TORONTO, April 17, 2019 – theScore, Inc. (TSX Venture: SCR) (“theScore”) today announced the financial results for the three and six months ended February 28, 2019 in accordance with International Financial Reporting Standards (“IFRS”). All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
Q2 F2019 Highlights
- Significant focus on product development and launch planning for theScore’s sportsbook, which is on-track for mid-2019 launch in New Jersey, subject to receiving all required approvals and licenses from the State of New Jersey Division of Gaming Enforcement (DGE) and the New Jersey Racing Commission (NJRC).
- theScore set a new Q2 record for average monthly user sessions on theScore app. Average monthly sessions reached 395 million during Q2 F2019, with users opening it an average of 97 times a month each.
- theScore’s social content achieved a new quarterly record with an average monthly reach of approximately 95 million users in Q2 F2019, including a new single-month record of approximately 118 million users in January.
“We made huge strides in Q2 and are on schedule to launch what we believe will be a best-in-class mobile sports betting experience in mid-2019,” said John Levy, Founder and CEO of theScore. “Our combination of sports media and sports betting will be a truly differentiated offering for the North American market, and we can’t wait to unveil it. While sports betting initiatives were naturally a big priority for us in Q2, we were also excited to set new records for engagement on our app, as well as a new quarterly record for our social reach, showcasing the power of our audience once again.
“Year-to-date revenue is also up, despite a slower Q2 from direct sales following a very strong Q1, and some industry-wide softness in the programmatic advertising space. That said, we’re seeing very good early momentum in Q3, with strong sales in the quarter to date.”
Revenue for the three months ended February 28, 2019 was $6.8 million compared to $7.1 million for the same period last year. Revenue for the six months ended February 28, 2019 was $16.3 million versus $15.5 million for the same period last year.
EBITDA loss for the three months ended February 28, 2019 was $2.2 million, versus a loss of $0.5 million in the same period the previous year. Increase in EBITDA loss for the quarter was primarily a result of increased expenses relating to ongoing development of theScore’s sports betting business, as well as softer revenue for the period. EBITDA loss for the six months ended February 28, 2019 was $1.3 million versus EBITDA of $14,000 in the same period the previous year.
Total average monthly active user sessions of theScore mobile app on iOS and Android reached 395 million in Q2 F2019, or 97 sessions-per-user-per-month on a base of 4.0 million average monthly app users.
Total video views of theScore esports’ content reached 39.3 million for Q2 F2019, representing year-over-year growth of 93%. Total watch minutes for theScore esports’ YouTube channel were 260 million, growth of 190% year-over-year. YouTube channel subscribers surpassed 700,000 earlier this month.
theScore’s content on its social channels achieved an average monthly reach of approximately 95 million in Q2 F2019, serving to further amplify theScore brand globally. This included a new monthly reach record of approximately 118 million in January.
Conference Call & Webcast
theScore will host a conference call and webcast at 4:30pm EST on Wednesday, April 17 where management will review the Company’s Q2 F2019 results, followed by a Q&A session:
Conference Call Dial-In
Local: +1 (647) 689-5637
Toll Free North America: +1 (877) 396-4208
The conference call will also be webcast live. Register now here.
Local: +1 (416) 621-4642
Toll Free North America: +1 (800) 585-8367
Playback Passcode: 8674184
For more information:
Sr. Manager, Communications
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
theScore’s mission is to create highly-engaging digital products and content that empowers the sports fan’s experience. Its flagship mobile app ‘theScore’ is one of the most popular multi-sport news and data apps in North America, serving millions of fans a month. The Company also creates innovative digital sports experiences through its web, social, and esports platforms, and in December 2018 announced plans to launch a mobile sportsbook in the United States.
Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as “may”, “would”, “could”, “will”, “believes”, “plans”, “anticipates”, “estimates”, “expects” or “intends” and other similar statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Such statements reflect theScore’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking statements, including among other things, those which are discussed under the heading “Risk Factors” in the Company’s Annual Information Form and Short-form Prospectus as filed with the TSX Venture Exchange and available on SEDAR at www.sedar.com and elsewhere in documents that theScore files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from the expectations expressed in these forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as required by applicable law or regulatory requirements.