Financial information | 2021-06-02

Stingray Reports Fourth Quarter 2021 Results

Revenues decreased 11.8% to $60.3 million from $68.4 million, primarily due to the impact of the COVID-19 pandemic on Radio revenues
Organic growth of 4.3% in Broadcast and Recurring Commercial Music revenues(1) excluding the impact of foreign exchange and strong organic growth of 13.3% in the United States
Adjusted EBITDA(2) decreased 16.2% to $23.6 million from $28.2 million. However, Adjusted EBITDA(2) margin remained stable
Cash flow from operating activities increased 74.3% to $24.5 million ($0.34 per share) compared to $14.1 million ($0.19 per share)
Adjusted free cash flow(3) decreased 23.2% to $13.8 million ($0.19 per share) compared to $18.0 million ($0.24 per share)
Net debt to Pro Forma Adjusted EBITDA(4) ratio of 2.81x
967,415 shares repurchased and cancelled for a total of $6.8 million, and
525,000 streaming subscribers, increased appreciably by 25.3% over last year

Revenues decreased 18.7% to $249.5 million from $306.7 million, primarily due to the impact of the COVID-19 pandemic on Radio revenues
Organic growth of 3.5% 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
Operating expenses materially decreased by 25.2% to $142.5 million from $190.4 million
Adjusted EBITDA(2) decreased 3.2% to $114.3 million from $118.1 million. However, Adjusted EBITDA(2) margin improved from 38.5% to 45.8%
Cash flow from operating activities increased 18.3% to $104.2 million ($1.42 per share) compared to $88.1 million ($1.16 per share) mainly due to the negative change in non-cash operating items
Adjusted free cash flow(3) decreased 5.1% to $74.4 million ($1.01 per share) compared to $78.4 million ($1.03 per share), and
1,530,180 shares repurchased and cancelled for a total of $10.2 million