First Quarter Highlights
- Revenues increased 23.9% to $64.8 million from $52.3 million, reflecting the gradual easing of COVID-19 restrictions and the return to normal commercial operations
- Organic growth of close to 2.0% in Broadcast and Recurring Commercial Music revenues(1), excluding the impact of foreign exchange, and strong organic growth of 11.6% in the United States
- Adjusted EBITDA(2) decreased slightly to $24.2 million from $25.5 million
- Cash flow from operating activities decreased 57.0% to $16.3 million compared to $38.0 million
- Adjusted free cash flow(4) decreased 16.8% to $15.0 million, or $0.21 per share, compared to $18.0 million or $0.25 per share
- Net debt to Pro Forma Adjusted EBITDA(5) ratio of 2.88x
- 643,000 shares repurchased and cancelled during the quarter for a total of $4.7 million
- 572,000 streaming subscribers, up 31.2% over Q1 2021
Montreal, August 3, 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 first quarter of Fiscal 2022, ended June 30, 2021.