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Productivity Network
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Publishes today its financial statements for 2020 in which it surpassed the forecasts. Non-GAAP net income was $ 13.8 million in the fourth quarter of the year, and $ 26.6 million in all of 2020, compared to $ 8.9 million in the previous quarter and $ 21.6 million in 2019. The company’s revenue increased 51% to $ 118.3 million In the fourth quarter of 2020, compared to analysts’ forecasts for revenue of $ 111.5 million, and $ 328 million in revenue for the full year, compared to $ 261.5 million in 2019.
Productivity, which syncs between search platforms in the world of digital advertising, Predicts its forecasts for 2021 revenue of $ 350-370 million, and adjusted EBITDA of $ 35-37 million, a 10% increase over the past year. The company is interested in increasing its revenue by about 50% and sets a revenue target of half a billion dollars in 2023.
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Adjusted EBITDA in 2020 amounted to $ 32.8 million, about 10% of revenue. Adjusted EBITDA in the fourth quarter increased by 25% compared to the corresponding quarter and amounted to $ 15.3 million, about 13% of revenue.
The increase in revenue is mainly due to a 159% jump in advertising revenue – mainly due to the increase in advertising contracts on smart TV and the synergy from ContentIQ and PubOcean activities, which were acquired in 2020. However, revenues from search activities fell by 4% as a result of falling search prices.
| In $ million (Excluding earnings per share) |
Quarter 4 2020 | Quarter 4 2019 | % | 2020 | 2019 | % |
Revenue from advertising |
68.4 | 26.4 | 159% + | 148.7 | 87.9 | 69% + |
| Revenue from search activities | 49.9 | 51.8 | 4% – | 179.4 | 173.6 | 3% + |
| Total revenue | 118.3 | 78.3 | 51% + | 328.1 | 261.5 | 25% + |
| Pure profit GAAP | 9.0 | 5.9 | 53% + | 10.2 | 12.9 | 21% – |
| Pure profit Non-GAAP | 13.8 | 8.9 | 56% + | 26.6 | 21.6 | 23% + |
| EBITDA coordinated | 15.3 | 12.2 | 26% + | 32.8 | 32.4 | 1% + |
| Operating cash flow | 12.8 | 11.2 | 14% + | 22.0 | 44.7 | 51% – |
| Diluted earnings per share GAAP | 30 cents | 22 cents | 36% + | 36 cents | 49 cents | 27% – |
| Earnings per share Non-GAAP | 45 cents | 32 cents | 41% + | 91 cents | 83 cents | 10% + |
Productivity Network CEO Doron Gerstel: “Productivity closed 2020 with significantly better revenue and profitability from 2019. The efficiency of our overall solutions for brands and advertisers and the rapid growth in smart TV advertising were the main factors contributing to 25% annual revenue growth. This growth has been achieved thanks to our product diversification strategy. The three main components of digital advertising – content sites, search and social networks. “
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