Adjusted EBITDA(2) for the Broadcasting and Commercial Music Division up by 54.8%
- Organic growth of 8.5% year-over-year in Broadcast and Recurring Commercial Music Revenues(1) including 18.1% in the United States;
- Revenues increased 18.9% to $89.2 million from $75.0 million;
- 805,000 streaming subscribers, up 16.4% over Q3 2022;
- Adjusted EBITDA(2) increased 20.9% to $34.5 million from $28.5 million. Adjusted EBITDA by segment was $22.6 million or 41.7% of revenues for Broadcasting and Commercial Music, $13.3 million or 37.9% of revenues for Radio and $(1.4) million for Corporate;
- Net income was $12.9 million ($0.19 per share(2)) compared with $12.5 million ($0.18 per share(2));
- Adjusted Net income(2) of $16.5 million ($0.24 per share(2)) compared with $17.0 million ($0.24 per share(2));
- Cash flow from operating activities decreased 0.6% to $24.6 million ($0.35 per share(2)) compared to $24.8 million ($0.35 per share(2));
- Adjusted free cash flow(2) increased 22.8% to $18.1 million ($0.26 per share(2)) compared to $14.7 million ($0.21 per share(2));
- Net debt to Pro Forma Adjusted EBITDA(2) ratio of 3.34x, compared to 3.44x in Q2 2023 and to 3.01x in Q3 2022;
- 340,900 shares repurchased and cancelled for a total of $1.6 million, compared with 927,800 shares repurchased and cancelled for a total of $6.4 million.
Montreal, February 7, 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 third quarter of fiscal 2023 ended December 31, 2022.
Read the full press release
Read the third quarter 2023 results