Audacy Revenue Up, Loss Narrows For First Quarter 2022

Financial Results

AUDACY first quarter 2022 net revenues rose 14% year-over-year to $275.3 million, still lower than the partially-pandemic-affected $297 million in 2020. Core spot revenues rose 14% from 2021's level to $173.9 million, while digital revenues rose 16% to $58 million. Net loss narrowed from $21.6 million to $11.1 million (-16 to -8 cents/basic and diluted share).

Pres./CEO DAVID FIELD noted the company/s 152% growth in Adjusted EBITDA and added, "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.”

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