First Quarter Highlights
- Organic growth of 9.9% year-over-year in Broadcast and Recurring Commercial Music Revenues(1), including 29.0% in the United States and 58.5% for Stingray Advertising
- Revenues increased 21.6% year-over-year to $78.1 million
- Adjusted EBITDA(2) improved 8.0% year-over-year to $26.1 million. Adjusted EBITDA(2) by segment amounted to $16.8 million or 36.3% of revenues for Broadcasting and Commercial Music, $10.6 million or 33.2% of revenues for Radio, and ($1.3) million for Corporate
- Net income reached $9.4 million, $0.13 per share, compared to $4.2 million, $0.06 per share, in Q1 2022
- Adjusted Net income(3) totaled $13.2 million, $0.19 per share, compared to $11.2 million, $0.16 per share, in Q1 2022
- Cash flow from operating activities remained stable at $16.3 million
- Adjusted free cash flow(4) increased 4.3% to $15.7 million, $0.22 per share, from $15.0 million, $0.21 per share, in Q1 2022
- Net debt to Pro Forma Adjusted EBITDA(5) ratio of 3.25x compared to 2.88x in Q1 2022
- 345,800 shares repurchased and cancelled for a total of $2.2 million
- 730,000 streaming subscribers, up 27.6% over Q1 2022
Montreal, August 2, 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 first quarter of fiscal 2023 ended June 30, 2022.