Financial Performance - Falcon's Beyond reported consolidated revenue of $1.5 million for Q1 2024, with Falcon's Creative Group generating $14.9 million, an 87% increase year-over-year[1][6]. - The joint venture Producciones de Parques recognized revenues of $7.5 million in Q1 2024, a $1.2 million increase compared to the same period in 2023[6]. - Consolidated net income increased by $123.8 million to $114.0 million for Q1 2024, compared to a net loss of $9.9 million in Q1 2023, primarily due to a $118.6 million gain from changes in fair value of earnout liabilities[6]. - Adjusted EBITDA improved from $(8.0) million to $(4.5) million for Q1 2024, driven by lower selling, general, and administrative expenses[6]. - Falcon's Creative Group recorded operating income of $1.6 million and net income of $1.8 million in Q1 2024, compared to an operating loss of $1.2 million and net loss of $1.2 million in Q1 2023[6]. - Revenue for the three months ended March 31, 2024, was $1,516, a decrease of 83.5% compared to $9,194 for the same period in 2023[14]. - Total operating expenses for Q1 2024 were $6,829, down 62.2% from $18,096 in Q1 2023[14]. - Net income for the three months ended March 31, 2024, was $114,024, compared to a net loss of $9,850 in the same period last year[14]. - Basic net income per share for Q1 2024 was $1.90, while diluted net income per share was $1.53[14]. - Adjusted EBITDA for Q1 2024 was $(4,514), compared to $(7,986) in Q1 2023, indicating an improvement[21]. Assets and Cash Flow - Total assets increased to $67.8 million as of March 31, 2024, compared to $63.4 million as of December 31, 2023[11]. - Cash flows from operating activities resulted in a net cash used of $3,768 for Q1 2024, an improvement from $6,498 in Q1 2023[16]. - The company had cash and cash equivalents of $1,050 at the end of Q1 2024, compared to $1,551 at the end of Q1 2023[16]. Strategic Partnerships and Developments - The company announced a licensing agreement with The Hershey Company to create new location-based entertainment attractions featuring iconic brands[2]. - Falcon's Creative Group will serve as the master planner and attraction designer for the Dragon Ball theme park in Qiddiya, Saudi Arabia, which will feature five state-of-the-art rides[2]. - Falcon's Beyond launched Falcon's Attractions Systems & Technologies, focusing on selling immersive rides and attractions globally[2]. - The company has entered a letter of intent with Tanseisha Co. to explore developing themed entertainment experiences based on popular Japanese anime and manga[2]. Other Financial Metrics - The company reported a significant change in fair value of earnout liabilities amounting to $118,615 for Q1 2024[14]. - The company experienced a foreign exchange transaction loss of $375 in Q1 2024, compared to a gain of $599 in Q1 2023[14]. - The weighted average shares outstanding for basic shares was 9,021,520 for Q1 2024[14].
Falcon's Beyond (FBYD) - 2024 Q1 - Quarterly Results