Second Quarter Highlights
- Revenues increased 11.1% to $71.4 million from $64.3 million, reflecting the gradual easing of COVID-19 restrictions, the progressive return to normal commercial operations, and an increase in advertising revenues
- Organic growth reached 2.5% year-over-year in Broadcast and Recurring Commercial Music revenues(1), including 13.5% in the United States
- Adjusted EBITDA(2) decreased 17.9% to $25.6 million from $31.2 million
- Cash flow from operating activities decreased 19.6% to $20.4 million compared to $25.4 million
- Adjusted free cash flow(4) decreased 32.8% to $15.4 million, or $0.21 per share, compared to $22.9 million or $0.31 per share
- Net debt to Pro Forma Adjusted EBITDA(5) ratio of 3.02x
- 455,000 shares repurchased and cancelled during the quarter for a total of $3.4 million
- 611,000 streaming subscribers, up 27% over Q2 2021
Montreal, November 9, 2021 – Stingray Group Inc. (TSX: RAY.A; RAY.B) (the “Corporation”; “Stingray”), a leading distributor of audio and video music brands in the world, today announced its financial results for the second quarter of Fiscal 2022, ended September 30, 2021.