Revenues reach $100M fueled by organic growth of 23.9% in Broadcast and Recurring Commercial Music
- Organic growth of 23.9% year-over-year in Broadcast and Recurring Commercial Music Revenues mainly due to strength in retail media advertising;
- Revenues increased 12.4% to $100.3 million from $89.2 million;
- Adjusted EBITDA(1) increased 12.2% to $38.6 million from $34.5 million. Adjusted EBITDA by segment was $27.9 million or 42.5% of revenues for Broadcasting and Commercial Music, $12.3 million or 35.6% of revenues for Radio and $(1.6) million for Corporate;
- Net income was $9.1 million ($0.13 per share(1)) compared with $12.9 million ($0.19 per share(1));
- Adjusted Net income(1) increased to $18.5 million ($0.27 per share(1)) compared with $16.5 million ($0.24 per share(1));
- Cash flow from operating activities increased 25.6% to $30.9 million ($0.45 per share(1)) compared to $24.6 million ($0.35 per share(1));
- Adjusted free cash flow(1) increased 80.6% to $32.7 million ($0.47 per share(1)) compared to $18.1 million ($0.26 per share(1));
- Net debt to Pro Forma Adjusted EBITDA(1) ratio of 2.99x, compared with 3.34x;
- 810,000 streaming subscribers, up 0.6% over Q3 2023 and;
- 372,400 shares repurchased and cancelled for a total of $1.9 million, compared with 340,900 shares repurchased and cancelled for a total of $1.6 million.
Montreal, February 6, 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 third quarter of fiscal 2024 ended December 31, 2023.
Contact Information
Mathieu Péloquin
Senior Vice-President, Marketing and Communications
Stingray
(514) 664-1244, ext. 2362
mpeloquin@stingray.com