- Townsquare Media Inc TSQ reported second-quarter FY21 net revenue growth of 44.9% year-on-year to $107.3 million, beating the analyst consensus of $102.7 million.
- Townsquare Interactive's net subscription revenue increased 19.7% Y/Y to $20.2 million, Advertising net revenue grew 50.4% Y/Y to $85.9 million, and Live Events net revenue was $1.2 million.
- Townsquare Interactive added 1,350 net subscribers, achieving a record high. Digital revenue grew 36% Y/Y.
- Adjusted EBITDA increased $28.2 million to $30.3 million, an all-time high. Adjusted EBITDA margin expanded 2,542 bps to 28.2%.
- Adjusted EPS of $0.53 missed the analyst consensus of $0.57.
- Townsquare generated $31.2 million in operating cash flow during the six months ended Jun. 30, and held $25.1 million in cash and equivalents.
- Over the next three years, the company expects double-digit digital net revenue growth to continue, fueling the expansion of its digital platform from $180 million of revenue (on a trailing twelve-month basis as of Jun. 30) to $250 million, CEO Bill Wilson stated.
- Price action: TSQ shares traded higher by 6.02% at $13.04 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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