Audacy Reports Net Revenue Increased 14%

 

Audacy, Inc. today reported financial results for the quarter ended March 31, 2022.

David Field

David J. Field, President and Chief Executive Officer, stated: “I am pleased to report that Audacy posted strong first quarter results, delivering 152% growth in Adjusted EBITDA led by double digit revenue growth in both digital and spot radio. With our scaled, leadership position across broadcasting, podcasting and digital audio and our differentiated premium content offerings, we are well positioned to drive rapid evolution and innovation across the organization to capitalize on the outstanding growth opportunities in the dynamic audio marketplace. 

"In Q1, we launched the Audacy Digital Audience Network (ADAN), an addressable aggregate of 60 million listeners across our app, streaming content, and podcast lineup, enabling precision targeting at scale coupled with real-time optimization and reporting.  We are looking forward to a number of exciting additional product and content launches and enhancements over the course of 2022 that will accelerate our audience growth and bolster our advertiser appeal.”

First Quarter Summary

• Net revenues for the quarter were $275.3 million, up 14% compared to $240.8 million in the first quarter of 2021
• Core spot revenues were $173.9 million, up 14% compared to the first quarter of 2021
• Digital revenues were $58.0 million, up 16% compared to the first quarter of 2021
• Total operating expenses for the quarter were $266.8 million, compared to $249.0 million in the first quarter of 2021
• Operating income for the quarter was $8.5 million, compared to an operating loss of $8.2 million in the first quarter of 2021
• Adjusted EBITDA for the quarter was $26.0 million, up 152% compared to $10.3 million in the first quarter of 2021