Latest quarterly results
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.
Highlights for the quarter
Stingray reports second quarter results for fiscal 2023 with good momentum in Stingray Advertising
- Organic growth of 8.6% year-over-year in Broadcast and Recurring Commercial Music Revenues(1) including 69.2% in the United States;
- Revenues increased 9.8% to $77.6 million from $70.7 million, including $7 million from Stingray Advertising operations;
- 760,000 streaming subscribers, up 24.4% over Q2 2022;
- Adjusted EBITDA(2) improved 5.6% to $27.0 million from $25.6 million. Adjusted EBITDA by segment amounted to $16.9 million or 37.7% of revenues for Broadcasting and Commercial Music, $11.3 million or 34.6% of revenues for Radio, and $(1.2) million for Corporate;
- Net income totaled $3.3 million ($0.05 per share) compared with $12.1 million ($0.17 per share);
- Adjusted Net income(3) reached $10.8 million ($0.15 per share) compared to $16.3 million ($0.23 per share);
- Cash flow from operating activities decreased 9.7% to $18.4 million ($0.26 per share) from $20.4 million ($0.28 per share);
- Adjusted free cash flow(4) was $15.0 million ($0.21 per share), compared to$15.4 million ($0.21 per share); and
- Net debt to Pro Forma Adjusted EBITDA(5) ratio of 3.44x.
Highlights for the quarter
First quarter highlights
- Organic growth of 9.9% year-over-year in Broadcast and Recurring Commercial Music Revenues(1), including 29.0% in the United States and 58.5% for Stingray Advertising
- Revenues increased 21.6% year-over-year to $78.1 million
- Adjusted EBITDA(2) improved 8.0% year-over-year to $26.1 million. Adjusted EBITDA(2) by segment amounted to $16.8 million or 36.3% of revenues for Broadcasting and Commercial Music, $10.6 million or 33.2% of revenues for Radio, and ($1.3) million for Corporate
- Net income reached $9.4 million, $0.13 per share, compared to $4.2 million, $0.06 per share, in Q1 2022
- Adjusted Net income(3) totaled $13.2 million, $0.19 per share, compared to $11.2 million, $0.16 per share, in Q1 2022
- Cash flow from operating activities remained stable at $16.3 million
- Adjusted free cash flow(4) increased 4.3% to $15.7 million, $0.22 per share, from $15.0 million, $0.21 per share, in Q1 2022
- Net debt to Pro Forma Adjusted EBITDA(5) ratio of 3.25x compared to 2.88x in Q1 2022
- 345,800 shares repurchased and cancelled for a total of $2.2 million
- 730,000 streaming subscribers, up 27.6% over Q1 2022
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Marie-Helene Fournier
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