OverActive Media Reports Fourth Quarter and Full Year 2021 Financial Results - GlobeNewswire

| Source: OverActive Media Corp. OverActive Media Corp.
Toronto, Ontario, CANADA
Full Year 2021 Organic Revenue Growth of 69%

Solid Cash Position of $29.6 Million
TORONTO, April 19, 2022 (GLOBE NEWSWIRE) — OverActive Media (“OverActive” or the “Company”) (TSXV: OAM) (OTCQB: OAMCF), a global sports, media and entertainment company for today’s generation of fans, reported financial results and operating highlights today for the three and twelve months ended December 31, 2021.
The Company’s consolidated audited financial statements, notes to financial statements, and Management’s Discussion and Analysis for the three and twelve-month periods ended December 31, 2021, are available on the Company’s website at www.overactivemedia.com and under the Company’s profile on SEDAR at www.sedar.com. Unless otherwise specified, all amounts are in Canadian dollars ($).
Fourth Quarter 2021 Financial Highlights
Full Year 2021 Financial Highlights
“We are very proud of the strong and scalable business that we are building,” said Chris Overholt, President and CEO, OverActive Media. “We are focused on generating high quality, long term and recurring revenue streams and we are succeeding. Furthermore, our business model offers a tremendous amount of operating leverage when delivered at scale. In fact, in 2021, of the $5.8 million increase to total revenue, $3.8 or over 65%, contributed directly to an improvement in our Adjusted EBITDA.”

Overholt continued, “We set out on this journey in 2018 with three fundamental beliefs: partner directly with the publishers that own the game IP as it provides the greatest monetization opportunities; greater viewership would lead to growing revenue share payments from our league partners; and improving league economics, alongside the scarcity of these assets, would result in asset appreciation of our core franchises. Based on our 2021 accomplishments, our original business thesis is in fact, becoming a reality.”
2021 Summary
MAD Lions / League of Legends
Toronto Ultra / Call of Duty League
Toronto Defiant / Overwatch League
OverActive Media

Significant Announcements Subsequent to Year End
________________________
1 Adjusted EBITDA is a non-IFRS measure. Refer to “Non-IFRS Measures” at the end of this press release.
2 Team BDS acquires Schalke 04’s LEC slot for €26.5 million in second-largest franchise deal in Western history – Dot Esports
3 Worlds 2021 hits new peak viewership during MAD Lions’ quarterfinals series against DWG KIA – Dot Esports
4 Top 10 Esports Teams in 2021 | Esports Charts (escharts.com)
5 Data provided by Blinkfire Analytics
6 Call of Duty League sets new viewership record with CDL Stage 1 Major | The Loadout
7 Overwatch League Grand Finals Match Sets New Viewership Record (forbes.com)

Conference Call

The Company will conduct a conference call tomorrow, Wednesday, April 20, 2022 at 9:00 a.m. (Eastern Time) to review the fourth quarter and full-year results as well as provide an overview of the Company’s recent milestones and growth strategy.
To access the conference call, please dial 1-888-390-0605, or for international callers, 416-764-8609. A replay will be available shortly after the call and can be accessed by dialling 1-888-390-0541, or for international callers, 416-764-8677. The entry code for the replay is 218969 #. The replay will expire on Wednesday, April 27, 2022.
A live webcast of the conference call can be accessed on OverActive’s website at www.overactivemedia.com or directly via https://app.webinar.net/OaqMAYNZ1jE. An online archive of the webcast will be available via the same link for 90 days following the call.
The following table presents a reconciliation of Net income (loss) to Adjusted EBITDA (loss) for the periods ended:

________________________
8 Adjusted EBITDA excludes the impact of assistance payments received from Franchise Leagues and the CEWS program in 2020.
9 Adjusted EBITDA excludes the impact of assistance payments received from Franchise Leagues and the CEWS program in 2020.

 



FOR FURTHER INFORMATION, PLEASE CONTACT:
Babak Pedram, Investor Relations, Virtus Advisory Group Inc.
(416) 955-8651
bpedram@virtusadvisory.com
Leah Gaucher, Director, PR & Communications, OverActive Media
(647) 924-2614
lgaucher@oam.gg
ABOUT OVERACTIVE MEDIA
OverActive Media (TSXV: OAM) (OTCQB: OAMCF) is headquartered in Toronto, Ontario, with operations in Madrid, Spain and Berlin, Germany. OverActive’s mandate is to build an integrated global company delivering sports, media and entertainment products for today’s generation of fans with a focus on esports, videogames, content creation and distribution, culture, and live and online events. OverActive owns team franchises in (i) the Overwatch League, operating as the Toronto Defiant, (ii) the Call of Duty League, operating as the Toronto Ultra, (iii), and the League of Legends European Championship (“LEC”), operating as the MAD Lions, and (iv) the Superliga, operating as the MAD Lions Madrid. OverActive also operates both live and online events, operating as OAM Live and maintains an active social media presence with its fans and community members, operates fan clubs, and other fan related activities that increase the reach of its brands.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release contains statements which constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”), including statements regarding the plans, intentions, beliefs and current expectations of OverActive with respect to future business activities and operating performance. Forward-looking statements are often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding the anticipated financial and operating results of OverActive in the future.
Investors are cautioned that forward-looking statements are not based on historical facts but instead OverActive management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although OverActive believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the OverActive. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements include the following: the potential impact of OverActive’s qualifying transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation; the risks and uncertainties associated with foreign markets; the ability of the Company to continue to execute on its existing partnerships and business strategy; the ability of the MAD Lions and Call of Duty Leagues to maintain viewership; the successful completion of the Company’s new venue; and other risk factors set out in OverActive’s filing statement dated July 2, 2021, a copy of which may be found under OverActive’s profile at www.sedar.com. These forward-looking statements may be affected by risks and uncertainties in the business of OverActive and general market conditions, including COVID-19.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although OverActive has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. OverActive does not intend and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
NON-IFRS MEASURES
This press release includes references to adjusted EBITDA. Adjusted EBITDA is a non-IFRS financial measure and is defined by the Company as net income or loss before income taxes, finance costs, depreciation and amortization, decrease/increase in net present value of franchise obligations, foreign exchange gains/loss, assistance payments from Franchise League and government assistance, restructuring costs, reverse takeover costs, intangibles assets impairment charge and share-based compensation. We believe that adjusted EBITDA is a useful measure of financial performance because it provides an indication of the Company’s ability to capitalize on growth opportunities in a cost-effective manner, finance its ongoing operations and service its financial obligations.
This non-IFRS financial measure is not an earnings or cash flow measure recognized by IFRS and does not have a standardized meaning prescribed by IFRS. Our method of calculating such a financial measure may differ from the methods used by other issuers and, accordingly, our definition of this non-IFRS financial measure may not be comparable to similar measures presented by other issuers.  Investors are cautioned that non-IFRS financial measures should not be construed as an alternative to net income determined in accordance with IFRS as indicators of our performance or to cash flows from operating activities as measures of liquidity and cash flows.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.


OVERACTIVE MEDIA CORP.
Consolidated Statements of Financial Position
(expressed in thousands of Canadian dollars)
As at December 31, 2021 and December 31, 2020


OVERACTIVE MEDIA CORP.
Consolidated Statements of Net Loss and Comprehensive Loss
(expressed in thousands of Canadian dollars, except per share amounts)
For the years ended December 31, 2021 and 2020


OVERACTIVE MEDIA CORP.
Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars)
For the years ended December 31, 2021 and 2020

source

Leave a Reply

Your email address will not be published. Required fields are marked *