Q3 2024 Overactive Media Corp Earnings Call Transcript
Key Points
- OverActive Media Corp (OAMCF) achieved a significant increase in normalized revenue compared to Q3 2023, demonstrating strong financial performance.
- The company introduced new financial metrics, such as adjusted growth profit and adjusted gross profit margin, providing a clearer view of profitability.
- Strategic acquisitions of Riders and KOI assets have enhanced OverActive Media Corp's presence in Europe and Latin America, fueling growth across key metrics.
- Toronto Ultra emerged as a top performer in Call of Duty League digital MTX sales, showcasing the company's ability to monetize fan engagement.
- Restructuring agreements with publisher and league partners eliminated over $37 million in liabilities, reducing risk and positioning the company for future growth.
- Operating costs for the quarter increased by 42% compared to the same period in 2023, driven by integration costs and expanding operations.
- Year-to-date operating costs totaled $22.4 million, reflecting a 30% increase from the previous year, due to investments in team and corporate operations.
- Adjusted EBITDA for Q3 was slightly breakeven, compared to a gain of $777,000 in the same quarter last year, indicating challenges in maintaining profitability.
- The integration of recent acquisitions, Movistar Riders and KOI, brought about necessary expenses contributing to increased costs.
- Despite improvements, the company reported an adjusted EBITDA loss of $3 million for the first nine months of 2024, highlighting ongoing financial challenges.
Good day, everyone, and welcome to OverActive Media's third-quarter conference call. (Operator Instructions) This conference call is being recorded, and a replay of today's call will be available on the Investor Relations section of OverActive Media's website. It will remain posted there for the next 30 days.
I will now hand the call over to Mr. Babak Pedram, Investor Relations for OverActive Media for introductions and reading a safe harbor statement. Please go ahead, sir.
Thank you, Jenny, and good morning, everyone. Welcome to OverActive Media's third-quarter 2024 earnings conference call. A copy of the company's earnings press release is available on the IR section of our website at overactivemedia.com. With us on today's call are Adam Adamou, CEO; and Rikesh Shah, CFO, of the company. Today, we'll review the highlights and financial results for the third quarter 2024 and recent developments. Unless otherwise specified, all amounts mentioned on today's call are in CAD.
Before we
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