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STINGRAY Second Quarter Highlights Revenues increased 11.1 % to $ 71.4 million from $ 64.3 million , reflecting the gradual easing of COVID - 19 restrictions , the progressive return to normal commercial operations , and an increase in advertising revenues ● ● ● ( 3 ) ● Stingray Reports Second Quarter 2022 Results ● Organic growth reached 2.5 % year - over - year in Broadcast and Recurring Commercial Music revenues ( ¹ ) , including 13.5 % in the United States Adjusted EBITDA ( ² ) decreased 17.9 % to $ 25.6 million from $ 31.2 million Cash flow from operating activities decreased 19.6 % to $ 20.4 million compared to $ 25.4 million Adjusted free cash flow ( 4 ) decreased 32.8 % to $ 15.4 million , or $ 0.21 per share , compared to $ 22.9 million or $ 0.31 per share Net debt to Pro Forma Adjusted EBITDA ( 5 ) ratio of 3.02x 455,000 shares repurchased and cancelled during the quarter for a total of $ 3.4 million 611,000 streaming subscribers , up 27 % over Q2 2021 Montreal , November 9 , 2021 - Stingray Group Inc. ( TSX : RAY.A ; RAY.B ) ( the " Corporation " ; " Stingray " ) , a leading distributor of audio and video music brands in the world , today announced its financial results for the second quarter of Fiscal 2022 , ended September 30 , 2021 . Financial Highlights ( in thousands of dollars , except per share data ) Revenues Adjusted EBITDA ( ² ) Net income NEWS RELEASE Per share - diluted ( $ ) Adjusted Net income ( ³ ) Per share - diluted ( $ ) ( ³ ) Cash flow from operating activities Adjusted free cash flow ( 4 ) Three months ended September 30 Q2-2022 Q2-2021 71,429 64,294 25,587 31,156 12,075 11,888 0.17 0.16 16,323 16,311 0.23 0.22 20,437 25,406 15,362 22,861 % 11.1 ( 17.9 ) 1.6 ( 1 ) Recurring Commercial Music revenues include subscriptions and usage in addition to fixed fees charged to our customers on a monthly , quarterly and annual basis for continuous music services and excludes credits to clients related to the COVID - 19 pandemic . Non - recurring revenues mainly include advertising , support , installation , equipment , one - time fees and discontinued operations 1 6.3 0.1 4.5 ( 19.6 ) ( 32.8 ) ( 2 ) Adjusted EBITDA is a non - IFRS measure and is defined as net income ( loss ) before net finance expense ( income ) , change in fair value of investments , income taxes , depreciation and write - off of property and equipment , depreciation of right - of - use assets , amortization of intangible assets , share - based compensation , performance and deferred share unit expense , and acquisition , legal , restructuring and other expenses ( income ) . Adjusted Net income is a non - IFRS measure and is defined as net income before change in fair value of investments , mark - to - market losses ( gains ) on derivative instruments , amortization of intangible assets , share - based compensation , performance and deferred share unit expense , and acquisition , legal , restructuring and other expenses ( income ) , net of related income taxes . ( 4 ) Adjusted free cash flow is a non - IFRS measure and is defined as cash flow from operating activities less capital expenditures , interest paid and repayment of lease liabilities , plus acquisition , legal , restructuring and other expenses ( income ) , and adjusted for unrealized gain or loss on foreign exchange and for the net change in non - cash working capital items . ( 5 ) Pro Forma Adjusted EBITDA is calculated as the Corporation's last twelve months Adjusted EBITDA , plus synergies and pro forma Adjusted EBITDA for the months prior to the acquisitions which are not already reflected in the results