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Audacy, Inc.(AUDA), a prominent radio br oadcasting company, has released its unaudited condensed consolidated financial statements for the first quarter ended March 31, 2023. The company reported a net loss of $35.9 million for the quarter, along with net revenues amounting to $259.6 million.
Net Income/Loss
During the first quarter of 2023, Audacy, Inc. experienced a net loss of $35.9 million. This figure reflects the company's overall financial performance for the three-month period and the various factors that influenced its operating results.
Revenue
The company generated net revenues of $259.6 million during the first quarter of 2023. This revenue figure represents the total income generated from its core radio broadcasting operations and other related activities during the specified period.
Financial Overview
The company's financial position as of March 31, 2023, showcases total assets amounting to $3.23 billion. This includes cash, accounts receivable, investments, net property and equipment, operating lease assets, radio broadcasting licenses, goodwill, and other assets. The company's current assets stood at $394.5 million, while its long-term assets accounted for $2.84 billion.
On the liabilities side, Audacy, Inc. reported total liabilities of $2.74 billion as of March 31, 2023. These include accounts payable, accrued expenses, other current liabilities, operating lease liabilities, and net deferred tax liabilities. Additionally, the company stated $1.88 billion in long-term debt and other long-term liabilities.
Despite facing challenges during the first quarter of 2023, Audacy, Inc. remains a leading player in the radio broadcasting industry. The company's net loss of $35.9 million and revenue of $259.6 million reflect its efforts to navigate a dynamic market. As the year progresses, Audacy, Inc. continues to focus on innovation and growth strategies to enhance its financial performance and drive shareholder value.