Stingray Reports Second Quarter 2020 Results

Free cash flow reached $18.8 million, up 226.1%

Second Quarter Highlights

  • Revenues increased 120.7% to $76.6 million
  • Recurring Broadcasting and Commercial Music revenues(1) increased 9.4% to $33.5 million
  • Radio accounted for 49.4% of total revenues at $37.8 million
  • Overall organic growth of 3.0%
  • Subscription video on demand (“SVOD”) subscribers increased 15.5% to 365,000 compared to last year, stable compared to last quarter
  • Adjusted EBITDA(2) increased 142.1% to $27.7 million, with a 36.1% margin compared to 32.9%. Excluding the impact of IFRS 16, Adjusted EBITDA(2) would have been $26.0 million
  • Adjusted EBITDA(2) by segment of $15.2 million or 39.3% of revenues for Broadcasting and Commercial Music, $13.7 million or 36.3% of revenues for Radio and $(1.2) million for Corporate
  • Net income of $5.2 million or $0.07 per share (basic and diluted) compared to a net income of $0.8 million or $0.01 per share (basic and diluted)
  • Adjusted Net income(3) up 78.6% to $12.0 million or $0.16 per share (basic and diluted)
  • Cash flow from operating activities increased to $19.0 million compared to $5.6 million
  • Adjusted free cash flow(4) up 226.1% of $18.8 million or $0.25 per share (basic and diluted) compared to $5.8 million or $0.10 per share (basic and diluted)
  • Net debt to Pro Forma Adjusted EBITDA(2) ratio of 2.95x
  • As part of the Corporation’s Normal Course Issuer Bid (“NCIB”), 254,864 subordinate voting shares and variable subordinated voting shares were repurchased for a total cash consideration of $1.9 million.

Read the full press release

Read the Second Quarter 2020 Results