Spring 2020 TSX-V: TBRD OTC: THBRF - Thunderbird Entertainment
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1 Spring 2020 TSX-V: TBRD OTC: THBRF
Forward Looking Statements 2
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.
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.
Except for statements of historical fact, information contained in this presentation constitutes forward-looking statements and includes, but is not limited to the (i)
projected financial performance of Thunderbird Entertainment Inc. (the "Company"); (ii) completion of the offering of subscription receipts and the completion of
the reverse takeover transaction with Golden Secret Ventures Ltd.; (iii) the expected development of the Company’s business projects and joint ventures; (iv)
execution of the Company’s vision and growth strategy, including future M&A activity and global growth; (v) sources and availability of third party financing for the
Company’s projects; (vi) completion of the Company’s projects that are currently in production, development or otherwise under consideration; (vii) renewal of the
Company’s current productions; and (viii) future liquidity, working capital and capital requirements.
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, many of which are beyond the control of the
Company, that could influence actual results include factors beyond the control of the Company, include (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; and (xviii) international distribution activities.
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.
2
Introduction 3
MISSION: To create content that makes the
world a better place.
Thunderbird Entertainment Group Inc. (“Thunderbird” or
the “Company”) is an award-winning, full-service
production company with more than 1,000 full and part-
time crew, headquartered in Vancouver with additional Investment Highlights:
offices and studio facilities in Los Angeles, Ottawa and
Toronto.
Rapidly growing and highly profitable business, yet risk
mitigation-focused, with a strong balance sheet and
Thunderbird develops and produces a diversified portfolio F2019 revenue and AEBITDA of C$61.5 million and
of animated, factual and scripted content through Atomic C$10.3 million respectively
Cartoons (“Atomic”) and Great Pacific Media (“GPM”) for
broadcasters, OTT platforms and cable channels worldwide.
Continuing to pursue an aggressive growth strategy
through acquisition and organic growth, including
134 half-hours of owned-IP content (excluding service investments in owned-intellectual property (“IP”)
work) were delivered in F2019, compared to 97 half-hours
in F2018, a 38% increase.
Well-known in the industry for producing exceptionally
high quality, creative and innovative programming, and
KEY STRATEGIC PRIORITIES: attracting and retaining the highest quality talent
1. Build franchises: develop and own IP
Experienced and innovative management team with
2. Expand international reach deep roots in content creation
3. Optimize portfolio / grow through
disciplined acquisition Publicly traded on the TSX Venture Exchange; providing
the ability to use stock as currency
4. Improve operating results
3
Recent Media Recognition 4
Thunderbird HIGHWAY THRU HELL
Rick and Morty Pringles
Entertainment named to reached 100th episode
commercial from Atomic
Fast Company’s 2020 list milestone in Season 8.
called one of the best
of the world’s most Just-announced Season 9
commercials of Super
innovative companies. already in production.
Bowl LIV.
Pilot episode of Atomic’s Hello Ninja named as one “Kim’s Convenience,” the
Molly of Denali listed as of the most binged shows Genial Canadian Sitcom
one of the Best TV across all streaming That Feels Like Watching
Episodes of 2019. platforms by Tvision. Another Time Line.
4
Company Evolution 5
2003 – 2016 2018 2019 2020
(2003) (2014) (2016) ➢ Jennifer McCarron, ➢ Thunderbird grows to more ➢ Opens third animation
Founded by ➢ Acquires ➢ Acquires Atomic previous CEO of than 1,000 full and part-time studio; first US-based in
Tim Gamble GPM Atomic, appointed crew across all divisions Los Angeles
CEO of Thunderbird ➢ Every GPM factual series ➢ Upcoming slate includes
➢ Mark Miller, renewed and HIGHWAY THRU #1 NYTimes bestselling
founder and CEO of HELL airs 100th episode PRINCESSES WEARS
➢ Matthew GPM becomes sole ➢ KIM’S CONVENIENCE named PANTS, Max Brallier’s
Berkowitz joins President of Most Popular Foreign Drama EERIE ELEMENTARY and
Atomic as Head of Thunderbird at the Seoul Drama Awards MERMICORNOS, with
Development ➢ Company goes more to be announced
➢ Highly anticipated THE LAST
➢ BEAT BUGS public on the TSX KIDS ON EARTH launches on ➢ THE LAST KIDS ON EARTH
streams on Netflix Venture Exhange Netflix toy line to launch with
under the symbol Jakks Pacific
”TBRD” ➢ MOLLY OF DENALI featured in
The New York Times list of ➢ 20 more episodes of THE
➢ Atomic opens LAST KIDS ON EARTH to
second animation 2019’s best TV episodes
be delivered to Netflix
studio in Ottawa ➢ HELLO NINJA launches on
Netflix ➢ GPM is fully contracted
for F2020, and F2021 is
➢ Brian Paes-Braga appointed 80% contracted
Chair of the Board
➢ Marni Wieshofer, former
Lionsgate CFO, joins Board as
Lead Director
5
Experienced Executive Team 6
JENNIFER TWINER MCCARRON, MARK MILLER,
Chief Executive Officer and Director President and Director
Jennifer joined Atomic as Head of Production in 2011, later becoming its CEO. Mark founded one Canada’s leading factual company Great Pacific in 2011 and
She was promoted to Thunderbird’s President in 2016, and then CEO in 2018. was subsequently acquired by Thunderbird in 2014. He is a rare mix of
An award-winning producer, she has won an Emmy, several Leo awards, an successful entrepreneur and artist. He is an award-winning writer, producer
ELAN, a DTV, and an AACTA. In 2018, she was voted Playback’s Executive of the and music composer. His insatiable curiosity and drive for excellence are at the
Year, and in 2019 she was named one of Canada’s 100 Most Powerful Women root of his unprecedented commercial success in the international market.
by the Women’s Executive Network.
BARB HARWOOD SARAH NATHANSON MATTHEW BERKOWITZ
Chief Financial Officer General Counsel Chief Creative Officer
Barb is responsible for corporate and production Sarah provides legal and business affairs support to A seasoned executive with more than a decade in the
finance, accounting and taxation. Barb obtained both the production crew and the corporate team. industry, Matthew oversees the development,
her CA designation while working for Ellis Foster She has 12+ years of experience in entertainment production and acquisition of intellectual properties.
Chartered Accountants (now Ernst & Young) as law, both in private practice and in-house. Sarah He is an executive producer of THE LAST KIDS ON
manager of the entertainment division, and was previously Director, Business & Legal Affairs at EARTH and HELLO NINJA, as well as the upcoming
previously held the position of CFO for Paperny DHX Media. She has worked on numerous PRINCESSES WEAR PANTS. Matthew graduated from
Films. Barb is a graduate of the University of productions, including the Cloudy with a Chance of the S.I. Newhouse School of Public Communications at
British Columbia with a BA in Film. Meatballs television series and My Little Pony. Syracuse University.
Sarah is a graduate of the University of British
Columbia and obtained her law degree at the
University of Victoria.
6
Business Divisions 7
Key Characteristics
• Recognized leader in animated television, with a robust • Market leader in factual and scripted programming, known for
service business and a stable of owned-IP authentic storytelling
• Ability to take proven properties in other mediums and • All projects are 100%-owned IP
develop them into global entertainment franchises – including • Series are sold to more than 200 territories in 15 languages
New York Times best-selling books THE LAST KIDS ON EARTH • 100% of 2019 series were renewed; F2020 is 100% contracted
and PRINCESSES WEAR PANTS and F2021 is 80% contracted
• Long established relationships with key buyers • Owns all production and post production equipment and
• Artist friendly culture that attracts, retains and promotes the facilities
best talent in the business • Canadian and provincial tax credits and lower Canadian labor
• Scalable infrastructure with animation studios in Vancouver, costs drive quality
Ottawa and Los Angeles • World class editorial team has been together for 10+ years
(staff retention 95%)
• AI/data driven approach to editing
Customers / Partners
F2019 (% Total)
Revenue of $33.8 million (55.0%) Revenue of $14.9 million factual and $6.5 million scripted (35.0%)
21 half-hours of owned-IP and 73 half-hours of service work delivered (47.7%) 90 half-hours of factual and 13 half-hours of scripted delivered (52.3%) 7
Pipeline 8
Intellectual Property
Series Partner Delivered to Date In Production
THE LAST KIDS ON EARTH Netflix 10 x 30 mins 10 x 30 mins
(Season 1) (Season 2)
+ 66 mins (Movie) + 70 mins
(New Content Interactive)
NATE CREATE The Jim Henson Company New Property TBA
HELLO NINJA Netflix 16 x 30 mins 4 x 30 mins
PRINCESSES WEAR PANTS TBA New Property TBA
MERMICORNOS tokidoki New Property TBA
EERIE ELEMENTARY TBA New Property TBA
Service
MOLLY OF DENALI WGBH2 (PBS) 30 x 30 mins 10 x 30 mins
MIGHTY TRAINS EXPRESS Spin Master New Project 30 x 30 mins
8 additional unique series are in production that have not been disclosed, for clients ranging from global 154 x 30 mins
streamers to major toy brands.
8
Pipeline 9
Factual Scripted
Show Partner Seasons to Date Seasons in Show Partner Seasons to Seasons in
Production Date Production
HIGHWAY THRU Discovery & 126 x 60 mins 36 x 60 mins KIM’S CONVENIENCE CBC 52 x 30 mins Season 5
HELL Weather (8 Seasons) (Seasons 9 & 10) (4 Seasons)
Channel
HEAVY RESCUE: Discovery 47 x 60 mins 18 x 60 mins
401 (4 Seasons – season 4 (Season 5) NICOLE POWERS (KIM TBA New Project TBA
delivering Q3 2020) CONVENIENCE Spinoff)
SAVE MY RENO HGTV 42 x 30 mins 14 x 30 mins
(3 Seasons – season 3 (Season 4)
delivering Q3 2020)
SECRET FILES OF MR. TBA New Project TBA
WORST TO FIRST Corus 20 x 60 mins 10 x 60 mins BIG
(2 Seasons) (Season 3)
HIGH ARCTIC CBC 7 x 60 mins 8 x 60 mins CROSSROADS TBA New Project TBA
HAULERS (1 Season – season 1 (Season 2)
delivering Q3 2020)
QUEEN OF THE APTN 16 x 30 mins 8 x 30 mins
OIL PATCH (2 Seasons – season 2 (3 Seasons) THE ISOLATED TBA New Project TBA
delivering Q3 2020)
BEACHCOMBERS TBA New Project 8 x 60 mins
(Season 1)
VON BRAUN TBA New Project TBA
MUD MOUNTAIN TBA New Project 8 x 60 mins
HAULERS (Season 1)
9
‘The Last Kids on Earth’ leaps from book to Netflix to toys. Next stop:
billion-dollar franchise
Case Study 10
• Developed from a New York Times best-selling book series written by Max Brallier
• Atomic controls 100% and has a significant interest in all ancillary revenue streams
- Toy deal with Jakks Pacific (launching April 2020) and video game deal with Outright Games
(launching Spring 2021)
• Minimal upfront investment to acquire the intellectual property rights
2017 2019 2020 2021
(April) (October) (September) (April) (September) (Spring)
➢ Atomic met Max ➢ THE LAST KIDS ON ➢ 66 minute special based ➢ Book 2 episodes ➢ Book 3 episodes ➢ 70 minutes of
Brallier in NYC EARTH series was on Book 1 released on launch with 10 launch with 10 interactive content will
and agreed to pitched to Netflix Netflix new episodes new episodes on be released on Netflix
partner to create and an offer was released on Netflix
franchise based made Netflix ➢ THE LAST KIDS ON
on popular THE EARTH video game to
LAST KIDS ON ➢ Licensing deal launch in partnership
EARTH book where Netflix with Cyber Group
series retains the SVOD Studios and Outright
rights in perpetuity Games
with Atomic
retaining rights to
all other terrestrial ➢ Book 5 ‘The Midnight
broadcasters (on a Blade’ launches ➢ Book 6 to launch
two year hold rocketing to #2 on the ➢ Toy line the same month
back) and ancillary New York Times best launches in
revenue streams seller list partnership
with Jakks
➢ Atomic partners with Pacific
Penguin Books to cross
promote and have the
Netflix burst added to all 10
booksCase Study 11
• GPM controls and owns 100% of HIGHWAY THRU HELL (“HTH”)
• Discovery Channel Canada’s (“Discovery”) top-rated series for all audiences, with GPM having delivered 8
seasons (126-hour episodes) and counting, with two additional seasons (seasons nine and 10) already
commissioned
• GPM owns all production and postproduction equipment and facilities, which provides favorable margins
2011 – 2014 2015 – 2016 2017 – 2019 2020
(2011) (2012) (2013) (2015) (2016) (2017) (2020)
➢ GPM develops ➢ HTH premieres ➢ HTH season two ➢ In an unprecedented ➢ HTH becomes one of ➢ HTH and HR401 ➢ HTH season
an original to one of the and three sale, Weather Channel the most successful premiere on Netflix nine set to
concept based biggest continue to break USA (90 million homes) “non studio owned” worldwide premiere on
on a team that audience in records in Canada, acquires second window docuseries in the Discovery
must keep an Discovery the U.S. and rights to broadcast HTH, world (the IP is 100%- (2018) Canada
important Canada’s history Europe while National owned; the Company ➢ Weather Channel USA ➢ Authentic
superhighway ➢ Within six ➢ Toyota (Tundra Geographic USA can exploit acquires cable rights to characters
open no matter weeks, the Trucks) and GPM continues to run the worldwide) new seasons of HTH doing
what series is sold agree to a large series ➢ Is unique and and HR401 inspirational
➢ The concept around the product ➢ Netflix acquires the rights significant because things remain
sells after a world where it placement deal to stream HTH in 200 most reality series, (2019) central to the
bidding war becomes one of with Discovery, territories and 12 such as Deadliest ➢ HTH season nine theme of both
between National worth millions of languages. In the US Catch and Gold Rush, commissioned for 18 series.
multiple Geographic dollars over four viewers can watch the are owned by episodes ➢ HTH is
networks International’s years series on two networks, networks; limited ➢ HR401 ordered for 18 considered an
most popular (2014) and Netflix benefits flow to episodes (the largest international
series in more ➢ HTH becomes the ➢ Netflix, Discovery producers beyond order in the history of benchmark for
than 100 #1 series on Channel and Weather service production Discovery) this genre of
countries Discovery Channel commission a fees programming
➢ National spinoff series (now in ➢ HR401 premieres as
Geographic season five) called Heavy #1 new series on
International Rescue 401 (“HR401”) Discovery
renews order for 11
future seasonsCase Study 12
• KIM’S CONVENIENCE started as a commercially successful play that Thunderbird optioned and now controls
and owns the TV rights
• KIM’S CONVENIENCE has won numerous awards each year after airing in 2016 on CBC and has grown into
an internationally recognized scripted comedy
• Spinoff series has been ordered
2011 – 2016 2017 – 2018 2019 2020
➢ KIM’S CONVENIENCE ➢ Thunderbird ➢ KIM’S CONVENIENCE received 11 ➢ The third season premiered on ➢ The fourth season premiered
started as a play optioned the play in nominations at the 2017 Canadian Screen January 8, 2019 on January 7, 2020
with its first 2014 with Awards and won four awards
performance at the development ➢ Won Most Popular Drama of the ➢ Seasons five and six are
Toronto Finge Fest in subsequently funded ➢ Won two awards (Outstanding Female Year at the Seoul International currently in development
2011 where it won by CBC and Canadian Performance and Outstanding Drama Awards in 2019
best new play award Media Fund with Performance by an Ensemble) at the 2017 ➢ Received eight nominations
two seasons ordered Toronto ACTRA Awards at the 2020 Canadian Screen
➢ First mounted by in 2015 Awards: Best Comedy Series,
Soulpepper in 2012, ➢ The first-season episodes “Ddong Chim” Best Costume Design, Best
where it was biggest ➢ The first season was and “Janet’s Photos” were 2017 WGC Achievement in Casting, Best
play of their 2012 filmed June – August Screenwriting Awards finalists in the TV Lead Actor, Best Lead
season and went on 2016 at Showline Comedy category Actress, Best Supporting
to be one of the Studios in Toronto Actor, Best Supporting
most commercially and aired on the CBC ➢ At the 2018 Canadian Screen Awards Actress, and Best Guest
successful plays in in October 2016 received 12 nominations, winning three Performance. Winners to be
Soulpepper’s history awards announced March 2020
➢ Toured Canada from ➢ In July 2018, the series became available
2013 – 2016 to audiences outside of Canada when it
debuted internationally on Netflix
12A new report on Canada's broadcasting and telecommunications sector
has urged the federal government to require foreign streaming services
Substantial Growth 13
like Canadian market leader Netflix to invest in local programming.
Opportunities
➢ Increased IP ownership with emerging & exciting New York ➢ Proven unscripted brands, through expanded season orders,
Times best-selling brands ,which provide huge growth spinoffs and derivative projects
opportunities in toys, consumer products, games, micro
transactions and distribution ➢ Expansion of "premium" content offerings to commissioners
around the world, leveraging GPM’s reputation for producing
➢ Expanded presence in Los Angeles affords huge growth hits
opportunities as a trusted IP provider, in particular with the
competing streamers who are vying for premium content: ➢ Growth opportunities in scripted programming, with a focus
Netflix, Disney+, Apple TV+, Hulu, HBO Max, Peacock, Amazon on stories rooted in real events
Prime, to list a few
➢ Ability to capitalize on demand from streamers for high quality
➢ Focused on robust kids and family content streamers because factual programming by leveraging Thunderbird’s reputation in
it is the 'stickiest,' meaning if you attract kids and family, you kids and family and scripted programming
will win with audience retention and subscriptions
➢ Co-production opportunities in Europe and Asia will expand
company presence – this is where all the streamers are
expanding for new subscription bases
➢ Atomic produced a 66-minute movie on THE LAST KIDS ON
EARTH in 2019 and is in active discussions regarding the
production of more animated films
13Transition to Focusing on Higher Margin Owned-IP 14
2018 Revenue Sources 2019 Revenue Sources
Production Services
Licensing and Distribution
Other Revenue
14If you're not paying attention to OTT, you should be,
Escalating Demand for Content 15
because the market is set to reach US$86 billion by 2026.
• Netflix is the most established platform with 158 million subscribers
worldwide and a content library of 47,000 TV episodes and 4,000 movies
TOTAL VOLUME OF U.S. SCRIPTED ORIGINALS
600
• Apple TV+ and Disney+ joined the streaming wars in November 2019 with
Disney+ surpassing 10 million subscribers in its first day (now 28.6 500
million); NBCUniversal and WarnerMedia join in 2020 with Peacock and
HBO Max 400
300
• With 5G rolling out globally, the next generation of mobile technology is
poised to enhance the consumer streaming experience by offering faster 200
speeds, lower latency, stronger reliability, higher capacity, and better
mobility 100
0
SVOD vs. AVOD 2002 2011 2012 2013 2014 2015 2016 2017 2018 2019
Subscriber-based streaming still dominates, but revenue for ad-supported SOURCE: FX RESEARCH
SVOD
content is rising too AVOD 2019 ORIGINAL CONTENT SPEND ESTIMATES
U.S. Global U.S. Global $27.8 billion
$90 Disney $27.8 billion
$80 Comcast $15.4 billion
$70 ViacomC… $15.0 billion
$60
Netflix $15.0 billion
Billions of $USD
$50
AT&T $14.2 billion
$40 $6.5 billion
Amazon
$30
Apple $6.0 billion
$20
Fox $5.7 billion
$10
Discovery $4.6 billion
$0
2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 SOURCE: FINANCIAL TIMES (APPLE); BMO CAPITAL MARKETS (NETFLIX); CREDIT SUISSE
SOURCE: AMPERE ANALYSIS, ADVERTISING DATA HISTORICALS SOURCE GROUP M AND ONLINE
(DISNEY, VIACOMCBS); RBC CAPITAL MARKETS, SNL KAGAN, COMPANY REPORTS (ALL 15
OTHER FIGURES)
SPLITS SOURCE ZENTH, AMPERE ANALYSISFocus on High Margin Business 16
16.7%
$12,000,000.00 7.1% AEBITDA1
AEBITDA1 Margin
Margin
$10,000,000.00
41.4%
$8,000,000.00
5.4% CAGR
AEBITDA1
Margin
$6,000,000.00
AEBITDA
$4,000,000.00
$2,000,000.00
$-
2017 2018 2019
1Adjusted EBITDA is EBITDA excluding certain items to better analyze trends in performance and after non-controlling interests. These adjustments result in a truer economic representation on a
comparative basis. Adjusted EBITDA includes the add-backs made to calculate the Adjusted Net Income and additionally add-backs for interest expense, net of interest income, depreciation and any
non-cash amortization (to the extent not added in to Adjusted Net Income).
16Current Capitalization 17
(As of last reporting quarter)
TSX.V Price Market Cap
TBRD $1.07 $49.9M
Debt Cash Insider Ownership
$299K $9.5M 44%
Issued & Outstanding 46,631,475
Warrants 337,342
Options 4,506,000
Fully Diluted 51,474,817
Analyst Coverage:
Canaccord Genuity Aravinda Galappathige Tel: +1-416-869-7303 Buy
agalappatthige@cgf.com $2.50
Cormark Securities David McFadgen Tel: +1-416-943-6452 Buy
dmcfadgen@cormark.com $2.25
17Select Transaction Comparables 18
Transaction LTM Revenue LTM EBITDA
Date Transaction Notes
Size (MM) Multiple Multiple
• Hasbro adds eOne’s family brands, exceptional, proven
Hasbro TV and film expertise
2019 Acquires £2,900 3.1X 14.7X • Gain access to eOne’s US$2 billion content library
eOne • Adds Peppa Pig and PJ Masks and additional brands to
Hasbro’s robust brand portfolio
• Mayfair's first transaction in the digital media sector:
Mayfair Equity Partners according to Mayfair’s managing partner Daniel Sasaki,
2018 Acquire an 80% Stake In US$65 N/A ~10.0X the rise of streaming platforms has led to an increase in
Pixomodo demand for visual effects, which has prompted their
move
• Strengthens content offering and talent base, in the UK,
All3Media US and internationally
2017 Acquires N/A N/A N/A • Financial and creative synergies regarding each
Raw TV company’s factual program offerings
• Establishes leadership positions for visual effects and
digital creation
Technicolor
• Reinforces Technicolor’s strong portfolio of brands
2015 Acquires US$292 1.4X 8.6X including MPC, Mr. X and Mikros
The Mills • Brings significant talent and expertise around emerging
technologies such as virtual reality content
• ITV will initially pay $360m for an 80 percent stake in
ITV Leftfield
2014 Acquires and 80% Stake In US$360 N/A 12.0X • Leftfield’s production included 26 series for 2014 and 31
Leftfield Entertainment development projects underway.
• Pawn Stars is History’s number one show worldwide
• Combines Pixar’s preeminent creative and technological
resources with Disney’s unparalleled portfolio
Disney
• Combines the two talented teams who will now be
2006 Acquires US$7,400 N/A ~20.0 – 25.0X involved in the development of properties and content
Pixar • 15-year partnership provides a strong foundation that
embodies their collective company values 18Select Trading Comparables 19
ALL FIGURES ARE IN CAD
Equity Ent. Revenue (MM) EBITDA (MM) EV / Revenue EV / EBITDA
FY Stock Net Debt
Company Value Value
Reporting Price (MM) F2019 LTM E2020 F2019 LTM E2020 F2019 LTM E2020 F2019 LTM E2020
(MM) (MM)
Lionsgate 31-Mar 14.07 2,948 4,025 6,973 4,858 5,094 5,123 766 457 637 1.4 1.4 1.4 9.1 15.3 10.9
WildBrain 30-Jun 1.42 221 725 945 440 453 440 111 109 80 2.1 2.1 2.1 8.5 8.7 11.8
Wow Unlimited
31-Dec 0.38 15 13 27 94 98 73 1 - 4 3 0.3 0.3 0.4 39.1 - 7.6 10.5
Media
Average 5.29 1,061 1,588 2,649 1,797 1,882 1,879 293 $ 187 240 1.3 1.2 1.3 18.9 5.4 11.1
Thunderbird
1.07 50 -9 41 62 64 N/A 10 $ 9 N/A 0.7 0.6 N/A 4.1 4.6 N/A
Entertainment
SOURCE: BLOOMBERG, COMPANY FILINGS
19Awards 20
Award Definition Wins/Nominations
Created by the Motion Picture Arts & 2019
Sciences Foundation of British • Best Direction in Music – Comedy or Variety Program or Series (Kim’s Convenience)
Columbia, the Leo Awards have been • Best Music – Comedy or Variety Program or Series (Kim’s Convenience)
celebrating excellence in British 2018
Columbia Film & Television since 1999 • Best Music – Comedy or Variety Program or Series (Kim’s Convenience)
• Best Performance in Music – Comedy or Variety Program or series (Kim’s Convenience)
• Best Direction in Music – Comedy or Variety Program or Series (Kim’s Convenience)
• Best Host(s) – Information, Lifestyle or Reality Program or Series (Worst to First)
• Best Picture Editing – Documentary Series (Heavy Rescue: 401)
2017
• Best Screenwriting (Kim’s Convenience)
Awards given annually by the 2020 Nominations (Awards ceremony is in March 2020)
Academy of Canadian Cinema & • Best Comedy Series (Kim’s Convenience)
Television recognizing excellence in • Best Achievement in Casting (Kim’s Convenience)
Canadian film, English-language • Best Costume Design (Kim’s Convenience)
television, and digital media • Best Lead Actor – Comedy (Kim’s Convenience)
productions. • Best Lead Actress – Comedy (Kim’s Convenience)
• Best Supporting Actor – Comedy (Kim’s Convenience)
• Best Supporting Actress – Comedy (Kim’s Convenience)
• Best Guest Performance – Comedy (Kim’s Convenience)
• Best Animated Series and Best Performance, Animation (Cupcake and Dino)
• Best Writing – Factual (Heavy Rescue: 401)
2018
• Best Comedy Series (Kim’s Convenience)
• Best Supporting / Guest Actor Comedy (Kim’s Convenience)
• Best Lead Actor Comedy (Kim’s Convenience)
• Best Direction – Television Series or Program (Kim’s Convenience)
2017
• Best Picture Editing in a Comedy Program or Series (Kim’s Convenience)
• Best Performance by an Actor in a Featured Supporting Role or Guest Role in a Comedy
(Kim’s Convenience)
• Best Achievement in Casting (Kim’s Convenience)
• Best Performance by an Actor in a Continuing Leading Comedic Role (Kim’s Convenience)
An American accolade bestowed by 2019
the New York–based National • Outstanding Sound Mix in a Preschool Animation Program (Beat Bugs)
Academy of Television Arts and 2017
Sciences in recognition of excellence • Outstanding Writing in a Preschool Animation Program (Beat Bugs)
20
in American daytime programming.Awards 21
Award Definition Wins/Nominations
An annual award ceremony based in 2019
Seoul, South Korea which honors • Most Popular Foreign Drama of the Year (Kim’s Convenience)
excellence in television drama
productions worldwide.
Presented in an annual award show 2019
hosted by the British Academy of Film • Animation (Hilda)
and Television Arts. They have been
awarded annually since 1955.
First presented in 1972 to celebrate 2020
excellence in Canada's television and • Award of Excellence (Kim’s Convenience)
radio industries 2019
• Sandi Ross Award for Inclusion Onscreen (Kim’s Convenience)
2017
• Outstanding Performance by an Ensemble (Kim’s Convenience)
• Outstanding Performance by a Female Actress (Kim’s Convenience)
The Rosie Awards is the name given to 2018
the Alberta Film and Television Awards, • Best Performance by an Alberta Actor (Kim’s Convenience)
presented annually by Alberta Media
Production Industries Association
Ranks and profiles the world's top 50 kids 2019
entertainment companies • Atomic Cartoons named #4 animation production company in the world
Professional association representing 2019
writers for stage, screen, radio and online • Animation (Beat Bugs)
and has protected and promoted their
creative and professional interests for
more than 50 years
Member-based organization, exists for 2019
the advancement, development and • Canada’s 100 Most Powerful Women (Jennifer Twiner McCarron)
recognition of professional women in
Canada 21
21Predominant Directors 22
BRIAN PAES-BRAGA MARNI WIESHOFER FRANK GIUSTRA TIM GAMBLE
Chairman of the Board Lead Director Director Director
Brian is a Canadian born Marni’s background includes serving as the CFO Frank’s entrepreneurial success Mr. Gamble is a founding partner of
entrepreneur, merchant banking and EVP of Corporate Development at Lionsgate expands to both his established works Thunderbird and as former CEO, was
executive, and philanthropist Entertainment where she oversaw the company’s within the natural resource industry instrumental in the acquisitions of both
and sits on the Board of mergers, acquisitions, and other strategic financial and film industry. He is a significant Great Pacific Media and Atomic
Directors of DeepGreen Metals. initiatives including the acquisitions and shareholder of Thunderbird Cartoons. Tim played a key role in IP
He also serves as Principal, Head integration of Trimark Pictures, Artisan Entertainment and was previously the acquisition including Blade Runner 2049
of Merchant Banking at SAF Entertainment and Redbus Films Distribution U.K. and The Beatles inspired animation
Company’s lead director. Mr. Giustra is
Group, a leading structured to name a few, as well as the sale of Lionsgate series Beat Bugs where he served as
President and Chief Executive Officer
credit and merchant banking Studios and the Canadian distribution business. Executive Producer. Mr. Gamble focuses
group which builds, invests, Most recently she was the Head of Media and a of Fiore Financial Corporation and is on corporate finance and strategic
finances and advises high Managing Director in Houlihan Lokey’s TMT the founder of Lionsgate alliances, as well as providing executive
growth companies as well as Corporate Finance Group, based out of Los Entertainment. Previously, Mr. Giustra production services for feature films and
provides flexible and long-term Angeles, providing M&A, capital markets, financial served as President, Chairman and television series.
capital solutions to public and restructuring, including the Relativity Media and Executive Officer at Yorkton Securities
private corporations while Weinstein Company bankruptcies and subsequent Inc. and as Chairman of Endeavour
providing stable returns for sales and financial advisory services. Ms. Financial Corporation. Mr. Giustra is a
investors through its structured Wieshofer’s experience also includes prominent noted philanthropist who sits on
credit arm. Brian was Founder roles at MESA, Media Rights Capital, Alliance
numerous boards as well as having
and CEO of Lithium X Energy Atlantis Communications and Coopers & Lybrand
launched the Clinton Giustra
Corp., a lithium resource Chartered Accountants. Marni is currently a
company, which raised member of the Board of Directors of Film2Future, Enterprise Partnership.
approximately $53 million and, a member of the Dean’s Advisory Committee at
within 2.5 years, was sold to an the Rotman School of Management, and the Chair
international company for $265 of the Women’s Volleyball Be Extraordinary
million in March 2018. Campaign at Western University.
22Investment Summary 23
Rapidly growing and highly profitable business, yet risk mitigation-focused
Pursuing an aggressive growth strategy through acquisition and organic growth
including investments in owned-IP
Well-known in the industry for producing exceptionally high quality, creative
and innovative programming in an artist-friendly environment
Highly regarded management team with expertise in sourcing the best creative
talent and a track record of developing highly sought-after short form content
Scalable infrastructure, with offices and studios in Vancouver, Los Angeles,
Ottawa and Toronto, and an increasing presence in Los Angeles, which affords
huge growth opportunities as a trusted IP provider for the competing streamers
Strong balance sheet with negligible debt
Publicly traded on the TSX Venture Exchange; ability to use stock as currency
2324
Contact Us
Head Office About Us
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WStreet
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604.683.3555 242424242424
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investors@thunderbird.tv
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