Audacy: 4Q Revenue Increased 8 Percent

 

Audacy, Inc. today reported financial results for the quarter ended December 31, 2021.

David J. Field, President and Chief Executive Officer, stated: “Audacy’s fourth quarter revenues grew 8% over the prior year, 13% ex-political, led by double digit growth in both digital and spot radio.  Pandemic recovery continued as an increasing number of disrupted advertisers resumed spending.  

David Field

"In 2021, we accelerated our organizational development through a number of important strategic acquisitions, organic growth initiatives, structural improvements, and content and senior talent additions.  This was also the year in which we rebranded the company to reflect our evolution into a leading, multi-platform audio content and entertainment company with scaled audience reach and important leadership positions across the full spectrum of the dynamic, growing audio market.  Our 2021 acquisitions of Podcorn and AmperWave, plus BetQL just prior to the start of the year, are important additions to our capabilities that will fuel accelerated growth and enhance how we serve our listeners and customers.  

Audacy today is well positioned to capitalize on the exciting growth opportunities within audio at the same time as we anticipate the continuing recovery of radio ad spending.  We are off to a very good start to 2022 and our team is excited about the year ahead.”

Fourth Quarter Summary

• Net revenues for the quarter were $344.7 million, up 8% compared to $319.5 million in the fourth quarter of 2020. Excluding the impact of political advertising, fourth quarter net revenues increased 13% compared to the prior year
• Core spot revenues (local plus national excluding political) were $218.4 million, up 10% compared to the fourth quarter of 2020
• Digital revenues were $68.1 million, up 16% compared to the fourth quarter of 2020
• Total operating expenses for the quarter were $296.6 million, compared to $524.3 million in the fourth quarter of 2020, which included a non-cash impairment charge of $247.4 million
• Operating income for the quarter was $48.1 million, compared to an operating loss of $204.8 million in the fourth quarter of 2020
• Adjusted EBITDA for the quarter was $66.2 million, compared to $66.5 million in the fourth quarter of 2020

Recent Company Developments

Acquired WideOrbit Streaming. We acquired WideOrbit’s digital audio streaming and ad tech business for approximately $40 million and relaunched it as AmperWave. This acquisition gives us control of our product roadmap to deliver enhanced consumer-facing live and on demand streaming features to our 200 million monthly listeners using the cloud-based distribution and monetization platform. Since acquisition, relaunch and successful integration into the product portfolio, Audacy has begun migrating its stations to the AmperWave streaming platform. In addition to investments to accelerate key platform differentiators, the business unit has also expanded monetization offerings for current clients. 

Audacy Podcasts Topped Pundits’ 2021 Lists. Audacy’s Cadence13 and Pineapple Street Studios figured prominently on 2021 year-end/best of lists. Pineapple’s 9/12 was the most critically acclaimed podcast in the United States in 2021, and it and Welcome to Your Fantasy were both recognized as shows of the year by the New York Times, Vogue, FT, Variety, The Atlantic, Mashable, Time, Esquire, and The New Yorker.  In addition, Cadence13’s We Can Do Hard Things with Glennon Doyle was the #1 Top New Show on Apple Podcasts: Best of 2021.

Hard Rock International. We entered into a multi-faceted partnership with Hard Rock International (HRI). As part of the deal, Audacy and HRI will partner on live events at a new flagship performance space in New York City, as well as music festivals and Hard Rock Cafe events around the country and worldwide. Audacy plans to host several events at Hard Rock venues in spring 2022, including the launch of a new concert event, Leading Ladies Live, to celebrate country music’s biggest female stars and rising talent. Audacy and Hard Rock will also partner on existing festivals, including Tortuga Music Festival, in conjunction with Live Nation.