Latest quarterly results
Highlights for the quarter
Stingray Reports Second Quarter Results for Fiscal 2024
- Organic growth of 7.1% year-over-year in Broadcast and Recurring Commercial Music Revenues mainly due to strength in retail media advertising;
- Revenues increased 6.3% to $82.5 million from $77.6 million in Q2 2023;
- Adjusted EBITDA(1) improved 9.2% to $29.5 million from $27.0 million. Adjusted EBITDA(1) by segment was $19.9 million or 40.0% of revenues for Broadcasting and Commercial Music, $11.0 million or 33.7% of revenues for Radio, and $(1.4) million for Corporate;
- Net income reached $9.4 million ($0.14 per share) compared to $3.3 million ($0.05 per share);
- Adjusted Net income(1) attained $14.6 million ($0.21 per share) compared to $10.8 million ($0.15 per share);
- Cash flow from operating activities grew 3.6% to $19.1 million ($0.28 per share) from $18.4 million ($0.26 per share);
- Adjusted free cash flow(1) reached $15.6 million ($0.22 per share) compared to $15.0 million ($0.21 per share);
- Net debt to Pro Forma Adjusted EBITDA(1) ratio of 3.19x compared to 3.28x last quarter;
- 795,700 streaming subscribers, up 4.7% over Q2 2023;
- Repurchased and cancelled 119,800 shares for a total of $0.6 million this quarter, and 127,500 shares for a total of $0.7 million year-to-date.
Highlights for the quarter
First quarter highlights
- Total revenues increased 1.1% to $79.0 million from $78.1 million;
- Organic growth of -2.0% year-over-year in Broadcast and Recurring Commercial Music Revenues due to timing in Stingray Advertising Q1 campaigns. Current advertising revenues in Q2 at +45% year-over-year;
- 795,000 streaming subscribers, up 8.9% over Q1 2023;
- Adjusted EBITDA(3) improved 8.4% to $28.3 million from $26.1 million. Adjusted EBITDA(3) by segment was $20.0 million or 42.3% of revenues for Broadcasting and Commercial Music, $9.9 million or 31.1% of revenues for Radio, and $(1.6) million for Corporate;
- Net income reached $14.1 million ($0.20 per share) compared to $9.4 million ($0.13 per share);
- Adjusted Net income(3) was $11.9 million ($0.17 per share) compared to $13.2 million ($0.19 per share);
- Cash flow from operating activities grew 48.4% to $24.3 million ($0.35 per share) from $16.3 million ($0.23 per share);
- Adjusted free cash flow(3) increased 17.9% to $18.5 million ($0.27 per share) from $15.7 million ($0.22 per share);
- Net debt to Pro Forma Adjusted EBITDA(3) ratio of 3.28x compared to 3.25x.
Highlights for the quarter
Adjusted EBITDA for the Broadcasting and Commercial Music Division up by 40.6% in the fourth quarter.
Fourth quarter highlights
- Organic growth of 3.3% year-over-year in Broadcast and Recurring Commercial Music Revenues(1),
including 7.6% in the United States; - Revenues increased 8.7% to $78.9 million from $72.6 million;
- Adjusted EBITDA(2) increased 26.4% to $26.6 million from $21.0 million. Adjusted EBITDA(2) by segment was $20.4 million or 40.8% of revenues for Broadcasting and Commercial Music, $7.7 million or 26.6% of revenues for Radio and $(1.5) million for Corporate;
- Net income was $4.4 million ($0.06 per share) compared to $4.5 million ($0.06 per share);
- Adjusted Net income(2) increased 24.5% to $14.7 million ($0.21 per share) from $11.8 million ($0.17 per share);
- Cash flow from operating activities increased 24.5% to $27.6 million ($0.40 per share) from $22.1 million ($0.31 per share);
- Adjusted free cash flow(2) increased 26.0% to $14.9 million ($0.21 per share) from $11.8 million ($0.17 per
share); - Net debt to Pro Forma Adjusted EBITDA(2) ratio of 3.19x, compared to 3.16x; and
- 53,300 shares were repurchased and cancelled for a total of $0.3 million compared to 80,200 shares for
a total of $0.6 million.
Highlights for the quarter
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.
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