Townsquare Media, Inc. (NYSE:TSQ) Q4 2023 Earnings Call Transcript

That’s why Stu alluded in our guide is $14 million to $6 million of political revenue for the year. It’s obviously going to be heavily back weighted because there really was no primaries this year, as everyone knew who the candidates would be. So the spend was much less and will be until we really get to August and Labor Day. But for Townsquare, for the Presidential, we’ve got important states like Michigan and Arizona. In the Senate, Michigan, Arizona, Montana. In the House, we’ve got multiple including Bangor and Presque Isle, Maine; Lansing and Flint, Michigan; Sierra Vista, Arizona, New Jersey, Hudson Valley, and then we’ve also got governor race in New Hampshire. So a lot of tailwinds for Townsquare overall in each of our divisions in 2024.

James Goss: All right. Well that was very complete and I appreciate it very much. Thanks a lot.

Bill Wilson: I appreciate the question, Jim. Anything else?

James Goss: No, that’s for now. That’s it for now.

Bill Wilson: Thank you, Jim.

Operator: There are no further questions at this time. I will now hand the conference over to Bill Wilson.

Bill Wilson: Thank you so much, operator, and thank you to each of you who joined this morning. We appreciate you taking the time. As Claire said at the top of the call, I would encourage all of our investors and shareholders and debt holders to read the shareholder letter, which is now available this morning. I encourage you to reach out if you have any questions. My e-mail is bill@townsquaremedia.com. I’d love to hear from you. Couldn’t be more proud of the Townsquare team. We feel, as you could hear through Stu’s remarks and my remarks, quite optimistic for the year. We’re proud of our cash flow generation last year, increasing $18 million by 35% to $68 million which allowed us to also reduce our net leverage to 4.4 times with $61 million of cash on hand.

And we’re proud of the Board supporting us in increasing the dividend by over 5% to $0.79 per annual share that today is at a 7.5% yield. So feeling quite bullish and optimistic as we go through this year, and I appreciate you taking the time to hear from us this morning. We have the benefit of reconnecting in less than two months. So I look forward to giving you an update in about two months again on the business. So thank you again. Have a great day and weekend.

Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.