Townsquare Q4 Net Revs Down 4.6% to $114.7 Million

RADIO ONLINE | Friday, March 15, 2024 | 11:09am CT

Townsquare Media

Townsquare Media reported fourth quarter net revenue decreased 4.6% to $114.7 million from $120.2 million in 2022. Excluding political, net revenue declined 2.7%. Broadcast Advertising net revenue was down 2.5% to $57.9 million from $59.3 million. Digital Advertising net revenue fell 1.5% to $36.4 million from $36.9 million. Adjusted EBITDA was down 12.7% for the quarter. The company posted a net loss of $2.3 million (14 cents per diluted share) as compared to a net income of $3.4 million (20 cents) in the year-ago period.

"I am pleased to share that Townsquare's fourth quarter results met or exceeded our previously issued guidance, and our full year results met the guidance that we issued at the start of 2023," commented Townsquare Media CEO Bill Wilson. "In total, Digital now represents 51% of Townsquare's 2023 net revenue and 55% of our 2023 Adjusted Operating Income, and maintained a 30% Adjusted Operating Income margin, consistent with 2022's margin."

Wilson continued, "Despite the lack of tailwinds at our back in 2023, I am very pleased with how the Townsquare team navigated the progressively challenging economic landscape. We outperformed competitors and gained market share due to our local focus and our digital platform. I believe that our performance over the past several years has demonstrated the efficacy of our Digital First Local Media strategy, and validated our focus on local markets outside of the Top 50 U.S. cities, reinvigorating my confidence in our business model and our path moving forward."

The company also announced that its board approved a quarterly cash dividend of $0.1975 per share. The dividend will be payable on May 1, 2024 to shareholders of record as of the close of business on April 5. As of yesterday's closing price that reflects a dividend yield of approximately 8%.