GameSquare Holdings, Inc. Q2 FY2022 Earnings Call

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Engine Gaming and Media Q2 FY2022 Earnings Summary

  • Total Revenue: $9.3 million, up 20.3% YoY from $7.7 million, but down 24% from Q1 FY2022. The sequential decline was primarily due to seasonality in the advertising segment.
  • SaaS Revenue: $1.8 million, increased 25.4% YoY from $1.4 million.
  • Advertising Revenue: $7.1 million, up 18.6% YoY.
  • Expenses: Decreased 39.3% to $16.9 million from $27.8 million YoY due to reduced non-cash charges.
  • Adjusted EBITDA Loss: $6.4 million, worsened by $2 million compared to the same period last year.
  • Eden Games Sale: Recently completed; removed from current and historical financials. Net proceeds of over $15 million bolster cash position and provide non-dilutive capital for future operations.
  • Strategic Focus: The company is shifting away from its cash-intensive B2C gaming businesses and doubling down on SaaS and advertising units—specifically Frankly, Sideqik, and Stream Hatchet.
  • Outlook: Cost reduction measures will be more visible in the second half of 2022. The company aims to reach cash flow breakeven by fiscal 2023.

Business Segments and Strategy

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Operator: Greetings and welcome to the Engine Gaming and Media Second Quarter Conference Call. Please note this conference is being recorded. Before we begin, I would like to caution listeners that comments made by management during this call may include forward-looking statements within the meaning of applicable securities laws. These statements involve material risks and uncertainties and actual results could differ from those projected in any forward-looking statement due to numerous factors. For a description of these risks and uncertainties, please see Engine’s financial statements and MD&A for its second quarter for its fiscal year 2022 ended February 28, 2022 available on SEDAR and EDGAR. Important qualifications regarding forward-looking statements are also contained in Engine’s earnings release distributed early this afternoon and also available on SEDAR and in EDGAR. Furthermore, the content of this conference call contains time-sensitive information accurate only as of today, April 14, 2022. And Engine undertakes no obligation to revise or otherwise update any statements to reflect events or circumstances after the date of this call. I would now like to turn the conference over to Mr. Lou Schwartz, Chief Executive Officer and Tom Rogers, Executive Chairman of Engine Gaming and Media. Please go ahead. Lou Schwartz: Thank you, operator and thanks to everyone for joining us on our fiscal second quarter earnings call. To begin total revenue for the second quarter of f

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