Stingray Reports First Quarter 2023 Results

First Quarter Highlights

  • Organic growth of 9.9% year-over-year in Broadcast and Recurring Commercial Music Revenues(1), including 29.0% in the United States and 58.5% for Stingray Advertising
  • Revenues increased 21.6% year-over-year to $78.1 million
  • Adjusted EBITDA(2) improved 8.0% year-over-year to $26.1 million. Adjusted EBITDA(2) by segment amounted to $16.8 million or 36.3% of revenues for Broadcasting and Commercial Music, $10.6 million or 33.2% of revenues for Radio, and ($1.3) million for Corporate
  • Net income reached $9.4 million, $0.13 per share, compared to $4.2 million, $0.06 per share, in Q1 2022
  • Adjusted Net income(3) totaled $13.2 million, $0.19 per share, compared to $11.2 million, $0.16 per share, in Q1 2022
  • Cash flow from operating activities remained stable at $16.3 million
  • Adjusted free cash flow(4) increased 4.3% to $15.7 million, $0.22 per share, from $15.0 million, $0.21 per share, in Q1 2022
  • Net debt to Pro Forma Adjusted EBITDA(5) ratio of 3.25x compared to 2.88x in Q1 2022
  • 345,800 shares repurchased and cancelled for a total of $2.2 million
  • 730,000 streaming subscribers, up 27.6% over Q1 2022

Montreal, August 2, 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 first quarter of fiscal 2023 ended June 30, 2022.

Read the press release

Read the first quarter 2023 results