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

Fourth quarter highlights

• 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.

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.

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.