- Organic growth of 8.5% year over year in broadcast and recurring commercial music revenue(1) including 18.1% in the United States;
- Revenue increased 18.9% to $89.2 million from $75.0 million;
- 805,000 streaming subscribers, up 16.4% from Q3 2022;
- Adjusted EBITDA(2) increased by 20.9% from $28.5 million to $34.5 million. Adjusted EBITDA by segment was $22.6 million, or 41.7% of revenue for broadcast and commercial music, $13.3 million, or 37.9% of revenue for radio, and ($1.4) million -dollars for corporate;
- Net income was $12.9 million ($0.19 per share).(2)) compared to $12.5 million ($0.18 per share).(2));
- Adjusted Net Income(2) of $16.5 million ($0.24 per share).(2)) compared to $17.0 million ($0.24 per share).(2));
- Cash flow from operations declined 0.6% to $24.6 million ($0.35 per share).(2)) compared to $24.8 million ($0.35 per share).(2));
- Adjusted free cash flow(2) up 22.8% to $18.1 million ($0.26 per share).(2)) compared to $14.7 million ($0.21 per share).(2));
- Net debt to adjusted pro forma EBITDA(2) Ratio of 3.34x, compared to 3.44x in Q2 2023 and 3.01x in Q3 2022;
- 340,900 shares repurchased and canceled for a total of $1.6 million compared to 927,800 shares repurchased and canceled for a total of $6.4 million.
MONTREAL, Feb. 7, 2023 (GLOBE NEWSWIRE) — Stingray Group Inc. BEAM RAY.B))) (the “Company”; “Stingray”), a leading global distributor of audio and video music brands, today announced its financial results for the third quarter of fiscal 2023 ended December 31, 2022.
| Financial highlights (in thousands of Canadian dollars, except per share data) |
Three months passed December 31 |
Nine months came to an end December 31 |
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| 2023 | 2022(3) | % | 2023 | 2022(3) | % | |||
| revenues | 89,242 | 75,028 | 18.9 | 245.013 | 209,982 | 16.7 | ||
| Adjusted EBITDA(2) | 34,450 | 28,504 | 20.9 | 87,567 | 78,246 | 11.9 | ||
| net result | 12,944 | 12,546 | 3.2 | 25,672 | 28,821 | (10.9 | ) | |
| Per share – diluted ($) | 0.19 | 0.18 | 5.6 | 0.37 | 0.40 | (7.5 | ) | |
| Adjusted Net Income(2) | 16,464 | 17,048 | (3.4 | ) | 40,534 | 44,609 | (9.1 | ) |
| Per share – diluted ($)(2) | 0.24 | 0.24 | 0.0 | 0.58 | 0.62 | (6.5 | ) | |
| Cash flow from… | ||||||||
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