GameSquare Holdings, Inc. Q3 FY2022 Earnings Call

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Engine Gaming and Media - Fiscal Q3 2022 Earnings Summary

  • Total Revenue: $9.2 million, up 15% from $8 million in Q3 FY21.
  • SaaS Revenue: $2 million, increased 22% YoY (from $1.6 million in Q3 FY21) and 5% QoQ (from $1.9 million in Q2 FY22). Client count experienced double-digit year-over-year growth.
  • Advertising Revenue: $7.2 million, up 13% YoY (from $6.4 million) and 2% QoQ (from $7.1 million). Q2 generally experiences seasonal softness.
  • Expenses: $14.9 million, down approximately $1 million from $15.8 million in Q2 FY22. The company benchmarks a $16 million annual run-rate reduction in expenses moving forward.
  • Net Income: $8.8 million in Q3 FY22, a sharp improvement from $1.6 million in Q3 FY21. For the 9 months ended May 31, 2022, net income was $735.6K compared to a $25.8 million loss YoY.
  • Adjusted EBITDA: ($5.2) million in Q3 FY22, an improvement of nearly $1 million from Q2 FY22.
  • Balance Sheet: $13.5 million in cash reported. Additional liquidity from the completed Eden transaction and the UMG sale post-quarter-end.
  • Strategic Focus: Continued shift towards B2B offerings (Frankly, Sideqik, Stream Hatchet), reducing emphasis on B2C gaming operations. Targeting cash flow breakeven in fiscal 2023.

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Operator: Greetings, and welcome to the Engine Gaming and Media Third 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 third quarter, its fiscal year 2022 ended May 31, 2022 available on SEDAR and EDGAR. Important qualifications regarding forward-looking statements are also contained in Engine’s earnings release distributed earlier 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, July 14, 2022. 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 Mr. 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 third quarter earnings call. To begin, total revenue for the third quarter of fisca

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