Townsquare Media Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Townsquare Media, Inc. Reports Second Quarter 2024 Financial Results
Townsquare Media, Inc. has released its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $116.7M | $119.7M | -2.5% | $117.84M |
| Earnings Per Share (EPS) | $(0.30) | $(0.13) | -130.8% | $0.36 |
The company reported a total revenue of $116.7 million, a 2.5% decrease year-over-year, slightly missing the consensus estimate of $117.84 million. The earnings per share dropped significantly to -$0.30 from -$0.13 in Q2 2023, falling short of the consensus estimate of $0.36. Townsquare Media's financial performance has been notably impacted by higher non-cash impairment charges and stock-based compensation expenses.
Revenue Performance by Segment
| Segment | Revenue Q2 2024 | Revenue Q2 2023 | YoY Change |
|---|---|---|---|
| Subscription Digital Marketing Solutions | $18.9M | $21.7M | -12.9% |
| Digital Advertising | $42.8M | $42.4M | +1.0% |
| Broadcast Advertising | $39.7M | $39.8M | -0.2% |
| Other | $5.3M | $5.9M | -10.2% |
The Subscription Digital Marketing Solutions segment saw a notable decrease in revenue by 12.9% year-over-year due to a reduction in net subscribers. Digital Advertising revenue grew by 1.0%, attributed to new advertising purchases. Broadcast Advertising revenue remained essentially flat with a slight decrease of 0.2%. The "Other" category declined by 10.2%, primarily due to fewer live events.
Dividends and Share Repurchase Program
On July 22, 2024, the board approved a dividend of $0.1975 per share, payable on November 1, 2024, to shareholders of record as of October 15, 2024. Additionally, Townsquare Media repurchased 2,156,693 shares of Class A common stock pursuant to the 2021 Stock Repurchase Plan during the six months ended June 30, 2024, continuing its repurchase efforts.
Stock Price Movement
Post-earnings, Townsquare Media's stock price experienced a minor decrease of approximately -0.36%.
In summary, Townsquare Media faced challenges in the last quarter with significant impacts from non-cash impairment charges and stock compensation expenses, leading to a drop in both revenue and earnings per share. However, the company continues to return value to shareholders through dividends and stock repurchases.
The report has been organized into a more readable format, and unnecessary sections have been removed.
