BBTV expects Q4 results to reflect YoY Revenue Growth of more than 35% and YoY Gross Profit growth exceeding 10%.
Tuesday, January 26th 2021
Vancouver, B.C.: 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.
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.
 Excludes BBTV Holdings Inc. transaction and operating costs whereby BBTV Holdings Inc. operating costs are expected to be below $1 million for the quarter.
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”
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.
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