Thunderbird Entertainment Investor Presentation February 2025 PDF Free Download
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Investor Presentation
February 2025
Forward ThinkingFuture Focused
VANCOUVER / OTTAWA / LOS ANGELES
Forward
Looking
Statement
This presentation contains “forward-looking statements” within the meaning of applicable securities laws. We are hereby providing cautionary statements
identifying important factors that could cause the actual results to differ materially from those projected in the forward-looking statements. Any statements that
express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be
forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those
expressed in the forward-looking statements. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”,
“is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, "continues" or “believes” or the negatives thereof or variations of such words
and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Except for statements of historical fact, information contained in this presentation constitutes forward-looking statements and includes, but is not limited to the (i)
Owned-IP series Mermicorno: Starfall sets 2025 debut on Warner Bros. Discovery’s Max in the U.S.; (ii) timing for the debut of Super Team Canada; (iii)
Thunderbird Entertainment Group Inc. (“Thunderbird” or the "Company") becoming a major global studio; (iii) the Company having promising fiscal growth ahead;
(iv) expectations for future fiscal growth; (v) IP ownership providing ancillary revenue; (vi) timing for the debut of Sidelined: The QB and Me; (vii) expansion of
business under Thunderbird Distribution and Thunderbird Brands; (viii) lifting tokidoki’s consumer products empire into an entertainment brand and timing for the
release of new toy lines; (ix) plans to monetize and commercialize various Thunderbird IP; (x) expectations related to the generation of $200 million annually in
additional funding for Canadian productions; (xi) expansion into premium scripted content will build out the third key content vertical on Thunderbird’s path to
becoming a major global studio; (xii) timing for launch of new series and consumer products; (xiii) the number of global OTT users will increase by 709 million to 4.2
Billion by 2027; (xiv) people will continue to want to watch new content and buyers will continue to buy; (xv) Netflix is on track to spend $17 Billion on content in
2024; (xvi) FAST CHANNEL revenues in the US reaching $10 billion by 2027; (xvii) Disney+ is expected to increase its content spend 82% by 2027; (xviii) forecasts
that GLOBAL AVOD revenue for TV series and movies will reach $91 billion by 2028; (xix) $3.1 billion is earmarked for unscripted programming spend by SVODs
in 2023; (xx) forecasts that generation Alpha will be the wealthiest, most educated, influential and technologically literate in history; (xxi) anticipated consumption
habits of generation Alpha; (xxii) the igeneration (those born 2010 and later) numbering 2 billion people globally by 2025; (xxiii) the impacts of diversity on
Thunderbird’s profitability; and (xxiv) implementing sustainability across Thunderbird will increase cost efficiency and long-term resilience.
Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its
perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the
circumstances at the date that such statements are made, but which may prove to be incorrect.
By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the
possibility that the predicted outcomes may not occur or may be delayed. The risks, uncertainties and other factors that could influence actual results, include
factors beyond the control of the Company, such as (i) risks related to the general nature of the entertainment industry; (ii) risks related to digital media, television
and film industries; (iii) global media industry trends; (iv) potential for budget overruns and other production risks; (v) limited ability to exploit current and future
film and television content inventory; (vi) changes in applicable regulatory environments; (vii) technological change; (viii) labour relations; (ix) dependence on
relationships with content producers and suppliers; (x) customer, distribution or industry segment concentration risks; (xi) dependence on relationships with
customers and distribution partners; (xii) fluctuations in financial results; (xii) competition; (xiv) dependence on key personnel; (xv) protection of intellectual
property; (xvi) impact of fluctuations in exchange rates; (xvii) reliance on distribution of Canadian content and government funding; (xviii) international distribution
activities; and (xix) those additional risks set out in the Company’s management’s discussion and analysis for the years ended June 30, 2023 and 2022 and other
public documents filed on SEDAR+ at www.sedarplus.ca.
Accordingly, readers should not place undue reliance on forward-looking information. We do not undertake to update any forward-looking information, except
as, and to the extent required by, applicable securities laws.
This presentation contains references to certain measures that do not have a standardized meaning under International Financial Reporting Standards (“IFRS”)
as prescribed by the International Accounting Standards Board and are therefore unlikely to be comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to complement IFRS measures by providing a further understanding of operations from
management’s perspective. Accordingly, non IFRS measures should not be considered in isolation nor as a substitute for analysis of financial information
reported under IFRS. The Company believes that non-IFRS measures, specifically EBITDA and Adjusted EBITDA, are frequently used by securities analysts,
investors and other interested parties as measures of financial performance and to provide supplemental measures of operating performance and thus highlight
trends that may not otherwise be apparent when relying solely on IFRS financial measures.
2
VANCOUVER / OTTAWA / LOS ANGELES
Company
Overview
3
LEGO Star Wars Summer Vacation
to becoming the next
major global studio
Our Journey
Founded to generate content library, lift and fund IP exploitation and create global brands
2003
Acquires unscripted producer Great Pacific Media
2013-2015
Acquires animation studio Atomic Cartoons in Vancouver, opens office in Los Angeles
2016
TBRD goes public on TSXV, Jennifer Twiner McCarron appointed CEO and second animation
studio opens in Ottawa
2018-2019
Third animation studio opens in Los Angeles, several IP production successes: The Last Kids
on Earth wins Emmy Award, Molly of Denali wins Peabody Award, and Highway Thru Hell
launches second spin-off, Mud Mountain Haulers
2020
Launched consumer products and global distribution team. Launched a Los Angeles-based
scripted division
2021 -2022
Owned-IP series Mermicorno: Starfall goes into production, sets 2025 debut on Warner Bros.
Discovery’s Max in the U.S.
2023
4
2024
First Atomic Original adult animated series,
Super Team Canada
, starring Will
Arnett, announced for 2025 debut. Tubi Original film
Sidelined: The QB and Me
goes into production.
Highway Thru Hell
greenlit for historic 14th season.
Executive
Summary
Thunderbird Entertainment Group (“Thunderbird” or “Company”) is a global
content creation studio focused on creating premium, award-winning content.
The Company’s mission is to create content that represents and reflects our
world, makes people happy and provides a needed escape.
Headquartered in Vancouver, with studios in LA and Ottawa, Thunderbird
works with
all
the major streamers and broadcasters, with thriving footholds in
animation and unscripted content development.
Collectively our Kids & Family (Atomic Cartoons), Unscripted (Great Pacific
Media) and Scripted productions air in more than 40 different languages and
190 territories.
Our global distribution and consumer products team creates additional
ongoing revenue streams, enabling Thunderbird to capitalize on its intellectual
property (“IP”).
Thunderbird’s executive team works hard to balance attracting high-calibre
talent with internal promotions to create a dynamic and motivated team.
Thunderbird has a strong financial position — highlighted by ZERO
corporate debt with a very clean balance sheet and promising fiscal
growth ahead.
5
Our
Executive
Team
Jennifer
Twiner McCarron
CEO
Simon Bodymore
CFO
Richard Goldsmith
President, Global
Distribution & Consumer
Products
6
Lori Massini
General Counsel
Kids & Family
Atomic Cartoons, Thunderbird’s Kids & Family team,
produces high-end content across multiple pipelines and genres
spanning preschool, comedy, action-adventure, adult and
everything in between.
Award-winning industry leader with a robust series business and a
growing stable of owned-IP content.
Scalable infrastructure with expanding studios in Vancouver,
Ottawa and Los Angeles.
Long-established relationships with key buyers including Netflix,
Max, Nickelodeon, Apple TV+, Disney+, NBCUniversal, CBC and
traditional broadcast and cable channels.
Artist-driven and inclusive studio with a culture that attracts,
retains and promotes the best talent in the business.
Focus on IP ownership to provide ancillary revenue opportunities:
toys, merchandise, music and gaming.
15 series in production as of December 31, 2024.
7
Mermicorno: Starfall
Unscripted
Thunderbird’s Unscripted team, Great Pacific Media (GPM),
is a global leader in unscripted television with in-house
expertise in development, production, co-production and
financing of factual, documentary and reality television.
Industry-leading ratings and renewals.
IP ownership; GPM owns the majority of its IP, which generates cashflow
through global library sales.
Created and owns one of the most successful independently owned
unscripted brands in the world: The Highway Thru Hell franchise.
6 unscripted series in production as of December 31, 2024.
8
Highway Thru Hell
Scripted
The further expansion into scripted content will build out the third key content
vertical on Thunderbird’s path to becoming a major global studio while adding
value to our existing library.
Great Pacific Media President Lindsay Macadam heads up scripted
operations, working with Hillary Zwick Turner, SVP of Scripted Content, to
find best-in-class creators and home-in on new, exciting projects in scripted
live-action across adult, YA and family spaces.
2024 saw the U.S. theatrical and VOD release of
Boot Camp
, the film based
on Wattpad’s bestselling novel and produced by Macadam.
Macadam oversaw production on
Sidelined: The QB and Me
, a Tubi Original
film, starring social media star Noah Beck, James Van Der Beek (
Pose, Varsity
Blues
) and Siena Agudong (
No Good Nick
), that debuts on the successful
AVOD service November 29. 2024.
As of December 2024, Thunderbird had four scripted projects in network
development and several in various stages in its development pipeline.
9
Distribution & Consumer
Products
Based in Los Angeles, Thunderbird Distribution and Thunderbird Brands are led by Richard
Goldsmith to further expand the business.
Monetizing and commercializing various Thunderbird IPs across merchandise, video
games, mobile and other cross media opportunities.
Enabling Thunderbird to service in-house merchandise and distribution. For example,
Mermicorno: Starfall. In the owned-IP category, we have partnered with the tokidoki team
to lift their substantial consumer products empire into an entertainment brand. Renowned
toy company Jazwares will be producing toy lines for release in spring and fall 2025.
IP and third-party distribution which further increases our ownership and recurring
revenue.
oSold North American digital distribution and AVOD/FAST rights to classic sci-fi series
Continuum
to Filmrise, which will start rolling it out in fall 2024.
oMedia rights to acquisition Mittens & Pants have been sold, so far, to France TV, Warner
Bros. Discovery’s Cartoonito, Cartoon Network and Boomerang channels (Australia, New
Zealand, Southeast Asia, Hong Kong and Taiwan), Hop! Channel (Israel) and DR Denmark,
with distribution sealed in the U.S. on Peacock, Tubi, Roku and several other AVOD services.
oOur latest acquisition is
BooSnoo!
The non-verbal series made with preferences of
neurodiverse kids in mind, has been a big hit on its commissioning broadcaster Sky Kids in
the U.K. and the Thunderbird team is rolling it out to other territories right now.
10
VANCOUVER / OTTAWA / LOS ANGELES
Financial
Overview
11
Business Model
INTELLECTUAL
PROPERTY “IP” SERVICE PARTNER MANAGED
100% owned. Content
lives forever in the
Thunderbird library
Thunderbird is
hired to execute
on projects
Atomic is hired to handle all creative from writing through
post-production and delivery of an IP that it develops and sells
to one global platform, or a platform brings Atomic into the
fold to develop, write and produce an IP for them
Full control to leverage
distribution, consumer
products and other
ancillary revenue streams
100% cash flowed
plus a producer
fee
Project is fully cash flowed, plus a
substantial producer fee and a
Percentage of back-end sales of
consumer products, gaming and
cross-media exploitation
Highway Thru Hell,
Strays, Kim’s
Convenience, Reginald
the Vampire, The Last
Kids on Earth
My Little Pony:
Make Your Mark
,
Trolls: Trollstopia,
Pinecone & Pony
Marvel’s Spidey and His Amazing Friends,
Wonderoos, Oddballs
,
Hello Ninja
,
Dogs in Space
12
Tax Incentives and
Other Government
Support
We are
uniquely
positioned to
create high-
quality
content by
leveraging
tax incentives
available only
in Canada to
Canadian
producers
Canadian tax incentives improve cash flows and reduce expenses
15% Canadian Production Tax Credit (CPTC)
25% Broadcasting fees subsidized by Canadian Media Fund (CMF)
35% Provincial Film and Television Tax Credit
$200 million in new funding Starting September 1, 2024,
Canadian industry regulator the CRTC has mandated that foreign-owned
streaming services with annual domestic revenues of $25 million or more will start
contributing 5% of those annual revenues to a variety of industry funds, which is
expected to generate $200 million annually in additional funding for Canadian
productions. 13
13
Condensed Balance Sheets
ASSETS
CAD 000s As at
December 31, 2024
As at
June 30, 2023
Cash 33,164 25,216 25,364
Trade receivables and other 80,050 76,976 108,151
Long term receivable 5,183 2,106 2,528
Investment in content 29,758 26,486 31,414
Deferred tax assets 8,576 8,516 8,968
Property and equipment 19,323 20,681 26,621
Lease receivable 26 78 -
Goodwill and intangible assets 12,402 12,538 12,808
Total Assets
188,482 172,597 215,854
LIABILITIES
Accounts payable, accrued liabilities
and other 52,727 40,253 38,756
Interim production financing 8,347 19,818 50,387
Deferred revenue 31,729 17,682 30,381
Current portion of lease obligations 4,065 4,592 5,333
Redeemable preferred shares 367 367 367
Long-term lease obligations 14,451 15,422 18,769
Deferred tax liabilities 4,647 5,170 5,191
Total Liabilities
116,333 103,304 149,184
NET ASSETS
72,149 69,293 66,670
As at
June 30, 2024
Condensed Income Statements
6 Months ended
December 31, 2023
CAD 000s 6Months ended
December 31, 2024
Year Ended
June 30, 2024
Revenue
92,844
78,139
165,323
Expenses
Direct operating
73,832
60,358
127,795
Distribution and marketing
521
488
951
General and administrative
10,407
11,058
21,468
Share-based compensation
358
429
739
Amortization of property, equipment & intangible assets
3,947
4,808
9,083
Finance costs, net
230
679
1,536
Foreign exchange loss (gain)
460
18
1
Loss (gain)on termination of leases
-
(25)
40
Loss (gain) on disposal of property and equipment
(356)
6
(29)
Total Expenses
89,399
77,819
161,584
Income before income taxes
3,445
320
3,739
Income tax expense (recovery)
1,115
429
1,361
Net Income (loss) for the period
2,330
(
109)
3,739
EBITDA
7,622
5,774
14,312
Share-based compensation
358
429
739
Unrealized foreign exchange loss
502
52
28
Loss (gain) on disposal of property and equipment
(356)
6
(29)
Loss (gain) on termination of leases
-
(25)
40
Restructuring and other costs
172
156
1,603
AEBITDA
8,298
6,392
16,693
Free Cashflow
10,314
(
1,998)
6,623
Trading
Information
and Capital
Structure
Common
Shares
Outstanding 50,054,204
Options 2,140,000
TOTAL 52,194,204
Debt Capital Structure –December 31, 2025
All amounts in CAD
Corporate Debt = nil
Cash and Cash Equivalents* CAD 33.16 million
Trading Symbols TSX-V: TBRD
OTC: THBRF
Recent Close
(February 18, 2025)CAD 1.92
52 week high/low CAD 2.30 / CAD 1.55
Market Capitalization
(February 19, 2025) CAD 97.61 million
Ownership Summary
Trading Information Insider Ownership
Other Shareholders
Institutional Investors
* Includes committed cash
35%
30%
35%
Share Capital
Structure
December 31, 2025
16
Sales
Owned IP
Recent Sales —
Owned IP
Animation
Highway Thru Hell
Renewed for Season 14 by Bell Media
Timber Titans
Renewed for Season 2 by Bell Media
Chasing Evel: The Robbie Knievel Story
Roku (U.S., Canada, U.K.)
Celebrity Style Story, season 2
Fuse Media FAST channel, Backstage (U.S.)
17
Unscripted
Scripted
Super Team Canada
Bell Media streamer, CRAVE
Mermicorno: Starfall
WBD’s Max (LATAM), Cartoon Network (LATAM, Southeast Asia),
POP (UK), Corus Entertainment (Canada)
Continuum
Filmrise, FAST & Digital rights (North America)
Intelligence
Fawesome (AVOD, U.S.)
Kim’s Convenience
Fuse Media (U.S.), Encore Airlines
Some Assembly Required
Netflix (U.S.)
Slow West, High-Rise, The Riot Club and
That Sugar Film (feature films)
Tubi (Canada)
High-Rise, Entanglement (feature films)
Pluto (Canada)
Industry
Overview
VANCOUVER / OTTAWA / LOS ANGELES
Deadman’s Curse
18
The number of global OTT users expected to increase to
As the entertainment industry experiences a global
slowdown, the major platforms and networks are
gravitating towards a quality over quantity
approach. When it comes to the content we
make, quality remains Thunderbird’s North Star.
•People will continue to want to watch new content
and buyers will continue to buy.
•Thunderbird is uniquely situated to meet this moment
through our ability to produce best-in-class content
across many genres.
•There also remains growth and opportunity. Audience
size and consumption hours are increasing across
platforms, particularly AVOD and FAST channels.
The current
landscape
Netflix is estimating it will
spend $17 Billion on content in
2024, on par with its 2023 outlay
(SOURCE)
$10 billion:
FAST CHANNEL revenues
forecasted in the US by 2027
(SOURCE)
Audiences watched an average of
4.2 Billion by 2027 (SOURCE)
Disney+
is expected to increase its content
spend 82% by 2027 (SOURCE)
19
$91 billion:
GLOBAL AVOD revenue expected
for TV series and movies by 2028
(SOURCE)
•Kids content and unscripted are the two
cornerstones of co-viewing, attracting families to
view content together.
•56% of kids ages 4 to 15 in the U.S. "make their
parents subscribe to" or "keep paying for streaming
platforms that have content they like.” In the U.K., it’s
64%. (SOURCE)
•Thunderbird is well-established in both genres
through Atomic Cartoons (Kids & Family) and Great
Pacific Media (Unscripted).
Kids & Family
and Unscripted
$3.1 billion
is earmarked for
unscripted programming
spend by SVODs in 2023,
up 8% from 2022 (SOURCE)
70%
of kids 8 to 11 say
watching TV & movies is
one of their favourite
things to do (SOURCE)
71% of U.S. parents
will stay subscribed to
a platform if it has what
their kids want to watch
(SOURCE)
In 2023, a global study of 20,000 families found that
73% of parents
Unscripted
Is the most popular genre
for women age 30-49
(SOURCE)
20
co-view what their kids watch 50% of the time, up
significantly from the 74% who said they did so
once a month in 2019 (SOURCE)
They are forecasted to
be the wealthiest, most
educated, and
technologically literate in
history. They also
represent the first
generation to be
completely global - from
childhood to adulthood -
and are more socially
connected.
Gen A is entering a stage
of their lives in the
coming years where they
will consume more and
that will come with high
expectations for on-
demand content,
products and services.
Developing
Content for
Generation
Alpha
Expected to be
the most
influential
generation of the
21st century,
with researchers
suggesting that
by 2025, the
igeneration
(those born 2010
and later) will
number
2 billion
people globally
21
Thunderbird
Differentiators
VANCOUVER / OTTAWA / LOS ANGELES
22
Rocket Saves the Day
We Attract
Outstanding
Partners
Based in Vancouver with offices in
Ottawa and Los Angeles, we build
global brands with these industry-
leading OTT platforms, distributors
and international broadcasters
23
We Attract
Top Talent
Our focus on creativity and culture
draws outstanding talent who have
held key roles at some of the largest
and most successful entertainment
companies in the world
24
IP Development
Creating a robust content development pipeline has been a priority for
Thunderbird. Our projects span many different genres and types of
programming from animated preschool shows and adult toons to unscripted
docuseries and challenge shows. We are nimble and responsive to the
market and can move quickly to meet the needs of global buyers.
Kids & Family (Atomic Cartoons) has numerous projects in various stages of
original development and network development, including a full series based on
the Atomic Originals TV special
Rocket Saves the Day
, which aired on PBS KIDS
in December 2023.
Unscripted (GPM) GPM continues to build on its reputation as a top provider of
unscripted content. It is forging ahead with the development of original
competition series and premium series that tap into popular genres like sports,
crime and relationships, including Prizefighter with the World Boxing Council. GPM
also has four new paid development deals on to-be-announced original IPs
underway that further expand its genres and client base.
Scripted has rapidly built a development pipeline that currently includes a
multiple projects placed in active development with network buyers.
25
Sustainability
@Thunderbird
VANCOUVER / OTTAWA / LOS ANGELES
Queen of the Oil Patch
26
The Business Case
Studies consistently show that young job seekers
view sustainability performance as a reason to
turn down a job or to leave their current one.
A majority (85%) of team members surveyed at
Thunderbird said it was very important or
somewhat important for them to work for a
company that performed well on sustainability.
Top studios have a growing interest in producing
climate-themed content. Top talent want to work
for companies performing well on environmental
issues.
Sustainability initiatives meet the increasing trend
of mandatory contractual and regulatory
sustainability reporting requirements.
Initiatives
Thunderbird is uniquely positioned to advance
sustainability on- and off-screen through
collaborations with major stakeholders including
American studios and streamers, the Canadian
Broadcasters for Sustainability Group, Canadian
funders and Canada's largest media producers.
We're embedding sustainability across the
company, which will increase cost efficiency
and long-term resilience.
Atomic Cartoons became a Certified B Corp in
2024 to grow our brand and increase employee
engagement, attraction and retention.
Having a
Positive Impact
27
Sustainability
@Thunderbird
is about the
duty of care
we owe our
stakeholders
and our role
as a corporate
citizen and
influential
producer of
entertainment
and culture
How
Diversity
Wins at
Thunderbird
Thunderbird has been recognized for its diversity and inclusion initiatives and
content.
Molly of Denali
won a Peabody Award (2020), Thunderbird CEO Jennifer
Twiner McCarron (2021) and Great Pacific Media (2022) were recognized by B.C.
Business as Diversity and Inclusion Champion, and
Molly of Denali
received a
Kidscreen Award for Inclusivity (2021), among others. In 2022, Atomic Cartoons
was awarded the prestigious Reconciliation Award from the BC Provincial
Government.
Atomic offers Indigenous internships on
Molly of Denali,
partnerships with
KITH+Common and Jessie Nelson (diversity and inclusion planning and integration
company), and actively supports artist-chosen charities and nonprofit groups, such
as QMUNITY, Rainbow REFUGEE S.U.C.C.E.S.S. and Yarrow Intergenerational
Society for Justice.
GPM partnered in the launch of a fully independent, female-led Indigenous
production company, Wapanatahk Media, and is currently producing the second
season of Dr. Savannah: Wild Rose Vet with Wapanatahk. And it intentionally seeks
to showcase unscripted stories on underrepresented communities such as
Queen of
the Oil Patch
and
Deadman’s Curse
.
As a company we work together through team events to lift organizations like
CKNW kids fund, Film2Future, Covenant House and more.
Sts’ailes hosted Thunderbird for an official Company naming and
Acknowledgement Ceremony in December 2022. Celebrated as an act of
reconciliation, Sts'ailes acknowledged Thunderbird's exemplary stewardship of the
name that is steeped in Indigenous heritage and conferred the use of the name
upon the Company
And we believe every employee should feel safe and honoured in their workplace,
allowing talent to soar.
Molly of Denali
28
HEAD OFFICE
123 West 7th Avenue
Vancouver, BC
V5Y 0M6
604.683.3555
info@thunderbird.tv
Investor inquiries
investors@thunderbird.tv
