Financial information | 2020-08-04

Stingray Reports First Quarter 2021 Results

First Quarter Highlights

Revenues decreased 35.0% to $52.3 million from $80.4 million, primarily due to the impact of the COVID-19 pandemic on Radio revenues and, to a lesser extent, on Broadcasting and Commercial Music revenues
Organic growth of 3.6% in Broadcast revenues and 0.2% in Recurring Commercial Music revenues(1)
Radio revenues decreased 62.1%
Operating costs decreased 43.8% to $28.3 million from $50.3 million
Adjusted EBITDA(2) decreased 18.2% to $25.5 million from $31.2 million
Cash flow from operating activities increased 44.5% to $38.0 million compared to $26.3 million
Adjusted free cash flow(4) decreased 12.3% to $18.0 million, or $0.25 per share, compared to $20.6 million or $0.27 per share
Improving balance sheet with Net debt to Pro Forma Adjusted EBITDA(2) ratio of 2.91x, decreasing Net debt by $24.5 million from $361.3 million in Q4 2020 to $336.8 million in Q1 2021
436,000 SVOD subscribers, up 18.6% over Q1 2020