Stingray Reports First Quarter Results for Fiscal 2024
- Extended retail media audio network to propel future growth in Stingray Advertising
- Total revenues increased 1.1% to $79.0 million from $78.1 million;
- Organic growth of -2.0% year-over-year in Broadcast and Recurring Commercial Music Revenues due to timing in Stingray Advertising Q1 campaigns. Current advertising revenues in Q2 at +45% year‑over-year;
- 795,000 streaming subscribers, up 8.9% over Q1 2023;
- Adjusted EBITDA(3) improved 8.4% to $28.3 million from $26.1 million. Adjusted EBITDA(3) by segment was $20.0 million or 42.3% of revenues for Broadcasting and Commercial Music, $9.9 million or 31.1% of revenues for Radio, and $(1.6) million for Corporate;
- Net income reached $14.1 million ($20 per share) compared to $9.4 million ($0.13 per share);
- Adjusted Net income(3) was $11.9 million ($17 per share) compared to $13.2 million ($0.19 per share);
- Cash flow from operating activities grew 48.4% to $24.3 million ($0.35 per share) from $16.3 million ($0.23 per share);
- Adjusted free cash flow(3) increased 17.9% to $18.5 million ($0.27 per share) from $7 million ($0.22 per share);
- Net debt to Pro Forma Adjusted EBITDA(3) ratio of 3.28x compared to 3.25x.
Montreal, August 8, 2023 – 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 2024 ended June 30, 2023.
Contact Information
Mathieu Péloquin
Senior Vice-President, Marketing and Communications
Stingray
(514) 664-1244, ext. 2362
mpeloquin@stingray.com