2021 up 34% year-over-year to $165 million
Consumer Accelerates Profit Expansion and Margin Expansion
Management will hold an investor call on November 30, 2021 at nine a. m. ET
NEW YORK, November 29, 2021 — (BUSINESS WIRE) — Forbes Global Media Holdings Inc. , the iconic business data logo that combines and organizes the most influential leaders in change, which is proceeding to a merger with Magnum Opus Acquisition Limited (NYSE: OPA), a publicly traded special target acquisition company targeting the client sector, global generation and media, announced its monetary effects for the nine-month era ending September 30, 2021.
Forbes’ monetary results, which are discussed below, can be discovered in the initial power of attorney filed with the U. S. Securities and Exchange Commission. USA On November 22, 2021 and can be obtained on the SEC’s online page (www. sec. gov) or by clicking here.
The Company’s earnings since the start of 2021 increased by 34% to $165 million, thanks to contributions from the Company’s Consumer business, which grew 83% year-over-year, and illustrates the progress of its direct-to-consumer conversion strategy.
Consumer gains include a year-over-year triple-digit earnings expansion of Marketplace, the customer credit platform, as well as a double-digit expansion of Forbes Vetted, the company’s grocery shopping partner site, demonstrating Forbes’ ability to actively engage with customers on new tactics and turn into new diversified profit bureaucracy.
The Company earned $19. 5 million in net revenue source for 2021, compared to a net loss of $2. 8 million for the same era in 2020 in the Forbes business, and reflecting additional contributions from Forbes’ client initiatives, adding Marketplace, which for the first time have been successful on a margin-adjusted EBITDA basis among the most productive in the industry compared to past eras.
The Company also recorded record degrees of money generation, with loose money of $28 million (i. e. , net money generated by operating activities of $32. 7 million less net money used to conduct investment activities of $4. 8 million) through September 30, 2021, or 83%. . of adjusted EBITDA.
“Our effects since the beginning of 2021 reflect the exceptional paintings of the entire Forbes team, which constantly increases the capital of our iconic logo around the world, executing our visitor conversion plan in the most sensitive way of the reliable and applicable Forbes platform,” said Mike. Federle, CEO of Forbes. ” Our monetary effects during the first nine months of 2021 show that our customer conversion strategy is working. Revenue of $165 million reflects accelerated direct-to-customer business contributions and adjusted EBITDA of $33 million demonstrates our operating leverage, as well as contributions from more recent projects such as Forbes Vetted and Marketplace, where our customer credit platform business has been successful during the period. “
Mr. Federle continued, “I am confident in our team’s ability to bridge the gap between our corporate price and the price of our logo in the coming years, as we convert even a small percentage of our 150 million audience into differentiated product offerings for paying customers. for customers, engaging in a wide diversity of customer products deeply related to good luck and validation in today’s culture. “
“For the remainder of the year, the fourth quarter has been our largest quarter from a profit and profitability perspective, with the fourth quarter of 2020 accounting for approximately 34% of 2020 earnings and more than 70% of 2020 adjusted EBITDA,” Mike said. York, Chief Financial Officer of Forbes. ” In August, our initial full-year monetary goals were $211 million in pro forma earnings and $44 million in pro forma adjusted EBITDA. 2022. “
Call for investors
Management will hold a call to investors at nine a. m. ET on November 30, 2021 to talk about the effects in more detail. Auditors can call by clicking here. For more information, visit the Forbes Investor Relations page or Magnum Opus online. https://www. forbes. com/connect/investor-relations/ or https://www. opusacquisition. com page.
Commercial combination
On August 26, 2021, Forbes entered into a definitive agreement with Magnum Opus, allowing the company to further capitalize on its successful virtual transformation, data-driven generation and insights to create a more engaged audience and related high-quality recurring revenue. Currents.
The business mix is subject to standard final situations and is expected to be completed in the first quarter of 2022. Once the business mix is finalized, the Company will operate under the so-called Forbes and is expected to be indexed on the New York Stock Exchange. the new “FRBS” symbol.
About Forbes
Forbes defends good fortune by celebrating those who have done it and those who aspire to do it. Forbes combines and selects the most influential leaders and marketers who drive change, reshape businesses and make a significant impact have an effect on the Forbes logo now reaches more than 150 million international people through its trusted journalism, LIVE events and virtual Forbes, personalized marketing programs and 46 local editions authorized in 77 countries. Forbes Media logo extensions come with licensing agreements for real estate, education, and money services.
Forbes recently announced plans to go public with a business combination with Magnum Opus (NYSE: OPA), a special targets acquisition company (PSPC), which is expected to close in the first quarter of 2022.
About Magnum Opus
Magnum Opus Acquisition Limited is a specialist acquisition company sponsored through L2 Capital, a personal investment firm. Magnum Opus is an association of business developers and investment specialists in the public and personal markets with a wealth of experience in operating and making an investment in the life cycle of the company, from the beginning of the expansion of operations to public listing. Magnum Opus aims to unite with ready-to-use state corporations at the forefront of the convergence of customers and generations. Magnum Opus’ project is to help corporations realize their vision as they embark on their adventure in public procurement and face new opportunities, demanding situations and stakeholders.
For more information, see Investor Relations: Magnum Opus Acquisition Limited (OPA).
Cautionary Notes On Forward-Looking Statements
This communication comprises forward-looking messages within the meaning of Section 27A of the Securities Act and Section 21E of the Exreplace Act, which are based on ideals and assumptions and data lately obtained from Magnum Opus and Forbes. In some cases, you can identify forward-looking emails by the following words: “possibly”, “will be”, “may also”, “deserve”, “deserve”, “hope”, “pretend” , “plan, anticipate, believe, estimate, are awaiting, assignment, prospective, continue, in progress, aim, seek or the negative or plural of one’s words, or other similar expressions that are expectations or imply occasions or long prospects term, although not all looks to the future involve those words. Anyone referring to expectations, assignments or other characterizations of future occasions or circumstances, adding methods or plans related to the proposed transaction, are also forward-looking. These include threats, uncertainties and other points, adding the Forbes-related threat points described in the initial power of attorney filed through Magnum Opus with the SEC, possibly resulting in effective real levels, degrees of activity, functionality or achievements other than those expressed or implied through those prospectuses. Although Magnum Opus and Forbes believe that they have a moderate basis for all forward looking involved in this communication, Magnum Opus and Forbes advise that such messages are based on a mixture of recently known facts and points and long-term assignments. . that are inherently uncertain. In addition, there are threats and uncertainties related to the proposed transaction that have been described in the initial power of attorney filed through Magnum Opus with the SEC and other threats and uncertainties that will be described in other documents that will be filed through Forbes or Magnum Opus from weather. on time with the SEC. These presentations would potentially identify and address other significant threats and uncertainties that may also cause the actual occasions and effects to differ materially from those expressed or implied in the forward-looking statements. The forward-looking messages involved in this communication come with messages related to the proposed transaction, adding the timing and layout of the transaction, transaction proceeds and profits, and Forbes expansion allocations. Neither Magnum Opus nor Forbes can guarantee that the prospects involved in this communication will be correct. These prospects are subject to a number of threats and uncertainties, adding the ability to the entire business mix due to the ability to discharge Magnum Opus shareholder approval or to meet requirements. other very late situations of the business combination agreement, the occurrence of any occasion that would possibly lead to the termination of the business combination agreement, the ability to recognize the expected benefits of the business combination, the quantity purchase requests made through public shareholders of Magnum Opus, the prices related to the transaction, have an effect on the global pandemic crisis of COVID-19, the threat that the transaction will disrupt the plans and ongoing operations as a result of the announcement and the final touch of the transaction, the latest results. of any possible litigation, governmental or regulatory procedure and other threats and uncertainties, adding that those that are included under the heading “Risk factors” in the power of attorney filed through Magnum Opus with the SEC and the suggestion comes with the title “Risk Factors” in the final Magnum Opus prospectus regarding its initial public contribution dated March 23, 2021 and other documents Entities filed with the SEC. Taking into account the uncertainties of the curtains in those prospectuses, you deserve not to take into consideration such as constitution or guarantee through Magnum Opus, Forbes, their respective directors, officers or workers or any other user that Magnum Opus and Forbes in achieving of your goals. and plans within a specific time frame, or not at all. The prospects involved in this communication constitute the perspectives of Magnum Opus and Forbes as of the date of this communication. Later chances and advancements would possibly supersede those perspectives. However, while Magnum Opus and Forbes would possibly update those long-term prospects, lately there is no goal to do so, unless required by applicable law. Therefore, you deserve not to rely on those prospects as part of the Magnum Opus or Forbes prospects near the date of this communication.
Important data and where to find it
In connection with the proposed transaction, Magnum Opus has registered an initial power of attorney and expects to register a final power of attorney related to Magnum Opus’s shareholders’ meeting to vote on the proposed transaction. Magnum Opus shareholders and other interested persons are encouraged to read the Preliminary Power of Attorney. Statement and, where available, any adjustments to the same and the final proxy and other documents to be registered with the SEC, as those documents contain, or will contain, vital data about Magnum Opus, Forbes and the proposed transaction. to Magnum Opus shareholders on a registration date to be set to vote on the proposed transaction. : Unit 1009, ICBC Tower, Three Garden Road, Central, Hong Kong. The initial proxy and, once available, the definitive proxy can also be downloaded added, free of charge, from the SEC’s online page (www. sec. gov).
Participants in tenders
Magnum Opus and Forbes and their respective directors and officers would likely be considered as participants in the solicitation of powers related to the prospective transaction described in this communication under SEC rules. Information is established about the directors and officers of Magnum Opus and their property. in Magnum Opus’ filings with the SEC, adding its final prospectus related to its initial public supply dated March 23, 2021 Additional data relating to persons who possibly, under SEC rules, would be considered participants in Magnum Opus’s shareholder application in connection with the prospective transaction is set forth in the initial power of attorney filed with the SEC and will be established in the definitive power of attorney to be held. file with the SEC. These documents must be released from the fee on the SEC’s online page at www. sec. gov or by submitting an application to: Unit 1009, ICBC Tower, Three Garden Road, Central, Hong Kong.
Do not offer or request
This communication is not a power of attorney or a request for a power of attorney, consent or authorization with respect to any security or with respect to the prospective transaction and does not constitute an offer to sell or a solicitation of an offer to purchase. Magnum Opus or Forbes securities, nor will there be any sale of such securities in any state or jurisdiction in which they are offered, the solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction No offer of securities may be offered except by means of a prospectus that satisfies the needs of the Securities Act.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP monetary measure and represents a key measure used through Forbes’ control and Board of Directors to measure the operational strength and functionality of your business, set budgets, and expand operational objectives for control of your business. EBITDA is explained as a net source of income before interest expense, source of income taxes, depreciation and amortization, deferred compensation, controlling expense, minority interest expense, restructuring charges, impairment and certain discrete portions that affect the effects of a specific segment in a given period. .
Forbes believes that adjusted EBITDA is an applicable and useful piece of data for investors because it allows them to visualize functionality in a similar way to the approach used through management. There are limits to the use of adjusted EBITDA and it would possibly not be comparable to measures with the same call from other corporations. Other corporations, adding corporations in the Forbes industry, would possibly calculate non-GAAP monetary measures than Forbes, limiting the usefulness of those measures for comparison purposes.
Adjusted EBITDA does not deserve to be considered as a replacement for the operating source of income (loss), net source of income (loss), or net source of income (loss) attributable to Forbes on a consolidated basis that Forbes has reported in accordance with GAAP. . Although Forbes uses Adjusted EBITDA as a monetary measure to compare the functionality of its business, this use is limited because it does not come with mandatory safe prices for running the Forbes business. indication that its long-term effects will not be affected through non-recurring items.
The following table reconciles the consolidated net revenue source (loss) and adjusted EBITDA for the periods presented:
Nine months ended September 30
2021
2020
(in thousands)
Net income (loss)
$
19,508
$
(2,772)
Interest expense
605
752
Interest income
(18)
(18)
Income taxes
3 922
517
Depreciation and amortization
11,113
10 038
Stock-based compensation
3 050
(2 409)
Management costs
750
730
Profit / loss on sale
(1. 384)
(12)
Restructuring expenditure (1)
2 336
6,736
Goodwill impairment
–
–
Forgiveness wins
(8 036)
–
(1. 556)
–
Other(2)
3,154
793
Adjusted EBITDA
$
33,444
$
14,355
(1)
The restructuring charges consist of severance related expenses and costs incurred in businesses that are no longer operational.
(2)
Relates to the amortization of deferred revenue that was initially recognized at fair value during the 2014 business combination pursuant to a Membership Interest Purchase Agreement executed on July 16, 2014. This amount also includes losses in equity method investments.
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Contacts
Investors: ICRAshley [email protected] (646) 677-1827ICRBrett [email protected] (332) 242-4344Media: Bill Hankes (U.S.)[email protected]