Spanish Broadcasting System First Quarter Revenues Rise

Q1 Up

SPANISH BROADCASTING SYSTEM consolidated net revenue for first quarter 2022 rose 64% year-over-year to $40.4 million, with radio up 75% top $38 million, 12% ahead of pre-pandemic levels, and television slipping 18% to $2.4 million. Adjusted OIBDA rose 368% to $6.68 million, with radio's share up 151% to $11.7 million, up 7% over pre-pandemic levels, and television off 58% to $1.2 million. Operating income rose from a loss of $800,000 to a gain of $5.8 million.

“Our first quarter results demonstrate the continued operating superiority of the SBS team as reflected in the performance of our leading audio, network, digital and experiential assets and the ongoing momentum in our business,” said Chairman/CEO RAÚL ALARCÓN. “We once again delivered an industry-leading performance, including radio revenue growth of 75%, adjusted OIBDA growth of 151% and operating margins far exceeding both our Spanish and English-language peers.

“We’ve started off strong in 2022 and are preparing to rollout a number of progressive audience initiatives, among which is the recent addition of our two-station ORLANDO and TAMPA duopoly, which has significantly expanded our footprint in FLORIDA, making SBS the largest Hispanic radio platform in that high-growth state. In addition to our audio division, our digital and mobile revenues are accelerating, and our live events platform is positioned to have an extraordinary year.

“Our strategic vision, operating experience and unwavering commitment to Hispanic communities nationwide will continue to drive our business, forging yet deeper connections with our highly-engaged Latino consumers and the national brands seeking to increase their market share through the penetration SBS affords to this explosive marketplace.

“As the growing social, political and economic influence of the U.S. Latino population continues to grow, so grows our confidence in the strength and resilience of our brands and talent to continue to deliver superior performance in the markets we serve.”

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