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| Bill Wilson |
“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.”
Wilson added, “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. 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, 2019.
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