PURCHASE, N.Y. - Townsquare Media, Inc. (NYSE: NYSE:TSQ), a digital media and digital marketing solutions company, announced its financial results for the fourth quarter and the full year ended December 31, 2023. Despite a slight decline in net revenue, the company has achieved a significant increase in cash flow from operations, which rose by 35% year-over-year to $68 million.
The company's digital advertising segment showed resilience with a 7% increase in both net revenue and adjusted operating income, contributing to digital now representing 51% of Townsquare's 2023 net revenue. However, the overall net revenue for 2023 experienced a marginal decline of 1.9% to $454.2 million, and adjusted EBITDA also fell by 12.1% to $100.0 million.
Townsquare's CEO, Bill Wilson, expressed satisfaction with the company's performance, highlighting the growth in market share and the effectiveness of their local media strategy. The company's strong cash position enabled it to repurchase and retire approximately $27 million of its unsecured senior notes at a discount and buy back $17 million of common stock. They also paid dividends while investing in the business.
The company ended the year with a robust cash balance of $61 million and a net leverage of 4.43x. The Board of Directors approved a quarterly cash dividend of $0.1975 per share, payable on May 1, 2024, to shareholders of record as of April 5, 2024. This dividend represents a 5.3% increase from the previous dividend.
For the first quarter of 2024, Townsquare anticipates net revenue to be between $98.5 million and $100 million, with adjusted EBITDA expected to be between $17.5 million and $18.5 million. The full-year 2024 guidance projects net revenue to range from $440 million to $460 million and adjusted EBITDA to be between $100 million and $110 million.
The company's financial results and forward-looking statements are based on a press release statement and are subject to various factors that could cause actual results to differ materially from those anticipated.
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