Audacy was the fourth major radio player to share its 2024 Q1 earnings on Thursday, providing some positive news as the company prepares to exit Chapter 11. Net revenue rose while overall net loss greatly shrank from Q1 2023.
Net revenues closed at $261.8 million, a slight year-over-year increase from $259.6 million. Digital revenues rose by 10%, while total radio revenues saw a 2% decline. The company managed to cut its operating expenses to $262.2 million, down from $271.8 million in Q1 2023, resulting in a minimal operating loss of $0.4 million. This is a significant improvement from the $12.2 million operating loss reported in the first quarter of the previous year.
Overall net loss for the quarter stands at $1.85 million – another vast departure from Q1 2023’s $35.9 million net loss.
According to Chairman, President and CEO David Field, Audacy saw a 173% rise in EBITDA compared to the previous year, with expectations for continued EBITDA growth. Looking ahead, the second quarter is pacing up in the low single digits, with digital revenue expected to see a high teens increase.
Field also addressed the bankruptcy proceedings, which have passed court approval, but have been slowed through the FCC by Republican-backed concerns about Soros Fund Management’s $400 million Audacy debt acquisition.
Field said, “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.”
