Financial information | 2020-11-04

Stingray Reports Second Quarter 2021 Results

Revenues decreased 16.0% to $64.3 million from $76.6 million, primarily due to the impact of the COVID-19 pandemic on Radio revenues
Broadcasting and Commercial Music revenues increased 1.1% and Radio revenues decreased 33.6%
Organic growth of 5.0% in Broadcast and Recurring Commercial Music revenues(1), 3.7% excluding the impact of foreign exchange, and organic growth of 11.7% in the United States
Operating expenses decreased by 30.6% to $34.7 million from $50.0 million
Adjusted EBITDA(2) increased 12.6% to $31.2 million from $27.7 million
Cash flow from operating activities increased 34.1% to $25.4 million compared to $19.0 million
Adjusted free cash flow(3) increased 21.9% to $22.9 million, or $0.31 per share, compared to $18.8 million or $0.25 per share
Net debt to Pro Forma Adjusted EBITDA(3) ratio of 2.77x
480,000 streaming subscribers, up 31.5% over last year