Overactive Media Corp V.OAM

OAM Q4 Highlights

[SamG1959]

Fourth Quarter 2021 Financial Highlights

• Fourth quarter 2021 total revenue increased by 340% on an absolute basis to $5.3 million. This includes a 132% year-over-year increase in business operations revenue, driven primarily by marketing partnership revenue.
• Fourth quarter 2021 total revenue increased by 49% when adjusted for differences related to the timing of certain league revenue share payments.
• Adjusted EBITDA1 of approximately $(2.5) million, a 46% improvement compared to Adjusted EBITDA of $(4.5) million during the comparative prior-year period.
• Net loss of $(4.8) million, compared to $11.2 million during the comparative prior-year period. Net loss for the quarter included $2.3 million in non-cash costs, compared to $13.6 million in non-cash income in the comparative prior-year period. The comparative period benefitted from income recognized on modifications of certain payments related to our franchise obligations, partially offset by an increase in non-cash tax expenses.
• As of December 31, 2021, the Company had cash and cash equivalents of $29.6 million, compared to $5.6 million as of December 31, 2020.

Full Year 2021 Financial Highlights

• Full year 2021 total revenue increased by 69% to $14.2 million, compared to $8.4 million for 2020. This includes a 109% year-over-year increase in business operations revenue, driven primarily by growth in partnership revenue.
• Adjusted EBITDA of $(7.0) million, a 35% improvement compared to Adjusted EBITDA of approximately $(10.8) million for the full year 2020. The higher revenues were the primary driver to the Adjusted EBITDA improvement.
• Net loss of $(19.4) million for the full year 2021, compared to $(6.3) million for the full year 2020. Net loss for the year included $11.2 million in non-cash costs, compared to $1.6 million in non-cash income in the prior year. The comparative period benefitted from income recognized on modifications of certain payments related to our franchise obligations, partially offset by an increase in non-cash tax expenses.