via NewMediaWire -- Troika Media Group, Inc. (Nasdaq: TRKA) ("TMG"
or "Company"), a brand consultancy and marketing innovations
company that provides integrated branding and marketing solutions
for global brands, today announced financial results for its first
quarter of fiscal year 2022 ended September 30, 2021.
Financial Highlights
- Revenue increased
102% to $8.3 million in Q1 2022, compared to the prior year
quarter.
- Adjusted EBITDA
improved 78% to $(0.6) million in Q1 2022, compared to the prior
year quarter.
- Net loss improved
45% to $(2.1) million in Q1 2022, compared to the prior year
quarter.
Management Commentary
Robert Machinist, Troika’s Chairman and CEO, said,
“Building on the momentum we saw in our business developing at the
end of fiscal year 2021, we are off to a great start to fiscal
2022, with strong revenue growth of 102%, lower losses, and
operating leverage across the entire business. We believe our
very strong performance goes well beyond a post-COVID
recovery, as growth was generated across our operating
segments, and driven by broad-based contributions across our client
sectors. Clients are making significant investments in marketing,
particularly in digital media and experiential campaigns. TMG
has positioned itself as a high-value partner that combines the
power of creativity with the benefits of data and technology, to
create integrated solutions for clients across a range of industry
sectors. These outstanding results are a credit to our
employees who have continued to show a high level of dedication and
support – to our clients and to one another.”
Machinist added, “We continue to carefully evaluate how to
accelerate our growth strategy through a targeted and scalable
M&A approach to build on existing capabilities in growth areas
such as experience, commerce and technology. We believe there
are significant new growth opportunities for TMG as clients are
looking for innovative and integrated solutions that harness new
technologies to grow their business.”
“We will continue to focus on delivering strong results for our
clients and innovating to expand the capabilities of our platform
and better serve our global brands. As such, we see significant
opportunity to create further value for our shareholders.”
Three Months Ended September 30, |
|
|
|
|
|
Percent |
|
2021 |
|
2020 |
|
|
Change |
(Unaudited) |
(in thousands, except
per share amounts) |
|
|
|
Revenue |
$
8,349 |
|
$ 4,132 |
|
|
102% |
Operating loss |
$
(3,493) |
|
$
(3,957) |
|
|
12% |
Net loss |
$
(2,139) |
|
$
(3,921) |
|
|
45% |
Adjusted EBITDA(1) |
$
(620) |
|
$
(2,763) |
|
|
78% |
Cash provided by (used in)
operating activities |
$
(2,261) |
|
$
(1,182) |
|
|
-91% |
Free Cash Flow(2) |
$
(2,180) |
|
$
(1,171) |
|
|
-86% |
Diluted net loss per share
attributable to common stockholders |
$
(0.05) |
|
$
(0.22) |
|
|
77% |
Non-GAAP diluted net income
(loss) per share(3) |
$
(0.01) |
|
$
(0.16) |
|
|
91% |
Common shares outstanding plus
shares underlying stock-based awards |
41,422,781 |
|
17,490,910 |
|
|
137% |
|
|
|
|
|
|
|
(1)See page 8 for
reconciliation of net loss to Adjusted EBITDA. |
|
|
|
|
|
|
(2)See page 7 for
reconciliation of cash provided by (used in) operating activities
to Free Cash Flow. |
|
|
|
(3)See page 6 for
reconciliation of GAAP diluted net loss per share to non-GAAP
diluted net income (loss) per share. |
|
|
|
First Quarter Fiscal 2022 Summary and Key Highlights
- Continued focus on
significant growth strategy post-COVID
- Accelerating
expansion in fast growing gaming and Esports market
- Business mix and
client spend shifting to faster growth areas: Experience, Consumer
and Technology
- New client growth
returning to pre-pandemic levels
- Demand for client services across brands continues momentum in
Q2 2022 with pipeline growing
- Well-positioned to leverage expected top-line growth
- Strong net revenue
growth expected to continue in fiscal 2022
Conference Call/Webcast Information
Investors can access the live webcast via the
following link:
https://www.webcaster4.com/Webcast/Page/2817/43652
For those planning to participate on the call, please dial +1-
888-506-0062 (for domestic calls), or +1- 973-528-0011 (for
international calls), passcode 730547. A replay of the conference
call will be available for one week following the call at +1-
877-481-4010 (for domestic calls) or +1- 919-882-2331 (for
international calls), replay passcode # 43652.
Definitions
Free Cash Flow is defined as net cash provided by (used in)
operating activities, reduced by purchases of property and
equipment.
Common shares outstanding plus shares underlying stock-based
awards includes common shares outstanding, restricted stock units,
restricted stock awards, warrants and outstanding stock
options.
Adjusted EBITDA is defined as net income (loss), excluding
interest income; interest expense; other income (expense) net;
income tax benefit (expense); depreciation and amortization;
stock-based compensation expense and other payroll related tax
expense; and certain other non-cash or non-recurring items
impacting net income (loss) from time to time.
Note: For adjustments and additional information regarding the
non-GAAP financial measures and other items discussed, please see
“Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP
Financial Measures.”
About Troika Media Group
Troika Media Group is an end-to-end brand solutions company that
creates both near-term and long-term value for global brands in
entertainment, sports and consumer products. Applying emerging
technology, data science, and world-class creative, TMG helps
brands deepen engagement with audiences and fans throughout the
consumer journey and builds brand equity. Clients include Apple,
Hulu, Riot Games, Belvedere Vodka, Unilever, UFC, Peloton, CNN,
HBO, ESPN, Wynn Resorts and Casinos, Tiffany & Co., IMAX,
Netflix, Sony, Yahoo and Coca-Cola. For more information, visit
www.thetmgrp.com
Forward-Looking Statements
Certain statements in this press release that are not historical
facts are forward-looking statements that reflect management's
current expectations, assumptions, and estimates of future
performance and economic conditions, and involve risks and
uncertainties that could cause actual results to differ materially
from those anticipated by the statements made herein.
Forward-looking statements are generally identifiable by the use of
forward-looking terminology such as "believe," "expects," "may,"
"looks to," "will," "should," "plan," "intend," "on condition,"
"target," "see," "potential," "estimates," "preliminary," or
"anticipates" or the negative thereof or comparable terminology, or
by discussion of strategy or goals or other future events,
circumstances, or effects. Moreover, forward-looking statements in
this release include, but are not limited to, the impact of the
current COVID-19 pandemic, which may limit access to the Company's
facilities, customers, management, support staff, and professional
advisors, and to develop and deliver advanced voice and data
communications systems, demand for the Company's products and
services, economic conditions in the U.S. and worldwide, and the
Company's ability to recruit and retain management, technical, and
sales personnel. Further information relating to factors that may
impact the Company's results and forward-looking statements are
disclosed in the Company's filings with the SEC. The
forward-looking statements contained in this press release are made
as of the date of this press release, and the Company disclaims any
intention or obligation, other than imposed by law, to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with GAAP, we use certain
non-GAAP financial measures, as described below, to understand and
evaluate our core operating performance. These non-GAAP financial
measures, which may be different than similarly titled measures
used by other companies, are presented to enhance investors’
overall understanding of our financial performance and should not
be considered a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP.
We use the non-GAAP financial measure of Free Cash Flow, which
is defined as net cash provided by (used in) operating activities,
reduced by purchases of property and equipment. We believe Free
Cash Flow is an important liquidity measure of the cash that is
available, after capital expenditures, for operational expenses and
investment in our business and is a key financial indicator used by
management. Free Cash Flow is useful to investors as a liquidity
measure because it measures our ability to generate or use cash.
Once our business needs and obligations are met, cash can be used
to maintain a strong balance sheet and invest in future growth.
We use the non-GAAP financial measure of Adjusted EBITDA, which
is defined as net income (loss); excluding interest income;
interest expense; other income (expense), net; income tax benefit
(expense); depreciation and amortization; stock-based compensation
expense and other payroll related tax expense; and certain other
non-cash or non-recurring items impacting net income (loss) from
time to time. We believe that Adjusted EBITDA helps identify
underlying trends in our business that could otherwise be masked by
the effect of the expenses that we exclude in Adjusted EBITDA.
We use the non-GAAP financial measure of non-GAAP net loss,
which is defined as net income (loss); excluding amortization of
intangible assets; stock-based compensation expense and other
payroll related tax expense; certain other non-cash or
non-recurring items impacting net income (loss) from time to time;
and related income tax adjustments. Non-GAAP net loss and weighted
average diluted shares are then used to calculate non-GAAP diluted
net loss per share. Similar to Adjusted EBITDA, we believe these
measures help identify underlying trends in our business that could
otherwise be masked by the effect of the expenses we exclude in the
measure.
We believe that these non-GAAP financial measures provide useful
information about our financial performance, enhance the overall
understanding of our past performance and future prospects, and
allow for greater transparency with respect to key metrics used by
our management for financial and operational decision-making. We
are presenting these non-GAAP measures to assist investors in
seeing our financial performance through the eyes of management,
and because we believe that these measures provide an additional
tool for investors to use in comparing our core financial
performance over multiple periods with other companies in our
industry.
For a reconciliation of these non-GAAP financial measures to the
most directly comparable GAAP financial measure, please see below
“Reconciliation of GAAP to Non-GAAP Financial Measures.”
Troika Media Group, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2021 |
|
June 30, 2021 |
|
ASSETS |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
9,752,000 |
$ |
12,066,000 |
|
|
Accounts
receivable, net |
|
1,976,000 |
|
1,327,000 |
|
|
Prepaid
expenses |
|
625,000 |
|
670,000 |
|
|
Other assets - short term portion |
|
67,000 |
|
1,000 |
|
|
|
Total current assets |
|
12,420,000 |
|
14,064,000 |
|
|
|
|
|
|
|
|
|
|
Other assets -long term portion |
|
628,000 |
|
626,000 |
|
|
Property and
equipment, net |
|
379,000 |
|
343,000 |
|
|
Operating lease
right-of-use assets |
|
6,827,000 |
|
6,887,000 |
|
|
Intangible assets,
net |
|
2,431,000 |
|
2,603,000 |
|
|
Intercompany |
|
- |
|
- |
|
|
Goodwill |
|
19,368,000 |
|
19,368,000 |
|
Total assets |
$ |
42,053,000 |
$ |
43,891,000 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable
and accrued expenses |
$ |
7,396,000 |
$ |
8,363,000 |
|
|
Convertible notes
payable |
|
50,000 |
|
50,000 |
|
|
Note payable -
related party - short term portion |
|
180,000 |
|
200,000 |
|
|
Due to related
parties |
|
7,000 |
|
41,000 |
|
|
Contract
liabilities |
|
6,873,000 |
|
5,973,000 |
|
|
Operating lease
liability - short term portion |
|
3,115,000 |
|
3,344,000 |
|
|
Contingent
consideration - short term portion |
|
- |
|
- |
|
|
Deferred rent -
short term portion |
|
- |
|
- |
|
|
Derivative liabilities |
|
1,000 |
|
13,000 |
|
|
Taxes payable |
|
62,000 |
|
62,000 |
|
|
Stimulus loan
program - short term portion |
|
15,000 |
|
22,000 |
|
|
|
Total current liabilities |
|
17,699,000 |
|
18,068,000 |
|
|
|
|
|
|
|
|
|
Long term
liabilities: |
|
|
|
|
|
|
Operating lease
liability - long term portion |
|
5,785,000 |
|
5,835,000 |
|
|
Contingent
consideration - long term portion |
|
- |
|
- |
|
|
Deferred rent -
long term portion |
|
0 |
|
0 |
|
|
Note payable -
related party – long term portion |
|
- |
|
- |
|
|
Stimulus loan
program - long term portion |
|
425,000 |
|
547,000 |
|
|
Rental
deposits |
|
119,000 |
|
119,000 |
|
|
Other long-term
liabilities |
|
309,000 |
|
477,000 |
|
|
Liabilities of
discontinued operations - long term portion |
|
107,000 |
|
107,000 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
24,444,000 |
|
25,153,000 |
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
Preferred stock, $0.01 par value: 15,000,000 shares authorized |
|
|
|
|
|
|
Series A Preferred Stock ($0.01 par value: 5,000,000 shares
authorized, 720,000 shares issued and outstanding as of September
30, 2021 and June 30, 2021, respectively) |
|
7,000 |
|
7,000 |
|
|
Common stock, ($0.001 par value: 300,000,000 shares authorized;
43,572,950 and 39,496,588 shares issued and outstanding as of
September 30, 2021 and June 30, 2021, respectively) |
|
44,000 |
|
40,000 |
|
|
Additional
paid-in-capital |
|
206,973,000 |
|
204,788,000 |
|
|
Stock payable |
|
- |
|
1,210,000 |
|
|
Accumulated
deficit |
|
(189,028,000) |
|
(186,889,000) |
|
|
Other
Comprehensive (Gain)/Loss |
|
(387,000) |
|
(418,000) |
|
|
|
Total stockholders’ equity
(deficit) |
|
17,609,000 |
|
18,738,000 |
|
Total liabilities
and stockholders’ equity (deficit) |
$ |
42,053,000 |
$ |
43,891,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these unaudited
condensed consolidated financial statements. |
Troika Media Group, Inc. and Subsidiaries |
Condensed Consolidated Statements of Operations and
Comprehensive Loss |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
Project revenues,
net |
$ |
8,349,000 |
$ |
4,132,000 |
|
Cost of
revenues |
|
4,837,000 |
|
2,280,000 |
|
|
Gross profit |
|
3,512,000 |
|
1,852,000 |
|
|
|
|
|
42.1% |
|
44.8% |
|
Operating
expenses: |
|
|
|
|
|
|
Selling, general
and administrative expenses |
|
6,235,000 |
|
4,450,000 |
|
|
Professional
fees |
|
568,000 |
|
788,000 |
|
|
Depreciation
expense |
|
30,000 |
|
31,000 |
|
|
Amortization
expense of intangibles |
|
172,000 |
|
540,000 |
|
|
Goodwill
impairment expense |
|
- |
|
- |
|
|
Intangibles
impairment expense |
|
- |
|
- |
|
|
Acquisition
costs |
|
- |
|
- |
|
|
Gain from release
of contingent earn out |
|
- |
|
- |
|
|
Total operating
expenses |
|
7,005,000 |
|
5,809,000 |
|
|
|
Loss from operations |
|
(3,493,000) |
|
(3,957,000) |
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
Income from
government grants |
|
262,000 |
|
- |
|
|
Amortization
expense of note payable discount |
|
- |
|
(17,000) |
|
|
Interest
expense |
|
(13,000) |
|
(4,000) |
|
|
Foreign exchange
gain |
|
(16,000) |
|
(47,000) |
|
|
Gain on early
termination of operating lease |
|
(3,000) |
|
- |
|
|
Gain on derivative liabilities |
|
12,000 |
|
(23,000) |
|
|
Other income |
|
1,112,000 |
|
127,000 |
|
|
Other
expenses |
|
- |
|
- |
|
|
|
Total other income
(expense) |
|
1,354,000 |
|
36,000 |
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations before income tax |
|
(2,139,000) |
|
(3,921,000) |
|
Provision for
income tax |
|
- |
|
- |
|
Net loss from
continuing operations after income tax |
|
(2,139,000) |
|
(3,921,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
discontinued operations |
|
- |
|
- |
|
Net loss |
$ |
(2,139,000) |
$ |
(3,921,000) |
|
Deemed dividend on
preferred stock |
|
- |
|
- |
|
Net loss
attributable to common stockholders |
|
(2,139,000) |
|
(3,921,000) |
|
Foreign currency
translation adjustment |
|
31,000 |
|
(93,000) |
|
Comprehensive
loss |
$ |
(2,108,000) |
$ |
(4,014,000) |
|
|
|
|
|
|
|
|
|
Basic earnings
(loss) per share |
|
|
|
|
|
|
Continuing
operations |
$ |
(0.05) |
$ |
(0.22) |
|
|
Discontinued
operations |
$ |
- |
$ |
- |
|
|
Net loss
attributable to common stockholders |
$ |
(0.05) |
$ |
(0.22) |
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share |
|
|
|
|
|
|
Discontinued
operations |
$ |
- |
$ |
- |
|
|
|
|
|
|
|
|
|
Weighted average
basic shares |
|
41,422,781 |
|
17,490,910 |
|
Weighted average
diluted shares |
|
41,422,781 |
|
23,665,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements. |
|
Troika Media Group, Inc. and Subsidiaries |
Condensed Consolidated Statements of Cash Flows |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
2021 |
|
2020 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
Net loss |
|
$ |
(2,139,000) |
$ |
(3,921,000) |
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities: |
|
|
|
|
|
Depreciation |
|
30,000 |
|
31,000 |
|
|
Amortization of
intangibles |
|
172,000 |
|
540,000 |
|
|
Amortization of
right-of-use assets |
|
- |
|
- |
|
|
Amortization of
discount on convertible note payables |
|
- |
|
17,000 |
|
|
Impairment of
goodwill |
|
- |
|
- |
|
|
Impairment of intangibles |
|
- |
|
- |
|
|
Release of contingent earn out |
|
- |
|
- |
|
|
Stock-based
compensation on options |
|
107,000 |
|
166,000 |
|
|
Stock-based
compensation on warrants |
|
67,000 |
|
154,000 |
|
|
Stock-based
compensation relating to Redeeem acquisition |
|
805,000 |
|
- |
|
|
Warrants related
to legal settlement |
|
- |
|
- |
|
|
Warrants related to financing of convertible note payables |
|
- |
|
- |
|
|
Imputed interest
for note payable |
|
- |
|
4,000 |
|
|
Gain on early
termination of operating lease |
|
3,000 |
|
- |
|
|
Loss on derivative liabilities |
|
(12,000) |
|
23,000 |
|
|
Discount on derivative liability |
|
- |
|
- |
|
|
Income from
government grants |
|
- |
|
- |
|
|
(Recovery) and
provision for bad debt |
|
(69,000) |
|
(100,000) |
|
|
Preferred shares
converted to common stock |
|
- |
|
- |
|
|
Beneficial
conversion features on convertible promissory notes |
|
- |
|
- |
|
|
Tax provision for
income |
|
- |
|
- |
|
|
Gain from
derecognition of liabilities from discontinued operations |
|
- |
|
- |
|
Change in
operating assets and liabilities: |
|
|
|
|
|
|
Accounts
receivable |
|
(580,000) |
|
(426,000) |
|
|
Prepaid
expenses |
|
45,000 |
|
(48,000) |
|
|
Accounts payable
and accrued expenses |
|
(969,000) |
|
2,030,000 |
|
|
Deferred
expenses |
|
- |
|
- |
|
|
Due from related parties |
|
- |
|
- |
|
|
Other assets |
|
(68,000) |
|
(4,000) |
|
|
Rental
deposits |
|
- |
|
- |
|
|
Operating lease
liability |
|
(222,000) |
|
171,000 |
|
|
Deferred rent |
|
- |
|
|
|
|
Due to related parties |
|
(34,000) |
|
- |
|
|
Other long-term
liabilities |
|
(168,000) |
|
- |
|
|
Taxes payable |
|
- |
|
|
|
|
Contract
liabilities relating to revenue |
|
1,170,000 |
|
181,000 |
|
|
Contract
liabilities to government grants |
|
(399,000) |
|
- |
|
|
Liabilities of
discontinued operations |
|
- |
|
- |
|
|
|
Net cash used in operating
activities |
|
(2,261,000) |
|
(1,182,000) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
Net cash paid for
acquisiton of Redeeem |
|
- |
|
- |
|
|
Purchase of fixed
assets |
|
(68,000) |
|
(7,000) |
|
|
|
Net cash used in investing
activities |
|
(68,000) |
|
(7,000) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
Issuance of series
D convertible preferred shares for cash |
|
- |
|
- |
|
|
Proceeds from
initial public offering net of offering costs |
|
- |
|
- |
|
|
Proceeds from
stimulus loan programs |
|
- |
|
565,000 |
|
|
Payments to note payable of related party |
|
(20,000) |
|
- |
|
|
Proceeds from convertible note payable |
|
- |
|
150,000 |
|
|
Payments to
convertible note payable |
|
- |
|
- |
|
|
|
Net cash provided by financing
activities |
|
(20,000) |
|
715,000 |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
DISCONTINUED OPERATIONS |
|
|
|
|
|
|
Net income from
discontinued operations |
|
- |
|
- |
|
|
|
Gain from release of
contingent earn out |
|
- |
|
- |
|
|
|
Change in accounts payable and
accrued expenses |
|
- |
|
- |
|
|
Net cash used in
discontinued operations - operating activities |
|
- |
|
- |
|
|
Net cash used in
discontinued operations - financing activities |
|
- |
|
- |
|
|
|
Net cash (used in) provided by
discontinued operations |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
Effect of exchange
rate on cash |
|
35,000 |
|
(9,000) |
|
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS |
$ |
(2,314,000) |
$ |
(483,000) |
|
CASH AND CASH
EQUIVALENTS — beginning of period |
|
12,066,000 |
|
1,706,000 |
|
CASH AND CASH
EQUIVALENTS — end of period |
$ |
9,752,000 |
$ |
1,223,000 |
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
Cash paid during
the period for: |
|
|
|
|
|
|
|
Income taxes |
$ |
- |
$ |
- |
|
|
|
Interest expense |
$ |
3,000 |
$ |
- |
|
|
Noncash investing
and financing activities: |
|
|
|
|
|
|
|
Retirement of common
stock |
$ |
|
$ |
- |
|
|
|
Shares to be issued for
Redeeem acquisition |
$ |
- |
$ |
- |
|
|
|
Record derivative liability on
convertible notes |
$ |
- |
$ |
110,000 |
|
|
|
Issuance of common stock
related to convertible note payables |
$ |
- |
$ |
1,300,000 |
|
|
|
Issuance of common stock
related to stock payable |
$ |
- |
$ |
- |
|
|
|
Conversion of converible note
payable |
$ |
- |
$ |
1,400,000 |
|
|
|
Deemed dividend on preferred stock |
$ |
- |
$ |
- |
|
|
|
Right-of-use assets acquired
through adoption of ASC 842 |
$ |
- |
$ |
8,931,000 |
|
|
|
Right-of-use assets acquired
through operating leases |
$ |
467,000 |
$ |
2,398,000 |
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements. |
Troika
Media Group |
|
|
|
|
|
|
Income Statement
Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures |
Q1 FY 2022 |
|
Q1 FY 2021 |
|
|
|
Quarter / Quarter |
September 30, 2021 |
|
September 30, 2020 |
|
Variance |
|
(Un-Audited) |
(Un-Audited) |
|
(Un-Audited) |
|
(Un-Audited) |
% |
Revenue |
8,348,989 |
|
4,132,303 |
|
4,216,686 |
102% |
Cost of Sales |
(4,836,527) |
|
(2,279,879) |
|
(2,556,649) |
|
|
|
|
|
|
|
|
Gross Profit |
3,512,462 |
|
1,852,425 |
|
1,660,037 |
|
|
42.1% |
|
44.8% |
|
|
|
Operating Expenses |
(6,803,383) |
|
(5,140,369) |
|
(1,663,014) |
|
EBITDA |
(3,290,922) |
|
(3,287,944) |
|
(2,978) |
|
|
|
|
|
|
|
|
Other Income &
Expense |
1,152,900 |
|
(631,681) |
|
1,784,581 |
|
NET INCOME (LOSS) |
$
(2,138,022) |
|
$
(3,919,625) |
|
$ (1,781,603) |
45% |
Non-GAAP Measures
(Un-Audited) |
|
|
|
|
|
|
Unrealized gains - Not
Recognized Under GAAP |
159,530 |
|
- |
|
|
|
Non-cash
expenses (Depreciation, amortization of intangibles &
amortization of note payable discount) |
201,289 |
|
587,772 |
|
|
|
Interest expense |
13,063 |
|
2,869 |
|
|
|
Non-operating related
management bonuses expense |
150,000 |
|
- |
|
|
|
Losses on foreign
exchange |
16,253 |
|
46,507 |
|
|
|
Stock-based compensation
non-cash expense |
979,078 |
|
320,194 |
|
|
|
Litigation expenses |
- |
|
200,000 |
|
|
|
Adjusted EBITDA |
(618,809) |
|
(2,762,284) |
|
(2,143,475) |
78% |
Contact:Investor RelationsTraDigital IRKevin
McGrath+1-646-418-7002kevin@tradigitalir.com
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