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Townsquare Media, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a slight increase in net revenue to $115.3 million from $115.1 million in the same quarter the previous year, driven by a rise in digital advertising revenue. Subscription digital marketing solutions revenue decreased by $1.2 million.
Direct operating expenses increased by 3% to $83.8 million, attributed to higher inventory costs and bad debt in the digital advertising segment.
The company reported an operating income of $15.1 million, compared to an operating loss of $10.7 million in the previous year, primarily due to a significant decrease in non-cash impairment charges.
Interest expense, net, slightly decreased to $9.2 million for the quarter, compared to $9.3 million in the previous year.
A net income of $11.3 million was recorded for the quarter, compared to a net loss of $36.5 million in the previous year, reflecting a significant improvement in financial performance.
For the nine months ended September 30, 2024, net revenue decreased by 1.8% to $333.2 million, with a decline in subscription digital marketing solutions and other revenue partially offset by an increase in digital advertising revenue.
Operating income for the nine months was $0.4 million, an improvement from an operating loss of $11.2 million in the previous year, due to a decrease in impairment charges.
Cash provided by operating activities was $20.6 million, while cash used in investing and financing activities was $7.6 million and $52.2 million, respectively.
Townsquare Media had a total of $476.7 million in long-term debt as of September 30, 2024, net of deferred financing costs.
The filing includes details on stock repurchase activities, with 2.3 million shares of Class A common stock repurchased during the nine months ended September 30, 2024.
The company declared dividends of $0.1975 per share during the quarter, with payments scheduled for November 2024 and February 2025.
Townsquare Media continues to monitor economic conditions closely, acknowledging the potential impact of inflation and interest rates on its operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Townsquare Media Inc. Class A quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.