Revenue Performance - Falcon's Beyond reported consolidated revenue of $2.1 million for Q3 2024, with significant contributions from its subsidiaries[3]. - Falcon's Creative Group (FCG) achieved revenues of $13.2 million in Q3 2024, representing a 190% increase of $8.6 million compared to Q3 2023[4]. - Producciones de Parques (PDP) recognized revenues of $17.8 million in Q3 2024, a $2.0 million increase from the prior year, driven by higher occupancy and rates[5]. - Revenue for the three months ended September 30, 2024, was $2,069 thousand, a 31% increase from $1,581 thousand in the same period of 2023[22]. Net Income and Earnings - The company's consolidated net income increased by $35.0 million to $39.3 million for Q3 2024, primarily due to a $40.6 million gain from changes in fair value of earnout liabilities[6]. - Net income attributable to common stockholders for the three months ended September 30, 2024, was $5,869 thousand, compared to a loss of $14,342 thousand in the same period of 2023[23]. - The company reported a net income per share of $0.58 for the three months ended September 30, 2024, compared to $2.50 in the same period of 2023[23]. - Net income for the nine months ended September 30, 2024, was $161,353, compared to a net loss of $14,342 for the same period in 2023[25]. Operating Performance - Adjusted EBITDA improved by $4.6 million to ($1.6) million for Q3 2024, compared to ($6.2) million in Q3 2023, reflecting operational improvements[7]. - FCG recorded an operating income of $0.1 million in Q3 2024, a significant improvement from an operating loss of ($5.2) million in Q3 2023[4]. - EBITDA for the nine months ended September 30, 2024, was $162,474, a significant increase from a loss of $11,998 in the prior year[27]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $(8,063), improving from $(22,621) in the same period of 2023[27]. Debt and Financing - Falcon's Beyond entered into an amended credit agreement to increase its revolving line of credit from $10 million to $15 million, maturing on September 30, 2034[8]. - The company terminated and replaced $14.8 million of term debt, with the new loan bearing an interest rate of 8% per annum[9]. Equity and Shareholder Returns - A stock dividend of 0.2 shares of Class A common stock per share outstanding was declared, expected to issue approximately 2.0 million shares[11]. - The company had total equity attributable to common stockholders of $(1,414) thousand as of September 30, 2024, compared to $(57,105) thousand as of December 31, 2023[21]. Cash Flow and Liquidity - Cash flows used in operating activities for the nine months ended September 30, 2024, were $(8,758), an improvement from $(16,421) in 2023[25]. - The company reported a net cash increase of $161 for the period, compared to a decrease of $(7,974) in the previous year[26]. - Cash and cash equivalents at the end of the period were $828,000, up from $371,000 at the end of the previous year[26]. Expenses and Liabilities - Total operating expenses for the nine months ended September 30, 2024, were $52,986 thousand, compared to $16,679 thousand for the same period in 2023, reflecting a significant increase[23]. - Total liabilities decreased to $76,025 thousand as of September 30, 2024, from $552,353 thousand as of December 31, 2023[21]. - The accumulated deficit improved to $(44,322) thousand as of September 30, 2024, from $(68,594) thousand as of December 31, 2023[21]. - Research and development expenses for the three months ended September 30, 2024, were $39 thousand, a decrease from $349 thousand in the same period of 2023[23]. Other Financial Metrics - The company reported a gain on deconsolidation of FCG amounting to $27,402 thousand for the nine months ended September 30, 2024[23]. - Change in fair value of earnout liabilities was $40,649 thousand for the three months ended September 30, 2024[23]. - The change in fair value of earnout liabilities was $(172,271) for the nine months ended September 30, 2024[27]. - The company recognized a credit loss expense of $12 for the nine months ended September 30, 2024, compared to $5,484 in the prior year[25]. - The company had a foreign exchange transaction loss of $(261) for the nine months ended September 30, 2024[25]. - The company reported a gain on deconsolidation of $(27,402) in the prior year, which did not recur in the current period[27].
Falcon's Beyond (FBYD) - 2024 Q3 - Quarterly Results