Good morning. My name is Joelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Boat Rocker Media's first quarter 2024 financial results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. Instructions on how to queue up to ask questions will be given at that time. Before turning the call over to management, I would like to remind listeners that today's remarks include non-IFRS measures. Reconciliations between Boat Rocker's IFRS and non-IFRS results can be found in the company's MD&A. Additionally, management's outlook for 2024 and beyond, anticipated financial and operating results, plans and objectives, and answers to your questions will contain forward-looking information within the meaning of applicable securities laws. These forward-looking statements reflect management's current opinions, beliefs, estimates, expectations, and assumptions, and are based on information currently available to management, which include assumptions about continued revenue based on past performance, perception of trends and current business conditions, expected future developments, and other factors which management considers appropriate and reasonable in the circumstances. This forward-looking information represent management's expectations as of today and accordingly is subject to change. Such information is based on current assumptions that may not materialize and are contained in Boat Rocker's annual MD&A, dated March 28, 2024, and first quarter MD&A, dated May 15, 2024, and is subject to a number of important risks and uncertainties. Actual results may differ materially, and listeners are cautioned not to place under reliance on this forward-looking information. A description of the risks that may affect future results is contained in Boat Rocker's annual information form, as well as its annual MD&A, dated March 28, 2024, which are available on the corporate website and in its filings with the Canadian Securities Administrators on SEDAR+ at www.sedarplus.com. With that, I will now turn the call over to Mr. John Young, Chief Executive Officer of Boat Rocker Media. Mr. Young, you may begin your remarks. Thank you very much, Joelle, and good morning, everyone. Thank you for joining us for the Boat Rocker Media first quarter 2024 results conference call. On the call with me today are Judy Adam, our CFO, and David Fortier and Ivan Schneeberg, our Co-Executive Chairman and Co-Chairman of Boat Rocker Studios. Amidst continuing challenges in the media industry at large, we delivered a solid Q1, which illustrates resilience in some parts of the market and certainly at Boat Rocker. Adjusted EBITDA was CAD 3.2 million, and revenue was CAD 51.3 million. We were pleased to see earnings in our representation segment start to return to near historical levels, alongside strong deliveries in our Canadian unscripted business. As we mentioned on the last call, in 2024, we are executing on a robust content investment plan that will see Boat Rocker deploy a significant amount of cash available for use on investment in IP, particularly owned scripted series, premium documentaries, and international co-productions and completion financing opportunities. Our cash available for use remained high this quarter at CAD 36 million versus CAD 37 million in Q4. Ivan will provide more detail on some recent investments in content later on in our call. Our assumptions around full-year fiscal 2024 performance have not changed, and we continue to focus our efforts on streamlining the business, managing costs as we set the company up for long-term success. Turn it over to Judy now for a brief financial review. Judy? Thank you, John. Good morning, everyone. Boat Rocker delivered a solid Q1 performance with Adjusted EBITDA of CAD 3.2 million, compared to a loss of CAD 1.8 million in the prior year. Revenue was CAD 51.3 million, versus CAD 79.8 million in Q1 2023. The difference is largely owing to results in the television segment, which varies considerably from those in 2023, given a different product mix. Production revenue was CAD 9.5 million in Q1 of this year, compared to CAD 42.3 million in the same period of 2023, a decrease of CAD 32.8 million. This variance is partially attributable to the high volume of scripted production deliveries in 2023. In Q1 of this year, we did not have any comparable scripted production. Also, production revenue for unscripted shows was lower in the current year period due to timing of deliveries. However, Q1 2024 service revenue of CAD 18.6 million was more than double that of Q1 2023 of CAD 8.6 million, due to strong performance by the company's Canadian unscripted business. In addition, Q1 2024 included executive, producer, and other fees, with no similar amounts recognized in the prior year period. As a reminder, these types of swings in our product mix, production volume, and deliveries are not uncommon for Boat Rocker and indeed all production-based companies in the media and entertainment space. Similarly, Boat Rocker's distribution revenue can vary significantly quarter to quarter, with a historical trend of a stronger H2. In Q1 of this year, distribution revenue was CAD 2.96 million versus CAD 4.28 million in the same period of 2023. Kids and Family revenues of CAD 12.6 million, compared to CAD 15.7 million in the same period of 2023. This decline from the prior year was predominantly owing to lower service output, though offset by an increase in production deliveries. The company delivered and recognized revenue for 17 half-hours of owned content, compared to 3 half-hours in the same period of 2023. Representation continued its expected recovery from the 2023 U.S. labor strike, recording CAD 8.3 million of revenues, compared to CAD 9.6 million in the same period of 2023. Although there is still a lag, performance is trending towards historical levels. Production, distribution, and service costs were CAD 29.6 million in Q1 of 2024, compared to CAD 59.4 million in the same period of 2023, a decrease of CAD 29.8 million, or 50%. This variance was driven by decreases in amortization of investment in content and service costs associated with lower production and service production revenue overall. Total general and administrative costs of CAD 21.3 million declined from Q1 of 2023, where they were CAD 22.9 million. Excluding share-based compensation, reorganization costs, and transaction-related and other costs in both 2024 and 2023 periods, G&A expense in Q1 2024 was CAD 19.7 million, down 12% compared to CAD 22.4 million in the prior year period. The positive downward trend is owing to management's focused efforts to control costs across the company in a number of categories. Q1 net loss was CAD 2.5 million, compared to a net loss of CAD 9.5 million in the same period of 2023, an improvement of CAD 7 million. Consistent with Boat Rocker's Q4 2023 results, the company's cash position remains strong, with total cash at the end of Q1 2024 of CAD 98.2 million, of which CAD 35.9 million represents cash available for use. As John mentioned earlier, we are executing on a robust content investment plan that will see Boat Rocker deploy a significant amount of cash available for use on investment in IP over the remainder of the year. Ivan will now share some studio highlights, including updates on our content strategy. Thanks, Judy. Good morning, everybody. We're pleased to see our IP investment strategy really starting to gain momentum. Last quarter, we said we would be materially increasing our investment in content, including international and domestic co-productions, documentaries, and of course, the premium scripted content that Boat Rocker is best known for. This investment strategy is underpinned by our belief that using our capital and corporate resources, including, in particular, our international rights management team, to cause projects to be greenlit and then to manage the monetization of that content, is the pathway to future growth. We recently announced a new international live-action scripted series called Mixtape, which we're co-producing with Ireland's Subotica and Australia's Aquarius Films. It stars Teresa Palmer from The Fall Guy and A Discovery of Witches, and Jim Sturgess from Apple TV+'s Home Before Dark and One Day. Boat Rocker will also be the distributor of this series worldwide. Mixtape joins the previously announced Video Nasty, a scripted series co-production with Ireland's Deadpan Pictures, which is currently shooting in Ireland. Domestically, we have an exciting partnership with Toronto's Shark Teeth Films to distribute three upcoming scripted shows. Another installment of Secrets in the Ice, and new factual series, Discovered by Disaster and Secrets in the Dark. This partnership builds on the success Boat Rocker has had distributing Secrets in the Ice Season 3, which the company has sold in more than 50 territories worldwide. Our high-profile scripted releases continued to perform well with Palm Royale, starring Kristen Wiig, Ricky Martin, Laura Dern, Allison Janney, and Gerald McRaney, premiering as the number 1 show on Apple TV+'s top 10, and continuing to rate very highly in both the U.S. and Canada. American Rust: Broken Justice, starring Jeff Daniels and Maura Tierney, continues to feature in Amazon Prime Video's top 10 television series and movies after its March 28th launch, and is rating extremely well on IMDb's episodic ratings. Beacon 23, which also had a strong premiere on Amazon Prime Video Canada, has been sold to Amazon Prime in Africa, Australia, and New Zealand. We're now eagerly anticipating the launch of Orphan Black: Echoes, starring Krysten Ritter, Keeley Hawes, and Amanda Fix, which will premiere on ITV in the UK tomorrow and on AMC, AMC+, and BBC America on June 23rd. Of course, as we've previously announced, after strong performance on Apple TV+, the premium Sci-Fi series, Invasion from Simon Kinberg, has been greenlit for its third season. We're also about to start production on a new scripted series in partnership with a major streaming service, and we'll be giving more details on that shortly. Although we're honing in on owned IP, Boat Rocker maintains a diversified portfolio, including service production, which yielded further positive results this quarter. In unscripted, Downey's Dream Cars, starring Oscar winner Robert Downey Jr., secured 2 Daytime Emmy nominations. Season 2 of Canada's Ultimate Challenge premiered on CBC on April 28th, while Big Brother aired its Season 12 finale earlier this month. There's no doubt that the media and entertainment industry is still settling from the shockwaves of the 2023 labor strikes and other macroeconomic and industry-specific factors that continued to impact development, greenlights, releases, and renewals. However, we are encouraged by our Q1 results and remain confident in our vision, our team, and our financial and operating power. We believe that our IP first strategy is a winning one that will carry us through whatever this year brings and towards future long-term growth. Operator, that concludes our prepared comments this morning, and we would now like to begin question and answer session. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the one on your touchtone phone. You will hear a three-tone prompt acknowledging your request, and your questions will be pulled in the order they are received. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from David McFadgen with Cormark Securities. Your line is now open. Oh, yeah. So just a question on the cash. So you said that you expect to use the cash available for use this year. You know, you're gonna ramp up your investment in IP production. How much of that cash do you expect to use? Are you gonna use all of it by the end of this year? I'll let Judy jump in on the details, David. Well, obviously, we, we will not be using all of that cash. Part of it is, you know, for working capital, but most of it is for investment. We'll certainly be spending a significant amount of it. And we've spent a fair amount already. Ivan talked about two or three shows that we're in co-production or production on, and those are part of that strategy that we'll continue with. So won't, won't be able to give you a number specifically on that, but, but again, it's part of that strategy of taking that cash available that we've got, putting it with our, you know, resources, the international sales teams, and finding these projects that we're essentially finishing and, and get to distribute at the same time. So, you know, less development, much more into buying and, and owning the IP, or at least, at the very least, having a significant interest in that IP and selling the content around the world. So we're spending more of that cash on those types of projects. We think that's a better bang for our buck, especially in a, in a still, you know, challenged environment from, from the buyer's perspective. So, if that helps. Judy, is there anything else you wanna add to that? No. No, John, I think you covered it, covered it really well. I'd just add that, yes, you know, we, in Q1, you would have seen our cash available for use come down slightly. Although we've made some commitments already, several of them, which we've announced, the cash will be spent more throughout the year, the remainder of the year. So you'll see a cash available for use coming down over the remainder of the year because of these investments. Okay. So it seems like you're gonna use that cash to acquire distribution rights to sell third-party products around the world, but you own the rights, but you're, y eah, you're acquiring the distribution rights, is that correct? We'll do a bit of both, David. We'll try to find content within the teams ourselves that we can essentially own entirely while putting money to work to make it happen. That would be, you know, in the documentary area particularly, where the budgets are such that we can actually put the capital to work to entirely make the project go into production. As well as owning portions or significant portions of the IP, where we're investing in those co-productions or those sort of financing opportunities where we're the last dollars in, sometimes not insignificant dollars, and we are the ones effectively making the project get over the finish line, with our team having the rights to sell. Yeah, I mean, Hey, David, it's Ivan. I think you got it, you've got it right, and we're using the money to buy IP. And I think the shift in strategy is, we're spending less money at the very early stages of development and trying to spend more money on causing IP to get created. So we're trying to be closer to last money in, so we're assured that that money is going to, if we've got our calculations right, generate a return. We're trying to get, you know, a little bit significantly closer to the finished product to ensure that every dollar we spend manifests into a piece of IP that can generate a return and be added to our library. As John said, we've spread that among different types of projects, so it's self-commissioned documentaries, co-productions, self-developed, and and back sold projects, you know, like, like some of our, our bigger dramas, Orphan Black: Echoes, for example. But then also, you're right, third-party projects. In some cases, we're co-producers and partners on those projects, and in some cases, we're just acquiring the distribution rights and selling the projects. But I think the point is, all of that cash is going into the creation of IP that we believe will generate returns for the company. Okay. And then I don't know if you can answer this question, but I'll try it anyways. Do you have an idea as to when you think the business, you know, starts has fully recovered from the aftereffects of those two strikes? Like, I guess maybe it'd be easier to see on the representation side on a quarterly basis, but I was just wondering when you think that the business turns, and it's no longer impacting the business. It's a great question, David. I don't know if there's a perfect answer, but let me give you some thoughts. Every buyer, I think, is challenged in slightly different ways. So you've got a market out there with a lot of different commissioning broadcasters with different solutions that they're looking for. So there's not certainly... We're not seeing a one-size-fits-all recovery. I think it's fair to say that we're going to be in, I think, in an overall global spending environment that's slightly less probably, you know, each year for the next number of years. 2022 seems to have been the peak at about $137 billion, and I think we're gonna be less than that, certainly less than that in 2023, and probably a little bit less in total in 2024. I can see those numbers slightly going down, but certain buyers are going to increase their spend in 2024 over the last few years. So there's a real mix out there. But I think as we get into 2025 and 2026, it's fair to say that I think we'll probably see a bit more of that normalization, that the strikes in 2023, you know, disrupted. So that, that's probably fair. Our job is to make sure we're getting as much of the share of that wallet, of those buyers wherever we can. But I think as Ivan said, better that we actually spend that capital where we know we can make content, get produced, than spend more of our time developing for these buyers, where you know, as I say, it's a challenge right now to get those green lights as they think about their own business models and where they go going forward. So, it's not an easy one, but I think, yeah, you gotta think, a little bit less spend from 2022 onwards. I can see that going down, not materially, I think a couple of percent a year would be my guess. And I am only guessing, but I think that's fair as they find their footing in this new world, this new business model for the streamers, particularly. I think that's probably what I think will happen 2025, 2026. Okay. All right. Thanks for that.