{"id":468361,"date":"2021-03-31T07:03:47","date_gmt":"2021-03-31T11:03:47","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=468361"},"modified":"2021-03-31T07:03:47","modified_gmt":"2021-03-31T11:03:47","slug":"boat-rocker-media-reports-q4-and-fiscal-year-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/boat-rocker-media-reports-q4-and-fiscal-year-2020-financial-results\/","title":{"rendered":"Boat Rocker Media Reports Q4 and Fiscal Year 2020 Financial Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">Canada NewsWire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p \/>\n<p \/>\n<p>\n        <span class=\"xn-location\">TORONTO<\/span>, <span class=\"xn-chron\">March 31, 2021<\/span> \/CNW\/ &#8211;\u00a0Boat Rocker Media Inc. (&#8220;Boat Rocker&#8221; or the &#8220;Company&#8221;) (TSX: BRMI), an independent, integrated global entertainment company, today reported its financial results for the fourth quarter and year ended <span class=\"xn-chron\">December 31, 2020<\/span>. The Company&#8217;s audited financial statements and accompanying notes and Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) for the three-month period and year ended <span class=\"xn-chron\">December 31, 2020<\/span> are available under the Company&#8217;s profile on SEDAR (<a href=\"http:\/\/www.sedar.com\" rel=\"nofollow\">www.sedar.com<\/a>). All dollar amounts are expressed in Canadian currency, unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures (see &#8220;Non-IFRS Measures&#8221; below). <\/p>\n<p>\n        <b>Selected Financial Highlights<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Revenue of <span class=\"xn-money\">$55.6 million<\/span> in Q4 2020 vs <span class=\"xn-money\">$59.4 million<\/span> in Q4 2019. Full year 2020 revenue of <span class=\"xn-money\">$226.8 million<\/span> vs <span class=\"xn-money\">$244.2 million<\/span> in 2019. <\/li>\n<li>Net loss of <span class=\"xn-money\">$0.4 million<\/span> in Q4 2020 vs net loss of <span class=\"xn-money\">$6.2 million<\/span> in Q4 2019. Full year 2020 net loss of <span class=\"xn-money\">$44.0 million<\/span> vs net loss of <span class=\"xn-money\">$19.5 million<\/span> in 2019. <\/li>\n<li>Adjusted EBITDA of <span class=\"xn-money\">$8.3 million<\/span> in Q4 2020 vs <span class=\"xn-money\">$7.1 million<\/span> in Q4 2019. Full year 2020 adjusted EBTIDA was <span class=\"xn-money\">$14.3 million<\/span> vs <span class=\"xn-money\">$32.5 million<\/span> in 2019. <\/li>\n<li>On <span class=\"xn-chron\">March 24, 2021<\/span>, the Company successfully completed its Initial Public Offering (&#8220;IPO&#8221;) raising gross proceeds of <span class=\"xn-money\">$170.1 million<\/span>. A significant portion of the net proceeds were used to repay all of the Company&#8217;s corporate credit facility, resulting in a positive net cash position in excess of <span class=\"xn-money\">$100.0 million<\/span>.<\/li>\n<\/ul>\n<p>&#8220;Our financial performance for the fourth quarter and fiscal year largely reflects the impact of the COVID-19 pandemic that delayed live-action production and drove increased costs in 2020 but was partially offset by improved performance in our Kids and Family segment, which benefitted from a smoother transition to work-from-home protocols,&#8221; said <span class=\"xn-person\">John Young<\/span>, Chief Executive Officer of Boat Rocker. &#8220;The expected delay in delivery dates resulted in a substantial portion of revenues that would have been recognized in 2020 being expected to shift into 2021. With continued robust global demand for content, our strengthened balance sheet in the wake of our recently completed IPO and a strong slate of shows &#8216;greenlit&#8217; or already in production under enhanced COVID-19 protocols, including approximately <span class=\"xn-money\">$475.0 million<\/span> in revenue already confirmed and expected to be delivered in the year ahead, Boat Rocker is well positioned to act on an array of both organic and inorganic initiatives to support growth over both the near and longer term.&#8221; <\/p>\n<p>\n        <b>COVID-19 Pandemic Update<\/b>\n      <\/p>\n<p>The COVID-19 pandemic is unprecedented and negatively impacted Boat Rocker&#8217;s financial results for the year ended <span class=\"xn-chron\">December 31, 2020<\/span>. The content production industry experienced a temporary pause on live-action production during the second quarter of 2020, which impacted Boat Rocker&#8217;s Television segment in both the scripted and unscripted production groups. Expected delivery dates were delayed on several of the Company&#8217;s series resulting in a shift of revenue from 2020 into 2021. The Kids and Family segment was the least affected of Boat Rocker&#8217;s three segments. More than 200 new employees were hired during the period from March to <span class=\"xn-chron\">December 2020<\/span> to support the growth in the Company&#8217;s animation studio. Revenue earned in the Representation segment was negatively affected as the Company&#8217;s clients, mainly on-screen talent, had less opportunity to work.<\/p>\n<p>As jurisdictions began to lift restrictions on large gatherings in the third quarter of 2020, Boat Rocker worked diligently to pioneer and implement leading COVID-19 protocols, which allowed many of the Company&#8217;s series to resume production. <\/p>\n<p>\n        <b>Selected Financial Information<\/b><br \/>\n        <b>\u00a0<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prnsbts prnsbr1 prnvab prnsbb1 prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(in thousands of Canadian dollars) (audited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three months ended December 31<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Year ended December 31<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Television<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,251<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,831<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">134,298<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">150,193<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Kids and Family<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,693<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,077<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63,851<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">58,055<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Representation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,670<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,527<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28,654<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,917<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">55,614<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,435<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">226,803<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">244,165<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net loss attributable to shareholders<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,222)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7,106)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(48,744)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(23,707)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted EBITDA<sup>1<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,284<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,098<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,303<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32,469<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbtb0 prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>1<\/sup>\u00a0See &#8220;Non-IFRS Measures&#8221;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Financial Review <\/b>\n      <\/p>\n<p>Q4 2020 revenue was <span class=\"xn-money\">$55.6 million<\/span> compared with <span class=\"xn-money\">$59.4 million<\/span> in the same prior year quarter. Full year 2020 revenue decreased by <span class=\"xn-money\">$17.4 million<\/span> to <span class=\"xn-money\">$226.8 million<\/span> compared with <span class=\"xn-money\">$244.2 million<\/span> in the prior year. The decrease for both periods was primarily attributed to declines in the Television and Representation segments, driven by the impact of the COVID-19 pandemic. In the full year 2020, the decrease was partially offset by an increase in the Kids and Family segment which delivered mainly animated content in 2020. <\/p>\n<p>Net loss attributable to shareholders of the Company for the three months ended <span class=\"xn-chron\">December 31, 2020<\/span> was <span class=\"xn-money\">$2.2 million<\/span>, compared to <span class=\"xn-money\">$7.1 million<\/span> in the same period of 2019, a decrease of <span class=\"xn-money\">$4.9 million<\/span>. The decrease was primarily driven by Canadian Emergency Wage Subsidy (CEWS) funds recognized in the three months ended <span class=\"xn-chron\">December 31, 2020<\/span>. Net loss attributable to shareholders of the Company for the year ended <span class=\"xn-chron\">December 31, 2020<\/span> was <span class=\"xn-money\">$48.7 million<\/span>, compared to <span class=\"xn-money\">$23.7 million<\/span> in 2019, an increase of <span class=\"xn-money\">$25.0 million<\/span>. The increased loss was mainly driven by the impact of the COVID-19 pandemic on revenue and a goodwill impairment charge of <span class=\"xn-money\">$13.0 million<\/span>, partially offset by CEWS funds recognized. <\/p>\n<p>Adjusted EBITDA for the three months ended <span class=\"xn-chron\">December 31, 2020<\/span> was <span class=\"xn-money\">$8.3 million<\/span>, compared to <span class=\"xn-money\">$7.1 million<\/span> in the same period of 2019, an increase of <span class=\"xn-money\">$1.2 million<\/span>. The increase is primarily attributed to funds received from the CEWS and decreases to general and administrative expenses attributed to COVID-19<b>.<\/b>\u00a0Adjusted EBITDA for the year ended <span class=\"xn-chron\">December 31, 2020<\/span> was <span class=\"xn-money\">$14.3 million<\/span>, compared to <span class=\"xn-money\">$32.5 million<\/span> in 2019, a decrease of <span class=\"xn-money\">$18.2 million<\/span>. Adjusted EBITDA for 2020 included the full year impact of operating costs incurred at Platform One Media (now renamed Boat Rocker Studios, Scripted), which was acquired on <span class=\"xn-chron\">August 31, 2019<\/span>. Until delivery of the two scripted series in 2021, Boat Rocker Studios, Scripted will continue to incur operating expenses but not earn any revenue from these series. Adjusted EBITDA is a non-IFRS measure. See &#8220;Non-IFRS Measures&#8221; below.<\/p>\n<p>The following table presents the Company&#8217;s net debt as at <span class=\"xn-chron\">December 31, 2020<\/span> and 2019. <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(in thousands of Canadian dollars) (audited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n              \n            <\/td>\n<td class=\"prngen14\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Dec 31, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Dec 31, 2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loans and borrowings, excluding interim financing<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">93.595<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">87,869<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lease liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,543<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,626<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Plus: loan fees, net of amortization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">314<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,305<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: loan modification<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,501)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,317)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: cash available for use<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(32,162)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(29,666)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Debt<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>90,789<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>84,817<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash Available for Use<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32,162<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,666<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash Required for Use in Productions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,592<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,602<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total cash<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>71,754<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>59,268<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>Net Debt at <span class=\"xn-chron\">December 31, 2020<\/span> was\u00a0$90.8 million, up 7.0% from <span class=\"xn-money\">$84.8 million<\/span> at the end of the prior year. In <span class=\"xn-chron\">July 2020<\/span>, the Company amended its existing corporate credit facility with the Bank of <span class=\"xn-location\">Montreal<\/span> (&#8220;BMO&#8221;) and drew down an additional <span class=\"xn-money\">$13.4 million<\/span>. On <span class=\"xn-chron\">March 24, 2021<\/span> Boat Rocker completed its IPO, raising gross proceeds of <span class=\"xn-money\">$170.1 million<\/span>. The Company used <span class=\"xn-money\">$90.5 million<\/span> of the net proceeds from the IPO to repay all of its term debt under the BMO corporate credit facility. Net Debt, Cash Available for Use, and Cash Required for Use in Productions are non-IFRS measures. See &#8220;Non-IFRS Measures&#8221; below.<\/p>\n<p>\n        <b>Outlook <\/b>\n      <\/p>\n<p>As further set out in\u00a0the Company&#8217;s final prospectus dated <span class=\"xn-chron\">March 19, 2021<\/span> and filed on SEDAR in respect of its IPO\u00a0(the &#8220;Prospectus&#8221;), the Company expects 2021 to be a year of significant investment in content, funded in part by a portion of the IPO net proceeds, and is forecasting revenues in 2021 of approximately <span class=\"xn-money\">$700.0 million<\/span>.\u00a0This\u00a0forecast\u00a0is based\u00a0on a number of assumptions, as outlined in the\u00a0Prospectus. Management believes that, in light of the projected significant growth in the demand for content by buyers worldwide, the Company is well-positioned to continue to grow by capitalizing on its competitive strengths and implementing its growth strategies.<\/p>\n<p>\n        <b>Fiscal 2020 Fourth Quarter Conference Call<\/b>\n      <\/p>\n<p>Boat Rocker will host a conference call to discuss its fiscal 2020 fourth quarter and fiscal year end financial results at <span class=\"xn-chron\">8:30 a.m. EDT<\/span> on <span class=\"xn-chron\">March 31, 2021<\/span>. The call will be hosted by <span class=\"xn-person\">John Young<\/span>, CEO, and <span class=\"xn-person\">Michelle Abbott<\/span>, CFO. To participate in the call, dial (416) 764-8650 or (888) 664-6383 (using the conference ID 94402000). The audio webcast can be accessed at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3114440-1&amp;h=4168248596&amp;u=https%3A%2F%2Fwww.boatrocker.com%2Finvestor-relations%2Fevents-and-presentations%2Fdefault.aspx&amp;a=https%3A%2F%2Fwww.boatrocker.com%2Finvestor-relations%2Fevents-and-presentations%2Fdefault.aspx\" rel=\"nofollow noopener noreferrer\">https:\/\/www.boatrocker.com\/investor-relations\/events-and-presentations\/default.aspx<\/a>. Listeners should access the webcast or call 10-15 minutes before the start time to ensure they are connected.<\/p>\n<p>\n        <b>About Boat Rocker <\/b>\n      <\/p>\n<p>Boat Rocker is an independent, integrated global entertainment company that harnesses the power of creativity and commerce to tell stories and build iconic brands for audiences around the world. Boat Rocker Studios (the &#8220;Studio&#8221;), the Company&#8217;s creative engine, creates, produces and distributes award-winning content and franchises across all major genres via its Scripted, Unscripted, and Kids &amp; Family divisions. The Studio distributes and licenses thousands of hours of its own and third-party content worldwide. Boat Rocker owns or invests in companies in the entertainment industry that bolster the company&#8217;s strategic and operational goals, including Insight Productions (Unscripted), Jam Filled Entertainment (2D and 3D Animation), Industrial Brothers (Kids &amp; Family Animation) and Untitled Entertainment, a leading global talent management company that represents leading on-screen talent and celebrities. A selection of Boat Rocker&#8217;s projects include: <i>Orphan Black<\/i> (BBC AMERICA, CTV Sci-Fi Channel), <i>Dear\u2026<\/i>(Apple TV+), <i>Lip Sync Battle<\/i> (Paramount Network), <i>The Amazing Race Canada<\/i> (CTV), <i>MasterChef Canada<\/i> (CTV), <i>The Next Step<\/i> (Family Channel, CBC), <i>The Loud House <\/i>(Nickelodeon), <i>Remy &amp; Boo<\/i> (Universal Kids, CBC), and <i><span class=\"xn-person\">Dino Ranch<\/span><\/i> (CBC, Disney Junior). Boat Rocker&#8217;s subordinate voting shares are listed on the Toronto Stock Exchange under the ticker BRMI. For more information, please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3114440-1&amp;h=690348540&amp;u=http%3A%2F%2Fwww.boatrocker.com%2F&amp;a=www.boatrocker.com\" rel=\"nofollow noopener noreferrer\">www.boatrocker.com<\/a>.<\/p>\n<p>\n        <b>Non-IFRS Measures<\/b>\n      <\/p>\n<p>This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company&#8217;s financial information reported under IFRS. The intent of using non-IFRS measures is to provide investors with supplemental measures of the Company&#8217;s operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures, in addition to providing a greater understanding of the Company&#8217;s liquidity position and available financial resources. The Company&#8217;s management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets, and to determine components of management compensation. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers.<\/p>\n<p>Definitions and reconciliations of non-IFRS measures to the relevant reported measures can be found in our MD&amp;A. Such reconciliations can also be found in this press release under the heading reconciliation of non-IFRS measures. The non-IFRS measures the Company uses include: EBTIDA, Adjusted EBITDA, Cash\u00a0Available for Use, Cash Required for Use in Productions, Free Cash Flow, and Net Debt.<\/p>\n<p>\n        <b>EBITDA <\/b>is defined as net income or loss before interest, taxes, depreciation and amortization (&#8220;EBITDA&#8221;). <\/p>\n<p>\n        <b>Adjusted EBITDA <\/b>is defined as EBITDA adjusted for amortization of non-cash program intangibles, change in fair value of financial liabilities, change in fair value of contingent consideration, share-based compensation, transaction and reorganization costs, goodwill impairment, loss on debt modifications and gain or loss on sale of assets. Adjusted EBITDA is used by management as a measure of the Company&#8217;s profitability. For further details refer to the &#8220;Reconciliation of non-IFRS measures&#8221;\u00a0section of this press release.<\/p>\n<p>\n        <b>Net Debt <\/b>is defined as the carrying value of loans and borrowings (excluding interim production financing and convertible debentures), adjusted for the loss on loan modification and loan fees, plus lease liabilities, less Cash Available for Use. Net Debt represents obligations the Company has to fund from its earnings and is viewed by management as a consistent measure of the Company&#8217;s liquidity position. In contrast, interim production financing is drawn to bridge the timing between cash inflows from the license fees and production service fees of the buyer, the film and television tax credits earned on valid production expenses, and cash outflows of the production expenses. As such, interim production financing is excluded from management&#8217;s calculation of Net Debt. The Company does not include other liabilities in the Net Debt calculation such as: other financial liabilities that are based on estimates and probabilities, rather than specific amounts owing, and liabilities that may not be payable in cash. For further details, refer to the &#8220;Liquidity and Capital Resources&#8221;\u00a0section of the Company&#8217;s MD&amp;A.<\/p>\n<p>\n        <b>Cash Available for Use<\/b>\u00a0is defined as the total cash and cash equivalents of the Company less Cash Required for Use in Productions. Cash Available for Use funds ongoing working capital requirements, principal, and interest payments on corporate demand loans as well as ongoing development and growth efforts and thus is an important liquidity measure that management uses to monitor the business on an ongoing basis.<\/p>\n<p>\n        <b>Cash Required for Use in Productions<\/b>\u00a0is defined as cash required for the funding of productions in progress that is not considered by the Company to be available for other uses. The cash is not legally restricted and has not been classified as Restricted Cash on the consolidated statement of financial position. This cash has been provided by buyers and third-party IP owners that have engaged the Company to provide services, as well as banks with whom Boat Rocker has contracted to provide interim production financing. Management uses the amount of Cash Required for Use in Productions to determine the Company&#8217;s Cash Available for Use.<\/p>\n<p>\n        <b>Forward-Looking Statements <br \/><\/b><br \/>\n        <i>This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects the Company&#8217;s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company&#8217;s control. Such assumptions, risks and uncertainties include, but are not limited to, the factors discussed under &#8220;Risk Factors&#8221; and the assumptions discussed under &#8220;Outlook&#8221; in the final prospectus. Actual results could differ materially from those projected herein. Boat Rocker does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.<\/i>\n      <\/p>\n<p>\n        <b>Reconciliation of non-IFRS financial measures<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbts prnsbr1 prnvat prnsbb1 prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(in thousands of Canadian dollars) (audited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three months ended December 31<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Year ended December 31<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prnpl6 prnsbl1 prnpr8\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net loss<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(446)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(6,204)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(43,990)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(19,483)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Amortization of property and equipment, right-of-use assets and other intangible assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,749<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,996<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,566<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,989<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Finance costs, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,774<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,116<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,634<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,415<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Income taxes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,264<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">858<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,884<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,067<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>EBITDA<sup>1<\/sup><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>8,341<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,766<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(12,906)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>8,988<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjustments:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Amortization of program intangibles<sup>2<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">718<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">839<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,926<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,196<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Change in fair value of contingent consideration<sup>3<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,180)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,300)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">368<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Gain on sale of assets<sup>4<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,356)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,079)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,356)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,079)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Transaction costs<sup>5<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(460)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">840<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">254<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,292<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Change in fair value of embedded derivative and other financial \u00a0\u00a0\u00a0liabilities<sup>6<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,792<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,007<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,743<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,710<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Share-based compensation<sup>7<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,429<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">242<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,449<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">721<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Goodwill impairment<sup>8<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,959<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Loss on debt modification<sup>9<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,317<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">342<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,317<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Reorganization costs<sup>10<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">182<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">192<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">956<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjusted EBTIDA<sup>1<\/sup><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>8,284<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>7,098<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>14,303<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>32,469<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1) See &#8220;Non IFRS Financial Measures&#8221;.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2) Amortization of program intangibles acquired from business combinations included in production service and distribution expenses. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3) Change in value of contingent consideration associated with acquisition of Platform One.\u00a0\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4) Gain on sale of an equity accounted investee in fourth quarter of 2020 and the sale of land and a building in the fourth quarter of 2019. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5) Transaction costs represent professional fees incurred in support of acquisitions in 2019.\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6) Change in fair value of other financial liabilities represent the non-cash expenses on certain put options. \u00a0\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7) Share based compensation related to non-cash expenses associated with stock options granted to certain officers and employees.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8) Impairment of Goodwill associated with the Unscripted cash generating unit in the third quarter of 2020.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9) Non-cash expenses incurred because of amendments to the Company&#8217;s corporate credit facility during 2020 and in the fourth quarter of 2019. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10) Restructuring charges primarily related to personnel related costs. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>SOURCE  Boat Rocker Media Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C4367&amp;Transmission_Id=202103310700CANADANWWEB______C4367&amp;DateId=20210331\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada NewsWire TORONTO, March 31, 2021 \/CNW\/ &#8211;\u00a0Boat Rocker Media Inc. (&#8220;Boat Rocker&#8221; or the &#8220;Company&#8221;) (TSX: BRMI), an independent, integrated global entertainment company, today reported its financial results for the fourth quarter and year ended December 31, 2020. The Company&#8217;s audited financial statements and accompanying notes and Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) for the three-month period and year ended December 31, 2020 are available under the Company&#8217;s profile on SEDAR (www.sedar.com). All dollar amounts are expressed in Canadian currency, unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures (see &#8220;Non-IFRS Measures&#8221; below). Selected Financial Highlights Revenue of $55.6 million in Q4 2020 vs $59.4 million in Q4 2019. Full year 2020 revenue of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/boat-rocker-media-reports-q4-and-fiscal-year-2020-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Boat Rocker Media Reports Q4 and Fiscal Year 2020 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-468361","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Boat Rocker Media Reports Q4 and Fiscal Year 2020 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/boat-rocker-media-reports-q4-and-fiscal-year-2020-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boat Rocker Media Reports Q4 and Fiscal Year 2020 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Canada NewsWire TORONTO, March 31, 2021 \/CNW\/ &#8211;\u00a0Boat Rocker Media Inc. (&#8220;Boat Rocker&#8221; or the &#8220;Company&#8221;) (TSX: BRMI), an independent, integrated global entertainment company, today reported its financial results for the fourth quarter and year ended December 31, 2020. The Company&#8217;s audited financial statements and accompanying notes and Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) for the three-month period and year ended December 31, 2020 are available under the Company&#8217;s profile on SEDAR (www.sedar.com). All dollar amounts are expressed in Canadian currency, unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures (see &#8220;Non-IFRS Measures&#8221; below). Selected Financial Highlights Revenue of $55.6 million in Q4 2020 vs $59.4 million in Q4 2019. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/boat-rocker-media-reports-q4-and-fiscal-year-2020-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"Boat Rocker Media Reports Q4 and Fiscal Year 2020 Financial Results - Market Newsdesk","og_description":"Canada NewsWire TORONTO, March 31, 2021 \/CNW\/ &#8211;\u00a0Boat Rocker Media Inc. (&#8220;Boat Rocker&#8221; or the &#8220;Company&#8221;) (TSX: BRMI), an independent, integrated global entertainment company, today reported its financial results for the fourth quarter and year ended December 31, 2020. The Company&#8217;s audited financial statements and accompanying notes and Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) for the three-month period and year ended December 31, 2020 are available under the Company&#8217;s profile on SEDAR (www.sedar.com). All dollar amounts are expressed in Canadian currency, unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures (see &#8220;Non-IFRS Measures&#8221; below). Selected Financial Highlights Revenue of $55.6 million in Q4 2020 vs $59.4 million in Q4 2019. Full year 2020 revenue of &hellip; Continue reading \"Boat Rocker Media Reports Q4 and Fiscal Year 2020 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/boat-rocker-media-reports-q4-and-fiscal-year-2020-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-31T11:03:47+00:00","og_image":[{"url":"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C4367&amp;Transmission_Id=202103310700CANADANWWEB______C4367&amp;DateId=20210331","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/boat-rocker-media-reports-q4-and-fiscal-year-2020-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/boat-rocker-media-reports-q4-and-fiscal-year-2020-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Boat Rocker Media Reports Q4 and Fiscal Year 2020 Financial Results","datePublished":"2021-03-31T11:03:47+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/boat-rocker-media-reports-q4-and-fiscal-year-2020-financial-results\/"},"wordCount":2435,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/boat-rocker-media-reports-q4-and-fiscal-year-2020-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C4367&amp;Transmission_Id=202103310700CANADANWWEB______C4367&amp;DateId=20210331","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/boat-rocker-media-reports-q4-and-fiscal-year-2020-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/boat-rocker-media-reports-q4-and-fiscal-year-2020-financial-results\/","name":"Boat Rocker Media Reports Q4 and Fiscal Year 2020 Financial Results - 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