Audacy Q1 Net Revenues Down 5.5% to $259.6 Million

RADIO ONLINE | Wednesday, May 10, 2023

Audacy

Audacy reported first quarter net revenues fell 5.5% to $259.6 million from $275.3 million in 2022. Digital revenues were down 2% to $56.9 million. Adjusted EBITDA decreased to $3.5 million from $26 million, while total operating expenses were $271.8 million up from $266.8 million. Operating loss was $12.2 million from an operating income of $8.5 million. The company posted as net loss of $35.9 million (25 cents per diluted share) as compared to a net loss of $11 million (8 cents) in the year-ago period.

Chairman, President and CEO David J. Field stated, "First quarter revenues were down 5.7% with local sales significantly outperforming national as challenging ad market conditions persisted. Cash operating expenses were up 3% during the quarter, but are expected to be below prior-year levels for the remainder of 2023."

He added, "Notwithstanding the difficult economic headwinds, we remain steadfastly focused on delivering significantly higher future levels of Adjusted EBITDA, capitalizing on our multiple growth drivers and our differentiated premium competitive position in the dynamic audio market. We are making progress on each of our drivers, including our podcasting and digital marketing solutions businesses, our reinvented streaming audio platform, our emerging ad tech and ad products, and our enhanced national enterprise business development efforts. In addition, we are encouraged to see some positive signs in our auto business as we continue our vigorous work to weather the storm and await future improvements in market conditions."