Q2 2024 Townsquare Media Inc Earnings Call Transcript
Key Points
- Townsquare Media Inc (TSQ) achieved sequential improvement in net revenue, with a decline of only 2.5% year-over-year, meeting their guidance.
- Digital advertising net revenue grew by 9% year-over-year, driven by strong programmatic advertising performance.
- Townsquare Interactive returned to net subscriber growth and sequential revenue growth, adding approximately 275 net subscribers in Q2.
- The company repurchased $20 million of bonds at a discount and received a bond rating upgrade from S&P Global.
- Townsquare Media Inc (TSQ) maintained strong cash flow generation, allowing for continued investment in digital growth and shareholder returns through dividends and share buybacks.
- National digital advertising revenue declined, offsetting some of the gains in programmatic digital advertising.
- Townsquare Interactive's net revenue declined by 13% year-over-year, despite sequential improvements.
- The company recorded non-cash impairment charges of $32.6 million, primarily related to FCC licenses.
- Second quarter adjusted EBITDA declined by 8.3% year-over-year, reflecting ongoing challenges.
- Live events revenue declined by 11% year-over-year, generating only a small profit.
Good morning, and welcome to Townsquare Media's second-quarter 2024 earnings call. As a reminder, today's call is being recorded, and your participation implies consent to such recording.
(Operator Instructions) With that, I would like to introduce the first speaker for today's call, Claire Yenicay, Executive Vice President. Please go ahead.
Thank you, operator, and good morning to everyone. Thank you for joining us today for Townsquare's second quarter financial update. With me on the call today are Bill Wilson, our CEO; and Stuart Rosenstein, our CFO and Executive Vice President.
Please note that during this call, we may make statements that provide information other than historical information, including statements relating to the company's future expectations, plans and prospects.
These statements are considered forward-looking statements under the Safe Harbor provision of the Private Securities Litigation Reform Act
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