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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.
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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