Third Quarter Highlights
- Organic growth of 5.0% year-over-year in Broadcast and Recurring Commercial Music Revenues(1), including 28.1% in the United States;
- Revenues increased 4.8% year-over-year to $76.0 million;
- Adjusted EBITDA(2) decreased 16.1% year-over-year to $28.5 million;
- Net income totaled $12.5 million ($0.18 per share);
- Adjusted net income(3) reached $17.0 million ($0.24 per share);
- Cash flow from operating activities increased 51.6% year-over-year to $24.8 million ($0.35 per share);
- Adjusted free cash flow(4) amounted to $14.7 million ($0.21 per share);
- Net debt to pro forma adjusted EBITDA(5) ratio of 3.01x;
- 927,800 shares repurchased and cancelled for a total of $6.4 million; and
- 691,921 streaming subscribers, up 34.3% year-over-year
Montreal, February 8, 2022 – Stingray Group Inc. (TSX: RAY.A; RAY.B) (the “Corporation”; “Stingray”), a leading
distributor of audio and video music brands in the world, announced today its financial results for the third quarter of fiscal 2022, ended December 31, 2021.