|Over a month ago|
Townsquare Media sees FY21 revenue $395M, consensus $393.36M » 08:4305/1005/10/21
See FY21 adjusted EBITDA…
See FY21 adjusted EBITDA $95M.
Townsquare Media sees Q2 revenue $101M-$104M, two estimates $90.05M » 08:4205/1005/10/21
Sees Q2 adjusted EBITDA…
Sees Q2 adjusted EBITDA $28M-$29M. Says Q1 results exceeded goals and expectations. Says in some cases exceeded pre-pandemic first quarters. Says on the verge of a full financial recovery to pre-pandemic levels. Says plans on adding second location on the western side of the U.S. after the pandemic is over. Says will restart a handful of live events in states with less restrictions. Says will return to normal live events schedule in 2022. Guidance and comments taken from Q1 earnings conference call.
Townsquare Media reports Q1 adjusted EPS 17c, two estimates 12c » 06:0905/1005/10/21
Reports Q1 revenue…
Reports Q1 revenue $88.76M, consensus $87.51M. "We are extremely proud to report that Townsquare's first quarter 2021 results approached, and in some cases exceeded, levels achieved in the pre-COVID first quarter of 2019, which surpassed our expectations and previously stated guidance. In the first quarter of 2021, net revenue declined -5% year over year, and -1.6% excluding political and Live Events net revenue. When excluding Live Events net revenue, first quarter net revenue increased +0.3% as compared to the first quarter of 2019. Total digital revenue growth accelerated to +13% year over year (+32% vs. Q1 2019), contributing nearly 49% of Townsquare's total first quarter net revenue. Our digital revenue growth was fueled by Townsquare Interactive (TSI), our digital marketing solutions subscription business, Townsquare Ignite, our digital programming advertising platform, and Townsquare Amped, digital advertising on our owned and operated brands, which increased revenue year over year by +15%, +12%, and +11%, respectively. Impressively, TSI, Ignite, and Amped's first quarter net revenue exceeded Q1 2019 revenue levels by +34%, +45%, and +15%, respectively. Over the next three years, we expect to grow our digital net revenue from $167 million (on a trailing twelve-month basis as of March 31, 2021) to $250 million," commented Bill Wilson, CEO of Townsquare Media, Inc. "The strong growth of our digital revenue, together with our strong expense management, led to Adjusted EBITDA increasing nearly +30% over the prior year. I am especially proud to share that first quarter Adjusted EBITDA of $20.1 million is +$1.3 million, or +7%, higher than Q1 2019's pro forma Adjusted EBITDA, and +$2.1 million, or +12%, higher when excluding profit from Live Events."
|Over a quarter ago|
Townsquare Media sees Q1 revenue $87M-$88M, one estimate $87.62M » 08:3103/1603/16/21
Sees Q1 adjusted EBITDA…
Sees Q1 adjusted EBITDA $18M-$19M. Sees Q1 total digital revenue up 12%. Sees Q1 Townsquare Interactive revenue up 15%. Sees Q1 Ignite revenue up 12%. Says broadcast advertising revenues will return to pre-COVID levels after COVID. Says advertising segment improved sequentially. Says thre is a $30B total addressable market for Townsquare interactive. Says reaffirms expectation of $100M in annual net revenue in two to three years. Says digital growth is 100% organic. Guidance and comments taken from Q4 earnings conference call.
Townsquare Media reports Q4 adjusted EPS 18c, consensus 31c » 07:0203/1603/16/21
Reports Q4 revenue…
Reports Q4 revenue $108.5M, consensus $106.62M.
Townsquare Media repurchases entirety of Oaktree Capital's ownership stake » 07:0903/1003/10/21
Townsquare Media (TSQ)…
Townsquare Media (TSQ) repurchased the entirety of Oaktree Capital's (OAK) 12.6 million shares and warrants of the company at $6.40 per security, and subsequently retired those securities, comprising 1.6 million shares of Class A common stock, 2.2 million shares of Class B common stock, and 8.8 million warrants. The purchase price of $6.40 per security reflected a 39% discount to the closing price of the Class A common stock on Tuesday, March 9, and a 19% discount to the pre-announcement share price. The transaction is expected to be immediately accretive on a free cash flow per share and adjusted EPS basis in excess of 70%. The aggregate purchase price for the securities was $80.4M and was funded with cash on hand. In addition, the company will pay Oaktree a $4.5M consent fee in four installments, the first of which is due on April 1. Following the repurchase, the company has approximately 16 million securities outstanding, inclusive of common stock and warrants.
Townsquare Media upgraded to Outperform from Market Perform at Barrington » 08:0501/2701/27/21
Barrington analyst James…
Barrington analyst James Goss upgraded Townsquare Media to Outperform from Market Perform with a $15 price target. The analyst remains constructive on "many operational and strategic characteristics" of Townsquare, especially its two digital businesses, Townsquare Interactive and Townsquare Ignite, that he says are closing in on a combined revenue contribution of nearly half of the corporate total. Goss believes the value per share "will be adjusted significantly higher" to reflect the "very accretive" buyback of Oaktree's commanding position at a discount to current share prices.
Townsquare Media authorizes share repurchase of 10 million shares minimum » 06:0501/2501/25/21
Townsquare Media has…
Townsquare Media has entered into an agreement to repurchase a minimum of 10 million of the 12.5 million shares of Class A common stock, shares of Class B common stock and warrants held by funds managed by Oaktree Capital Management for $6.40 per security, which reflects a 19% discount from the closing price of the Class A common stock on January 22. The repurchase was approved by the Board of Directors following the recommendation of a committee of independent and disinterested directors. With this transaction, Oaktree will be selling approximately one third of its Class A common stock, all of its Class B common stock and at least the majority of its warrants. The aggregate purchase price is expected to be at least $64M, subject to the company's ability to elect to purchase additional securities at closing of the repurchase. At closing, the repurchased securities will be retired and, subject to the company's election to repurchase additional securities, the company's outstanding securities will be reduced from approximately 28 million to approximately 18 million. At closing, the composition of the Company's Board of Directors will remain the same. Additionally, fifteen months after the closing of the repurchase, the company has the option to purchase all of the remaining securities from Oaktree, and Oaktree has the option to sell all or a portion of its remaining securities to the company, at a purchase price per security of $6.40 in cash.
Townsquare Media falls -8.3% » 12:0112/1812/18/20
Townsquare Media is down…
Townsquare Media is down -8.3%, or -62c to $6.81.
Townsquare Media price target raised to $12 from $8 at Noble Capital » 08:1012/1612/16/20
Noble Capital analyst…
Noble Capital analyst Michael Kupinski raised the firm's price target on Townsquare Media to $12 from $8 and keeps an Outperform rating on the shares after raising his 2020 and 2021 revenue and cash flow estimates following the company providing preliminary Q4 results that point to moderating broadcast advertising trends, excluding Political ads. He views the pre-announcement as encouraging as the company cycles toward easing comps in 2021, Kupinski said.