Stingray Reports First Quarter 2022 Results

First Quarter Highlights

  • Revenues increased 23.9% to $64.8 million from $52.3 million, reflecting the gradual easing of COVID-19 restrictions and the return to normal commercial operations
  • Organic growth of close to 2.0% in Broadcast and Recurring Commercial Music revenues(1), excluding the impact of foreign exchange, and strong organic growth of 11.6% in the United States
  • Adjusted EBITDA(2) decreased slightly to $24.2 million from $25.5 million
  • Cash flow from operating activities decreased 57.0% to $16.3 million compared to $38.0 million
  • Adjusted free cash flow(4) decreased 16.8% to $15.0 million, or $0.21 per share, compared to $18.0 million or $0.25 per share
  • Net debt to Pro Forma Adjusted EBITDA(5) ratio of 2.88x
  • 643,000 shares repurchased and cancelled during the quarter for a total of $4.7 million
  • 572,000 streaming subscribers, up 31.2% over Q1 2021

Montreal, August 3, 2021 – Stingray Group Inc. (TSX: RAY.A; RAY.B) (the “Corporation”; “Stingray”), a leading distributor of audio and video music brands in the world, today announced its financial results for the first quarter of Fiscal 2022, ended June 30, 2021.

Read the full press release

Read the first quarter 2022 results