Mr. Gary Yeoman reports
ILA ANNOUNCES RESULTS FOR Q1 2020 ENDED MARCH 31, 2020
iLookabout Corp.'s financial statements for the three months ended March 31, 2020, and the related management's discussion and analysis (MD&A) have been made available on SEDAR and on the company's website. Shareholders may request a hard copy of this material by directing their request to the company.
iLookabout entered 2020 with many growth initiatives under way. The company was able to achieve 94-per-cent revenue growth year over year ($5.1-million in the first quarter of 2020 compared with $2.6-million in the first quarter of 2019), as a result of entering the U.S. lending market. Unfortunately, like many other organizations globally, the company is being negatively impacted by the pandemic and more specifically as a result of the current U.S. moratorium on certain foreclosures being pushed out until the end of August. The company currently has client concentration in the default and foreclosure segment, which it expects to provide multiyear growth opportunities upon the moratorium being lifted.
To prevent long-term effects related to this temporary downturn, the company has leveraged its strong relationship with Bank of Montreal to provide additional financial resources in the form of a forgivable government-based loan program and is in the process of evaluating additional options. In addition to adding tactical financial resources mentioned above, the recurring nature of iLookabout's software and data licensing products has provided operational stability.
"These are unprecedented times for us all. Our response has been to take a pro-active approach to mitigate any long-term effects on our business," said Gary Yeoman, chairman and chief executive officer. "We are leaving no stone unturned with respect to managing both our revenue and expenses, which has forced us to evaluate the company in a new light and respond accordingly. A delayed rollout of various growth initiatives has allowed us to increase our focus and further automate our technological capabilities. We remain committed to our strategic investments and are optimistic about future opportunities that we have identified and are responding to in response to the new environment we are all operating in."
HIGHLIGHTS OF FINANCIAL RESULTS (UNAUDITED)
(in thousands of dollars)
Three months ended March 31,
Revenue $ 5,111 $ 2,634
Adjusted EBITDA (1) (665) 502
1. Adjusted EBITDA (earnings before interest, taxes,
depreciation and amortization) is an unaudited non-GAAP
(generally accepted accounting principles) measure and does
not have any standardized meaning prescribed under IFRS
(international financial reporting standards) and therefore
may not be comparable with similar measures employed by
other reporting issuers. Management believes that adjusted
EBITDA provides meaningful information with respect to the
financial performance and value of the company, as items
that may obscure the underlying trends in the business
performance are excluded. Adjusted EBITDA is defined and
calculated by the company as earnings (loss) before
interest, taxes, depreciation/amortization of property and
equipment, intangible assets, and right-of-use assets,
share-based compensation expense, foreign exchange gains
(losses) recorded through profit and loss, and other costs
or income that are: (i) non-operating; (ii) non-recurring;
and/or (iii) are related to strategic initiatives. The
company classifies income or costs as non-recurring if
income or costs similar in nature are not reasonably
expected to occur within the next two years and have not
occurred during the prior two years, and such costs are
iLookabout is a transformational data analytics organization that provides transparency to the valuation of real estate assets. iLookabout is a real estate valuation platform with technologies that leverage the power of data designed to address today's dynamic real estate valuation market. Its proprietary innovative platform provides software and data licences and technology-managed services to the real estate industry, serving primarily the property lending and property tax sectors, both public and private, in the United States and Canada.
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