Audacy Registers 0.8% Revenue Decline In Q4 Due To Challenging Ad Market Conditions; Profits Shrink Reflecting Podcast Expenses

Audacy AUD, a multi-platform audio content and entertainment company, reported a fourth-quarter FY22 revenue decline of 0.8% year-on-year to $341.96 million, missing the consensus of $344.12 million.
Excluding political revenue, revenues for the quarter were down 4% Y/Y.
Digital revenues were $69.1 million, up 2% Y/Y.
Operating income for the quarter declined by 12% Y/Y to $46.4 million.
EPS of $0.09 beat the consensus of $0.07.
Adjusted EBITDA was $37.1 million, down 44% Y/Y
Audacy held $103.3 million in cash and equivalents and used $1.75 million in adjusted free cash flow.
Chair and CEO David J. Field stated: "Having started 2022 on a great note with revenues up 14% in the first quarter, we ended the year with revenues down 0.8% in the fourth quarter as challenging ad market conditions persisted. For the full year, revenues were up 3%. Fourth quarter expenses grew 9% due to accelerated recognition of podcast expenses, but we anticipate that expenses will be up low single digits in the first quarter and fall below 2022 levels beginning in the second quarter."
Price Action: AUD shares traded lower by 3.31% at $0.14 on the last check Wednesday.
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