Fiscal 2020 Adjusted EBITDA increased by 64% to $118.1 million
Fourth Quarter Highlights
Revenues decreased 6.0% to $68.4 million from $72.7 million, primarily due to the initial impact of the COVID-19 pandemic on Radio revenues. Broadcasting and Commercial Music revenues decreased 0.6% and Radio revenues decreased 12.0%
Adjusted EBITDA(1) increased 25.9% to $28.2 million from $22.4 million
Cash flow from operating activities decreased 22.2% to $14.1 million compared to $18.1 million
Adjusted free cash flow increased 82.6% to $18.0 million, or $0.24 per share, compared to $9.8 million or $0.14 per share
Net debt to Pro Forma Adjusted EBITDA ratio of 3.01x
419,000 SVOD subscribers, up 15.1% over last year
Launched free, ad-supported TV channels and additional premium SVOD services with 8 partners worldwide
Purchased all of the outstanding shares of Chatter Research Inc., a Toronto-based leader in the design, development, and implementation of artificial intelligence driven real-time customer feedback solutions for retail and hospitality businesses
Acquired a 30% interest in The Podcast Exchange (TPX), the Canadian leader in podcast advertising
Full Year Highlights
Revenues increased 44.2% to $306.7 million from $212.7 million
Adjusted EBITDA increased 63.5% to $118.1 million from $72.2 million
Cash flow from operating activities increased 97.2% to $88.1 million compared to $44.7 million
Adjusted free cash flow increased 101.8% to $78.4 million, or $1.03 per share, compared to $38.8 million or $0.59 per share
Synergies following the first full year of the Radio segment stood at $12.0 million, double what was originally expected