Audacy Reports Third Quarter Results
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Jeudi, novembre 9, 2023
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Audacy, Inc. (OTC: AUDA) today reported financial results for the quarter ended September 30, 2023.
Key Points:
- Audacy, Inc. (OTC: AUDA) today reported financial results for the quarter ended September 30, 2023.
- Net revenues for the quarter were $299.2 million, down 5.6% compared to $317.0 million in the third quarter of 2022
Digital revenues were $64.8 million, up 3% compared to the third quarter of 2022
Total operating expenses for the quarter were $580.8 million, which includes a non-cash impairment loss of $272.7 million, compared to $468.8 million in the third quarter of 2022, which included a gain on sale of $10.7 million and a non-cash impairment loss of $176.8 million
Cash operating expenses for the quarter were $276.1 million, down 2% compared to $280.6 million in the third quarter of 2022
Operating loss for the quarter was $281.7 million, compared to $151.9 million in the third quarter of 2022
Adjusted EBITDA for the quarter was $23.0 million, compared to $36.3 million in the third quarter of 2022
David J. - We gained revenue share in the quarter, most significantly in radio in which we have achieved accelerating share growth since the start of the year.
- Fourth quarter is currently pacing down 9% on an as reported basis and down 4% on a same-station, ex-political basis.