TOWNSQUARE REPORTS STRONG FOURTH QUARTER:
NET REVENUE RISES 12% AND ADJUSTED EBITDA INCREASES 9%
2018 Digital Revenue over $120 Million and Nearly 30% of Total Net Revenue
Greenwich, CT - March 12, 2019 - Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare,” the “Company,” “we,” “us,” or “our”) announced today financial results for the fourth quarter and year ended December 31, 2018.
“2018 was an exciting year for Townsquare. We reoriented our business to focus on the profitable growth of Townsquare’s local media and digital marketing solutions offerings, completed two strategic, tuck-in radio acquisitions, initiated a dividend, and delivered strong revenue and Adjusted EBITDA growth that exceeded our business plan,” commented Bill Wilson, Chief Executive Officer of Townsquare.
Mr. Wilson continued, “In 2018, we delivered net revenue growth of approximately 5% and Adjusted EBITDA growth of over 7%, driven by the impressive growth of our digital businesses, which now total $120 million in annual net revenue and thus nearly 30% of our total net revenue. Further, we beat our previously issued 2018 revenue guidance. The fourth quarter delivered the strongest year over year growth in 2018, with net revenue growth of 12%, and we saw sequential improvement in our advertising business throughout the year.”
“In addition, Townsquare Interactive added 2,950 net subscribers in 2018 (compared to 1,700 in 2017) and thus ended the year with approximately 15,350 subscribers and nearly $50 million in net revenue.”
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 May 15, 2019 to shareholders of record as of the close of business on April 2, 2019.
Fourth Quarter Highlights*
As compared to the fourth quarter of 2017 on a GAAP basis:
•Net revenue increased 12.0%, and 14.4% excluding live events net revenue
•Net revenue increased 7.5% excluding political revenue
•Townsquare Interactive net revenue increased 28.5%
•Advertising net revenue increased 12.6%
•Live Events net revenue decreased 41.8%
•Net loss decreased 39.9%, and net income from continuing operations decreased 350.5%
•Adjusted EBITDA increased 9.1%
As compared to the fourth quarter of 2017 on a pro forma basis:
•Net revenue increased 9.7%, and 12.0% excluding live events net revenue
•Net revenue increased 5.2% excluding political revenue
•Net loss decreased 38.6%
•Adjusted EBITDA increased 6.4%
Diluted net loss per share from continuing operations and diluted Adjusted Net Income Per Share were $1.26 and $0.26, respectively
Townsquare Interactive added 850 net subscribers
Full Year Highlights*
As compared to the year ended December 31, 2017 on a GAAP basis:
•Net revenue increased 4.7%, and 8.6% excluding live events net revenue
•Net revenue increased 2.8% excluding political revenue
•Townsquare Interactive net revenue increased 21.4%
•Advertising net revenue increased 6.9%
•Live Events net revenue decreased 21.1%
•Net loss increased 207.4%, and net income from continuing operations decreased 102.0%
The following information was filed by Townsquare Media, Inc. (TSQ) on Tuesday, March 12, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.