Townsquare Media Reports 'Strong Results'

Townsquare Media, Inc announced today selected results for the fourth quarter and year ended December 31, 2019.

"During 2019, the Townsquare Team worked tirelessly to deliver upon our 'Local First' strategy to drive strong operational and financial results and to create value for all of our stakeholders. We are pleased to see our efforts driving very strong results, as full year 2019 net revenue increased 5.7% and 7.5% excluding political, which is above our prior guidance. Townsquare's total digital revenue grew in excess of 25% to more than $150 million, which equates to digital now comprising 35% of total net revenue," commented Bill Wilson, Chief Executive Officer of Townsquare.

"In addition, 2019 Adjusted EBITDA increased to $102.4 million, an increase of 7.8% and 15.3% excluding political. Our strong revenue growth, coupled with our disciplined expense management, allowed us to reduce net leverage to 4.6x as of December 31st, a reduction of 0.5x year over year and the lowest net leverage level in our Company's history. I want to thank the amazing and talented Townsquare Team across the country for their hard work each and every day that is driving our strong results; 'You Matter.'"

Bill Wilson

Wilson added, "As we look forward, we are excited about the future of our Company. We believe that our talented teams, broad multi-platform marketing and advertising product suite and in particular, our robust digital solutions, led by Townsquare Interactive and Townsquare Ignite, our proprietary digital programmatic advertising platform, will continue to differentiate us in the marketplace. We are proud of our broadcast performance, but our overall financial results clearly demonstrate what I have been stating for quite some time: Townsquare has transitioned from being a traditional broadcaster to being a premier local media and digital marketing solutions company with fast growing, profitable digital products and solutions."

"While the specific impact of the Coronavirus pandemic to our business is unknown at this time, we know that there will be a negative impact. However, we are confident and optimistic about the long-term customer demand for our multi-platform products and marketing solutions."

➤Fourth Quarter Highlights, As compared to the fourth quarter of 2018:

• Net revenue increased 2.9% and 6.9% excluding political revenue
• Advertising net revenue increased 0.9% and 5.6% excluding political revenue
• Townsquare Interactive net revenue increased 19.5%
• Live Events net revenue decreased 15.7%
• Adjusted EBITDA decreased 2.8% and increased 13.5% excluding political
• Townsquare Interactive Adjusted Operating Income increased 20.0%

➤Full Year Highlights, As compared to the year ended December 31, 2018:

• Net revenue increased 5.7%, and 7.5% excluding political revenue
• Advertising net revenue increased 4.0%, and 6.2% excluding political revenue
• Townsquare Interactive net revenue increased 26.6%
• Live Events net revenue decreased 15.9%
• Adjusted EBITDA increased 7.8%, and 15.3% excluding political
• Townsquare Interactive Adjusted Operating Income increased 34.0%
• Pro forma net revenue increased 4.7%, and 6.6% excluding political revenue
• Pro forma Adjusted EBITDA increased 6.7%, and 14.0% excluding political
• Townsquare Interactive added 3,650 net subscribers, ending the year with approximately 19,000 subscribers