Latest news with #StingrayGroupInc
Yahoo
a day ago
- Business
- Yahoo
Stingray Group Inc (STGYF) Q4 2025 Earnings Call Highlights: Strong Revenue Growth and ...
Revenue: $96 million in Q4 2025, up 14.8% from $82.7 million in Q4 2024. Canadian Revenue: Increased 2.7% to $46.8 million in Q4 2025. U.S. Revenue: Grew 45% year over year to $38 million in Q4 2025. Other Countries Revenue: Decreased 5.5% to $11.2 million in Q4 2025. Broadcasting and Commercial Music Revenue: Increased 20.9% to $64.6 million in Q4 2025. Radio Revenue: Improved 3.9% to $31.4 million in Q4 2025. Adjusted EBITDA: Rose 19% to $35 million in Q4 2025. Adjusted EBITDA Margin: Reached 36.5% in Q4 2025, up from 35.2% in Q4 2024. Net Income: $7.7 million or $0.11 per share in Q4 2025, compared to a net loss of $46.3 million or $0.67 per share in Q4 2024. Adjusted Net Income: $18.6 million or $0.27 per share in Q4 2025, compared to $15.4 million or $0.22 per share in Q4 2024. Cash Flow from Operating Activities: $39.7 million in Q4 2025, down from $44.3 million in Q4 2024. Adjusted Free Cash Flow: $18.4 million in Q4 2025, up from $15.6 million in Q4 2024. Net Debt: $327.4 million at the end of Q4 2025, down $27.3 million from Q4 2024. Net Debt to Adjusted EBITDA Ratio: Improved to 2.28 times at the end of Q4 2025. Share Buyback: 1.2 million shares repurchased in fiscal 2025, including 275,000 shares in Q4. Dividend Payments: $20.5 million during fiscal 2025. Warning! GuruFocus has detected 6 Warning Signs with STGYF. Release Date: June 11, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Advertising revenues from the broadcast and recurring commercial music segment increased by more than 45% for the second consecutive year. Stingray Group Inc (STGYF) launched new channels like Cozy Cafe, Movie Music, Stargaze, and Cityscapes, positioning itself as a leading global supplier of musical and NBN channels for connected TVs. The company achieved double-digit organic growth for the second straight year, with a 12.3% year-over-year increase in fiscal 2025. Net debt was reduced by more than $27 million, closing the year with a net debt to pro forma adjusted EBITDA ratio of 2.28. Broadcasting and commercial music revenues increased by 17.8% to $254 million in fiscal 2025, driven by higher fast channel revenues and positive foreign exchange impacts. Revenues in other countries decreased by 5.5% to $11.2 million in the most recent quarter, mainly due to lower commercial revenues. The adjusted EBITDA margin was partially offset by greater variable expenses related to higher salaries. Corporate adjusted EBITDA amounted to a negative $1.7 million in Q4 2025 compared to a negative $1.5 million in Q4 2024. Cash flow from operating activities declined to $39.7 million in Q4 2025 from $44.3 million in Q4 2024, primarily due to a foreign exchange loss and higher income taxes paid. The company is facing challenges in the retail media segment, requiring significant effort to evangelize the market and improve data reporting for advertisers. Q: Can you provide insights into your expectations for fiscal 2026, particularly regarding fast channel revenues and retail media ad growth? A: Eric Boyko, President and CEO, stated that they anticipate fast channel and retail media ad growth to remain above 40% in fiscal 2026. The company is launching more channels and expanding partnerships, which is expected to significantly contribute to revenue growth. The introduction of a premium advertising network for backfilling unsold inventory is also seen as a potential game-changer, potentially doubling the size of their fast channel revenues. Q: Are you seeing any competitive threats in the fast channel space, and how diversified are your platform partnerships? A: Eric Boyko mentioned that Stingray remains the only audio music partner with their current platforms and has a strong position in the ambiance channel space. They are launching more channels and expanding partnerships with major platforms like Vizio, Roku, and LG. The market is large, with traditional TV advertising shifting to fast channels, and Stingray is well-positioned to capture this growth. Q: Can you elaborate on the impact of backfilling on your margins and revenue recognition? A: Eric Boyko explained that when partners sell ads, revenues are recognized on a net basis, resulting in higher margins. When Stingray sells ads, revenues are reported gross, with a typical 50/50 revenue share with partners, resulting in a gross margin of around 40%. Despite this, they are confident in maintaining a 42% EBITDA margin for 2026. Q: What are your plans regarding M&A, and how do you intend to finance potential acquisitions? A: Eric Boyko indicated that they are focused on acquisitions in growth areas like fast channels and programmatic sales. They aim to maintain a net debt to EBITDA ratio below 3 times and prefer not to issue equity due to high free cash flow yields. The company is in a strong position to finance acquisitions through existing cash flow and debt facilities. Q: How is the connected car segment progressing, and what are your expectations for its contribution to revenue? A: Eric Boyko noted that the connected car segment is a long-term project, with significant discussions underway with global car manufacturers. They expect to reach eight-digit revenues in this segment, although it remains smaller compared to advertising. The company is optimistic about the potential of karaoke and other features in cars. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
30-04-2025
- Business
- Globe and Mail
Stingray to Release its Financial Results for the Fourth Quarter of Fiscal 2025
MONTREAL, April 30, 2025 (GLOBE NEWSWIRE) -- Stingray Group Inc. (TSX: RAY.A; RAY.B) will release its financial results for the fourth quarter ended March 31, 2025, on Tuesday, June 10, 2025, after the markets close. Management will hold a conference call to discuss the financial results the next day, June 11, 2025, at 10:00 a.m. Eastern Time. Details of the Conference Call Via the internet at Via telephone: (+1) 800-717-1738, Montreal (+1) 514-400-3792, Toronto (+1) 289-514-5100 or New-York (+1) 646-307-1865 Conference Call Rebroadcast A rebroadcast of the conference call will be available until midnight, July 11, 2025, by dialing (+1) 888-660-6264, Toronto (+1) 289-819-1325 or New York (+1) 646-517-3975 and entering passcode 11999. About Stingray Stingray (TSX: RAY.A; RAY.B), a global music, media, and technology company, is an industry leader in TV broadcasting, streaming, radio, business services, and advertising. Stingray provides an array of music, digital, and advertising services to enterprise brands worldwide, including audio and video channels, over 100 radio stations, subscription video-on-demand content, FAST channels, karaoke products and music apps, and in-car and on-board infotainment content. Stingray Business, a division of Stingray, provides commercial solutions in music, in-store advertising solutions, digital signage, and AI-driven consumer insights and feedback. Stingray Advertising is North America's largest retail audio advertising network, delivering digital audio messaging to more than 30,000 major retail locations. Stingray has close to 1,000 employees worldwide and reaches 540 million consumers in 160 countries. For more information, visit
Bloomberg
11-04-2025
- Business
- Bloomberg
Canada Tech CEOs Urge ‘Real Debate' on Economy Ahead of Vote
Canadian technology leaders are calling for a 'real debate' about the country's economic future when party leaders discuss their views on stage next week. 'For too long, Canadian government leaders have prioritized short-term economic interests and photo ops over investment into Canada's economic well-being,' reads a letter signed by 150 chief executive officers including Coveo Solutions Inc.'s Louis Têtu, Stingray Group Inc. 's Eric Boyko and Lightspeed Commerce Inc. 's Dax Dasilva.
Yahoo
08-02-2025
- Business
- Yahoo
Stingray Group's (TSE:RAY.A) Dividend Will Be CA$0.075
The board of Stingray Group Inc. (TSE:RAY.A) has announced that it will pay a dividend of CA$0.075 per share on the 14th of March. This payment means that the dividend yield will be 3.5%, which is around the industry average. See our latest analysis for Stingray Group We aren't too impressed by dividend yields unless they can be sustained over time. Even though Stingray Group isn't generating a profit, it is generating healthy free cash flows that easily cover the dividend. We generally think that cash flow is more important than accounting measures of profit, so we are fairly comfortable with the dividend at this level. According to analysts, EPS should be several times higher next year. If the dividend extends its recent trend, estimates say the dividend could reach 11%, which we would be comfortable to see continuing. Even though the company has been paying a consistent dividend for a while, we would like to see a few more years before we feel comfortable relying on it. Since 2016, the dividend has gone from CA$0.12 total annually to CA$0.30. This implies that the company grew its distributions at a yearly rate of about 11% over that duration. Stingray Group has been growing its dividend quite rapidly, which is exciting. However, the short payment history makes us question whether this performance will persist across a full market cycle. The company's investors will be pleased to have been receiving dividend income for some time. Let's not jump to conclusions as things might not be as good as they appear on the surface. Stingray Group's EPS has fallen by approximately 22% per year during the past five years. Such rapid declines definitely have the potential to constrain dividend payments if the trend continues into the future. On the bright side, earnings are predicted to gain some ground over the next year, but until this turns into a pattern we wouldn't be feeling too comfortable. Overall, we don't think this company makes a great dividend stock, even though the dividend wasn't cut this year. The company is generating plenty of cash, which could maintain the dividend for a while, but the track record hasn't been great. We would probably look elsewhere for an income investment. Market movements attest to how highly valued a consistent dividend policy is compared to one which is more unpredictable. At the same time, there are other factors our readers should be conscious of before pouring capital into a stock. For instance, we've picked out 3 warning signs for Stingray Group that investors should take into consideration. Looking for more high-yielding dividend ideas? Try our collection of strong dividend payers. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Yahoo
04-02-2025
- Business
- Yahoo
Stingray Reports Third Quarter Results for Fiscal 2025
Exceeds expectations with strong adjusted EBITDA¹ and reaches record revenues Revenues increased 7.9% to $108.2 million in the third quarter of 2025 from $100.3 million in the third quarter of 2024; Organic growth of 3.5% year-over-year in Broadcast and Recurring Commercial Music Revenues largely driven by FAST channel sales; Adjusted EBITDA(1) improved 9.0% to $42.1 million in the third quarter of 2025 from $38.6 million in the third quarter of 2024. Adjusted EBITDA by segment was $31.6 million or 43.7% of revenues for Broadcasting and Commercial Music, $12.5 million or 34.8% of revenues for Radio, and $(2.0) million for Corporate; Net income totaled $15.7 million, or $0.23 per share(1), in the third quarter of 2025 compared to $9.1 million, or $0.13 per share(1), in the third quarter of 2024; Adjusted Net income(1) amounted to $23.4 million, or $0.34 per share(1), in the third quarter of 2025 compared to $18.5 million, or $0.27 per share(1), in the same period last year; Cash flow from operating activities increased 14.5% to $35.4 million, or $0.51 per share(1), in the third quarter of 2025 from $30.9 million, or $0.45 per share(1), in the third quarter of 2024; Adjusted free cash flow(1) decreased 10.9% to $28.6 million, or $0.42 per share(1), in the third quarter of 2025 from $32.1 million, or $0.47 per share(1), in the third quarter of 2024; Net debt to Pro Forma Adjusted EBITDA(1) ratio dropped at 2.54x in the third quarter of 2025 compared to 2.99x in the same period in 2024; and Repurchased and cancelled 271,200 shares for a total of $2.0 million in the third quarter of 2025 compared to 372,400 shares for a total of $1.9 million in the third quarter of 2024. MONTREAL, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Stingray Group Inc. (TSX: RAY.A; RAY.B) (the 'Corporation'; 'Stingray'), an industry leader in music and video content distribution, business services, and advertising solutions, announced today its financial results for the third quarter of fiscal 2025 ended December 31, 2024. Financial Highlights(in thousands of Canadian dollars, except per share data) Three months endedDecember 31 Nine months ended December 31 2025 2024 % 2025 2024 % Revenues 108,228 100,278 7.9 290,883 261,763 11.1 Adjusted EBITDA(1) 42,108 38,648 9.0 107,172 96,432 11.1 Net income 15,677 9,070 72.9 28,785 32,577 (11.6) Per share – diluted ($) 0.23 0.13 76.9 0.42 0.47 (10.6) Adjusted Net income(1) 23,424 18,483 26.7 54,086 44,930 20.4 Per share – diluted ($) 0.34 0.27 25.9 0.78 0.65 20.0 Cash flow from operating activities 35,387 30,902 14.5 65,320 74,263 (12.0) Adjusted free cash flow(1) 28,636 32,146 (10.9) 65,201 65,170 0.0 (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 pages 6-7 for the reconciliations to the most directly comparable IFRS financial measures. Reporting on third quarter results for fiscal 2025, Stingray's President, co-founder and CEO Eric Boyko stated: 'We continued to outperform Street expectations in the third quarter of fiscal 2025 with record adjusted EBITDA of $42.1 million on unprecedented revenues of $108.2 million. These outstanding financial results were mainly driven by ongoing strength in our FAST channel business, which has benefited from a pilot project with TV manufacturer VIZIO. Robust FAST channel revenue contributions, higher equipment and installation sales related to digital signage, and improved Radio revenues were the primary drivers behind revenue growth year-over-year. 'Looking ahead, we intend to enhance the monetization of our audio retail media network, which boasts more than 30,000 locations across North America, by optimizing pricing on measurable data, adding sales staff and channels to improve the sell-out rate of our current inventory, maximizing the number of ads per hour for retailers, and expanding our footprint. We also have created a complementary revenue stream by deploying in-store video advertising in 600 Metro banners throughout the province of Quebec with additional deployments at affiliated Jean Coutu and Brunet drugstores planned for the upcoming year. Consequently, retail media advertising remains a key growth vector for Stingray in 2025 and beyond. 'On the in-car entertainment front, we delivered incremental sales growth in the third quarter with Stingray Karaoke's 100,000 song catalogue increasingly becoming the default, value-added service for connected cars on a global basis. In partnership with BYD and The Singing Machine, we also announced the launch of a multi-featured microphone for the automobile manufacturer's fleet of new energy vehicles, fully compatible with our updated karaoke application. 'Altogether, revenues for our Broadcasting and Commercial Music business increased 10.0% to $72.2 million in the third quarter of 2025, while Radio revenues, supported by strong digital share gains, rose 4.0% to $36.0 million. 'Finally, I am pleased to report that we recently secured an additional $80 million in financing from a banking syndicate to pursue growth opportunities. The refinancing consists of a $500 million revolving credit facility maturing in December 2028. This new borrowing agreement provides additional liquidity for our working capital and greater flexibility to explore strategic acquisitions,' Mr. Boyko concluded. Third Quarter Results Revenues increased $7.9 million, or 7.9%, to $108.2 million in Q3 2025 from $100.3 million in Q3 2024. The year-over-year growth was mainly driven by increases in FAST channel revenues, higher equipment and installation sales related to digital signage, and greater Radio revenues. These factors were partially offset by lower retail media advertising sales driven by a one-time large order last year. For the quarter, revenues in Canada rose $3.2 million, or 6.2%, to $54.2 million from $51.0 million in Q3 2024. The growth reflects enhanced equipment and installation sales related to digital signage and improved Radio revenues. Revenues in the United States grew $5.2 million, or 14.1%, to $42.3 million in Q3 2025 from $37.1 million in Q3 2024. The increase can largely be attributed to higher FAST channel sales. Revenues in Other countries decreased $0.5 million, or 3.7%, to $11.7 million in Q3 2025 from $12.2 million in Q3 2024. The decline was mainly due to reduced subscription revenues. Broadcasting and Commercial Music revenues increased $6.5 million, or 10.0%, to $72.2 million in Q3 2025 from $65.7 million in Q3 2024. The growth was primarily due to higher FAST channel revenues and greater equipment and installation sales related to digital signage. Radio revenues improved $1.4 million, or 4.0%, year-over-year to $36.0 million in Q3 2025 on higher digital advertising sales, partially offset by lower national airtime revenues. Consolidated Adjusted EBITDA(1) grew $3.5 million, or 9.0%, to $42.1 million in Q3 2025 from $38.6 million in Q3 2024. Adjusted EBITDA margin(1) reached 38.9% in Q3 2025 compared to 38.5% in the same period in 2024. The increases in Adjusted EBITDA(1) and Adjusted EBITDA margin(1) were mainly due to higher revenues as variable expenses remained relatively stable year-over-year and to a change in product mix. Net income totaled $15.7 million, or $0.23 per share, in Q3 2025 compared to $9.1 million, or $0.13 per share, in Q3 2024. The increase was mainly due to higher operating results and a lower unrealized loss on derivative financial instruments. Adjusted net income(1) reached $23.4 million, or $0.34 per share, in Q3 2025 compared to $18.5 million, or $0.27 per share, in the same period of 2024. The increase can primarily be attributed to higher operating results. Cash flow from operating activities totaled $35.4 million in Q3 2025 compared to $30.9 million in Q3 2024. The year-over-year improvement was mainly caused by a lower negative net change in non-cash operating items and higher operating results. These factors were partially offset by a non-recurring recovery of income taxes attributable to the Radio segment in the comparable period in 2024. Adjusted free cash flow(1) amounted to $28.6 million in Q3 2025 compared to $32.1 million in the same period of 2024. The decrease was mainly due to a non-recurring recovery of income taxes attributable to the Radio segment in the comparable period in 2024, partially offset by higher operating results. As at December 31, 2024, the Corporation had cash and cash equivalents of $19.3 million and a credit facility of $370.8 million, of which $127.2 million was available. The Net Debt to Pro Forma Adjusted EBITDA ratio(1) stood at 2.54x as at December 31, 2024 compared to 2.99x as at December 31, 2023. Declaration of DividendOn February 4, 2025, the Corporation declared a dividend of $0.075 per subordinate voting share, variable subordinate voting share and multiple voting share. The dividend will be payable on or around March 14, 2025, to shareholders on record as of February 28, 2025. 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 January 20, 2025, the Corporation announced the launch of five video channels on the ScreenHits TV in-car entertainment platform, available in Renault Grand Koleos, Nio and Porsche (Cayenne, Taycan, Panamera and 911) vehicles with upcoming plans for a worldwide release. On January 9, 2025, the Corporation announced that Samsung TV Karaoke, powered by the Stingray Karaoke app, has received the CES Innovation Award 2025 in the Content & Entertainment category. This award celebrates the innovative integration of the Stingray Karaoke app with Samsung's 2025 TVs, providing an exceptional karaoke experience directly in consumers' living rooms. On December 23, 2024, the Corporation announced the acquisition of Loupe Art, a leading visual art streaming service on Smart TVs and Digital Signage. This strategic acquisition aims to expand Stingray's presence on Connected TVs and significantly enhance its offering for businesses, particularly in digital signage. On December 18, 2024, the Corporation announced that EarthDay 365 has launched on The Roku Channel, the home of free ad-supported streaming television on Roku, offering viewers a dedicated space to explore and celebrate the wonders of our planet. On December 17, 2024, the Corporation announced the launch of its diverse range of channels on LiveTVx by Anoki, an innovative AI-driven FAST (Free Ad-Supported Streaming Television) service integrated natively with Google TV. On December 16, 2024, the Corporation announced its partnership with Sony Honda Mobility Inc. (SHM) to expand its in-car entertainment services. Through this partnership, AFEELA customers will be able to use Stingray Karaoke and enjoy in-car karaoke services. On December 11, 2024, the Corporation announced the expansion of its retail media network with the introduction of video advertising across METRO food and pharmacy banners. This new offering enhances the existing in-store audio advertising partnership, providing brands with a dynamic platform to engage and convert shoppers through digital signage. On December 10, 2024, the Corporation announced its sales and content provisioning agreement with K2 Studios to operate and distribute the EarthDay 365 channel. This business collaboration will deliver a captivating mix of nature, conservation and science content to audiences worldwide through all of Stingray's branded services, including Free Ad-Supported Television (FAST) and Advertising Video on Demand (AVOD) platforms. On December 9, 2024, the Corporation announced that it successfully completed the increase and extension of its existing credit facility, providing additional liquidity for operations and M&A activities. The refinancing consists of a $500 million revolving credit facility maturing in December 2028. On December 2, 2024, the Corporation announced a groundbreaking content partnership with HYBE, a global entertainment lifestyle platform company. Qello Concerts by Stingray, renowned for offering the world's largest collection of full-length concerts and music documentaries, will feature 11 spectacular live concerts and documentaries showcasing BTS and SEVENTEEN, available across North America and Latin America starting this December. On November 20, 2024, the Corporation announced the launch of seven new free ad-supported streaming TV (FAST) channels now available for Xfinity customers to enjoy on X1 and the Xfinity Stream app. On November 19, 2024, the Corporation announced the launch of three new Stingray Music channels on The Roku Channel in Mexico. This expansion brings the vibrant sounds of Stingray Classic Rock, Stingray Greatest Hits, and Stingray Greatest Holiday Hits to music lovers across the country. On November 14, 2024, the Corporation and Singing Machine announced a Karaoke Microphone Partnership with BYD. This karaoke partnership will provide fully-featured karaoke microphones and a major update to Stingray Karaoke for BYD vehicles globally. On November 12, 2024, the Corporation announced the launch of Ro-Karaoke, an immersive virtual karaoke experience on Roblox, the global immersive gaming and creation platform. Conference CallStingray will hold a conference call tomorrow, February 5, 2025, at 10:00 AM (ET), to review its financial results. Interested parties can join the call by dialing 514-400-3792 (Montreal) or 1-800-717-1738 (toll free). A rebroadcast of the conference call will be available until midnight, March 5, 2025, by dialing 289-819-1325 or 888-660-6264 and entering the passcode 97537. About StingrayStingray (TSX: RAY.A; RAY.B), a global music, media, and technology company, is an industry leader in TV broadcasting, streaming, radio, business services, and advertising. Stingray provides an array of global music, digital, and advertising services to enterprise brands worldwide, including audio and video channels, over 100 radio stations, subscription video-on-demand content, FAST channels, karaoke products and music apps, and in-car and on-board infotainment content. Stingray Business, a division of Stingray, provides commercial solutions in music, in-store advertising solutions, digital signage, and AI-driven consumer insights and feedback. Stingray Advertising is North America's largest retail audio advertising network, delivering digital audio messaging to more than 30,000 major retail locations. Stingray has close to 1,000 employees worldwide and reaches 540 million consumers in 160 countries. For more information, visit Forward-Looking InformationThis news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, information with respect to Stingray's goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray's control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray's Annual Information Form for the year ended March 31, 2024, which is available on SEDAR at Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray's business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law. Non-IFRS MeasuresThe Corporation believes that Adjusted EBITDA and Adjusted EBITDA margin are important measures when analyzing its operating profitability without being influenced by financing decisions, non-cash items and income taxes strategies. Comparison with peers is also easier as companies rarely have the same capital and financing structure. The Corporation believes that Adjusted Net income and Adjusted Net income per share are important measures as it shows stable results from its operation which allows users of the financial statements to better assess the trend in the profitability of the business. The Corporation believes that Adjusted free cash flow and Adjusted free cash flow per share are important measures when assessing the amount of cash generated after accounting for capital expenditures and non-core charges. It demonstrates cash available to make business acquisitions, pay dividend and reduce debt. The Corporation believes that Net debt and Net debt to Pro Forma Adjusted EBITDA are important to analyse the company's debt repayment capacity on an annualized basis, taking into consideration the annualized adjusted EBITDA of acquisitions made during the last twelve months. Each of these non-IFRS financial measures is not an earnings or cash flow measure recognized by International Financial Reporting Standards (IFRS) and does not have a standardized meaning prescribed by IFRS. This method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, our definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as an alternative to net income determined in accordance with IFRS as indicators of our performance or to cash flows from operating activities as measures of liquidity and cash flows. Reconciliation of Net income to Adjusted EBITDA, Adjusted Net income, LTM Adjusted EBITDA and Pro Forma Adjusted EBITDA 3 months 9 months (in thousands of Canadian dollars) Dec. 31,2024Q3 2025 Dec. 31, 2023Q3 2024 Dec. 31,2024YTD 2025 Dec. 31, 2023YTD 2024 Net income 15,677 9,070 28,785 32,577 Net finance expense (income) 11,639 15,159 32,900 25,147 Change in fair value of investments (43 ) 103 (56 ) 124 Income taxes 4,025 3,186 10,005 12,391 Depreciation and write-off of property and equipment 2,104 2,401 6,149 7,159 Depreciation of right-of-use assets 850 1,074 3,077 3,228 Amortization of intangible assets 5,098 4,003 13,468 13,247 Share-based compensation 62 121 298 342 Performance and deferred share unit expense 1,942 2,747 4,541 2,130 Share of results of investments in associates (gain) loss (288 ) 509 3,591 1,520 Acquisition, legal, restructuring and other expenses 1,042 275 4,414 (1,433 ) Adjusted EBITDA 42,108 38,648 107,172 96,432 Adjusted EBITDA margin 38.9% 38.5% 36.8% 36.8% Net income 15,677 9,070 28,785 32,577 Adjusted for: Unrealized loss (gain) on derivative instruments 2,770 5,056 8,257 821 Amortization of intangible assets 5,098 4,003 13,468 13,247 Change in fair value of investments (43 ) 103 (56 ) 124 Share-based compensation 62 121 298 342 Performance and deferred share unit expense 1,942 2,747 4,541 2,130 Share of results of investments in associates (gain) loss (288 ) 509 3,591 1,520 Acquisition, legal, restructuring and other expenses 1,042 275 4,414 (1,433 ) Income taxes related to change in fair value of investments, share-based compensation, performance and deferred share unit expense, amortization of intangible assets, change in fair value of derivative financial instruments and acquisition, legal, restructuring and other expenses (2,836 ) (3,401 ) (9,212 ) (4,398 ) Adjusted Net income 23,424 18,483 54,086 44,930 Average number of shares outstanding (diluted) 68,742 69,068 68,978 69,282 Adjusted Net income per share (diluted) 0.34 0.27 0.78 0.65 (in thousands of Canadian dollars) December 31, 2024 December 31,2023 March 31,2024 LTM Adjusted EBITDA 136,595 123,005 125,855 Permanent cost-saving initiatives 1,332 4,459 2,758 Adjusted EBITDA for the months prior to the business acquisition of The Coda Collection which are not already reflected in the results 299 - - Pro Forma Adjusted EBITDA 138,226 127,464 128,613 Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow 3 months 9 months (in thousands of Canadian dollars) Dec. 31,2024Q3 2025 Dec. 31,2023Q3 2024 Dec. 31,2024YTD 2025 Dec. 31,2023YTD 2024 Cash flow from operating activities 35,387 30,902 65,320 74,263 Add / Less : Acquisition of property and equipment (1,765 ) (1,742 ) (5,137 ) (5,461 ) Acquisition of intangible assets other than internally developed intangible assets (848 ) (256 ) (1,497 ) (876 ) Addition to internally developed intangible assets (1,263 ) (1,279 ) (3,813 ) (3,853 ) Interest paid (6,159 ) (6,620 ) (18,494 ) (19,286 ) Repayment of lease liabilities (1,025 ) (997 ) (3,341 ) (3,422 ) Net change in non-cash operating working capital items 1,076 9,500 23,757 23,644 Unrealized loss (gains) on foreign exchange 2,191 2,363 3,992 1,594 Acquisition, legal, restructuring and other expenses 1,042 275 4,414 (1,433 ) Adjusted free cash flow 28,636 32,146 65,201 65,170 Average number of shares outstanding (diluted) 68,742 69,068 68,978 69,282 Adjusted free cash flow per share (diluted) 0.42 0.47 0.95 0.94 Calculation of Net Debt and Net Debt to Pro Forma Adjusted EBITDA Ratio (in thousands of Canadian dollars) December 31, 2024 December 31, 2023 March 31,2024 Credit facilities 370,826 362,902 338,712 Subordinated debt – 25,577 25,579 Cash and cash equivalents (19,253 ) (6,991 ) (9,606 ) Net debt 351,573 381,488 354,685 Net debt to Pro Forma Adjusted EBITDA 2.54 2.99 2.76 Note to readers: Consolidated financial statements and Management's Discussion & Analysis of Operating Results and Financial Position are available on the Corporation's website at and on SEDAR+ at Contact InformationMathieu Péloquin Senior Vice-President, Marketing and Communications Stingray (514) 664-1244, ext. 2362 mpeloquin@
