growing demand by platforms and OEMs to build out their
ad-supported content initiatives, we expect to see considerable
growth in sales of Matchpoint Dispatch to support the market's
insatiable demand for ad-supported content."
Opeka continued, "Finally, we made considerable strides in our
AI strategy. We successfully launched the cineSearch beta during
the quarter and are currently in a dual-track effort to refine our
AI models and focus on commercialization. We plan on deploying the
product in cloud marketplaces in the coming months and are also
engaging in early commercial conversations with various device
manufacturers intrigued by the idea of enabling an AI-based search
capability within their own streaming services. We are actively
leveraging our Matchpoint dispatch technology to meet the growing
demand for high-quality training data across general and
specialized AI models, engaging in advanced discussions with model
developers and content partners to provide the industry's largest
and most refined video training dataset. Drawing on our decades of
experience as a content aggregator and our proprietary technology,
we are uniquely positioned to address the needs of both content
owners and AI companies at an unprecedented scale, potentially
revolutionizing the AI training landscape. We expect to make
additional announcements on these developments later in the current
quarter."
Conference Call
Cineverse will host a
conference call at 4:30 p.m. ET
(Monday, July 1, 2024), during which
management will discuss the results of the fiscal year ended
March 31, 2024. To participate in the
conference call, please use the following dial-in
numbers:
United States
(Local):
|
+1 404 975
4839
|
United States
(Toll-Free):
|
+1 833 470
1428
|
Canada
(Toll-Free):
|
+1 833 950
0062
|
Access Code:
|
274103
|
The conference call can also be accessed by
webcast at the Investors section of the Company's website at
https://investor.cineverse.com/events-and-presentations. Those who
are unable to attend the live conference call may access the
recording at the above webcast link, which will be made available
shortly after the conclusion of the call.
About Cineverse
Cineverse's advanced,
proprietary technology drives the distribution of over 70,000
premium films, series, and podcasts to more than 150 million unique
viewers monthly. From providing a complete streaming solution to
some of the world's most recognizable brands, to super-serving
their own network of fan channels, Cineverse is powering the future
of Entertainment. For more information, please visit
www.cineverse.com. (NASDAQ: CNVS)
Safe Harbor Statement
Investors and
readers are cautioned that certain statements contained in this
document, as well as some statements in periodic press releases and
some oral statements of Cineverse officials during presentations
about Cineverse, along with Cineverse's filings with the Securities
and Exchange Commission, including Cineverse's registration
statements, quarterly reports on Form 10-Q and annual report on
Form 10-K, are "forward-looking'' statements within the meaning of
the Private Securities Litigation Reform Act of 1995 (the "Act'').
Forward-looking statements include statements that are predictive
in nature, which depend upon or refer to future events or
conditions, which include words such as "expects," "anticipates,''
"intends,'' "plans,'' "could," "might," "believes,'' "seeks,"
"estimates'' or similar expressions. In addition, any statements
concerning future financial performance (including future revenues,
earnings, or growth rates), ongoing business strategies or
prospects, and possible future actions, which may be provided by
Cineverse's management, are also forward-looking statements as
defined by the Act. Forward-looking statements are based on current
expectations and projections about future events and are subject to
various risks, uncertainties, and assumptions about Cineverse, its
technology, economic and market factors, and the industries in
which Cineverse does business, among other things. These statements
are not guarantees of future performance, and Cineverse undertakes
no specific obligation or intention to update these statements
after the date of this release.
For additional information, please
contact:
Julie Milstead
424-281-5411
investorrelations@cineverse.com
CINEVERSE CORP.
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
(In
thousands)
|
|
|
|
As of
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
ASSETS
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
5,167
|
|
|
$
|
7,152
|
|
Accounts receivable,
net
|
|
|
8,667
|
|
|
|
20,846
|
|
Unbilled
revenue
|
|
|
6,439
|
|
|
|
2,036
|
|
Employee retention tax
credit
|
|
|
1,671
|
|
|
|
2,085
|
|
Content
advances
|
|
|
9,345
|
|
|
|
3,724
|
|
Other current
assets
|
|
|
1,432
|
|
|
|
1,734
|
|
Total Current Assets
|
|
|
32,721
|
|
|
|
37,577
|
|
Equity investment in A
Metaverse Company, a related party, at fair value
|
|
|
362
|
|
|
|
5,200
|
|
Property and equipment,
net
|
|
|
2,276
|
|
|
|
1,833
|
|
Intangible assets,
net
|
|
|
18,328
|
|
|
|
19,868
|
|
Goodwill
|
|
|
6,799
|
|
|
|
20,824
|
|
Content advances, net
of current portion
|
|
|
2,551
|
|
|
|
1,421
|
|
Other long-term
assets
|
|
|
1,341
|
|
|
|
1,265
|
|
Total Assets
|
|
$
|
64,378
|
|
|
$
|
87,988
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
20,817
|
|
|
$
|
34,531
|
|
Line of credit,
including unamortized debt issuance costs of $81 and $76,
respectively
|
|
|
6,301
|
|
|
|
4,924
|
|
Current portion of
earnout and deferred consideration on purchase of
business
|
|
|
3,294
|
|
|
|
5,232
|
|
Operating lease
liabilities
|
|
|
401
|
|
|
|
418
|
|
Current portion of
deferred revenue
|
|
|
436
|
|
|
|
226
|
|
Total Current Liabilities
|
|
|
31,249
|
|
|
|
45,331
|
|
Deferred consideration
on purchase, net of current portion
|
|
|
457
|
|
|
|
2,647
|
|
Operating lease
liabilities, net of current portion
|
|
|
462
|
|
|
|
863
|
|
Other long-term
liabilities
|
|
|
59
|
|
|
|
74
|
|
Total Liabilities
|
|
$
|
32,227
|
|
|
$
|
48,915
|
|
Stockholders' Equity
|
|
|
|
|
|
|
Preferred
stock
|
|
$
|
3,559
|
|
|
$
|
3,559
|
|
Common
stock
|
|
|
194
|
|
|
|
185
|
|
Additional paid-in
capital
|
|
|
545,996
|
|
|
|
530,998
|
|
Treasury stock, at
cost
|
|
|
(11,978)
|
|
|
|
(11,608)
|
|
Accumulated
deficit
|
|
|
(504,153)
|
|
|
|
(482,395)
|
|
Accumulated other
comprehensive loss
|
|
|
(345)
|
|
|
|
(402)
|
|
Total stockholders'
equity of Cineverse Corp.
|
|
|
33,273
|
|
|
|
40,337
|
|
Deficit attributable to
noncontrolling interest
|
|
|
(1,122)
|
|
|
|
(1,264)
|
|
Total equity
|
|
|
32,151
|
|
|
|
39,073
|
|
Total Liabilities and Equity
|
|
$
|
64,378
|
|
|
$
|
87,988
|
|
CINEVERSE CORP.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(In thousands, except
for per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
March 31,
|
|
|
For the Fiscal Year Ended
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
Revenues
|
|
$
|
9,863
|
|
|
$
|
12,548
|
|
|
$
|
49,131
|
|
|
$
|
68,026
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct
operating
|
|
|
2,033
|
|
|
|
6,505
|
|
|
|
19,131
|
|
|
|
36,364
|
|
Selling, general and
administrative
|
|
|
6,816
|
|
|
|
7,803
|
|
|
|
27,904
|
|
|
|
36,819
|
|
Depreciation and
amortization
|
|
|
984
|
|
|
|
855
|
|
|
|
3,771
|
|
|
|
3,763
|
|
Goodwill
impairment
|
|
|
14,025
|
|
|
|
—
|
|
|
|
14,025
|
|
|
|
—
|
|
Total operating expenses
|
|
|
23,859
|
|
|
|
15,163
|
|
|
|
64,831
|
|
|
|
76,946
|
|
Operating
loss
|
|
|
(13,995)
|
|
|
|
(2,615)
|
|
|
|
(15,700)
|
|
|
|
(8,920)
|
|
Interest
expense
|
|
|
(286)
|
|
|
|
(410)
|
|
|
|
(1,066)
|
|
|
|
(1,290)
|
|
Loss from investment
in Metaverse, a related party
|
|
|
(538)
|
|
|
|
—
|
|
|
|
(4,299)
|
|
|
|
(1,828)
|
|
Employee retention tax
credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,475
|
|
Other income
(expenses), net
|
|
|
141
|
|
|
|
69
|
|
|
|
(190)
|
|
|
|
(13)
|
|
Net loss before income taxes
|
|
|
(14,678)
|
|
|
|
(2,955)
|
|
|
|
(21,255)
|
|
|
|
(9,575)
|
|
Income tax benefit
(expense)
|
|
|
2
|
|
|
|
(119)
|
|
|
|
(10)
|
|
|
|
(119)
|
|
Net loss
|
|
|
(14,676)
|
|
|
|
(3,075)
|
|
|
|
(21,265)
|
|
|
|
(9,694)
|
|
Net income
attributable to noncontrolling interest
|
|
|
(48)
|
|
|
|
(4)
|
|
|
|
(142)
|
|
|
|
(39)
|
|
Net loss attributable
to controlling interests
|
|
|
(14,724)
|
|
|
|
(3,079)
|
|
|
|
(21,407)
|
|
|
|
(9,734)
|
|
Preferred stock
dividends
|
|
|
(87)
|
|
|
|
(87)
|
|
|
|
(350)
|
|
|
|
(351)
|
|
Net loss attributable to common
stockholders
|
|
$
|
(14,811)
|
|
|
$
|
(3,166)
|
|
|
$
|
(21,757)
|
|
|
$
|
(10,085)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(1.10)
|
|
|
$
|
(0.35)
|
|
|
$
|
(1.78)
|
|
|
$
|
(1.13)
|
|
Diluted
|
|
$
|
(1.10)
|
|
|
$
|
(0.35)
|
|
|
$
|
(1.78)
|
|
|
$
|
(1.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
of common stock outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
13,525
|
|
|
|
8,995
|
|
|
|
12,253
|
|
|
|
8,889
|
|
Diluted
|
|
|
13,525
|
|
|
|
8,995
|
|
|
|
12,253
|
|
|
|
8,889
|
|
Adjusted EBITDA
We define
Adjusted EBITDA to be earnings before interest, taxes, depreciation
and amortization, stock-based compensation expense, merger and
acquisition costs, restructuring, transition and acquisitions
expense, net, goodwill impairment and certain other items.
Adjusted EBITDA is not a measurement of financial
performance under GAAP and may not be comparable to other similarly
titled measures of other companies. We use Adjusted EBITDA as a
financial metric to measure the financial performance of the
business because management believes it provides additional
information with respect to the performance of its fundamental
business activities. For this reason, we believe Adjusted EBITDA
will also be useful to others, including our stockholders, as a
valuable financial metric.
We present Adjusted EBITDA because we believe
that Adjusted EBITDA is a useful supplement to net income (loss)
from continuing operations as an indicator of operating
performance. We also believe that Adjusted EBITDA is a financial
measure that is useful both to management and investors when
evaluating our performance and comparing our performance with that
of our competitors. We also use Adjusted EBITDA for planning
purposes and to evaluate our financial performance because Adjusted
EBITDA excludes certain incremental expenses or non-cash items,
such as stock-based compensation charges, that we believe are not
indicative of our ongoing operating performance.
We believe that Adjusted EBITDA is a performance
measure and not a liquidity measure, and therefore a reconciliation
between net income (loss) from operations and Adjusted EBITDA has
been provided in the financial results. Adjusted EBITDA should not
be considered as an alternative to net income (loss) from
operations as an indicator of performance or as an alternative to
cash flows from operating activities as an indicator of cash flows,
in each case as determined in accordance with GAAP, or as a measure
of liquidity. In addition, Adjusted EBITDA does not take into
account changes in certain assets and liabilities as well as
interest and income taxes that can affect cash flows. We do not
intend the presentation of these non-GAAP measures to be considered
in isolation or as a substitute for results prepared in accordance
with GAAP. These non-GAAP measures should be read only in
conjunction with our consolidated financial statements prepared in
accordance with GAAP.
Following is the reconciliation of our consolidated net (loss)
income to Adjusted EBITDA (in thousands):
|
|
For the Three Months Ended
March 31,
|
|
|
For the Fiscal Year Ended
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
Net loss
|
|
$
|
(14,676)
|
|
|
$
|
(3,075)
|
|
|
$
|
(21,265)
|
|
|
$
|
(9,694)
|
|
Add Backs:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
(benefit) expense
|
|
|
(2)
|
|
|
|
119
|
|
|
|
10
|
|
|
|
119
|
|
Depreciation and
amortization
|
|
|
984
|
|
|
|
855
|
|
|
|
3,771
|
|
|
|
3,763
|
|
Interest
expense
|
|
|
286
|
|
|
|
410
|
|
|
|
1,066
|
|
|
|
1,290
|
|
Stock-based
compensation
|
|
|
347
|
|
|
|
564
|
|
|
|
1,439
|
|
|
|
4,470
|
|
Loss from equity
investment in Metaverse, a related party
|
|
|
538
|
|
|
|
—
|
|
|
|
4,299
|
|
|
|
1,828
|
|
Employee
retention tax credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,475)
|
|
Provision for
credit losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
54
|
|
Goodwill
impairment
|
|
|
14,025
|
|
|
|
—
|
|
|
|
14,025
|
|
|
|
—
|
|
Other (income)
expense, net
|
|
|
(142)
|
|
|
|
95
|
|
|
|
(140)
|
|
|
|
13
|
|
Net income
attributable to noncontrolling interest
|
|
|
(48)
|
|
|
|
(4)
|
|
|
|
(142)
|
|
|
|
(39)
|
|
Transition-related costs
|
|
|
241
|
|
|
|
170
|
|
|
|
1,335
|
|
|
|
541
|
|
Mergers and
acquisitions costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
207
|
|
Adjusted EBITDA
|
|
$
|
1,553
|
|
|
$
|
(867)
|
|
|
$
|
4,398
|
|
|
$
|
76
|
|
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SOURCE Cineverse Corp.