Reports Audited 2018 Financial Statements
- Revenue increases by 106% to $20,077,289 over FY2017 with Adjusted EBITDA of $2,274,055
- Q4 FY2018 revenue of $10,076,639 is highest quarter reported to date
- FY2018 trailing pro forma of ~ $48,000,000 with Adjusted EBITDA of $7,100,000
Vancouver, British Columbia–(April 4, 2019) – Good Life Networks Inc. (TSXV: GOOD) (FSE: 4G5) (“GLN” or the “Company“), a programmatic advertising technology company, today announced that it has filed its consolidated financial statements and management’s discussion and analysis for the year ended December 31, 2018, available on www.sedar.com. All figures are expressed in Canadian dollars unless otherwise stated.
Jesse Dylan, CEO of GLN commented, “2018 has been an instrumental year for GLN, we have seen tremendous growth and I am proud of our first annual audited results as a public company. GLN has exceeded our goals for the year including completing two significant acquisitions.” He added, “Through persistence, dedication and discipline, GLN is executing on our defined growth and earnings strategies, which we believe will deliver significant shareholder value.”
Financial Highlights:
- Record revenue of $20,077,289 during the twelve months ended December 31, 2018 was a 106% increase compared to $9,723,075 recorded during the twelve months ended December 31, 2017;
- Gross profit during the twelve months ended December 31, 2018 increased 68% to $7,279,028 from $4,334,670 during the twelve months ended December 31, 2017;
- Gross margin as a percentage of revenue during the twelve months ended December 31, 2018 of 36% have adjusted to a more appropriate level as compared to 2017 where the margins were 45%;
- Comprehensive loss for the twelve months ended December 31, 2018 was
$1,939,376 compared to comprehensive income of $1,337,726 during the
twelve months ended December 31, 2017;
- Adjusted EBITDA for the twelve months ended December 31, 2018 was $2,274,055;
- Trailing FY2018 pro forma revenue for GLN, 495 Communications LLC (“495“) and ImpressionX Inc. (“ImpressionX“) of ~$48,000,000, with adjusted EBITDA of $7,100,000 based on audited GLN and management prepared 495 and ImpressionX financial statements (January 1st, 2018 to December 31st, 2018);
- Record revenue during the three months ended December 31, 2018 increased 80% to $10,076,639 compared to $5,589,844 during the three months ended December 31, 2017;
- Gross profit during the three months ended December 31, 2018 increased 13% to $2,897,737 from $2,574,422 during the three months ended December 31, 2017;
- Gross margin as a percentage of revenue during the three months ended December 31, 2018 of 29% have adjusted to a more appropriate level as compared to 2017 where the margins were at 45%;
- Comprehensive loss for the three months ended December 31, 2018 was $254,600 compared to comprehensive income of $1,818,772 during the three months ended December 31, 2017.
Fourth Quarter and Recent Company Highlights
During the fiscal year ending December 31st, 2018, GLN achieved the following milestones:
- Listed on the TSXV under stock ticker GOOD.
- Listed on the Frankfurt Exchange under stock ticker 4G5.
- Closed the acquisition of 495, a leading advertising and content
marketing company based in New York City and Santa Monica, California.
- Closed the acquisition of ImpressionX, a leading connected television (CTV) advertising technology company.
- Entered a commercial agreement with a Major Canadian Financial
Institution to provide credit facilities that gives GLN access to an
aggregate total of $11,250,000 to support company M&A strategies.
- Integrated technology at the server level with both publishers and
advertisers and reached its target of 30 integrations in 2018 two months
ahead of schedule.
- Entered an agreement with Einstein Exchange as launch partner for their accounts receivable (“AR“) blockchain application.
- Entered into an agreement with AMPD Holdings Corp. (dba AMPD Game
Technologies), to provide the Company’s programmatic advertising
technology to the Gaming industry.
- Entered an Advisory Agreement with First Coin Capital to assist in
the detailed analysis and planning of the GLN AR Blockchain payment
application.
- Commenced R&D program on mobile platform development
- Received patent pending status from US Patent Office (“USPO“) for its AR blockchain application. USPO serial number 62/634,333.
- After 22 months in development, received patent pending status from US Patent Office (“USPO“) for its programmatic video advertising platform. USPO serial number 62/619,450.
Reconciliation of Adjusted EBITDA
Adjusted EBITDA is a non-IFRS financial measure that we calculate as income (loss) before income taxes excluding depreciation and amortization, stock-based compensation expense, non- recurring non-operating expenses, interest expense, and gain or loss on financial instruments and foreign exchange.
Adjusted EBITDA is a measure used by management and the Board to understand and evaluate our core operating performance and trends. This measure differs from contribution in that adjusted EBITDA includes additional operating costs, such as general and administration expenses and marketing, but excludes funding interest costs.
The following table presents a reconciliation of adjusted EBITDA to loss before income taxes, the most comparable IFRS financial measure for each of the periods indicated:
Q4 Financials Conference Call Access
GLN is hosting a conference call, today, April 4, 2019, beginning at 11:00am EST (8:00am PST) to discuss the results. To access the conference call by phone, please dial the following numbers.
Canada/USA TF: 1-800-319-4610
International Toll: +1-604-638-5340
Germany TF: 0800-180-1954
UK TF: 0808-101-2791
Callers should dial in five to 10 minutes prior to the scheduled start time and ask to join the Good Life Networks call. We encourage you to access the webcast and presentation material that will be published in the Investors section of GLN’s website at https://glninc.ca/overview/
The GLN Story
GLN’s patent pending technology is the engine that sits between advertisers and publishers. A highlight of GLN’s tech is that it does not collect PII (Personal Identifiable Information). Built for cross device video advertising: Mobile, In-App, Desktop and CTV (Connected Television) the GLN Programmatic Video Advertising Platform has among the lowest fraud rates of similar vendors in the industry. Advertisers make more money by reaching their target audience more effectively. GLN makes money by retaining a percentage of the advertiser’s fee.
GLN is headquartered in Vancouver, Canada with offices in Newport Beach and Santa Monica California, New York and UK and trades on the TSXV under the stock symbol “GOOD” and The Frankfurt Stock Exchange under the stock symbol 4G5. For further information on the Company, visit www.glninc.ca
CONTACT
Investor Relations
[email protected]
Jesse Dylan, CEO
604 265 7511
Forward Looking Statements
Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs regarding future events of management of GLN. This information and these statements, referred to herein as “forwardâ€looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to the performance of the company. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. These forwardâ€looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. Important factors that may cause actual results to vary include without limitation, risks relating to the digital advertising industry and general economic conditions, success of acquisitions and any growth strategies implemented by the company. In making the forwardâ€looking statements in this news release, the Company has applied several material assumptions, including without limitation that any acquisitions and corporate directives and initiatives will be successfully completed in the time expected by management and produce the desired results, generate the anticipated revenue and expand GLN’s global reach per management’s expectations. GLN does not assume any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements, other than as required by applicable securities laws. Additional information identifying risks and uncertainties is contained in GLN’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43884
Tags: programatic, stocks