Audacy Q1 Net Revenues Rose 1% to $261.8 Million

RADIO ONLINE | Friday, May 10, 2024

Audacy

Audacy reported first quarter net revenues rose 1% to $261.8 million from $259.6 million in 2023. Total Radio revenues decreased 2% while Digital revenues increased 10%. Operating loss was $0.4 million down from an operating loss of $12.2 million. Adjusted EBITDA grew 73% to $9.6 million from $3.5 million. The company posted a net loss of $1.85 million (39 cents per diluted share) as compared to a net loss of $35.9 million (7.63) in the year-ago period.

Chairman, President and CEO David J. Field stated, "Audacy delivered a solid start to 2024 with Q1 EBITDA increasing 173% vs the prior year. Second-quarter revenues are currently pacing up low-single digits, and we expect another quarter of substantial EBITDA growth, enhanced by our continuing work on expense reductions. Our improving results are predominantly attributable to a significant acceleration in digital revenue growth, continuing meaningful revenue share gains, and declining expenses as our transformational investments bear fruit."

He added, "As previously announced, we received court approval of our consensual pre-packaged Plan of Reorganization, which will reduce our debt by 80%, and are now awaiting FCC approval to complete the process. I want to salute our team for their excellent work in driving financial and operating progress while simultaneously executing our reorganization plan, all without disruption to customers, listeners, partners, vendors or our staff."