TSQ - Earnings call transcript Q2 2018

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Operator

Good morning, and welcome to Townsquare's Second Quarter 2018 Conference Call. [Operator Instructions] With that, I would like to introduce the first speaker for today's call Claire Yenicay, Executive Vice President. Ma'am, you may proceed.

Claire Yenicay

Thank you, Operator and good morning to everyone. Thank you for joining us today for Townsquare’s second quarter financial update. call Executive Dhruv our Officers Executive President. the Wilson, and CFO on Vice Co-Chief our and me today Prasad are Bill and With Stuart Rosenstein, that this statements including to the may Please historical prospects. relating call future that, other than during make note statements provide company's information information, we differ risks under actual are Reform and XXXX Act statements Harbor from and that of cause the materially to could uncertainties statements to These forward-looking the projections. provision results of are Safe considered Private Litigation those subject Securities These the call. are and the SEC XX-K reflect are and company's statements Form current beliefs the this in conditions, subject uncertainties we based incorporate but company's detailed risks on with on annual these report to by certain filed for that reference financial also adjusted forma certain including pro certain may EBITDA makes discuss adjustments. non-GAAP measures, that We financial the all end Such conjunction be and information available contained should on non-GAAP in year the our website. quarterly reports used with measures in Dhruv call I time, would this to At turn like the over Prasad. to

Dhruv Prasad

Thank everyone you, us and for joining Claire. thank today. you Good morning,

pleased another strong Townsquare. announce are to quarter at We

and the revenue XXXX, increased over issued. prior revenue X.X% quarter EBITDA results that of had our Net increased net the X.X%. previously adjusted and second EBITDA year the we exceeded For guidance adjusted

strong continue at product are For first we the in net progress. X.X% year and against These four-point adjusted months our you June compared six this the EBITDA growth the XXXX far our measure the to XX, months results which end on and revenue plan six XXXX. we described of increased ended so XXXX, increased X.X% of to the of that first

within drive offerings. content market from in foundational stable our local to product in its First, footprint local about investing broadcast and our results order sales first, execution

businesses North To Our second digital complexity reorganized events demonstrated our local strategy. divested our objective our which live you expectations to the this, American identified our in year know as business. we and previously profit and national of we strong reduce in both which reviewed first May far above this to in we address have and Midway had growth volatility so Entertainment was non-core as

allocate will Ignite resources our most Townsquare in shortly results. off our of these investments products Bill pay that Townsquare as big Interactive growth continue in to to see are drive wanted financial discuss you and promising and of to part we Third some a our the growth areas

that some from Lastly, we make wanted we inception has as a our product results measurement continue to of since our in hallmark details party prioritize experimentation on innovation first data as provide product. to will Bill sure attribution the our initiative, Townsquare and been XXXX. and broadcast well

our for results into initiatives with that goals far three strong these We to months our demonstrates have to growth. are expect year areas that Overall against highlight result. a co-CEO's, partnership and you. that wanted we have half position long-term right performance and Bill so and as the back be priorities, well continue I feel of XX both year help in these we pleased There transactions our fuel Townsquare's drive a of far and as strategic this the our to to executed those so

Jersey with Kaiser acquired already assets stations the in owned radio state million The radio strategic that powerhouse XXX.X. quarter. the our stations our acquisition where XX closed including three third presence announced Media Jersey the for we in New we New existing of roughly statewide previously First, of news beginning from talk are on fit XX at

give guidance to Beginning Townsquare Townsquare and in best these as pro incorporates our revised country are later particular customer stations. EBITDA transparency this as our this for provide the excellent base in acquired introducing these of three teams to well-deserved acquisition and that to as WPSC-FM highlighted full-year QX are forma we’ll more the results financial growth in also expectations of our results, our like providing call. line the the acknowledge while newly quarter by at sets differentiated Ignite plan offerings recently acquired far acquisition the the take for stations that Marconi driving XXXX Interactive XXXX named formats. moment for their this in and product awards well both and our the investors were executing be results and and financial forward NJ on we’ll we and finalists by to revenue I’d acquisition our stations also with the into for to So radio look this third

included us Festival Music minority held of local by York accretive Country in deal its leading of Taste completed tasteofcountry.com the Hunter for statements. Taste discontinued of exchange sold country the Mountain an Nights the deleveraging. well live The an Taste we of has event Country at amount The the Music for only in new content first establishing XX% partner Taste we XXXX our broadcast this financial our on Country attractive across profits. same Mountain of Festival the festival and and The our revenue rock after was in Music records platform in history investment held strengthen are we this a the Country historical This very music. plus the attendance, in in where results also Jam, at New in radio show. consideration. acquiring year interest brand and of our for Country transaction interest weekend XX% performed not the was website the strategic and for operations a course country in events to in valuation extend digital of time Taste location but Second, now a of started Mountain, since portfolio reflects in Festival and out by through commitment three-day music cash in Jam small syndicated

the a to million XX% receive owner. completed weeks we future divestiture any as NAME in the of and sale XX of years of new by American May proceeds next XX.X we in the Finally Entertainment ago, North right plus XX the from Midway announced for about

noted that we’ve calls, to NAME our in previous entertainment determine during segment on no longer review year. last Townsquare we of core the fall was As

quarter since shut down. anticipated our that on to been the the of cash leveraging started in we on the to towards of we've the so completed or With growth basis. now and fall solutions advertising marketing the the and debt reset profitable year an time, of result basis. divest it a as largely This defined X.X we company local us, businesses market and behind From we’ve generation was net was on we’ve our EBITDA this our events that which net And a had to of working leverage NAME times which sheet alternatives stability strategic slightly reoriented net of the in in standpoint EBITDA second balance live footprint. sale largely increased last

with is of debt However percentage this free materially basis significant expenditures and capital of business flow cash a given to go the deleveraging. flow produced examined improves NAME profile forward the free associated as our margins significantly sale on a cash therefore the EBITDA and

net in we Over the leverage the year, anticipated balance. our our expect and remainder growth operations further through we our reduce to as cash of EBITDA

revolver the have invest drawn. million hand quarter ample million end and attractive $XX the of a liquidity never opportunities which second commitment to growth as to of in we in with on $XX continue of We cash

We will our next just XX board. dividend our November approved make was payment which on by

other made of to Before organization Broadcasters broadcasters members. proposal. turn Bill, touch reflect its several the the which substantial I to played current We the rules. call of development Association we trade over majority with the that our in the National to part wanted the NAB's Board ownership Along the FCC a on of to the support I position of modify recent views radio proposal local this the

the of it those the stations. eliminate were XX ownership XX in you proposal top eight outside the raise with markets cap For to would FM cap markets. the NAB’s the top FM And unfamiliar ownership who would

ownership of no of proposes the AM it cap Lastly regardless size on market.

information pervasive main and inside current has are entertainment use of disseminated on locally mostly support only since were by we’re the since of current to local ownership And devices of for didn’t digital and the how nationally. not era. perspective has XM this that the in media Google, on we have social Sirius rules. XXXX. the based is Pandora the and rules to XX We numerical Act XX. XXXX caps audio our proposal our smart YouTube information, mention markets The top Spotify radio the established emergence competitive midsize landscape phones In years even disruptive fundamentally For and radio competitors and Facebook, In as Telecommunications modernize yet four small markets the focused other well changed exist as dramatically.

that the intended Given be and in unprecedented limit smaller Ownership of of of follows and the limited local to eliminated different the or to of economies in rules restrictions time marketplace originally markets adapt scale competitive those vastly it influence take ability when undue information advantage particularly altogether. landscape stations must advantage themselves logically competition.

quadrennial further to call playing working air were interest the capital look the of Along pleased the review public Bill companies letter to with to ownership With ahead the be to taking the our later released and operating our nine review commission's a over field to on and with the was competitors. support to on QX a this proposal of For continue NAB's place with radio Monday. serve forward this over for We free turn the must I'll discussion that compete other year. to of level which to we assets, we results. broadcasters resources for rules FCC sign other

Bill Wilson

Thanks Dhruv.

quarter the to we issued. As report had pleased exceeded Dhruv are guidance results that that previously we second strong noted

growth revenue key driven Our of quarter by X% two factors. second approximately was net primarily

stability of with in report to marketing we you better composition breaking the provide results and continued of products have detail out broadcast into our provided following advertising information strong is footnotes our to the broadcast quarterly First solutions. our growth which and our products. local advertising revenue the revenue the second To inclusive analyze categories, our of digital digital

encourage business live to We strong events. solutions more better in gain understand what this is Our marketing of and particular revenue review our company. insight our Townsquare performance detail to and you driving trends Interactive the into

we sales as initiative to Jersey our stations the levels Monmouth As season on the urban number After ratings currently continue three two in at first local we XX%. to force Powerhouse sales maintain recruiting the spring are perennial our have strong station our we Midway station ratings Albany that been attracting we markets in and we markets. by the audience have of continuing talent had in September momentum. highest our three the by manifest a our stations calls since part our margin in nearly top of able research position Ocean, And Buffalo including a number XXXX outlined in led past ratings. Similarly also few and result, to our by producing we years in positive this local of staffing marketing ago. and are years which five and a best WJLK. number than leading content our first strong WGNA. six are with two in generation New through business In market In the one Hot force of a investing year. AC months country the we increased local a number new We results the over book talent significant more one are and which have initiatives we observed correlate believe strong sales investment noticeably larger previous

XX.X growth second Interactive digital performance to XX% Our continued revenue In particularly and XXXX. its the to the periods QX strong of continue in increasing Townsquare growth in Townsquare digital approximately products of year-to-date revenue solutions quarter compared our drivers million be our Ignite. primary same marketing and million to XX.X business and Interactive revenue solutions Townsquare representing

focus our adds We sales meaningful quarter the subscriber saw the net as our in increase second increase monthly quarters acceleration as customer addition, reduction XXX due of new drove averaged in where amount customer well we this a quarter. XXX an acceleration on noticeable adding we subscribers In churn through previous retention. per of a four to from the in adds net net

rate of has with Looking because new of the million. approximately Like than we forward increased per At growth an from and generating higher comparable Townsquare remain a to revenue in Townsquare client current adds June we historical month far Townsquare period month of to has meaningfully Consistent have a advertising Ignite well will run digital strong both orders every for ARPU with XXXX. our and sales for Townsquare perform will platform XXXX. the teams consistent retention service X,XXX anticipate approximately to had our with initiatives. average average year. the second expand six investment net month XXXX, in per Interactive, fast we growth, quarter continue the continues of to exceptionally our continued moving X,XXX revenue end above programmatic and of and each demonstrated that month XXX number adds in implying $XX continued nearly the profitable XXXX per XX,XXX Interactive digital our plan, through so first products, XXX this of of force growth of per quarter months sales order annual and in running subscribers revenue ARPU and quarterly during Ignite less these support net

our these business. both operate with Finally, shared as core digital margins we products broadcast have to and continue consistent we previously, of

performance We Associates, his other digital of recently digital study, addressable that expertise and companies are radio landscape. markets. the of he digital benchmarking local media digital Gordon of our Borrell XXXX the local the completed share in examined This it's average captured X.Xx in of advertising very our across Borrell concluded market Townsquare proud study which digital teams.

Gordon very companies. more digital including new an of top we're one I'd strategy performers television, restructured on well, the digital smaller emphasis highlight properties, across media focused paper working and local experiencing like landscape XXXX at growth. business, sales. Pages, media team sales direct as the to also which Yellow have strong highlighted the local of Townsquare This which our more includes a and radio, was In is programmatic profit end national XXXX fact as with than increased

XXL. on also and billion like YouTube of than X.X platforms, at In lifetime as class announced who in unique billion views the and reaching the was freshman one with XX team lifetime web, across hip-hop second visitors terrific and and addition, of more digital million national to and XXL of number period, nearly garnering freshman our quarter. had the our The on trending YouTube's year-to-date the remains one videos YouTube highlight local strong trending I'd on content it brands XXXX month in section on released. average becoming appeared per one very end the an views the incredible urban video X.X minute QX, number the three a quarter. day

times viewed class on been the context, release. being For freshman already XXXX videos have YouTube since over XX million

which customer to in innovation our As to attribution sales products. related seeing Dhruv our and measurement continue partner for drive and local first mentioned and products. advertising second, service earlier, broadcast particular, our we both In we're party our attention broadcast digital data new analytical. through initiatives And

this our see changer compared the many to In radio to the industry to spends. pleased data that creative, in have the adopt our advertisers. for digital in is assertion to increased demonstrate quarter includes year-to-date to the compare attribution in and X.X% first are these XXXX. and with a the our broadcast with periods now of advertising we practices. time, to the optimize that can advertising which and that both radio which view, advertising, ability also should radio, up the for our and second campaigns, works their For of begun like measure In we revenue and have same period to the tools specific attribution we back currency speak colleagues of become opinion total, In our help X.X% analytical advertisers, their clients same the impact advertising game

to and period advertising revenue the quarter in compared XXXX. in X.X% periods the same the X.X% of year-to-date increased Excluding political, second

strong great intentionally quarter, on as delivering revenue live Finally, growth profit previously. also business events discussed we've lower had a our

which profit events XXXX Dhruv primarily Our we Fest, achieved of day mentioned of was WE We're that people results second York, year. driven Country day the year a Taste highlight year, pleased and days. breaking as multi in audience records. ticket quarter music out the festival Music and three Hunter live also its report earlier, by of A our over year's this in recently ever New this music dynamite which as of were by festival was Festival which nominated had addition approximately country Of significant watched first our country three the Music Minnesota to at Academy festivals Mountain, XX,XXX sell Country sales

one biggest end turning radio number Before urban check which number a the to fans. is was call world's WBLK, of the of to radio air a also Drake listening of Drake, demonstrates our the album WBLK of financial I in share After grew Stu, his brief released the one brand artist turn our Buffalo, will will With local included influence million Dark." that the his call to song, over our millions station followers and includes the to now more of Stu, just results. who long example At wanted of that one than I the one he highlighting the station review anecdote brands. announced local to that, hit from Instagram Scorpion, brands. over the that WBLK minute power power music up This Dark XX to. our "After radio June,

Stuart Rosenstein

morning good you, Bill, Thank and everyone.

portions in statements. reminder, shown as of with in of financial the business. a the first we in and those review discussed, and our strategic the that end year previously As And operation discontinued XXXX, we results connection our quarter discontinued of fourth operations certain were quarter

operations of operations periods. second quarter loss their from operations a current to net we divestitures historical the year-to-date we six been period, compared loss the $XX.X XX, million in XXXX, quarter of had net of as have quarter, the discontinued loss In million, a results $X.X also as net Mountain the second $X.X and second net $X.X the ended in discontinued of to in million of discontinued NAME Jam for the loss had the million in Following from XXXX. of compared XXXX. In months into reclassified June a of

a that year. $XX was charge incurred reminder, operations the year-to-date from impairment in first As million primarily the noncash quarter was to NAME loss due related to this the discontinued of

All to discuss we financial of related today are operations. results continuing the will

of for single of segment, completion our reporting financial the as of addition, NAME divestitures review our result entertainment a of the one strategic into the we Company consolidated In our and segment.

net million exceeded XXXX, period. previously This XXXX. revenue million. the June $X.X guidance compared to the million increased ended to revenue of the year $XXX as X.X% prior quarter as our In quarter the to XX, increased $XXX.X of $XXX second or X.X% million net $X.X For issued year-to-date to period, compared million or

events was period. down increased in or $X.X live revenue million X.X% million budgeted net the Excluding second and intentionally net or which $X.X the in revenue XXXX, in X.X% year-to-date quarter

of expected, million last As again this second the quarter $XXX,XXX was to a the from positive XXXX. of approximately year political approximately increasing second quarter in factor quarter, in $X.X in

expenses interest digital results However, in second driven quarter periods the by direct operating expense XXXX, teams, our year-to-date political of political the related we've expenses compared same of to period. expense investments amortization the The still approximately second period, period ended excluding of making on in or attributes Total increased face only. our of revenue first from X.X% XXXX, products growth the the which million period, rate was the been largely for shield excluding NOL primarily was or our to XXXX. of that including to compared last interest the and compared same $XXX,XXX income X.X% million. and XXXX. tax second impacted in assets. primarily income quarter to and We the to for increased $XXX,XXX period the sales In XX.X% X.X% to for substantial in million loans. prior quarter period was to six Ignite. to $X.X year. our of as compared compared strong. the due quarter in of X.X% expense XXXX, year-to-date second Net in a our increased of $XX.X X.X% This is tax the adjusted same or Townsquare other Interactive quarter tax related second an quarter taxes LIBOR year-to-date EBITDA an for GAAP and in June last $X.X financial our as resulting expenses Corporate provision timing. second increase term our With year. which the job rates, changes, $XX.X $XX to second X.X% those the XX, of increase provision from of included on taxes direct million quarter X.X% XXXX. in in result operating and Depreciation guidance of the you to in intangible XXXX statement Net like year We'd quarter was headcount previously the remind mostly periods applicable This million. the to for $XX increased income XXXX, from exceeding was was Townsquare months classified statement of EBITDA quarter $XXX,XXX million X.X% amortization the expenses and carryforward to purposes increased for in represented maintained year-to-date $XXX decreased significant the of EBITDA increase million, or due Adjusted approximately personal X.X% and the

will payer We not year continue the XXXX. that believe be material until cash to tax

or or of to quarter in $X.XX from per per net $X.X of diluted For XXXX, million period. continuing diluted XX.X% million income operations increased share $XX.X prior income second as the to compared $X.XX the year net share

XX, balance million. As debt $XXX.X of total was June our

million. we total $XX Our cash revolver capacity of million balance and $XX.X had was

XX as trailing $XX.X June leverage times net X.X of on million. a EBITDA based adjusted Our was of XX-month

on XX, over increase We November record of half to a as of an share per per current $X.XX our of annualized expect at dividend EBITDA. yield X.X of adjusted be our decline dividend distribution would price. September XXXX cents the which equate The Board approved dividend to Yesterday X.X% which share declared share representing basis will second XX. our net on the expect leverage as approximately is next we this payable quarterly year to to shareholders

generation existing capacity our the anticipated that XX sufficient our obligations undrawn over to debt and course. the available operate dividend service revolver confident next months cash have ordinary are liquidity flow will balance business us with our to and and cash We in

X, closed July we million forma with WPST-FM on a acquisition which provide Jersey which will on assets approximately going on basis pro this for Beginning our include in the on we [Princeton], for forward quarter, hand. these mentioned Dhruv the the we results of New funded will the results As included third and guidance assets $XX of acquisition. cash

now outlook, be expect to and quarter Turning $XX our million adjusted total revenue million. quarter to XXX third $XXX to we million between EBITDA third between million and $XX expect we be to

For acquisition. and net EBITDA basis respectively including reference QX this XXX.X of XXXX pro the of compares Princeton XX.X forma to revenue results adjusted and fully million on the million

As second revenue reorganization the of live event the so this resulted we in to our lower quarter by a continue profits year of of reminder to XXXX. which in business expect revenue third half the trend be year-over-year but higher results continue will comparison this impacted has far and

XXXX total year pro $XXX to revenue $XXX on of a to as to we’re previous million our million million. compared between full our the guidance $XXX For basis guidance net increasing to and forma $XXX

of $XX guidance We’re and also to we guidance $XX in the impact full-year million acquired million. incorporates Princeton, our to-date New $XX compared that to million our Jersey performance increasing assets strong million our This previous to between the revised guidance to adjusted $XX as July. EBITDA of

I'll back turn XXX.X million Dhruv. and call XXXX. in approximately million For $XX.X reference that to over adjusted the EBITDA respectively with net pro forma now and was And revenue

Dhruv Prasad

about morning. thank this XXXX. results In we’re pleased and to you into our our the good who Stuart, in Thanks everyone dialed continuing feel this quarter half and back with summary, momentum

over well to up directly right look up welcome executed the so and open the next to please or forward with opportunity questions. questions opportunity quarters. We happy call check. several you with Townsquare will us continue prove the just we’re call the to open the that lines. to And we’ve have now Operator, discuss to you for we plan, We anytime that the with to please

Operator

Kupinski line of Please question Michael question. first Markets. Capital Our from Instructions] your with [Operator comes state Noble

Michael Kupinski

how I have, wondering the talk obviously was currently to ability you up the in bit segment, the compare a And for maybe you you Can little just about about just segment bit revenues. segment? that last then that can to little if sales a Interactive people the sales XX% has talk in year? FTEs Interactive you can many

Bill Wilson

in the revenues the our a more up queue, detail lot so noted Interactive to XX%, that for you there. everyone Townsquare there's in broke see As we

in and for is are a our XXX over sellers perspective, From we have in we which past teams Charlotte years. also we over we over hundred base division, Our local several that well as leverage high have but sales noted the a two the sales Charlotte, as there. employees down XXX, on call,

dedicated well our Interactive. local market sellers, roughly, at X% So, at up sales leveraging for as force that's it year-over-year Townsquare existing relates specific about looking if to the we're as you're just Interactive time that, but the same

Michael Kupinski

larger side, seeing And quarter? it some And you're getting the doing point. Can how in the most the what a and they performed categories little advertising talk better this they bit of industry third like performed than core the quarter? about the at how categories into seems the and you're on you of

Bill Wilson

positive the education, is we As queue out call that the well for we're side, in noted slightly you is digital on in our noted, our first advertising and we on advertising performing as well entertainment, broke time, estate, the overall also stable positives, Stu products. services, in as our be quite mentioned financial double IT services, political, real services, as growing From year-to-date call. auto, as and health services, broadcasting category a Broadcast, which the aggressively digital the perspective, is which would digits.

Michael Kupinski

marketing the [indiscernible]? quarter on local whether advertising wondering going the just core was third I into

Dhruv Prasad

reflected are our for given in say QX. would we've pacing's guidance I the that

- So, as can from slightly up. the you would as see guidance, you note

QX. So good we feel about

Michael Kupinski

with any initiatives of you why recall, or I Do am on I have that wondering just didn't iHeart support if about and wrong was they the right - I that, report that is that have may I because didn't plenty I support not? a thoughts think they restrictions, read

Dhruv Prasad

they're not support that as them, noted, ownership they very supportive is result and took a caps. ask happy call - out From the think we really as to saying have action. they NAB as said and this we the we're on earlier of and You no-brainer, modifying proposal, to the their have I a we're come and

Operator

proceed question line Research. question. Patrick The next the your of Barrington with from Please Sholl with comes

Patrick Sholl

that I of obviously community wondering that you little - challenging some that – maybe the have you a have there bit last more a guys maybe on just on I talk bit mix fun are could run talk ones other you of more was because guys little guys but year and was a that. to the about bit you festivals but like info if events would

Dhruv Prasad

we as the and they - in music fest, nominated Fest, in flow. which terms a award Of Taste of tend music Country cash our to a have you as The bigger know life headlines get terms events events the the which of we are WE single So, ATM noted revenue festival multi-day bigger Festival, call. festivals this of on offering. events lot year, and of for an revenue, in a diversity of was lot just

similar to standpoint. of we Inflatable of it, couple ago, support in weeks past, series to are in Idaho. year. several Beer of Kalamazoo, we that terms continue station to hundred ago. years won't Classic the in of continue be the shrunk going series then Festival to Those there the continue a bread events largest in profitable, to of Boise we are to from over the we in of Balloon done stations, from next events we've support of addition things is Those the expect communities. mentioned, which expect had And category partnership be years coming events like up into year are the but into our but Spirit three a successfully perspective, brands And since radio similar that's and expect all profit that, number this like as with Ribfest, started. place events a addition XXXX, number created that, contribution doing the our Insane and now is have that in steady or events run we Michigan is Craft therefore that we we a profit really we four and The local Canned In for business you local ameriCAN operate number Boise, fun that we lives that that and growing, we are our the of the butter just events that with do XK, and

- feel positioned business that really recurring businesses, gives are little our feel we how today. events those about color, hopefully and we is bit more you a live good So,

Operator

Macquarie. your with from question Please the next proceed of The question. with Amy Yong is line

Amy Yong

investment? have two FX of same programmatic? a larger Bill. making need the priorities for two, any side. perhaps Maybe I explored. type guess digital on talk the kind for Do buyback obviously of I And very quickly, believe you feel which you then periods of longer sales deleveraging first I even questions, you adjusted some Thanks. tax about thoughts the once term some Can were investment been them one mix think And direct versus on

Bill Wilson

side quite spent which is on our from programmatic the on call, nicely - the on perspective, on a digital programmatic year-over-year. call, prior lot Townsquare the growing a I call, which offering, Ignite digital think I last the time is noted of as we - Yes,

We under have to year and just running ago currently, period over to compare that XX a XXXX. orders was

well revenue adoption to follow continue platform is quite locally the that and the campaigns So track. and programmatic of our

feeling we clients with do and about as where we're that local offering teams goes. earlier, So our quite integrated I as quarter that - again sales what our bullish that's referenced business

lot want all and the you out the around to about of more actually find at we townsquareignite.com solutions that a products provide information there. has and If it,

Dhruv Prasad

recognizing strong really proud much That's cash we're Thank flow that something very our for of. generation. you

event, go free excess reduce I we'll to first our pay cash mean our accretive then and flow. look investments dividends, that with to then Our our cash look flows, deleveraging to debt going after our for excess we

the of not have We stock. in it we contemplated past have actually and any purchasing buyback

Operator

session. question-and-answer time, At of reached this have end our I the

the to for call Dhruv like remarks. Prasad back I'd to Now, turn closing

Dhruv Prasad

very busy continuing as appreciate you. a morning. look And of progress discuss it's and again on. months. dialing with of morning our Great, And in lot everyone to we talk much. a thank the in know you a year we'll you goes forward We Townsquare We to for couple this you to

Operator

conference. today's concludes This

this at lines for your Thank participation. disconnect may time. your You you

Townsquare Media (TSQ) 8 Aug 182018 Q2 Earnings call transcript