Home Login RADIO ONLINE RSS Facebook
Find Radio Online
AM FM HD

Advertisement

Townsquare Strong Q3: Net Revenue Up 8%


Townsquare Media
Townsquare Media

"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
Gracies
Gracies
The Alliance for Women in Media Foundation (AWMF) has announced winners of the 49th Annual Gracie Awards. The Gracies celebrate outstanding achievements in media dedicated to women, by women, and about women across diverse platforms in news and More

Study: Core Commercial Radio Fans Weigh in on AI
Jacobs Media
Jacobs Media
The big story in broadcast radio and all of media is the impact of Artificial Intelligence. In the past year, much has been said and written about how radio broadcasters -- from management to talent -- feel about this burgeoning technology. But now More

Listening to Podcasts and Online Audio Hit New Highs
The Infinite Dial
The Infinite Dial
The portion of Americans who listen to any kind of online audio, and the portion who listen to podcasts, have both reached new record highs, according to The Infinite Dial an annual survey from Edison Research with support from Audacy, Cumulus Media More
Advertisement

iHM Announces Partnership Extension with D.C. United
D.C. United
D.C. United
iHeartMedia/Washington, DC inks an extension to its partnership agreement with D.C. United to deliver local radio broadcast for all of the club's 2024 Major League Soccer regular season matches, effective through the end of the 2024 season. As part More

CMN Promotes Robert Blum, Tyler Brewer & Chris Kleiber
Compass Media Networks
Compass Media Networks
Compass Media Networks promotes three-long-standing executives, Robert Blum, Tyler Brewer and Chris Kleiber, who will collectively oversee the content creation, production and distribution of the company's play-by-play sports platform. The More

Matt Pinfield Joins The SoCal Sound for Afternoons
Matt Pinfield
Matt Pinfield
Veteran air talent and television host Matt Pinfield is joining KCSN-FM (88.5 FM The SoCal Sound) in Los Angeles as AAA outlet's new afternoon host from 2-6pm. The music personality fills the spot left open by Andy Chanley, who announced earlier More

Return to Menu

Advertisement

Subscribe to our Newsletter
Radio news and headlines delivered right to your e-mail box -- and it's free.

Quick Snaps
Benztown: Benztown was at Radiodays Europe 2024, which was held in Munich on March 17-19th. Benztown hosted a well-attended party for customers and partners during Radiodays Europe 2024 on Monday, March 18. Pictured is a traditional Volksmusik band performed for Benztown party attendees at Munich's Augustiner-Keller restaurant. In front in black shirt raising a glass is Oliver Klenk, Head of Production & Composition, and to his right, also in black shirt, is Stephan Halfpap, General Manager, Maxmedia, Austria.

Advertisement

Advertisement