Latest quarterly results

Revenues reach $100M fueled by organic growth of 23.9% in Broadcast and Recurring Commercial Music

  • Organic growth of 23.9% year-over-year in Broadcast and Recurring Commercial Music Revenues mainly due to strength in retail media advertising;
  • Revenues increased 12.4% to $100.3 million from $89.2 million;
  • Adjusted EBITDA(1) increased 12.2% to $38.6 million from $34.5 million. Adjusted EBITDA by segment was $27.9 million or 42.5% of revenues for Broadcasting and Commercial Music, $12.3 million or 35.6% of revenues for Radio and $(1.6) million for Corporate;
  • Net income was $9.1 million ($0.13 per share(1)) compared with $12.9 million ($0.19 per share(1));
  • Adjusted Net income(1) increased to $18.5 million ($0.27 per share(1)) compared with $16.5 million ($0.24 per share(1));
  • Cash flow from operating activities increased 25.6% to $30.9 million ($0.45 per share(1)) compared to $24.6 million ($0.35 per share(1));
  • Adjusted free cash flow(1) increased 80.6% to $32.7 million ($0.47 per share(1)) compared to $18.1 million ($0.26 per share(1));
  • Net debt to Pro Forma Adjusted EBITDA(1) ratio of 2.99x, compared with 3.34x;
  • 810,000 streaming subscribers, up 0.6% over Q3 2023 and;
  • 372,400 shares repurchased and cancelled for a total of $1.9 million, compared with 340,900 shares repurchased and cancelled for a total of $1.6 million.
Stingray Reports Second Quarter Results for Fiscal 2024
  • Organic growth of 7.1% year-over-year in Broadcast and Recurring Commercial Music Revenues mainly due to strength in retail media advertising;
  • Revenues increased 6.3% to $82.5 million from $77.6 million in Q2 2023;
  • Adjusted EBITDA(1) improved 9.2% to $29.5 million from $27.0 million. Adjusted EBITDA(1) by segment was $19.9 million or 40.0% of revenues for Broadcasting and Commercial Music, $11.0 million or 33.7% of revenues for Radio, and $(1.4) million for Corporate;
  • Net income reached $9.4 million ($0.14 per share) compared to $3.3 million ($0.05 per share);
  • Adjusted Net income(1) attained $14.6 million ($0.21 per share) compared to $10.8 million ($0.15 per share);
  • Cash flow from operating activities grew 3.6% to $19.1 million ($0.28 per share) from $18.4 million ($0.26 per share);
  • Adjusted free cash flow(1) reached $15.6 million ($0.22 per share) compared to $15.0 million ($0.21 per share);
  • Net debt to Pro Forma Adjusted EBITDA(1) ratio of 3.19x compared to 3.28x last quarter;
  • 795,700 streaming subscribers, up 4.7% over Q2 2023;
  • Repurchased and cancelled 119,800 shares for a total of $0.6 million this quarter, and 127,500 shares for a total of $0.7 million year-to-date.
First quarter highlights
  • Total revenues increased 1.1% to $79.0 million from $78.1 million;
  • Organic growth of -2.0% year-over-year in Broadcast and Recurring Commercial Music Revenues due to timing in Stingray Advertising Q1 campaigns. Current advertising revenues in Q2 at +45% year-over-year;
  • 795,000 streaming subscribers, up 8.9% over Q1 2023;
  • Adjusted EBITDA(3) improved 8.4% to $28.3 million from $26.1 million. Adjusted EBITDA(3) by segment was $20.0 million or 42.3% of revenues for Broadcasting and Commercial Music, $9.9 million or 31.1% of revenues for Radio, and $(1.6) million for Corporate;
  • Net income reached $14.1 million ($0.20 per share) compared to $9.4 million ($0.13 per share);
  • Adjusted Net income(3) was $11.9 million ($0.17 per share) compared to $13.2 million ($0.19 per share);
  • Cash flow from operating activities grew 48.4% to $24.3 million ($0.35 per share) from $16.3 million ($0.23 per share);
  • Adjusted free cash flow(3) increased 17.9% to $18.5 million ($0.27 per share) from $15.7 million ($0.22 per share);
  • Net debt to Pro Forma Adjusted EBITDA(3) ratio of 3.28x compared to 3.25x.
Adjusted EBITDA for the Broadcasting and Commercial Music Division up by 40.6% in the fourth quarter.
Fourth quarter highlights
  • Organic growth of 3.3% year-over-year in Broadcast and Recurring Commercial Music Revenues(1),
    including 7.6% in the United States;
  • Revenues increased 8.7% to $78.9 million from $72.6 million;
  • Adjusted EBITDA(2) increased 26.4% to $26.6 million from $21.0 million. Adjusted EBITDA(2) by segment was $20.4 million or 40.8% of revenues for Broadcasting and Commercial Music, $7.7 million or 26.6% of revenues for Radio and $(1.5) million for Corporate;
  • Net income was $4.4 million ($0.06 per share) compared to $4.5 million ($0.06 per share);
  • Adjusted Net income(2) increased 24.5% to $14.7 million ($0.21 per share) from $11.8 million ($0.17 per share);
  • Cash flow from operating activities increased 24.5% to $27.6 million ($0.40 per share) from $22.1 million ($0.31 per share);
  • Adjusted free cash flow(2) increased 26.0% to $14.9 million ($0.21 per share) from $11.8 million ($0.17 per
    share);
  • Net debt to Pro Forma Adjusted EBITDA(2) ratio of 3.19x, compared to 3.16x; and
  • 53,300 shares were repurchased and cancelled for a total of $0.3 million compared to 80,200 shares for
    a total of $0.6 million.

Stock information

Price
Change
Today’s open
Today’s high
52 Week high
Volume
% Change
Previous close
Today’s low
52 Week low

Investors contact

Investors relations

For analysts and investor inquiries:

Marie-Helene Fournier Vice-President, Operations & International Finance

Board of directors

To contact our board of directors and for board-related matters:

Lloyd Feldman Senior Vice-President and General Counsel

Reporting a violation

To report a possible violation of our Code of Ethics, a fraud, misconduct, or any other illegal or questionable accounting or business practice, you may do so through a confidential reporting system by sending an an email at the following address:

Frequently asked questions

What is Stingray's ticker symbol?

Our ticker symbol is RAY.A.

What is Stingray's fiscal year?

Stingray’s fiscal year starts on April 1 and ends on March 31.

Where can I find corporate governance materials?

Visit the corporate governance section of the website for documents related to corporate governance.

Where can I get information about Stingray's Board of Directors?

You can read more about our Board of Directors by visiting the Corporate Governance section.

Where can I get company historical information?

To learn more about Stingray Group inc history, visit the About Us section of the website.