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Spanish Broadcasting System (SBSAA) investor relations material

Spanish Broadcasting System Q4 2023 & Q1 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Spanish Broadcasting System Inc
Q4 2023 & Q1 2024 earnings summary18 Jun, 2024

Executive summary

  • Leadership transition with Raul Arocon as President and Frank Sericelli as CFO, focusing on operational reset and profitable growth.

  • Q1 2024 net revenue from continuing operations was $32.3M, down 6% year-over-year, mainly due to lower special events and national/digital sales, partially offset by local and network sales growth.

  • Station Operating Income (SOI) rose 9% to $7.4M, and Adjusted OIBDA increased 46% to $5.0M, reflecting cost controls and improved operational discipline.

  • 2023 saw milestones: Orlando and Tampa duopoly profitability, strong Houston market entry, and solid ratings in core markets.

  • Television segment results are classified as discontinued operations due to ongoing plans to sell these assets.

Financial highlights

  • Q1 2024 consolidated adjusted OIBDA grew 46% year-over-year to $5.0M, driven by a 10% reduction in operating expenses.

  • Net revenue from continuing operations: $32.3M (Q1 2024) vs. $34.5M (Q1 2023), a 6% decrease.

  • Orlando and Tampa stations delivered positive adjusted OIBDA for full year 2023 and nearly matched that in Q1 2024.

  • Net loss from continuing operations: $(2.5)M (Q1 2024) vs. $(3.8)M (Q1 2023); net loss per share: $(0.17) vs. $(0.32).

  • Cash and cash equivalents at March 31, 2024: $9.6M; working capital: $38.8M.

Outlook and guidance

  • Management targets a return to pre-COVID financial performance in 2024, leveraging political ad cycles, new market entries, and digital initiatives.

  • Expecting another triple-digit year-over-year growth in adjusted OIBDA for Q2 2024.

  • Q2 pacings are up, with local sales rising mid-single digits, slightly offset by network and national sales.

  • 2024 anticipated as a turning point, with strong outlook for multi-platform operations.

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One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
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Frequently asked questions

Spanish Broadcasting System, Inc. operates as a multimedia company that serves the Hispanic market in the United States and Puerto Rico. The company owns and operates radio stations, television stations, and digital platforms that broadcast Spanish-language content, including music, entertainment, news, and sports. Its radio portfolio includes popular stations across major markets, while its television segment features programming through its MegaTV network. Additionally, the company provides advertising and event production services. Spanish Broadcasting System is headquartered in Miami, Florida, and its shares are listed on the OTCQB.

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