Following court approval of its pre-packaged Plan of Reorganization on February 20, Audacy is sharing a look into its financial status, including an upturn to kick off the new year. The broadcaster had been tight-lipped about recent performance, foregoing earnings calls since Q1 with only required SEC disclosures.
The first bright spot for Audacy comes as the company anticipates FCC approval on its Chapter 11 restructuring and intends to submit its 2023 10-K later this month. Pending that FCC okay, Audacy is looking at a significantly reduced debt level – from $1.9 billion to $350 million.
January saw a 1% revenue growth, propelled by increases in both Radio and Digital segments. The first quarter is pacing up 1%, showing a substantial sequential acceleration in revenue compared to the fourth quarter. The second quarter’s revenue is expected to grow in the mid-single digits.
The company’s balance sheet acquired additional strength from its Broadcast Music Inc. shares following BMI’s sale to New Mountain Capital, real estate asset sales, and a substantial reduction in operating expenses. Audacy also reported a 0.4% increase in Q4 Radio market revenue share, continuing a trend of market share gains throughout 2023.
The company is also boasting its highest A25-54 market shares since January 2019 and has recorded 14 months of double-digit unique listener growth in streaming, led by a strong presence in sports podcasting.
The company’s podcast division has renewed popular titles and formed new partnerships, with Audacy Podcasts receiving notable mentions in various “Best of 2023” lists.
While rumors and questions remain over what the final leadership structure will be post-reorganization, Audacy appears to be making positive strides to shake off many of its financial woes.
Audacy Chairman, President, and CEO David Field said, “Audacy is off to a strong start in 2024, driving accelerated financial and operating performance, including solid early growth in revenues, key digital metrics, and audience and revenue shares. We look forward to a bright future, capitalizing on our best-in-class balance sheet and our scaled leadership position in the dynamic audio market, distinguished by our exclusive premium content and top positions across the country’s largest markets.”
