Audacy has reported financial results for the quarter ended March 31, 2024.

David J. Field, Chairman, President and Chief Executive Officer, stated: “Audacy delivered a solid start to 2024 with Q1 EBITDA increasing 173% vs the prior year. Second-quarter revenues are currently pacing up low-single digits, and we expect another quarter of substantial EBITDA growth, enhanced by our continuing work on expense reductions.

Our improving results are predominantly attributable to a significant acceleration in digital revenue growth, continuing meaningful revenue share gains, and declining expenses as our transformational investments bear fruit.

As previously announced, we received court approval of our consensual pre-packaged Plan of Reorganization, which will reduce our debt by 80%, and are now awaiting FCC approval to complete the process. I want to salute our team for their excellent work in driving financial and operating progress while simultaneously executing our reorganization plan, all without disruption to customers, listeners, partners, vendors or our staff.

The Audacy team is very much looking forward to a bright future, emerging as a scaled leader in the dynamic audio market, distinguished by our best-in-class balance sheet, our top positions across the country’s largest markets, and our exclusive premium content highlighted by our unrivaled leadership in sports audio.”

First Quarter Summary

  • Net revenues for the quarter were $261.8 million, up 1% compared to $259.6 million in the first quarter of 2023
  • Total Radio revenues decreased 2% while Digital revenues increased 10%
  • Total operating expenses for the quarter were $262.2 million, which includes a gain on asset sale of $15.8 million, compared to $271.8 million in the first quarter of 2023, which included a gain on sale of $12.4 million and a non-cash impairment loss of $5.1 million
  • Cash operating expenses for the quarter were $252.2 million, down 2% compared to $256.1 million in the first quarter of 2023
  • Operating loss for the quarter was $0.4 million, compared to an operating loss of $12.2 million in the first quarter of 2023
  • Adjusted EBITDA for the quarter was $9.6 million, up 173% compared to $3.5 million in the first quarter of 2023
  • As of March 31, 2024, the Company’s liquidity, which includes restricted cash and the Company’s undrawn Accounts Receivable Facility capacity, was $131 million