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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.
Good morning, and welcome to the Playmaker Capital Inc. First Quarter Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Playmaker's Chief Operating Officer, Mr. Jake Cassaday. Please go ahead, sir.
Thank you. Good morning. As mentioned, I'm Jake Cassaday, and I'm joined today by our Chief Executive Officer, Jordan Gnat; and our Chief Financial Officer, Mike Cooke.
Before we begin, I would like to remind you that today's call will include estimates and other forward-looking information from which our actual results could differ. Please review the cautionary language in yesterday's press release regarding various factors, assumptions and risks that could cause our actual results to differ. Furthermore, during this call, we will refer to certain non-IFRS measures. These measures do not have any standardized meaning under IFRS, and our approach in calculating these measures may differ from that of other issuers, so these measures may not be directly comparable. Please see yesterday's press release for more information about these measures.
As a reminder, this conference call is being recorded, and a replay will be available on Playmaker's website. An updated investor overview presentation is also now available on the website inclusive of Q1 details discussed here.
At this time, I would like to introduce Jordan Gnat, Chief Executive Officer of Playmaker.
Thank you, Jake. Good morning, everyone, and welcome to our first quarter earnings call. We have started 2022 the way we completed 2021. We are heads down focused on execution, and our results are a clear indication that we continue to see strong organic growth in our company and we continue to execute against our acquisition strategy.
In Q1, we acquired Futmarketing and immediately subsequent to the quarter end, we acquired The Sports Drop. These 2 businesses bolster our strong market positions in Brazil and the U.S., respectively.
We can already see the dividends of these acquisitions paying off. We remain focused on profitability while continuing to invest in people and technology that will provide us the foundations for continued and sustainable organic growth and the ability to integrate new companies and verticals into our ecosystem.
Our Q1 organic growth of 37% is the result of our team building on the momentum we have established and the continued collaboration and focus on realizing revenue and cost synergies that we anticipated.
With our thematic approach to building out the Playmaker ecosystem, we are constantly weighing whether we build or buy to fill identified opportunities and gaps. We feel increasingly well positioned with a strong foundation and teams we have in place to begin building opportunistically and accelerate organic growth. Playmaker delivers content to our fans when they want it, how they want it and where they want it. This holistic view of fans is bearing fruit, and we see our advertising partners looking for multiple ways to reach our audience, and we can deliver across a multitude of channels at scale.
We are a true Americas one-stop shop. Our scale of audience puts us as the sixth largest digital sports media group in the Americas. In the March Comscore rankings we were #1 and #3 in Brazil. We are top 25 in the U.S. and top 10 in Canada. Our audience in Mexico, both web and video has been growing month over month since the start of the year, all strong indicators.
We have added 2 key leaders in the past several months. Our Head of Partnerships, Adam Seaborn; and our Head of Paid Media, Michael Bellom. These key central resources have already begun to work across all brands. Adam is focused on creating unique opportunities and partnerships that connect brands to our fans, but also to open up new distribution channels for our content to increase its overall monetization. Michael's leadership experience and expertise in Paid Media will allow us to deliver high-value audience to our advertising partners.
Playmaker Bench continues to deliver positive results with revenue per 1,000 sessions, up over 50% across migrated properties compared to Q1 2021. We now have all of our properties migrated on to Bench and look forward to continued organic growth from these assets.
We continue to have a strong pipeline for M&A, and we are seeing valuations for private companies begin to become more in line with the levels that we have been able to acquire companies at. Certainly, the current public market sentiment is creating some delays, but we remain quite positive that we will be able to continue to find key assets as we have shown that can fit into our ecosystem seamlessly. With our bank financing and profitable operations, we have a strong balance sheet that will continue to give us the ability to be opportunistic.
Just a few numbers from me, the rest from Mike. Our Q1 pro forma revenue of $5.8 million was 37% ahead of '21 and pro forma EBITDA of $1.7 million was 16% ahead of 2021. A great start to the year from our teams.
And I will now hand the call over to Mike.
Thanks, Jordan. Good morning, and thank you for joining us today. Yesterday, we reported our results for the quarter ended March 31, 2022, including the results of the businesses we acquired through the end of Q1 on a pro forma basis, revenue was $5.8 million in Q1 2022 compared to $4.2 million in Q1 2021, an increase of $1.6 million or 37%.
We use adjusted EBITDA as a key measure of earnings. Adjusted EBITDA is intended to present the results of our operating segments, so it excludes any onetime costs and head office costs incurred within our corporate segment. Pro forma adjusted EBITDA increased to $1.7 million in Q1 2022 from $1.4 million in Q1 2021, an increase of $300,000 or 16%.
On an IFRS basis, our Digital Media and Technology Services operating segments produced a combined $5.8 million of revenue and $1.6 million of operating income during Q1. On a consolidated basis, including our Corporate segment, we produced $5.8 million of revenue and $700,000 of operating costs in the quarter. In Q1 of 2021, the company was in a very early stage with limited operations, and so we had no revenue and operating losses of $100,000 in that quarter.
Turning our attention to the balance sheet. We finished Q1 with cash of $5.1 million, and we closed a $15 million credit facility on March 30. That credit facility strengthens our balance sheet and provides us with flexibility to continue pursuing M&A opportunities as they arise.
I will now turn it back over to Jordan as we near the end of the call.
Thanks, Mike. As I mentioned in our year-end call, 2021 was foundational and 2022 is about building on top of that foundation. Momentum is strong and the ad market remains healthy. The shift from traditional media to digital media is accelerating in the Playmaker ecosystem and integrated collection of websites, social media followers, podcast channels and YouTube channels is prime to capitalize on this momentum. Worldwide, digital ad spending is growing at a CAGR of 13% to over $780 billion by 2025. In the U.S., year-over-year digital advertising growth was 35% year-over-year -- 35%, and year-over-year advertising on audio, the fastest-growing digital segment grew 58%.
In Lat Am, digital advertising is seeing the same trends, growing 24% in the past year and 175% over the past 5 years. You can see from our recent acquisitions that we are focused on audience growth in channels and geographies where we can immediately add tremendous value.
We are big believers in the audio space, and believe that this is an area of focus that we will look to lean into. We are seeing valuations of companies getting more reasonable, and we continue to look to acquire companies that can be immediately accretive. This is why we strengthened our liquidity position with the bank financing we closed in the past quarter.
Sports betting markets continue to open. In Lat Am, Brazil seems to be getting much closer to releasing its regulations. And in March, Chile introduced a bill to regulate sports betting across the country. In the U.S., Maryland and Ohio are in queue to launch mobile gaming this year, adding nearly 20 million more Americans to the betting pool. California has sports betting on the ballot for November. Momentum continues to be strong, and we are in a great position to catch -- to continue to catch the wins in our sales.
Ralph Waldo Emerson wrote, "when it is dark enough, you can see the stars." Various turbulence in the world today, and these macro factors have impacted everything in our lives. We will continue to focus on all of the things that we can control. We will stay focused on the path that we have laid out since we started this journey. The discipline that we have exhibited to date is paying off. We've acquired great companies. We have acquired profitable companies. But just as important as what we did acquire are the dozens of companies that we chose not to hire. Some had strong growth, but did not meet all 5 of our criteria for an acquisition that we laid out 12 months ago being: a strategic fit to our ecosystem, financially accretive, equity and earn-out components, aligned management and profitable or clear path to profitability.
This discipline has put us in a strong position to navigate through the current conditions. This is a marathon, not a sprint. We have the stamina and we have the team. We will continue to execute. We will continue to be disciplined and ultimately, the rest will take care of itself.
On behalf of the over 300 people that call Playmaker family, I want to thank our shareholders for their support.
Operator, you can now go ahead and open the line for questions.
[Operator Instructions] And the first question will come from Matthew Lee with Canaccord Genuity.
Great quarter. Can we maybe talk about what you're seeing in terms of potential affiliate deals and OSB partnerships? And maybe what you feel like you need to add in order to better position yourself to get these deals done?
Thanks, Matt. Great question. So as you know, last year, we did a deal with Genius to work with us on Yardbarker. And that is -- that's a deal that we were quite pleased with. It was a time that they were working with us with sports betting operators for that particular asset.
In the Canadian market, we have a deal with PointsBet, and we see that been a strong relationship in the Canadian market. And in Latin America, we work with sports betting operators who are all looking to capture the large audience and sports fans that we have.
As we look to this upcoming season, starting in September, it's really important that we plan our flag in affiliate. And one of the things that you will see from us is we will be in a position to be capturing a revenue source that today, to be very honest, we have not been touching. We have not got a significant amount of revenue coming from CPA pure affiliate, that's all opportunity for us. And we are going to be in a position come that -- come September to talk about how to execute on the affiliate side of the market and open up that revenue channel for us. Very exciting.
Right. And am I right to say that affiliate deals will be pretty high margin, given that you're essentially will be remonetizing your current subscriber base?
Yes. We've got a unique position in that. We don't have to go and find audience, we have audience. So for us, when we think about affiliate revenue, it's opportunity cost. It's taking an ad that we were otherwise monetizing for a CPM and changing it for a CPA. For us, we need to be excellent at that.
As you know, and we've always talked about having centers of excellence and doing things as well as we possibly can on day 1. We're making sure that we do this to affiliate revenue the same way. There's 3 ways we could do that. We could buy, we could build internally or we could partner. And right now, when you take a look at valuations, I think it's unlikely that we'll find an acquisition in the affiliate space. But it is very fair to say that we will either build or create a partnership that we'll be able to talk about ready for this football -- for this football season, come start of September.
So what in terms of capabilities would you need to kind of acquire build or partner to get? I mean like what is Playmaker missing or achieving kind of get that deal done?
Yes. It's an expertise. But there -- to just put-up widgets and ads and expect people to convert just like that is not that simple. Lots of people try it and they don't succeed at it. You really need to know how to make sure you have the right type of ad that's going up, the right type of creative, the right team working alongside the online sports betting operator, continuously talking to their marketing department, tweaking those ads day in and day out.
It is a pretty sophisticated business model. It's not like placing an ad up on a banner or on a website. It's something that we -- as we as a group, keeping in mind that we hadn't done this before. And we've looked at ways that we can possibly have the resources internally who have the experience, who know how to do this, who know how to work with the betting operators, to make sure that you've got the best offers out there that are actually driving conversion. Driving clicks is one thing, but driving conversion is where you can really benefit from the CPAs.
All right. That's helpful color. And maybe just one last one for me. On the Lat Am side, you really did see a massive increase in sessions this quarter in audience. Can you break down what's driving that and whether that type of growth is sustainable?
Yes. So I think, Matt, great question. And yes, good insight on what we're seeing in terms of total audience growth. I think what you're seeing there is really tremendous traction in key markets, namely, in Brazil. We recently published some Comscore rankings for the country of Brazil, where we actually come in at first and third for total visits as ranked by Comscore with ESPN in the middle, Bolavip and Somos Fanaticos. So that is very intentional and concerted growth efforts in what is a very key market in Brazil.
Brazil is a newly regulating like all of the markets in which we have strong audience from the top of Canada, the bottom of Argentina. Brazil is a newly regulating market as it pertains to sports betting. We've already begun to see momentum there from sports betting operators wanting to build awareness ahead of that regulation. And so it was a very strategic initiative for us to build up our user base and really high levels of engagement with that country and their passionate sports fans, their passionate football fans, and that was a huge success for us.
As a reminder, Somos Fanáticos is a new property. So see that as organic growth in that country. It's on the back of an acquisition that Playmaker Futbol Sites made just this past June. So a really good example of a playbook that we have to cultivate a highly engaged Facebook fan page, and turn that into what is now the third biggest sports media property in all of Brazil.
And like I said, it's not just Brazil. We continue to see great traffic in countries like Argentina, Colombia and heading into World Cup, each of those nations are all participating in the '22 World Cup in Qatar. So we'll continue to invest and ensure that our audience in Lat Am is as healthy as ever, which I can say right now, it certainly is.
The next question will come from Rob Goff with Echelon.
Sticking with the focus on betting. And I know Jake made a reference to it in Brazil. Could you talk to the year-over-year growth in betting driven advertising just as the betting platforms position themselves?
Yes. Thanks, Rob. Great question. I think for -- we haven't spoke -- we have never broken out what we derive revenue from in each category, but we recognize. This is obviously a meaningful driver in our business. So I think it's fair to say that year-over-year, the revenue we have generated from sports betting operators is up, I would say, plus or minus 50% is directionally correct. We have seen a tremendous amount of growth in that particular segment of the marketplace. A lot of it is attributed to the newly regulating markets. And the other part is that, our audience growth and the focus of our audience growth in key markets has really lifted the revenue from that particular group.
And now turning to financial questions, if I could. Could you talk to your plans to address the $8.5 million of deferred and contingent considerations?
Yes. So we've got -- one of the things we disclosed in our meeting is, since quarter end, we've settled $8.25 million of our deferred contingent consideration over the course of April. We did about $1.7 million of that was shares. The remainder was in cash, and we used $3 million of our recently closed credit line -- sorry, credit facility to cover that. The remaining contingent and deferred consideration that we have on the balance sheet, we do have the option of settling about 50% of that in shares, but it's an option we have. It's not something that's required. And so we'll see as we go. We do have cash, we have access to capital and got flexibility settling in cash or shares.
And if I may, could you talk to your plans to build out the subscribers for Morning Bark and your plans for BarkBets?
Sure. So on Morning Bark, we continue to see what I would call sort of sustained growth there. It is a very healthy audience. The 372,000 people to get the newsletter every morning. 26% of readers open it -- of opens. We have a 95%, 96% read completion rate. We also drive anywhere on a daily basis, anywhere from 5% to 10% of total web traffic comes from that newsletter. So -- it is a very healthy subscriber base.
Naturally, we would like to accelerate the growth of Morning Bark, and we've got several things in place to kind of get ourselves ready to lean into some growth strategies. Some of this had to happen sort of under the hood to give us access to the right amount of data to put strategies in place that we can actually invest in. And so some of those things are in motion. I think we're happy with the growth. But like I said, naturally, we'd like to accelerate that because it is so valuable.
BarkBets, we're excited to announce just launched last week. So BarkBets can be considered a sort of like a sister newsletter to Morning Bark. The Morning Bark goes out every morning. BarkBets -- and it's a recap of last night. BarkBets is going to be sent in the early afternoon Eastern Time. And it is about getting people ready for tonight's games and providing insight and guidance around the given markets or opportunities to bet on games taking place later in the evening.
We see a nice white space for this product. We see the ability to push in with really high-level editorial content like Yardbarker specializes in. And also creating an accountable source for pics. Right, whether you're right or wrong, when you're accountable to the pics that you're putting out there in the market, that's engaging content. You may choose to take side with our writers. You may choose to take the other side of our writers. But at the end of the day, we want to put out engaging content.
We are just in a soft launch phase of BarkBets. We have plans to leverage the installed base that we have against our other newsletters, including Morning Bark, but also Quiz of the Day, which is another great newsletter that comes out from Yardbarker every day. So the growth plans are there. We are in -- I wouldn't even say we're in the first innings. I think we're still in the parking lot, but we've got a great product, and we're set to put a growth plan in place to get the subscriber base up on BarkBets in the coming weeks here. That is -- today, this week, next week priority. We're just in the launch phase.
Very good. And you did mention the -- I think it was a 50% yield gain where you migrated traffic onto the bench. Could you address that? And was that fully within the quarter? Or was that -- it ramped up exiting the quarter to that level?
So that is just referring to the months of January, February and March of '22, comparing revenue per 1,000 sessions compared to January, February and March of 2021. So taking apples-to-apples and looking at our ability to generate revenue off the same base of sessions, that's where we're seeing that significant increase in monetization.
The next question will come from Nicholas Cortellucci with M Partners.
Congrats on another great quarter. I wanted to ask you guys about the M&A. So where are you guys seeing the next dollar of M&A deployed. You guys thinking of doubling down on Latin America or expanding more into the U.S. kind of as we saw with The Sports Drop?
Yes. I think the answer is, we certainly have areas we would love to be able to lean into. Audience in the U.S. is, for sure, the most valuable audience for us. We're also looking at the Canadian market, with sports betting operators in the Ontario market, in particular, looking for more places to engage with audience, obviously, finding more content in Canada would be good.
And I think in -- when I look at Lat Am, it would be country-specific, probably Mexico is the one country in Lat Am where we would lean into looking for additional assets. It's the third largest country in the Americas. So where we already have our U.S. focus. We have our Brazilian focus. Mexico being north of 100 million people and being so adjacent to the U.S. Focused on U.S. sports as much as soccer, but they're very big into NFL as well.
And also when you take a look at the new League Cup coming from MLS, which is going to be a new soccer tournament similar to what you have is the Euros which will start taking place next summer. That relationship across the boundaries between Canada, the U.S. and Mexico and then think about World Cup '26 is going to grow. So I would say those 3 audiences are the places that we would look to acquire audience.
In terms of category, as I mentioned on the call, audio is something that we want to lean into a little bit more. We certainly have a very strong podcast network today. But we're listening to our customers. Our customers being advertisers, and advertisers are asking us, "Do you have more audio? We love what you're delivering? Do you have more?" And when you take a look at the growth of spend in audio, it's something that the people who listen to that -- they have very, very high engagement rates and advertisers are willing to pay premiums for it. So if we can acquire strong audio partnerships or audio talent or audio podcast as they exist today, then those are going to be things that we know tied to our network, we can create some great value out of them.
Right. Okay. That makes sense. And then what are you guys seeing in some of these newly launched regions like Ontario and Argentina in terms of viewership and monetization?
Yes. I think from what we're seeing in terms of engagement, we're seeing audience engagement go up, right? That's the most important first metric in anything is, first, you got to see the people come and then the dollars follow. And so we're certainly seeing those metrics trending in all of the right direction. It's like, as an example, why we're focusing so heavily on Brazil in the front end of this, is to have that audience metric going up. So we see engagement going up. And we think sports betting is a macro catalyst to sports engagement in general.
I mentioned this on a panel a few month ago or so. When you think of the things that create engagement and increase awareness of sport, sometimes it's not just the event itself. It's something that changes dramatically, a macro change. So I use the example of F1. F1 is the exact same car races and the exact same places that have been for 30, 40 years. What changed to create F1 into this massive American-Canadian phenomenon. Really, the answer is drive to survive. It had nothing to do with F1. It was macro. Somebody changed something by creating this new engagement tool called Netflix series that created an F1 engagement.
In the Super Bowl last year was the second most-watched Super Bowl in history. And arguably not the most engaged teams in the world. Nobody would call the Bengals and the Rams, the darlings of America. Yet they had the second most watched Super Bowl all time. Why? Why was 18% -- why was the minutes watched in NFL up 18% year-over-year? And the reason, only reason changed 1 year over the next, the only thing that changed. Football is the exact same game played in exact same weeks, with the exact same teams, exact same rules, all the change was sports betting.
Sports betting creates engagement in general. People want to hear about it. They want to talk about it. They want to talk to their friends, and that's vernacular that they need to understand. People ask, Who do you got? They ask what do you -- and they ask, what are the odds? So sports betting in general is going to continue to raise awareness of sports. We are the place you go, to get your content on sports. And as long as we continue to focus on delivering authentic, strong content, we'll continue to build our audience and ultimately, that delivers us revenue.
[Operator Instructions] Next question will come from Gianluca Tucci with Haywood Securities. Seems like Gianluca, actually disconnected. [Operator Instructions] We have Gianluca to rejoin the queue.
Some technical difficulties. So congrats on the quarter. I have a bit of a high-level question. So -- in terms of discussions into all the different customers and partners that you guys have, how are they positioning their ad budgets for the coming quarters given that the World Cup is in Q4?
How are they positioned. We have not seen any change with advertisers right now. Nobody is sitting on their wallets. They're all out continuing to do what it is that they are -- they have been planning to do. Q4 for us is obviously going to be a big quarter. World Cup is huge. As we talked about affiliate, we'll have our affiliate positioning up and running. And we just believe that, with that many more states, you're going to have an entire year in New York in [ Ontario ], Ohio, Maryland coming on. You have Ontario dipping into. For the first time Ontario just came in line in April. So now all of a sudden, you have a full year of awareness with Ontario. So we just think that there's going to continue to be a stability in that market.
World Cup is an inflection, right? That's one of those where something big just happens. And historically, Futbol Sites being the biggest beneficiary of World Cup from a just advertising jump perspective. Every time there's been a World Cup, and you look back at Futbol Sites historicals, it's been a level up. It's been -- the business has just increased to a new level and then continues to grow from there. So yes, we certainly see that happening all through the balance of the year.
But yes, our -- as Jordan said, Q4 is always our biggest quarter. It's just as advertisers are looking to engage users heading into Black Friday, Christmas, that's just standard in our business. With World Cup, though, there's definitely an elevation. And we -- with our integrated sales teams, both in North America and across Latin America, we are in front of groups selling packages relating to World Cup. I mean it's obviously a huge opportunity. And we are uniquely positioned to capitalize on it with such a such a significant base of audience that is passionately reading about every day on our properties. So we are actively ensuring we're here to capitalize on Q4.
Okay. That's encouraging. And then just on M&A. In terms of the valuations out there in the private space, have they kind of come down in sync with how the public equities have been trading? Or are operators still kind of -- yet -- are they sticky in terms of their price ranges that they're asking?
We're starting to see it in sort of relatively small data. I think it always trends similarly, though, if you look at historical patterns that private market valuations will lag, when you see a downturn in the public market or an upturn for that matter. So we are starting to see a little bit of correction. I think that the companies that were airing on the side of growth at the expense of profit, we're starting to see a little bit of a correction there. The companies that are profitable and have really strong unit economics are actually going to be favored in the economy that we're in right now.
So I think you're going to see both actually an increase in some certain valuations or companies that really have profitability figured out like we do, but also for some of the companies that we're looking at. But we're certainly seeing a correction on the businesses that had higher burn rate than ones that we would be comfortable with.
And I think we're starting to see public companies reporting on their private holdings, and that typically starts to send a bit of a correction in private markets because eventually these valuations need to be written down in public markets. So it's small data, and it's early in the cycle. But I think, again, citing historical patterns, we expect to see a bit of a correction on the private side.
Okay. That sounds great. And I guess just lastly from us here, in terms of podcast. And it sounds like that could be an area of growth for a Playmaker. Talk to me a bit about the decision to kind of proceed deeper than that, particular part of the advertising market and in terms of all of like your customer base, is it an easier, I guess, cross-sell to kind of have all of the people on the platform switch over or to like download the app? And is there any cost involved with that investments?
So I think the rationale for being excited about digital audio is a few different things. So for one, we have a podcast network today that includes 12 podcasts. We have -- we've been seeing the growth. We've been seeing the interest from advertisers wanting to access that group. So we just -- we've just had first-hand data that says, "Hey, this is something that we want to continue to invest in." We're also looking at a lot of macro trends. We point to some of this data in our recent Q1 deck that we just posted that advertising share for digital audio is increasing.
Big reason for this, I mean, for one in the pandemic, we saw a significant increase in digital audio consumption. And similar to Jordan explained how our audience levels up in a World Cup year. I think what you saw is just a lot of increased awareness and adoption of podcast and a stabilization that happened post COVID.
Now with people back in commutes and back in grocery stores, opportunities for them to passively engage with audio, we're seeing some really high engagement rates across the entire digital audio asset base.
And then we just see from -- again, from an advertising perspective, there's such amazing affinity for brands within digital audio. If you're a podcast listener, if you listen to podcasts that are lifestyle or sports, I'm sure you've heard [indiscernible]. I'm certain, you've heard of a few brands that get put in front of you every single time you launch a podcast. And when those ads are read by talent, they feel very authentic.
And it's just -- we're seeing data that suggest that the awareness that you can drive through podcast is very significant. It's allowing us to generate premium CPMs on our product. So again, something that, if we can scale, we think we can get our unfair share of the growth of this market and do it in a very strategic way based on the base that we already have in place.
[Operator Instructions] This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Jake Cassaday for any closing remarks. Please go ahead, sir.
Thanks very much. As there are no further questions, that officially does conclude today's call. We, of course, thank you for your interest and continued support in Playmaker and for your participation in today's call. You may now disconnect, and have a great day.