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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Audacy Inc | NYSE:AUD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0936 | 0 | 01:00:00 |
Audacy, Inc. (NYSE: AUD) today reported financial results for the quarter and year ended December 31, 2022.
Fourth Quarter Summary
Full Year Summary
David J. Field, Chairman, President and Chief Executive Officer, stated: “Having started 2022 on a great note with revenues up 14% in the first quarter, we ended the year with revenues down 0.8% in the fourth quarter as challenging ad market conditions persisted. For the full year, revenues were up 3%. Fourth quarter expenses grew 9% due to accelerated recognition of podcast expenses, but we anticipate that expenses will be up low single digits in the first quarter and fall below 2022 levels beginning in the second quarter.
We continue to vigorously execute our plan to navigate the storm and to position the company for recovery when business conditions improve. Our liquidity improved from $115 million at the end of September to $145 million at year end. With the sale earlier this month of $17 million of towers, we have now completed $73 million in non-strategic asset sales to bolster our liquidity and to support our continued compliance with our financial covenants.
We are making solid progress on our key growth drivers including our reinvented streaming audio platform, our national enterprise business development, our podcasting and digital marketing solutions businesses, and our promising ad tech and ad product roadmap.
Looking beyond the challenging current macro environment, Audacy has a strong and differentiated, scaled, competitive position in the dynamic and growing audio space and is deeply focused on continuing the work to capitalize on the opportunities and drive a healthy recovery.”
Recent Company Developments
Earnings Conference Call and Company Information
Audacy will hold a conference call and simultaneous webcast regarding the quarterly earnings release on Wednesday, March 15, 2023, at 10:00 AM Eastern Time.
To participate in the conference call, please dial (877) 407-9208 or (201) 493-6784 five minutes prior to the start of the call and provide the following conference name: Audacy, Inc. Fourth Quarter 2022 Earnings Call. Participants may also listen to a live webcast of the call by visiting https://viavid.webcasts.com/starthere.jsp?ei=1585970&tp_key=af70e5a4ce. Questions will only be taken from participants on the conference call.
A playback of the conference call will be available for one week by dialing (844) 512-2921 or (412) 317-6671 and inputting the following ID: 13734676. A webcast replay of the conference will be available shortly after the call at the above link.
Additional information is available at www.audacyinc.com.
About Audacy
Audacy, Inc. (NYSE: AUD) is a leading multi-platform audio content and entertainment company with the country’s best collection of local music, news and sports brands, a premium podcast creator, major event producer, and digital innovator. Audacy engages 200 million consumers each month, bringing people together around content that matters to them. Learn more at www.audacyinc.com, Facebook (Audacy Corp) and Twitter (@AudacyCorp).
Certain Definitions
All references to per share data, unless stated otherwise, are presented as per diluted share. All references to shares outstanding, unless stated otherwise, are presented to exclude unvested restricted stock units. All references to net debt are outstanding debt net of cash on hand.
Core Spot Revenues consist of local spot plus national spot advertising revenues less political spot advertising revenues.
Station Expenses consist of station operating expenses excluding non-cash compensation expense.
Corporate Expenses consist of corporate general and administrative expenses excluding non-cash compensation expense.
Adjusted EBITDA consists of net income (loss) available to common shareholders, adjusted to exclude: income taxes (benefit); income from discontinued operations, net of income taxes or benefit; total other income or expense; net interest expense; depreciation and amortization; time brokerage agreement fees (income); non-cash compensation expense (which is otherwise included in station operating expenses and corporate G&A expenses); refinancing expenses; impairment loss, merger and acquisition costs, restructuring and integration costs, preferred stock dividends; COVID-19 related expenses/(recoveries); non-recurring expenses/recoveries otherwise included in corporate or station expenses; change in fair value of contingent consideration; (gain) loss on early extinguishment of debt; and (gain) loss on sale or disposal.
Adjusted Free Cash Flow consists of net income (loss): (i) plus depreciation and amortization; (gain) loss on sale or disposal; non-cash compensation expense (which is otherwise included in station operating expenses and corporate general and administrative expenses); impairment loss; merger and acquisition costs; restructuring and integration costs, (gain) loss on early extinguishment of debt; COVID-19 related expenses/(recoveries); other expense/(income); non-recurring expenses/recoveries otherwise included in corporate or station expenses; change in fair value of contingent consideration; income from discontinued operations (excluding income taxes or tax benefit); amortization of deferred financing costs and debt premium included in interest expense; refinancing expenses; income taxes (benefit); Adjusted Income Taxes Paid; and Net Capital Expenditures.
Net Capital Expenditures consists of capital expenditures, including amortizable intangibles, adjusted to subtract reimbursed tenant improvement allowances.
Adjusted Income Taxes Paid consist of income tax paid, adjusted to exclude taxes paid related to the gain/loss on sale or exchange of radio station assets; and taxes paid related to the gain/loss on the sale of redundant property.
Non-GAAP Financial Measures
It is important to note that Adjusted EBITDA, Adjusted Free Cash Flow, Net Capital Expenditures and Adjusted Income Taxes Paid are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”). Management believes that these measures are useful as a way to evaluate the Company and the means for Management to evaluate our performance and operations. Management believes that these measures are useful to an investor in evaluating our performance because they are widely used in the broadcast industry.
Certain adjusted non-GAAP financial measures are presented in this release. The adjustments include, among other items as defined above, gain/loss on sale of assets, derivative instruments, and investments; non-cash compensation expense, other income, impairment loss, merger and acquisition costs, other expenses related to refinancing, and gain/loss on early extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs. Management believes these adjusted non-GAAP measures provide useful information to Management and investors by excluding certain income, expenses and gains and losses that may not be indicative of the Company’s core operating and financial results. Similarly, Management believes these adjusted measures are a useful performance measure because certain items included in the calculation of net income (loss) may either mask or exaggerate trends in the Company’s ongoing operating performance. Further, the reconciliations corresponding to these adjusted measures, by identifying the individual adjustments, provide a useful mechanism for investors to consider these adjusted measures with some or all of the identified adjustments.
Management uses these non-GAAP financial measures on an ongoing basis to help track and assess the Company's financial performance. You, however, should not consider non-GAAP measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining our operating performance that is calculated in accordance with generally accepted accounting principles. These non-GAAP measures are not necessarily comparable to similarly titled measures employed by other companies. The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this release.
Note Regarding Forward-Looking Statements
This news announcement contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon current expectations and involve certain risks and uncertainties, including the Company’s ability to regain compliance with the NYSE’s minimum price condition within the applicable cure periods. Additional information and key risks applicable to these statements are described in the Company’s reports on Forms 8-K, 10-Q and 10-K and other filings the Company makes with the Securities and Exchange Commission. All of the forward-looking statements in this press release are qualified by these cautionary statements, and actual results or developments may differ materially from those in these forward-looking statements. The Company assumes no obligation to publicly update or revise any forward-looking statements.
AUDACY, INC.
FINANCIAL DATA
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2022
2021
2022
2021
STATEMENTS OF OPERATIONS
Net Revenues
$
341,961
$
344,732
$
1,253,664
$
1,219,404
Station Expenses
283,250
256,922
1,027,197
972,792
Station Expenses - Non-Cash Compensation
301
1,127
3,290
4,181
Corporate Expenses
22,527
19,914
91,345
84,658
Corporate Expenses - Non-Cash Compensation
1,083
2,027
5,039
8,753
Depreciation And Amortization
18,331
13,548
65,786
52,238
Other expenses
214
426
688
992
Impairment Loss
468
843
180,543
2,214
Restructuring Charges
3,890
1,452
10,008
5,671
Net Gain On Sale Or Disposal
(34,509)
(4,632)
(47,737)
(8,363)
Change In Fair Value of Contingent Consideration
-
(8,802)
Refinancing Expenses
-
372
-
845
Total Operating Expenses
295,555
291,999
1,327,357
1,123,981
Operating Income (Loss)
46,406
52,733
(73,693)
95,423
Net Interest Expense
31,378
25,027
107,491
91,511
Net (Gain) Loss on Early Extinguishment of Debt
-
-
-
8,168
Other (Income) Expense
-
-
(238)
(446)
Income (Loss) Before Income Taxes
15,028
27,706
(180,946)
(3,810)
Income Taxes (Benefit)
2,878
6,296
(40,275)
(238)
Net Income (Loss)
$
12,150
$
21,410
$
(140,671)
$
(3,572)
Net Income (Loss) Per Share - Basic
$
0.09
$
0.16
$
(1.01)
$
(0.03)
Net Income (Loss) Per Share - Diluted
$
0.09
$
0.16
$
(1.01)
$
(0.03)
Dividends Declared And Paid Per Common Share
$
0.00
$
0.00
$
0.00
$
0.00
Weighted Common Shares Outstanding - Basic
138,888
136,110
138,654
135,981
Weighted Common Shares Outstanding - Diluted
138,901
138,006
138,654
135,981
SUPPLEMENTAL BREAKDOWN OF REVENUE BY TYPE
Spot (local and national)
213,643
222,127
798,006
799,687
Digital (including podcasting)
69,111
68,079
259,135
237,824
Network
23,305
22,463
89,897
84,089
Sponsorships and Events
24,350
20,297
60,074
52,319
Other
11,552
11,766
46,552
45,485
$
341,961
$
344,732
$
1,253,664
$
1,219,404
Political
$
13,148
$
3,700
$
25,336
$
9,652
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2022
2021
2022
2021
SUPPLEMENTAL BREAKDOWN OF REVENUE BY FORMAT
Music
170,623
179,239
626,461
634,941
Sports
73,813
71,158
264,306
251,021
News/Talk
51,126
52,814
199,743
195,169
Non-format specific
46,399
41,521
163,155
138,273
$
341,961
$
344,732
$
1,253,664
$
1,219,404
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Net Capital Expenditures
$
8,280
$
37,340
$
80,821
$
76,607
Adjusted Income Taxes Paid (Refunded)
$
225
$
4
$
(14,554)
$
(300)
SELECTED BALANCE SHEET DATA
December 31,
December 31,
2022
2021
Cash and Cash Equivalents
$
103,344
$
59,439
Senior Debt - Term B-2 Loan (Includes Current Portion)
$
632,415
$
632,415
Senior Debt - Revolver (Includes Current Portion)
$
180,000
$
97,727
Senior Secured Notes - 2027
$
460,000
$
470,000
Senior Secured Notes - 2029
$
540,000
$
540,000
Total Shareholders' Equity
$
520,619
$
652,205
OTHER FINANCIAL DATA
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2022
2021
2022
2021
Reconciliation Of GAAP Net Income (Loss) To Adjusted EBITDA and To Adjusted Free Cash Flow
Net Income (Loss)
$
12,150
$
21,410
$
(140,671)
$
(3,572)
Income Taxes (Benefit)
2,878
6,296
(40,275)
(238)
Net Interest Expense
31,378
25,027
107,491
91,511
Corporate Expenses - Non-Cash Compensation
1,083
2,027
5,039
8,753
Station Expenses - Non-Cash Compensation
301
1,127
3,290
4,181
Depreciation And Amortization
18,331
13,548
65,786
52,238
Other Expenses
214
426
836
992
Restructuring Charges
3,890
1,452
10,008
5,671
COVID-19 Related Expenses (Income)
104
(2,164)
584
(2,796)
Non-Recurring Expenses Otherwise Included in Corporate Expenses
40
64
1,257
5,392
Liability Management Expenses
774
-
774
-
Impairment Loss
468
843
180,543
2,214
Contingent Consideration Accretion and Remeasurements
-
433
(8,802)
1,117
Refinancing Expenses
-
372
-
845
Net (Gain) Loss On Early Extinguishment Of Debt
-
-
-
8,168
Other (Income) Expense
-
-
(238)
(446)
Net (Gain) Loss On Sale Or Disposal of Assets
(34,509)
(4,632)
(47,737)
(8,363)
Adjusted EBITDA
37,102
66,229
137,885
165,667
Net Interest Expense
(31,378)
(25,027)
(107,491)
(91,511)
Deferred Financing Costs Included In Interest Expense
1,284
2,033
5,116
5,613
Amortization Debt Premium Included In Interest Expense
(256)
(251)
(1,024)
(1,582)
Net Capital Expenditures
(8,280)
(37,340)
(80,821)
(76,607)
Adjusted Income Taxes (Paid) Refunded
(225)
(4)
14,554
300
Adjusted Free Cash Flow
$
(1,753)
$
5,640
$
(31,781)
$
1,880
View source version on businesswire.com: https://www.businesswire.com/news/home/20230314006045/en/
Investor Contacts: Joseph Jaffoni, Jennifer Neuman, Norberto Aja JCIR (212) 835-2500 AUD@jcir.com
Audacy Contact: Ashok Sinha SVP and Head of Communications (610) 822-0832 Ashok.Sinha@audacy.com
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