Q1 2025 Cineverse Corp Earnings Call Transcript
Key Points
- Cineverse Corp (CNVS) achieved significant savings in SG&A, reducing costs by $1.3 million or 17% compared to the prior year.
- The company successfully offshored domestic employment positions to Cineverse Services India, resulting in substantial cost savings.
- Cineverse Corp (CNVS) reported a direct operating margin of 51%, exceeding their target range of 45% to 50%.
- The company extended its $7.5 million line of credit with East West Bank to September 2025, enhancing financial flexibility.
- Cineverse Corp (CNVS) saw a 73% year-over-year increase in viewership, with 2.26 billion minutes watched in Q2 2024.
- Total revenues for the quarter were $9.1 million, down from $13.0 million in the prior year period.
- The company experienced a $2 million decline in digital distribution revenue due to delays in content releases.
- Advertising revenues declined by approximately $500,000 due to channel optimization efforts.
- Adjusted EBITDA for the quarter was negative $1.4 million, reflecting continued financial challenges.
- Subscriber count decreased by approximately 3.5% sequentially, attributed to seasonal churn.
Good day, everyone. Welcome to Cineverse's third-quarter fiscal 2024 financial results conference call. My name is Cameron and I'll be your operator 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 for Cineverse. Please go ahead.
Good afternoon, everyone. Thank you for joining us for the Cineverse fiscal year 2025 first-quarter financial results conference call. The press release announcing Cineverse's results for the fiscal first quarter ended June 30, 2024, is available at the Investor 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 contain forward
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