19:30:52 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Corus Entertainment Inc
Symbol CJR
Shares Issued 196,068,632
Close 2023-01-12 C$ 2.26
Market Cap C$ 443,115,108
Recent Sedar Documents

ORIGINAL: CORUS ENTERTAINMENT ANNOUNCES FISCAL 2023 FIRST QUARTER RESULTS

2023-01-13 08:29 ET - News Release

  • Consolidated revenue decreased 7% for the quarter
  • Consolidated segment profit(1) decreased 26% for the quarter
  • Consolidated segment profit margin(1) of 31% for the quarter
  • Net income attributable to shareholders of $31.4 million ($0.16 per share basic) for the quarter
  • Net debt to segment profit(1) of 3.38 times at November 30, 2022, up from 3.02 times at August 31, 2022
  • Free cash flow(1) of $20.8 million for the quarter

TORONTO, Jan. 13, 2023 /PRNewswire/ - Corus Entertainment Inc. (TSX: CJR.B) announced its first quarter financial results today.

"While we navigate the recent macroeconomic headwinds, Corus remains steadfast in our pursuit of long-term growth for the business," said Doug Murphy, President and Chief Executive Officer. "Our recent launch of Pluto TV with Paramount Global redefines the FAST-channel business in Canada. We have bolstered the value proposition of STACKTV with the addition of our suite of Disney channels. Our owned content business is gearing up for a significant increase in episodic deliveries in the year ahead. Importantly, we have implemented a rigorous cost review to address recent revenue weakness while remaining focused on advancing our strategic plan and priorities."

Financial Highlights 



Three months ended

 November 30

%

(in thousands of Canadian dollars except per share amounts)

2022

2021

Change

Revenue




Television

401,529

434,747

(8 %)

Radio

29,662

29,126

2 %


431,191

463,873

(7 %)




Segment profit (loss) (1)




Television

131,759

178,886

(26 %)

Radio

6,022

5,746

5 %

Corporate

(6,089)

(7,462)

18 %


131,692

177,170

(26 %)




Segment profit margin (1)




Television

33 %

41 %


Radio

20 %

20 %


Consolidated

31 %

38 %





Net income attributable to shareholders

31,387

76,165

(59 %)

Basic earnings per share

$0.16

$0.37


Diluted earnings per share

$0.16

$0.36





Free cash flow (1)

20,810

79,987

(74 %)

(1)

In addition to disclosing results in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), the Company also provides supplementary non-IFRS measures as a method of evaluating the Company's performance and to provide a better understanding of how management views the Company's performance. These non-IFRS or non-GAAP measures can include: segment profit (loss), segment profit margin, free cash flow, net debt to segment profit, optimized advertising revenue and new platform revenue. These are not measurements in accordance with IFRS and should not be considered as an alternative to any other measure of performance under IFRS. Please see additional discussion and reconciliations under the Key Performance Indicators and Non-GAAP Financial Measures section of the Company's First Quarter 2023 Report to Shareholders

 

Segment Revenue



Three months ended
November 30, 

%

(in thousands of Canadian dollars)

2022

2021

Change

Revenue

 

401,529



Television

434,747

(8 %)

Advertising

252,513

285,037

(11 %)

Subscriber

127,515

127,535

Distribution, production and other

21,501

22,175

(3 %)

Radio

29,662

29,126

2 %

Total Revenue

431,191

463,873

(7 %)




Optimized advertising revenue(1)

55 %

37 %

31 %

New platform revenue (1)

10 %

9 %

13 %

(1) 

Optimized advertising revenue and new platform revenue do not have standardized meanings prescribed by IFRS. For definitions and explanations, see the discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the First Quarter 2023 Report to Shareholders.

 

Operational Highlights 

Corus advanced its strategic priorities on multiple fronts. The Company expanded its premium digital video offerings for subscribers and advertisers, and launched its Fall programming lineup for Global TV and Corus' portfolio of Specialty Networks. The Company advanced its capital allocation priorities through investments in the business to support future growth opportunities while continuing to navigate an uncertain macroeconomic environment.

  • Corus and Paramount Global launched Pluto TV. Pluto TV, the world's leading FAST (free ad-supported streaming television) service, launched in Canada on December 1, 2022. Corus' leading advertising sales capabilities have combined with Pluto TV's best- in-class platform and technology, serving compelling content to audiences and providing a differentiated model for advertisers. The service launched with more than 110 unique channels and over 20,000 hours of content, including access to a selection of Canadian series and shows from Corus' portfolio spanning a variety of genres. Pluto TV is available on all major platforms including web, mobile and connected TVs.
  • Corus Expanded STACKTV Content Offering with Addition of Three Disney Channels. Disney Channel, Disney Junior and Disney XD launched December 14, 2022 on STACKTV, Corus' premium multi-channel streaming service, providing value for subscribers.
  • Release of Inaugural Sustainability Report. Corus released its 2022 Sustainability Report, which outlines the Company's focused approach to build a more sustainable future through Environment, Social and Governance ("ESG") initiatives. Centred on Corus' three key pillars - People, Planet and Responsibility - the inaugural Sustainability Report outlines the progress made to-date as well as a set of foundational goals that anchor Corus' ambition and approach to sustainability.

Financial Highlights

  • Free cash flow(1) of $20.8 million in Q1 compared to $80.0 million in the prior year's quarter. The decrease in free cash flow(1) in the first quarter is attributable to a decrease in cash provided by operating activities of $14.1 million and higher cash used in investing activities. In the prior year's quarter, cash provided from investing activities included a $43.5 million non-recurring venture fund distribution.
  • Net debt to segment profit(1) was 3.38 times at November 30, 2022, up from 3.02 times at August 31, 2022. The main driver of the increase in this ratio is the decrease of segment profit(1) for the most recent four quarters.
  • In the first quarter, the Company purchased 785,000 of its Class B Non-Voting Participating Shares under a normal course issuer bid at an average acquisition price of $2.51.
  • As of November 30, 2022, the Company had $80.9 million of cash and cash equivalents and approximately $270.0 million available under its Revolving Facility, $214.1 million of which could be drawn.

(1)

Free cash flow, net debt to segment profit and segment profit do not have standardized meanings prescribed by IFRS. The Company reports on these because they are key measures used to evaluate performance. For definitions and explanations, see the discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the First Quarter 2023 Report to Shareholders and/or Management's Discussion and Analysis in the Company's Annual Report for the year ended August 31, 2022.

 

Corus Entertainment Inc. reports its financial results in Canadian dollars.

The unaudited interim condensed consolidated financial statements and accompanying notes for the three months ended November 30, 2022 and Management's Discussion and Analysis are available on the Company's website at www.corusent.com in the Investor Relations section and under the Company's SEDAR profile at www.sedar.com.

A conference call with Corus senior management is scheduled for January 13, 2023 at 8:00 a.m. ET. While this call is directed at analysts and investors, members of the media are welcome to listen in. The dial-in number for the conference call for local and international callers is 1.647.794.4605 and for North America is 1.888.394.8218. More information can be found on the Corus Entertainment website at www.corusent.com in the Investor Relations section.

Risks And Uncertainties

Significant risks and uncertainties affecting the Company and its business are discussed under the heading "Risks and Uncertainties" and "Seasonal Fluctuations" in the 2022 MD&A, as filed at www.sedar.com on October 24, 2022.

As discussed further in the 2022 MD&A, the Company's operating performance is affected by general Canadian and worldwide economic conditions. Changes or volatility in domestic or international economic conditions, economic uncertainty or geopolitical conflict and tensions, including current ongoing factors that can create or exacerbate recessionary conditions, may affect discretionary consumer and business spending, including on advertising and marketing, resulting in changes to demand for Corus' product and services offerings. In addition, the continued elevated consumer price index inflation also affects the Company's business, operations and financial performance through disruption to supply chains, increased costs of programming, services and labour or disruption to availability of labour, reduced advertising demand or spending, or lower demand for the Company's products and services, all of which may lead to decreased revenue or profitability.

Other financial risks which may be related to or elevated by the foregoing include leverage risk related to the Company's financial covenants and debt servicing payments, requirements and compliance under its credit facility, and impacts thereof; the volatility of the market price for the Company's Class B Non-Voting Shares, which can be impacted by factors beyond the Company's control and which can decline even if the Company's operating results, underlying asset values or prospects have not changed; and risks related to the payment, amount or timing of dividends. Please see the 2022 MD&A for a full discussion of these and other risks and uncertainties.

Outlook

Given the continuing uncertain economic conditions, risks and uncertainties described above and in the 2022 MD&A, the Company currently expects to continue to be impacted by industry trends in advertising spending in media. At the current time, the Company also expects to see some sequential improvement in the calendar year in the rate of decline in television advertising revenue given macroeconomic and industry factors appear to be stabilizing.  However, the Company expects that the softness in Television advertising revenue discussed in the prior quarter will continue to persist to some degree in fiscal 2023.

While the Company's financial priorities remain unchanged, in light of the foregoing as well as considering the continuing low visibility into the macroeconomic environment, in addition to continuing to take rigorous cost reduction measures, the Company believes it is prudent to conserve cash out of an abundance of caution. As such, the Company will not renew its share buyback program when it expires on January 16, 2023. In addition, consistent with this approach, the Company's Board of Directors has decided to defer its decision on the declaration of the March dividend at this time. The outside date for a decision on the declaration of a March dividend is March 15, 2023. The Company will also use this opportunity to consider the alignment of dividend declaration and payment dates. The Company understands the importance of the dividend to its shareholders and remains committed to its long-term dividend philosophy.

Use of Non-GAAP Financial Measures

This press release includes the non-GAAP or non-IFRS financial measures of segment profit, segment profit margin, free cash flow, net debt to segment profit, as well as supplementary financial measures not presented in the financial statements such as optimized advertising revenue, and new platform revenue. Non-GAAP or non-IFRS measures that are not in accordance with, nor an alternate to, generally accepted accounting principles ("GAAP") and may be different from non-GAAP or non-IFRS measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have a material effect on the Company's reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company's financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, IFRS financial results. A reconciliation of the Company's non-GAAP measures is included in the Company's most recent Report to Shareholders for the three months ended November 30, 2022, which is available on Corus' website at www.corusent.com as well as on SEDAR at www.sedar.com.

Caution Concerning Forward-Looking Information

This press release contains forward-looking information and should be read subject to the following cautionary language:

To the extent any statements made in this press release contain information that is not historical, these statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking information"). This forward-looking information relates to, among other things, the Company's objectives, goals, strategies, targets, intentions, plans, estimates and outlook, including the adoption and anticipated impact of the Company's strategic plan, advertising and expectations of advertising trends for fiscal 2023, subscriber revenue and anticipated subscription trends, distribution, production and other revenue, the Company's dividend policy and the payment of future dividends; the Company's leverage target; the Company's proposed share purchases, including the number of Class B non-voting shares to be repurchased under its normal course issuer bid, if any, and timing thereof; the Company's ability to manage retention and reputation risks related to its on-air talent; expectations regarding financial performance, including capital allocation strategy and capital structure management, operating costs and tariffs, taxes and fees, and can generally be identified by the use of words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" or the negatives of these terms and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances may be considered forward-looking information.

Although Corus believes that the expectations reflected in such forward-looking information are reasonable, such information involves assumptions, risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied with respect to the forward-looking information, including without limitation, factors and assumptions regarding the general market conditions and general outlook for the industry including: the impact of recessionary conditions and continuing supply chain constraints; the potential impact of new competition and industry mergers and acquisitions; changes to applicable tax, licensing and regulatory regimes; inflation and interest rates, stability of the advertising, subscription, production and distribution markets; changes to key suppliers or clients; operating and capital costs and tariffs, taxes and fees, the Company's ability to source, produce or sell desirable content and the Company's capital and operating results being consistent with its expectations. Actual results may differ materially from those expressed or implied in such information.

Important factors that could cause actual results to differ materially from these expectations include, among other things: the Company's ability to attract, retain and manage fluctuations in advertising revenue; the Company's ability to maintain relationships with key suppliers and clients and on anticipated financial terms and conditions; audience acceptance of the Company's television programs and cable networks; the Company's ability to manage retention and reputation risks related to its on-air talent; the Company's ability to recoup production costs; the availability of tax credits; the availability of expected news, production and related credits, programs and funding; the existence of co-production treaties; the Company's ability to compete in any of the industries in which it does business including with competitors which may not be regulated in the same way or to the same degree; the business and strategic opportunities (or lack thereof) that may be presented to and pursued by the Company; conditions in the entertainment, information and communications industries and technological developments therein; changes in laws or regulations or the interpretation or application of those laws and regulations including statements, decisions or positions by applicable regulators including, without limitation, the Canadian Radio-television and Telecommunications Commission ("CRTC"), Canadian Heritage and Innovation, Science and Economic Development Canada ("ISED"); changes to licensing status or conditions; unanticipated or un-mitigatable programming costs; the Company's ability to integrate and realize anticipated benefits from its acquisitions and to effectively manage its growth; the Company's ability to successfully defend itself against litigation matters and complaints; failure to meet covenants under the Company's senior credit facility, senior unsecured notes or other instruments or facilities; epidemics, pandemics or other public health and safety crises in Canada and globally, including COVID-19; physical and operational changes to the Company's key facilities and infrastructure; cybersecurity threats or incidents to the Company or its key suppliers and vendors; and changes in accounting standards.

Additional information about these factors and about the material assumptions underlying any forward-looking information may be found under the heading "Risks and Uncertainties" in the Company's Management's Discussion and Analysis for the year ended August 31, 2022 and under the heading "Risk Factors" in the Company's Annual Information Form for the year ended August 31, 2022. Corus cautions that the foregoing list of important assumptions and factors that may affect future results is not exhaustive. When relying on the Company's forward-looking information to make decisions with respect to Corus, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise specified, all forward-looking information in this document speaks as of the date of this document and may be updated or amended from time to time. Except as otherwise required by applicable securities laws, Corus disclaims any intention or obligation to publicly update or revise any forward-looking information whether as a result of new information, events or circumstances that arise after the date thereof or otherwise.

About Corus Entertainment Inc.

Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that develops and delivers high quality brands and content across platforms for audiences around the world. Engaging audiences since 1999, the Company's portfolio of multimedia offerings encompass 33 specialty television services, 39 radio stations, 15 conventional television stations, a suite of digital and streaming assets, animation software, technology and media services. Corus is an internationally-renowned content creator and distributor through Nelvana, a world class animation studio expert in all formats and Corus Studios, a globally recognized producer of hit scripted and unscripted content. The Company also owns innovative full-service social digital agency so.da, lifestyle entertainment company Kin Canada, leading 2D animation software supplier Toon Boom and children's book publishing house, Kids Can Press. Corus' roster of premium brands includes Global Television, W Network, HGTV Canada, Food Network Canada, Magnolia Network Canada, The HISTORY® Channel, Showcase, Adult Swim, National Geographic, Disney Channel Canada, YTV, Global News, Globalnews.ca, Q107, Country 105, and CFOX, along with broadly distributed Canadian streaming platforms STACKTV, TELETOON+, the Global TV App and Curiouscast. For more information visit www.corusent.com.

CORUS ENTERTAINMENT INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION

 

 

(unaudited - in thousands of Canadian dollars)

As at November 30,

As at August 31,

2022

2022

ASSETS



Current



Cash and cash equivalents

80,912

54,912

Accounts receivable

413,734

311,015

Income taxes recoverable

5,077

17,180

Prepaid expenses and other assets

29,436

21,423

Total current assets

529,159

404,530

Taxcreditsreceivable

40,512

32,744

Investments and other assets

60,467

63,931

Property, plant and equipment

286,634

294,026

Programrights

821,498

660,722

Film investments

66,784

59,122

Intangibles

1,659,324

1,620,796

Goodwill

316,308

316,308

Deferred income tax assets

48,906

50,301


3,829,592

3,502,480

 

LIABILITIES AND EQUITY



Current



Accounts payable and accrued liabilities

718,396

526,899

Current portion of long-term debt

18,004

15,574

Provisions

6,808

8,540

Total current liabilities

743,208

551,013

Long-termdebt

1,275,540

1,246,076

Other long-term liabilities

470,068

376,570

Provisions

10,269

9,830

Deferred income tax liabilities

411,457

415,010

Total liabilities

2,910,542

2,598,499

 

EQUITY



Share capital

781,052

781,918

Contributedsurplus

1,512,362

1,511,481

Accumulateddeficit

(1,555,745)

(1,574,358)

Accumulatedothercomprehensiveincome

32,521

33,000

Totalequityattributabletoshareholders

770,190

752,041

Equity attributable to non-controlling interests

148,860

151,940

Total equity

919,050

903,981


3,829,592

3,502,480

CORUS ENTERTAINMENT INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


Three months ended




November 30,

(unaudited - in thousands of Canadian dollars except per share amounts)

2022

2021

Revenue

431,191

463,873

Direct cost of sales, general and administrative expenses

299,499

286,703

Depreciation and amortization

40,134

37,381

Interestexpense

34,372

25,522

Restructuring and other costs

2,829

1,043

Other expense, net

7,046

3,137

Income before income taxes

47,311

110,087

Income tax expense

12,713

29,158

Net income for the period

34,598

80,929

 

Other comprehensive income (loss), net of income taxes:



Items that may be reclassified subsequently to income:



Unrealized change in fair value of cash flow hedges

(1,042)

1,986

Unrealized foreign currency translation adjustment

886

257


(156)

2,243

Items that will not be reclassified to income:



Unrealized change in fair value of financial assets

(323)

13,580

Actuarial loss on post-retirement benefit plans

(942)

(668)


(1,265)

12,912

Other comprehensive income (loss), net of income taxes

(1,421)

15,155

Comprehensive income for the period

33,177

96,084




Net income attributable to:



Shareholders

31,387

76,165

Non-controllinginterests

3,211

4,764


34,598

80,929




Comprehensive income attributable to:



Shareholders

29,966

91,320

Non-controllinginterests

3,211

4,764


33,177

96,084




Earnings per share attributable to shareholders:



Basic

$0.16

$0.37

Diluted

$0.16

$0.36

CORUS ENTERTAINMENT INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

 

 

(unaudited - in thousands of Canadian dollars)

 

 

Share
capital

 

 

Contributed

surplus

 

 

Accumulated

deficit

 

Accumulated
other

comprehensive

income

 

Totalequity
attributableto
shareholders

 

Non-
controlling
interest

 

 

 

Total equity

As at August 31, 2022

781,918

1,511,481

(1,574,358)

33,000

752,041

151,940

903,981

Comprehensiveincome(loss)

31,387

(1,421)

29,966

3,211

33,177

Dividends declared

(11,538)

(11,538)

(6,363)

(17,901)

Change in fair value of put option
     liability

 

 

 

(294)

 

 

(294)

 

72

 

(222)

Shares repurchased under 
     normal course issuer bid
     ("NCIB")

 

(3,089)

 

1,119

 

 

 

(1,970)

 

 

(1,970)

Reversalofautomaticshare      
     purchase commitment

 

2,223

 

(504)

 

 

 

1,719

 

 

1,719

Actuarial loss on post-retirement      
     benefit plans

 

 

 

(942)

 

942

 

 

 

Share-based compensation expense

266

266

266

As at November 30, 2022

781,052

1,512,362

(1,555,745)

32,521

770,190

148,860

919,050

 

 

 

 

(unaudited - in thousands of Canadian dollars)

 

 

 

Share
capital

 

 

 

Contributed

surplus

 

 

 

Accumulated

deficit

 

 

Accumulated
other

comprehensive

income

 

 

Totalequity
attributableto
shareholders

 

 

Non-
controlling
interest

 

 

 

Total equity

As at August 31, 2021

816,189

1,512,431

(1,282,897)

21,811

1,067,534

152,829

1,220,363

Comprehensiveincome

76,165

15,155

91,320

4,764

96,084

Dividends declared

(12,497)

(12,497)

(2,925)

(15,422)

Actuarial loss on post-retirement      
     benefit plans

 

 

 

(668)

 

668

 

 

 

Share-based compensation expense

294

294

294

Equity funding by a non-
     controlling interest

 

 

 

 

 

 

1,976

 

1,976

As at November 30, 2021

816,189

1,512,725

(1,219,897)

37,634

1,146,651

156,644

1,303,295

CORUS ENTERTAINMENT INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS


Three months ended




November 30,

(unaudited - in thousands of Canadian dollars)

2022

2021

OPERATING ACTIVITIES



Net income for the period

34,598

80,929

Adjustments to reconcile net income to cash flow from operations:



Amortization of program rights

152,389

142,192

Amortization of film investments

4,275

3,611

Depreciation and amortization

40,134

37,381

Deferred income tax recovery

(4,984)

(42)

Share-based compensation expense

266

294

Imputed interest

16,177

11,271

Payment of program rights

(159,115)

(94,171)

Net spend on film investments

(21,584)

(15,265)

Other

632

(2)

Cash flow from operations

62,788

166,198

Net change in non-cash working capital balances related to operations

(38,197)

(127,495)

Cash provided by operating activities

24,591

38,703

INVESTING ACTIVITIES



Additions to property, plant and equipment

(2,947)

(1,876)

Proceeds from sale of property

93

25

Venture funddistribution

43,478

Net cash flows for intangibles, investments and other assets

(927)

(622)

Cash provided by (used in) investing activities

(3,781)

41,005

FINANCING ACTIVITIES



Increase (decrease) in bank loans

31,057

(48,533)

Share repurchase under NCIB

(2,045)

Payment of lease liabilities

(4,375)

(4,015)

Dividends paid

(12,003)

(12,497)

Dividends paid to non-controlling interests

(6,363)

(2,925)

Other

(1,081)

(2,111)

Cash provided by (used in) financing activities

5,190

(70,081)

Net change in cash and cash equivalents during the period

26,000

9,627

Cash and cash equivalents, beginning of the period

54,912

43,685

Cash and cash equivalents, end of the period

80,912

53,312

CORUS ENTERTAINMENT INC.
BUSINESS SEGMENT INFORMATION

(unaudited - in thousands of Canadian dollars)





Three months ended November 30, 2022






Television

Radio

Corporate

Consolidated

Revenue

401,529

29,662

431,191

Direct cost of sales, general and administrative expenses

269,770

23,640

6,089

299,499

Segment profit (loss)(1)

131,759

6,022

(6,089)

131,692

Depreciation and amortization




40,134

Interestexpense




34,372

Restructuring and other costs




2,829

Other expense, net




7,046

Income before income taxes




47,311

 

Three months ended November 30, 2021






Television

Radio

Corporate

Consolidated

Revenue

434,747

29,126

463,873

Direct cost of sales, general and administrative expenses

255,861

23,380

7,462

286,703

Segment profit (loss)(1)

178,886

5,746

(7,462)

177,170

Depreciation and amortization




37,381

Interestexpense




25,522

Restructuring and other costs




1,043

Other expense, net




3,137

Income before income taxes




110,087

(1)

Segment profit (loss) does not have a standardized meaning prescribed by IFRS. For definitions and explanations, see discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the First Quarter 2023 Report to Shareholders.

REVENUE BY TYPE


Three months ended




November 30,

(unaudited - in thousands of Canadian dollars)

2022

2021

Advertising

280,767

312,774

Subscriber

127,515

127,535

Distribution, production and other

22,909

23,564


431,191

463,873

NON-GAAP FINANCIAL MEASURES


Three months ended


(unaudited - in thousands of Canadian dollars, except percentages) 



November 30,

%

Optimized advertising revenue

2022

2021

Change

Optimized advertising revenue (numerator)

137,676

104,967

31 %

Television advertising revenue (denominator)

252,513

285,037

-11 %

Optimized advertising revenue percentage

55 %

37 %

                                                                                                  


Three months ended


(unaudited - in thousands of Canadian dollars, except percentages)   



November 30,

%

New platform revenue

2022

2021

Change

New platform revenue (numerator)

39,689

35,215

13 %

 

Televisionadvertisingrevenue

 

252,513

 

285,037

 

-11 %

Televisionsubscriberrevenue

127,515

127,535

0 %

Total Television advertising and subscriber revenue (denominator)

380,028

412,572

-8 %

New platform revenue percentage

10 %

9 %

                                                                                                                                                                                                                 


Three months ended

(unaudited - in thousands of Canadian dollars)  



November 30,

Free Cash Flow

2022

2021

Cash provided by (used in):



Operating activities

24,591

38,703

Investingactivities

(3,781)

41,005

 

Add: cash used in business acquisitions and strategic investments (1)

20,810

79,708

279

Free cash flow

20,810

79,987

(1) Strategic investments are comprised of investments in venture funds and associated companies.

                                                                                                                  

(unaudited - in thousands of Canadian dollars)            

Three months ended


November 30,


August 31,

Net Debt and Net Debt to Segment Profit

2022

2022

Total debt, net of unamortized financing fees and prepayment options

1,293,544

1,261,650

Lease liabilities

131,620

134,369

Cash and cash equivalents

(80,912)

(54,912)

Net debt (numerator)

1,344,252

1,341,107

Segment profit (denominator) (1)

398,165

443,643

Net debt to segment profit

3.38

3.02

(1) Reflects aggregate amounts for the most recent four quarters, as detailed in the table in the Quarterly Consolidated Financial Information section of the First Quarter 2023 Report to Shareholders.

 

Cision View original content:https://www.prnewswire.com/news-releases/corus-entertainment-announces-fiscal-2023-first-quarter-results-301721080.html

SOURCE Corus Entertainment Inc.

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