Financial information | 2020-02-05

Stingray Reports Third Quarter 2020 Results

Third Quarter Highlights

Revenues increased to $81.3 million, an increase of 14.9% YoY
Organic growth of 3.3% excluding the impact of foreign exchange, primarily due to increase in subscriptions to 392,000, up 10.1% YoY. Including the impact of foreign exchange, organic growth was 2.6%
Adjusted EBITDA(2) of 31.0 million, an increase of 14.0%. Excluding the impact of IFRS 16, Adjusted EBITDA(2) would have been $29.3 million
Adjusted EBITDA(2) by segment of $14.9 million (37.3% of total) for Broadcasting and Commercial Music, $17.4 million (42.0% of total) for Radio and $(1.3) million for Corporate
Net income of $8.1 million or $0.11 per share (basic and diluted) compared to a prior year loss of ($18.1) million
Adjusted net income(3) of $16.7 million or $0.22 per share (basic and diluted), up 34.8% YoY
Cash flow from operating activities increased 108.8% to $28.8 million
Adjusted free cash flow(4) rose 23.8% to $21.0 million or $0.28 per share (basic and diluted)
Net debt to Pro Forma Adjusted EBITDA(2) ratio of 2.94. Total Net debt stood at $346.5 million, a decrease of $12.5 million YoY
As part of the Corporation’s Normal Course Issuer Bid (“NCIB”), 948,611 subordinate voting shares and variable subordinated voting shares (together the “shares”) were repurchased in Q3 2020 for a total cash consideration of $6.1 million. A total of 1,203,475 shares were repurchased in Fiscal 2020 for a total cash consideration of $8.0 million.