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spk_0: reading and welcome to the allied a sports entertainment fourth quarter for year two thousand and twenty one earning conference call at this time all participants are any listen only mode a question answer session will fall the formal presentation if anyone should require operators the cistern conference prefer stars you're on your cell phone keypad as a reminder this conference is being recorded our knowledge to turn to conference over to your hosts last a glass and investor relations please go ahead
spk_1: did you operate a good afternoon and welcome to the allied you sports entertainment twenty twenty one fourth quarter and for your results conference call speaking on the call today is our sports entertainment interim chief executive officer now berlin and chief financial officer roy anderson judd have again who is leading the sports operations and yang watch and president and chief investment officer also available for the question answer session before turn to call or management please remember that are to kill the march responses to questions may contain for looking few statements words such as may well expect a tend plan believe seek could estimate judgment targeting shared anticipate goal and very patients are these words on similar expressions are intended to identify for looking statements actual results could differ materially from those implied that such for the statements due to a variety of factors disgusting the company's public filings the cooling the risk factors disgusting documents filed with the securities and exchange commission although the company believes the expectation reflected in such quality statements are based upon reasonable assumptions he can give no assurance that the expectation that will be attained the company and takes no obligation to update a for looking statements whether i was all the new information future events or otherwise in addition certain the financial donation presented in this call represents non gap financial measures the company's earnings release which was issued this afternoon and available on the company's website without definitions of such knowledge gap financial measures reconciliations to the appropriate gap measures and nashville nation of why the company believes that non get financial measures are useful to investors and with that is now my pleasure to per turn the call over to our the sports entertainment interim ceo my album and mile
spk_2: thank you lousy and thank you everyone for drain as this afternoon my remarks today will begin with update on the previously announced strategic process for our a sport business along with the company's progress on our ongoing activities to invest our cash from the sale of the world poker tour or wp t roy and energy financial officer will follow with additional details on our fourth quarter and full year financial performance after are prepared remarks we were open the floor to questions as previously reported were in the process of exploring strategic options for the sport business and these efforts are ongoing and we have made substantial progress in identifying a path forward for the sport business that maximizes value for the a se shareholders and we are an actor discussions with several entrusted potential buyers of the eastport business while we are not yet in a position to publicly announce further details at this time we will provide updates as quickly as possible as we reported this afternoon and our financial results we ended twenty twenty one with the cash balance of approximately ninety eight million dollars which includes five million of restricted cash we are continuing to identify opportunities to invest in cash along with the proceeds from any sale of the sport business to acquire or merge with an existing business
spk_3: as part of this
spk_2: and as previously announced company has engaged a benchmark company to was with geyser in connection with a potential business combination transaction benchmark has been a great partner and over the past several months we reviewed the merits of a number of potential targets investment opportunities that said our due diligence and considered suicide of other opportunities is ongoing we continue to work with a sense of urgency and these efforts and we are very focused on finding the best opportunity to available to maximize value for shareholders importantly if any transaction that we ultimately decide have been we do expect a year he shareholders will receive the full value of our cash balance rather than our current market cap and why i'm very limited in terms of what additional discloses like importantly make i look forward to providing the market with an update on our progress at the appropriate time with that of the crowd or i am to send our chief financial officer for an update on our fourth quarter and four year for an answer resort results
spk_4: right
spk_1: thank you allow good afternoon everyone in thank you for joining us today or fourth quarter results are like the school performance of our he sports business and we as we have continued or recovery from the coven eighteen pandemic with increased demand for a tournament and production services our efforts in maintaining operating efficiencies throughout the lockdown as well as continuously improving our service offers offerings position the company well for the return of live events now turning to our fourth quarter results from continuing operations tottenham residence for the fourth quarter one point nine million dollars up one hundred and seven point eight percent year over year driven by higher revenues in both are in person and multi platform content pillars looking at the results in greater detail in person revenues for the fourth quarter told at one point six million dollars compared to seven hundred thousand dollars in the prior year period we delivered strong role driven by the increased number of events as coded nineteen pandemic related operating restrictions and social this the distancing measures loosened at are hyper rex arena las vegas multi platform content residents total four hundred thousand compared to two hundred thousand in the prior year period the growth in a multi platform content color was driven by our partnership with the tents in fact streaming platform trouble and our development and execution of the trove of titans problem
spk_4: total costs and expenses for the fourth quarter were five point seven million dollars a decrease of sixty four percent from fifteen point eight million dollars in the prior year period
spk_1: the decline is primarily attributable to asset impairment charge is recorded in two thousand and twenty including five million dollars from a strategic investment agreement and five point six million dollars related to property and equipment in our sports business
spk_4: excluding the two thousand and twenty impairments and certain one time transaction charges in two thousand and twenty one costs and expenses for the fourth quarter would down five point three percent reflecting our continued for hours or it is asian to manage expenses during the quarter and actively reduce know essential spending
spk_1: the reduction in costs and expenses were partially offset by higher expenses in our in person pillar of eighty four point nine percent and are multi platform content polar of two hundred and seventeen point nine percent due to the strong recovery of our live events and the continue development of he he sued years
spk_4: adjusted a beautiful the fourth quarter to to a loss of two point one million dollars compared to a loss of seven point eight million dollars in the prior year period i would net loss for the fourth quarter was six point three million dollars compared to a net loss of eighteen point nine million dollars in the fourth quarter of two thousand and twenty the net loss for the fourth quarter of two thousand twenty was negatively impacted by the impairment charges i mentioned previously as well as a one time time noncash extinguishment loss of one point seven million resulting from the acceleration of redemption payments on senior secured convertible death during the period
spk_1: the moving onto our balance sheet at december thirty first two thousand and twenty one or transposition totaled ninety seven point nine million dollars including five million dollars of restricted cash this compared to five point four million at december thirty one two thousand and twenty which also included five million dollars of restricted cash the companies working cap on a surplus find his current assets minus current liabilities was eighty nine million dollars at the summit thirty one two thousand twenty one compared to twenty one point three million dollars at december thirty one two thousand and twenty which included thirty six point two million dollars of net assets from discontent
spk_4: new operations
spk_1: in summary we are proud of the progress we've made throughout the year for our he sports business we saw the effects of the covered my nineteen pandemic subside and a return to a more normalized operating environment which led to a strong return to growth in our in person pillar we also made significant strides in our multi platform content pillar
spk_0: by growing our library of he sports competition clinton and securing distribution agreements with several digital streaming platforms that includes are prepared remarks operate please open the poor for questions thank you at this time will be conducting a question and answer session if you'd like to ask a question please post are one on your telephone keep had a confirmation total indicate line is in a question to you may press start to a few like to remove your question from the queue for participants using speaker equipment in may be necessary to pick up your hands and before pressing the snarky one moment please while we pull for questions
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