Townsquare Media Reports Strong 2Q Performance

 

Townsquare Media, Inc. announced today financial results for the second quarter ended June 30, 2021.

“Townsquare’s strong performance continued in the second quarter of 2021, with significant growth in net revenue, Adjusted EBITDA, net subscribers and net income. In the second quarter of 2021, net revenue increased +45% year over year, but more importantly, Townsquare achieved 99.4% of Q2 2019’s net revenue when excluding Live Events net revenue (in Q2 2019 there was $6.3 million of Live Events net revenue). Total digital revenue growth accelerated to +36% year over year (+27% vs. Q2 2019), contributing approximately 47% of Townsquare’s total net revenue in the first six months of 2021. Over the next three years, we expect double-digit digital net revenue growth to continue, fueling the growth of our digital platform from $180 million of revenue (on a trailing twelve-month basis as of June 30, 2021) to $250 million,” commented Bill Wilson, Chief Executive Officer of Townsquare Media, Inc. 

“Most impressively, I am extremely proud to report that Townsquare’s second quarter Adjusted EBITDA of $30.3 million not only exceeded our expectations, our previously stated guidance, and 2019 levels (+1% vs. Q2 2019), but it was also the highest Adjusted EBITDA generated in any single quarter in Townsquare’s history. To accomplish this strong result only one year after the start of the pandemic is a testament to the strength of the Townsquare Team, our digital platform and solutions for local businesses, and our careful expense management efforts.”

Wilson continued, “As a Digital First Company, our digital revenue and profit growth has accelerated, driving the diversification of our business, total Company growth and separation from our local competition. I am incredibly optimistic about Townsquare’s future, and very proud that we are on the path to achieving 2019’s Adjusted EBITDA in 2021, on the verge of a full revenue recovery in 2021, and plan on delivering strong revenue and profit growth in 2022.”

Second Quarter Highlights (compared to the second quarter of 2020):

• Net revenue increased 44.9%, and 45.7% excluding political revenue
• Net income increased $36.9 million to $10.1 million
• Adjusted EBITDA increased $28.2 million to $30.3 million, an all-time Company high
• Digital net revenue increased 36.0%
• Townsquare Interactive net subscription revenue increased 19.7% to $20.2 million
• Townsquare Interactive Adjusted Operating Income increased 18.5% to $6.1 million
• Advertising net revenue increased 50.4%, and 51.4% excluding political revenue
• Live Events net revenue increased $1.2 million to $1.2 million
• Net revenue excluding Live Events achieved 99.4% of Q2 2019 levels
• Diluted income per share was $0.50, and Adjusted Net Income per diluted share was $0.53
• Townsquare Interactive added approximately 1,350 net subscribers, achieving an all-time record high number of quarterly net subscribers