Financial information | 2022-11-08
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.
Montreal, November 8, 2022 – Stingray Group Inc. (TSX: RAY.A; RAY.B) (the “Corporation”; “Stingray”), a leading distributor of audio and video music brands in the world, announced today its financial results for the second quarter of fiscal 2023 ended September 30, 2022.