Townsquare Q3 Net Revenues Down 4.6% to $115.1 Million

RADIO ONLINE | Thursday, November 9, 2023 | 10:54am CT

Townsquare Media

Townsquare Media reported third quarter net revenue decreased 4.6% to $115.1 million from $120.6 million in 2022. Broadcast Advertising net revenue fell 8.6% and Subscription Digital Marketing Solutions net revenue was down 12.6%, while Digital Advertising net revenue increased 5.5%. Adjusted EBITDA declined 12.1% to $27.2 million from $30.9 million. The company posted a net loss of $36.5 million as compared to net income of $2.8 million in the year-ago period, primarily due to a $20.7 million increase in non-cash impairment charges.

"I am pleased to share that Townsquare's third quarter results met our previously issued guidance. In the third quarter, net revenue excluding political revenue declined -4% year-over-year (and decreased -5% year-over-year in total), and Adjusted EBITDA decreased -12% year-over-year. Our Digital Advertising segment delivered revenue and profit growth once again in the third quarter, as September year-to-date revenue and Adjusted Operating Income increased +10% and +19%, respectively, each as compared to the prior year. In total, Digital now represents 52% of Townsquare's total September year-to-date net revenue and 57% of our total September year-to-date Adjusted Operating Income," commented CEO Bill Wilson.

He added, "Our performance this year, and particularly the growth of our Digital Advertising segment, has reinforced our confidence in our Digital First Local Media Strategy, our deliberate focus on markets outside of the Top 50, and the long-term, profitable growth potential of our digital platform."

The company also announced that its board of directors approved a quarterly cash dividend of $0.1875 per share. The dividend will be payable on February 1, 2024 to shareholders of record as of the close of business on January 2, 2024.