Revenue: $319,700,000; YoY change: -66.82%; QoQ change: +233.02%.
- EBITDA: -$7,100,000; EBITDA margin: -2.22% (EBITDA ratio: -0.0222).
- Operating income: -$26,900,000; operating margin: -8.41% (operatingIncomeRatio: -0.0841).
- Net income: -$42,500,000; net income margin: -13.29% (netIncomeRatio: -0.1329).
- Earnings per share (diluted): -$2.54; weighted average shares outstanding: 16.7 million.
Cash flow and liquidity:
- Net cash provided by operating activities: $65,400,000.
- Capital expenditures (investments in property, plant & equipment): -$6,900,000.
- Free cash flow: $58,500,000.
- Net change in cash: $33,800,000; cash at end of period: $51,600,000; cash at beginning of period: $17,800,000.
Balance sheet and leverage:
- Total assets: $2,091,600,000; total liabilities: $1,379,300,000; total stockholders’ equity: $712,300,000.
- Cash and cash equivalents: $51,600,000.
- Total debt: $611,700,000; net debt: $560,100,000.
- Current assets: $123,200,000; total current liabilities: $677,100,000; implying a current ratio of ~0.18 and quick liquidity pressures.
- Long-term debt: $611,700,000; intangible assets: $772,300,000; total non-current assets: $1,968,400,000; total non-current liabilities: $702,200,000.
Notes on ratios and interpretation:
- Negative EBITDA and operating income reflect ongoing fixed-cost absorption and content-related expenses despite revenue variability.
- The near-term liquidity position is challenging, with a current ratio well below 1.0, but cash flow generation from operations and free cash flow provide some cushion for debt service and potential deleveraging.
- The disproportionate YoY decline in revenue and net income underscores the sensitivity of the segment to release timing and licensing cycles; profitability is contingent on a stronger slate and improved monetization.