Audacy Inc. Q3 Net Revenues Increased 23%, Loss Narrows

RADIO ONLINE | Tuesday, November 9, 2021 | 12:09pm CT

Audacy

Audacy reported third quarter net revenues rose 23% to $329.4 million from $268.5 million in 2020. Spot revenues were up 21% to $220.6 million, while digital revenues grew 30% to $61.4 million. Operating income was $29.2 million up from an operating loss of $0.3 million. Adjusted EBITDA grew 58% to $49.3 million from $31.1 million. The company posted a net loss of $4.7 million (4 cents per diluted share) as compared to a net loss of $16.8 million (13 cents) in the year-ago period.

President/CEO David J. Field stated, "I am pleased to report that Audacy continues to rebound from the pandemic, as third quarter revenues grew 23% over the prior year and 8% sequentially over the second quarter, while EBITDA grew 58% year over year. While many ad categories remain highly impacted as a result of the pandemic, it is great to see an increasing number of categories back above 2019 spending levels.

During October, we announced the acquisition of WideOrbit's digital audio streaming and ad tech business, which we have relaunched as AmperWave, enabling us to accelerate our digital product roadmap and enhance our growth potential. We returned to live events with our Stars and Strings show in New York and We Can Survive at the Hollywood Bowl, both sell outs featuring Zak Brown, Darius Rucker, Chris Young, Coldplay, Shawn Mendes, Maroon 5, Doja Cat, the Black Eyed Peas, and more. And our podcast studios had a strong quarter of creative, premium original content development including the first release from our 2400 Sports studio.

We continue to rapidly evolve and fundamentally elevate the organization through a series of strategic acquisitions, organic growth initiatives, structural improvements, talent additions and premium content development and are well positioned to accelerate our growth and capitalize on the exciting opportunities in the dynamically growing audio marketplace."