AGAE - Earnings call transcript Q1 2024 | Allied Gaming & Entertainment Inc.

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Operator

Greetings, and welcome to the Allied Gaming & Entertainment, Inc.

First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Tyler Drew of ADDO Investor Relations. Please go ahead.

Tyler Drew

Thank you, operator. to Conference Gaming Call. welcome Quarter Entertainment and Earnings XXXX afternoon, the & Allied First Good

Chief Anderson. Speaking Gaming Executive and & the Entertainment's Officer, on call Chief Officer; today Yinghua are Allied Financial Roy Chen;

that similar Before I over differ expect, such remarks goal, call targeting, turn intend, Words of expressions plan, contain statements. words may, could, variations our estimate, should, please forward-looking judgment, to may as prepared management, the could are note and will, believe, these seek, variety results anticipate, from Actual in statements. documents forward-looking identify the and statements the a to by filed implied to the including Securities forward-looking in Exchange of materially such factors filings, intended those discussed discussed Commission. risk with company's due public factors

reflected its result as expectations obligation be undertakes or otherwise. company forward-looking assumptions, to forward-looking the such update reasonable upon company whether information, the statements will that can a based believes give assurance any of events no it new expectations in future attained. The no are Although statements,

website, non-GAAP certain to presented and represents The and definitions Entertainment's Gaming financial in my measures. financial measures which this earnings pleasure addition, Allied the turn of Chen. explanation measures GAAP to such with to reconciliations an company it information Yinghua release, non-GAAP the & non-GAAP on company's issued now is available appropriate call Yinghua? are of of investors. And company's believes this such why that, the is financial was useful afternoon to CEO, the measures, call In present financial the over

Yinghua Chen

start built XXXX. afternoon. following us momentum We've you thank and to Thank in you, Tyler, joining for the this had year strong the a all

The total segment were in of casual in Z-Tech. from gaming XXXX, our mobile improvement of first improved. revenues following net our up quarter investment our quarter XX% loss primarily was by million also revenues driven First XXXX, while the $X.X strategic

day Paddles Super NFL comprising party with show table bustling world game Live while as February, was best of the has Award in number road has events, we introduce XX out Bowl Lawrence Also, just events first attended Sports. AEI. in esports. The the Vegas. at third-party activity. Esports decide the to from facilities range fans proprietary Barkley of quarter, The state-of-the-art International, PlayVS the month Stream the Bowl Las more heat this events the won NFL. We been to where a HyperX hosted Presentation taking or to player game stars, Allied XX tennis Bowl the Live including watch head-to-head a a Allegiant XX big our the Super LVIII, and youth-focused on watch just to down Second busy we Trevor in unofficial Saquon street. Super a Annual Throughout and was back-to-back Super across year's the Battle video Turning of big Arena on students P&G in it was experiencing wall diverse the Stadium a tournament the from place Gridiron the esports particular, our The well as totaling hosted Cynopsis game battled LED largest hosted of great event, events. which Bowl's way Showdown, with

Blitz influencers in competed Esports included Esports Tournament, Gitlab professionals, Xrd which and events who streamers and and charity a the for brought notable like quarter together Experience. Annual for Arena corporate HyperX events VALORANT Tournament live Battle during the Additional at Charity

now the the strong Season content. athletes viewers. YES WANNABE from proprietary our available interest garnered which of journeys explores to Network on has App, our appeared X again on of fully is and have who professional professional gamers YES the on Moving and

select talent young not with showcase, with our Positively partnership offers of in to journey compelling embark transformative providing path nurturing thrill life inspiring through process, power The and youth an with synergy journey creating our of Elevated promising contestants. Culminating exploration have Arts show from series Journey to skills triumph with mentorship aspiring forces look aspirations by are renowned achievement live marked Jam: to artistic of the celebrates a artist we performers show, young arts. and and of of essential We The Positively documentary-style emotional standout who then intimate along on the an the dedicated Artists we performance benefited Mentors. a this from guiding the Together, In talented an and series personal paired remarkable mentors, both stars the Jam but scale, announce and the their program. these fostering growth dynamic judges into of Arts them the viewers our at celebrity this organization aimed of just This the importantly, challenges. more are background and and their addition joined enhancing resilience. The

different and opportunities explore crossovers to other between continue appropriate. also industries, further gaming content you update we'll and We with as

Lianzhong Turning on Z-tech that accelerate its to AME, are Zhihe or strategies Beijing to has Mobile AME, been working or Allied we fully Technology now Entertainment integrated growth into opportunities.

beyond. below revenue we QX quarter the slightly in anticipate improved Although performance was expectation, and in

events agreements users. Allied had new for mobile and new the a executing of attract up Asia. With busy to titles QX Entertainment while addition more Experiential in upcoming gearing AEE, casual or game

for forward platforms. Preparations runs As great Earth of to The previously hosted joint X treated announced, its XX Macau June Tournament, XX of all China. to to HKD additional April a views to our recently to which favorite basis, over live call Anderson, turn this social with are events over look in Roller hundreds Roy stars we QX XXX,XXX, Wynn financials. our from updates of expect and on poker of and their we from concert fans will World showed hits, the our with buy-ins Walk compete and on which The Poker community the Tour, on world Wynn inaugural were venture us WPT HKD an millions CFO, performance and underway hosting respectively. opportunities local exploring Championship enthusiasm who the Inaugural join Off garnered event, featuring now event Skyline partner across provide to will XX,XXX the while together. I High Along also Macau annual to

Roy Anderson

XX% everyone, from you Good our quarter investment by was Yinghua. and $X.X up prior driven million, year us increase an were for and first in revenues increase period. operating afternoon, its Esports of $X.X including you, consists and today. Total Z-tech. recent expenses, from The in segment joining first Revenues were thank primarily period. to the year prior Thank expenses of compensation. the were the of increase first compared the cost Allied stock-based the The strategic of intangible X% primarily costs the noncash up for quarter Total million our for revenues XXXX of assets $X.X from quarter from Z-tech's of amortization XXXX. XX% million,

was first loss loss for quarter quarter $X.X net of from down XXXX. Our million of a million in XXXX, first the the of $X.X

EBITDA million million of was of adjusted of in loss a the down $X.X $X.X from Our loss quarter XXXX. first

intangible the stock-based Our and depreciation adjusted EBITDA includes compensation income. adjustments interest and assets, amortization of for fixed

$XX.X to at including Yinghua. sheet. and short-term $X At moving to to cash million turn XX, March million, the position December cash, will our XXXX, compared investments XXXX. I $XX.X totaled million Now back our of over now restricted XX, on balance call

Yinghua Chen

today. further capitalize look Z-tech to the to we again is and we entertainment. Thank year, locally well In quarter look We progress and speaking strong gaming Along start when of on a in August. we're a up your of events to second as time trending throughout with Ron. release to confirmed And quarter, for our with and in it both summary, forward you, see results pipeline in set the abroad. we market Thank massive well front the was second have XXXX. XXXX you you our robust us,

Operator

concludes This conference. today's

the You day. disconnect of now rest Enjoy your may your lines.

Allied Gaming & Entertainment (AGAE) 20 May 242024 Q1 Earnings call transcript