Townsquare Media Stock Gains On Beating Q2 Revenue Backed By Record Subscribers

  • 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.
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