Q3 2024 Highlights Revenue was $100.1 million, compared to $140.9 million in Q3 2023. Net loss was $14.7 million, compared with net income of $19.4 million in Q3 2023. Adjusted EBITDA1 was $19.6 million, compared to $32.9 million in the prior-year period. Cash provided in operating activities was $23.3 million, compared to cash provided in operating activities of $24.0 million in Q3 2023. Free Cash Flow1 was negative $2.9 million, compared to negative $4.6 million in Q3 2023. TORONTO, May 9, 2024 /CNW/ - WildBrain Ltd. ("WildBrain" or the "Company") (TSX:WILD), a global leader in kids' and family entertainment, today reported its third quarter ("Q3 2024") results for the period ended March 31, 2024. Josh Scherba, WildBrain President and CEO, said: "As I reflect on my first year as President and CEO, I am encouraged by the significant progress we've made to focus on our key franchises and in solidifying our position as a leader in content creation, audience engagement and global licensing. Despite the industry headwinds in content production brought on this year by the slowdown in greenlights, our production pipeline for Fiscal Years 2025 and 2026 is returning to a more normalized output. Major streaming platforms are now looking to WildBrain as a 'go to' partner for premium animation—as reflected by projects such as our new Peanuts feature greenlit by Apple TV+ and the success of Sonic Prime as a top-ten show on Netflix. Additionally, in the third quarter, we saw strength in our AVOD business and in licensing for our owned brands in Asia-Pacific. I am optimistic and excited about the path ahead, as we remain committed to executing on our long-term strategy of simplifying and growing our business and improving our balance sheet." Nick Gawne, WildBrain CFO, added: "We continue to focus our business on our key franchises that can generate the greatest returns from our integrated 360-degree capabilities. While Fiscal Year 2024 has been impacted by the slowdown in production greenlights, we remain committed to our key financial goals of addressing our 2024 convertible debentures and reducing our leverage over time. We also continue to pursue the sale of non-core assets as announced back in September. While we have nothing to announce today, we've made significant progress on both these fronts, and we look forward to providing updates in due course." Q3 2024 Performance – Executing on Priorities PRIORITIES HIGHLIGHTS Focus on Key Brands & Partnerships  Apple TV+ announced the global premiere of Yo Gabba GabbaLand! for August 2024. The series expands the universe of Yo Gabba Gabba! which has delighted kids and parents alike worldwide with its blend of supremely singable music, colorful live-action characters and captivating animation. New consumer products programs are launching with franchise partners.  WildBrain CPLG expanded the licensing program for PLAYMOBIL, with new cross-category partnerships across the globe. As PLAYMOBIL celebrates its milestone 50th anniversary, new global collections across apparel, accessories, and publishing were announced.  Omega x Swatch Snoopy MoonSwatch was launched in both black and white versions, featuring Snoopy lying on the celestial satellite, with the coveted watches selling out at launch.  As part of the year-long 45th anniversary celebrations of Strawberry Shortcake, a host of new collaborations and collections are launching, including a new toy line to approximately 3,900 US Walmart locations.   Deliver Sustainable Growth  Impacted by the slowdown in the content production market, we continue to expect revenue to be down approximately 8% to 12% year over year and expect Adjusted EBITDA to be down approximately 5% to 10% year over year in Fiscal Year 2024.  Looking ahead, we are confident in our content production outlook for Fiscal Year 2025 and 2026, with over 60% and 50% of our pipeline greenlit, respectively.   Improve Balance Sheet  Committed to financial discipline, reducing leverage and consistent free cash flow generation. We continue to target leverage of under 4x through both EBITDA growth and successful completion of non-core asset sales.   Q3 2024 Financial Highlights Financial Highlights (in millions of Cdn$) Three Months ended March 31, 2024 2023 Revenue $100.1 $140.9 Gross Margin1 $50.5 $67.5