Digital Revenue Nearly 49% of Total Net Revenue
Purchase, NY – May 10, 2021 – Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare”, the “Company,” “we,” “us,” or “our”) announced today financial results for the first quarter ended March 31, 2021.
“We are extremely proud to report that Townsquare’s first quarter 2021 results approached, and in some cases exceeded, levels achieved in the pre-COVID first quarter of 2019, which surpassed our expectations and previously stated guidance. In the first quarter of 2021, net revenue declined -5% year over year, and -1.6% excluding political and Live Events net revenue. When excluding Live Events net revenue, first quarter net revenue increased +0.3% as compared to the first quarter of 2019. Total digital revenue growth accelerated to +13% year over year (+32% vs. Q1 2019), contributing nearly 49% of Townsquare’s total first quarter net revenue. Our digital revenue growth was fueled by Townsquare Interactive (TSI), our digital marketing solutions subscription business, Townsquare Ignite, our digital programming advertising platform, and Townsquare Amped, digital advertising on our owned and operated brands, which increased revenue year over year by +15%, +12%, and +11%, respectively. Impressively, TSI, Ignite, and Amped’s first quarter net revenue exceeded Q1 2019 revenue levels by +34%, +45%, and +15%, respectively. Over the next three years, we expect to grow our digital net revenue from $167 million (on a trailing twelve-month basis as of March 31, 2021) to $250 million,” commented Bill Wilson, Chief Executive Officer of Townsquare Media, Inc. “The strong growth of our digital revenue, together with our strong expense management, led to Adjusted EBITDA increasing nearly +30% over the prior year. I am especially proud to share that first quarter Adjusted EBITDA of $20.1 million is +$1.3 million, or +7%, higher than Q1 2019’s pro forma Adjusted EBITDA, and +$2.1 million, or +12%, higher when excluding profit from Live Events.”
First Quarter Highlights*
• As compared to the first quarter of 2020:
• Net revenue decreased 5.0%, and 4.1% excluding political revenue
• Net revenue decreased 1.6% excluding political and Live Events net revenue
• Net loss decreased $53.5 million to a net loss of $6.1 million
• Adjusted EBITDA increased 29.7% to $20.1 million
• Townsquare Interactive net subscription revenue increased 14.9% to $19.0 million
• Townsquare Interactive Adjusted Operating Income increased 30.4% to $5.9 million
• Advertising net revenue decreased 6.4% and 5.3% excluding political revenue
• Live Events net revenue decreased 99.7%
• Diluted income per share was $(0.35), and Adjusted Net Income per diluted share was $0.17
• Generated Cash Flow from Operations of $19.4 million
• Issued $550.0 million of 6.875% senior secured notes due 2026
• Completed the repurchase of 100% of Oaktree Capital’s equity interest in the Company for $6.40 per security,
representing a 19% discount to the pre-announcement share price (39% as of the March 9, 2021 closing date)
• Townsquare Interactive added approximately 850 net subscribers, the 12th consecutive quarter of 850 or more net
subscriber additions
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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.
Contact:
Claire Yenicay
(203) 900-5555
investors@townsquaremedia.com