TORONTO, July 24, 2019 – theScore, Inc. (TSX Venture: SCR) (“theScore”) today announced the financial results for the three and nine months ended May 31, 2019 in accordance with International Financial Reporting Standards (“IFRS”). All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
Q3 F2019 Highlights
- theScore remains on schedule for the New Jersey launch of its mobile sportsbook, pending receipt of all required approvals and licenses from the State of New Jersey Division of Gaming Enforcement (DGE) and the New Jersey Racing Commission (NJRC).
- theScore achieved a new Q3 revenue record of $8.5 million. This compared to $7.2 million in revenue for the same period last year, with growth primarily the result of strong performances from direct sales in Canada and the U.S.
- theScore achieved a new Q3 record for average monthly user sessions on theScore app. Average monthly sessions reached 395 million during Q3 F2019, with users opening it an average of 102 times a month each.
- theScore’s social content achieved a new quarterly record with an average monthly reach of approximately 100 million users in Q3 F2019, while total video views of theScore’s esports content also achieved a new quarterly record of 64 million.
“The great work in Q3 by our team and partners at Bet.Works means we’re right on schedule for the launch of what we believe will be a truly best-in-class mobile sportsbook,” said John Levy, Founder and CEO of theScore. “We can’t wait to show sports bettors in the U.S. what we’ve been building – starting with New Jersey.
“theScore’s sportsbook will deliver a unique mobile betting experience that will be tightly integrated with our flagship app to create a powerful ecosystem by a brand already trusted by millions of sports fans. theScore is going all-in on sports betting, and our established position as a leader in mobile sports makes this an incredible opportunity.
“It was also a great quarter for our core business. Advertising revenue achieved a new Q3 record, while engagement on our media app and audience growth across our esports and social platforms was also extremely positive.”
Revenue for the three months ended May 31, 2019 was $8.5 million compared to $7.2 million for the same period last year. Revenue for the nine months ended May 31, 2019 was $24.7 million versus $22.6 million for the same period last year. Growth in revenue for the quarter was primarily the result of strong performances from direct sales in Canada and the U.S.
EBITDA loss for the three months ended May 31, 2019 was $1.1 million versus a loss of $45,000 for the same period last year. Increase in EBITDA loss was primarily the result of additional expenses relating to the ongoing development of theScore’s sports betting business. EBITDA loss for the nine months ended May 31, 2019 was $2.3 million versus a loss of $29,000 in the same period last year.
Total average monthly active user sessions of theScore mobile app on iOS and Android reached 395 million in Q3 F2019, or 102 sessions-per-user-per-month on a base of 3.9 million average monthly app users.
theScore’s content on its social channels achieved an average monthly reach of approximately 100 million in Q3 F2019, year-over-year growth of 161%, serving to further amplify theScore brand globally.
Total video views of theScore esports’ content reached a record 64 million for Q3 F2019, representing year-over-year growth of 188%. Total watch minutes for theScore esports’ YouTube channel were 332 million, growth of 170% year-over-year. An additional 125,000 YouTube subscribers were added during the period, with channel subscribers surpassing 820,000 earlier this month.
Conference Call & Webcast
theScore will host a conference call and webcast at 4:30pm EST on Wednesday, July 24 where management will review the Company’s Q3 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: 1079516
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.