Corporate information

Adjusted EBITDA for the Broadcasting and Commercial Music Division up by 40.6% in the fourth quarter.

Fourth quarter highlights

• Organic growth of 3.3% year-over-year in Broadcast and Recurring Commercial Music Revenues(1),
  including 7.6% in the United States;
• Revenues increased 8.7% to $78.9 million from $72.6 million;
• Adjusted EBITDA(2) increased 26.4% to $26.6 million from $21.0 million. Adjusted EBITDA(2) by segment was $20.4 million or 40.8% of revenues for Broadcasting and Commercial Music, $7.7 million or 26.6% of revenues for Radio and $(1.5) million for Corporate;
• Net income was $4.4 million ($0.06 per share) compared to $4.5 million ($0.06 per share);
• Adjusted Net income⁽²⁾ increased 24.5% to $14.7 million ($0.21 per share) from $11.8 million ($0.17 per share);
• Cash flow from operating activities increased 24.5% to $27.6 million ($0.40 per share) from $22.1 million ($0.31 per share);
• Adjusted free cash flow(2) increased 26.0% to $14.9 million ($0.21 per share) from $11.8 million ($0.17 per
  share);
• Net debt to Pro Forma Adjusted EBITDA(2) ratio of 3.19x, compared to 3.16x; and
• 53,300 shares were repurchased and cancelled for a total of $0.3 million compared to 80,200 shares for
  a total of $0.6 million.

Adjusted EBITDA(2) for the broadcasting and commercial music division up by 54.8%

• Organic growth of 8.5% year-over-year in Broadcast and Recurring Commercial Music Revenues⁽¹⁾ including 18.1% in the United States;
• Revenues increased 18.9% to $89.2 million from $75.0 million;
• 805,000 streaming subscribers, up 16.4% over Q3 2022;
• Adjusted EBITDA⁽²⁾ increased 20.9% to $34.5 million from $28.5 million. Adjusted EBITDA by segment was $22.6 million or 41.7% of revenues for Broadcasting and Commercial Music, $13.3 million or 37.9% of revenues for Radio and $(1.4) million for Corporate;
• Net income was $12.9 million ($0.19 per share⁽²⁾) compared with $12.5 million ($0.18 per share⁽²⁾);
• Adjusted Net income⁽²⁾ of $16.5 million ($0.24 per share⁽²⁾) compared with $17.0 million ($0.24 per share⁽²⁾);
• Cash flow from operating activities decreased 0.6% to $24.6 million ($0.35 per share⁽²⁾) compared to $24.8 million ($0.35 per share⁽²⁾);
• Adjusted free cash flow⁽²⁾ increased 22.8% to $18.1 million ($0.26 per share⁽²⁾) compared to $14.7 million ($0.21 per share⁽²⁾);
• Net debt to Pro Forma Adjusted EBITDA⁽²⁾ ratio of 3.34x, compared to 3.44x in Q2 2023 and to 3.01x in Q3 2022;
• 340,900 shares repurchased and cancelled for a total of $1.6 million, compared with 927,800 shares repurchased and cancelled for a total of $6.4 million.

Stingray reports second quarter results for fiscal 2023 with good momentum in Stingray Advertising

• Organic growth of 8.6% year-over-year in Broadcast and Recurring Commercial Music Revenues⁽¹⁾ including 69.2% in the United States;
• Revenues increased 9.8% to $77.6 million from $70.7 million, including $7 million from Stingray Advertising operations;
• 760,000 streaming subscribers, up 24.4% over Q2 2022;
• Adjusted EBITDA⁽²⁾ improved 5.6% to $27.0 million from $25.6 million. Adjusted EBITDA by segment amounted to $16.9 million or 37.7% of revenues for Broadcasting and Commercial Music, $11.3 million or 34.6% of revenues for Radio, and $(1.2) million for Corporate;
• Net income totaled $3.3 million ($0.05 per share) compared with $12.1 million ($0.17 per share);
• Adjusted Net income⁽³⁾ reached $10.8 million ($0.15 per share) compared to $16.3 million ($0.23 per share);
• Cash flow from operating activities decreased 9.7% to $18.4 million ($0.26 per share) from $20.4 million ($0.28 per share);
• Adjusted free cash flow⁽⁴⁾ was $15.0 million ($0.21 per share), compared to$15.4 million ($0.21 per share); and
• Net debt to Pro Forma Adjusted EBITDA(⁵⁾ ratio of 3.44x.