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12.04.2018 13:00:00
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theScore Reports F2018 Q2 Results
TORONTO, April 12, 2018 /PRNewswire/ - theScore, Inc. (TSX Venture: SCR) ("theScore") today announced the financial results for the three and six months ended February 28, 2018 in accordance with International Financial Reporting Standards ("IFRS").
In Q2 F2018 the Company achieved revenue of $7.1M versus $6.7M for the same period the previous year. Revenue for the first six months of F2018 was $15.5M versus $15.2M for the same period in F2017. Q2 F2018 growth was accomplished thanks to strong performances from theScore's Canadian direct sales and US programmatic businesses. EBITDA loss improved to $0.5M in Q2 F2018, versus a loss of $1.4M in Q2 F2017.
theScore app on iOS continued to show positive growth this quarter. For Q2 F2018, monthly active users of theScore app on iPhone and iPad were up by 9% for the same period the previous year. This was offset by lower monthly active users of theScore app on Android.
As a result, total average monthly active users of theScore app for Q2 F2018 were 4.1M, consistent with the same period in the previous year. Average monthly app sessions-per-user were 85 versus 89 for Q2 F2017.
"Our revenue numbers and the continued user growth on iOS in such a competitive app market were extremely positive this quarter," said John Levy, CEO and Founder of theScore. "Clearly Android remains the primary challenge that's affecting our overall app user growth, but we're tackling these industry-wide challenges through a combination of strategic product and marketing initiatives."
In Q2 F2018, theScore esports recorded more than 20M video views, up from 6.5M for the same period the previous year. theScore's social channels continued to serve as a strong brand-building tactic, reaching in excess an average of 30 million people a month during Q2, while other highlights included the Company's chatbot for Facebook Messenger crossing 500K average monthly active users for the first time.
"While our flagship app is our core business and primary focus, we saw continued growth across other areas of our operations, including our emerging platforms, esports and social teams," added Mr. Levy. "We believe there are exciting growth opportunities here, which in turn could serve as both brand-building tactics and, eventually, potentially become monetizable businesses themselves."
For more details, please join theScore's conference call at 8:30am EST on Thursday, April 12 where management will review the Company's Q2 F2018 results, followed by a question and answer session.
Conference Call Dial-In Numbers
Toronto: (+1) 416 764 8688
Toll Free North America: (+1) 888 390 0546
Instant Replay
Toronto: (+1) 416 764 8677
Toll Free: North America (+1) 888 390 0541
Playback Passcode: 010935 #
The conference call will also be webcast live here.
theScore Investor Relations
theScore.com
Neither 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 Inc.
theScore's mission is to create highly-engaging digital products and content that empower 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.
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 | |||||
February 28, | August 31, | ||||
2018 | 2017 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 7,859 | $ | 10,114 | |
Accounts receivable | 7,478 | 5,578 | |||
Prepaid expenses and deposits | 1,185 | 1,238 | |||
16,522 | 16,930 | ||||
Non-current assets: | |||||
Property and equipment | 1,605 | 1,789 | |||
Intangible assets | 5,985 | 6,292 | |||
Tax credits recoverable | 1,616 | 1,616 | |||
9,206 | 9,697 | ||||
Total assets | $ | 25,728 | $ | 26,627 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Accounts payable and accrued liabilities | $ | 3,555 | $ | 2,801 | |
Non-current liabilities: | |||||
Deferred lease obligation | 458 | 490 | |||
Shareholders' equity | 21,715 | 23,336 | |||
Commitments | |||||
Total liabilities and shareholders' equity | $ | 25,728 | $ | 26,627 | |
theScore, Inc. | |||||||||
Condensed Consolidated Interim Statements of Comprehensive Loss | |||||||||
Three and six months ended February 28, 2018 and 2017 | |||||||||
(in thousands of Canadian dollars, except per share amounts) | |||||||||
(unaudited) | |||||||||
Three months ended, | Six months ended, | ||||||||
February 28, 2018 | February 28, 2017 | February 28, 2018 | February 28, 2017 | ||||||
Revenue | $ | 7,099 | $ | 6,691 | $ | 15,450 | $ | 15,239 | |
Operating expenses: | |||||||||
Personnel | 4,187 | 4,576 | 8,605 | 9,138 | |||||
Content | 464 | 398 | 925 | 1,005 | |||||
Technology | 774 | 629 | 1,442 | 1,279 | |||||
Facilities, administrative and other | 1,497 | 1,654 | 2,850 | 3,172 | |||||
Marketing | 561 | 628 | 1,367 | 1,954 | |||||
Depreciation of property and equipment | 103 | 120 | 206 | 237 | |||||
Amortization of intangible assets | 923 | 519 | 1,788 | 988 | |||||
Stock based compensation | 134 | 224 | 247 | 464 | |||||
8,643 | 8,748 | 17,430 | 18,237 | ||||||
Operating loss | (1,544) | (2,057) | (1,980) | (2,998) | |||||
Finance income (expense), net | (79) | (81) | 96 | 107 | |||||
Net and comprehensive loss | $ | (1,623) | $ | (2,138) | $ | (1,884) | $ | (2,891) | |
Loss per share - basic and diluted | $ | (0.01) | $ | (0.01) | $ | (0.01) | $ | (0.01) | |
theScore, Inc. | ||||||
Condensed Consolidated Interim Statements of Cash Flows | ||||||
(in thousands of Canadian dollars) | ||||||
(unaudited) | ||||||
Six months ended February 28, | ||||||
2018 | 2017 | |||||
Cash flows used in operating activities | ||||||
Net and comprehensive loss | $ | (1,884) | $ | (2,891) | ||
Adjustments for: | ||||||
Depreciation and amortization | 1,994 | 1,225 | ||||
Stock based compensation | 247 | 464 | ||||
357 | (1,202) | |||||
Change in non-cash operating assets and liabilities: | ||||||
Accounts receivable | (1,900) | (1,704) | ||||
Prepaid expenses and deposits | 53 | (191) | ||||
Accounts payable and accrued liabilities | 754 | (1,924) | ||||
Deferred lease obligation | (32) | 2 | ||||
(1,125) | (3,817) | |||||
Net cash used in operating activities | (768) | (5,019) | ||||
Cash flows from financing activities | ||||||
Exercise of stock options | 16 | 44 | ||||
Net cash from financing activities | 16 | 44 | ||||
Cash flows used in investing activities | ||||||
Additions to property and equipment | (22) | (89) | ||||
Additions to intangible assets | (1,481) | (1,371) | ||||
Net cash used in investing activities | (1,503) | (1,460) | ||||
Decrease in cash and cash equivalents | (2,255) | (6,435) | ||||
Cash and cash equivalents, beginning of period | 10,114 | 15,554 | ||||
Cash and cash equivalents, end of period | $ | 7,859 | $ | 9,119 | ||
Three months ended | Six months ended | ||||||||
February 28, 2018 | February 28, 2017 | February 28, 2018 | February 28, 2017 | ||||||
Net and comprehensive loss for the period | $ | (1,623) | $ | (2,138) | $ | (1,884) | $ | (2,891) | |
Adjustments: | |||||||||
Depreciation and amortization | 1,026 | 639 | 1,994 | 1,226 | |||||
Finance expense (income), net | 79 | 81 | (96) | (107) | |||||
EBITDA (loss) | $ | (518) | $ | (1,418) | $ | 14 | $ | (1,772) | |
View original content with multimedia:http://www.prnewswire.com/news-releases/thescore-reports-f2018-q2-results-300627874.html
SOURCE theScore, Inc.
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