The following is a summary of the Thunderbird Entertainment Group Inc. (THBRF) Q1 2024 Earnings Call Transcript:
Financial
Q1 2024 revenue of $33.6 million, a 23% decrease due to IP deliveries timing.
Licensing and distribution revenue decreased to $3.1 million from $13.9 million.
Slight increase in production services revenue from $29.8 million to $30.5 million.
Decrease in adjusted EBITDA from $4.1 million to $2.5 million in Q3 2023.
Business
Eyeing 20% growth in EBITDA and 5% revenue growth in fiscal 2024.
Streamlined operational processes put in place for market uncertainty.
Producing new IP shows for delivery post-2024.
Plans to sublet buildings and adopt hybrid work model for savings.
Financial Performance:
Thunderbird reported a Q1 2024 revenue of $33.6 million, a 23% decrease due to differences in the timing of IP deliveries.
Licensing and distribution revenue decreased to $3.1 million from $13.9 million for the same reason.
Production services revenue saw a slight increase, moving from $29.8 million to $30.5 million due to the expansion in number and scope of projects.
Adjusted EBITDA saw a decrease from $4.1 million to $2.5 million in the three months ended September 30, 2023, which can also be attributed to the timing of IP deliveries.
Business Progress:
For fiscal 2024, the company is eyeing over 20% growth in adjusted EBITDA and 5% revenue growth.
Sustained growth is planned with a 20% increase in adjusted EBITDA anticipated through 2026.
Streamlined operational processes have been put in place, including reductions in travel and the elimination of certain roles, to manage market uncertainties and focus on growth opportunities.
Thunderbird is in the process of producing new IP content shows to be delivered post-2024, expected to significantly affect the ratio between production services and content.
In terms of space utilization, the company plans to sublet a couple of its buildings and adopt a hybrid work model to escalate savings.
More detailed: THUNDERBIRD ENTERTAINMENT GROUP INC IR
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