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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Playmaker Capital Inc | TSXV:PMKR | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.73 | 0.63 | 0.89 | 0 | 01:00:00 |
Playmaker Capital Inc. (TSX-V: PMKR) (“the Company” or “Playmaker”), the digital sports media company that delivers authentic content experiences through its portfolio of sports media and technology brands, is pleased to report its financial results for the three months ended March 31, 2022 (“Q1 2022”).
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220516006020/en/
Playmaker Capital Inc. Reports First Quarter 2022 Results (Graphic: Business Wire)
“We have started 2022 the way we completed 2021 - focused on execution. We continue to see strong organic growth from our underlying businesses, and we continue to grow through acquisition. In Q1, we acquired Futmarketing, and subsequent to the quarter end we acquired The Sports Drop,” said Jordan Gnat, Playmaker CEO. “We are focused on the profitability of our company and ensuring we invest in people and technology that drive efficiencies and create the necessary foundation for both sustainable organic growth and the ability to integrate new businesses into our ecosystem. We continue to see significant growth of the audiences we engage across our ecosystem. In Q1, our web properties reached a monthly high of 88M users, an increase of 55% over Q1 2021, and total user sessions in the quarter exceeded 645M, an increase of 64% over Q1 2021. We continue to see excellent engagement across our YouTube properties, generating 145M views in the quarter, a 5% increase over Q1 2021. We have built a significant multi-channel platform of assets with leadership teams that are working together to leverage each other’s strengths.”
“Our operating segments continued to drive profitable growth in Q1 2022, delivering a 37% increase in pro forma revenue compared to Q1 2021 while contributing $1.6 million of operating income and $1.7 million of Adjusted EBITDA in the quarter,” said Mike Cooke, Playmaker CFO. “We also continue to focus on strengthening our balance sheet, closing a $15.0 million credit facility during the quarter. The addition of such a significant amount of available capital, combined with $5.1M of cash on hand at quarter-end, provides us with flexibility to continue to opportunistically pursue our M&A strategy.”
FINANCIAL HIGHLIGHTS (Figures in USD)
OPERATIONAL HIGHLIGHTS
CONFERENCE CALL
The Company will host a management conference call to discuss its Q1 2022 financial results on May 17, 2022 at 10:00 a.m. (Eastern Time). Hosting the call will be Jordan Gnat, Chief Executive Officer; Jake Cassaday, Chief Operating Officer; and Mike Cooke, Chief Financial Officer.
To participate in the conference call, please dial in using one of the following numbers approximately five minutes prior to commencement and ask to join the Playmaker call:
Dial-In Number (Toll Free): 1-844-707-6933 Dial-In Number (International): 1-412-317-5796
A replay of the Conference Call will be made available at playmaker.fans/investors.
To sign up for Playmaker Investor Alerts, visit: PMKR Investor Alerts.
TSX VENTURE EXCHANGE DISCLAIMER
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NON-IFRS MEASURES
Some of the information presented in this press release includes non-IFRS financial measures, including, “EBITDA”, “Adjusted EBITDA”, “working capital”, and metrics that are presented on a pro forma basis. These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS.
“EBITDA” is earnings before interest, taxes, depreciation and amortization.
“Adjusted EBITDA” is earnings of the Company’s operating subsidiaries before interest, taxes, depreciation and amortization, excluding the impact of head office costs and any one-time costs.
“Working capital” is the Company’s current assets minus its current liabilities.
“Pro forma” is an adjustment to incorporate the results of any acquisitions made through the end of Q1 2022, assuming each acquisition occurred on the first day of the period being presented.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Playmaker’s current expectations regarding future events. The words “will”, “expects”, “anticipates”, “believes”, “plans”, “intends” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Playmaker’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: changes in general economic, business and political conditions. Playmaker undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
ABOUT PLAYMAKER
Playmaker Capital Inc. (TSX-V: PMKR; OTC: PMKRF) is a digital sports media company that lives at the intersection of sports, betting, media and technology. Playmaker is building a premier collection of sports media brands, curated to deliver highly engaged audiences of sports fans to sports betting companies, leagues, teams and advertisers.
Playmaker reports in U.S. dollars, except where noted otherwise, and in accordance with International Financial Reporting Standards (“IFRS”).
For more information, visit: http://www.playmaker.fans or contact Playmaker Chief Executive Officer Jordan Gnat via email jgnat@playmaker.fans | T: (416) 815-4993
Playmaker Capital Inc.
Condensed Consolidated Interim Statements of Financial Position
(Stated in U.S. dollars)
March 31, 2022 (Unaudited)
December 31, 2021 (Audited)
Assets
Current
Cash and cash equivalents
$
5,066,882
$
7,111,728
Accounts receivable
3,981,195
4,406,719
Income taxes receivable
99,553
45,711
Inventory
188,160
18,770
Prepaid and other current assets
459,708
377,061
Total current assets
9,795,498
11,959,989
Property and equipment
944,617
778,381
Intangible assets
48,671,392
45,808,097
Goodwill
28,422,683
28,393,097
Deferred tax asset
882,337
868,116
Other long-term assets
41,994
20,720
Total assets
$
88,758,521
$
87,828,400
Liabilities
Current
Accounts payable
$
629,244
$
567,572
Income taxes payable
99,853
81,264
Deferred revenue
142,770
188,993
Accrued expenses and other current liabilities
2,141,374
2,623,321
Current portion of lease liability
129,106
88,951
Current portion of long-term debt
-
14,365
Current deferred consideration
2,155,000
2,345,759
Current contingent consideration
14,125,376
10,475,031
Total current liabilities
19,422,723
16,385,256
Long-term debt
-
46,708
Long-term lease liability
538,416
415,057
Deferred tax liability
4,002,790
4,237,822
Deferred consideration
1,878,710
1,848,388
Contingent consideration
8,671,713
8,837,406
Total liabilities
34,514,352
31,770,637
Shareholders' Equity
Share capital
61,034,944
60,494,370
Contributed surplus
813,278
606,863
Warrant reserve
299,517
303,278
Accumulated other comprehensive (loss) income
(526,205)
(1,368,266)
Deficit
(7,377,365)
(3,978,482)
Total shareholders’ equity
54,244,169
56,057,763
Total liabilities and shareholders’ equity
$
88,758,521
$
87,828,400
Playmaker Capital Inc.
Condensed Consolidated Interim Statements of Net Loss and Comprehensive Loss
Unaudited
(Stated in U.S. dollars, except share information)
For the three months ended March 31
2022
2021
Revenue
$
5,816,573
$
-
Cost of sales
728,969
-
Gross profit
5,087,604
-
Operating expenses
Advertising, commissions and fees
478,803
-
Web services and publishing
223,252
-
Salary and wages
2,996,461
17,826
Professional fees
475,036
82,571
General and administration
432,417
7,961
Share-based compensation
213,810
90
Depreciation and amortization
940,836
297
Total operating expenses
5,760,615
108,745
Operating income (loss)
(673,011)
(108,745)
Listing and filing fees
(5,827)
-
Transaction costs
(648,934)
(56,389)
Interest expense
(10,483)
-
Other income
7,823
-
Other expenses
(12,226)
-
Change in fair value of consideration
(1,896,772)
-
Foreign exchange gain (loss)
(137,314)
(173,971)
Net loss before taxes
(3,376,744)
(339,105)
Deferred income tax recovery
-
-
Current income tax expense
(22,139)
-
Net loss
$
(3,398,883)
$
(339,105)
Other comprehensive (loss) income:
(Loss) gain on translation
842,061
174,934
Net loss and comprehensive loss
$
(2,556,822)
$
(164,170)
Basic and diluted net loss per share
$
(0.02)
$
(0.01)
Basic and diluted weighted average number of shares
212,960,634
30,000,000
Playmaker Capital Inc.
Condensed Consolidated Interim Statements of Cash Flows
Unaudited
(Stated in U.S. dollars)
For the three months ended March 31
Operating activities
2022
2021
Net loss
$
(3,398,883)
$
(339,104)
Depreciation and amortization
940,836
297
Share-based compensation
213,810
90
Non-cash interest expense
6,543
-
Change in fair value of contingent consideration
1,896,772
-
Unrealized foreign exchange (gain) loss
137,314
155,775
Change in non-cash working capital:
Accounts receivable
425,524
(25)
Income taxes receivable
(53,842)
-
Inventory
(169,390)
-
Prepaid and other assets
(94,998)
(31,146)
Accounts payable
61,672
25
Income taxes payable
18,589
-
Deferred revenue
(46,223)
-
Accrued expenses and other current liabilities
(543,023)
(26,321)
Net cash flows used in operating activities
(605,299)
(240,409)
Investing activities
Restricted Cash – Futbol Sites Acquisition
-
(6,000,000)
Acquisition of Futmarketing
(875,000)
-
Settlement of consideration
(429,691)
-
Purchase of property and equipment
(25,117)
(3,087)
Purchase of intangibles
(44,040)
-
Net cash flows used in investing activities
(1,373,848)
(6,003,087)
Financing activities
Issuance of preferred shares
-
5,505,000
Issuance costs on preferred and common shares
-
(149,727)
Warrants exercised
26,813
-
Lease liability principal payments
(40,161)
-
Net cash flows provided by financing activities
(13,348)
5,355,273
Increase (decrease) in cash and cash equivalents
(1,992,495)
(888,223)
Foreign exchange impact
(52,351)
19,160
Cash and cash equivalents, beginning of period
7,111,728
6,631,358
Cash and cash equivalents, end of period
$
5,066,882
$
5,762,295
View source version on businesswire.com: https://www.businesswire.com/news/home/20220516006020/en/
MEDIA Derek Holota – Derek@providentcomms.com | (+1) 343-422-5606
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