The company, which expected a 10% increase in revenue and EBITDA, expects the updated forecast to grow by 31% in the first quarter, to $ 86-87 million and revenue of $ 370-380 million in 2021, compared to a previous forecast of revenue of 350-370 million dollar. In the profit line, the company expects to end the year with adjusted EBITDA of $ 37-38 million, compared to a previous forecast for adjusted EBITDA of $ 35-37 million.
| In $ million | Previous forecast 2021 |
Updated forecast 2021 |
| Revenue | 350-370 | 370-380 |
| EBITDA coordinated | 35-37 | 37-38 |
Productivity CEO Doron Gerstel: “The momentum stems from our ability to benefit from the rapid changes in digital advertising budgets routed to content sites and smart TVs (CTV), social networks, and search-based advertising – EBITDA adjusted in the first quarter is expected to reach at least $ 7.2 million, compared to 6.2 million Dollars in the corresponding quarter. ”
Net profit and revenue increased
In reports for 2020 released by the company, productivity exceeded 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.
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. But 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% + |
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