BBTV expects Q4 results to reflect YoY Revenue
Growth of more than 35% and YoY Gross
Profit growth exceeding 10%
VANCOUVER, BC, Jan. 26, 2021 /CNW/ - BBTV Holdings Inc. (TSX:
BBTV) (the "Company"), a media tech company that uses technology
enabled solutions to help content owners become more successful,
today provides a corporate update for its operating business
BroadbandTV Corp. for the three-month period ended December 31, 2020.
- BroadbandTV Corp. announced that it expects to reach record
quarterly revenues in Q4 2020 as Q4 revenues are expected to
increase on a YoY basis by more than 35% and Gross Profit is
expected to increase by more than 10% as compared to Q4 last
year.
- BroadbandTV Corp expects break-even to positive adjusted
EBITDA for Q4 20201.
Shahrzad Rafati, Chairperson and
CEO, BBTV, comments: "These results demonstrate the strength and
resilience in BBTV's business. Even though 2020 was a challenging
year for many in the media tech industry due to the global
pandemic, BBTV was still able to grow its customers, views and
overall financial results materially closing off with a fantastic
performance in Q4 which demonstrated improved YoY growth rates than
last year. This is all a reflection of BBTV's end-to-end
technology, quality of content, valued content creator partnerships
and of course our continued incredible scale, reaching over 600
million people monthly."
"We are expecting to close the year in an enviable position with
a combination of impressive topline revenue growth, and positive
steps forward on gross profit. We entered 2021 strong, in a place
to successfully execute on our vision, and continue to scale,"
continues Ms. Rafati. "We continue to benefit from our
massive global ad inventory, and we're successfully converting
partners from BBTV's Base Solutions to higher-margin Plus
Solutions. We continue to outperform and we have a big year
ahead."
The Company also announced that its creditor partners have
agreed to push out the due date on BBTV's debt obligations to
July 1, 2022 from December 31, 2021 providing the company with an
additional six months to repay or convert the outstanding
convertible notes. There were no material concessions given
by BBTV in order to achieve this result.
The business was listed on the TSX, October 28th 2020.
Footnotes
1Excludes BBTV Holdings Inc.
transaction and operating costs whereby BBTV Holdings Inc.
operating costs are expected to be below $1 million for the
quarter.
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About BBTV
BBTV is a media and technology company
headquartered in Vancouver,
Canada. The company's mission is to democratize content by
leveraging its proprietary technologies to drive viewership and
monetization for content creators of all sizes. From individual
content creators to global media companies, BBTV monetizes the
media of content owners through end-to-end management, distribution
and monetization solutions, powered by its innovative VISO
Platform, including related proprietary technology, while allowing
content owners to focus on their core competency – content
creation. In August 2020, BBTV had
the second most unique monthly viewers among digital platforms with
more than 600 million globally, who consumed more than 50 billion
minutes of video content, the most among media companies*.
www.bbtv.com
*Calculations and classifications made by BBTV based on data
from Comscore contained in Comscore's "Top 12 Countries =
August 2020 Comscore Video Metrix
Media Trend – Multi-Platform – Top 100 Video Properties Report"
Forward-Looking Statements
This press release contains "forward–looking information" and
"forward-looking statements" within the meaning of applicable
securities laws (collectively, "forward-looking information")
regarding management's expectations for the Company's operating
business, BroadbandTV Corp., to reach record quarterly
revenues in Q4 2020 as Q4 revenues are expected to increase on a
YoY basis by more than 35% and Gross Profit is expected to increase
by more than 10% as compared to Q4 last year, and for break-even to
positive adjusted EBITDA for Q4 2020. Forward-looking
information is necessarily based on a number of estimates and
assumptions that we considered appropriate and reasonable as of the
date such information is given, including but not limited to our
assumption that our unaudited accounting records are accurate and
complete, that our accounting policies are properly applied, that
our unaudited financial statement analysis is correct, and that
there are no material revenue, expenses or charges to be taken into
account in the preparation of our final year end / Q4 financial
statements that have not already been taken into account in
reaching our expectations. Forward-looking information is subject
to known and unknown risks, uncertainties, and other factors, many
of which are beyond the Company's control, that may cause actual
results, performance or achievements to be materially different
from those expressed or implied by such forward-looking
information, including but not limited to the risk that our
assumptions on which our forward-looking information is based may
not be accurate, that actual figures to be reported in our final
financial statements may differ materially from those on which our
current expectations are based, that unanticipated costs, expenses
or other charges may present themselves prior to finalizing our
financial statements, and that BBTV Holdings Inc. operating costs
may be more than $1 million for the
quarter, that historical or previous results are not
necessarily indicative of future results, as well as the factors
discussed under "Risk Factors" in the final prospectus of the
Company dated October 22, 2020 filed
on sedar at www.sedar.com and in our other filings with the
Canadian securities regulatory authorities at www.sedar.com. The
Company does not undertake any obligation to update such
forward–looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law.
NON-IFRS MEASURES: Adjusted EBITDA
This news release refers to "adjusted EBITDA" which is
defined as net earnings or loss, as applicable, before finance
expenses, income tax expense (recovery), amortization and
depreciation, share-based compensation, unrealized and realized
gains or losses due to foreign exchange, interest expense, other
expense (income), receivable factoring banking fees,
transaction-related costs, and provision for income taxes.
Adjusted EBITDA is not a recognized measure under IFRS and
does not have a standardized meaning prescribed by IFRS and is
therefore unlikely to be comparable to similar measures presented
by other companies. Rather, this measure is provided as additional
information to complement IFRS measures by providing further
understanding of our results of operations from management's
perspective. Accordingly, this measure should not be considered in
isolation nor as a substitute for analysis of our financial
information reported under IFRS. This non-IFRS measure is used to
provide investors with a supplemental measure of our operating
performance and thus highlight trends in our core business that may
not otherwise be apparent when relying solely on IFRS measures. We
also believe that securities analysts, investors and other
interested parties frequently use non-IFRS measures in the
evaluation of issuers. Our management also uses non-IFRS measures
in order to facilitate operating performance comparisons from
period to period, to prepare annual operating budgets and forecasts
and to determine components of management compensation.
Although the Company believes this non-IFRS financial measure
is important in evaluating the Company, it is not intended to be
considered in isolation or as a substitute for, or superior to,
financial information prepared and presented in accordance with
IFRS. It is not a recognized measure under IFRS and does not have a
standardized meaning prescribed by IFRS. This measure may be
different from non-IFRS financial measures and key metrics used by
other companies and may not be comparable to similar meanings
prescribed by other companies, limiting their usefulness for
comparison purposes. Moreover, presentation of this measure is
provided for period-over-period comparison purposes, and investors
should be cautioned that the effect of the adjustments thereto
provided herein represent items that have an actual effect on the
Company's operating results.
For Further Information
BBTV Holdings
Media:
Dan Gamble
Head of PR and Corporate Communications
dgamble@bbtv.com
+1778 873 0422
Investors:
ir@bbtv.com
BBTV-C
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SOURCE BBTV Holdings Inc.