Fiscal 2024 Highlights
Revenue was $461.8 million, compared to $532.9 million in FY2023.
Net loss was $106.0 million, compared with net loss of $45.6 million in FY2023.
Adjusted EBITDA1 was $87.6 million, compared to $97.9 million in FY2023.
Cash provided by operating activities was $73.6 million, compared to cash provided by operating activities of $94.2 million in FY2023.
Free Cash Flow1 was negative $29.5 million, compared to positive $29.8 million in FY2023.
Q4 2024 Highlights
Revenue was $130.0 million, compared to $124.9 million in Q4 2023.
Net loss was $80.7 million, compared with net loss of $44.4 million in Q4 2023.
Adjusted EBITDA1 was $23.9 million, compared to $19.1 million in Q4 2023.
Cash provided by operating activities was $18.3 million, compared to cash provided by operating activities of $30.4 million in Q4 2023.
Free Cash Flow1 was negative $6.6 million, compared to positive $16.9 million in Q4 2023.
TORONTO, Sept. 17, 2024 /PRNewswire/ - WildBrain Ltd. ("WildBrain" or the "Company") (TSX:WILD), a global leader in kids' and family entertainment, today reported its fourth quarter ("Q4 2024") results for the period ended June 30, 2024.
Josh Scherba, WildBrain President and CEO, said: "In Fiscal Year 2024, we undertook a realignment of our global organization to focus on building key franchises across our core competencies of Content Creation, Audience Engagement and Global Licensing. Driven by our 360-degree franchise strategy and led by an experienced senior management team, we have begun to see benefits in accelerating growth for key owned franchises and partner brands. The build in our licensing business this year was offset by the industry-wide slowdown in the content greenlights due to the Hollywood strikes, but our production pipeline has been ramping up and we are seeing a return to normal levels for Fiscal 2025 and 2026. We are confident that the combination of our assets, our strategy and capabilities in the kids and family entertainment space, amounts to a unique and highly valuable foundation to deliver growth over the long term."
Nick Gawne, WildBrain CFO, added: "We are pleased to have announced in July a comprehensive plan to refinance our debt and repay our convertible debentures. The successful completion of the refinancing process during a challenging period for the wider industry demonstrates the robustness of our model and strategic vision. With the extended maturity, we can continue to execute on this strategic vision and drive earnings and free cash flow growth. We will continue to focus on disciplined financial management, improving our balance sheet and reducing leverage over time."
Q4 2024 Performance – Executing on Priorities
PRIORITIES
HIGHLIGHTS
Focus on Key Brands & Partnerships
The new series Yo Gabba GabbaLand! premiered on Apple TV+ in August 2024. The soundtrack for Season 1 also dropped on music streaming platforms in partnership with BMG, featuring appearances by leading music artists, including Anderson .Paak, Portugal. The Man, Thundercat, The Linda Lindas, Big Daddy Kane, Reggie Watts and more.
Apple TV+ announced a second season of Camp Snoopy, WildBrain's newest animated Peanuts series. Subsequent to the quarter, multiple new licensing deals across categories were also announced by Peanuts Worldwide, including partnerships with leading licensees LeSportsac (bags & accessories), Hush Puppies (shoes & apparel), Bamford (watches), McDonald's (collector cups) and Anya Hindmarch (stationery).
WildBrain CPLG expanded its existing partnership with Supercell to launch global cross-category consumer products for "Brawl Stars", a mobile game with over $2 billion in lifetime revenue. This builds on the existing global partnership across Supercell's "World of Clash" games, "Clash of Clans" and "Clash Royale".
WildBrain extended its world-leading position in kids' FAST channels through an expanded partnership with Samsung TV Plus. New channels for Teletubbies, Strawberry Shortcake, Caillou and Sonic launched on Samsung's FAST platform in Australia and New Zealand. WildBrain also signed a partnership with The Pokémon Company International to become the only distributor of the single-IP Pokémon FAST channel. With almost 150 FAST (free ad-supported television) channels now launched across multiple platforms worldwide and more on the way, WildBrain is the world's leading expert in harnessing FAST for kids' content.
Deliver Sustainable Growth
Fiscal Year 2024 was challenged by the slowdown in greenlights in the content production industry which impacted revenue and EBITDA in our studio business. The Company saw continued growth in the YouTube and FAST businesses as well as growth in Global Licensing, with particular strength in our key franchises, Strawberry Shortcake and Teletubbies. Also within Global Licensing, the Peanuts brand saw strength in North America.
In Fiscal Year 2025, we expect revenue growth of approximately 10 to 15% and Adjusted EBITDA growth of approximately 5 to 10%.
Improve Balance Sheet
Subsequent to the quarter, in July, the Company successfully refinanced its debt, extending debt maturity out to 2029. Proceeds of the new facility were used to repay the prior Term Loan B and Revolving Facility. Additionally, ...
