Business
Yangaroo Announces Q4'2020 Results
RECORD QUARTERLY & ANNUAL EBITDA; CONTINUED MUSIC GROWTH AND ADVERTISING RECOVERY Toronto...
About this update from Yangaroo Inc.
[{"type":"text","content":"Yangaroo Announces Q4'2020 ResultsRECORD QUARTERLY & ANNUAL EBITDA; CONTINUED MUSIC GROWTH AND ADVERTISING RECOVERYToronto, Ontario--(Newsfile Corp. - April 8, 2021) - YANGAROO Inc. (TSXV: YOO) (OTC: YOOIF) (\"Yangaroo\", \"Company\"), the software leader in media asset workflow and distribution solutions, today announced its financial results for the year and quarter ended December 31, 2020. 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.Consolidated revenue for the Fourth Quarter of 2020 was $2,067,026 compared to $1,851,589 and $1,921,312 in the fourth quarter of 2019 and the third quarter of 2020, respectively. The Company generated normalized EBITDA of $817,821, inclusive of government wage subsidy payments, during the quarter ended December 31, 2020, in comparison to a normalized EBITDA of $311,617 in the prior year quarter ended December 31, 2019 and normalized EBITDA of $502,299 in the third quarter of 2020 ended September 30, 2020. The increase in revenue and normalized EBITDA in Q4'2020 is primarily attributed to increased Advertising and Awards revenue resulting from a recovery in customer demand for the use of our workflow platform. The second quarter of 2020 saw a significant advertising industry wide slump in volume of new advertising campaigns and total dollar spend which was attributed to the global COVID-19 pandemic. The second half of 2020 observed advertising volumes and total dollar spend recovering to pre-pandemic levels. Awards revenue was also significantly impacted in the first half of 2020, and we saw a strong rebound in award show customers using our platform in the second half of 2020 resulting in significantly higher Awards revenues.\"Against the uncertain macroeconomic backdrop due to the COVID-19 pandemic, we entered 2021 with strong momentum across our business lines. This is a reflection of the resiliency of our diversified business model, prudent approach to risk management, significant technology investments, and our dedication to our clients and employees,\" stated Grant Schuetrumpf, CEO of Yangaroo. \"Fiscal 2020 witnessed very strong financial results including year-over-year revenue growth, albeit in a very ...