Townsquare Q2 net loss $48.9M on impairment; revenue down 2.5% YoY, adj. EBITDA -8.3%

Townsquare Media, Inc.

2024-Q2 EPS reported -$3.04 revenue$217,858,000

Net loss $48.9M vs $2.7M loss in Q2'23, driven by $25.3M tax valuation allowance & impairment charges.
Net revenue $118.2M (-2.5% YoY); Subscription Digital Marketing Solutions -12.9%, Digital Advertising +1.0%.
Adjusted EBITDA $26.2M (-8.3% YoY); Q3 guidance: rev $114-116M, Adj. EBITDA $25-27M; FY rev $440-455M, Adj. EBITDA $100-105M.
Repurchased $13.7M of notes and 1.8M shares at avg $10.13 in Q2; S&P upgraded notes from B to B+.
Board approves $0.1975/share quarterly dividend payable Nov 1 to holders of record Oct 15.

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