Townsquare Media(TSQ) - 2024 Q4 - Annual Results

Financial Performance - Total Digital Net Revenue increased by 10.8% year-over-year in Q4 2024, reaching $117.8 million[9] - Digital Advertising Net Revenue grew by 15.5% year-over-year, amounting to $41.6 million in Q4 2024[9] - Adjusted EBITDA for Q4 2024 rose by 25.8% year-over-year to $31.2 million[11] - Net income for Q4 2024 was reported at $25.0 million, an increase of $26.9 million compared to a net loss of $1.9 million in Q4 2023[10] - For the full year 2024, net revenue decreased by 0.7% to $451.0 million, with Digital Advertising Net Revenue increasing by 5.5%[12] - Net revenue for Q4 2024 was $117.813 million, a slight increase from $114.786 million in Q4 2023, while total revenue for the year decreased to $450.982 million from $454.231 million[30] - Operating income for Q4 2024 was $21.326 million, compared to a loss of $7.890 million in Q4 2023, indicating a significant improvement in operational performance[30] - Net income for Q4 2024 was $25.041 million, a turnaround from a net loss of $1.878 million in Q4 2023, reflecting a positive shift in financial results[30] - Basic income per share for Q4 2024 was $1.59, compared to a loss of $0.14 in Q4 2023, demonstrating improved earnings performance[30] - Net loss for the twelve months ended December 31, 2024, was $10,928, significantly improved from a net loss of $43,022 in 2023[37] Cash and Debt Management - The company repurchased $36 million of debt and $24 million of equity in 2024, enhancing its financial position[1] - The company ended 2024 with a cash balance of $33 million and net leverage improved to 4.33x[15] - Long-term debt decreased to $465.756 million from $499.658 million, showing a reduction in financial leverage[28] - Cash and cash equivalents decreased to $32.990 million from $61.046 million, indicating a decline in liquidity[28] - Cash flows from operating activities for the twelve months ended December 31, 2024, were $48,748, down from $67,827 in 2023[33] - Cash and cash equivalents at the end of the period were $32,990, down from $61,549 at the end of 2023[35] Strategic Initiatives - Townsquare Ignite's digital advertising solutions are positioned as a key growth driver, aligning with the company's Digital First strategy[2] - The company continues to focus on digital technology development and market expansion as part of its strategic initiatives[22] Revenue Breakdown - Digital Advertising revenue increased by 15.5% to $42,074 for the three months ended December 31, 2024, compared to $36,434 in 2023[37] - Subscription Digital Marketing Solutions revenue increased by 1.9% to $19,495,000 in Q4 2024, while it decreased by 8.4% for the full year to $75,343,000[38] - The Digital Advertising net revenue excluding political revenue was $41,608,000, reflecting a 14.4% increase from $36,359,000 in Q4 2023[38] - The subscription segment generated $42,074,000 in net revenue for Q4 2024, up from $36,434,000 in Q4 2023, marking a growth of 15.5%[42] - Digital advertising solutions contributed $55,546,000 to net revenue in Q4 2024, compared to $57,903,000 in Q4 2023, reflecting a decline of 4.1%[42] Cost Management - Total operating costs and expenses decreased by 9.3% to $429,289 for the twelve months ended December 31, 2024, compared to $473,370 in 2023[37] - Direct operating expenses for Q4 2024 totaled $80,581,000, an increase from $83,896,000 in Q4 2023, resulting in a decrease of 3.8%[42] - Direct operating expenses for the subscription segment in 2024 were $117,916,000, compared to $104,381,000 in 2023, an increase of 13.1%[42] Segment Performance - Segment Profit for the three months ended December 31, 2024, rose by 20.5% to $37,232,000 compared to $30,890,000 in 2023[40] - Adjusted Net Income for the three months ended December 31, 2024, was $10,321,000, up from $6,072,000 in 2023[40] - Adjusted EBITDA for the three months ended December 31, 2024, increased to $31,179,000 from $24,778,000 in 2023[41] - Political revenue for the three months ended December 31, 2024, surged by 334.5% to $7,199,000 compared to $1,657,000 in 2023[38] - Yearly segment profit for 2024 was $124,200,000, compared to $125,034,000 in 2023, showing a marginal decline of 0.7%[42] - The digital marketing segment reported a profit of $19,852,000 in Q4 2024, up from $15,705,000 in Q4 2023, representing a growth of 26.7%[42] - The company reported a segment loss of $259,000 in the other category for Q4 2024, an improvement from a loss of $398,000 in Q4 2023[42]