Stingray Reports Third Quarter 2021 Results

Third Quarter Highlights

  • Revenues decreased 10.8% to $72.6 million from $81.3 million, primarily due to the impact of the COVID-19 pandemic on Radio revenues
  • Broadcasting and Commercial Music revenues increased 0.7% and Radio revenues decreased 21.8%, beating the Canadian Radio market in most comparable measures
  • Marked organic growth of 6.3% in Broadcast and Recurring Commercial Music revenues(1) excluding the impact of foreign exchange and impressive organic growth of 13.7% in the United States
  • Operating expenses materially decreased by 20.7% to $40.6 million from $51.2 million
  • Adjusted EBITDA(2) increased 9.5% to $34.0 million from $31.0 million
  • Cash flow from operating activities decreased 43.4% to $16.3 million compared to $28.8 million
  • Adjusted free cash flow(3) decreased 6.6% to $19.6 million, or $0.27 per share, compared to $21.0 million or $0.28 per share
  • Net debt to Pro Forma Adjusted EBITDA(2)(4) ratio of 2.65x
  • 515,000 streaming subscribers, increased appreciably by 31.4% over last year.

Read the full press release

Read the Third Quarter 2021 Results