Financial information | 2024-06-04

Stingray Reports Fourth Quarter and Full Year Results for Fiscal 2024


Adjusted EBITDA up 10.7% and significant improvement to the Net debt to EBITDA Ratio

  • Organic growth of 9.4% year-over-year in Broadcast and Recurring Commercial Music Revenues;
  • Revenues improved 6.0% to $83.7 million from $78.9 million;
  • Strong performance of the Radio Division with a revenue growth of 4.7% compared to last year, outperforming peers in the Canadian market;
  • Adjusted EBITDA(1) increased 10.7% to $29.4 million from $26.6 million. Adjusted EBITDA(1) by segment was $22.7 million, or 42.5% of revenues, for Broadcasting and Commercial Music, $8.2 million, or 27.1% of revenues, for Radio and $(1.5) million for Corporate;
  • Net loss totaled $46.3 million due to a one-time non-cash impairment of $56.1 million of the goodwill related to the Radio segment ($0.67 per share) compared to Net income of $4.4 million ($0.06 per share);
  • Adjusted Net income(1) rose to $15.4 million ($0.22 per share) from $14.7 million ($0.21 per share);
  • Cash flow from operating activities grew 60.7% to $44.3 million ($0.64 per share(1)) from $27.6 million ($0.40 per share(1));
  • Adjusted free cash flow(1) increased 2.4% to $15.3 million ($0.22 per share) from $14.9 million ($0.21 per share);
  • Net debt to Pro Forma Adjusted EBITDA(1) ratio of 2.76x compared to 3.19x last year;
  • 784,423 streaming subscribers, down 3.9% over Q4 2023; and
  • Repurchased and cancelled 57,600 shares for a total of $0.4 million compared to 53,300 shares for a total of $0.3 million.

Montreal, June 4, 2024 – Stingray Group Inc. (TSX: RAY.A; RAY.B) (the “Corporation”; “Stingray”), an industry leader in music and video content distribution, business services, and advertising solutions, announced today its financial results for the fourth quarter and fiscal year ended March 31, 2024.

Read the full press release

Contact Information

Mathieu Péloquin
Senior Vice-President, Marketing and Communications
(514) 664-1244, ext. 2362