LOS ANGELES, CA, June 06, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Troika Media Group, Inc. (Nasdaq: TRKA) ("TMG" or "Company"), a transformational consulting and solutions group today announced audited financial results of Converge Direct, LLC and its affiliates (“Converge”) for the years ended December 31, 2021 and 2020. The Company has filed its Form 8-K/A with the U.S. Securities and Exchange Commission in connection with the completion of the Converge audited financial results.
Audited Financial Results for Converge
Revenue for the year ended December 31, 2021 increased 23% to $294 million compared to $238 million for the year ended December 31, 2020. The growth was primarily due to increase of performance marketing revenues of $33.9 million. The increase was due to higher demand for customer acquisition across Converge’s core sectors and continued optimization of multi-medium digital and offline programs, first party data and digital brand products in the home improvement and professional services groups. An additional increase of $21.8 million arose from the Converge’s managed marketing solutions in the financial, professional and entertainment services groups.
Income from Operations for the year ended December 31, 2021 increased 32% to $21 million compared to $16 million for the year ended December 31, 2020. The increase was primarily driven by the increase in revenues and the decrease in selling, general and administrative expenses in the current year period.
“The audited financial results demonstrate Converge’s transformational potential for TMG and its clients as we build an intelligent and connected growth consulting and solutions organization. Converge’s established customer acquisition, data and business intelligence powered revenue streams have gone from strength to strength due to the value outcomes that Converge has delivered to its clients. We have been rapidly implementing the same efficient and scalable operational structure that supported Converge’s growth and I look forward to continuing the same application of decision making in the activation of emerging technology, data and enterprise planning initiatives for TMG that I architected at Converge,” said Sid Toama, President and CEO of TMG. “Our outlook for the now integrated Converge business remains positive, enhancing TMG’s value to clients and delivering performance outcomes through agile creative, innovative technology, and adaptive intelligence to deliver financial goals.”
About Troika Media Group
TMG is a transformational consulting and solutions group based in New York, Los Angeles and London. We deliver resilient brand equity, amplifying brands through emerging technology and transcending them into culture to deliver performance driven business growth. Troika’s expertise is in Consumer Products and Services, Entertainment and Media, Sports and Sports Betting, Financial and Professional, Education and eSports and Gaming sectors. Our clients include Apple, Hulu, Riot Games, Belvedere Vodka, Unilever, UFC, Leaf Home, AT&T, Andersen Windows, Peloton, CNN, HBO, ESPN, Wynn Resorts and Casinos, Tiffany & Co., IMAX, Netflix, Sony, Yahoo and Coca-Cola. For more information, visit www.thetmgrp.com.
Certain statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions, and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as "believe," "expects," "may," "looks to," "will," "should," "plan," "intend," "on condition," "target," "see," "potential," "estimates," "preliminary," or "anticipates" or the negative thereof or comparable terminology, or by discussion of strategy or goals or other future events, circumstances, or effects. Moreover, forward-looking statements in this release include, but are not limited to, the impact of the current COVID-19 pandemic, which may limit access to the Company's facilities, customers, management, support staff, and professional advisors, and to develop and deliver advanced voice and data communications systems, demand for the Company's products and services, economic conditions in the U.S. and worldwide, including the effects of the war in Ukraine, and the Company's ability to recruit and retain management, technical, and sales personnel or fully integrate the Converge business. Further information relating to factors that may impact the Company's results and forward-looking statements are
disclosed in the Company's filings with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise
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