YANGAROO Announces Q3'2021 Results

About this update from Yangaroo Inc.

[{"type":"text","content":"YANGAROO Announces Q3'2021 ResultsROBUST BALANCE SHEET AND STRONG QUARTERLY EARNINGSToronto, Ontario--(Newsfile Corp. - November 29, 2021) - YANGAROO Inc. (TSXV: YOO) (OTC Pink: YOOIF) (\"Yangaroo\", \"Company\"), the software leader in media asset workflow and distribution solutions, today announced its financial results for the quarter ended September 30, 2021. The full text of the Financial Statements and Management Discussion & Analysis is available at www.yangaroo.com and at www.sedar.com. Please note that all currency in this press release is denominated in Canadian dollars.Q3'2021 Financial HighlightsRevenue in Q3'2021 was $3,059,383 compared to $1,921,312 and $2,152,833 in the third quarter of 2020 and the second quarter of 2021, respectively. The increase in revenue in Q3'2021 is primarily attributed to the acquisition of DMS in May 2021, which had a direct positive contribution to our advertising business.Normalized EBITDA in Q3'2021 was $433,065, inclusive of government assistance, in comparison to normalized EBITDA of $645,514 in the second quarter of 2021 ended June 30, 2021, and $502,299 in the prior year quarter ended September 30, 2021. The decrease in normalized EBITDA relative to the prior quarters is primarily attributed to higher salaries and consulting expenses as well as higher general and administrative expenses, related to the acquisition of DMS.Balance Sheet Strength; cash and cash equivalents of $1,620,491, working capital of $2,529,705 and liquidity of $3,370,491 as of September 30, 2021. During the third quarter of 2021, Yangaroo recognized 59% year-over-year revenue growth. The majority of the increase is attributable to the inclusion of the DMS business lines and assets into our Advertising division's operating results for the entire period. In addition, the Company continued to observe sales trends across its overall operations, on a year-over-year basis, in line with other groups within the industry. While lingering issues relating to COVID-19 have continued to have a negative effect on our business year to date, the advertising industry is regaining positive momentum to rebound to pre-pandemic volumes and revenue trends moving forward. As part of the next phase of growth, we are now working on several industry specific integrations and technology innovations to enhance our current tech-stack ...

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