Advertisement |
Townsquare Strong Q3: Net Revenue Up 8%
RADIO ONLINE | Tuesday, November 5, 2019 |
"Townsquare's third quarter results exceeded our expectations, with ex-political net revenue and Adjusted EBITDA increasing 7.9% and 12.9%, respectively, over the prior year," said Bill Wilson, Chief Executive Officer of Townsquare. "When factoring in political comps from the prior year period, our net revenue grew 6.2% and Adjusted EBITDA grew 6.7%.
In addition to the continued strong results of our digital marketing subscription business, Townsquare Interactive, which increased net revenue by 26.0% over the prior year, our Advertising business grew net revenue a very impressive 7.3% excluding political revenue over the prior year. Both segments also achieved strong profit margins in excess of 30% in the third quarter and year to date periods, which as a result increased Adjusted EBITDA by a strong 11.5% in the first nine months of 2019. Continued momentum in our revenue growth, coupled with our disciplined expense management, allowed us to reduce net leverage to 4.7x as of September 30th, a reduction of 0.6x year over year and the lowest net leverage level in our history."
"The ongoing strong performance of Townsquare Interactive and Townsquare Ignite, our proprietary digital programmatic advertising platform, is contributing to digital revenue being 35% of our total net revenue and reinforces our belief that each of those digital divisions will generate $100 million in annual net revenue within the next two to four years," added Wilson. "We believe that our strong financial performance, talented teams, broad product suite of high quality, locally focused multiplatform offerings, and the size and strength of our digital businesses, further prove that Townsquare is not a traditional radio broadcaster, and has evolved to be a premier local media and digital marketing solutions company."
The Company also announced today that its Board of Directors approved a quarterly cash dividend of $0.075 per share. The dividend will be payable on February 14, 2020 to shareholders of record as of the close of business on December 27.
Third Quarter Highlights compared to the third quarter of 2018:
- Net revenue increased 6.2%, and 7.9% excluding political revenue
- Advertising net revenue increased 5.2%, and 7.3% excluding political revenue
- Townsquare Interactive net revenue increased 26.0%
- Live Events net revenue decreased 27.3%
- Net income decreased 9.1%, and net income from continuing operations decreased 3.9%
- Adjusted EBITDA increased 6.7%, and 12.9% excluding political
- Townsquare Interactive Adjusted Operating Income increased 36.8%
- Diluted net income per share from continuing operations was $0.31 and Adjusted Net Income Per Share was $0.33
- Townsquare Interactive added 850 net subscribers, ending the quarter with approximately 18,150 subscribers
Year to Date Highlights compared to the nine months ended September 30, 2018:
- Net revenue increased 6.7%, and 7.8% excluding political revenue
- Advertising net revenue increased 5.1%, and 6.4% excluding political revenue
- Townsquare Interactive net revenue increased 29.3%
- Live Events net revenue decreased 15.9%
- Net income increased $29.0 million, and net income from continuing operations decreased 1.8%
- Adjusted EBITDA increased 11.5%, and 15.9% excluding political
- Townsquare Interactive Adjusted Operating Income increased 39.4%
- Pro forma net revenue increased 5.4%, and 6.5% excluding political revenue
- Pro forma net income increased $28.0 million
- Pro forma Adjusted EBITDA increased 10.0%, and 14.1% excluding political
Advertisement |
Latest Radio Stories
AWMF Unveils 49th Annual Gracie Awards Winners |
Study: Core Commercial Radio Fans Weigh in on AI |
Listening to Podcasts and Online Audio Hit New Highs |
Advertisement |
iHM Announces Partnership Extension with D.C. United |
CMN Promotes Robert Blum, Tyler Brewer & Chris Kleiber |
Matt Pinfield Joins The SoCal Sound for Afternoons |