Audacy Provides Performance Update Following Restructuring
| RADIO ONLINE | Tuesday, March 12, 2024 |
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 Audacy |
Audacy reports a strong start to 2024 and is providing an update to deliver additional visibility on its progress since receiving court approval of its consensual pre-packaged Plan of Reorganization on February 20, after just six weeks. The company now awaits FCC approval to complete its restructuring and plans to file its 2023 10-K later this month.
"Audacy is off to a strong start in 2024, driving accelerated financial and operating performance, including solid early growth in revenues, key digital metrics, and audience and revenue shares," said Audacy Chairman, President and CEO David Field. "We look forward to a bright future, capitalizing on our best-in-class balance sheet and our scaled leadership position in the dynamic audio market, distinguished by our exclusive premium content and top positions across the country's largest markets."
2024 Sequential Revenue Acceleration
- Revenue growth of 1% in January, led by a 1% increase in Radio revenues and a 7% increase in Digital revenues.
- Strong growth in January Radio and total revenue market share.
- First quarter revenues are pacing up 1%, representing strong sequential core same-station revenue acceleration of approximately 6% over Q4.
- Q2 revenues are pacing up mid-single digits.
Emerging with Robust Balance Sheet
- As announced in its Plan of Reorganization, Audacy expects to emerge with $350 million of debt, down from $1.9 billion, which will give a strong balance sheet.
- In February, the company received $25.5 million from its sale of shares in Broadcast Music Inc. (BMI) and expects to receive an additional $13.7 million during the second quarter.
- The company completed real estate asset sales of approximately $10 million during the fourth quarter and $14 million during the first quarter.
Fourth Quarter Operating Results In Line with Expectations
- Audacy Q4 revenues were $311.6 million, down 8.9% vs. the prior year, with same-station revenues ex-political down 4.8%.
- Cash operating expenses declined 9.1% year over year.
- Q4 Radio market revenue share increased 0.4% vs. the prior year, completing a year in which the company gained Radio revenue share in all four quarters of 2023.
