Good morning. My name is Joanna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Boat Rocker Media's Third Quarter 2024 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Instructions on how to queue up for 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, Plan 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 includes 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 represents 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 Third Quarter MD&A dated November 13, 2024, and is subject to a number of important risks and uncertainties. Actual results may differ materially, and listeners are cautioned not to place undue 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, Joanna. Thank you very much, and good morning, everyone. Thank you all for joining us for the Boat Rocker Media Third Quarter 2024 Results Conference Call. On the call with me today are Judy Adam, our CFO, David Fortier, and Ivan Schneeberg, our Co-Executive Chairman and Co-Chairman of Boat Rocker Studios. The film and television industry continues to undergo a significant reset as a sector works to find its footing from the lasting impact of last year's labor disruptions and continued delays in the overall timing and volume of green lights from major buyers. Despite this backdrop, we delivered Q3 in line with our expectations as our scripted production deliveries were planned for later in Q4. This was in sharp contrast with our results last year, which included revenue from two premium scripted dramas. However, in Q3, we did include numerous renewals, green lights, and premieres of key projects across our unscripted and kids and family divisions. Total Q3 revenue was CAD 36.8 million, given the reduced output in scripted shows in the current year, while year-to-date Adjusted EBITDA was CAD 1.2 million. Our balance sheet remained very healthy this quarter as we continue operating debt-free with CAD 52.7 million of cash available for use at the quarter end. To forge a path back to growth, we remain focused on distribution and rights management and investment in IP. We continue to deploy a portion of our cash available for use towards meaningful investments in our own productions and in projects developed by third parties where we can capitalize a green light by providing completion financing. As we hone in on additional co-production and co-financing opportunities, we will target material cost reductions across the organization and streamline our operations as we continue to adapt to current market conditions. In addition, where possible, we also intend to deploy capital to repurchase our subordinated voting shares pursuant to our current NCIB. Given management and the board's continued belief that Boat Rocker's share price is below its intrinsic value and that the repurchase of the stock should provide an attractive return on investment, we recently renewed the NCIB to purchase a maximum of approximately 2 million subordinated voting shares equal to 10% of our public float. The NCIB expires on September 5, 2025. We continue to expect full year 2024 Adjusted EBITDA to be approximately CAD 10 million in line with our Q2 guidance. However, with a few key titles scheduled to be delivered in the last month of the year, there is a risk that the delivery of certain episodes may be delayed into the new year. We remain well-positioned for a wider industry recovery with our strong balance sheet, our robust development slate and distribution catalog, and deep relationships with top global content buyers. We have every confidence in the ability of our business to rebuild and succeed over the long term. I'm going to turn it over now to Judy for a brief financial review. Judy. Thank you, John, and good morning, everyone. On a consolidated basis, total revenue was CAD 36.8 million for Q3 2024, down significantly compared to CAD 196.4 million in the same period of 2023 because of lower production revenues in our television segment in the current year, as John mentioned earlier. In the prior year, production revenues in our television segment made up the bulk of total consolidated revenues and were CAD 174 million, reflecting the relicensing of two seasons of the scripted sci-fi series Beacon 23 to a new U.S. buyer, as well as delivery of six episodes of Rust Season 2. In contrast, there were no deliveries of premium scripted dramas in the current quarter and year-to-date, as anticipated, given work stoppage in the U.S. market for the better part of 2023. Adjusted EBITDA from continuing operations was a loss of CAD 4.6 million in the current quarter versus positive adjusted EBITDA of CAD 20.2 million in Q3 2023. The year-over-year decline was driven by lower segment profit from our television segment and offset partially by modest gains in segment profit from our kids and family segment, as well as savings in our corporate overhead costs. Let's take a closer look at our segments. Television revenue was CAD 23.3 million in Q3 of this year, a decline of 87% from CAD 185.5 million in the same period of 2023. As mentioned earlier, the significant year-over-year decline is attributable to lower production output and revenue in the current year, reflecting the lack of renewals and green lights as a result of the U.S. guild strike and other industry conditions. As a result of these macro forces in our operating environment, in Q3 of this year, we did not have any scripted production deliveries in sharp contrast to the same quarter in 2023. Q3 2024 service revenue was CAD 9.2 million compared to CAD 9.5 million in the prior year. The continued strong performance by our Canadian unscripted business helped to offset lower volume of U.S. service production. And on a year-to-date basis, service revenue was up 45% year-over-year. Distribution revenue can vary significantly quarter to quarter, with a historical trend of a stronger second half in Q4 in particular. In Q3 of this year, distribution revenue in our television segment was CAD 2.2 million versus CAD 2 million in the same period of 2023. In the kids and family segment, Q3 revenue was CAD 13.5 million compared to CAD 10.8 million in the same period of 2023. This 25% increase from the prior year was predominantly owing to higher service output along with increased production and distribution revenues. Total production, distribution, and service expenses for the company were CAD 29.5 million in Q3 2024 compared to CAD 161.1 million in the same period of 2023, a decrease of 82%. 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 for the company were CAD 11.7 million in the current quarter, a decline of CAD 4.6 million, or 28%, from Q3 2023, where they were CAD 16.3 million. The decline in the quarter is the result of a continued effort to proactively reduce costs across the company. On a year-to-date basis, we have achieved total G&A savings of CAD 9.1 million, or 18% year-over-year, in continuing operations, and we expect further material savings into the fourth quarter. Adjusted EBITDA, both continuing and discontinued operations for the nine-month period, was CAD 1.2 million compared to CAD 25 million in the prior year comparative period, reflecting significantly reduced output and margin contribution from scripted production in the current year, which was partially offset by lower general and administrative expenses. Net loss in the current quarter was CAD 18 million, or loss per share of CAD 0.33 per share, and includes a non-cash goodwill impairment charge of CAD 8.2 million associated with the company's scripted cash-generating unit. The impairment reflects the protracted slowdown in the content production industry and deterioration of market valuations for the company's competitive set since the beginning of the year. The company's balance sheet continues to remain strong with no corporate debt and cash available for use at the end of Q3 2024 of CAD 52.7 million. As John mentioned earlier, we are continuing to focus on our content investment strategy that will see us use a portion of our cash available for use on investment in IP and, where possible, to repurchase shares through our NCIB. Ivan will now share some studio highlights. Thanks, Judy. Good morning, everybody. As Judy just mentioned, we continue to execute our IP investment strategy with a particular focus on international and domestic co-productions. We remain steadfast in our belief that using our capital and our corporate resources to help green light projects with global appeal while allowing our team to manage their monetization will help set us up for long-term success. Last quarter, we were pleased that Boat Rocker's longest-running scripted series, The Next Step, was renewed for a landmark 10th season after being commissioned by CBBC and the BBC iPlayer. Currently in production, Season 10 is set to premiere on CBBC and the BBC iPlayer in the UK in 2025. Also, our Emmy Award-winning scripted series, Palm Royale, for Apple TV+, which was recently renewed for a second season, is now back in production, and we continue with post-production on our new scripted series, Bet, for Netflix. Finally, our international scripted co-production series, Mixtape, with Ireland's Subotica and Australia's Aquarius Films for Binge, Foxtel, is now in post-production. And our other highly anticipated scripted co-production, Video Nasty, from Deadpan Pictures, was recently completed with Virgin Media Television in Ireland, WDR in Germany, and BBC Three in the U.K. attached as broadcasters. Boat Rocker is distributing both series internationally. Our unscripted division had several premieres and renewals of long-running series in the third quarter. Season eight, The Great Canadian Bake Show, premiered on CBC, while the highly anticipated six-part docuseries, K-Pop Idols, started streaming on Apple TV+. Our hit unscripted series, The Amazing Race Canada, was recently renewed for an 11th season over at CTV. In addition, Corus greenlit Season 2 of Top Chef Canada for their brand new lifestyle network, Flavour. Finally, our feature documentary, War Game, from Emmy Award-winning directors Jesse Moss and Tony Gerber, was released on video on demand at the end of September through Decal Releasing. The film was the number one documentary on digital on both Apple TV and Amazon Prime. Our kids and family division recently received a green light for Dino Ranch: Island Explorers, a spinoff of our hit preschool animated series, Dino Ranch. The new animated series will air on CBC in Canada and Radio-Canada.ca and Warner Bros. Discovery's Cartoonito across Europe, the Middle East, and Africa, beginning in 2026. The spinoff provides opportunities to expand the Dino Ranch franchise through licensing partnerships and worldwide sales with Boat Rocker, managing global franchise development for the series, including content distribution and consumer products. In closing, despite the ongoing industry-wide slowdown, Boat Rocker remains in a strong position with significant cash available for use, no debt, and a robust slate. Our team continues to source and capitalize on new production and distribution opportunities to help drive positive results for shareholders as we ride out what we believe will be a temporary period of industry austerity. Overall, we're optimistic about what the future of the television industry holds for Boat Rocker, and we look forward to updating you all on our progress during our full-year results call in March. Operator, that concludes our prepared comments this morning, and we would now like to begin the 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 the star followed by the one on your touch-tone phone. You will hear a three-tone prompt acknowledging your request. If you would like to withdraw your question, please press star followed by two. And if you are using a speakerphone, please lift the handset before pressing any keys. Your first question comes from Vince Valentini at TD Cowen. Please go ahead. Hey, thanks very much. You have this minority interest in Insight that you're buying out because they exercised their option. And if you say the put option at CAD 7 million is a reasonable estimation of what you'll pay, is there any way you can, I mean, there must be some underpinning to that valuation of some sort of multiples of the library or revenue or EBITDA. Is there any way to say if you use those same multiples on your entire company, what the range of private market value would be? It's a good point, Vince, and again, without maybe getting into the specific details, we're still finalizing that transaction, which we hope to have closed up and done in principle by the year-end. It'd be tough for me to get into the details, but I think if I get your point, I think the answer would be the fair valuation that we're working with John Brunton and his team at Insight for the 30%. If we applied that same fair valuation to the Insight business, to our business, yes, there would be a significant uptake in the value of the company as a whole if shareholders were to value it that way. Obviously, we need to build back the confidence in that value, and that's what we're trying to do. Having done the Untitled transaction, the cash available for use to where it's at, just over CAD 50 million this quarter, and try to invest that into IP, into our co-productions and co-financings for next year and the years after. We've still got to deploy that capital. So I think there's work to be done there in terms of our future investment to rebuild and get back to the growth that we think we can get to. Obviously, the market conditions are not perfect, specifically in the premium drama business, but we're certainly seeing other areas showing some nice green shoots for bouncing back in 2025 and 2026. But a long-winded way of saying, yeah, that would be one way to do it, and that fair value, applying that fair value for Insight to Boat Rocker would certainly have a far greater market gap than we currently have today. So if that's the case, John, I mean, I appreciate you want to invest in IP to get growth back on track. But if your current share price is so much below the intrinsic value of just the assets you own today without growing them at all, shouldn't you be buying back shares with some of that excess cash? I mean, there's still been no activity on the NCIB. It just seems to me like that's a no-risk investment and should be highly agreeable to the shareholders who stick around if you buy back at these prices. We totally agree, Vince. And the answer is, where we can, pending the various rules on using the NCIB, we, as a management team, as a board, are fully behind that approach. And that's one thing we plan to do. No, I mean, NCIBs can be restricted. I agree. Any thoughts to an SIB doing a substantial issuer bid to take out a bigger chunk? We haven't gone into the details of that at the board level, given we just put the NCIB in, and given we've got, I think, it's up to two million shares we can buy, so I think the first thing is to get to that as soon as we can and where we can based on the restrictions, but we're on the same page, Vince. I think the board is very much on the same page. Let's do that. That does seem to be a very good way to put some value back to shareholders, rewarding them for sticking around in this regard, so yeah, we plan to do that where we can. Okay. And last, just apologies if I missed it in your opening comments. The Dino Ranch and other kids' properties, any update on sort of merchandising trends and pipeline? We're absolutely delighted with another season of Dino Ranch with the partners again on board, which is great. It really does boost the team's view of where we go to with their franchise, the entire franchise, and the merchandising and licensing opportunities. We're out there looking for new partners on certain areas of that franchise. Again, we'll come back and talk a bit more about that later. Definitely bullish, again, about continuing with Dino Ranch. Obviously, it never quite hit the heights we were hoping for over the last few years, but still excited about continuing that franchise. I think the opportunity with Island Explorers is it's opening up a whole new universe of licensing opportunities, right? It's because we pick the same characters and the same stories, but setting them in a brand new environment. Excellent. Thank you, guys. Thank you. Ladies and gentlemen, as a reminder, should you have any questions, please press star followed by the one. Your next question comes from David McFadgen at Cormark Securities. Please go ahead. Hi. Just a question on the drama scripted business. I was just wondering, how many shows do you have green lit for 2025 that you would expect to be recognized in revenue? Because I think that could really drive your results to be quite a bit higher, right? Did you say scripted there, David? Sorry, I missed that. Yeah. Yeah, the drama scripted business. Yeah. Well, I think, look, we have a number of scripted projects already green lit, as we've mentioned a couple of, I've even mentioned a couple of them that will be in 2025 already, which, again, is better than we had coming out of 2023 and delivering in 2024. So that's good to see. But again, we're still seeing a very tough market there, David, in the scripted side going into 2025. I think we thought that after the strikes, maybe we would have got back a bit quicker, but we're not seeing that on the scripted side. Something off our premium drama business. So it is going to certainly take a bit longer. I think we're into 2026 before we think we'll get closer to a more normalized approach. Yeah, I think that's right. I mean, we have fewer shows, for sure. The good news is we do have some new shows that we haven't yet announced that we're very excited about. The problem is, David, as you know, the way we have to recognize revenue, we've got to get the first episode delivered within the year to be able to recognize any revenue, right, regarding that series. The challenge we might have, and it's still early days for us on some of these new shows that we're just beginning, is we're just not certain what level of complete delivery we're going to actually be able to obtain in 2025. The delivery cycles aren't the same as they used to be because linear buyers needed content in a very specific pattern. The streamers don't. So they put less pressure on us to deliver according to a specific pattern. So we end up being the ones putting pressure to get delivery done so we can recognize revenue, which creates a really bizarre dynamic. All of which is to say we do have some new shows we'll be announcing. And I think that in addition to the market slowdown, one of the challenges we might be facing is how many episodes we're actually able to deliver in 2025. Still a bit early for us to say. Okay. Okay. And then maybe you could just kind of give us sort of an overall picture of how you expect your service business to perform in 2025 versus 2024? Again, just almost following up on Ivan's point, David, still a little bit early. But I think that, again, what I could say is we're optimistic again of seeing a stronger return on the unscripted side in 2025 and 2026 than we've seen over the last year or two. So again, those green shoots look like we're seeing a bit earlier in the unscripted world compared to, say, the premium scripted drama business. So. Currently, say the same in the animation services show? Animation services and, in fact, kids and family as well. We're starting to see a little bit of that positivity returning in terms of the growth again in 2025 and 2026, so I think we'll start to see that as well, and it stands to reason we're seeing a lot of good examples of U.S. and other broadcasters coming to Canada using the great Canadian crews and teams in the unscripted world to make and service-produce content in Canada. We'll see probably more of that in 2025 and 2026 as well, which I think we'll get a very good share of given the quality of teams we've got at Insight Productions and Proper Television. Okay. All right. Thanks, guys. Thank you, David. Thank you. Thank you. We have no further questions. I will turn the call back over for closing remarks. Nothing further from us. Joanna, thank you very much, everyone, for joining us. And as we said, we look forward to updating you at our year-end conference call in March. Thank you very much. Ladies and gentlemen, this concludes your conference for today. 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