Stingray Reports Fourth Quarter 2022 Results

Fourth Quarter Highlights

  • Organic growth of 12.7% year-over-year in Broadcast and Recurring Commercial Music Revenues(1), including 50.8% in the United States
  • Revenues increased 21.6% to $72.6 million from $59.7 million;
  • Adjusted EBITDA(2) decreased 11.1% to $21.0 million from $23.6 million. Adjusted EBITDA(2) by segment was $14.5 million or 31.9% of revenues for Broadcasting and Commercial Music, $7.9 million or 29.0% of revenues for Radio, and $(1.4) million for Corporate;
  • Net income was $4.5 million ($0.06 per share) compared with $12.1 million ($0.17 per share);
  • Adjusted Net income(3) of $11.8 million ($0.17 per share) compared with $12.0 million ($0.16 per share);
  • Cash flow from operating activities decreased 9.7% to $22.1 million ($0.31 per share) compared to $24.5 million ($0.34 per share);
  • Adjusted free cash flow(4) decreased 14.3% to $11.8 million ($0.17 per share) compared to $13.8 million ($0.19 per share);
  • Net debt to Pro Forma Adjusted EBITDA(2) ratio of 3.16x; and
  • 715,989 streaming subscribers, up 36.4% year-over-year.

Full Year Highlights

  • Organic growth of 5.5% year-over-year in Broadcast and Recurring Commercial Music Revenues(1), including 23.2% in the United States
  • Revenues increased 14.0% to $282.6 million from $247.9 million;
  • Adjusted EBITDA(2) decreased 13.1% to $99.3 million from $114.3 million. Adjusted EBITDA(2) by segment was $58.3 million or 36.7% of revenues for Broadcasting and Commercial Music, $46.2 million or 37.4% of revenues for Radio and $(5.2) million for Corporate;
  • Net income was $33.3 million ($0.47 per share) compared with $45.1 million ($0.61 per share);
  • Adjusted Net income(3) of $56.4 million ($0.79 per share) compared with $62.9 million ($0.86 per share);
  • Cash flow from operating activities decreased 19.7% to $83.7 million ($1.17 per share) compared to $104.2 million ($1.42 per share);
  • Adjusted free cash flow(4) decreased 23.4% to $56.9 million ($0.80 per share) compared to $74.4 million ($1.01 per share); and
  • 2,106,000 shares repurchased and cancelled for a total of $15.0 million.

Montreal, June 7, 2022 – 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 fourth quarter and fiscal year ended March 31, 2022.

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