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08.11.2016 13:05
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Townsquare Reports Third Quarter 2016 Results
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PR Newswire
GREENWICH, Conn., Nov. 8, 2016
GREENWICH, Conn., Nov. 8, 2016 /PRNewswire/ -- Townsquare Media, Inc. (NYSE: TSQ) ("Townsquare," the "Company," "we," "us," or "our") announced today financial results for the third quarter ended September 30, 2016.
"In the third quarter, net revenue and Adjusted EBITDA increased 28% and 32% over the prior year, respectively, and net income decreased 4%. Excluding the impact of a one-time impairment charge, net income increased 12% over the prior year," commented Steven Price, Chairman and Chief Executive Officer of Townsquare. "On a pro forma basis, our Local Marketing Solutions segment continued its positive momentum by delivering another quarter of solid growth, with net revenue increasing approximately 4% over the prior year period. These results were offset by a decline in our Entertainment segment due primarily to exceptionally poor weather at four of our largest fairs. Excluding those fairs, Townsquare's pro forma net revenue and Adjusted EBITDA increased approximately 2% and 3%, respectively."
Third Quarter Highlights
As compared to the third quarter of 2015 on an actual basis:
- Net revenue increased 27.9%
- Net income decreased 3.6%
- Adjusted EBITDA increased 32.4%
As compared to the third quarter of 2015 on a pro forma basis:
- Net revenue was approximately flat
- Local Marketing Solutions net revenue increased 3.8%
- Entertainment net revenue decreased 4.5%
- Net income decreased 31.7%
- Adjusted EBITDA decreased 2.1%
Diluted net income and diluted Adjusted Net Income Per Share were $0.58 and $0.67, respectively
Year to Date Highlights
As compared to the first nine months of 2015 on an actual basis:
- Net revenue increased 21.1%
- Net income increased 155.7%
- Adjusted EBITDA increased 6.5%
As compared to the first nine months of 2015 on a pro forma basis:
- Net revenue increased 2.2%
- Local Marketing Solutions net revenue increased 5.1%
- Entertainment net revenue decreased 2.4%
- Net income increased 134.1%
- Adjusted EBITDA increased 0.5%
Segment Reporting
We have two reportable segments, Local Marketing Solutions, which provides broadcast and digital products and solutions to advertisers and businesses within our local markets, and Entertainment, which provides live event experiences and music and lifestyle content directly to consumers, and promotion, advertising and product activations to local and national advertisers. Prior to the second quarter of 2016, the Company reported its results in two reportable segments, Local Advertising and Live Events, and reported the remainder of its business in its Other Media and Entertainment category. The prior Local Advertising segment, together with the Company's digital marketing and e-commerce solutions, which were previously part of the Other Media and Entertainment category, are now reported within Local Marketing Solutions. The Live Events segment, together with the Company's national digital assets which were previously part of the Other Media and Entertainment category, are now reported within Entertainment.
Quarter Ended September 30, 2016 Compared to the Quarter Ended September 30, 2015
Net Revenue
Net revenue for the quarter ended September 30, 2016 increased $36.2 million, or 27.9%, to $165.8 million, as compared to $129.6 million in the same period last year. This was driven primarily by the net revenue contribution of North American Midway Entertainment ("NAME"), which was acquired on September 1, 2015. Local Marketing Solutions net revenue increased $3.1 million, or 3.6%, to $89.0 million and Entertainment net revenue increased $33.1 million, or 76.0%, to $76.8 million.
Pro forma net revenue decreased $0.3 million, or 0.2%, to $165.8 million, as compared to $166.0 million in the same period last year. As used in this release, the term "pro forma" means pro forma for the acquisition of NAME and the divestiture of 43 of our towers on September 1, 2015. Local Marketing Solutions pro forma net revenue increased $3.3 million, or 3.8%, to $89.0 million and Entertainment pro forma net revenue decreased $3.6 million, or 4.5%, to $76.8 million. Excluding political revenue, pro forma net revenue decreased $1.3 million, or 0.8%, to $164.4 million and Local Marketing Solutions pro forma net revenue increased $2.3 million, or 2.7%, to $87.7 million.
Net Income
Net income for the quarter ended September 30, 2016 decreased $0.6 million, or 3.6%, to $15.9 million, as compared to $16.5 million in the same period last year. The decrease was primarily related to a decrease in the net gain on sale of assets associated with the divestiture of our towers on September 1, 2015, and an impairment charge in the quarter ended September 30, 2016.
Pro forma net income for the quarter ended September 30, 2016 decreased $7.3 million, or 31.7%, to $15.9 million, compared to $23.2 million in the same period last year. The decrease was primarily related to a decrease in the net gain on sale of assets associated with the divestiture of our towers on September 1, 2015, and an impairment charge in the quarter ended September 30, 2016.
Adjusted EBITDA
Adjusted EBITDA for the quarter ended September 30, 2016 increased $10.9 million, or 32.4%, to $44.7 million, as compared to $33.7 million in the same period last year. The increase was primarily related to the Adjusted EBITDA contribution of NAME, which was acquired on September 1, 2015.
Pro forma Adjusted EBITDA for the quarter ended September 30, 2016 decreased $1.0 million, or 2.1%, to $44.7 million, compared to $45.6 million in the same period last year.
Nine Months Ended September 30, 2016 Compared to the Nine Months Ended September 30, 2015
Net Revenue
Net revenue for the nine months ended September 30, 2016 increased $69.1 million, or 21.1%, to $397.3 million, as compared to $328.2 million in the same period last year. This was driven primarily by the net revenue contribution of NAME, which was acquired on September 1, 2015. Local Marketing Solutions net revenue increased $11.1 million, or 4.6%, to $250.9 million and Entertainment net revenue increased $58.0 million, or 65.6%, to $146.4 million.
Pro forma net revenue increased $8.4 million, or 2.2%, to $397.3 million, as compared to $388.9 million in the same period last year. Local Marketing Solutions pro forma net revenue increased $12.1 million, or 5.1%, to $250.9 million and Entertainment pro forma net revenue decreased $3.7 million, or 2.4%, to $146.4 million. Excluding political revenue, pro forma net revenue increased $5.8 million, or 1.5%, to $393.6 million and Local Marketing Solutions pro forma net revenue increased $9.4 million, or 4.0%, to $247.2 million.
Net Income
Net income for the nine months ended September 30, 2016 increased $12.2 million, or 155.7%, to $20.1 million, as compared to $7.9 million in the same period last year.
Pro forma net income for the nine months ended September 30, 2016 increased $11.5 million, or 134.1%, to $20.1 million, compared to $8.6 million in the same period last year.
Adjusted EBITDA
Adjusted EBITDA for the nine months ended September 30, 2016 increased $5.0 million, or 6.5%, to $81.9 million, as compared to $76.9 million in the same period last year.
Pro forma Adjusted EBITDA for the nine months ended September 30, 2016 increased $0.4 million, or 0.5%, to $81.9 million, compared to $81.5 million in the same period last year.
Liquidity and Capital Resources
As of September 30, 2016, we had a total of $38.4 million of cash on hand and $50.0 million of available borrowing capacity under our revolving credit facility. As of September 30, 2016, we had $581.3 million of outstanding indebtedness, representing 5.6x and 5.3x gross and net leverage, respectively, based on pro forma Adjusted EBITDA for the twelve months ended September 30, 2016 of $103.0 million.
The table below presents a summary, as of November 7, 2016, of our outstanding common stock and securities convertible into common stock, excluding options issued under our 2014 Omnibus Incentive Plan.
| Security | | Number Outstanding1 | Description | |
| Class A common stock | | 13,735,690 | | One vote per share. |
| Class B common stock | | 3,022,484 | | 10 votes per share.2 |
| Class C common stock | | 1,636,341 | | No votes.2 |
| Warrants | | 8,977,676 | | Each warrant is exercisable for one share of Class A common stock, at an exercise price of $0.0001 per share. The aggregate exercise price for all warrants currently outstanding is $898.3 |
| Total | | 27,372,191 | | |
| | | | | |
| 1 Each of the shares of common stock listed below, including the shares of Class A common stock issuable upon exercise of the warrants, have equal economic rights. | ||||
| 2 Each share converts into 1 share of Class A common stock upon transfer or at the option of the holder, subject to certain conditions, including compliance with FCC rules. | ||||
| 3 The warrants are fully vested and exercisable for shares of Class A common stock, subject to certain conditions, including compliance with FCC rules. | ||||
Conference Call
Townsquare Media, Inc. will host a conference call to discuss certain second quarter 2016 financial results on Tuesday, November 8, 2016 at 8:00 a.m. Eastern Time. The conference call dial-in number is 1-877-407-0784 (U.S. & Canada) or 1-201-689-8560 (International) and the confirmation code is 13647595. A live webcast of the conference call will also be available on the investor relations page of the Company's website at www.townsquaremedia.com.
A replay of the conference call will be available through November 15, 2016. To access the replay, please dial 1-844-512-2921 (U.S. & Canada) or 1-412-317-6671 (International) and enter confirmation code 13647595. A web-based archive of the conference call will also be available at the above website for thirty days after the call.
About Townsquare Media, Inc.
Townsquare is a media, entertainment and digital marketing solutions company principally focused on small and mid-sized markets across the U.S. Our assets include 309 radio stations and more than 325 local websites in 66 U.S. markets, a digital marketing solutions company serving approximately 10,200 small to medium sized businesses, approximately 550 live events with nearly 18 million attendees each year in the U.S. and Canada, and one of the largest digital advertising networks focused on music and entertainment reaching more than 60 million unique visitors each month. Our brands include iconic local media assets such as WYRK, KLAQ, K2 and NJ101.5; acclaimed music festivals such as Mountain Jam, WE Fest and the Taste of Country Music Festival; unique touring lifestyle and entertainment events such as the America on Tap craft beer festival series, the Insane Inflatable 5K obstacle race series and North American Midway Entertainment, North America's largest mobile amusement company; and leading tastemaker music and entertainment owned and affiliated websites such as XXLmag.com, TasteofCountry.com, Loudwire.com, JustJared.com and BrooklynVegan.com. For more information, please visit www.townsquaremedia.com.
Forward-Looking Statements
Except for the historical information contained in this press release, the matters addressed are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, written, oral or otherwise made, represent the Company's expectation or belief concerning future events. Without limiting the foregoing, the words "believes," "expects," "may," "will," "should," "seeks," "intends," "plans," "strives," "goal," "estimates," "forecasts," "projects" or "anticipates" and similar expressions are intended to identify forward-looking statements. By nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statement. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. See "Risk Factors" and "Forward-Looking Statements" included in our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission on or about the date hereof, for a discussion of factors that could cause our actual results to differ from those expressed or implied by forward-looking statements. Townsquare Media, Inc. assumes no responsibility to update any forward-looking statement as a result of new information, future events or otherwise.
Investor Relations
Claire Yenicay
(203) 900-5555
investors@townsquaremedia.com
| TOWNSQUARE MEDIA, INC. CONSOLIDATED BALANCE SHEETS (in Thousands, Except Share and Per Share Data) (unaudited) | |||||||
| | |||||||
| | September 30, | | December 31, | ||||
| ASSETS | | | | ||||
| Current assets: | | | | ||||
| Cash | $ | 38,413 | | | $ | 33,298 | |
| Accounts receivable, net of allowance of $1,487 and $2,114, respectively | 65,420 | | | 60,143 | | ||
| Prepaid expenses and other current assets | 13,551 | | | 9,766 | | ||
| Total current assets | 117,384 | | | 103,207 | | ||
| Property and equipment, net | 139,329 | | | 133,943 | | ||
| Intangible assets, net | 514,560 | | | 517,979 | | ||
| Goodwill | 292,953 | | | 292,953 | | ||
| Investments | 4,313 | | | 5,049 | | ||
| Other assets | 7,343 | | | 7,580 | | ||
| Total assets | $ | 1,075,882 | | | $ | 1,060,711 | |
| | | | | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | ||||
| Current liabilities: | | | | ||||
| Accounts payable Werbung Mehr Nachrichten zur Townsquare Media Aktie kostenlos abonnieren
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