Thank you. Bon matin, bonjour tout le monde, good morning, and thank you for joining us for Stingray's conference call for the fourth quarter and fiscal year ended March 31, 2026.

Today, Eric Boyko, President, CEO, and Co-Founder, as well as Marie-Helene Fournier, Interim Chief Financial Officer, will be presenting Stingray's operational and financial highlights. Our press release reporting Stingray's unaudited fourth quarter and full-year results for fiscal 2026 was issued yesterday after the market close.

Please note that the financial information discussed on today's call is currently unaudited. Our final audited financial statements and Management's Discussion and Analysis for the fiscal year will be finalized, posted on our investor website at stingray.com, and filed on SEDAR+ by June 30, 2026.

The additional time to close our audit this year reflects the scope of work involved in bringing TuneIn into our consolidated financial statements. I will now provide you with the customary caution that today's discussion of the corporation's performance and its future prospects may include forward-looking statements.

The corporation's future operation and performance are subject to risks and uncertainties, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray's Annual Information Form dated June 10, 2025, which is available on SEDAR+.

The corporation specifically disclaims any intention or obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Accordingly, you are advised not to place undue reliance on such forward-looking statements.

Also, please be advised that some of the financial measures discussed over the course of this conference call are non-IFRS. A complete definition and reconciliation of such measures to IFRS financial measures is included in yesterday's press release and will also be detailed in our upcoming MD&A.

Finally, let me remind you that all amounts on this call are expressed in Canadian dollars unless otherwise indicated. With that, let me turn the call over to Eric.

Hey, merci Mathieu. Good morning, everyone, and welcome to our fourth quarter and full-year results conference call for fiscal '26.

Stingray delivered a strong financial performance in fiscal '26 reflecting strong execution in our key growth initiative. Thanks to the game-changing TuneIn acquisition and a rapidly growing FAST channel segment, revenues increased by 21.9% and adjusted EBITDA by 12.6%.

That momentum carried right through the fourth quarter where revenues surged by 43% and EBITDA grew by 21.3%. TuneIn has truly transformative and synergistic impact on our business.

Its programmatic advertising capabilities and extensive partner network of over 5,000 agencies will support the growth across all of our business units in the coming years. The success is driven by a number of factors.

First, TuneIn is delivering strong organic growth both on and off platform. Second, Stingray's premium ad network launch, what we call backfill, just over a year ago is expanding rapidly.

We've achieved $175,000 US sales a day, which is a $90 million run rate over the last three months, directly benefiting from its demand partners in TuneIn's advertising demand. This is creating a powerful flywheel effect across our advertising business.

As a result from our FAST channel surge over 60% year-over-year, a major highlight is our recent selection of a few CTV partners of choice to resell excess inventory. Additionally, several platform partners have chosen us to introduce and resell audio ads inventory alongside their video offering.

This proves the power of combining TuneIn's expertise with Stingray's reach. Today, we stand as the one of the few players, and I would say the only one, able to sell audio ads on connected TVs.

The most noticeable impact is that we are well ahead of schedule on our planned acquisition synergies. In less than six months since the TuneIn integration, revenue synergies have topped $42 million Canadian and cost optimization has reached $12 million.

Now, looking at other growth vectors, we continue to make progress on the retail media front with the integration of VMI, Walgreens, and the strengthening of our revenue streams through more profitable managed services accounts, where retailers are integrating our offering into their sales effort. We continue to work on enabling the introduction of programmatic advertising retail with retail media, which for us will be a game changer where we should see some activity over the next two quarters.

On retail media, we still have 400 million of unsold inventory, we have a lot of inventory to sell. In the connected car space, we are excited to see the user engagement with our new European rollout of BYD audio, the availability of Stingray Music in Mercedes-Benz vehicles, and the US rollout of TuneIn in Nissan and Infiniti vehicles.

Driven by this momentum, broadcasting and commercial music revenue surged 33% to reach $339 million in 2026. As mentioned, this growth was fueled by TuneIn deal, our expanded FAST channels, but also strong hardware sales from The Singing Machine.

In parallel, our radio revenues held steady at $132 million, with higher digital ad revenues successfully offsetting lower airtime sales. Now, talking for 2027, we are very excited to say that we have an exceptional start of the year, probably the best start of the year since I've been CEO of this company, for 20 years.

Early signs of Q1 are very encouraging. Both April and May are showing organic sales well above 20%.

This is a direct impact of the synergies we talked about. Going from 11.7% in Q4 to over 20% in Q1 is very exciting for the management team.

Combined programmatic ad sales across Stingray and TuneIn are now approaching the run rate of $275 million. We had told the market that one of our goal is to be $500,000 US a day, we've achieved 520-- we're achieving $520,000 USD sales per day.

This proves our scalable growth model based on unparalleled reach and distribution, best-in-class monetization capabilities, and the right content truly engaging audience worldwide across major platforms. An important note, while we are maintaining our adjusted EBITDA margin target of 35%, we know Q4 was lower for many reasons, but that we maintain that position.

We see clear potential for long-term margin expansion as TuneIn synergies continue to scale. I will now turn over the call to Marie-Helene for financial review of the fourth quarter.

Alors, bonne chance Marie.

Mathieu. Bon matin.

Good morning, everyone. Revenues reached $137.8 million in the fourth quarter of fiscal 2026, up 43.6% from $96 million in Q4 2025.

The year-over-year growth was mainly driven by higher advertising and subscription revenues from the recent TuneIn acquisition along with greater equipment sales related to The Singing Machine acquisition. These factors were partially offset by a negative foreign exchange impact.

Revenues in Canada decreased 5.5% to $44.2 million in the fourth quarter of 2026. The year-over-year decline can be attributed to lower radio revenues stemming from softer airtime sales.

Revenues in the US grew 117% to $82.5 million in Q4 2026 for the same reasons previously outlined for the consolidated revenues. Revenues in other countries decreased 0.6% to $11.1 million in the most recent quarter.

The year-over-year decline was mainly due to lower subscription revenues, partially offset by greater FAST channel sales. Looking at our performance by business segment, broadcasting and commercial music revenues increased 68.4% to $108.8 million in the fourth quarter of 2026.

The growth was driven by higher advertising and subscription revenues from the TuneIn acquisition, greater equipment sales from The Singing Machine transaction, and higher FAST channel revenues. These factors were partially offset by a negative foreign exchange impact.

Now, looking at the breakdown by products for the full year, the broadcast and commercial division's performance was highlighted by exceptional growth in advertising, which surged 74% to $150.7 million. This was further supported by a 63% increase in equipment and labor to $46.1 million, while our core subscription revenues remained stable, growing 2% to $142.3 million.

For their part, radio revenues decreased 7.5% to $21.1 million in Q4 2026, largely due to lower airtime sales. In terms of profitability, consolidated adjusted EBITDA improved 21.3% to $42.5 million in the fourth quarter of 2026.

Adjusted EBITDA margin reached 30.8% in Q4 2026 compared to 36.5% for the same period in 2025. The increase in adjusted EBITDA was mainly driven by increased revenues from the TuneIn acquisition.

The decline in EBITDA margin meanwhile can be attributed to lower gross margins on higher sales related to the TuneIn and The Singing Machine's acquisition. By business segment, broadcasting and commercial music adjusted EBITDA grew 32.4% to $37.3 million in Q4 2026, primarily driven by the TuneIn acquisition.

Adjusted EBITDA for our radio business dropped by 18.6% year-over-year to $7 million in the fourth quarter of 2026. The decrease is primarily due to a higher cost of sales reflecting a change in sales mix coupled with lower airtime revenues, partially offset by increased digital advertising sales.

In terms of corporate adjusted EBITDA, it amounted to -$1.8 million in the fourth quarter of '26 compared to -$1.7 million in the same period of 2025. Stingray reported a net loss of $64.6 million or 95 cents per diluted share in the fourth quarter of 2026 compared to net income of $7.7 million or 11 cents per diluted share in Q4 2025.

The year-over-year decline is primarily due to a goodwill and license impairment charge for the radio division of $64.7 million along with higher acquisition costs, amortization expenses, and restructuring costs. These factors were partially offset by an income tax recovery in the most recent quarter versus an income tax expense in the same period last year as well as improved operating results.

Adjusted net income totaled $20.8 million or 31 cents per diluted share in Q4 2026 compared to $18.6 million or 20 cents per diluted share in the same period in 2025. The increase is largely due to higher operating results and an income tax recovery in Q4 2026 compared to an income tax expense for the same period last year, partially offset by a greater interest expense.

Turning to liquidity and capital resources, cash flow from operating activities amounted to $35.2 million in Q4 2026 compared to $39.7 million in Q4 2025. The decline was mainly due to increased legal fees and settlement and higher restructuring and other expenses.

Adjusted free cash flow totaled $20.1 million in Q4 2026 compared to $18.4 million in the same period of '25. The improvement can be attributed to enhanced operating results, partially offset by higher interest expense and greater realized foreign exchange loss.

From a balance sheet standpoint, Stingray had cash and cash equivalents of $20.7 million at the end of the fourth quarter and credit facilities of $524.1 million. Net debt at the end of the fourth quarter of 2026 totaled $503.4 million, up $1 million sequentially, while our leverage ratio improved to 2.38 times at the end of the fourth quarter.

Finally, we repurchased 185,772 shares for a total of $2.8 million during the fourth quarter under our NCIB program. Overall, this year we repurchased 1.1 million shares for $12.9 million.

This ends my presentation. I will now turn the call back to Eric.

Merci Marie. Again, this concludes our prepared remarks.

At this point, Marie and I are pleased to answer your questions from our fantastic analysts. Very proud of the analysts that we have.

Thanks a lot. Good morning.

Eric, if we remove the revenue synergies, obviously tracking ahead of plan for TuneIn, what sort of growth rate at the top line are you seeing? Because I think at the time when the deal was announced, I think the expectation was 10-15% top-line growth initially.

Can we start there? I've got a few others.

Our budget this year, I think our budget is what we're planning to be, I think between 12% and 14% growth for the standalone Stingray budget. What's happening, Adam, which is out of our control, it's incredible news, is on the backfill, we were doing 30,000 a day in January, February, March.

We started doing audio ads on connected TVs with the help of TuneIn and the Stingray team. With now the backfill went from 30,000 a day, our dream was to do $100,000 US a day, and now we're hitting $175,000 US a day.

The backfill is went from a $20 million business and now we're rolling at 90 million. That's why the organic sales are jumping in April and May.

The only issue is there's the backfill of $175,000 a day US or 90 million, and we feel it's going to go to 200,000 a day, which we'll see maybe in June. That's the big difference.

That's where the synergies of TuneIn and really coming up. The backfill is all coming on our side.

Understood. Just in terms of retail media, I think in the press release yesterday you talked about pursuing more profitable managed service capabilities.

Can you elaborate a little bit further on that?

Good questions on retail media. Bit of a change in direction, but also I think very good news.

The first change is a lot of retailers do co-op programs. When people buy via the co-op program, we'll charge a managed service fee, which is higher EBITDA margin than what we would make with us selling and the share that we give the retailers.

On the EBITDA side, it's going to improve our EBITDA margin. Because it's 100% EBITDA, but for a period of change, it's going to affect a bit of the organic sales because we're going from gross, instead of selling $100 and making 20 and making $20, we're charging $20 and keeping 20.

It's not that material for the company as a whole. That's the first change that's happening.

The second change is that one of our partners, Stratacache, is having financial difficulties, a lot of retailers were promised big MGs from that company, now all retailers are accepting non-endemic. The importance of accepting non-endemic in stores is that that's where we can get TuneIn involved.

For us working very hard to get the multiplier. The multiplier is to accept that there's 40 person in a store listening to an audio ad.

I think we're two quarters away. Once we can start bringing the TuneIn inventory into our retail stores, again, reminding you that we have 400 million of unsold inventory on the retail media, that for us will be a game changer, and we will be the first company again pioneering of bringing the programmatic sales into retail media.

I think we're two quarters away from that, and that will be a game changer for us and for the retail media.

I'll let someone else ask on the margin profile, but just on capital allocation, I think last quarter you talked about leverage ultimately perhaps getting below two times in F'27. The stock has pulled back, I would assume that you might step up some of your buyback activity, but maybe just talk about some of the priorities for capital allocation in F'27.

Yeah.

We're very confident that by December, not by year end, by December we'll be very close to two or below two times EBITDA. We will finish the year well below two times EBITDA.

Don't forget, we also have 200 million of tax losses. The TuneIn acquisition in terms of a cash basis, it's the EBITDA equals cash.

Very low CapEx in TuneIn and lots of tax savings. We're very happy with our cash flow generation.

I think the forecast from you guys, from Adam, from the analysts, sales up 40%, EBITDA roughly up 50%, and our free cash flow up 60%. I think the analysts are expecting us to deliver about $2.30 cents a shares of free cash flow, and we as a company and as a board, our budget is above the consensus of our analysts of your group of peers.

Very confident to deliver a strong year and very confident for the deleveraging. Very happy about that.

Right now our number one focus is just executing the TuneIn deal.

Appreciate that. I'll queue up again.

Thanks.

Thank you, Adam.

Good morning. Thanks for taking my questions.

With respect to the organic growth numbers that you quoted, Eric, the 11.6% for Q4 and the 20% plus, it seems that obviously much of that is coming from TuneIn, sort of the pro forma growth within TuneIn. Can you just give us a sense of what the growth rates have been in particular on the advertising side and perhaps on an aggregate revenue side for TuneIn since you closed the acquisition?

I realize it's still a short period of time, but just to kind of help us with modeling.

Again, I know there's a lot of numbers, but what we call the premium ad network, which is the backfill, when Vizio, LG, or Samsung doesn't sell the ad, they only sell 40% to 50%, we now have the right to sell after them. We call it the backfill, but we need a better word than that, but so right now that backfill segment, we were doing 30,000 a month in Q4, in January, February, March.

The backfill went from 30,000 a day US to $175,000 US a day. Right now we're running at a $90 million Canadian run rate.

That backfill is 100% Stingray. This is us selling on connected TVs with the synergies, with TuneIn.

What happened, the big change? The big change is that a lot of our partners accepted audio ads.

You're watching TV and you'll see a photo, and then while you see this photo, you'll hear an audio ad, and that's TuneIn doing that, and that's where we get the $42 million of positive synergies. We have over 500 million of unsold our partners have over 500 million of unsold inventory on CTV.

It's unlimited inventory for us to sell, and that's really coming on our side. TuneIn also, TuneIn is growing again.

TuneIn, it's their organic growth of TuneIn right now because of the synergies, their growth right now is between 60% to 70%. TuneIn is growing at a very high rate, and Stingray organic sales are growing highly.

April and May, again, we doubled the organic sales from January, February, March to April and May, and June is looking even stronger. Very excited to speak to you on August to report our Q1.

I think Q1 you will see the real numbers of Stingray and TuneIn. This Q4 of last year, it was a start.

We also had, when we first started selling the synergies in January, February, we buy the inventory from our CTV partners, there's a cost, and we were buying and selling at the same price, our gross margin for the first two months of the year of the calendar year was zero, but now we've arranged everything, but it's great to get synergies, but the first two months we had synergies at 0% margin, which explains a bit what happened in Q4. Still beauty about Stingray, we adjusted quickly.

In March, we were back in line. Now we're happy that the backfill is generating above 30% gross margin.

Very excited about that move and excited to report more in August.

Thanks, Eric. Then just to follow up on your comments about retail media, I just wanted to be clear.

What you're saying is within six months, let's say by the end of the calendar year, you're in a position to be deploying programmatic ad sales within the retail media platform as well? Just wanted to clarify that.

What kind of needs to happen between now and then? What are kind of the bumps on the road that you need to kind of get past to make sure that that execution happens?

Cuz obviously that's another material piece going forward.

The multiplier is a very simple concept is the fact that all of TuneIn audience, and every ad we sell right now on the CTV is one-to-one. One ad, one person.

In a retail store, there's 40, 60 people. With the multiplier is the same concept that's been given for out-of-home.

When you drive on the highway and you see a billboard, the billboard is not a one-to-one, they estimate the number of cars and there's a multiplier. We're bringing this multiplier into effect in the audio space, and we're not the only one that wants it.

You can imagine that XM Sirius also would like the multiplier for their satellite. For the radio business, we would like to use programmatic sales to have the multiplier for terrestrial.

For retail media. A lot of companies are working together to try to get the multiplier.

The biggest issue there is not the technology, is for the agencies to accept that you have a 1-to-40. I think that, because a lot of us are working on this project, I think we're six months away from the agencies accepting it.

It's not about technology, it's really about acceptance of the new technology.

That's very helpful. Thank you, Eric.

I'll pass the line.

Thank you, sir.

Hi, it's Sam Schmidt on for Stephanie Price. I wanted to ask around TuneIn cost synergies.

It looks like those are progressing more slowly compared to the revenue synergies. Can you share some color on that and how you're thinking about the timing of executing on those cost synergies?

What's happening is that the TuneIn right now, they're how can I say, they're beating their budget by 30% to 40%. Like I said before to Adam, I think, organic sales of TuneIn are between 60% to 70%.

Our sales are so strong, we're executing so well with the positive synergies that there's less plan to do cost saving because right now we got a team that's in the Stanley Cup winning every game. We don't want to change the players on that team because we have the winning team.

The focus is really on the positive synergies. We've achieved $42 million, and I think that we have achieved that after six months, and I think we have a long way to go on the synergies because, again, because of the fact that the CTV manufacturers Vizio, Samsung, and LG are accepting audio ads, those synergies are so important that we're just focused on that side.

I think there's more value creation for Stingray. On the cost saving, we've achieved our goals.

On the cost saving we told the market $10 million, we've achieved $12 million, we're very happy on that side.

Great, thank you. Then maybe just on the advertising demand environment more broadly, what are you seeing at this point and can you share some color on the organic advertising revenue outlook?

Thanks.

Advertising for us, like, we told the market that one of our dream was to do $500,000 USD a day of programmatic sales. We've achieved 550.

That's why, we mentioned today, we're we're right now our run rate is $275 million of programmatic ad sales. A year ago, it was zero.

A lot of it is coming from TuneIn, you got about 180 million from TuneIn that were, and then the rest the other 90 million is coming from the from the backfill we talked about. Very excited about what's happening there.

To be on that side, we don't see it's not It's not, we have We'll do 90 million of sales this year, our run rate is, and we have one person. It's not based on number of sales people you have, it's about, the fact that we have 7,000 to 8,000 commercial partners or advertising partners buying.

What happens is that let's say you got Subway once gives us 20,000 a day, but if we bring in a CTV with with one of our partners and we increase our reach, then automatically the next day they'll give us 30,000 just because we have more reach. That you know the programmatic advertising is all about scale.

Now we got 75 million users on TuneIn, and we're teaming up with all the with the 25 million users of Vizio, the 100 million users of Samsung. We're able to reach everybody in the US.

We are in a unique position to really reach everybody, and we don't know where that will stop. I must tell you that this in programmatic ad sales are a bit like Costco.

Our average CPM is between $6 to $8, but the beauty about Costco is that even if the economy goes well or bad, people still go to Costco.

Great, thank you. I'll

pass the line. A good answer?

Thank you very much.

Okay.

Bonjour tout le monde. Thanks for taking my questions.

Just want to jump on something you said earlier in the Q&A. You were talking about the budget being above consensus.

I'm just not sure if you were referring to free cash flow there and what you said. Or are all of the revenue, EBITDA, and free cash flow line that's you're seeing?

Roughly, what we say with our consensus, I could look at our sheet here, but roughly, I think the market is at 226, Marie?

Yeah.

Yeah, $226 million of EBITDA. I think our budget is above that, and we're ahead of budget, good news.

Marie doesn't want you guys to change your consensus, so that's a lot of pressure from Marie on that one. Please, Jerome, don't change your consensus.

No, but right now we're looking Again, the year started. To have organic sales growing by above 20% in the first two months of the year, and June looking even stronger than April and May, we're starting the year, we're doubling organic sales compared to last year.

Again, one point I want to mention that we haven't mentioned, it's going to be a third year in a row that we have organic sales above double digit. That's something we should, when you do your reports, I think our EV to EBITDA should be higher.

Right now we're trending at 7.11 EV to EBITDA for a company growing with our cash flow at double digits. Right now, we're starting the year above 20%.

No, we're very, very I think it's a strong start. Great.

Second for me, you're pretty upbeat on FAST bouncing back or accelerating in the next quarter. You said one of the reasons for that is the audio ads now being sold, but I'm also seeing in the press release that you're talking about Vizio allowing you to resell excess inventory.

Can you clarify what exactly that is and if this could be another fundamental reason for the bounce back in growth on FAST?

Yeah. Again, we call it backfill.

For marketing terms, we call the Stingray premium ad network, but at the end of the day, it's where is that Vizio, Samsung, LG, they only sell 40% of the ads on their channels. What the partners are giving us, which are only a handful of partners have the right to, is to resell the inventory that they're not selling on all their channels.

Not only on our channels, but all the channels of Vizio, all the channels of Samsung, all the channels of LG. We're talking about billions of impressions a day.

That's a big advantage for us, and this inventory seems to be increasing, and that's why our backfill went from, again, 30,000 US a day to $175,000 US a day. We had budgeted for the backfill this year $25 million, and now we're humming at $90 million Canadian of run rate per year.

I think this is exciting. Here's the good news, is that when we do backfill, we give back the money to our partners, and the more money we give them, it's a bit like they become addicted to the money, they put it in their budget, and so these will be partners, as long as we give them money, they'll be partners for life.

I can tell you in the case of Vizio, they told us that our number with them is so strong that they even gets reported to Walmart. One of our dreams was to tell Vizio maybe it's time for us to get the Walmart account for audio and digital media in the US.

That will be one of our dreams.

Walmart is a huge retail media player there, so, all right, thanks for the answers.

Merci, Jerome.

Sorry, Tim.

Is that better?

Okay. Now we can hear you, yes.

What happened in radio this quarter? If you look at the revenue run rate year-over-year, it's been positive or very marginally negative for many years, and you're down 7.5.

Was that airtime sales? Was that digital advertisers moving away from the radio websites?

What happened in radio in the quarter, and how are you thinking about radio in '27 and '28?

Hey, so, very good question. You're correct on both points.

Point number one, I think the Olympics did not really help us in radio. A very tough quarter.

I agree. It was the toughest quarter we had since COVID.

I think, maybe the Olympics, we're not 100% sure. The second point is the online gambling in Ontario, huge customers for us on the digital side.

Online gambling, there's a lot of competition in Ontario, so that also dipped. With both of them coming at the same time.

The good news is radio for Q1, radio is on budget. The budget was we were looking to be down by about 3%, but at least we're both on budget on sales and on budget on EBITDA, we're stabilizing.

The very good news on online gambling is the fact that Alberta is also doing the same thing than Ontario. The online gambling in Ontario is going to be a $10 billion business, incredible, huh?

Just good for Ontario. What we like about Alberta is we have 43 radio stations.

We are dominant, and I think you're going to see a lot of buying coming this year because we're going to be dominant for Alberta and the opening of the online gambling. Online gambling includes also sports betting and all these jackpot and all these websites.

I'm not a big gambler myself, I'm not against it, but I'm just saying. I think it's going to be good for us this year.

There's no doubt that the terrestrial radio ads are declining, and that has to be offsetted by digital ads. The third line that we're doing that were very successful is I think, the radio business will sell this year $3 million of ads on TuneIn, and the beauty about that is that $3 million is 100% EBITDA margin because there's no cost on TuneIn.

That's one of our strategy, so that should help the EBITDA. On the radio side, there's no doubt that we'll need to look at cost savings because OPEX there is 62 million, and with the business being tougher growth, but the goal is to have digital compensate for terrestrial radio, but terrestrial radio is coming down and the trend is they will go down, we have to adjust ourselves with that.

Hopefully, we'll be able to bring programmatic sales to radio. I think that not only us, but in the US, XM, iHeart, everybody's looking at that.

How can we put all that together and bring programmatic sales to radio? We have about $10 to $15 million of unsold inventory on terrestrial, and that could be filled up by programmatic sales.

We got to work with technology and we got to diversify.

If you consider an operating environment where you've got declines in radio, you talked about cost savings, how do you think about the margin outlook for radio?

We're very confident that our EBITDA for this year and our budget for this year and for next year, radio budget, the EBITDA will be growing. EBITDA will not be coming down.

We'll have a growing EBITDA in terms of dollars. I think the margin will be also very stable.

We got a great plan for radio because what we're doing on the digital side. For us, the home run for us on the radio side for everybody in Canada, now that we're much more involved in the US, the US are allowed to have eight radio stations per city, and the FCC is looking to take away that rule, there's be unlimited radio stations.

The CRTC going from two to three was a ridiculous decision because everybody owns two stations, nobody is going to sell you one station. Really got to push the minister, we got to push the CRTC to go to four stations.

At four stations, then the market can consolidate, and we all start making more money. That for us will be the major win in Canada.

Radio will keep on doing the $42 million EBITDA, almost $42 million free cash flow, well-run organization, and we do the positive synergies with TuneIn. Also just a quick note, not material, but our TuneIn listenership in Canada, because we're promoting it through radio, has gone up 571% in the last three months.

Just to show you the power that radio can do to a product like TuneIn. I understand Canada is not the US, it's not going to be billions of dollars, but as Canadians, and as Montrealers, and Québécois, very proud that the TuneIn is becoming a known name in Canada.

When you think about the potential ownership rule changes, would you be willing to put new capital to work and acquire radio, or would it be more about trading stations so operators can consolidate markets?

It would really be about trading, absolutely, and there's a big advantage. You own two radio stations, you own three radio stations, you have one sales force, you have four radio stations, you have one sales force, there's a lot of savings to having four radio stations or three.

We're happy that we bought a third one in Calgary, the synergies there are incredible. I think that, one day the CRTC and the government, if you want to protect local media both on the TV and radio side, you'll need to accept to have more dominant players per city, because it's the only way that

you'll get viable. I know.

Eric, you just took a $65 million writedown on radio. You're not suggesting you're going to put more capital into radio, are you?

No, it would be trading, not more capital, but it would be good for us to trade certain cities that were strong. We would love to get two more stations in Ottawa.

In Ottawa, we have one and two. We'd love to get two more stations in Ottawa.

Where we're very strong, it would be great to add stations, and where we're weaker, it'd be great to let go stations.

The other thing, just if you could flesh out, is you have a line in the press release where you talk about $275 million of revenue. Can you explain to us what is in that bucket?

Because I think one of the challenges we have is what buckets do all these revenue items fall in as we try and model out the business. Could you flesh out what's in that 275 and where the growth is coming from?

Roughly the 275 is $90 million of backfill, and $185 million of TuneIn programmatic sales. TuneIn does 185 and we do 90 million.

That is legacy TuneIn before backfill?

That's what TuneIn does as sales, and the backfill is what we're doing, incremental sales.

What's the growth rate on that TuneIn? One 185 this year, what did it do last year notionally?

I think that last year, we guess we're talking US and Canadian, but I think TuneIn right now is growing around 50% to Hey,

Eric, let's stick with Canadian. You've talked about 275 Canadian, 90 of it is backfill, and 185 is TuneIn?

Yes.

Notionally, what did TuneIn do last year, legacy TuneIn, that's comparable to the 185 you're looking for this year?

TuneIn roughly did about 120 Canadian last year, and right now we're running at 185.

Got it. Okay.

Canadian.

Perfect. Got it.

Thank you.

That's it for me. Thank you.

Tim, you know a lot of numbers, huh?

That's what we do, Eric. We just look at numbers all day long.

Show us the money, Eric. Just show us the money.

I agree. You and I should have lunch.

I agree.

Okay. All right, merci.

Thank you, everyone. On behalf of the entire Stingray team, thank you for joining us on the conference call.

We look forward to speaking with you in August for the first quarter results, and that's going to be quick, it's going to be in less than two months. Excited about that and excited to have more view and execution on the TuneIn acquisition that we're very pleased, and excited to officially be able to tell you the exact numbers for Q1.

Again, thank you for all the analysts, your time and work you dedicate to us. We're very happy.

The good news is we might have a couple new friends joining us in next quarter. I think we have a few new analysts that are looking and maybe one or two from the US.

Step by step, but we'll have more friends. Merci tout le monde.