theScore Achieves Record User Numbers, Ad Revenue Grows 73%
- Mobile sports company releases fiscal 2015 third quarter results
TORONTO, July 16 2015 /PRNewswire/ - theScore, Inc. (TSX Venture: SCR) ("theScore") today announced the financial results for the three and nine months ended May 31, 2015 in accordance with International Financial Reporting Standards ("IFRS").
FISCAL 2015 Q3 USER METRICS AND REVENUE HIGHLIGHTS
- Average monthly active users of theScore's mobile platforms reached a record 10.5 million in Q3 F2015, comprised of 4.4 million mobile app users and 6.1 million mobile web users, an increase of 91% compared to the same period in F2014.
- Average monthly active users of theScore's iOS and Android mobile apps increased by 18% compared to the same period in F2014.
- Average monthly active users of theScore's mobile web platform increased 310% compared to the same period in F2014.
- Average monthly active users of theScore's iOS and Android mobile apps increased by 18% compared to the same period in F2014.
- Average monthly sessions of theScore's iOS and Android mobile apps reached 285 million in Q3 F2015, an increase of 79% compared to the same period in F2014.
- Achieved revenue of $3.2 million in Q3 F2015, an increase of 60% compared to the same period in F2014.
- Advertising revenue for Q3 F2015 increased by 73% compared to the same period in F2014.
"Q3 broke new records and we've already surpassed the total revenue achieved in F2014 with a full quarter remaining," said John Levy, Founder and CEO of theScore.
"User engagement of our mobile apps continues to soar, with our session numbers proving that theScore is very much a part of sports fans' daily lives. Q3 also saw the continued roll-out of our eSports offering, reinforcing our reputation as the go-to mobile destination for eSports coverage.
"We're now looking ahead to the upcoming re-launch of Swoopt, the mobile-first daily fantasy sports game we acquired in Q2. Our product development team has been working extremely hard on delivering improvements and enhancements to gameplay that we're excited to introduce to our existing user base as well as fans of fantasy sports everywhere."
FISCAL 2015 Q3 OPERATIONAL HIGHLIGHTS
- theScore eSports was launched on iOS, giving fans of competitive gaming on iPhones an app for breaking news, live scores, stats, push alerts and links to streams from across the world of eSports.
- theScore eSports further expanded its real-time coverage of competitive gaming by adding live scores and stats for the games Dota 2 and Counter-Strike: Global Offensive to its Android and iOS apps.
- theScore eSports further expanded its real-time coverage of competitive gaming by adding live scores and stats for the games Dota 2 and Counter-Strike: Global Offensive to its Android and iOS apps.
- theScore became one of the first apps to be available for the newly released Apple Watch, delivering real-time scores, stats and breaking news notifications on users' favorite leagues, teams and players right to their wrist.
- theScore closed a bought deal offering whereby it sold 39.56 million Units for gross proceeds of $26.5 million. The deal was led by Mackie Research Capital Corporation and the syndicate also involved Canaccord Genuity Corp. and Beacon Securities Ltd. The Levy Family and Relay Ventures also participated in the offering, with net proceeds from the Offering to be used to support the ongoing development of the Company's mobile sports apps and the expansion of sales and marketing efforts and for general corporate and working capital purposes.
Q3 F2015 FINANCIAL RESULTS
Revenue for the three months ended May 31, 2015 was $3.2 million compared to $2.0 million the previous year, an increase of 60%. Revenue for the nine months ended May 31, 2015 was $9.4 million compared to $6.0 million the previous year, an increase of 57%.
Adjusted EBITDA loss for the three month period was $3.2 million compared to $2.1 million in the same period in the prior year, an increase of $1.1 million. Adjusted EBITDA loss for the nine month period was $6.6 million compared to $5.1 million in the same period in the prior year, an increase of $1.5 million. Excluding the impact of a one time reduction of personnel costs of $1.7 million in Q2 of the prior year related to tax credits, year-over-year Adjusted year-over-year EBITDA loss decreased by $0.2 million for the nine month period ending May 31, 2015.
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About theScore Inc.
theScore, Inc. is an independent creator of mobile-first sports experiences, connecting fans to what they love through an addictive combination of comprehensive and personalized real-time news, scores, stats, alerts and daily fantasy sports contests via its mobile sports platforms 'theScore,' 'theScore eSports,' 'ScoreMobileFC' and 'Swoopt.'
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) |
|||||
| May 31, |
August 31, |
||||
| 2015 |
2014 |
||||
| ASSETS |
|||||
| Current assets: |
|||||
| Cash and cash equivalents |
$ |
36,341 |
$ |
21,363 |
|
| Accounts receivable |
3,277 |
1,472 |
|||
| Tax credits recoverable |
- |
2,060 |
|||
| Prepaid expenses and deposits |
775 |
559 |
|||
| 40,393 |
25,454 |
||||
| Non-current assets: |
|||||
| Property and equipment |
2,189 |
2,155 |
|||
| Intangible assets |
7,088 |
4,959 |
|||
| Investment |
760 |
760 |
|||
| Tax credits recoverable |
5,908 |
4,485 |
|||
| 15,945 |
12,359 |
||||
| Total assets |
$ |
56,338 |
$ |
37,813 |
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
| Current liabilities: |
|||||
| Accounts payable and accrued liabilities |
$ |
3,979 |
$ |
3,052 |
|
| Non-current liabilities: |
|||||
| Deferred lease obligation |
521 |
513 |
|||
| Shareholders' equity |
51,838 |
34,248 |
|||
| Commitments and contingencies |
|||||
| Total liabilities and shareholders' equity |
$ |
56,338 |
$ |
37,813 |
|
| theScore, Inc. |
|||||||
| Condensed Consolidated Interim Statements of Comprehensive Loss |
|||||||
| (in thousands of Canadian dollars, except per share amounts) |
|||||||
| (unaudited) |
|||||||
| Three months ended May 31, |
Nine months ended May 31, |
||||||
| 2015 |
2014 |
2015 |
2014 |
||||
| Revenue |
$ 3,161 |
$ 1,972 |
$ 9,426 |
$ 6,016 |
|||
| Operating expenses: |
|||||||
| Personnel |
3,121 |
2,311 |
8,407 |
5,176 |
|||
| Content |
377 |
316 |
984 |
916 |
|||
| Technology |
531 |
245 |
1,469 |
794 |
|||
| Facilities, administrative and other |
1,385 |
849 |
3,387 |
2,716 |
|||
| Marketing |
975 |
389 |
1,827 |
1,522 |
|||
| Depreciation of property and equipment |
146 |
132 |
410 |
390 |
|||
| Amortization of intangible assets |
605 |
499 |
1,656 |
1,327 |
|||
| Acquisition expenses |
- |
- |
397 |
- |
|||
| 7,140 |
4,741 |
18,537 |
12,841 |
||||
| Operating loss |
(3,979) |
(2,769) |
(9,111) |
(6,825) |
|||
| Finance expense (income), net |
8 |
(13) |
(264) |
(72) |
|||
| Net and comprehensive loss |
$ (3,987) |
$ (2,756) |
$ (8,847) |
$ (6,753) |
|||
| Loss per share - basic and diluted |
$ (0.01) |
$ (0.01) |
$ (0.03) |
$ (0.03) |
|||
| theScore, Inc. |
||||||
| Condensed Consolidated Interim Statements of Cash Flows |
||||||
| (in thousands of Canadian dollars) |
||||||
| (unaudited) |
||||||
| Nine months ended May 31, |
||||||
| 2015 |
2014 |
|||||
| Cash flows used in operating activities |
||||||
| Net and comprehensive loss |
$ |
(8,847) |
$ |
(6,753) |
||
| Adjustments for: |
||||||
| Depreciation and amortization |
2,066 |
1,717 |
||||
| Share-based compensation |
675 |
319 |
||||
| Acquisition costs |
397 |
- |
||||
| (5,709) |
(4,717) |
|||||
| Change in non-cash operating assets and liabilities: |
||||||
| Accounts receivable |
(1,733) |
(477) |
||||
| Other receivables |
- |
230 |
||||
| Tax credits recoverable |
1,181 |
(2,150) |
||||
| Prepaid expenses and deposits |
(216) |
(222) |
||||
| Accounts payable and accrued liabilities |
574 |
355 |
||||
| Deferred lease obligation |
8 |
13 |
||||
| (186) |
(2,251) |
|||||
| Net cash used in operating activities |
(5,895) |
(6,968) |
||||
| Cash flows from financing activities |
||||||
| Exercise of stock options |
57 |
12 |
||||
| Funding provided from Arrangement |
- |
1,800 |
||||
| Issuance of shares, net of transaction costs |
24,866 |
16,164 |
||||
| Net cash from financing activities |
24,923 |
17,976 |
||||
| Cash flows used in investing activities |
||||||
| Additions of property and equipment |
(426) |
(280) |
||||
| Acquisition costs |
(397) |
- |
||||
| Business Acquisition |
(659) |
- |
||||
| Additions of intangible assets |
(2,568) |
(1,458) |
||||
| Net cash used in investing activities |
(4,050) |
(1,738) |
||||
| Increase in cash and cash equivalents |
14,978 |
9,270 |
||||
| Cash and cash equivalents, beginning of period |
21,363 |
14,524 |
||||
| Cash and cash equivalents, end of period |
$ |
36,341 |
$ |
23,794 |
||
| Three months ended May 31, |
Nine months ended May 31, |
||||||||||||
| 2015 |
2014 |
2015 |
2014 |
||||||||||
| Net and comprehensive loss for the period |
$ |
(3,987) |
$ |
(2,756) |
$ |
(8,847) |
$ |
(6,753) |
|||||
| Adjustments: |
|||||||||||||
| Depreciation and amortization |
751 |
631 |
2,066 |
1,717 |
|||||||||
| Finance expense (income) |
8 |
(13) |
(264) |
(72) |
|||||||||
| Acquisition expenses |
- |
- |
397 |
- |
|||||||||
| Adjusted EBITDA loss |
$ |
(3,228) |
$ |
(2,138) |
$ |
(6,648) |
$ |
(5,108) |
|||||
SOURCE theScore, Inc.
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