Townsquare Has Strong Second Quarter Net Revenue Growth of 7%, Adjusted EBITDA Growth Of 19%

Q2 Financials

TOWNSQUARE MEDIA has released financial results for the second quarter ended JUNE 30th.

"TOWNSQUARE's strong momentum continued into the second quarter, with net revenue, net income from continuing operations, and Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation And Amortization) increasing 7.4%, 23.5%, and 19.0%, respectively, over the second quarter of the prior year," commented CEO BILL WILSON. "Our second quarter growth rates were fueled by an acceleration in Advertising net revenue growth, which increased 7.1% excluding political revenue over the prior year, and the strong net revenue growth of TOWNSQUARE INTERACTIVE, which increased 30.8% over the prior year.  

"TOWNSQUARE INTERACTIVE added approximately 1,100 net subscribers in the second quarter, a significant increase in quarterly net additions over prior quarters, while maintaining strong profit margins in excess of 30%. The ongoing strong performance of TOWNSQUARE INTERACTIVE and TOWNSQUARE IGNITE, our proprietary digital programmatic advertising platform, reinforce our belief that each of those divisions will generate $100 million in annual net revenue within the next three to five years.

"Our broad product suite of high quality, locally focused broadcast, digital and live event offerings has allowed us to provide complete, end-to-end marketing solutions for our customers while simultaneously driving net revenue and Adjusted EBITDA growth. With greater than one-third of our total net revenue originating from digital sources, Townsquare is not your average radio company. As a result of the ongoing strength of Townsquare Interactive and Townsquare Ignite, we believe that Townsquare is best described as a premier local and digital marketing solutions company, bringing large market solutions to small and mid-sized markets."

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 NOVEMBER 15th to shareholders of record as of the close of business on SEPTEMBER 26th.

As compared to the second quarter of 2018 on a GAAP basis:

• Net revenue increased 7.4%, and 8.3% excluding political revenue
• Advertising net revenue increased 6.0%, and 7.1% excluding political revenue
• TOWNSQUARE INTERACTIVE net revenue increased 30.8%
• Live Events net revenue decreased 13.8%
• Net income improved 554.6%, and net income from continuing operations increased 23.5%
• Adjusted EBITDA increased 19.0%

As compared to the second quarter of 2018 on a pro forma basis:

• Net revenue increased 5.3%, and 6.2% excluding political revenue
• Net income improved 348.7%
• Adjusted EBITDA increased 15.6%
• Diluted net income per share from continuing operations was $0.37
• TOWNSQUARE INTERACTIVE added 1,100 net subscribers, ending the quarter with approximately 17,300 subscribers

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