- Earnings call transcript Q3 2022

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Operator

Good morning, and welcome to Townsquare Media's Third Quarter 2022 Conference Call.

As a reminder, today's call is being recorded. And your participation implies consent to do such recording. At this time, all participants are in listen-only mode. A brief question and answer session will follow the formal presentation. I call, to President. Claire that, speaker the With today's for Yenicay, Instructions] would introduce like first [Operator Executive Vice

Claire Yenicay

during like our this this encourage as provide future you, discussion make available and Townsquare's At the Please our this morning could other participants joining time, beliefs subject used good including information, financial will statements to and call and EBITDA, Vice net Securities XX-K/A with SEC. investor today remarks. our XXXX information those With company's over operator, President. we which all safe actual filed to as Thank income based are in Wilson, materially the differ the may non-GAAP statements our adjusted to to turn information Thank for our also download call cause to those the company's profit morning. are I call including Litigation some CFO statements quarterly, Bill you statements. certain Wilson. the company's detailed uncertainties, Executive the harbor our CEO; of expectations, Bill considered adjusted conjunction me the Such annual to XX-K website but that on of report current Act are in with during to us Rosenstein, historical results statements risks on certain Bill plans contained all to measures We presentation, discuss and operating would quarter subject and slides we income, also reference note corporate relating third and measures, on These under everyone. in and for to reflect in these our that that be are the may financial including Private conditions on website. I'd non-GAAP Form the that year-end Stuart and Reform from are to prospects. provision update. than today risks should reports statements and and current These go adjusted may the of refer uncertainties financial forward-looking and

Bill Wilson

you, and morning. this you Without joining and Thank from we companies. and live in times, for continue Eastern all headwinds persistence to Europe macroeconomic unprecedented thank continued Claire, of in us to the resulting all question, the war uncertainty to challenges media COVID-XX

that third in Simply that model and set digital Townsquare of than solutions, of position exclusively revenue us weather to a is growth. because better QX come to XX and profit trends. revenue business the top occur, when and of tied quarters. company in us And XX% advertising results cash cities, and our flow in COVID, downturn of now economic downturns during not revenue of to XX% delivered our which allows put, from revenue our most. do Approximately XX% profits digital performed of historically our they better an during Interactive digital broadcast than worst economic Townsquare recurring Approximately continue unique the the advertising. subscription media Even local positive However, expect our achieved the growth digital-first QX markets profit local QX as record our coming guidance differentiated outside focused revenue on and all-time an strategy and, will quarter. strong deliver drove enable turn, to we

during advertising, over large advertising the volatile historically Additionally, which XX of top in an advertising, majority, is national XX% revenue particularly markets, is than the downturn. economic not because we are less our local

and EBITDA quarter start, plus to before, Overall, the belief the supported strong up decline represented X% in were environment $XX up the revenue especially that rebound you: share doesn't adjusted have approximately political. revenue no prior above QX across was national a that to others in that in mid-teens share as results we XXXX. well even our results noted into broadcast severity, highest a revenue our EBITDA to macroeconomic much X.X%, to EBITDA third by a outside approximately two I a revenue XX because on total quarter very these one, pleased accounts COVID, plus plus am we team here of we Townsquare advertising X% national I ever year. duration example, company the with as want as $XXX as to net and top revenue strong both advertising revenue focused to are us the has levels; line EBITDA differentiated QX third overall business which record third matter To the communities our highly the during To media only million. record-setting to a There perform highest adjusted now revenue. be approximately XXXX achieved. is That both line profits well achieved demonstrate downturn local our and positioned well and recession, all or Townsquare continues are bottom transformed for ex XXXX worst continued the consistently that really because, strong And this X.X%, with point, hurt quarter, adjusted deliver Townsquare important a and net and markets. as extremely two, For to increased segments. top digital-first to I morning. believe performance you of current weak our in uncertainty with during takeaways results compared and million, very of down our

X.X Election not the on being QX, the XX% only like slide our up races own strong in results. year. is business up radio times our of average, over do where contested Unlike our and We which our QX digital well and stations market footprint and Wisconsin, in this not XXXX, in Pennsylvania, political political political growth, area cycles, key digital, held QX, XX% markets continued prior with are Nevada, did Georgia, to races. continues disappointment revenue deliver Ohio over advertising into XX, year industry million $X.X of it well is in prior clear line we XX% of highlighted a Since also I The of As QX's most has is as not received below had levels is picture this years initial levels. by well passed, as and XXXX of spend typical political expected third was have XXXX below Year-to-date revenue, levels. revenue In 'XX year. by our seen XX% XX%. fairly political therefore, $X.X that significantly nearly the in XX% million levels prior and and expectations, below through levels below below revenue that we quarter, XXXX we've political now Day and XXXX the September, XXXX and political

XXXX, $X million of finish as outlook. just a our but this as our in factor but in Stu shortly, will decrease to election political political we raised current $XX political this guidance year million provide the revenue in especially year, will now more XXXX cycles, around Given and is for million. therefore, $X and, detail dollars $X our prior in we full expected discussion meaningful XXXX, believe revenue million QX well in political this million and political between performance $XX

in the XXXX revenue seeing not is our levels. also indicative political radio Importantly, that is strength to this historic expect return believe note broadcast to and this of industry important It political political is we year. that we cycles, future to

radio-specific to rather, lack issue, local highly not is but it So specific markets a our contested of the races. and

political success to importantly, the solid has underlying More with digital nothing do core our of businesses.

digital quarter. as digital, past, which, revenue As revenue and future I total, of growth year-to-date digital and profit highlighted increased margin QX profit engine XX% QX plus September the we have the is increased current year-to-date from digital X% year-over-year, strong, third XX% QX with double-digit profit profitable and of in revenue Townsquare's detailed our digital earlier, XX%. plus delivered came our in our year-over-year, growth of In businesses. XX% a September

As our six distinct investor marketing our digital presentation, and digital of Townsquare our solutions. from revenue segments: Interactive, our advertising subscription comes two outlined Ignite, slide solutions; digital Townsquare on

engines revenue in highlighted revenue from of And we that $XXX plus XXXX. fuel grow in marketing expect third the we digital remain a investments we of And total, XXs. Third revenue a importantly, profit increased will of revenue a we year-over-year, increased revenue XX% even XXXX. of margin have digital additional digital XX minimum year-over-year. by margins to previously, and digital XX% XX% growth both quarter In digital to will high expect our our million advertising on September the are quarter $XXX million digital basis solutions segments with plus digital and to as reaffirming close as net XX-month that net trailing

the with top recover from primary differentiates significantly those outside Our able particularly recession XX were only and surpass the it well. macroeconomic XXXX, we're we markets, to COVID even was return other compete of so us as and headlines. level digital levels, Townsquare's high that XXXX those local from media to EBITDA businesses not the in hit reason but on quickly the to levels in quickly adjusted of by uncertainty companies, to record-setting end profit XXXX, all-time track growth yet the and an XXXX, another deliver with also national returned we

company transformed local our love digital-first Townsquare do our digital broadcast a media driver, Although local with we into as business. has growth

or revenue grew advertising excluding broadcast year-over-year X% plus X% in plus increasing QX, political. Our slightly

as of to local it but diverse grow media relatively We continually and we business, is local and as radio reach important asset cash an However, stable. keep our a consumer thus, and, multi-platform our an extremely properties, and unparalleled and component connection valuable key to expectation audience not flow view communities note, significant with attractive our our to broadcast trusted local business.

radio a cow not view driver. business as a also thus, cash We and, mature growth

been to has and continue digital. driver growth be will Our

investing growth leverage profitable flow below fuel and to and to continued reduce using differentiated radio strength to businesses X cash and times. to maintaining in our cow on continue focus digital business We our strong excess digital our cash

this of the be to leverage, has As considerable our at of made progress even priorities the X.X QX closer year, will an of X reaching been and we have Stu one will times year-end. core on low end net by which all-time times highlight,

over quarter I'll away, will and results strong full provide our and Stu. Now for turn Take it everyone. third Stu, QX who to go our year an through on call update the outlook

Stuart Rosenstein

and everyone to Bill, morning. great It's morning, to everyone. speak good you, this Thank

and noncash Before operating turning a let results, to impairments. FCC making our licenses me note our by on begin QX

covered to I that interest time. on our use value the impairment over impacted. a the as be assumptions we FCC calls, FCC of result the licenses to to expect written negatively way As we our noncash were evaluate impairments are In these XXXX, for rising given determined, licenses that of previous down continue rates,

our future position, charge took a This has quarter. price result, third a a bearing the accounting in expenses, our or nothing on more million our FCC charges to we more assets only cash the roughly calculation we when write-down $XX.X affecting noncash our station our decade impairment purchase revenue than purchase of or profitability ago. made operating or noncash They our prospects. As of a radio licenses decade-old no bought allocations are price

$XX.X we income, net diluted release, as in Our for third approximately much XXXX. decrease to charges, third third in detailed diluted $X.X share our $X.XX such or quarter in net to $X.XX measure, to excludes million $X.XX as led is items million, diluted of the charges more $XX.X which impairment third in the income one-off or or XXXX. earnings per it a the impairment the million, in quarter per Adjusted and share, as compared quarter schedules million, was believe a is noncash of valuable noncash to per $X.X share quarter

now importantly, let results. QX our turn More me operating to

growth We digital and third all-time we expected, marked growth shaped pleased of record-high deliver we and quarter strong although businesses Townsquare, very up broadcast quarter yet way revenue the political the our initially QX to that still deliver and able QX are at to leading adjusted And report our EBITDA. us guidance. were achieve QX to another hasn't in

the advertising. guidance revenue period auto $XXX quarter increased range over of our and record-setting quarter a to year $XXX broadcast softness despite Third million within political, the to X.X% third net prior in million million, national $XXX.X

was Third QX revenue below revenue $X.X of by XX%. political XXXX quarter million political

quarter strong a third increased political, revenue year-over-year. net Excluding X.X%

$XX adjusted million record-setting $XX.X quarter increased year, marketing third quarter to profit the Interactive, to net $XX solutions Third million, middle subscription increased again, supported X% of approximately yet In another million. and XX% digital a digital achieving prior addition segment, XX% EBITDA profit the XX% to the Townsquare our consistency advertising in subscribers. strong XXX revenue range of periods. year-over-year its to our a by Ignite, periods, the segment, net advertising revenue as largest new of at growth. demonstrated revenue, quarter subscriber quarter, net compared the delivering approximately approximately year-to-date third the at Townsquare a increased driver of profit third of QX, quarter both profit Townsquare net XX.X% was Interactive's operating X.X% our Digital in guidance million, growth net and in margin. increasing with X% $X.X margin. increased year-over-year

as Bill we compared Broadcast mature advertising broadcast net X.X% third it QX. view quarter in a margins although prior As in XX% were cash year. noted, business, the to revenue cow as the increased our profit

an third category, comprised to generated $XX payments, million held million, compared Our timing activity, million increase cash million we of to year first other of period. for as flow that as months of the from of this that million from refinancing, as category year to GAAP $X significant tax million $XXX,XXX, flow prior the income $X more of decrease prior in that like nine we to on X.XX generated generated than from for purposes We million Based financial other substantial declined a $XXX a Prior in of million million last events related operations all-time $XX benefit and We our total statement remind or September tax year, to $X.X face our taxes XX, from cash flow this of carryforwards a of is amortization to income to $XX and revenue you assets. held the the any due million positive declined period ended timing We'd generated operations, included quarter positive state paid XXXX, In the third with interest other maintain million, only. to interest of we XX Revenue third In debt. million the of cash the which the In in operations of XXXX, QX events were which only year. the and our of of quarter. timing nine live small due interest $X.X first was is we cash of of QX in and federal times. attributes, the intangible leverage of the positive up our $X has prior $X.X certain year, of shields including low of a NOL the the were million month adjusted trailing of had quarter $XX.X of of payments year our $XXX.X net on the year-over-year. million from compared $XX payments. provision to tax EBITDA due $XXX.X months, year. entirely statement loss

to year until continue material XXXX. not be cash a will we believe the that approximately taxpayer We

be year. times, is after the business Our will to investment to primary internal of allocation we which to priority net reduce our capital digital approximately X grow approaching leverage this at end

Turning to our outlook. fourth quarter and year-end

the XX% and increase between and revenue increase a We quarter to is over X% million net expect which million, year. prior to $XXX fourth be $XXX

to We of to a million $XX.X $XX.X X% and is expect year-over-year fourth between be increase quarter million, adjusted which XX%. EBITDA

year, forecasted, $X our $X XX%, lower million be strong million growth and This political. full XX% to estimates the a now for than expect to and revenue very represents million. year-over-year that million excluding to XX% be we are between $XXX X% For will our expected XXXX political updated previously $XXX of that to

will very company for I million, set back EBITDA that, and and the Most X% strong as now revenue high as And Townsquare. high be all-time to adjusted call an guidance well record year between turn $XXX We Bill. will XX%. QX record, EBITDA XXXX over again of will all-time an importantly, revenue expect to representing once this a that million full growth $XXX year-over-year with

Bill Wilson

and this it. who Thank to thank you you, Stu, joined morning. We us greatly appreciate everyone

QX adjusted very to a demonstrate Our businesses. from and our many revenue on up to came our QX the QX results X%. transformation and the top year-to-date year-over-year, a increased Townsquare adjusted our few digital was has QX. extremely performance net from share is cash competitive September of businesses, walked was XX% digital profit QX we X% only X pleased plus am focus and plus positioned into that the our its I outside QX our media represent revenue consistency well Stu I the digital with profit for Townsquare's margin to our of leverage and flow all-time X.X%, on you our in company of times XX%. local ever Due XXXX. expected plus differentiated our digital today way through X.X of of XX% that performance strong detail Three, strength levels, One, low a revenue Two, adjusted at and growth. company. key EBITDA in highest overall of an profit of but takeaways year-to-date revenue revenue and net believe September our the a above In our XX% XXXX well and year-over-year, and plus growth approaching on in also QX the highest QX total, increased net EBITDA times were markets and of continued is engine and a Not further very deleveraging, strong up EBITDA with future focus Townsquare both adjusted differentiated EBITDA strong a by our end adjusted strong achieved. XX, generation both the digital strength, digital-first EBITDA,

for success. hesitate have and As out the any and about questions again hard work always, at Townsquare. you questions. team, not of reach all, please our line backbone please Operator, if is this extremely of more Thanks open whose to any proud I'm to our Townsquare the all time, do

Operator

you. Thank

Kupinski conducting with proceed your our first is question Please question. and Noble Capital be Instructions] the Markets. Michael And session. question you. now [Operator answer line from of will with a We Thank

Michael Kupinski

Thank questions. I of bit your taking your you, nice first A about and guidance all, for can revenues. your a you talk congratulations was particularly thanks just And on little the if on QX, achievement. wondering quarter. for

You Interactive. I a A flavor of was particularly just some me give are what at would items indicated in kind what line Is of expected, the I we're issues understandable. then the that political the companies some revenue in be and there us to wondering you you're little would number if that is of imply bit of of for individual of in there that line the general impact anything could terms maybe growth softer And continuing item. that's economy. terms issues. and than terms that growth of revenue little about double-digit having a cadence seeing similar talk Ignite economic you're businesses, if a the in digital rate? wondering in starting to the was seeing of just in sensitivity see just

Bill Wilson

few Appreciate Thank for Bill. Good things. It's that, A your Michael. morning. commentary. you

in in just the plus I'll the down profit on terms in revenue QX of to EBITDA XX%, of terms to and X% Obviously, what plus XX So investor QX, it the walked guidance. the on terms XX%. and through is guide deck X% slide break of for is Stu plus plus guide

revenue the this a of for feeling a I'd give will should company. be QX. quite the if year net profit, highest we and achieve good in good and about be QX will we're both revenue terms it guidance, record profit net So and And say that it sense

my specific is to expectation continues in the well. back of terms local line about to getting your So perform broadcast, question items,

digits expected we call, that the in it I terms QX. of is mid-single was As think continue growth, and noted, on to in the in

worse. similar a looks local QX. little National get from could to QX So

and was QX, was in quite decline slight significant the As to we that QX. decline noted growth QX, on from it in QX, mid-teens in a accelerated in call, actual down

see on it's than into of our continue for advertising highlighted XX% revenue we we the us, that expect As QX. call, less to less revenue. of But our weakness and thankfully total X% than do

And manage probably X% it as this single revenue stable. business say we for cash engine. plus next were, could as our We're and broadcast digital, where digits, would QX we overall is flat. change, expecting to going growth means be our know, quarter for So some business. expenses similar digital to fall I'd wherever but plan, over guide relatively national QX. political. mature our growth broadcast in broadcast not mature cow in broadcast, And it conservative align for have is year where would for cash low what that to line. our the I continue then five Depending ex a essence, be with broadcast just up, I was that flat ends to say that is years. and we're may we When to five is

reaffirming to up continue we of our digital, in XX% So in million by the $XXX end QX, see growth strong 'XX.

double-digit uncertainty, or well specific probably We year. about the point for the you're seeing on that. growth based as from expect tech we're do and expect your not Ignite then as slowdown revenue what a any we for deterioration of TSI And macro hearing companies, some to probably

overall. Ignite will So growth. QX double-digit to be perform continues It therefore, again we And growth well. expect be quite in double-digit to digital

the for grew. focused. past is advertising is think locally recessions, even advertising and reality our even digital digital And I so downturns in us

we So the which and the the highly the operated and the of markets. web and A, the XX% differentiated in first-party fact that if an is then that a having owned on: our combine markets reach digital we've property we're our our continue in apps, we continues websites to is top to grow outside advertising with on mobile programmatic that and operate market terms that outperform of side that there in; AdTech expectation based and our our recession, and data populations of got is XX

our digital is to to even quite in Ignite, to downturn, one advertising, We if grow were occur, expect nicely. a continue which

of I multi-point me a questions. think all I [indiscernible] let covered follow-up, your So know.

Michael Kupinski

your you've know business, building are done strongly a number digital, Interactive to companies of side in business. into your the move of the Interactive terms trying in And other to presence similarly what of I a more very

to know starting was competition. wondering bit a little bit but in limited and markets media you're increased in presence, if you're are of of a small So for wondering see you some your that to markets I with competition Interactive starting your business. if I was see just little more

Bill Wilson

always competition. solutions usually a as as white-label It's in agency that well local media had primarily self-serve. digital We've companies town, either third-party been

So competition. for Townsquare Interactive, we've always had

XX% client of actually our XX our radio outside XX%, the But of top focusing roughly base Michael, know, is footprint; primarily, within. markets. we're you As outside

always it's competitive. So been

to I prior if on think really able very markets with fact if only $XXX of we've hard national calls, customers average to businesses price have earnings this and outlined whole price significant don't bring you we a the web and we incremental that scale this in such And an a roughly as small the drive be from AdTech. but not point don't drive a return these point. do own presence, for on you to investment, scale it's

allows around say is think our customers differentiators, the in the the is, we the opportunity. who in-house that investor I and products, companies to products moat engineering meet I'd this as of and see team serve that we again out, their these all have deck, and So fact as key we the one builds this better us you there's needs. have local media an highlight our point this other

If digital continues we've us. the got any got for depths don't that the that differentiated And we always we've downturn, there. subscription that Townsquare, this is increased highly differentiator subscription see business there's business in that competition, a competition So is quarter even grow fact subscribers, again, this also think to I this another of revenue quite grew COVID is for but every there nicely. profit, and revenue been

Michael Kupinski

if of the And back You company. a your in is talk for what that of can little mentioned thoughts about kind you broadcasters a kind presentation. have I about that of if of in auto coming could the revenues wondering terms percent your us of category. bit was auto auto wondering you was give I is total number indicated them. for just just

Bill Wilson

other only in on a Auto only that's it's We It's far in from us. digital did by coming So And of category that back couple currently. growing. the hear the the people auto not broadcast. side. category that advertising see weakest interesting. is broadcast actually I for not is don't

specifically XX, I gotten think to back markets and markets, that. don't speak but I'll the has they to to supply the So in smaller are the top are hear -- companies larger some it I I note did on of in broadcast, that think is our who speaks We're XX that also their seeing supplies lots. markets top back, in noted not the auto America.

is, you auto, down is actually anytime for year-to-date. XXXX, noted similar and what soon, to to that XX%, So us, expect recover hearing others. think, than don't from And that's QX compared to we in which you're as just I different

will even until back half nice or but not So hoping but of probably XX. when 'XX tailwind, that hoping be the that does we're well, expect come back, that or -- we're a expecting for it, we're not

modeling months, in auto to back even not the XX or we're grow until there's size to come next our markets. inventory we're out when So expecting more

So definitely different.

outside only markets. we're I fact the the the focused think to it local that speaks also media top company XX

what you hear hear from lot the a different from quite commentary than us. is So others of you

Michael Kupinski

on office Thanks last new have Do And the updates you color. Phoenix? question. for any the in

Bill Wilson

quite Yes, excited.

we've people There's doing few talent. servicing local location of work there the out And recruitment the universities as reason actually beyond recruiters zones reason. on of already got the for and was indications well and be expectations. March. benefits prior primary there. hired as calls opening the as opened dozen to initial been some clients second we've we was our with which local secondary for the Phoenix, in of we time that primary So recruitment, we a The terms been But plan in early has noted

our of office So investment, Townsquare it's as Interactive. for a we've Phoenix said for year always

Phoenix. because investment be have we Interactive office increased March. the So of we to always we're guided And head will growth that in planned into Townsquare we XXXX making in in see that is as opened

Michael Kupinski

Great. Thank you.

Bill Wilson

Thank you, Michael. Appreciate it.

Operator

Our the question. with Please of is your from with Barrington Jim Research. question Goss next line proceed

James Goss

morning. Good Okay.

advertising the and are the is hired given string little following way pushing to faster on bit side, more any you the greater, a people even Just or on Or with growth a happen? Phoenix have than already? to that the you office TSI a dozen that accelerate are you've to issue, relative costs many up too stability any there incurring the

Bill Wilson

our That's exactly plan.

noted, -- advertising The will business quite us particularly environment that an in XXXX, stability downturn is this So did and, as an vis-a-vis macro for as with is area in Jim. advertising, XXXX is good there morning, if differentiated and this the for it stand you out.

that business will as that So and as in well incremental believe we are incremental aggressively generate revenue investment this investing profit.

that say, up ramp call increasing our Phoenix. I'd as we modestly So since investment, been has last

For QX, margin to that at prior and plan with still margins. think calls, broadcast operating And investor XX%. digital operate businesses percent it's as Ignite Stu earnings in on as highlighted our Interactive, noted business, I I've Townsquare is digital we're is XX% our that the in high-XXs the and deck advertising a we

end have to cadence the more and be hiring profit. as can don't accelerate XX.X%, we think Interactive, a then on and once of that actually which we revenue open lot you'll based into plan, I that the physical space XX%, just lift at So incremental the the in that is investment you'll aggressive But Townsquare but see see March. dip in could going down

'XX but of and see as in So and see a we revenue, terms of through until difference in revenue slight some QX, dramatic in particular, in QX of 'XX, won't profit. may hire acceleration say, you you QX increase

that top can a demonstrated markets So growth, outperform in you decade do, particularly that terms Jim, business of we, great this and cities outside way is and now it stability a the investment, space. the same because this it these others XX we in increased have for in warrants we view

James Goss

that This Thanks. political, Okay. a for minute. turn to

change the the out $X expectations. versus million, Of was much roughly that the parsed attributable from third to quarter? You how quarter fourth

Bill Wilson

TV, And Stu, I And million to around then record the opposite a has you And $X.X QX, in strength $X seeing radio north broadcasters probably just of $X step all couple money us. was a $X I actually been of believe if needed, political what well for my say bit given could how in and but industry with $X was think little the you're much for as around as below headlines midterm. right I'd just other -- million. the million 'XX raised. It million. I'd million, million expectation is, was it's say of a exact thankfully been the

gut-check $X I'd Stu. and million-plus in So just that I'll million Stu? QX QX. Is in $X say what you thinking, that were with

Stuart Rosenstein

Bill. are absolutely on, spot You

James Goss

there not there's -- since into of [indiscernible]? that, be most of are going to Or something some is EBITDA? radio, tends like, directly is displacement in a lot there adjusted And

Bill Wilson

political I [Multiple if know don't it the -- Speakers]. definitely I heard

James Goss

the there EBITDA on Yeah. placement. impact on the is revenues impact adjusted pretty since would to no be similar Will Speakers] [Multiple

Bill Wilson

exactly Exactly. Thank XX% flow XX%, I'd low Jim. you, say our would right That's of adjusted right. EBITDA. into it,

James Goss

I'm that [Multiple some is curious, [indiscernible] did there you broadcasters. the markets sense of this you becoming when where dollars did when out to evident expected certain had -- Speakers]? be exposure were shifting that some tend you the of to of

Bill Wilson

year I all time, that I delay. of of of were we described being QX the a raised, on may I there the down the obviously, versus of be this And expecting bit of than 'XX, were, told based higher and terms from be were were in QX. guess, well down QX we as that When XX% we we being money into little we dynamics XX% 'XX. money last in month amount as XX% -- reported apologize. spent we QX, just to a When reported amount

XX were obviously, up a of there when ago, I expectation to $XX money lot comments, my comments, the that like noted an about end million, to QX, They incredibly was but for -- could when in rep $X October still QX, didn't make make still then ours, more that were, guided $XX pretty clearly we million-plus. to (ph) that see prepared great as is a was, million, So And pan they up. who it's expecting my [Cats] partner based out. at anticipated we us It of roughly on we dramatic. disappointing that shortfall on were even headed our into firm, days we being

of underperforming as of that 'XX. seeing and catch-up, each isn't not is our catch-up. a of realized seeing QX not we just QX a 'XX -- like, recognized kind are we're, day only -- we're say went we And So expectations I'd not this versus October, on,

really until set it us that October So didn't in. hit the reality

James Goss

your who Last is any sales local ad involvement ad staff Or AdTech have the the Thanks ask, ads sales? national thing does digital I'd platform manages about? Okay. and also that. broadcast the for entirely in that have you talked

Bill Wilson

I Jim, on commentary and the question, Great call. appreciate your

we've one sales in been have of And team. think world-class the sales I So a we us, that investing team. importantly, for local A, differentiators

XXXX, COVID. We January have in of than more we to today employees did prior

our So to were we that teams. protect we specific were quite going

recall, furloughs did an really even setting in expect an we RIFs, benefited probably COVID, of other profit out profit significant and doing the be what and record depths XXXX. were COVID coming where revenue 'XX us not And broadcasters in do you it of all-time that. and As in to and we all-time

products. only the our best the sell are but best, of so teams they sales And local of our not all

they can our sell through like national our engines in traffic a terms through they So our technology web a clients and incremental of local ROI offer great of advertising perspective, all across they search and and presence the to Interactive Townsquare question, things that. on sell your specific digital for broadcast they advertising, and nation sell

all of training from into fact full we businesses. clients really that, that if results and you great I our lifetime have for points a and is think things demonstrate, believe, local a mission do partner. solutions search the So philosophy, we reach the you think conversions top-of-funnel, like philosophies one way and investment recruitment is of a to company, of reach, core suite our believe return number down to in one broad America, and and one you form-fills our and, differentiate them paid provide for can and the like I medium And business essence, radio treat because provide friend, our core we continue on mechanisms in local vehicles and that the and customers us obviously, treat walk our funnel a

to we trained our have question, your going and throughout So solutions salespeople really important think marketing it's are the ecosystem. that back on

well includes as as our advertising, programmatically. that owned advertising networks digital So operated and on broadcast

digital big We're from well calls, advertising in, and on As extremely as a for growing we able to to ago discussed years it's as growing perspective a accelerates. local we've into been as medium growth connected TV social had XX prior is us the cord-cutting five, part fastest that sell has a be nicely ecosystem. of no place

reasons sales posting we're of strong is sells and products of staff locally that results. such the all one our those So

James Goss

very very Appreciate it much. thanks Well, right. All much.

Bill Wilson

hear to Jim. Good Thank you you. from

Operator

Thank you.

reached the have Wilson the We session. question-and-answer the end I'll Bill call of for turn remarks. over closing to

Bill Wilson

time you forward at great appreciate morning. it. updating in March. Appreciate taking Thank look in Townsquare. and more you early dialing you the our about results day. to transformation our year full progress We to all Have hear for this on a We

Operator

conclude will conference. today's This

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

Townsquare Media (TSQ) 11 Nov 222022 Q3 Earnings call transcript