Townsquare Q1 Net Revenue Down 3.4% to $99.6 Million

RADIO ONLINE | Thursday, May 9, 2024

Townsquare Media

Townsquare Media reported Q1 net revenue decreased 3.4% to $99.6 million from to $103.1 million in 2023. Subscription Digital Marketing Solutions net revenue decreased 15.3%, while Broadcast Advertising net revenue declined 1% and Other net revenue fell 7.8%. Adjusted EBITDA fell 9.9% to $17.5 million from $19.4 million. The company posted a net income of $1.6 million (6 cents per diluted share) as compared to a net loss of $1.9 million (14 cents) in the year-ago period. The increase was primarily due to a $6.9 million decrease in non-cash impairment charges and a $3.1 million increase in Other income.

"I am pleased to share that Townsquare's first quarter results met our previously issued guidance, and that we are building momentum and gaining market share, primarily due to our local focus and our unique and differentiated digital platform, commented Townsquare Media CEO Bill Wilson. "Our first quarter performance improved over the fourth quarter across each of our segments. Importantly, our Digital Advertising segment returned to revenue growth in the first quarter (1.3% year-over-year), and our Townsquare Interactive segment achieved net subscriber growth and month-over-month revenue growth in March, a meaningful turning point for the business."

Wilson continued, "Our performance and building momentum reinforces my confidence in our Digital First Local Media strategy, our focus on markets outside of the Top 50 U.S. cities, and our path moving forward. I am pleased to share that others share this view as well. Boyar Research, founded in 1975 and a leading firm of in-depth, independent research on publicly traded U.S. companies, highlighted Townsquare as their "Opportunity Pick" in March 2024, and in their report they derive an intrinsic value of Townsquare of $25.30 per share based on a sum-of-the-parts valuation."