Q2 2024 Boat Rocker Media Inc Earnings Call Transcript
Key Points
- Boat Rocker Media Inc (BRMIF) reported a net income of $41.9 million in Q2 2024, a significant increase from a net loss of $5.8 million in Q2 2023.
- The company successfully sold its 51% interest in Untitled Entertainment, resulting in a recognized after-tax gain of $50.3 million.
- Boat Rocker Media Inc (BRMIF) remains debt-free with a healthy balance sheet, holding $77.6 million of cash available for use at the end of Q2 2024.
- The company is executing a content investment plan, focusing on IP investment in scripted series, premium documentaries, and international productions.
- Boat Rocker Media Inc (BRMIF) received 11 Primetime Emmy Award nominations for its high-profile scripted series, Palm Royale, for Apple TV+.
- Total revenues for Q2 2024 were $58.6 million, a significant decrease from $128.7 million in the same period of 2023.
- The Television production revenue dropped to $20.8 million in Q2 2024 from $89.7 million in Q2 2023, primarily due to the impact of industry strikes and reduced spending by buyers.
- Adjusted EBITDA decreased to $2.6 million in Q2 2024 from $5.4 million in Q2 2023, reflecting a decline in profitability.
- The Kids and Family segment saw a decline in revenue to $11 million in Q2 2024 from $18.7 million in Q2 2023, due to lower service output and distribution revenues.
- The company is experiencing subdued demand in the US market, with reduced buying activity from major buyers and streamers.
Good morning. My name is Ina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Boat Rocker Media Second Quarter 2024 Financial Results Conference Call. (Operator Instructions)
Before turning the call over to management, I would like to remind listeners that today's remarks include non-IFRS measures. Reconciliations between Boat Rocker's IFRS and non-IFRS results can be found in the company's MD&A.
Additionally, management's outlook for 2024 and beyond, anticipated financial and operating results, plans and objectives and answers to your questions will contain forward-looking information within the meaning of applicable securities laws.
These forward-looking statements reflect management's current opinions, beliefs, estimates, expectations and assumptions and are based on information currently available to management, which includes assumptions about continued revenue based on past performance, perception of trends and current business conditions, expected future developments and other factors which management considers
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