Stingray Reports Third Quarter Results for Fiscal 2023 Adjusted EBITDA(2) for the Broadcasting and Commercial Music Division up by 54.8%
Organic growth of 8.5% year-over-year in Broadcast and Recurring Commercial Music Revenues(1) including 18.1% in the United States;
Revenues increased 18.9% to $89.2 million from $75.0 million;
805,000 streaming subscribers, up 16.4% over Q3 2022;
Adjusted EBITDA(2) increased 20.9% to $34.5 million from $28.5 million. Adjusted EBITDA by segment was $22.6 million or 41.7% of revenues for Broadcasting and Commercial Music, $13.3 million or 37.9% of revenues for Radio and $(1.4) million for Corporate;
Net income was $12.9 million ($0.19 per share(2)) compared with $12.5 million ($0.18 per share(2));
Adjusted Net income(2) of $16.5 million ($0.24 per share(2)) compared with $17.0 million ($0.24 per share(2));
Cash flow from operating activities decreased 0.6% to $24.6 million ($0.35 per share(2)) compared to $24.8 million ($0.35 per share(2));
Adjusted...
