Excerpts from Transcript of Q4/20 CC Feb 2021 Today, we report on another, what I think, is very good quarter's results despite the challenges of the COVID pandemic. Some of the highlights. Our cash generation has continued to be very strong. At the end of January, our cash balance was approximately $164 million. Our earnings for the period are good.
For the full year 2020, our EBITDA was 39% of revenue, which is almost the same as it was in 2019, who would have expected that with all of COVID.
And for the fourth quarter, it was a healthy 36% of revenue. We -- based on all of that, we once again reconfirm that by approximately May 31 of this year, we expect to be debt-free.
In fact, we already have ample cash of $164 million, as I mentioned, in excess of the base amount of the exchangeable debentures, which is the remaining interest-bearing debt that we have, and that's around $107 million.
The effects of COVID on us, although they're not 0, they continue to be quite modest, perhaps a few percentage points on the various indicators, and we also see some improvement in our bookings trends as we look forward.
And we have not, in any way, paused our investment for the future. In fact, we have ramped that up in recent quarters. We have doubled our Telesales force, as we said we would.
The purpose of that is to generate higher numbers of new accounts, which is a big investment in the future.
And we continue to be executing well on programs to add to our already good portfolio of products.
So we feel very good about the future. We feel good about the present. And we're very happy, frankly, about how well our company has been able to do throughout 2020 and in the fourth quarter.