Stingray Reports Second Quarter 2022 Results

Second Quarter Highlights

  • Revenues increased 11.1% to $71.4 million from $64.3 million, reflecting the gradual easing of COVID-19 restrictions, the progressive return to normal commercial operations, and an increase in advertising revenues
  • Organic growth reached 2.5% year-over-year in Broadcast and Recurring Commercial Music revenues(1), including 13.5% in the United States
  • Adjusted EBITDA(2) decreased 17.9% to $25.6 million from $31.2 million
  • Cash flow from operating activities decreased 19.6% to $20.4 million compared to $25.4 million
  • Adjusted free cash flow(4) decreased 32.8% to $15.4 million, or $0.21 per share, compared to $22.9 million or $0.31 per share
  • Net debt to Pro Forma Adjusted EBITDA(5) ratio of 3.02x
  • 455,000 shares repurchased and cancelled during the quarter for a total of $3.4 million
  • 611,000 streaming subscribers, up 27% over Q2 2021

Montreal, November 9, 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 second quarter of Fiscal 2022, ended September 30, 2021.

Read the full press release

Read the second quarter 2022 results