Townsquare Net Revenue Increased 8.8% to $120.2 Million
| RADIO ONLINE | Thursday, March 9, 2023 | 11:12am CT |
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 Townsquare Media |
Townsquare Media reported fourth quarter net revenue increased 8.8% to $120.2 million from $110.5 million in 2021. Broadcast Advertising net revenue increased 4%, while Adjusted EBITDA grew 11% to $28.3 million from $25.5 million. The company posted a net income of $3.9 million (20 cents per diluted share) as compared to $1.9 million. The company will pay a quarterly cash dividend of $0.1875 per share, payable on May 1, to shareholders of record as of March 27.
"I am proud to report that Townsquare's transformation into a Digital First Local Media Company allowed us to deliver record results in 2022 despite a progressively challenging economic landscape. In 2022, we drove net revenue and Adjusted EBITDA to new highs with strong net revenue growth of +11% year-over-year and Adjusted EBITDA growth of +8% year-over-year. In addition, we generated significant cash flow from operations of $50 million, ending the year with over $43 million of cash, and net leverage declined to an all-time low of 4.29x," commented CEO Bill Wilson.
He added, "2022 was a significant inflection point for our company. It marked the first year where radio no longer comprised the majority of our revenue and profit, further separating Townsquare from our local media peers, and placing a spotlight on our world-class team and our unique and differentiated strategy, assets, platforms and solutions. Our growth engine has been and will continue to be our digital solutions, which were the primary driver of our 2022 growth. Total digital revenue increased +16% year-over-year (and +12% in the fourth quarter) to $231 million, and total digital Adjusted Operating Income increased +12% year-over-year to $69 million, representing a 30% profit margin."
