TOWNSQUARE REPORTS THIRD QUARTER 2017 RESULTS
Greenwich, CT - November 7, 2017 - Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare,” the “Company,” “we,” “us,” or “our”) announced today financial results for the third quarter ended September 30, 2017.
“The highlight of Townsquare’s third quarter was, without a doubt, the strength of our Local Marketing Solutions segment, which delivered net revenue growth of 1.7%, and 3.0% excluding political revenue,” commented Bill Wilson, Co-Chief Executive Officer of Townsquare. “However, challenges in our smaller business segment, Entertainment, offset these strong results, resulting in an overall decline to net revenue, net income and Adjusted EBITDA of 1.0%, 9.9% and 11.1%, respectively. Due to these challenges, we have begun a strategic review of our Entertainment business.”
“We are very pleased with the success of our Local Marketing Solutions segment in particular the continued growth of Townsquare Interactive, our digital marketing solutions business, and Townsquare Ignite, our programmatic digital advertising platform,” commented Dhruv Prasad, Co-Chief Executive Officer of Townsquare. “Local Marketing Solutions is the core of our business, and the strength of our local products and services have allowed us to deliver consistent growth for the 15th consecutive quarter.”
In October 2017, Bill Wilson and Dhruv Prasad were appointed co-CEO’s of Townsquare, succeeding Steven Price, who is now serving as Executive Chairman. “The promotion of Bill and Dhruv to co-CEO’s was a well-planned transition, that allows for continuity and stability in our Company,” commented Steven Price. “The Board and I have great confidence in the continuing management team, and I look forward to continuing to shape our strategic direction in my new role.”
Third Quarter Highlights*
As compared to the third quarter of 2016:
•Local Marketing Solutions net revenue increased 1.7%, and 3.0% excluding political revenue
•Entertainment net revenue decreased 4.1%
•Net revenue decreased 1.0%, and 0.3% excluding political revenue
•Net income decreased 9.9%
•Adjusted EBITDA decreased 11.1%
Diluted net income per share of $0.51
Year to Date Highlights*
As compared to the first nine months of 2016:
•Local Marketing Solutions net revenue increased 2.4%, and 3.5% excluding political revenue
•Entertainment net revenue decreased 7.0%
•Net revenue decreased 1.0%, and 0.4% excluding political revenue
•Net income decreased 16.1%
•Adjusted EBITDA decreased 8.3%
Repaid $6.7 million of long-term debt
* See below for discussion of non-GAAP measures and reconciliations to GAAP measures.
We have two reportable segments, Local Marketing Solutions, which provides broadcast and digital products and solutions to advertisers and businesses within our local markets, and Entertainment, which provides live event experiences and music and lifestyle content directly to consumers, and promotion, advertising and product activations to local and national advertisers.
The following information was filed by Townsquare Media, Inc. (TSQ) on Tuesday, November 7, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.