Tense Earnings Call Caps Tough Audacy Q1

2

While the earnings call got noticeably chilly at times, Audacy announced they beat analysts’ forecasts for the first quarter of 2023. Audacy’s Q1 net revenue was $259.64 million, down from $279.3 million YoY, and its net loss widened to $35.9 million from $11.07 million in 2022. The decline in revenue was primarily due to a decrease in digital revenue, which fell to $56.93 million.

On the radio front, Audacy’s sports brands outperformed the music division. Local sales significantly outperformed national sales but were still down 5%.

In response to some pointed questions in the call’s Q&A, CFO Rich Schmaeling responded that costs for the last three quarters of the year are expected to decline by 4%, saving some $35 million. The prediction remained realistic, with Schmaeling admitting the company likely has a few difficult quarters ahead.

Another big change up in the air? Audacy shareholders will vote on a reverse stock split at its upcoming annual meeting, in what seems like a last ditch effort to remain on the New York Stock Exchange.

2 COMMENTS

  1. Want to hear absolute and complete incompetence by a company? Listen to the way these people get manhandled by a mediocre analyst. The board needs to get rid of everyone. TODAY. David Field couldn’t even close out the call appropriately. Get ready for Chapter 11.

  2. I hate to sound mean but I am embarrassed by how poorly this company has been guided since the CBS acquisition. Some of the best brands in contemporary broadcasting have been gutted and replaced by “boiling the ocean” ambitions and a horrible name change. I regret that I purchased stock two times – believing in the power of the local brands in larger markets. But they’ve botched that too.

LEAVE A REPLY

Please enter your comment!
Please enter your name here