Falcon's Beyond Global Files Q1 2024 10-Q
Ticker: FBYDW · Form: 10-Q · Filed: May 16, 2024 · CIK: 1937987
Sentiment: neutral
Topics: 10-Q, quarterly-report, amusement-recreation
TL;DR
Falcon's Beyond Global filed its Q1 2024 10-Q. Check financials.
AI Summary
Falcon's Beyond Global, Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The company, incorporated in Delaware, is involved in the amusement and recreation services sector. Its principal executive offices are located in Orlando, Florida.
Why It Matters
This filing provides investors with an update on Falcon's Beyond Global's financial performance and operational status for the first quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly filing providing financial and operational updates, not indicating immediate significant risk.
Key Players & Entities
- Falcon's Beyond Global, Inc. (company) — Registrant
- March 31, 2024 (date) — Quarterly period end date
- 001-41833 (other) — Commission file number
- Orlando, FL (location) — Principal executive offices location
- 1768 Park Center Drive (location) — Business address
FAQ
What is the primary business of Falcon's Beyond Global, Inc.?
Falcon's Beyond Global, Inc. is primarily involved in the Services-Miscellaneous Amusement & Recreation sector, as indicated by its Standard Industrial Classification code [7990].
When was the company incorporated?
The company was incorporated in Delaware.
What is the company's principal executive office address?
The company's principal executive offices are located at 1768 Park Center Drive, Orlando, FL 32835.
What is the filing date of this 10-Q report?
This 10-Q report was filed on May 16, 2024.
What is the fiscal year end for Falcon's Beyond Global, Inc.?
The fiscal year end for Falcon's Beyond Global, Inc. is December 31.
Filing Stats: 4,592 words · 18 min read · ~15 pages · Grade level 17.1 · Accepted 2024-05-16 17:05:39
Key Financial Figures
- $0.0001 — stered Class A common stock, par value $0.0001 per share FBYD The Nasdaq Stock Market
- $11.50 — A common stock, at an exercise price of $11.50 per share FBYDW The Nasdaq Stock Market
- $0 — earch and development expense ($ 16 and $0 related party for the three months ende
Filing Documents
- ea0206179-10q_falcons.htm (10-Q) — 828KB
- ea020617901ex31-1_falcons.htm (EX-31.1) — 8KB
- ea020617901ex31-2_falcons.htm (EX-31.2) — 8KB
- ea020617901ex32_falcons.htm (EX-32) — 8KB
- 0001213900-24-044383.txt ( ) — 6460KB
- fbyd-20240331.xsd (EX-101.SCH) — 86KB
- fbyd-20240331_cal.xml (EX-101.CAL) — 48KB
- fbyd-20240331_def.xml (EX-101.DEF) — 365KB
- fbyd-20240331_lab.xml (EX-101.LAB) — 594KB
- fbyd-20240331_pre.xml (EX-101.PRE) — 364KB
- ea0206179-10q_falcons_htm.xml (XML) — 672KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 1 Item 1. Unaudited Condensed Consolidated Financial Statements – Falcon's Beyond Global, Inc. 1 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit)/Members' Equity for the Three Months Ended March 31, 2024 and 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements – Falcon's Beyond Global, Inc. 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 37 Item 4. Disclosure Controls and Procedures 37
OTHER INFORMATION
PART II. OTHER INFORMATION 40 Item 1.
Legal Proceedings
Legal Proceedings 40 Item 1A.
Risk Factors
Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 40
SIGNATURES
SIGNATURES 41 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Quarterly Report") contains statements that the Company believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies or expectations for our business. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this in this Quarterly Report, words such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "should," "target," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. You should not place undue reliance on these forward-looking statements. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of our assumptions prove incorrect, the Company's actual results or performance may be materially different from those expressed or implied by these forward-looking statements. The following important factors, risks, and uncertainties could cause actual results to differ materially from those indicated by the forward-looking statements in this Quarterly Report: We may not
FINANCIAL
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. FALCON'S BEYOND GLOBAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands of U.S. dollars) (Unaudited) As of March 31, 2024 As of December 31, 2023 Assets Current assets: Cash and cash equivalents $ 1,050 $ 672 Accounts receivable, net ($ 1,794 and $ 632 related party as of March 31, 2024 and December 31, 2023, respectively) 1,794 696 Other current assets ($ 2,094 related party as of March 31, 2024) 3,303 1,061 Total current assets 6,147 2,429 Investments and advances to equity method investments 61,292 60,643 Property and equipment, net 22 23 Other non-current assets 322 264 Total assets $ 67,783 $ 63,359 Liabilities and stockholders' equity (deficit) Current liabilities: Accounts payable ($ 1,601 and $ 1,357 related party as of March 31, 2024 and December 31, 2023, respectively) $ 6,524 $ 3,852 Accrued expenses and other current liabilities ($ 445 and $ 475 related party as of March 31, 2024 and December 31, 2023, respectively) 20,741 20,840 Short-term debt ($ 7,221 related party as of March 31, 2024) 8,471 — Current portion of long-term debt ($ 4,899 and $ 4,878 related party as of March 31, 2024 and December 31, 2023, respectively) 6,660 6,651 Earnout liabilities – current portion 155,331 183,055 Total current liabilities 197,727 214,398 Other long-term payables 5,500 5,500 Long-term debt, net of current portion ($ 16,952 and $ 18,897 related party as of March 31, 2024 and December 31, 2023, respectively) 20,476 22,965 Earnout liabilities, net of current portion 214,695 305,586 Warrant liabilities 3,691 3,904 Total liabilities 442,089 552,353 Commitments and contingencies – Note 10 Stockholders' equity (deficit) Class A common stock ($ 0.0001 par value, 500,000,000 shares authorized; 9,879,248 issued and outstanding at March 31, 2024 and 500,000,000 shares authorized; 7,871,643 issued and outstanding as of Decemb