Stingray Group Non-GAAP EPS of $0.21, revenue of $78.9M beats by $21.34M; initiates FY24 guidance
Jun. 07, 2023 1:26 AM ETStingray Group Inc. (STGYF), RAY.B:CA, RAY.A:CABy: Meghavi Singh, SA News Editor
- Stingray Group press release (OTCPK:STGYF): Q4 Non-GAAP EPS of $0.21.
- Revenue of $78.9M (+8.6% Y/Y) beats by $21.34M. Organic growth of 3.3% year-over-year in Broadcast and Recurring Commercial Music Revenues.
- Adjusted EBITDA increased 26.4% to $26.6 million from $21.0 million.
- 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 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 ratio of 3.19x, compared to 3.16x.
- "Looking ahead, we intend to accelerate our sell-through with existing customers and secure new accounts to grow our Broadcasting and Commercial Music business, which is operating on an Adjusted EBITDA run-rate of $80.0 million for 2024. We will continue generating healthy cash flows from our Radio segment to fund our growth strategy. We will also maintain our financial discipline to keep our consolidated Adjusted EBITDA margin above 35%. Finally, we will reduce our debt level to create added flexibility in order to target acquisitions on an opportunistic basis. To sum up, the future looks promising for Stingray with ample room for expansion as strategic growth revenues have slightly reached over the 50-50 parity with cash flow revenues from our traditional cable and radio activities."