Audacy Q2 Net Revenues Down 5.6% to $299.2 million

RADIO ONLINE | Thursday, November 9, 2023

Audacy

Audacy reported third quarter net revenues were down 5.6% to $299.2 million from $317 million in 2022. Local spot revenues declined 3%, national spot revenues fell 15% and network advertising revenues declined 5%. Digital revenues were up 3% $64.8 million. Operating loss was $281.7 million from $151.9 million, while Adjusted EBITDA fell to $23 million from $36.3 million. The company posted a net loss of $234.3 million ($49.64 per diluted share) as compared to a net loss of $140.9 million ($140.9) in the year-ago period.

Chairman, President and CEO David J. Field stated, "Audacy's third quarter net revenues declined 5.6%, in-line with our quarterly guidance as ad market conditions have remained challenging, particularly on national business. Cash operating expenses were down 2%.

"We gained revenue share in the quarter, most significantly in radio in which we have achieved accelerating share growth since the start of the year. We also delivered solid gains in radio ratings share and digital audience metrics while making important progress on our tech roadmap and meaningful expense savings to improve our current and future business model.

"Fourth quarter is currently pacing down 9% on an as reported basis and down 4% on a same-station, ex-political basis. We expect Q4 total revenues to decline by high single digits and costs to decline by high single digits."