Townsquare Media Q1 Net Revs Up 13% to $100.2 Million

RADIO ONLINE | Tuesday, May 10, 2022

Townsquare Media

Townsquare Media reported first quarter net revenue increased 12.9% to $100.2 million from $88.7 million in 2021. Digital Advertising net revenue grew 16.6%, while Broadcast Advertising net revenue was up 7.7% and Adjusted EBITDA gained 9.8%. Operating income was $15.8 million, up from $8.8 million. The company posted a net income of $2.74 million (11 cents per diluted share) as compared to a net loss of $6.1 million (-13 cents) in the year-ago period.

"I am proud to announce our strong start to 2022, with net revenue, Adjusted EBITDA and net income increasing year-overyear by +13%, +10% and $8.9 million, respectively," said commented CEO Bill Wilson. "In addition, net revenue and Adjusted EBITDA exceeded our previously issued guidance due to strong growth and strong margins. As a Digital First Local Media Company, our first quarter performance was driven by our digital platform and solutions, with total digital revenue increasing +16% year-over-year in the first quarter (representing 51% of our total Q1 net revenue) and total digital Adjusted Operating Income increasing +11% year-over year (representing 55% of our total Q1 Adjusted Operating Income)."

He added, "As we move forward, we expect double-digit digital net revenue growth to continue at strong margins, fueling our overall growth and subsequent debt reduction, from 4.66x net leverage today to 4.0x by year end. We are also pleased to re-affirm our 2022 guidance and our 2024 digital revenue target of at least $275 million. These results and confidence in our outlook are due, in part, to the fact that Townsquare is the only local media and digital marketing solutions company of scale focused principally on markets outside of the Top 50 in the United States, a vital differentiator for our company."

For the second quarter of 2022, net revenue is expected to be between $117 million and $121 million and Adjusted EBITDA is expected to be between $32 million and $33 million.