Townsquare Q3 Net Revs Increases 16.7% to $111.3M
| RADIO ONLINE | Tuesday, November 2, 2021 |
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 Townsquare Media |
Townsquare Media reported third quarter net revenue increased 16.7% to $111.3 million from $95.4 million in 2020. Interactive net subscription revenue grew 16.2% to $21.1 million, advertising net revenue was up 13.3% to $87.4 million and live events net revenue was $2.7 million. Adjusted EBITDA climbed 66.5% to $29.2 million from $17.5 million. The company posted a net income of $12.9 million, as compared to $1.3 million in the year-ago period.
"Townsquare's strong performance continued in the third quarter of 2021, highlighted by robust year-over-year net revenue, Adjusted EBITDA, and net income growth. Adjusted EBITDA surpassed 2019 levels for the fourth consecutive quarter, and net revenue was at 99% of 2019 levels," commented CEO Bill Wilson. "As a Digital First Company with approximately 47% of total net revenue (excluding political) coming from our digital platform and solutions, we continue to separate ourselves from the local competition."
He added, "I am incredibly proud of the Townsquare Team and the results we have delivered to date, which sets us up to noticeably exceed 2019's Adjusted EBITDA in FY 2021, marking a record profit level for our company. Although COVID is far from over, we have been able to achieve our revenue and EBITDA targets faster than we had initially planned for while gaining market share. As such, we are quickly moving towards our ultimate goal of being the number one local media company in each of our 67 markets."
Townsquare is updating its net revenue and Adjusted EBITDA guidance for the full year 2021 and expects net revenue to be at least $415 million (96% of 2019 net revenue, and 99% excluding Live Events net revenue), which is an increase of $5 million from previous guidance for the full year 2021. Adjusted EBITDA is expected to be between $104 million and $105 million (102% to 103% of 2019 Adjusted EBITDA), which is an increase of $2 million to $3 million from previous guidance.
