theScore, Inc. (TSX Venture: SCR) (“theScore”) today announced
the financial results for the three and nine months ended May 31,
2019 in accordance with International Financial Reporting Standards
(“IFRS”). All financial information in this press release is
reported in Canadian dollars, unless otherwise indicated.
Q3 F2019 Highlights
- theScore remains on schedule for the New Jersey launch of its
mobile sportsbook, pending receipt of all required approvals and
licenses from the State of New Jersey Division of Gaming
Enforcement (DGE) and the New Jersey Racing Commission (NJRC).
- theScore achieved a new Q3 revenue record of $8.5 million. This
compared to $7.2 million in revenue for the same period last year,
with growth primarily the result of strong performances from direct
sales in Canada and the U.S.
- theScore achieved a new Q3 record for average monthly user
sessions on theScore app. Average monthly sessions reached 395
million during Q3 F2019, with users opening it an average of 102
times a month each.
- theScore’s social content achieved a new quarterly record with
an average monthly reach of approximately 100 million users in Q3
F2019, while total video views of theScore’s esports content also
achieved a new quarterly record of 64 million.
“The great work in Q3 by our team and partners at Bet.Works
means we’re right on schedule for the launch of what we believe
will be a truly best-in-class mobile sportsbook,” said John Levy,
Founder and CEO of theScore. “We can’t wait to show sports bettors
in the U.S. what we’ve been building - starting with New
Jersey.
“theScore’s sportsbook will deliver a unique mobile betting
experience that will be tightly integrated with our flagship app to
create a powerful ecosystem by a brand already trusted by millions
of sports fans. theScore is going all-in on sports betting, and our
established position as a leader in mobile sports makes this an
incredible opportunity.
“It was also a great quarter for our core business. Advertising
revenue achieved a new Q3 record, while engagement on our media app
and audience growth across our esports and social platforms was
also extremely positive.”
Financial Results Revenue for the three months ended May
31, 2019 was $8.5 million compared to $7.2 million for the same
period last year. Revenue for the nine months ended May 31, 2019
was $24.7 million versus $22.6 million for the same period last
year. Growth in revenue for the quarter was primarily the result of
strong performances from direct sales in Canada and the U.S.
EBITDA loss for the three months ended May 31, 2019 was $1.1
million versus a loss of $45,000 for the same period last year.
Increase in EBITDA loss was primarily the result of additional
expenses relating to the ongoing development of theScore’s sports
betting business. EBITDA loss for the nine months ended May 31,
2019 was $2.3 million versus a loss of $29,000 in the same period
last year.
Audience Metrics Total average monthly active user
sessions of theScore mobile app on iOS and Android reached 395
million in Q3 F2019, or 102 sessions-per-user-per-month on a base
of 3.9 million average monthly app users.
theScore’s content on its social channels achieved an average
monthly reach of approximately 100 million in Q3 F2019,
year-over-year growth of 161%, serving to further amplify theScore
brand globally.
Total video views of theScore esports’ content reached a record
64 million for Q3 F2019, representing year-over-year growth of
188%. Total watch minutes for theScore esports’ YouTube channel
were 332 million, growth of 170% year-over-year. An additional
125,000 YouTube subscribers were added during the period, with
channel subscribers surpassing 820,000 earlier this month.
Conference Call & Webcast theScore will host a
conference call and webcast at 4:30pm EST on Wednesday, July 24
where management will review the Company’s Q3 F2019 results,
followed by a Q&A session:
Conference Call Dial-In Local: +1 (647)
689-5637 Toll Free North America: +1 (877) 396-4208
The conference call will also be webcast live.
Register now here.
Instant Replay Local: +1 (416) 621-4642
Toll Free North America: +1 (800) 585-8367 Playback Passcode:
1079516
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
About theScore theScore’s
mission is to create highly-engaging digital products and content
that empowers the sports fan’s experience. Its flagship mobile app
‘theScore’ is one of the most popular multi-sport news and data
apps in North America, serving millions of fans a month. The
Company also creates innovative digital sports experiences through
its web, social, and esports platforms, and in December 2018
announced plans to launch a mobile sportsbook in the United
States.
Forward-looking (safe harbour)
statement Statements made in this news release that
relate to future plans, events or performances are forward-looking
statements. Any statement containing words such as “may”, “would”,
“could”, “will”, “believes”, “plans”, “anticipates”, “estimates”,
“expects” or “intends” and other similar statements which are not
historical facts contained in this release are forward-looking, and
these statements involve risks and uncertainties and are based on
current expectations. Such statements reflect theScore’s current
views with respect to future events and are subject to certain
risks, uncertainties and assumptions. Many factors could cause the
Company’s actual results, performance or achievements to be
materially different from any future results, performance or
achievements that may be expressed or implied by such forward
looking statements, including among other things, those which are
discussed under the heading “Risk Factors” in the Company’s Annual
Information Form and Short-form Prospectus as filed with the TSX
Venture Exchange and available on SEDAR at www.sedar.com and
elsewhere in documents that theScore files from time to time with
securities regulatory authorities. Should one or more of these
risks or uncertainties materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual
results could differ materially from the expectations expressed in
these forward-looking statements. The Company does not intend, and
does not assume any obligation, to update these forward-looking
statements except as required by applicable law or regulatory
requirements.
theScore, Inc. Condensed Consolidated Interim Statements of
Financial Position (in thousands of Canadian dollars) (unaudited)
As at May 31, August 31,
2019
2018
ASSETS Current assets: Cash and cash equivalents
$
6,482
$
6,347
Accounts receivable
8,533
5,839
Prepaid expenses and deposits
921
1,078
15,936
13,264
Non-current assets: Property and equipment
1,444
1,453
Intangible and other assets
8,710
6,074
Tax credits recoverable
1,616
1,616
11,770
9,143
Total assets
$
27,706
$
22,407
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities:
Accounts payable and accrued liabilities
$
4,583
$
3,710
Non-current liabilities: Deferred lease obligation
337
415
Shareholders' equity
22,786
18,282
Commitments Total liabilities and shareholders'
equity
$
27,706
$
22,407
theScore, Inc. Condensed Consolidated Interim Statements of
Comprehensive Loss Three and nine months ended May 31, 2019 and
2018 (in thousands of Canadian dollars, except per share amounts)
(unaudited)
Three months ended,
Nine months ended,
May 31, 2019
May 31, 2018
May 31, 2019
May 31, 2018
Revenue from contracts with customers
$ 8,463
$ 7,194
$ 24,714
$ 22,645
Operating expenses: Personnel
4,898
4,044
14,171
12,649
Content
456
366
1,465
1,292
Technology
777
796
2,246
2,237
Facilities, administrative and other
2,546
1,308
6,940
4,158
Marketing
690
560
1,773
1,927
Depreciation of property and equipment
101
105
292
311
Amortization of intangible assets
674
854
2,101
2,643
Stock based compensation
216
165
461
412
10,358
8,198
29,449
25,629
Operating loss
(1,895)
(1,004)
(4,735)
(2,984)
Finance income (expense), net
168
110
169
206
Net and comprehensive loss
$ (1,727)
$ (894)
$ (4,566)
$ (2,778)
Loss per share - basic and diluted
$ (0.01)
$ (0.00)
$ (0.01)
$ (0.01)
theScore, Inc. Condensed Consolidated Interim Statements of
Cash Flows (in thousands of Canadian dollars) (unaudited)
Nine months ended May 31,
2019
2018
Cash flows from (used) in operating activities Net and
comprehensive loss
$ (4,566)
$ (2,778)
Adjustments for: Depreciation and amortization
2,393
2,954
Stock based compensation
461
412
(1,712)
588
Change in non-cash operating assets and liabilities: Accounts
receivable
(2,694)
(1,690)
Prepaid expenses and deposits
157
352
Accounts payable and accrued liabilities
873
832
Deferred lease obligation
(78)
(54)
(1,742)
(560)
Net cash from (used) in operating activities
(3,454)
28
Cash flows from financing activities Exercise of stock
options
109
112
Issuance of shares, net of transaction costs
8,500
-
Net cash from financing activities
8,609
112
Cash flows used in investing activities Additions to
property and equipment
(283)
(51)
Additions to intangible and other assets
(4,737)
(2,307)
Net cash used in investing activities
(5,020)
(2,358)
Increase (decrease) in cash and cash equivalents
135
(2,218)
Cash and cash equivalents, beginning of period
6,347
10,114
Cash and cash equivalents, end of period
$ 6,482
$ 7,896
Three Months Ended Nine Months Ended May 31, 2019 May 31, 2018 May
31, 2019 May 31, 2018 Net and comprehensive loss for the
period
$
(1,727
)
$
(894
)
$
(4,566
)
$
(2,778
)
Adjustments: Depreciation and amortization
775
959
2,393
2,954
Finance (income) expense, net
(168
)
(110
)
(169
)
(206
)
EBITDA
$
(1,120
)
#
$
(45
)
$
(2,342
)
$
(30
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190724005831/en/
James Bigg Sr. Manager, Communications theScore, Inc. Tel:
647-638-9281 Email: james.bigg@thescore.com
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