Adjusted EBITDA Exceeds 2019 Levels for the Third Consecutive Quarter Delivers Record High Townsquare Interactive Net Subscriber Adds (+1,350 in Q2) Digital Revenue 47% of Total Net Revenue in 1H 2021
Purchase, NY – August 3, 2021 – Townsquare Media, Inc. (NYSE: TSQ) announced today financial results for the second quarter ended June 30, 2021.
“Townsquare’s strong performance continued in the second quarter of 2021, with significant growth in net revenue, Adjusted EBITDA, net subscribers and net income. In the second quarter of 2021, net revenue increased +45% year over year, but more importantly, Townsquare achieved 99.4% of Q2 2019’s net revenue when excluding Live Events net revenue (in Q2 2019 there was $6.3 million of Live Events net revenue). Total digital revenue growth accelerated to +36% year over year (+27% vs. Q2 2019), contributing approximately 47% of Townsquare’s total net revenue in the first six months of 2021. Over the next three years, we expect double-digit digital net revenue growth to continue, fueling the growth of our digital platform from $180 million of revenue (on a trailing twelve-month basis as of June 30, 2021) to $250 million,” commented Bill Wilson, Chief Executive Officer of Townsquare Media, Inc. “Most impressively, I am extremely proud to report that Townsquare’s second quarter Adjusted EBITDA of $30.3 million not only exceeded our expectations, our previously stated guidance, and 2019 levels (+1% vs. Q2 2019), but it was also the highest Adjusted EBITDA generated in any single quarter in Townsquare’s history. To accomplish this strong result only one year after the start of the pandemic is a testament to the strength of the Townsquare Team, our digital platform and solutions for local businesses, and our careful expense
management efforts.”
Mr. Wilson continued, “As a Digital First Company, our digital revenue and profit growth has accelerated, driving the diversification of our business, total Company growth and separation from our local competition. I am incredibly optimistic about Townsquare’s future, and very proud that we are on the path to achieving 2019’s Adjusted EBITDA in 2021, on the verge of a full revenue recovery in 2021, and plan on delivering strong revenue and profit growth in 2022.”
Second Quarter Highlights*
• As compared to the second quarter of 2020:
• Net revenue increased 44.9%, and 45.7% excluding political revenue
• Net income increased $36.9 million to $10.1 million
• Adjusted EBITDA increased $28.2 million to $30.3 million, an all-time Company high
• Digital net revenue increased 36.0%
• Townsquare Interactive net subscription revenue increased 19.7% to $20.2 million
• Townsquare Interactive Adjusted Operating Income increased 18.5% to $6.1 million
• Advertising net revenue increased 50.4%, and 51.4% excluding political revenue
• Live Events net revenue increased $1.2 million to $1.2 million
• Net revenue excluding Live Events achieved 99.4% of Q2 2019 levels
• Diluted income per share was $0.50, and Adjusted Net Income per diluted share was $0.53
• Townsquare Interactive added approximately 1,350 net subscribers, achieving an all-time record high number of quarterly net subscribers
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About Townsquare Media, Inc.:
Townsquare is a radio, digital media, entertainment and digital marketing solutions company principally focused on being the premier local advertising and marketing solutions platform in small and mid-sized markets across the U.S. Our assets include 321 radio stations and more than 330 local websites in 67 U.S. markets, a digital marketing solutions company (Townsquare Interactive) serving approximately 20,750 small to medium sized businesses, a proprietary digital programmatic advertising platform (Townsquare Ignite) and numerous local live events each year. Our brands include local media assets such as WYRK, KLAQ, K2 and NJ101.5; iconic local and regional events such as WYRK’s Taste of Country, the Boise Music Festival, the Red Dirt BBQ & Music Festival and Taste of Fort Collins; and leading tastemaker music and entertainment websites such as XXLmag.com, TasteofCountry.com and Loudwire.com. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com, and www.townsquareignite.com.
Investor Relations:
Claire Yenicay
(203) 900-5555
investors@townsquaremedia.com