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Audacy Q3 Net Revenues Down 4% to $317 Million


Audacy
Audacy

Audacy reported third quarter net revenues fell 4% to $317 million from $329.4 million in 2021. Radio revenues (spot plus network revenue) were down 6% with network revenues rising 1% and spot down 7%. Digital revenues grew 2% to $62.7 million. Adjusted EBITDA fell to $36.3 million from $49.3 million, while total operating expenses were $468.8 million. Operating loss was $151.9 million compared to an operating income of $29.3 million. The company reported a net loss of $140.9 million (-$1.01 per share) as compared to a net loss of $4.7 million (-4 cents) in the year-ago period.

Chairman, President and CEO David J. Field stated, "Our third quarter revenues declined 3.8% as advertising headwinds impacted company performance. Solid double digit growth in streaming audio and digital marketing solutions were offset by declining radio revenues. Our radio revenues were negatively impacted by our concentration in the country's largest markets as small to medium market radio outperformed large market radio by 8% during the quarter.

"We remain deeply focused on executing our action plan to navigate the storm and emerge healthy and strong. We completed the sale of $56 million in real estate to enhance our financial position with additional sales in the pipeline. We launched the next generation of our Audacy streaming platform with innovative features including segment chaptering of live spoken word radio shows. Since launch, digital listeners are up 25% while registrations have increased 15% and we have high expectations for the impact of the new platform on our future growth. We also continue to make progress on core strategic growth drivers such as national enterprise business development and our ad tech product roadmap to open important pools of demand and accelerate future performance."

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