Financial information | 2019-08-06

Stingray Reports First Quarter 2020 Results

First Quarter Highlights

Revenues increased 133.4% to $80.4 million
Recurring Broadcasting and Commercial Music revenues(1) of $34.0 million, an increase of 10.3%
Radio accounted for 53.6% of total revenues at $43.1 million
Subscription video on demand (“SVOD”) subscribers remained stable compared to last quarter
Adjusted EBITDA(2) up 178.8% to $31.2 million, with a 38.7% margin compared to 32.4%. Excluding the impact of IFRS 16, Adjusted EBITDA would have been $29.7 million.
Adjusted EBITDA(2) by segment of $14.6 million or 39.1% of revenues for Broadcasting and Commercial Music, $17.8 million or 41.4% of revenues for Radio and $(1.2) million for Corporate
Net income of $9.2 million or $0.12 per share (diluted) compared to a net income of $1.3 million or $0.02 per share (diluted)
Adjusted Net income(3) up 168.2% to $15.8 million or $0.21 per share (diluted)
Cash flow from operating activities increased to $26.3 million compared to $7.2 million
Adjusted Free cash flow(4) of $20.6 million or $0.27 per share (diluted), an increase of 229.1%
Net debt to Pro Forma Adjusted EBITDA(2) ratio of 2.89x
Normal course issuer bid (“NCIB”) of up to 2,924,220 shares, representing 5% of outstanding subordinate shares as at July 31, 2019
Increased quarterly dividend by 7.7% to $0.07 per share compared with last quarter