Falcon’s Beyond Announces First Quarter 2024 Results
Falcon's Beyond Global (Nasdaq: FBYD) reported its Q1 2024 results, showcasing consolidated revenue of $1.5 million. Falcon's Creative Group (FCG), its unconsolidated subsidiary, saw an 87% increase in revenue to $14.9 million. Producciones de Parques, a 50:50 joint venture, reported $7.5 million in revenue, a rise of $1.2 million. The company recognized substantial gains in net income, reaching $114 million compared to a loss of $9.9 million in Q1 2023, driven by a $118.6 million gain from earnout liabilities. Adjusted EBITDA showed improvement, moving from $(8.0) million to $(4.5) million due to reduced SG&A expenses.
Key highlights include a partnership with The Hershey Company for new entertainment attractions and master planning a Dragon Ball theme park in Saudi Arabia. The company also entered an agreement with Tanseisha Co. for themed entertainment experiences and launched Falcon’s Attractions Systems & Technologies to sell rides globally. Falcon’s Beyond remains focused on expanding its IP and leveraging strategic partnerships to drive growth.
- FCG revenue increased by 87% to $14.9 million
- Producciones de Parques revenue increased by $1.2 million to $7.5 million
- Consolidated net income increased to $114 million compared to a loss of $9.9 million in Q1 2023
- $118.6 million gain from change in fair value of earnout liabilities
- Partnership with The Hershey Company for new entertainment attractions
- Master planning a Dragon Ball theme park in Saudi Arabia
- Letter of intent with Tanseisha Co. for new themed entertainment experiences
- Launch of Falcon’s Attractions Systems & Technologies to sell rides globally
- Reduced SG&A expenses contributing to improved Adjusted EBITDA
- Consolidated revenue was only $1.5 million
- Adjusted EBITDA remains negative at $(4.5) million
- Decreased revenue from earlier periods due to the strategic investment deconsolidation
Insights
From a financial perspective, Falcon's Beyond has presented a mixed but overall positive outlook in their first quarter 2024 results. Consolidated revenue of
The company’s joint venture with Melia Hotels, Producciones de Parques, also reflects growth, reporting
Net income for Falcon's Beyond saw a dramatic increase by
For retail investors, while the jump in net income is notable, caution should be taken as it is largely driven by non-operational factors. The steady growth in operational revenues through strategic partnerships and ventures is promising, but continued monitoring of their consolidated revenue and ongoing expenses is essential.
Falcon’s Beyond is capitalizing on the growing global interest in theme parks and location-based entertainment. The collaboration with Qiddiya for the Dragon Ball theme park and Aquarabia in Saudi Arabia aligns well with the surge in entertainment investment in the region. This positioning can help tap into a lucrative and expanding market. Additionally, the licensing agreement with The Hershey Company to create branded attractions points to a strategic move to leverage established consumer brands, which can drive visitor interest and engagement.
The entrance into new market segments like the Japanese anime and manga-themed entertainment through collaboration with Tanseisha Co. broadens their reach and potentially captures diverse audiences. The move to innovate with Falcon’s Attractions Systems & Technologies indicates a focus on cutting-edge immersive experiences, potentially offering a competitive advantage.
The entertainment industry’s transformation, marked by increased spending, provides a fertile ground for Falcon's Beyond's growth strategies. However, the fragmented nature of their revenue through various subsidiaries and joint ventures suggests a complex structure that investors should carefully evaluate.
For retail investors, the company's efforts to diversify its portfolio and enter new markets are positive signals. Nevertheless, keeping an eye on execution risks and the potential volatility in revenue streams from different subsidiaries will be important.
Company Reports Consolidated Revenue of
Company’s Unconsolidated Subsidiary, Falcon’s Creative Group, Q1 Revenue Increased to
Company Plans Growth Amidst Surge in Global Spending
in Theme Parks and Location-Based Entertainment
Scott Demerau, Co-Founder and Executive Chairman of Falcon’s Beyond, commented, “We are thrilled to share our earnings results for the first quarter since our Nasdaq listing at the end of last year, and this milestone marks the beginning of an exciting new chapter for Falcon's Beyond as a public company. Falcon’s Beyond connects the world by bringing stories to life through theme parks, resorts, ride and technology sales, animation, consumer products, gaming and beyond. Our Company is more than just an entertainment pioneer; we are innovators in immersive storytelling, operating at the intersection of content, technology and experiences and, with our innovative approach and industry-leading expertise, we are poised to unlock significant growth opportunities in the ever-evolving and rapidly growing entertainment landscape.”
Demerau continued, “This year, we remain well-positioned to continue expanding our IP and leveraging our critical partnerships, including with Qiddiya, the organization behind entertainment and tourism megaprojects, and Raging Power Limited, a subsidiary of K11, the
Simon Philips, President of Falcon’s Beyond, stated, "We are delighted to share the exciting developments at Falcon’s in the first quarter of 2024. Early in the quarter, we announced a licensing agreement with The Hershey Company to bring their iconic brands, including Hershey’s, Reese’s, Jolly Rancher, and Twizzlers, to life in new location-based entertainment attractions. Additionally, we were pleased to announce that Falcon’s Creative Group, as part of our ongoing partnership with Qiddiya City near
Philips continued, "This quarter, Falcon’s also entered into a letter of intent with Tanseisha Co., a
First Quarter 2024 Financial Highlights
-
Falcon’s Beyond generated consolidated revenues of
$1.5 million
-
The Company’s FCG subsidiary was deconsolidated and accounted for as an equity method investment for all periods subsequent to July 27, 2023, when an affiliate of the Qiddiya Investment Company (“QIC”) invested
$30 million 25% equity interest in the form of preferred units of FCG with the Company holding the remaining75% interest in the form of common units. The deconsolidation was due to certain participation rights held by QIC in conjunction with the strategic investment.
-
FCG recorded revenues of
$14.9 million $6.9 million 87% , over the corresponding period of 2023 when FCG was fully consolidated by the Company. FCG also recorded operating income of$1.6 million $1.8 million $1.2 million $1.2 million $0.5 million
-
Falcon’s Beyond’s Producciones de Parques, S.L. (“PDP”) 50:50 joint venture with Melia Hotels International recognized revenues of
$7.5 million $1.2 million $0.8 million $1.3 million $0.8 million $1.0 million $0.5 million
-
Falcon’s Beyond consolidated net income increased by
$123.8 million $114.0 million ( loss for the three months ended March 31, 2023, primarily driven by a$9.9) million $118.6 million
-
Adjusted EBITDA1 increased from
$(8.0) million $(4.5) million ( for the three months ended March 31, 2023, primarily driven by lower selling, general and administrative expenses due to reduction in third-party accounting, audit and legal fees relating to public company readiness as the Company moves forward from its completed business combination transaction in October 2023.$8.0) million
Jo Merrill, Chief Financial Officer of Falcon's Beyond, stated, “We saw robust financial performance in our inaugural earnings report, including an
About Falcon’s Beyond
Falcon’s Beyond is a visionary leader in innovative and immersive storytelling, sitting at the intersection of three potential high growth business opportunities: content, technology, and experiences. Falcon’s Beyond propels intellectual property (IP) activations concurrently across physical and digital experiences through three core business units: Falcon’s Creative Group creates master plans, designs attractions and experiential entertainment, and produces content, interactives and software. Falcon’s Beyond Destinations develops a diverse range of entertainment experiences using both Falcon’s Beyond owned and third party licensed intellectual property, spanning location-based entertainment, dining, and retail. Falcon’s Beyond Brands endeavors to bring brands and intellectual property to life through animation, movies, licensing and merchandising, gaming as well as ride and technology sales. Falcon’s Beyond also invents immersive rides, attractions and technologies for entertainment destinations around the world.
FALCON’S BEYOND and its related trademarks are owned by Falcon’s Beyond.
1 Adjusted EBITDA is a non-GAAP financial measure. See “Use and Definition of Non-GAAP Financial Measure” below for more information and a reconciliation to the most directly comparable GAAP measure.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this Form 8-K, words such as “continue,” “potential,” “will,” “expected,” “plans,” and similar expressions identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those expressed in or implied by the forward-looking statements, including (1) our ability to sustain our growth, effectively manage our anticipated future growth, and implement our business strategies to achieve the results we anticipate, (2) impairments of our intangible assets and equity method investment in our joint ventures, (3) our ability to raise additional capital, (4) the closure of Katmandu Park DR and the repositioning and rebranding of our FBD business, (5) the success of our growth plans in FCG, (6) our customer concentration in FCG, (7) the risk that contractual restrictions relating to the Strategic Investment may affect our ability to access the public markets and expand our business, (8) the risks of doing business internationally, including in the
Use and Definition of Non-GAAP Financial Measure
We prepare our unaudited condensed consolidated financial statements in accordance with US GAAP. In addition to disclosing financial results prepared in accordance with US GAAP, we disclose information regarding Adjusted EBITDA which is a non-GAAP measure. We define Adjusted EBITDA as net income (loss), determined in accordance with US GAAP, for the period presented, before interest expense, net, income tax expense, depreciation and amortization, transaction expenses related to the business combination, credit loss expense, change in fair value of warrant liabilities, and change in fair value of earnout liabilities. We believe that Adjusted EBITDA is useful to investors as it eliminates the non-cash depreciation and amortization expense that results from our capital investments and intangible assets recognized in any business combination and improves comparability by eliminating the interest expense associated with our debt facilities, which may not be comparable with other companies based on our structure.
Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under US GAAP. A reconciliation of non-GAAP Adjusted EBITDA to GAAP Net Income, the most directly comparable GAAP financial measure, is included below under the heading “Reconciliation of Non-GAAP Financial Measure”.
FALCON’S BEYOND GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of
|
|
(Unaudited)
|
|
|
As of
|
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,050 |
|
|
$ |
672 |
|
Accounts receivable, net ( |
|
|
1,794 |
|
|
|
696 |
|
Other current assets ( |
|
|
3,303 |
|
|
|
1,061 |
|
Total current assets |
|
|
6,147 |
|
|
|
2,429 |
|
Investments and advances to equity method investments |
|
|
61,292 |
|
|
|
60,643 |
|
Property and equipment, net |
|
|
22 |
|
|
|
23 |
|
Other non-current assets |
|
|
322 |
|
|
|
264 |
|
Total assets |
|
$ |
67,783 |
|
|
$ |
63,359 |
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity (deficit) |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable ( |
|
$ |
6,524 |
|
|
$ |
3,852 |
|
Accrued expenses and other current liabilities ( |
|
|
20,741 |
|
|
|
20,840 |
|
Short-term debt ( |
|
|
8,471 |
|
|
|
— |
|
Current portion of long-term debt ( |
|
|
6,660 |
|
|
|
6,651 |
|
Earnout liabilities – current portion |
|
|
155,331 |
|
|
|
183,055 |
|
Total current liabilities |
|
|
197,727 |
|
|
|
214,398 |
|
Other long-term payables |
|
|
5,500 |
|
|
|
5,500 |
|
Long-term debt, net of current portion ( |
|
|
20,476 |
|
|
|
22,965 |
|
Earnout liabilities, net of current portion |
|
|
214,695 |
|
|
|
305,586 |
|
Warrant liabilities |
|
|
3,691 |
|
|
|
3,904 |
|
Total liabilities |
|
|
442,089 |
|
|
|
552,353 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies – Note 10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity (deficit) |
|
|
|
|
|
|
|
|
Class A common stock ( |
|
|
1 |
|
|
|
1 |
|
Class B common stock ( |
|
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
(10,086 |
) |
|
|
11,699 |
|
Accumulated deficit |
|
|
(51,425 |
) |
|
|
(68,594 |
) |
Accumulated other comprehensive loss |
|
|
(215 |
) |
|
|
(216 |
) |
Total equity attributable to common stockholders |
|
|
(61,720 |
) |
|
|
(57,105 |
) |
Non-controlling interests |
|
|
(312,586 |
) |
|
|
(431,889 |
) |
Total equity |
|
|
(374,306 |
) |
|
|
(488,994 |
) |
Total liabilities and equity |
|
$ |
67,783 |
|
|
$ |
63,359 |
|
FALCON’S BEYOND GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(in thousands of
|
|
Three months
|
|
|
Three months
|
|
||
Revenue ( |
|
$ |
1,516 |
|
|
$ |
9,194 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Project design and build expense |
|
|
— |
|
|
|
6,288 |
|
Selling, general and administrative expense |
|
|
6,793 |
|
|
|
9,749 |
|
Transaction expenses |
|
|
7 |
|
|
|
— |
|
Credit loss expense ( |
|
|
12 |
|
|
|
254 |
|
Research and development expense ( |
|
|
16 |
|
|
|
463 |
|
Depreciation and amortization expense |
|
|
1 |
|
|
|
1,342 |
|
Total operating expenses |
|
|
6,829 |
|
|
|
18,096 |
|
Loss from operations |
|
|
(5,313 |
) |
|
|
(8,902 |
) |
Share of gain (loss) from equity method investments |
|
|
1,154 |
|
|
|
(1,279 |
) |
Interest expense ( |
|
|
(269 |
) |
|
|
(271 |
) |
Interest income |
|
|
3 |
|
|
|
— |
|
Change in fair value of warrant liabilities |
|
|
208 |
|
|
|
— |
|
Change in fair value of earnout liabilities |
|
|
118,615 |
|
|
|
— |
|
Foreign exchange transaction gain (loss) |
|
|
(375 |
) |
|
|
599 |
|
Net income (loss) before taxes |
|
$ |
114,023 |
|
|
$ |
(9,853 |
) |
Income tax benefit |
|
|
1 |
|
|
|
3 |
|
Net income (loss) |
|
$ |
114,024 |
|
|
$ |
(9,850 |
) |
Net income attributable to noncontrolling interest |
|
|
96,855 |
|
|
|
— |
|
Net income attributable to common stockholders |
|
|
17,169 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share, basic |
|
|
1.90 |
|
|
|
n/a |
|
Net income (loss) per share, diluted |
|
|
1.53 |
|
|
|
n/a |
|
Weighted average shares outstanding, basic |
|
|
9,021,520 |
|
|
|
n/a |
|
Weighted average shares outstanding, diluted |
|
|
9,209,020 |
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
114,024 |
|
|
$ |
(9,850 |
) |
Foreign currency translation gain |
|
|
4 |
|
|
|
283 |
|
Total comprehensive income (loss) |
|
$ |
114,028 |
|
|
$ |
(9,567 |
) |
Comprehensive income attributable to noncontrolling interest |
|
|
96,858 |
|
|
|
n/a |
|
Comprehensive income attributable to common stockholders |
|
$ |
17,170 |
|
|
|
n/a |
|
FALCON’S BEYOND GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands of
|
|
Three months |
|
|
Three months |
|
||
|
|
ended
|
|
|
ended
|
|
||
|
|
2024 |
|
|
2023 |
|
||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net income (loss) |
|
|
114,024 |
|
|
|
(9,850 |
) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1 |
|
|
|
1,342 |
|
Deferred loss on sales to equity method investments |
|
|
— |
|
|
|
185 |
|
Foreign exchange transaction loss (gain) |
|
|
375 |
|
|
|
(607 |
) |
Share of (gain) loss from equity method investments |
|
|
(1,154 |
) |
|
|
1,279 |
|
Loss on sale of equipment |
|
|
2 |
|
|
|
— |
|
Change in deferred tax asset |
|
|
— |
|
|
|
(3 |
) |
Credit loss expense ( |
|
|
12 |
|
|
|
254 |
|
Change in fair value of earnouts |
|
|
(118,615 |
) |
|
|
— |
|
Change in fair value of warrants |
|
|
(208 |
) |
|
|
— |
|
Share based compensation expense |
|
|
346 |
|
|
|
— |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net ( |
|
|
(1,133 |
) |
|
|
(845 |
) |
Other current assets |
|
|
73 |
|
|
(89 |
) |
|
Inventories |
|
|
— |
|
|
|
(107 |
) |
Contract assets ( |
|
|
— |
|
|
|
(2,215 |
) |
Capitalization of ride media content |
|
|
— |
|
|
|
(60 |
) |
Deferred transaction costs |
|
|
— |
|
|
|
(465 |
) |
Long term receivable – related party |
|
|
— |
|
|
|
(1,227 |
) |
Other non-current assets |
|
|
(58 |
) |
|
|
26 |
|
Accounts payable ( |
|
|
2,669 |
|
|
|
1,794 |
|
Accrued expenses and other current liabilities ( |
|
|
(102 |
) |
|
|
3,791 |
|
Contract liabilities ( |
|
|
— |
|
|
|
299 |
|
Net cash used in operating activities |
|
|
(3,768 |
) |
|
|
(6,498 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
— |
|
Purchase of property and equipment |
|
|
(4 |
) |
|
|
(133 |
) |
Short-term advances to affiliates |
|
|
(2,094 |
) |
|
|
— |
|
Proceeds from sale of equipment |
|
|
2 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(2,096 |
) |
|
|
(133 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Principal payment on finance lease obligation |
|
|
— |
|
|
|
(40 |
) |
Proceeds from debt – related party |
|
|
7,221 |
|
|
|
— |
|
Proceeds from debt – third party |
|
|
1,250 |
|
|
|
— |
|
Repayment of debt – related party |
|
|
(1,182 |
) |
|
|
(222 |
) |
Repayment of debt – third party |
|
|
(427 |
) |
|
|
(416 |
) |
Proceeds from related party credit facilities |
|
|
4,650 |
|
|
|
3,000 |
|
Repayment of related party credit facilities |
|
|
(5,392 |
) |
|
|
(2,500 |
) |
Proceeds from exercised warrants |
|
|
111 |
|
|
|
— |
|
Net cash provided by (used in) financing activities |
|
|
6,231 |
|
|
|
(178 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
367 |
|
|
|
(6,809 |
) |
Foreign exchange impact on cash |
|
|
11 |
|
|
|
(6 |
) |
Cash and cash equivalents – beginning of period |
|
|
672 |
|
|
|
8,366 |
|
Cash and cash equivalents at end of year |
|
|
1,050 |
|
|
|
1,551 |
|
Supplemental disclosures: |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
|
207 |
|
|
|
456 |
|
Non-cash activities: |
|
|
|
|
|
|
|
|
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities (all operating lease assets and liabilities have been deconsolidated as of July 27, 2023) |
|
|
— |
|
|
|
514 |
|
Conversion of warrants to common shares, Class A |
|
|
7,137 |
|
|
|
— |
|
Conversion of Class B Common Stock to Class A Common Stock |
|
|
14,733 |
|
|
|
— |
|
FALCON’S BEYOND GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)/MEMBERS’ EQUITY (UNAUDITED)
(in thousands of
|
|
Units |
|
|
Members’
|
|
|
Accumulated
|
|
|
Accumulated
|
|
|
Members’
|
|
|||||
December 31, 2022 |
|
|
54,483,789 |
|
|
$ |
94,201 |
|
|
$ |
(24,147 |
) |
|
$ |
(1,690 |
) |
|
$ |
68,364 |
|
Net loss |
|
|
|
|
|
|
|
|
|
|
(9,850 |
) |
|
|
|
|
|
|
(9,850 |
) |
Foreign currency translation gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
283 |
|
|
|
283 |
|
March 31, 2023 |
|
|
54,483,789 |
|
|
$ |
94,201 |
|
|
$ |
(33,997 |
) |
|
$ |
(1,407 |
) |
|
$ |
58,797 |
|
|
|
Common Stock,
|
|
|
Common Stock,
|
|
|
Additional
|
|
|
Accumulated
|
|
|
Accumulated |
|
|
Total equity attributable to common |
|
|
Non-
|
|
|
Total |
|
||||||||||||||||
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
capital |
|
|
loss |
|
|
deficit |
|
|
stockholders |
|
|
Interest |
|
|
equity |
|
||||||||||
December 31, 2023 |
|
|
7,871,643 |
|
|
$ |
1 |
|
|
|
52,034,117 |
|
|
$ |
5 |
|
|
$ |
11,699 |
|
|
$ |
(216 |
) |
|
$ |
(68,594 |
) |
|
$ |
(57,105 |
) |
|
$ |
(431,889 |
) |
|
$ |
(488,994 |
) |
Conversion of Warrants to Common Shares |
|
|
7,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,137 |
) |
|
|
|
|
|
|
|
|
|
|
(7,137 |
) |
|
|
7,230 |
|
|
|
93 |
|
Conversion of Class B Common Stock to Class A Common Stock |
|
|
2,000,000 |
|
|
|
|
|
|
|
(2,000,000 |
) |
|
|
|
|
|
|
(14,733 |
) |
|
|
|
|
|
|
|
|
|
|
(14,733 |
) |
|
|
14,733 |
|
|
|
- |
|
Stock compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85 |
|
|
|
|
|
|
|
|
|
|
|
85 |
|
|
|
482 |
|
|
|
567 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,169 |
|
|
|
17,169 |
|
|
|
96,855 |
|
|
|
114,024 |
|
Foreign currency translation gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
1 |
|
|
|
3 |
|
|
|
4 |
|
March 31, 2024 |
|
|
9,879,248 |
|
|
$ |
1 |
|
|
|
50,034,117 |
|
|
$ |
5 |
|
|
|
(10,086 |
) |
|
|
(215 |
) |
|
|
(51,425 |
) |
|
|
(61,720 |
) |
|
|
(312,586 |
) |
|
|
(374,306 |
) |
Reconciliation of Non-GAAP Financial Measure
|
|
Three months ended
|
|
Three months ended
|
||||
Net income (loss) |
|
$ |
114,024 |
|
|
$
(9,850) |
||
Interest expense |
|
|
269 |
|
|
|
271 |
|
Interest income |
|
|
(3 |
) |
|
|
— |
|
Income tax benefit |
|
|
(1 |
) |
|
|
(3 |
) |
Depreciation and amortization expense |
|
|
1 |
|
|
|
1,342 |
|
EBITDA |
|
|
114,290 |
|
|
|
(8,240 |
) |
Transaction expenses |
|
|
7 |
|
|
|
— |
|
Credit loss expense |
|
|
12 |
|
|
|
254 |
|
Change in fair value of warrant liabilities |
|
|
(208 |
) |
|
|
— |
|
Change in fair value of earnout liabilities |
|
|
(118,615 |
) |
|
|
— |
|
Adjusted EBITDA |
|
$ |
(4,514 |
) |
|
$ |
(7,986 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240516969997/en/
Investor Relations:
Brett Milotte, ICR
IR@FalconsBeyond.com
Source: Falcon's Beyond Global, Inc.
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