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 Boat Rocker's financial information reported under IFRS. The intent of using non-IFRS measures is to provide investors with supplemental measures of Boat Rocker'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 Boat Rocker's liquidity position and available financial resources. Boat Rocker'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. Boat Rocker also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers.
Definitions and reconciliations of non-IFRS measures to the relevant reported measures can be found in our Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2024 and 2023 are available under Boat Rocker's profile on SEDAR+ (www.sedarplus.ca). The non-IFRS measures Boat Rocker uses include: EBITDA, Adjusted EBITDA, Cash Available for Use and Cash Required for Use in Productions.
Adjusted EBITDA is defined as EBITDA before certain expenses, costs, charges or benefits incurred in the period which in management's view are not indicative of continuing operations, including: amortization of non-cash program intangibles, change in fair value of other financial liabilities related to put options, certain other financial liabilities, convertible debt and contingent consideration, share-based compensation, professional and consulting fees relating to non-core operating activities, non-recoupable COVID-19 costs, goodwill impairment, reorganization costs, loss on debt modifications, gain on settlement of loans and borrowings, gain or loss on sale of assets, unrealized gains or losses on foreign exchange, unrealized gains or losses on forward currency contracts, and other costs not indicative of Boat Rocker's core operating results. Adjusted EBITDA is used by management as a measure of Boat Rocker's operating performance.
Cash Available for Use is defined as the total cash of Boat Rocker less Cash Required for Use in Productions. Cash Available for Use funds ongoing working capital requirements, principal and interest payments on corporate debt 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.
Forward-Looking Statements
This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects Boat Rocker's current expectations regarding future events. Forward-looking information is based on a number of assumptions, many of which are beyond Boat Rocker's control. Such assumptions include, but are not limited to, the factors discussed under "Outlook" in Boat Rocker's annual MD&A dated March 28, 2024. Forward-looking information is also subject to a number of specific and general risks. A comprehensive summary of the risks and uncertainties that may affect the business of Boat Rocker is set out in Boat Rocker's Annual Information Form dated March 28, 2024 and in Boat Rocker's annual MD&A of the same date. The risks and uncertainties described therein are not the only ones Boat Rocker faces. Additional risks and uncertainties not presently known to Boat Rocker or that it currently believes to be immaterial may also materially adversely affect Boat Rocker's business, assets, liabilities, financial condition, results of operations, prospects, cash flows and the value and future trading price of the Subordinate Voting Shares. Boat Rocker does not undertake any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.
SOURCE Boat Rocker Media Inc.
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/CONTACT:
Press Contacts: Boat Rocker Investor Relations, ir@boatrocker.com, 416-591-0065 Or Matt Salvatore, Boat Rocker, Corporate Communications, matt.salvatore@boatrocker.com, 416-591-0065
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June 28, 2024 07:55 ET (11:55 GMT)
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