Q4 2024 Cineverse Corp Earnings Call Transcript
Key Points
- Cineverse Corp (CNVS) achieved a substantial increase in operating margins, reaching 61% for the year and 79% in the fourth quarter.
- The company reported a significant reduction in net loss by $4.8 million, or 58%, to $3.4 million for the full year.
- Full-year adjusted EBITDA increased to $4.4 million, a $4.3 million improvement over the prior year.
- Subscription-based revenues grew by 25% to $13.5 million for the fiscal year.
- Cineverse Corp (CNVS) successfully implemented cost optimization initiatives, reducing SG&A expenses by $8.9 million for the year.
- Total revenues for the fiscal year decreased to $49.1 million from $68 million in the prior year.
- Advertising-based revenues declined by 34% to $12.5 million for the full year.
- The company recorded a $14 million non-cash, non-recurring impairment to goodwill due to market capitalization being significantly below book value.
- Cash flow used in operations was $10.6 million for the year, with $7.8 million related to investments in the content portfolio.
- Ad-based revenues experienced a 10% decline in the fourth quarter, reflecting the impact of channel portfolio optimization and the current economic environment.
Good day, everyone. Welcome to Cineverse's fourth quarter fiscal year 2024 financial results conference call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions) Please note that this call is being recorded.
I would now like to turn the call over to your host, Gary Loffredo, Chief Legal Officer, Secretary and Senior Advisor of Cineverse. Please go ahead.
Good afternoon, everyone. Thank you for joining us for the Cineverse fiscal 2024 fourth quarter and year end financial results conference call. The press release announcing Cineverse's results for the fiscal fourth quarter and year end March 31, 2024, is available at the Investors section of the company's website at www.cineverse.com. A replay of this broadcast will also be made available at Cineverse's website after the conclusion of this call.
Before we begin, I would like to point out that certain statements made on today's call
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