Audacy Q2 Net Revs Increased 73%, Spot Revs Up 98%

RADIO ONLINE | Friday, August 6, 2021 | 12:15pm CT

Audacy

Audacy reported second quarter net revenues grew 73% to $304.5 million from $175.8 million in 2020. Spot revenues were up 98% to $202.8 million, while digital revenues rose 41% to $58.4 million. Total operating expenses were $286.5 million, up 29% compared to $221.4 million. Operating income climbed to $17.9 million from an operating loss of $45.5 million. Adjusted EBITDA increase to $39.9 million from a loss of $20 million. The company posted a net income of $1.42 million (one cent per diluted share) as compared to a net loss of $53.8 million (40 cents) in the year-ago period.

President/CEO David J. Field stated, "I am pleased to report that Audacy accelerated its recovery from the pandemic as second quarter revenues grew 73% over the prior year, led by a 98% increase in spot radio advertising and 41% growth in digital revenues. In addition, our momentum is continuing into the third quarter as we expect that revenues will increase by about 10% sequentially from the second quarter and by about 25% compared to prior year.

"We continue to make great strides in enhancing our business and elevating our competitive position. During the second quarter, we executed a rebranding of the company as Audacy, a name that reflects our evolution into a leading, multi-platform audio content and entertainment company with scaled audience reach and an important leadership position across the full spectrum of the dynamic and growing audio market - including broadcasting, podcasting, digital, network, events, music, news and sports. Our recent acquisitions in podcasting and sports betting, as well as numerous growth investments have significantly enhanced our ability to capitalize on broader advertising trends, augment our product line and better serve our listeners and customers.

"This has been an active period of development across the company as we recently launched over 350 exclusive new stations on our Audacy digital platform, unveiled our new 2400Sports podcast studio, commenced a three-year strategic partnership with American Public Media (the creators of Marketplace), expanded our BetQL network, and announced an important partnership with Major League Baseball, making us the league's official podcast and digital audio partner. We are also pleased to note the significant acceleration in each of our digital businesses, including podcasting, digital audio, and digital marketing solutions.

"We are emerging from the pandemic as a meaningfully stronger and better positioned company with significantly enhanced growth potential and are excited by the opportunities ahead as we continue to drive innovation and development of new products, content and capabilities."