Financial Performance - Falcon's Beyond reported consolidated revenues of $1.8 million for Q2 2024, primarily from corporate and shared services fees[3]. - Falcon's Creative Group (FCG) generated revenues of $15.7 million in Q2 2024, an increase of $10.5 million, or 202%, compared to the same period in 2023[3]. - FCG achieved an operating income of $2.3 million and a net income of $2.5 million in Q2 2024, a significant turnaround from an operating loss of $1.1 million in Q2 2023[3]. - Producciones de Parques, Falcon's Beyond's joint venture, reported revenues of $11.3 million in Q2 2024, a $0.9 million increase from the previous year, driven by higher occupancy and rates[4]. - Consolidated net income for Falcon's Beyond increased by $16.8 million to $8.0 million in Q2 2024, compared to a net loss of $8.8 million in Q2 2023[5]. - Adjusted EBITDA improved by $6.5 million to ($1.9) million in Q2 2024, compared to ($8.4) million in Q2 2023, due to reduced overhead costs[6]. - Revenue for the three months ended June 30, 2024, was $1,798,000, compared to $5,322,000 for the same period in 2023, representing a decrease of approximately 66.2%[17]. - Total operating expenses for the six months ended June 30, 2024, were $12,149,000, down from $31,001,000 in the same period of 2023, indicating a reduction of about 60.8%[17]. - Net income for the six months ended June 30, 2024, was $122,052,000, a significant improvement from a net loss of $18,652,000 in the same period of 2023[18]. - The company reported a net cash used in operating activities of $6,385,000 for the six months ended June 30, 2024, compared to $12,610,000 for the same period in 2023, showing a decrease of approximately 49.5%[18]. - The company reported a net income of $122,052 for the six months ended June 30, 2024, compared to a loss of $18,652 in the same period of 2023[21]. - EBITDA for the six months ended June 30, 2024, was $122,755, a significant improvement from a loss of $16,634 in the same period of 2023[21]. - Adjusted EBITDA for the three months ended June 30, 2024, was $(1,942), an improvement from $(8,394) in the same period of 2023[21]. Cash and Assets - Cash and cash equivalents increased to $1.664 million as of June 30, 2024, compared to $0.672 million at the end of 2023[14]. - Total assets rose to $65.930 million as of June 30, 2024, up from $63.359 million at the end of 2023[14]. - Cash and cash equivalents at the end of the period were $1,664,000, up from $1,186,000 at the end of the same period in 2023, reflecting an increase of about 40.3%[19]. Interest and Expenses - Interest expense for the three months ended June 30, 2024, was $(438,000), compared to $(295,000) for the same period in 2023, indicating an increase of approximately 48.8%[17]. - Interest expense increased to $707 for the six months ended June 30, 2024, from $566 in the same period of 2023[21]. - Depreciation and amortization expense decreased significantly to $3 for the six months ended June 30, 2024, from $1,516 in the same period of 2023[21]. - The company incurred transaction expenses of $7 for the six months ended June 30, 2024, which were not present in the same period of 2023[21]. - Interest income for the six months ended June 30, 2024, was $(6), a slight decrease from $(45) in the same period of 2023[21]. - Credit loss expense decreased to $12 for the six months ended June 30, 2024, down from $254 in the same period of 2023[21]. Strategic Initiatives - Falcon's Beyond is actively involved in the development of the first-ever Dragon Ball theme park and multiple projects in Qiddiya City, including Saudi Arabia's first water theme park[2]. - The company is focused on expanding its business and enhancing its product offerings, indicating a strong commitment to future growth opportunities[2]. Shareholder Information - The weighted average shares outstanding, basic, for the three months ended June 30, 2024, were 10,008,941, compared to 9,515,230 for the same period in 2023, representing an increase of about 5.2%[17]. - The company reported a share of gain from equity method investments of $1,720,000 for the three months ended June 30, 2024, compared to a loss of $(856,000) for the same period in 2023[17]. Fair Value Adjustments - The company experienced a change in fair value of earnout liabilities amounting to $(131,621,000) for the six months ended June 30, 2024[18]. - The change in fair value of earnout liabilities for the six months ended June 30, 2024, was $(131,621), indicating a substantial adjustment[21].
Falcon's Beyond (FBYD) - 2024 Q2 - Quarterly Results