Fourth Quarter Highlights Organic growth of 9.4% year-over-year in Broadcast and Recurring Commercial Music Revenues; Revenues improved 6.0% to $83.7 million from $78.9 million; Strong performance of the Radio Division with a revenue growth of 4.7% compared to last year, outperforming peers in the Canadian market; Adjusted EBITDA(1) increased 10.7% to $29.4 million from $26.6 million. Adjusted EBITDA(1) by segment was $22.7 million, or 42.5% of revenues, for Broadcasting and Commercial Music, $8.2 million, or 27.1% of revenues, for Radio and $(1.5) million for Corporate; Net loss totaled $46.3 million due to a one-time non-cash impairment of $56.1 million of the goodwill related to the Radio segment ($0.67 per share) compared to Net income of $4.4 million ($0.06 per share); Adjusted Net income(1) rose to $15.4 million ($0.22 per share) from $14.7 million ($0.21 per share); Cash flow from operating activities grew 60.7% to $44.3 million ($0.64 per share(1)) from $27.6 million ($0.40 per share(1)); Adjusted free cash flow(1) increased 2.4% to $15.3 million ($0.22 per share) from $14.9 million ($0.21 per share); Net debt to Pro Forma Adjusted EBITDA(1) ratio of 2.76x compared to 3.19x last year;  784,423 streaming subscribers, down 3.9% over Q4 2023; and Repurchased and cancelled 57,600 shares for a total of $0.4 million compared to 53,300 shares for a total of $0.3 million. Full Year Highlights Organic growth of 10.2% year-over-year in Broadcast and Recurring Commercial Music Revenues; Revenues increased 6.6% to $345.4 million from $323.9 million; Adjusted EBITDA(1) improved 10.3% to $125.9 million from $114.1 million. Adjusted EBITDA(1) by segment was $90.5 million, or 41.9% of revenues, for Broadcasting and Commercial Music, $41.5 million, or 32.0% of revenues, for Radio and $(6.1) million for Corporate; Net loss totaled $13.7 million due to a one-time non-cash impairment of $56.1 million of the goodwill related to the Radio segment ($0.20 per share) compared to Net income of $30.1 million ($0.43 per share); Adjusted Net income(1) increased to $60.3 million ($0.87 per share) from $55.2 million ($0.79 per share); Cash flow from operating activities grew 36.3% to $118.5 million ($1.72 per share(1)) from $86.9 million ($1.25 per share(1)); Adjusted free cash flow(1) rose 28.7% to $82.0 million ($1.18 per share) from $63.7 million ($0.90 per share); and Shares repurchased and cancelled of 557,500 for a total of $2.9 million compared to 786,100 shares for a total of $4.4 million. MONTREAL, June 04, 2024 (GLOBE NEWSWIRE) -- Stingray Group Inc. (TSX:RAY, RAY.B)) (the "Corporation"; "Stingray"), an industry leader in music and video content distribution, business services, and advertising solutions, announced today its financial results for the fourth quarter and fiscal year ended March 31, 2024. Financial Highlights(in thousands of Canadian dollars, except per share data) Three months endedMarch 31 Twelve months endedMarch 31   2024   2023 %   2024   2023 %   Revenues      83,665   78,931     6.0   345,428   323,944 6.6   Adjusted EBITDA(1)      29,423   26,573 10.7   125,855   114,140 10.3   Net income (loss) (46,318 ) 4,447 (1,141.6 ) (13,741 )    30,119 (145.6 ) Per share – diluted ($) (0.67 ) 0.06 (1,216.7 ) (0.20 ) 0.43 (146.5 ) Adjusted Net income(1) 15,382   14,668 4.9   60,312   55,202 9.3   Per share – diluted ($)(1) 0.22   0.21 4.8   0.87   0.79 10.1   Cash flow from operating activities 44,263   27,552 60.7   118,526   86,949 36.3   Adjusted free cash flow(1) 15,270   14,909 2.4   81,960   63,662 28.7   (1) This is a non-IFRS measure and is not a standardized financial measure. The Corporation's method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, the definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Refer to "Non-IFRS Measures" on page 5 of this news release for more information about each non-IFRS measure and refer to pages 6-7 for the reconciliations to the most directly comparable IFRS financial measures. Reporting on Stingray's fiscal 2024 and fourth quarter results, President, Co-Founder and CEO Eric Boyko stated: "We took giant strides to establish ourselves as a leader in retail media advertising, FAST channels and in-car audio entertainment during the past fiscal year, leading to robust Adjusted EBITDA of $125.9 million on revenues of $345.4 million. In the process, we expanded our share in these new segments through operational excellence. Stingray Advertising revenues, which include retail media advertising and FAST channels, grew 45.4% year-over-year against our annual growth target of 40%. For its part, in-car audio entertainment surged 60.3% during the same period. The trickle-down effect of these high-growth, high-margin businesses on profitability helped Stingray achieve a consolidated Adjusted EBITDA margin of 36.4% in 2024 versus the stated goal of 35%. Consequently, we outperformed internal expectations during the past year with most key performance indicators pointing upwards of our objectives." "Broadcasting and Commercial Music revenues increased 10.7% to $216.1 million in 2024, primarily driven by higher revenue contributions from retail media advertising and FAST channels, along with a positive foreign exchange impact. Radio revenues, meanwhile, improved 0.5% year-over-year to $129.4 million due to growth in digital and local airtime sales, partially offset by lower national airtime revenues." "In terms of our financial position, we reduced our debt level in a high interest rate environment, closing the fiscal year with a Net Debt to Pro Forma Adjusted EBITDA ratio of 2.76. We plan to further lower our leverage ratio to a sweet spot closer to 2.0-2.5 times in Fiscal 2025, which will provide us with the flexibility to invest in organic and acquisition-related growth" "Looking ahead to fiscal 2025, we will continue evangelizing the retail media advertising sector, while growing our footprint and fill rate. We also expect further growth from our FAST channel business, now supported by a quarterly run-rate of more than 40 million listening hours. In addition, we are optimistic about our in-car audio entertainment segment with four global manufacturers under contract combined with a strong pipeline ahead. Turning to our Radio segment, we should continue outperforming the industry by remaining relatively flat year-over-year. Given these growth opportunities and a stable cost base, we intend to maintain our Adjusted EBITDA margin objective or slightly improve it for 2025," Mr. Boyko concluded. Fourth Quarter ResultsRevenues in the fourth quarter increased $4.8 million, or 6.0%, to $83.7 million from $78.9 million in the fourth quarter of 2023. The growth was mainly due to an increase in FAST channel and Retail Media revenues combined with improved Radio revenues driven by higher digital and national sales. Revenues in Canada rose $2.0 million, or 4.4%, to $45.6 million from $43.6 million in the same period in 2023. The growth can mainly be attributed to an increase in Radio revenues driven by higher digital and national sales. Revenues in the United States grew $4.2 million, or 19.4%, to $26.2 million from $22.0 million in the fourth quarter of 2023. The increase is primarily due to greater FAST channel and Retail Media revenues. Revenues in Other countries decreased $1.4 million, or 10.8%, to $11.9 million from $13.3 million in Q4 2023. The year-over-year decline was mainly due to reduced in-store commercial revenues and subscription revenues. Broadcasting and Commercial Music revenues in the fourth quarter of 2024 increased $3.4 million, or 6.7%, to $53.4 million from $50.0 million in the fourth quarter of 2023. The growth was driven by greater FAST channel and Retail Media revenues. For the fourth quarter of 2024, Radio revenues grew $1.3 million, or 4.7%, to $30.2 million from $28.9 million in the same period of 2023. This increase was largely due to higher digital and national revenues. For the fourth quarter of 2024, net loss totaled $46.3 million, or $0.67 per share, compared to net income of $4.4 million, or $0.06 per share, in the fourth quarter of 2023. The difference was mainly related to a non-cash impairment charge of $56.1 million on goodwill for the Radio segment. Consolidated Adjusted EBITDA in the fourth quarter of 2024 increased $2.8 million, or 10.7%, to $29.4 million from $26.6 million in the fourth quarter of 2023. Adjusted EBITDA margin in the fourth quarter of 2024 improved to 35.2% from 33.7% in the same period last year. The increase in Adjusted EBITDA and Adjusted EBITDA margin was mainly due to higher revenues. Cash flow generated from operating activities amounted to $44.3 million in the fourth quarter of 2024 compared to $27.6 million in the fourth quarter of 2023. The increase was primarily due to a higher positive change in non-cash operating items as well as lower legal, restructuring and other costs. Adjusted free cash flow generated in the fourth quarter of 2024 totaled $15.3 million compared to $14.9 million in the same period last year. The increase was mainly related to improved operating results, mostly offset by higher income taxes paid. As of March 31, 2024, the Corporation had cash and cash equivalents of $9.6 million, subordinated debt of $25.6 million and credit facilities of $338.7 million, of which approximately $83.4 million was available. Full Year ResultsFiscal 2024 revenues increased $21.5 million, or 6.6%, to $345.4 million from $323.9 million in 2023. The growth was largely due to higher revenue contributions from retail media advertising and FAST channels, along with a positive foreign exchange impact. Net loss in fiscal 2024 totaled $13.7 million, or $0.20 per share, compared to net income of $30.1 million, or $0.43 per share, in 2023. The difference was primarily related to the impairment of goodwill in the Radio segment, partially offset by higher operating results. Adjusted EBITDA in fiscal 2024 improved $11.8 million, or 10.3%, to $125.9 million from $114.1 million in 2023. Adjusted EBITDA margin in 2024 reached 36.4% compared to 35.2% in 2023. The increase in Adjusted EBITDA and Adjusted EBITDA margin was mainly driven by higher revenues and lower variable expenses in the Broadcasting and Commercial Music segment following cost-saving initiatives implemented in fiscal 2023. Adjusted net income in fiscal 2024 amounted to $60.3 million, or $0.87 per share, compared to $55.2 million, or $0.79 per share, in 2023. The increase can mainly be attributed to higher operating results, partially offset by a greater interest expense. Declaration of DividendThe Corporation declared a dividend of $0.075 per subordinate voting share, variable subordinate voting share and multiple voting share on March 19, 2024. The dividend will be payable on or around June 15, 2024, to shareholders on record as of May 31, 2024. The Corporation's dividend policy is at the discretion of the Board of Directors and may vary depending upon, among other things, our available cash flow, results of operations, financial condition, business growth opportunities and other factors that the Board of Directors may deem relevant. The dividends paid are designated as "eligible" dividends for the purposes of the Income Tax Act (Canada) and any corresponding provisions of provincial and territorial tax legislation. Business Highlights and Subsequent Events On May 2, 2024, the Corporation announced its partnership with Virgin Media O2, introducing two of its highly acclaimed free ad-supported streaming (FAST) TV channels, ZenLIFE and Qello Concerts, to Virgin TV's expansive customer base. On April 17, 2024, the Corporation announced the launch of new channels on Samsung TV Plus. This rollout introduces Qello Concerts by Stingray, ZenLIFE by Stingray and Stingray Classica to users in Mexico and Brazil, further expanding Stingray's reach in Latin America and providing audiences with a rich selection of video channels tailored to diverse tastes and preferences. On April 2, 2024, the Corporation announced the introduction of ZenLIFE, a rich digital wellness resource, now available as an add-on subscription on Prime Video via Prime Video Channels in the United States. Customers can explore an extensive selection of high-quality 4K wellness content, featuring relaxation and meditation guides, sleep-enhancing videos, and breathtaking nature scenes. On March 20, 2024, the Corporation announced the launch of Stingray All Good Vibes channels with Amazon's Prime ...