Townsquare Media, Inc. (NYSE: TSQ) (�Townsquare�, the “Company,” “we,” “us,” or “our”) announced today its financial results for the third quarter ended September 30, 2024. Read more: Townsquare Media Sees Growth in Digital Ad Revenue Despite Challenges.
�I am pleased to share that Townsquare�s net revenue returned to year-over-year growth, driven by sequential improvement� across each of our three business segments, due to our local focus and our unique and differentiated digital platform, as well as� the benefit from political revenue.
Third quarter net revenue increased +0.2% year-over-year and Adjusted EBITDA decreased� -6.3% year-over-year, both meeting guidance and reflecting a sequential improvement from the first and second quarter. In� addition, net income improved $47.8 million year-over-year, in large part due to a reduction in non-cash impairment charges,�� commented Bill Wilson, Chief Executive Officer of Townsquare Media, Inc.
�Our return to net revenue growth in the third� quarter coincided with our return to total Digital net revenue growth, which increased by +1% year-over-year. In particular,� Townsquare Interactive�s sequential revenue growth improved to +3% quarter-over-quarter, and Digital Advertising net� revenue increased +5% year-over-year, an acceleration from the +1% revenue growth rates in the first six months of 2024.
In� total, Digital represented more than half of Townsquare�s net revenue in the first nine months of the year, a true point of� differentiation from others in local media, as we have evolved from a local broadcast radio company that was founded in 2010,� to a Digital First Local Media Company with a world class team and a unique and differentiated strategy, assets, platforms and� solutions.��
Mr. Wilson continued, �We have executed and delivered on what we said we would do, while simultaneously building value for� our shareholders through dividend payments, debt reduction and share repurchases. In the first nine months of the year, we have� repurchased and retired $25 million of our bonds at a discount to par ($36 million through October), and repurchased $24� million of equity, or 2.3 million shares, including the accretive share repurchase of 1.5 million shares from Madison Square� Garden.
At the same time, we have maintained our high yielding dividend and a strong cash balance, which was $22 million at� the end of the third quarter, and net leverage remained below 4.9x. We are gearing up for our upcoming refinancing, and we� look forward to sharing that outcome with our investors when we next report.��
The Company announced today that its Board of Directors approved a quarterly cash dividend of $0.1975 per share. The dividend will be payable on February 1, 2025 to shareholders of record as of the close of business on January 21, 2025. As of yesterday�s closing price that reflects a dividend yield of approximately 8%.
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