Cost of revenue 45,470,265 101,055,664 148,699,718 180,763,162
-------------- ------------- ------------- -------------
Gross profit 8,768,598 18,754,294 23,266,630 40,113,499
Operating
expenses:
Selling, general
and
administrative
expenses 8,927,432 9,305,955 31,978,778 40,480,812
Depreciation and
amortization 2,066,465 2,232,509 6,195,513 4,929,289
Impairment and
other losses,
net 50,217,492 -- 50,217,492 8,937,677
Restructuring and
other related
charges (15,708) 934,147 (114,292) 6,525,079
-------------- ------------- ------------- -------------
Total operating
expenses 61,195,681 12,472,611 88,277,491 60,872,857
-------------- ------------- ------------- -------------
Operating
income (loss) (52,427,083) 6,281,683 (65,010,861) (20,759,358)
Other income
(expense):
Interest expense (3,472,559) (2,835,588) (10,362,267) (5,731,955)
Miscellaneous
(expense)/income 419,523 (2,009,944) (212,676) (4,537,617)
-------------- ------------- ------------- -------------
Total other
expense (3,053,036) (4,845,532) (10,574,943) (10,269,572)
-------------- ------------- ------------- -------------
Income (loss) from
operations before
income taxes (55,480,119) 1,436,151 (75,585,804) (31,028,930)
Income tax
expense (68,908) (162,368) (125,908) (141,293)
-------------- ------------- ------------- -------------
Net income (loss) (55,549,027) 1,273,783 (75,711,712) (31,170,223)
Foreign currency
translation
adjustment -- 955,438 -- 386,000
-------------- ------------- ------------- -------------
Comprehensive
income (loss) (55,549,027) 2,229,221 (75,711,712) (30,784,223)
============== ============= ============= =============
Troika Media Group, Inc.
Adjusted EBITDA Non-GAAP Measure
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------------- -------------------------------
2023 2022 2023 2022
--------------- --------------- --------------- --------------
Net income
(loss) $ (55,549,027) $ 1,273,783 $ (75,711,712) $ (31,170,223)
Depreciation
and
amortization 2,066,465 2,232,509 6,195,513 4,929,289
Interest
expense 3,472,559 2,835,588 10,362,267 5,731,955
Income tax
expense
(benefit) 68,908 162,368 125,908 141,293
--------------- --------------- --------------- --------------
EBITDA (49,941,095) 6,504,248 (59,028,024) (20,367,686)
Stock-based
compensation
expense (238,443) 516,800 639,334 13,817,814
Non-recurring
expenses
related to
financing
matters(1) 3,885,493 -- 13,434,949 --
Non-recurring
financing
expenses(2) -- -- 405,159 --
Reverse stock
split fees -- -- 53,744 --
Restructuring
and other
related
charges (12,272) 934,147 (114,292) 6,525,079
Loss
contingency
on equity
issuance -- 301,350 227,400 3,916,350
Impairments
and other
losses, net 50,217,492 -- 50,217,492 8,937,677
Net gain on
sale of
subsidiary -- (82,894) -- (82,894)
Loss (gain) on
derivative
liability -- 942,390 -- 316,245
Foreign
exchange
loss -- 944,416 -- 944,416
Related
acquisition &
related
professional
costs -- -- -- 1,683,000
--------------- --------------- --------------- --------------
Adjusted EBITDA $ 3,911,175 $ 10,060,457 $ 5,835,762 $ 15,690,001
=============== =============== =============== ==============
1) Costs primarily relate to Blue Torch financing matters. Costs are recorded
in selling, general, and administration expenses.
2) Costs primarily relate to the Preferred Series E equity matters.
The following is a description of the adjustments to net income (loss) in arriving at adjusted EBITDA as described in this earnings release:
-- Interest Expense.
-- Income Tax Expense.
-- Depreciation and amortization. This adjustment eliminates depreciation
and amortization of property and equipment and intangible assets in all
periods.
-- Impairment and other (gains) losses, net. This adjustment eliminates
non-cash impairment charges and the impact of gains or losses from the
disposition of assets or businesses in all periods.
-- Related acquisition and related professional costs. This adjustment
eliminates costs related to acquisitions in all periods.
-- Restructuring charges (Credits). This adjustment includes costs related
to termination benefits provided to employees as part of the Company's
full-time workforce reductions.
-- Stock based compensation. This adjustment eliminates the compensation
expense relating to restricted stock units and stock options granted
under the Troika Media Group Stock Plan.
-- Gains or losses on dispositions of businesses and associated settlements
-- Certain other non-recurring or non-cash items
-- Partial liquidated damages expense related to the Series E Pipe
View original content to download multimedia:https://www.prnewswire.com/news-releases/troika-media-group-inc-reports-revenue-of-54-2-million-and-172-0-million-for-the-three-and-nine-months-ended-september-30--2023--302021350.html
SOURCE Troika Media Group
/CONTACT: Investor Relations Contact: Investor Relations, Troika Media Group, Inc., investorrelations@troikamedia.com
(END) Dow Jones Newswires
December 21, 2023 17:00 ET (22:00 GMT)
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