Plus Solutions Revenue Grew by 69%;
Represents in Q1 a Record 13% of Total Revenue and 30-40% of Total
Gross Profit
VANCOUVER, BC, May 16, 2022
/PRNewswire/ - BBTV Holdings Inc. (TSX: BBTV) (OTCQX: BBTVF) (the
"Company"), a media tech company that uses technology enabled
solutions to help content creators become more successful, today
announced financial results for Q1 2022 ended on March 31, 2022.
The Management Discussion and Analysis ("MD&A"), along with
full financial statements are posted and available on SEDAR at
www.sedar.com. All dollar amounts are expressed in Canadian
currency and are prepared in accordance with International
Financial Reporting Standards ("IFRS").
Plus Solutions revenue growth is expected to exceed 40% on an
annual basis for 2022, or almost double previous annual growth rate
guidance of 23% provided by the Company.
"Q1 2022 results show continued strong growth in higher margin
Plus Solutions," said Shahrzad
Rafati, Chairperson and CEO of BBTV. "Plus Solutions Revenue
grew by 69%, led by strong uptake of Content Management solutions
by major media brands during the quarter. Our investments in Plus
Solutions are beginning to show up in our performance, where
revenue from all our major Plus Solutions categories including
Content Management, Direct Advertising Sales, and Mobile Gaming
Apps, have all grown by over 40% in the quarter. "
Q1 2022 Financial Highlights:
- Plus Solutions revenue in Q1 2022 grew by 69% in comparison to
the same quarter last year and in Q1 2022 represents a record 13%
of total revenue and 30-40% of total gross profit
- Plus Solutions revenue growth is expected to exceed 40% on an
annual basis for 2022, or almost double previous annual growth rate
guidance of 23% provided by the Company.
- Revenue from all of the Company's major Plus Solution
categories including Content Management, Direct Advertising Sales,
and Mobile Gaming Apps, have all grown by over 40% in Q1 2022 in
comparison to the same quarter last year.
- Adjusted Gross Profit1, which is a non-GAAP
financial measure and defined as Gross Profit excluding
amortization associated with the purchase price allocation ("PPA")
related to the initial public offering, for Q1 2022 was
$9.2 million, a 5% decrease in
comparison to $9.6 million reported
for the same quarter last year due to the decrease in revenue
across Base Solutions.
- BBTV Share1 of revenue, which is a non-GAAP
financial measure and defined as revenue less content creator and
third-party platform fees, for Q1 2022 was $9.6 million, a 4% decrease compared to
$10.0 million reported for Q1
2021.
- Adjusted Gross Margin2, which is a
non-GAAP ratio and defined as Adjusted Gross Profit1
divided by BBTV Share, was 95.6% for Q1 2022, comparable to 96.0%
reported for Q1 2021. Adjusted Gross Margin2 should
remain stable and above 90% for the foreseeable future.
- Gross Margin Excluding PPA Amortization2, which is a
non-GAAP ratio and defined as Adjusted Gross Profit1
divided by revenue, was 9.3% in Q1 2022 up from 9.0% in Q1 2021 due
to the higher revenue mix of Plus Solutions. Plus Solutions should
continue to help contribute to further margin expansion in future
quarters.
___________________________________________
|
1
Non-GAAP Financial Measure. See "Non-GAAP Financial Measures and
Non-GAAP Ratios Reconciliation Tables" section below and the
reconciliation to the most directly comparable IFRS measure
included in this press release.
|
|
|
|
|
|
|
Three Months
Ended
|
|
Q1
2022(1)
|
Q1
2021(1)
|
$
Change
|
%
Change
|
Base Solutions
revenue
|
$86,024
|
$98,895
|
($12,871)
|
(13%)
|
Plus Solutions
revenue
|
$12,812
|
$7,600
|
$5,212
|
69%
|
Total
revenue
|
$98,836
|
$106,495
|
($7,659)
|
(7%)
|
Gross profit
|
$1,691
|
$3,779
|
($2,088)
|
(55%)
|
Gross margin
|
2%
|
4%
|
|
|
Adjusted Gross
Profit
|
$9,176
|
$9,620
|
($444)
|
(5%)
|
Gross Margin Excluding
PPA Amortization
|
9%
|
9%
|
|
|
Net loss
|
($12,539)
|
($9,051)
|
($3,488)
|
39%
|
Adjusted
EBITDA
|
($3,716)
|
($2,506)
|
($1,210)
|
48%
|
Cash flow from (used
in) operating activities
|
($8,004)
|
($3,966)
|
($4,038)
|
102%
|
(1)
These figures are derived from the Company's IFRS financial
statements. Adjusted Gross Profit and Adjusted EBITDA are
non-GAAP Financial Measures and Gross Margin Excluding PPA
Amortization is a non-GAAP Ratio. These terms are defined
under "Key Metric Definitions" below. A reconciliation of
non-GAAP Financial Measures and non-GAAP ratios are set out below
under "Non-GAAP Financial Measures and Non-GAAP Ratios
Reconciliation Tables".
|
The current period increase in cash outflows from operating
activities over Q1 2021 was primarily due to the changes in the
timing of receipts or payments of working capital items.
|
|
|
|
|
|
Three Months
Ended
|
|
Q1
2022(1)
|
Q4
2021(1)
|
$
Change
|
%
Change
|
Base Solutions
revenue
|
$86,024
|
$127,316
|
($41,292)
|
(32%)
|
Plus Solutions
revenue
|
$12,812
|
$11,473
|
$1,339
|
12%
|
Total
revenue
|
$98,836
|
$138,789
|
($39,953)
|
(29%)
|
Gross profit
|
$1,691
|
$2,926
|
($1,235)
|
(42%)
|
Gross margin
|
2%
|
2%
|
|
|
Adjusted Gross
Profit
|
$9,176
|
$10,354
|
($1,178)
|
(11%)
|
Gross Margin Excluding
PPA Amortization
|
9%
|
7%
|
|
|
Net loss
|
($12,539)
|
($9,025)
|
($3,514)
|
39%
|
Adjusted
EBITDA
|
($3,716)
|
($770)
|
($2,946)
|
383%
|
Cash flow from (used
in) operating activities
|
($8,004)
|
$7,631
|
($15,635)
|
(205%)
|
(1)
These figures are derived from the Company's IFRS financial
statements. Adjusted Gross Profit and Adjusted EBITDA are non-GAAP
Financial Measures and Gross Margin Excluding PPA Amortization is a
non-GAAP Ratio. These terms are defined under "Key Metric
Definitions" below. A reconciliation of non-GAAP Financial
Measures and non-GAAP ratios are set out below under "Non-GAAP
Financial Measures and Non-GAAP Ratios Reconciliation
Tables".
|
_________________________________
|
2
Non-GAAP Ratio. See "Non-GAAP Financial Measures and Non-GAAP
Ratios Reconciliation Tables" section below and the reconciliation
to the most directly comparable IFRS measure included in this press
release.
|
The current period increase in cash outflows from operating
activities over Q4 2021 was primarily due to the changes in the
timing of receipts or payments of working capital items.
Q1 2022 Key Metrics:
|
|
|
|
|
|
Three Months
Ended
|
|
Q1
2022
|
Q1
2021
|
Change
|
%
Change
|
|
|
|
|
|
Views
(billions)
|
105
|
115
|
(10)
|
(9%)
|
RPMs
|
$0.82
|
$0.86
|
($0.04)
|
(5%)
|
|
|
|
|
|
|
Three Months
Ended
|
|
Q1
2022
|
Q4
2021
|
Change
|
%
Change
|
|
|
|
|
|
Views
(billions)
|
105
|
107
|
(2)
|
(2%)
|
RPMs
|
$0.82
|
$1.19
|
($0.37)
|
(31%)
|
Revenue for the three months ended March 31,
2022 decreased by ($7.7)
million or (7%) when compared to the same period of the
prior year. This decline in revenue for the current three-month
period was due to a decline in Views and RPMs, partially offset by
an increase in revenue in the higher margin Plus Solutions revenue
stream. The increase in Views associated with COVID-19 consumers'
consumption patterns started to subside when lockdowns ended in
many parts of the world, resulting in a decline in Views when
compared to the same period of the prior year. The decline in RPMs
was due to a lack of monetization on YouTube Shorts content, and
when removing this impact, RPMs would have grown by 16% when
compared to the same quarter in the prior year.
In Q1 2022, about 20% of our views came from YouTube Shorts,
which presents a significant upside for when that format becomes
monetized, and we believe that this will begin soon. RPMs for
monetizable content grew by 16% compared to Q1 last year. The
continued growth of our Base Solutions business alongside the
changing consumption landscape presents strong opportunities for
RPM growth as monetization continues to mature across all key
platforms. While micro content like YouTube Shorts isn't monetized
today, once it becomes monetized across our entire library, it
could represent incremental revenue of over $90 million annually across our Base Solutions at
current market rates. The Company expects its RPMs for
monetizable content to continue to trend upward, particularly as
our Plus Solutions continue to scale and as the YouTube Shorts
monetization is activated.
Conference Call Details:
Tuesday May 17, 2022, 7:00 am Pacific Time / 10:00 am Eastern Time.
Participant Information:
Access Code: 414621
United States: 1 844 200 6205
United States (Local): 1 646
904 5544
Canada dial-in number (Toll Free):
1 833 950 0062
Canada dial-in number (Local): 1
226 828 7575
All other locations: +1 929 526 1599
Please connect at least 15 minutes prior to the conference
call.
To coincide with the call, an Investor Highlights presentation
will be available at:
https://investors.bbtv.com/events-and-presentations/default.aspx
Links to SEDAR filings, conference call recordings and press
releases are available on the investor website at:
https://investors.bbtv.com/
Telephonic Replay:
Access Code: 329687
US (Local): 1 929 458 6194
US Toll Free: 1 866 813 9403
Canada: 1 226 828 7578
UK (Local): 0204 525 0658
All other locations: +44 204 525 0658
May 17, 2022 11:00 ET – May 30, 2022 23:59
ET
Income Statement:
|
|
|
Three Months
Ended
March 31,
|
|
|
|
|
2022
$
|
2021
$
|
%
change
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$98,836
|
$106,495
|
(7%)
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
|
|
|
Content creator
and other fees
|
|
|
|
|
$89,321
|
$96,567
|
(8%)
|
Amortization
|
|
|
|
|
$7,824
|
$6,149
|
27%
|
|
|
|
|
|
$97,145
|
$102,716
|
(5%)
|
|
|
|
|
|
|
|
|
Gross profit (loss)
|
|
|
|
|
$1,691
|
$3,779
|
(55%)
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
|
|
$7,741
|
$7,288
|
13%
|
General and
administration
|
|
|
|
|
$4,312
|
$4,230
|
(8%)
|
Research and
development
|
|
|
|
|
$1,336
|
$1,059
|
26%
|
Share-based
compensation
|
|
|
|
|
$1,033
|
$264
|
291%
|
Amortization and
depreciation
|
|
|
|
|
$1,019
|
$1,867
|
(45%)
|
|
|
|
|
|
$15,441
|
$14,708
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
|
($13,750)
|
($10,929)
|
26%
|
|
|
|
|
|
|
|
|
Foreign exchange gain
(loss)
|
|
|
|
|
$599
|
$112
|
435%
|
Interest
expense
|
|
|
|
|
($2,179)
|
($1,066)
|
104%
|
Other income
(expense)
|
|
|
|
|
($339)
|
($44)
|
670%
|
Transaction-related costs
|
|
|
|
|
($485)
|
$-
|
NA
|
|
|
|
|
|
($2,404)
|
($998)
|
141%
|
|
|
|
|
|
|
|
|
Loss before income taxes
|
|
|
|
|
($16,154)
|
($11,927)
|
35%
|
|
|
|
|
|
|
|
|
Recovery of income taxes
|
|
|
|
|
$3,615
|
2,876
|
26%
|
|
|
|
|
|
|
|
|
Loss
|
|
|
|
|
($12,539)
|
($9,051)
|
39%
|
|
|
|
|
|
|
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
Exchange
differences on translation of operations in currencies other than
Canadian dollars
|
|
|
|
|
($392)
|
($180)
|
118%
|
|
|
|
|
|
|
|
|
Loss and comprehensive loss
|
|
|
|
|
($12,931)
|
($9,231)
|
40%
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per share (in dollars)
|
|
|
|
|
($0.60)
|
($0.44)
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding
Basic and diluted (in whole numbers)
|
|
|
|
|
21,016,374
|
20,513,788
|
|
Non-GAAP Financial Measures and non-GAAP Ratios Reconciliation
Tables:
Adjusted EBITDA and Adjusted EBITDA Margin
|
|
Three months ended
March 31,
|
|
|
|
2022
|
2021
|
Net
loss
|
|
|
($12,539)
|
($9,051)
|
Amortization and
depreciation(1)
|
|
|
$8,843
|
$8,016
|
Share-based
compensation
|
|
|
$1,033
|
$264
|
Unrealized and realized
foreign exchange
|
|
|
($599)
|
($112)
|
Interest
expense
|
|
|
$2,179
|
$1,066
|
Other expense
(income)
|
|
|
$339
|
$44
|
Receivable factoring
banking fees
|
|
|
$158
|
$143
|
Transaction-related
costs
|
|
|
$485
|
$-
|
Recovery of income
taxes
|
|
|
($3,615)
|
($2,876)
|
Adjusted
EBITDA(2)
|
|
|
($3,716)
|
($2,506)
|
Total
revenues
|
|
|
$98,836
|
$106,495
|
Adjusted EBITDA
Margin(2)
|
|
|
(3.8%)
|
(2.4%)
|
(1) Includes
depreciation and amortization reported in cost of revenue and
operating expenses for all periods.
|
(2) Adjusted
EBITDA is a non-GAAP financial measure while Adjusted EBITDA Margin
is a non-GAAP ratio. Further details on these measures are included
in the "Key Metrics" section of this press release.
|
BBTV Share, Adjusted Gross Profit, and Adjusted Gross
Margin
|
|
Three months ended
March 31,
|
|
|
|
2022
|
2021
|
Revenue
|
|
|
$98,836
|
$106,495
|
Less: content creator
and third-party platform fees
|
|
|
($89,239)
|
($96,474)
|
BBTV
Share(1) (A)
|
|
|
$9,597
|
$10,021
|
|
|
|
|
|
Gross
Profit
|
|
|
$1,691
|
$3,779
|
Add: amortization
associated with intangible assets acquired as part of the Business
Combination Transaction
|
|
|
$7,485
|
$5,841
|
Adjusted Gross
Profit(1) (B)
|
|
|
$9,176
|
$9,620
|
|
|
|
|
|
Adjusted Gross
Margin(1) (B/A)
|
|
|
95.6%
|
96.0%
|
(1) BBTV Share
and Adjusted Gross Profit are non-GAAP financial measures while
Adjusted Gross Margin is a non-GAAP ratio. Further details on these
measures are included in the "Key Metrics" section of this press
release.
|
Free Cash Flow
|
|
Three months ended
March 31,
|
|
|
|
2022
|
2021
|
Cash flow from (used
in) operating activities
|
|
|
($8,004)
|
($3,966)
|
Purchase of property
and equipment
|
|
|
($185)
|
($61)
|
Purchase or development
of intangible assets
|
|
|
($659)
|
($293)
|
Free Cash
Flow(1)
|
|
|
($8,848)
|
($4,320)
|
(1) Free Cash
Flow is a non-GAAP financial measure. Further details on this
measure is included in the "Key Metrics" section of this press
release.
|
About BBTV
BBTV is a global media and technology company headquartered in
Vancouver, Canada. The Company's
mission is to help content creators become more successful. With
creators ranging from individuals to global media brands, BBTV
provides comprehensive, end-to-end Solutions to increase viewership
and drive revenue powered by its innovative technology, while
allowing creators to focus on their core competency – content
creation. In December 2021, BBTV had
the fourth most unique monthly viewers among digital platforms with
more than 600 million globally, who consumed more than 35 billion
minutes of video content [1]. (www.bbtv.com)
[1] Calculations and classifications made by BBTV based on data
from Comscore's "Top 12 Countries = January
2021 comScore Video Metrix Media Trend – Multi-Platform –
Top 100 Video Properties Report"; Top 12 countries represent ~50%
of world's digital population.
Links to SEDAR filings, conference call recordings and press
releases are available on the investor website at:
https://investors.bbtv.com/
Key Metric Definitions
The information presented within this press release includes
certain financial measures such as non-GAAP financial measures,
non-GAAP ratios, and supplementary financial measures, as well as a
non-financial performance measure (collectively, "Key
Metrics") to assist investors in assessing the overall
operating performance of the Company. These measures are provided
as additional information to complement IFRS measures by providing
further understanding of our results of operations from
management's perspective. Accordingly, these measures should not be
considered in isolation nor as a substitute for analysis of our
financial information reported under IFRS. They are not
standardized measures under IFRS and do not have standardized
meanings prescribed by IFRS, and might not be comparable to similar
financial measures disclosed by other issuers. These Key Metrics
are used to provide investors with supplemental information on our
operating performance and thus highlight trends in our core
business that may not otherwise be apparent when relying solely on
IFRS measures. We also believe that securities analysts, investors
and other interested parties frequently use Key Metrics in the
evaluation of issuers. Our management also uses Key Metrics in
order to facilitate operating performance comparisons from period
to period, to prepare annual operating budgets and forecasts and to
determine components of management compensation.
The numbers for the Company's Key Metrics and related
information are calculated using external industry data sources
and/or internal company data. These measures may be different from
non-GAAP financial measures or ratios or other metrics used by
other companies and may not be comparable to similar meanings
prescribed by other companies, limiting their usefulness for
comparison purposes. Moreover, some of these adjustments or
measures are provided for period-over-period comparison purposes,
and investors should be cautioned that the effect of the
adjustments provided herein is not indicative of the actual effect
on the Company's operating results.
Non-GAAP Ratios contained in this press release are:
"Adjusted Gross Margin" means Adjusted
Gross Profit divided by BBTV Share; and
"Adjusted EBITDA Margin" means Adjusted
EBITDA divided by revenue.
"Gross Margin Excluding PPA Amortization"
means Adjusted Gross Profit divided by revenue.
Non-GAAP Financial Measures contained in this press release
include all financial figures with a Pro-Forma Adjustment (see Pro
Forma Basis) as well as the following:
"Adjusted EBITDA" means net earnings
or loss, as applicable, before finance expenses, income tax expense
(recovery), amortization and depreciation, share-based
compensation, unrealized and realized gains or losses due to
foreign exchange, transaction-related costs, and certain other
items as set out in the reconciliation table;
"BBTV Share" means revenue less content
creator and third-party platform fees;
"Adjusted Gross Profit" means gross
profit plus amortization associated with intangible assets acquired
as part of the Business Combination Transaction;
"Free Cash Flow" means cash flows from
(used in) operating activities less purchases of property and
equipment and purchase or development of intangible assets;
See the financial tables above for a reconciliation of the
non-GAAP ratios and non-GAAP financial measures.
Supplementary Financial Measures
Supplementary Financial Measures contained in this press
release are:
"Advertising Revenue" means the revenue
generated from advertising sales from the Company's owned and
licensed video on demand content across digital platforms, rights
management revenue from advertising sales on video on demand
content, and in-app advertising on Mobile Gaming Apps.
"RPMs" or "Revenue per one thousand
video Views" means the Advertising Revenues for every thousand
Views generated by the Company's owned and licensed digital
content. The Company does not provide a reconciliation for RPMs as
there are no directly comparable IFRS measures for the components
that make up RPMs.
"Gross Margin" means gross profit divided
by revenue.
We monitor Advertising Revenue and RPMs to help us evaluate our
business, measure our performance, identify trends affecting our
business, formulate business plans and make strategic decisions.
These measures are also used to provide investors with supplemental
measures of our operating performance and thus highlight trends in
our core business that may not otherwise be apparent when relying
solely on IFRS measures. Unless the context otherwise requires, the
Company believes that readers should consider the applicable
metrics to be indicative of engagement and monetization trends that
are key factors that affect the Company's revenue. The Company may
or may not update these metrics based on the Company's
determination of applicability, circumstance, relevance or other
considerations.
Non-Financial Performance Measures
Views are one of BBTV's non-financial performance measures and
are defined as the number of views, in billions, of the Company's
owned and licensed digital video content on various platforms,
notably YouTube, for the stated period. The presentation of Views
is reliant on certain third-party industry data and therefore is
not comprehensive and may exclude views of the Company's content on
certain platforms or in geographies whereby such data sources are
unable to or do not track such information. Trends in Views affect
revenue and financial results by influencing the Company's volume
of salable media inventory, RPMs, as well as its product offerings,
expenses and capital expenditures.
While Views are reported using reasonable judgments and
estimates of the audience and its engagement with its content for
the applicable period of measurement, there are certain challenges
and limitations in measuring the usage of its content across its
audience. Such challenges and limitations may also affect the
Company's understanding of certain details of its business. For
example, the methodologies used to measure the Company's Views and
RPMs (see "Supplementary Financial Measures" above) may be
susceptible to algorithm, calculation or other technical or human
errors, and following an acquisition or strategic transaction,
certain data may be, among other things, integrated, analyzed and
reported differently by the Company than it was by the target or
the strategic partner. Moreover, the Company's or its data
provider's business intelligence tools may experience glitches or
fail on a particular data backup or upload, which could lead to
certain customer activity not being properly included in the
calculation of Views and RPMs. Although the Company typically
attempts to address and correct any such failures and inaccuracies
relatively quickly, its reported Views and RPMs are still
susceptible to the same and its estimations of such metrics may be
lower or higher than the actual numbers.
Forward Looking Statements
This press release contains "forward–looking information"
and "forward-looking statements" within the meaning of applicable
securities laws (collectively, "forward-looking information").
Forward-looking information is not information about historical
facts but instead represents the Company's intentions, beliefs,
plans, goals, objectives and strategies regarding future events and
results, and includes certain financial outlooks.
Financial outlooks, in particular, are provided to aid in
understanding management's goals and expectations regarding future
financial matters, and, for all the reasons set out below, may not
be achieved. Such financial outlooks may not be appropriate
for other purposes. Forward-looking information contained in this
press release includes statements that Plus Solutions revenue
growth is expected to exceed 40% on an annual basis for 2022, or
almost double previous annual growth rate guidance of 23% provided
by the Company; Adjusted Gross Margin should remain stable and
above 90% for the foreseeable future; Plus Solutions should
continue to help contribute to further margin expansion in future
quarters; In Q1 2022, about 20% of our views came from YouTube
Shorts, which presents a significant upside for when that format
becomes monetized, and we believe that this will begin soon; The
continued growth of our Base Solutions business alongside the
changing consumption landscape presents strong opportunities for
RPM growth as monetization continues to mature across all key
platforms; While micro content like YouTube Shorts isn't monetized
today, once it becomes monetized across our entire library, it
could represent incremental revenue of over $90 million annually across our Base Solutions at
current market rates; and the Company expects its RPMs for
monetizable content to continue to trend upward, particularly as
our Plus Solutions continue to scale and as the YouTube Shorts
monetization is activated. Forward-looking information is
necessarily based on a number of estimates and assumptions that the
Company considered appropriate and reasonable as of the date such
information is given, including but not limited to the Company's
assumptions that its current growth plans will not change in any
material respect; that its internal financial forecasts and models,
including its estimates of costs and revenue are accurate are
accurate; that its assumptions regarding continued growth, changes
and trends in the Company's industry and the global economy will be
met; that the Company's NFT and Web3 division will be successful;
that the Company's Plus Solutions revenue will continue to grow and
to show greater margins than its Base Solutions; that the Company's
churn will continue to remain low; that the Company will continue
to contract with new content creators and to continue to receive
increasing Views; that the Company will enter into an increasing
number of Direct Advertising Sales Strategic Deals and Content
Management agreements; that RPMs will continue to increase; the
timely receipt of required regulatory approvals and strategic
partner support; the absence of new laws, regulations, rules or
policies of governments, platforms and other strategic partners,
that may negatively impact the business of BBTV; our ability to
build our market share, enter new markets and maintain and
expand geographic scope; our ability to attract and retain key
personnel and to execute on our growth plans; our ability to obtain
and maintain financing on acceptable terms; that YouTube Shorts
will be monetized soon; that our Base and Plus Solutions will
continue to grow; as well as the Company's assumptions regarding
foreign exchange rates. Forward-looking information is subject to
known and unknown risks, uncertainties, and other factors, many of
which are beyond the Company's control, that may cause actual
results, performance or achievements to be materially different
from those expressed or implied by such forward-looking
information, including but not limited to the risk that the
Company's assumptions on which its forward-looking information is
based may not be accurate; the effect of competition; that the
Company has a history of losses and negative cash flow; that the
Company's agreements with platforms, creators or others may
terminate early or not be renewed either on similar terms or at
all; that the Company's or its creators' NFTs may not realize
significant revenue or at all; that the Company's Plus Solutions
may not continue to be attractive to creators and may not realize
our expectations; the regulatory environment and in particular, the
fact that NFTs and WEb3 are a relatively recent concept and new
regulations may be enacted with which the Company may not be able
to comply, and government regulation of the Internet as well as
privacy regulation which are both evolving and unfavourable
developments could have an adverse impact on the Company's
operating results; litigation risk; intellectual property risks;
the Company's need for timely performance by its creators and
strategic partners; the Company's need for additional capital; the
Company's significant reliance on its relationship with one digital
platform; and the impact of the continuing COVID-19 pandemic; as
well as the factors discussed under "Risk Factors" in the Company's
Annual Information Form dated March 29,
2022 filed on sedar at www.sedar.com and in the Company's
other filings with the Canadian securities regulatory authorities
at www.sedar.com. The Company does not undertake any
obligation to update any forward–looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law.
Media Relations
Mark Funston,
Head of Marketing and PR,
778-288-4950
mfunston@bbtv.com
Investor Relations
ir@bbtv.com
Ron Shuttleworth
Partner
Oak Hill Financial Inc
(647)–500–7371
rshuttleworth@oakhillfinancial.ca
BBTV-F
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SOURCE BBTV Holdings Inc.