Falcon’s Beyond Announces Second Quarter 2024 Results
Falcon's Beyond Global, Inc. (Nasdaq: FBYD) reported its Q2 2024 financial results, showing positive growth across its divisions. The company's consolidated revenue was $1.8 million. Notably, Falcon's Creative Group (FCG), an unconsolidated subsidiary, saw a 202% increase in revenue to $15.7 million. The joint venture Producciones de Parques (PDP) also increased revenue to $11.3 million.
FCG's operating income reached $2.3 million, with Falcon's Beyond's share at $1.0 million. PDP's income from operations grew to $1.6 million. The company's consolidated net income improved significantly, increasing by $16.8 million to $8.0 million. Adjusted EBITDA also saw a $6.5 million increase to ($1.9 million).
Falcon's Beyond Global, Inc. (Nasdaq: FBYD) ha riportato i risultati finanziari del Q2 2024, evidenziando una crescita positiva in tutte le sue divisioni. Il fatturato consolidato dell'azienda è stato di $1,8 milioni. In particolare, Falcon's Creative Group (FCG), una controllata non consolidata, ha registrato un aumento del 202% del fatturato, raggiungendo $15,7 milioni. Anche la joint venture Producciones de Parques (PDP) ha aumentato il fatturato a $11,3 milioni.
L'utile operativo di FCG ha raggiunto $2,3 milioni, con la quota di Falcon's Beyond pari a $1,0 milione. L'utile operativo di PDP è cresciuto a $1,6 milioni. L'utile netto consolidato dell'azienda è migliorato significativamente, aumentando di $16,8 milioni fino a $8,0 milioni. Anche l'EBITDA rettificato ha registrato un aumento di $6,5 milioni arrivando a ($1,9 milioni).
Falcon's Beyond Global, Inc. (Nasdaq: FBYD) informó sus resultados financieros del Q2 2024, mostrando un crecimiento positivo en todas sus divisiones. Los ingresos consolidados de la empresa fueron de $1.8 millones. En particular, Falcon's Creative Group (FCG), una subsidiaria no consolidada, vio un aumento del 202% en ingresos, alcanzando $15.7 millones. La empresa conjunta Producciones de Parques (PDP) también incrementó sus ingresos a $11.3 millones.
Los ingresos operativos de FCG llegaron a $2.3 millones, con la parte de Falcon's Beyond en $1.0 millón. Los ingresos operativos de PDP crecieron a $1.6 millones. Los ingresos netos consolidados de la empresa mejoraron significativamente, aumentando en $16.8 millones hasta $8.0 millones. El EBITDA ajustado también vio un aumento de $6.5 millones llegando a ($1.9 millones).
Falcon's Beyond Global, Inc. (Nasdaq: FBYD)는 2024년 2분기 재무 결과를 발표하며 모든 부문에서 긍정적인 성장을 보여주었습니다. 회사의 통합 수익은 $1.8 백만이었습니다. 특히, Falcon's Creative Group (FCG)라는 비 통합 자회사는 수익이 202% 증가하여 $15.7 백만에 도달했습니다. 공동 투자인 Producciones de Parques (PDP)도 수익을 $11.3 백만으로 증가시켰습니다.
FCG의 운영 소득은 $2.3 백만에 도달했으며, Falcon's Beyond의 지분은 $1.0 백만입니다. PDP의 운영 소득도 $1.6 백만으로 증가했습니다. 회사의 통합 순이익은 크게 개선되어 $16.8 백만 증가하여 $8.0 백만에 도달했습니다. 조정된 EBITDA도 $6.5 백만 증가하여 ($1.9 백만)에 이르렀습니다.
Falcon's Beyond Global, Inc. (Nasdaq: FBYD) a publié ses résultats financiers du Q2 2024, montrant une croissance positive dans toutes ses divisions. Le chiffre d'affaires consolidé de l'entreprise s'élevait à $1,8 million. Notamment, Falcon's Creative Group (FCG), une filiale non consolidée, a connu une augmentation de 202% de son chiffre d'affaires, atteignant $15,7 millions. La coentreprise Producciones de Parques (PDP) a également augmenté son chiffre d'affaires à $11,3 millions.
Le revenu opérationnel de FCG a atteint $2,3 millions, avec une part de Falcon's Beyond à $1,0 million. Le revenu opérationnel de PDP a augmenté à $1,6 millions. Le bénéfice net consolidé de l'entreprise s'est considérablement amélioré, augmentant de $16,8 millions pour atteindre $8,0 millions. L'EBITDA ajusté a également connu une augmentation de $6,5 millions, atteignant ($1,9 millions).
Falcon's Beyond Global, Inc. (Nasdaq: FBYD) berichtete über die finanziellen Ergebnisse des Q2 2024 und zeigte ein positives Wachstum in allen Divisionen. Der konsolidierte Umsatz des Unternehmens betrug $1,8 Millionen. Besonders hervorzuheben ist, dass Falcon's Creative Group (FCG), eine nicht konsolidierte Tochtergesellschaft, einen 202% Umsatzanstieg auf $15,7 Millionen verzeichnete. Auch das Joint Venture Producciones de Parques (PDP) konnte den Umsatz auf $11,3 Millionen steigern.
Das operative Einkommen von FCG erreichte $2,3 Millionen, wobei der Anteil von Falcon's Beyond bei $1,0 Millionen lag. Das Betriebsergebnis von PDP wuchs auf $1,6 Millionen. Das konsolidierte Nettoergebnis des Unternehmens verbesserte sich erheblich und stieg um $16,8 Millionen auf $8,0 Millionen. Auch das bereinigte EBITDA verzeichnete einen Umsatzsteigerung von $6,5 Millionen und lag bei ($1,9 Millionen).
- FCG revenue increased by 202% to $15.7 million in Q2 2024
- PDP revenue grew to $11.3 million, a $0.9 million increase over Q2 2023
- Consolidated net income improved by $16.8 million to $8.0 million
- Adjusted EBITDA increased by $6.5 million to ($1.9 million)
- FCG recorded operating income of $2.3 million and net income of $2.5 million in Q2 2024
- Consolidated revenue of $1.8 million is relatively low compared to subsidiary performance
- Adjusted EBITDA remains negative at ($1.9 million)
Insights
Falcon's Beyond's Q2 2024 results show mixed signals. While consolidated revenue was only
The deconsolidation of FCG complicates the analysis, making year-over-year comparisons challenging. The reduction in overhead costs is positive, but the company's reliance on equity method investments for profitability raises questions about its core operations. The improvement in Adjusted EBITDA to
Investors should closely monitor the company's ability to translate subsidiary performance into consolidated growth and profitability in the coming quarters.
Falcon's Beyond's Q2 results reflect the company's positioning in the experiential entertainment sector. The strong performance of FCG, particularly its work on high-profile projects like the Dragon Ball theme park and Qiddiya City developments, indicates growing demand for immersive experiences. This aligns with broader market trends favoring unique, IP-driven attractions.
The travel and leisure industry recovery is evident in PDP's improved performance, with increased occupancy and rates at its properties. This bodes well for Falcon's Beyond's future projects in destination development. However, the company's complex structure, with key assets held in unconsolidated subsidiaries, may challenge investors in assessing true operational performance.
The market will likely focus on Falcon's ability to leverage its creative expertise into tangible financial results for the parent company in the coming quarters.
Company Reports Consolidated Revenue of
Company’s Unconsolidated Subsidiary, Falcon’s Creative Group, Q2 Revenue Increased to
Scott Demerau, Co-Founder and Executive Chairman of Falcon’s Beyond, commented, “We saw continued strength in the second quarter of 2024 with positive revenue increases across Falcon’s Creative Group, Producciones de Parques and Falcon’s Beyond Global. This quarter's performance highlights our strategic focus as we continue to grow our differentiated product and services, further laying the groundwork for the Company’s continued growth.”
Simon Philips, President of Falcon’s Beyond, stated, “For FCG, our master planning, attraction design and creative guardian work on the first-ever Dragon Ball theme park has been a monumental achievement and reflects our commitment to delivering unparalleled immersive experiences. In addition to the Dragon Ball theme park, FCG is supporting the creative development of multiple entertainment experiences with Qiddiya City, including
Second Quarter 2024 Financial Highlights
-
Falcon’s Beyond generated consolidated revenues of
for the three-month period ended June 30, 2024, representing fees for corporate and shared services earned from its FCG division. The Company’s FCG subsidiary was deconsolidated and accounted for as an equity method investment for all periods subsequent to July 27, 2023.$1.8 million
-
FCG recorded revenues of
in the three-month period ended June 30, 2024, representing an increase of$15.7 million , or$10.5 million 202% , over the corresponding period of 2023 for FCG when it was fully consolidated by the Company. FCG also recorded operating income of and net income of$2.3 million in the three-month period ended June 30, 2024 compared with an operating loss of$2.5 million ( and net loss of$1.1) million ( for the corresponding 2023 period. After the QIC preferred return and amortization, Falcon’s Beyond’s share of income was$1.1) million from FCG for Q2 2024.$1.0 million
-
Falcon’s Beyond’s Producciones de Parques, S.L. (“PDP”) 50:50 joint venture with Melia Hotels International recognized revenues of
in the three-month period ended June 30, 2024, a$11.3 million increase over the corresponding 2023 period, primarily due to increases in occupancy and rates at the Tenerife and Mallorca properties. Income from operations increased$0.9 million to$0.8 million for the three-month period ended June 30, 2024, and net income increased$1.6 million to$0.7 million , as compared with the corresponding 2023 period. Falcon’s Beyond’s share of income was$1.3 million from PDP for Q2 2024.$0.7 million
-
Falcon’s Beyond’s consolidated net income increased by
to$16.8 million for the three months ended June 30, 2024, compared with$8.0 million ( loss for the three months ended June 30, 2023, primarily driven by a$8.8) million gain from change in fair value of earnout liabilities, a$13.0 million decrease in losses from operations and a$4.1 million increase in share of gain from equity method investments, partially offset by a$2.6 million loss from the change in fair value of warrant liabilities.$2.6 million
-
Adjusted EBITDA1 increased
to$6.5 million ( for the three months ended June 30, 2024, compared to$1.9) million ( for the three months ended June 30, 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 and realizes positive returns from the Company’s equity method investments.$8.4) million
Jo Merrill, Chief Financial Officer of Falcon's Beyond, stated, “We continue to see a robust positive performance trend in our second quarter with a year-over-year increase in revenue in excess of
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.
Falcon’s Beyond will be posting an updated Investor Presentation in the Investor Relations section of its website at https://investors.falconsbeyond.com/.
Falcon’s Beyond may use its website as a distribution channel of material Company information. Financial and other important information regarding the Company is routinely accessed through and posted on our website at https://investors.falconsbeyond.com/. In addition, you may automatically receive email alerts and other information about Falcon’s when you enroll your email address by visiting the Email Alerts section at https://investors.falconsbeyond.com/.
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,” “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
_________________________ |
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. |
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 (UNAUDITED)
(in thousands of |
||||||||
|
|
|
|
|
As of
|
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,664 |
|
|
$ |
672 |
|
Accounts receivable, net ( |
|
|
34 |
|
|
|
696 |
|
Other current assets |
|
|
1,078 |
|
|
|
1,061 |
|
Total current assets |
|
|
2,776 |
|
|
|
2,429 |
|
Investments and advances to equity method investments |
|
|
62,826 |
|
|
|
60,643 |
|
Property and equipment, net |
|
|
23 |
|
|
|
23 |
|
Other non-current assets |
|
|
305 |
|
|
|
264 |
|
Total assets |
|
$ |
65,930 |
|
|
$ |
63,359 |
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity (deficit) |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable ( |
|
$ |
3,822 |
|
|
$ |
3,852 |
|
Accrued expenses and other current liabilities ( |
|
|
23,513 |
|
|
|
20,840 |
|
Short-term debt ( |
|
|
8,471 |
|
|
|
— |
|
Current portion of long-term debt ( |
|
|
7,190 |
|
|
|
6,651 |
|
Earnout liabilities – current portion |
|
|
73,843 |
|
|
|
183,055 |
|
Total current liabilities |
|
|
116,839 |
|
|
|
214,398 |
|
Other long-term payables |
|
|
5,500 |
|
|
|
5,500 |
|
Long-term debt, net of current portion ( |
|
|
19,852 |
|
|
|
22,965 |
|
Earnout liabilities, net of current portion |
|
|
216,922 |
|
|
|
305,586 |
|
Warrant liabilities |
|
|
6,290 |
|
|
|
3,904 |
|
Total liabilities |
|
|
365,403 |
|
|
|
552,353 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies – Note 10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity (deficit) |
|
|
|
|
|
|
|
|
Class A common stock ( |
|
|
1 |
|
|
|
1 |
|
Class B common stock ( |
|
|
6 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
5,681 |
|
|
|
11,699 |
|
Accumulated deficit |
|
|
(50,191) |
|
|
|
(68,594 |
) |
Accumulated other comprehensive loss |
|
|
(216) |
|
|
|
(216 |
) |
Total equity attributable to common stockholders |
|
|
(44,719) |
|
|
|
(57,105 |
) |
Non-controlling interests |
|
|
(254,754) |
|
|
|
(431,889 |
) |
Total equity |
|
|
(299,473) |
|
|
|
(488,994 |
) |
Total liabilities and equity |
|
$ |
65,930 |
|
|
$ |
63,359 |
|
FALCON’S BEYOND GLOBAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (LOSS) (UNAUDITED)
(in thousands of |
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For the three months ended |
For the six months ended |
||||||||||||||
|
June 30, 2024 |
|
|
June 30, 2023 |
|
June 30, 2024 |
|
|
June 30, 2023 |
||||||
Revenue ( |
$ |
1,798 |
|
|
$ |
5,322 |
|
|
$ |
3,314 |
|
|
$ |
14,516 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Project design and build expense |
|
- |
|
|
|
3,141 |
|
|
|
- |
|
|
|
9,429 |
|
Selling, general and administrative expense |
|
5,308 |
|
|
|
9,151 |
|
|
|
12,101 |
|
|
|
18,900 |
|
Transaction expenses |
|
- |
|
|
|
- |
|
|
|
7 |
|
|
|
- |
|
Credit loss expense – related party ( |
|
- |
|
|
|
- |
|
|
|
12 |
|
|
|
254 |
|
Research and development expense ( |
|
10 |
|
|
|
439 |
|
|
|
26 |
|
|
|
902 |
|
Depreciation and amortization expense |
2 |
|
174 |
|
3 |
|
1,516 |
|
|||||||
Total operating expenses |
|
5,320 |
|
|
|
12,905 |
|
|
|
12,149 |
|
|
|
31,001 |
|
Loss from operations |
|
(3,522 |
) |
|
|
(7,583 |
) |
|
|
(8,835 |
) |
|
|
(16,485 |
) |
Share of gain (loss) from equity method investments |
|
1,720 |
|
|
|
(856 |
) |
|
|
2,874 |
|
|
|
(2,135 |
) |
Interest expense ( |
|
(438 |
) |
|
(295 |
) |
|
(707 |
) |
|
(566 |
) |
|||
Interest income |
|
3 |
|
|
|
45 |
|
|
|
6 |
|
|
|
45 |
|
Change in fair value of warrant liabilities |
|
(2,599 |
) |
|
— |
|
|
(2,391 |
) |
|
— |
|
|||
Change in fair value of earnout liabilities |
|
13,006 |
|
|
|
— |
|
|
|
131,621 |
|
|
|
— |
|
Foreign exchange transaction gain (loss) |
(142 |
) |
(129 |
) |
(517 |
) |
470 |
|
|||||||
Net income (loss) before taxes |
|
8,028 |
|
|
(8,818 |
) |
|
122,051 |
|
|
(18,671 |
) |
|||
Income tax benefit |
|
— |
|
|
|
16 |
|
|
|
1 |
|
|
|
19 |
|
Net income (loss) |
$ |
8,028 |
|
$ |
(8,802 |
) |
$ |
122,052 |
|
$ |
(18,652 |
) |
|||
Net income attributable to noncontrolling interest |
|
6,794 |
|
|
|
— |
|
|
|
103,648 |
|
|
|
— |
|
Net income attributable to common stockholders |
1,234 |
|
— |
|
18,404 |
|
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income per share, basic |
0.12 |
|
n/a |
|
1.93 |
|
n/a |
|
|||||||
Net income per share, diluted |
|
0.01 |
|
|
|
n/a |
|
|
|
1.37 |
|
|
|
n/a |
|
Weighted average shares outstanding, basic |
10,008,941 |
|
n/a |
|
9,515,230 |
|
n/a |
|
|||||||
Weighted average shares outstanding, diluted |
|
10,066,633 |
|
n/a |
|
9,731,576 |
|
n/a |
|
FALCON’S BEYOND GLOBAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands of |
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|
|
For the six months ended |
|
||||||
|
|
June 30, |
|
|
June 30, |
|
|||
|
|
2024 |
|
|
2023 |
|
|||
Cash flows from operating activities |
|
|
|
|
|
|
|||
Net income (loss) |
|
|
122,052 |
|
|
|
|
(18,652 |
) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3 |
|
|
|
|
1,516 |
|
Deferred loss on sales to equity method investments |
|
|
- |
|
|
|
|
194 |
|
Foreign exchange transaction loss (gain) |
|
|
517 |
|
|
|
|
(478 |
) |
Share of (gain) loss from equity method investments |
|
|
(2,874 |
) |
|
|
|
2,135 |
|
Loss on sale of equipment |
|
|
2 |
|
|
|
|
— |
|
Change in deferred tax asset |
|
|
- |
|
|
|
|
(19 |
) |
Credit loss expense ( |
|
|
12 |
|
|
|
|
254 |
|
Change in fair value of earnouts |
|
|
(131,621 |
) |
|
|
|
— |
|
Change in fair value of warrants |
|
|
2,391 |
|
|
|
|
— |
|
Share based compensation expense |
|
|
699 |
|
|
|
|
— |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable, net ( |
|
|
627 |
|
|
|
|
(4,521 |
) |
Other current assets |
|
|
(18 |
) |
|
|
|
(164 |
) |
Inventories |
|
|
- |
|
|
|
|
(106 |
) |
Contract assets ( |
|
|
- |
|
|
|
|
880 |
|
Capitalization of ride media content |
|
|
- |
|
|
|
|
(78 |
) |
Deferred transaction costs |
|
|
- |
|
|
|
|
(637 |
) |
Long term receivable – related party |
|
|
- |
|
|
|
|
(1,271 |
) |
Other non-current assets |
|
|
(41 |
) |
|
|
|
64 |
|
Accounts payable ( |
|
|
(22 |
) |
|
|
|
5,173 |
|
Accrued expenses and other current liabilities ( |
|
|
1,888 |
|
|
|
|
2,908 |
|
Contract liabilities ( |
|
|
- |
|
|
|
|
192 |
|
Net cash used in operating activities |
|
|
(6,385 |
) |
|
|
|
(12,610 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(5 |
) |
|
|
|
(283 |
) |
Investments and advances to unconsolidated joint ventures |
- |
|
|
(1,379 |
) | ||||
Net cash used in investing activities |
|
|
(5 |
) |
|
|
|
(1,662 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
Short-term advances from affiliates ( |
|
|
796 |
|
|
|
|
— |
|
Principal payment on finance lease obligation |
|
|
- |
|
|
|
|
(93 |
) |
Proceeds from debt – related party |
|
|
7,221 |
|
|
|
|
— |
|
Proceeds from debt – third-party |
|
|
1,250 |
|
|
|
|
— |
|
Repayment of debt – related party |
|
|
(1,757 |
) |
|
|
|
(222 |
) |
Repayment of debt – third-party |
|
|
(858 |
) |
|
|
|
(835 |
) |
Proceeds from related party credit facilities |
|
|
5,600 |
|
|
|
|
8,959 |
|
Repayment of related party credit facilities |
|
|
(5,392 |
) |
|
|
|
(2,500 |
) |
Equity contributions |
|
|
- |
|
|
|
|
1,791 |
|
Proceeds from exercised warrants |
|
|
111 |
|
|
|
|
— |
|
Proceeds from RSUs issued to affiliates |
|
|
426 |
|
|
|
|
— |
|
Net cash provided by financing activities |
|
|
7,397 |
|
|
|
|
7,100 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
1,007 |
|
|
|
|
(7,172 |
) |
Foreign exchange impact on cash |
|
|
(15 |
) |
|
|
|
(8 |
) |
Cash and cash equivalents – beginning of period |
|
|
672 |
|
|
|
|
8,366 |
|
Cash and cash equivalents at end of period |
|
|
1,664 |
|
|
|
|
1,186 |
|
Supplemental disclosures: |
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
|
280 |
|
|
|
|
550 |
|
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 |
|
Finance lease right-of-use assets obtained in exchange for new finance lease liabilities |
|
|
- |
|
|
|
|
35 |
|
Conversion of warrants to common shares, Class A |
|
|
7,137 |
|
|
|
|
— |
|
Conversion of Class B Common Stock to Class A Common Stock |
|
|
14,733 |
|
|
|
|
— |
|
Release of earnout Common shares from escrow |
|
|
66,255 |
|
|
|
|
— |
|
Reconciliation of Non-GAAP Financial Measure |
|||||||||
|
|
Three months ended
|
|
|
Three months ended
|
|
|||
Net income (loss) |
|
$ |
8,028 |
|
|
|
$ |
(8,802 |
) |
Interest expense |
|
|
438 |
|
|
|
|
295 |
|
Interest income |
|
|
(3 |
) |
|
|
|
(45 |
) |
Income tax benefit |
|
|
— |
|
|
|
|
(16 |
) |
Depreciation and amortization expense |
|
|
2 |
|
|
|
|
174 |
|
EBITDA |
|
|
8,465 |
|
|
|
|
(8,394 |
) |
Change in fair value of warrant liabilities |
|
|
2,599 |
|
|
|
|
— |
|
Change in fair value of earnout liabilities |
|
|
(13,006 |
) |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
(1,942 |
) |
|
|
$ |
(8,394 |
) |
|
|
Six months ended
|
|
|
Six months ended
|
|
|||
Net income (loss) |
|
$ |
122,052 |
|
|
|
$ |
(18,652 |
) |
Interest expense |
|
|
707 |
|
|
|
|
566 |
|
Interest income |
|
|
(6 |
) |
|
|
|
(45 |
) |
Income tax benefit |
|
|
(1 |
) |
|
|
|
(19 |
) |
Depreciation and amortization expense |
|
|
3 |
|
|
|
|
1,516 |
|
EBITDA |
|
|
122,755 |
|
|
|
|
(16,634 |
) |
Transaction expenses |
|
|
7 |
|
|
|
|
— |
|
Credit loss expense |
|
|
12 |
|
|
|
|
254 |
|
Change in fair value of warrant liabilities |
|
|
2,391 |
|
|
|
|
— |
|
Change in fair value of earnout liabilities |
|
|
(131,621 |
) |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
(6,456 |
) |
|
|
$ |
(16,380 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240813430652/en/
Investor Relations:
Brett Milotte, ICR
IR@FalconsBeyond.com
Source: Falcon's Beyond Global, Inc.
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