TSQ - Earnings call 3 2023 | Townsquare Media, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, and welcome to Townsquare Media's Third Quarter 2023 Conference Call.

As a reminder, today's call is being recorded, and your participation implies consent to such recording. [Operator Instructions]With that, I would like to introduce the first speaker for today's call, Claire Yenicay, Executive Vice President.

Claire Messner

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

Bill Wilson

Media in U.S. quarter everyone third slowdown. you, plus We're third our very aware, environment. ad tracker, start all the thank morning. as share and met quarter, for you with According you Index's profit advertising you to July. July's issued Claire, X.X% revenue the that ad reconnect experienced the today. rose promising U.S. industry macro challenging U.S. despite and market It's a After to pleased Thank Standard the joining are our to us great guidance this with previously to results

XX X the strategy business top this only year first Digital first was However, and in of for in platform from of while in to demonstrate the model cash on through X plus growth also has sets September.Our our performance of the the plus digital validated growth media. up slowed X.X% industry-leading in that September local our digital apart months local consistent, year, particular profit efficacy the August, of and flat focus outside media meaningful X.X% to Advertising note others and helped markets how months cities. essence first revenue U.S. allowed our generating is for in flow.Townsquare's us Of local

XXXX, XX, which Slide the the for Even of same Slide revenue is of was profit total months X on XX, of than period, highlighted Townsquare first revenue As XX% more industry our Xx total marketing anticipated, profit in profit solutions that XX% declined on margin.As digital was average. year-over-year. represents our offering negative XX% in revenue digital digital impressive outlined third Interactive, healthy XX% the subscription our quarter a more

to struggle As and XXXX than and a clients, annual shortages $X and revenue, rates. smallest less labor higher with I target at pressures, Interactive's less inflationary previously than million year continue shared you, with SMBs Townsquare Interactive.Townsquare the XX is recent generally in employees wage interest with

in XX, XXXX about as and excited future inbound customer significant this offering, Townsquare return a represents clear I opportunity, am from confident Interactive. All that service improvements slower model, customer last implementing these incredibly attack rates, as market QX, for expect Townsquare, over on which voice we moving of translate all and of in customer and to moderate model of moderately important with truly operations, to while interactive other QX potential Interactive pooled service changes growth we point model sales and challenges customer very confident and velocity. the to growth Interactive's call a meaningful we a elevated have high. among These we to improve our long-term profitable for the led improved and to a on already platform, to and have opportunity in its Interactive churn customer our is QX subscriber examine faced growth an there to And a X We we Townsquare are client to made and churn in a of customers hurdles, back these Townsquare factors challenge evaluate our rates concerns success. to note improved is and superior revenue versus service for internal first and in increase At request subscriber lost less contributed Townsquare no And see in we X company model XXXX answer growth peak response in an base a you addressable call, such, we outlined Townsquare in on have the of Slide that's why end always resulted will sight achieve target stars. begun encountered initial begin beyond scale presented contact geared that and million business to our will silver mentioned have subscribers recently optimize at team believe quest in high have when from XXXX. well the review our response a with look to procedures.As to ourselves metrics product and calls. built XXXX.We lining Interactive and including one-to-one for made as for increasing we is business.With our efficiently we as an step to changes remain number market positioned us and our growth changes enhanced that as ranking processes and visibility Google how times.Those will system nearly

as investment, careful in of line are at pleased very decline that in we revenue we QX rate with a approximately margin XX% the in key Solutions XXXX's similar of the were able QX Digital strong is in revenue XX plus expected, and very thoughtful the quarter revenue a outlined a X.X% Interactive year-over-year. XX% profit of third been through increased Townsquare profit Although first increased Ignite as share fourth to as on QX's negative to maintain and management Advertising Digital Slide growth. quarter, margin we margins.Our through declined quarter, third segment, Advertising expect expense months driver X In and profit has plus well the And the year, XX%.

from markets best our advertisers.Although focus this products our our year-over-year rates of differentiated this been slowed we our believe the peers up our held most advertising well on than on sophisticated have during many to performance start digital often which reliance limited the Our in has national and as has of weak which slowdown. Advertising because growth better our advertising, growth as in local are has segment of available in particularly the size year, and the been Digital due segment solutions, solutions

with noted exactly both months growth political. such broadcast total our with Through with need quarter shift of United X% increased the driving gains by X it local, increased by share revenue and year-over-year broadcast broadcast year-over-year. again by same and that's local our we're Miller market broadcast on in share, share the of according in digital revenue to advertising simultaneously year, S&P the negative while what share the revenue as our year-over-year, gaining basis gains national to Due to the that total therefore, period, XX% growth Research, broadcast over Miller gain impact Digital local third first steep our which our we declined in maximize markets had advertising quarter our we Global excluding Kaplan the doing. same highlights through negative our of that share in an in X% spend profit are traditional has Yet company of line are XX Third our broadcast of Advertising share national plus measured total share.Our meaningfully anticipated an are less national Kaplan, comprised our was of media radio decline, as broadcast growth, points the only States along time down with in continues share experiencing year in approximately our in margins also ad national quarter X% advertising as profit revenue up Digital results.At to XX%.As once line third focus revenue margins and outperformed business. prior radio we the by print, broadcast driven Advertising TV and other at decline with on

from that. television local our gaining focused keenly Of including and and we on competition, truly media matters what market total course, are share is cable

year, perhaps is to or According are our still steadily markets still encouraging growth to of Associates, is we the meaningful obtainable of one have Digital digital Borrell can increasing we digital be TV, Townsquare share our today way local fact, total that industry In long strong largest connected capturing capture. although growth very digital Advertising of signifying each our is in that is driver we streaming revenue a which programmatic also stream.What go. happens the roughly the of in confident a we to areas are upside XX% revenue only market most

important all-time compared overall Although a has buys strong as October and solidifies in year the our That that and U.S. Townsquare over orders slowed our advertisers does we our top early, will XXXX like is with in growth record that that flow while for to return for sale, hold in start XXXX, combined of bottom increasing highlight very of business to belief placing the temporary are to back plus generation. stronger confidence to our XXXX customer short-term in it half on year, cash as an in better gearing down and spending annual of current involves Interactive XXXX.Our political the up with XX% advertising characteristic appreciation often and the that model be which and our set we advertising the sale. significant pressure line largely appear the the outlook by ahead, which possible nature.One will

$XX of of strength today of an annual the which who Stu, over hand declines to million price million on cash our ended X.Xx confident approved XXXX very shareholders.I'm glad and per million and returns our take bonds quarter repurchase Directors quarter of of go share $XX to million on our to per pay more impressive payment and deliver of now maturities on third remain the next are sheet.With retire the that basis, plus revenue we the shares for that results provide be equates have the I'd $XX end of well additional an an balance X.XXX%, a cash $XX in million of having it to payable capitalization third XXXX, cash turn like third call no interest in X, to quarter $XX and Board experienced quarter We with dividend make detail flow would current we leverage and February cash of you $X.XX at pleased to below $X shareholders.And rate XX,XXX operations, of as net our from equity in generated current our an our at our dividends we X par, on fixed our approximately as share as the year-over-year. even share at fourth EBITDA of have we yield. Although attractive guidance. up first well X% our can over months as end, away. Stu, We of which repurchased $X.XXXX with the will a cash an until XX% adjusted and utilized interest million quarter hand,

Stuart Rosenstein

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

our million. open announcing guidance profit third repurchasing X.X% dividend report revenue we quarter guidance, net range quarter our the next deploy declined effectively payment.Third to to in of and which third the Digital within revenues. year-over-year million pleased to revenue quarter continued also was our supported to the shares that Advertising by and capital results pleased met that debt are We're million, in market $XXX growth We our $XXX.X by $XXX very in continue our and

net revenue quarter third declined X.X%. Excluding political,

declined range $XX to decline excluding of year-over-year revenue net within million, decreased XX.X% and million.Third with guidance year-over-year line $XX a quarter was Advertising X.X% in our of adjusted X.X%, to with Third political. EBITDA which $XX.X quarter million expectations Broadcast

at we shared margins location.Townsquare the our with second The Advertising while our growth we segment previously, future third strong to XX.X% quarter we X.X% Margins continue XXXX. and have and in were reset confidence quarter, revenue Third second was driver quarter and again we quarter the a margin Townsquare and in profit and Digital the at return in XX% growth of and Digital Marketing the In broadcast year-over-year. to Bill XX.X% in increasing line given profit prior Interactive ramp segment's year-over-year segment to Phoenix third XXXX for long-term X.X% with company, margins invest to in expect subscription quarter. our quarter.As sequentially XX% to third be net profit is in the Advertising decreased compared as Interactive, XX% decreased quarter half in XX% margins.As in suppressed approximately improved Digital Townsquare as for a growth Ignite, XXXX growth shared, line as newly opened increasing net for approximately the our top third the year-over-year. revenue third to the year bottom compared year was profit we the the expect Solutions XXXX prospects line

event other increase year-over-year a Our of in small third quarter, of million approximately generated a revenue year-over-year. comprised activity live and which $XXX,XXX approximately XX.X% loss $XXX,XXX, $X.X decrease of an of category, the of had is

reminder, a XXXX, viewed live licenses. $XX.X for the As of noncash revenue the quarter FCC charges for had Townsquare, which million marketing related we be driver should impairment our as a a of $XX company.In events or rather to arm activity but center growth third our were million of not

our no interest given quarter which basis of the rising caused value mathematically written price time.The quarter which operating affecting noncash our that a on decreases noncash to provision $X.X these of assets when related in expect impairment caused continue be rising roughly rates, accounting forecast was As the calls, allocations to net these loss increase They of XX future our the calculated in ago.Our more revenue to well purchase inputs million discount largely noncash of prospects. cash price effective revenue, XX radio in we by from bought operating regularly only $XX.X $X.XX per expenses, approximately purchase our company's charges to third-party to FCC years the than valuations.These higher a impact income prices, from or our our company's the the I licenses income on their share. profitability rate million tax impairment are decade-old reported our the charges net was down and initial or valuation third way and the are by nothing QX charge the have The calculated, on our decline in are charges tax increase the historically assets deferred XXXX third points covered due over made to costs as impairment calculations as station write-downs charges of previous the broadcast in rate. noncash as calculations impairment meaningful our and due all to tax position, well as bearing capital we declined

adjust statement tax of carryforwards than for intangible amortization including statement purposes and our you and the income the or certain is benefit flat of other impairments to like noncash only. was We attributes, remind year-over-year.We'd Federal substantial normalized significant Third that back quarter tax for provision related including GAAP NOL more any our financial which assets. shields on adds net for taxes $XXX rate to included income, million the of approximately tax adjusted items, face income tax maintained

end XXXX.As months price XX% flow year-over-year.We cash. in believe would was material down strong repurchases Bill emphasize, of At XXXX. first That's million. again the that our during the million be flow leverage quarter million we the average year-over-year to until a the X.Xx, to have million continue quarter, $XX of with $X the below bringing or highlighted, We we $XX generation. cash like $XX.X at third from of up third we I generated consistently not X operations total We quarter taxpayer will cash bond cash net approximately slightly $XX and repurchased million ended of to of year-to-date our and bonds of par an $XX.X

to X.X repurchased local in year-to-date is $XX.X the share.As In at per or repurchases particularly in competitive shares and our our digital open our invest our average continue price million third to in always, in total and revenue the during that through markets invest Townsquare investments outside advantage organic profit to businesses an shares of Interactive the $X.XX bringing share engine. #X in our priority growth digital We approximately internal addition, we in market growth, million support maintain strong XX,XXX quarter, to technology, our specifically to sales, businesses content in teams, top plan product Townsquare XX cities. order our Ignite support our and

Xnd. share based are approximately we earlier, prepare million likely We focused refinancing we our payment per dividend current as XXXX.As our on opportunistically in strong us equates count shareholders or sheet to of to price. dividend Bill flow January annualized our of per a based and which early our share open new our continue addition, a market.Turning Xst share in dividend businesses, share give on In share, invest our of Board annual believe support approved has outlook. current fourth basis, $X.XXXX an for of allow late on cash debt as to flexibility record in dividend characteristics of payable balance will to February XXXX begin our quarter our $XX yield approximately $X.XX mentioned to us repurchases an a pursue implies the The to to and on X% and on

million. and revenue to We be expect quarter fourth net million $XXX.X between $XXX.X

guidance and million $XXX I the $XX.X EBITDA with the quarter and will over be million. $XXX Townsquare's between will Bill. implies year be call adjusted full that to between the our within million we EBITDA ranges back We XXXX adjusted both beginning $XXX now $XX.X $XXX year.And expect issued This million fourth be million revenue million, that, and turn in between our original will to of and

Bill Wilson

you, joined greatly delivered backdrop rates We to profit morning. a challenging am and cash of Despite generation. year. everyone, cash Advertising and weakness, the Thank you, revenue highlighting appreciate advertising and X double-digit Advertising this to what this mature despite platform business interest I delivered challenges, our national our differentiated through it.I these us platform has a and and months call cow continues rising and by solid want profit has Broadcast Stu, first our thank model of who close today's contributing XXXX.Our strong extreme persistent to that proud inflation Digital generate growth

in Our of and United have platforms. top any this the net our prior please and returns our XX updated And deliberate time the the for remains open confidence long-term levels time, while each maintaining first on and below a we to strategy focus our attractive cities delivering performance leverage on and Townsquare's local the QX year We reinforced has you taking and our year this markets thanks media debt again, shareholders.Our equity potential growth greatly repurchased in line efficiently questions. this current States at both digital it.Operator, to high-yielding this appreciate outside year dividend, digital results to be for the all profitable of morning. our

Operator

Michael [Operator NOBLE first comes question And our Markets. Capital Kupinski Instructions] with from

Michael Kupinski

talk the couple at there's wondering, tone of any had QX? of you background Sorry was I this are for still point? Interactive just if a discounting in for services I your about Can the market questions. noise. you

Bill Wilson

in for from our marketing consistent Interactive, QX hear QX. solutions to great is the of Townsquare very I'd say digital business tone you. market with Michael, the

Stu Townsquare and I shared and are We've on was year relates some X. Interactive. to call in added of us revenue return as definitely previous But net X, to don't we'll amount from tremendous QX, As improvement, negative you as as at that negative processes QX calls, it difference. growth guidance believe X well provided, company to confident is procedures incremental any a tools we a reset our down XXXX I made for think, see that to perspective, we Quite as look ex-political well overall QX the when honestly, as negative XXXX. an the

type in QX. in the much marketplace QX pretty as we in experienced overall tone So expect we as results of same an

Michael Kupinski

you know Because at were earlier discounting are still you And point? this in the Interactive I that in year.

Bill Wilson

cut really dramatically. that back We've

XXXX, there receiving throughout your were scenarios multiple And money PPE to now these were to point, under logic much part them different. different times the when we was to businesses from particularly XXXX, X-year the government So discount. that did bridge of the success. also in environment period.Right suffering, is They

on I think we the touched last call.

QX in were than Our interest rates QX. higher overall actually

think revenue. less as of recession of Interactive you I the businesses, than So know, a risk for in less than environment operating Townsquare down. target from experts small come businesses Michael, million XX the we has terms the $X But in the employees, for with

your with weeks the from after that, in back their of So we small that are discounting our X we to because they impact are for us online also businesses now who honestly coming the loan calling back quite definitely that student out the of as smallest long. know less some client particularly going people SMBs.We are of of to definitely so cash suspended the payback And it being to question, going heard flow.So the have the are business. suffering mentioned base, didn't X what concerns the original last relates

expect the that. discount We I on a wage started next quarters pressures, thing, for a our rates, we're I been their believe in going given them right see believe where be the in of the QX. think churn the discounting see up it's churn. back peak gap is over I an which cut it's QX That's We historically.I some X,XXX impact point and about QX, do on our the tone QX, you'll same it result we the giving the our seeing suspended. has to several will But them capital, elevation really to your hit I prepared thankfully, higher suffering. roughly why like in going of subscriber are bridge QX really one-offs as the market. in average to loss, pressures, in the to So which remarks, business X,XXX as the interest price mentioned the not think We was inflationary recede but creep point

Michael Kupinski

And more question just I'll queue. get one in back the and

In fully Phoenix, staffing in running terms staffed Are in of Is just Coast business add anticipating? were Just West seem prospect were in us on now? you you going of can kind what expecting? on terms color on give line Is where that you there? and the that the with you still a terms little to of of are in what's you it up Phoenix.

Bill Wilson

Yes. No, really pleased with Phoenix.

that market small proving it are our a of why hire very for time were all roughly I out The of call that, XXs. in We're be we talked but we still to to employees. XX XX think new last onboarding about team, 'XX, over of major one beneficial we now reasons location was talent the will approaching opened that the we one and felt XX, employees. return really the the Charlotte, for while there. was prospects us XXXX out market, be set XX We're But the salespeople second pool 'XX. XXXX, in we to the we low only beneficial.So and and is location but in Phoenix not it's business that terms to 'XX do would think to ability that up the we opened continue add later reasons and growth recruit to the

So Michael. Phoenix, very pleased with

Operator

next our comes question from from Barrington And Goss Jim Research.

James Goss

is right to is start-up of providing along was some costs offset there are with One, lines things of Mike sort that it Or the facing? now to of Phoenix, on issues an asking. to the the might that tag a impact? delay beneficial caused it TSI I regard couple

Bill Wilson

hear you to this morning. from Good

XX a relates salesperson it we've actually to shared, to new as a always year, As it breakeven. takes financials, around months

the it there, expect sales-focused. people of would of that of we're the we good roll But in -- a to at the hiring beginning and hiring hiring ramp sometime rollout half. our incremental is the said the not we on side. probably We that margins because QX. given actually when first and salespeople It hiring out some half really is suppressing back right been Phoenix we profit service in off happen now it's bunch in are did primarily, So some year primarily there year.I of of the next the did announced other

be because just and we'll in half of hitting point including you'll loans back coming the the and Michael those in environment talked think through, Interactive that.In is suppressed breakeven student sales XX-month and I rates of XXXX see I velocity the So higher things. all that of that general, Townsquare back for benefit interest

forward. I So pleased kind that's of as prospects with there just team Michael, sits. really Phoenix and the we with And the where as shared go

James Goss

things a And from in items going creation sort know like can TSI? when with to to But that switch. need market the just flip happen reach you're talking to create do about think what mentioned aside out or growth drive to return are of to 'XX, you I establishment that sort of re-launch a going it's new business of the couple to things the not of you of that better sort environment to the you've

Bill Wilson

and And of from profit But Jim. sure return half subscriber basis that's back to general if right or and XXXX. the that's revenue Yes. No, us question, I great growth a my basis, not now. from QX in time a frame QX. I'm my to expect perspective

As the happened months I what's what frame of the Jim, last predicated the think QX, months.So time a X transpires QX. X to on lot is is over the you with next subscription over business, know, X

CRM. our internally our Most I've like improved make as offering in some improved. for we as product calls. product this previous to to outlined we've things we're a building invoicing We're improvements. is continues that certain continue service now tools. a terms and e-mail I being I model We've We're think call on clients, marketing done features offering is things now enhanced.So think be importantly, number well there's increased of also that of like

are those us of when smarter be to our handle that. things people at leveraging helping we are like needs, AI in, Some to their calling more fingertips information have

to recession we're come increase not don't the of to is year. but hope in at rates and year, they pace so in that start that, down back this did year at my the a So half minimum, a continue next next far interest obviously,

these raised if Jim. of in last has in the XX interest continues turn time rates other years, And it's outside XX-month that back starting environment. one think, looks most is so period been a think good the that that on I that this down. you, I'll is come in businesses dramatic it think hurt I have period.And news, other inflation like the than to the and I any correct, last to impact smaller

James Goss

Okay.

a eats you things. political in are I'm is important away One the that Just but some along the were digital couple has and third see revenues to think enough balance in But tilt other which meaningful quarters? a if there especially is options, you. been the extent political -- category for of if wondering more lines, a generate, small to you little fourth the your line, of bit you at having potentially especially revenue and

Bill Wilson

we're much in You're question. exactly right. to forward political. obviously very looking next year Great And

look other today of ago, ago XX% on XXXX, terms treat the of but it shared calls this like cow reaching election, weekly people believe it a can't United medium it's revenue. think of don't you because it. #X and there political there day, things people radio in reach, AM/FM last There more a benefited in tremendously. in listen obviously for all-time all-time basis.When as presidential from Americans we radio I was digital I an high.So is reach and obviously, at when we years competition than radio's and any lot about we to particular, media But every years TV think tell out an lot for in at high and I love mature a radio, we a talk business, the XX is they XX us, the on cash but these was States,

as to and think candidates, impact and I it they relates the political issues. So political -- know reach for

point, is I $X of back expectation year So off going under year being million, $XX $XX this million.So next not of million million if your to matching that's expect, coming our political $XX main Jim. and the to

in us in be year. Townsquare and to revenue, back growth Advertising then and several and coming the for in half is And propelling our for think, I obviously, the political terms our opportunity the year, last has driving the years. rebuild of Next back growing differentiated Digital a on of great continues

James Goss

The of one, has chair docket last the that complement. thought. the Townsquare? One general any have anything Okay. full Is FCC a impact for sort and there now just on the might

Bill Wilson

very transpired. that's glad I'm Well, Yes.

know, there recently they the do do. you to which didn't As have they quadrennial review, a also where was ruling

changing it's I the the XX be in fact last we're just capped FCC I or it general, know times, when should a in in I don't FMs changed people think that's deregulating years. appropriate others it our a not the call prior and has in years, uncapped, competition know zone, fair.So this is if So when my to starts is when, size I recognize from but Spotify question, when X in and and the every expectation that don't believe I the to media general we we're be think dramatically be AMs think X it's few tremendously on question, an markets facing landscape

the the this will don't keep I I is I'm that Jim. Townsquare I personally archaic that I full not quorum. years time, happen, like a know when happen, as make And review glad rules XX to were now benefit And FCC same at but it place will So deregulation. expect over in will sense. they believe believe does things ago,

Operator

Capital Markets. from NOBLE follow-up do And a we have question Kupinski from Michael

Michael Kupinski

quick of couple a Just ones.

just TVs as the TV more that bit And we're little I performance? support, key connected more driving you one volume? of a as just advertising just much it mentioned how advertising? then also, what's can then connected TV-related And You that And connected in was is is about a or if Ignite. just talk seeing wondering also, more total fast channels, of more percent Ignite categories

Bill Wilson

Michael. Yes, tremendously we're you, Thank excited.

our and spots getting great in inventory think okay, creating time able A has mobile way We're now historically, new marry us Advertising do. is this operated We've differentiated. programmatic Ignite radio is fact with that Digital the the the spots artificial connected I of websites and apps owned local Because and gives noted, audience target reach anybody X-X not We're Digital don't the audience why to now in markets big we're industry to being we see creation who we the Xx not competing a digital anything. really more last several outperformed cable is we're markets continue at, our allows in we're year-to-date, the tremendously how managing Obviously, important but when grow I as I in think the I television which size you will in it's focused think as with results of TV part to for obviously, programmatic. is own the industry. average than of great look and think for for spots clients, advertising we've well. we our is overall we need the do. on or so offering.Obviously, to beneficial that got have audio now years, really with and us, we create large your TV at incredibly our TV for But us And And too, and look we today, which owned particular, our part XX% somewhat Ignite, beefed grow. second television activation. marketing our producing well creative Advertising, are because the spots For operated any us. didn't favoring XX% that very all advantage down a even our from at-scale the insights in We to history, in and for tremendously of starting commercial reason with company's connected connected this it.So providers as And that television. TV full that compete Ignite been in And because intelligence you but we're can data, that of TV need and or the our we question, and to profit, head-to-head our and valuable that's your really have our don't to give and it's programmatic use think service side up first excited.And of funnel our effectively creative as only revenue, part years new.I fastest-growing QX huge couldn't first-party us us, to ago. we offering. Michael, and do and television

and You more ad-supported. see more

Netflix. You see

see heard talking Amazon you have is advertising into Prime You about platform. introducing -- their video may that

I including what and markets, our opens other emphasize and said, targeting tremendous particularly opportunity as and cord-cut display. more standard tremendous connected vehicles, a people just cannot at social more streaming tailwind more we're more and in having and with us inventory with up, that So Townsquare size for TV.But success

we're It So fastest-growing but our Digital is currently. about part TV. tremendously It overall, as Advertising us the for by programmatic excited is excited well, connected Michael. of business

turn it to I'll back you. So

Michael Kupinski

Yes.

question. last one Just

especially then broadcast improve can of into you they in if of I component. XXXX. On what has it's the pacing seeing a seems I the I you kind us And national indicated seeing you. been terms go side, quarter? national are as for of improving, been in a just And national to as the fourth have that broadcasters tone mentioned is first just that know advertising you was you into that look affecting small wondering national quarter? wondering give national be down and But was some you're

Bill Wilson

question, Great us again, I And with Michael. morning. this appreciate you being

flat Part XX%. ad we negative in in in worse the got X% tracking asking for little generous. bit. That's actually the broadcast where X% call, quarter. XX%, the QX moderated as was September. quite obviously It U.S. XX%. a that is recap down plus ad down was a national, that as plus was everyone the July, in tracking about advertising moderated a still QX bit down shared is just of was QX national on So August to Michael and

So saw we did customer on that sale, see better. national remarks. we the in better. your local about activity I QX, XX% which getting national our We job question, see a we the getting throughout mentioned see orders importantly, getting mentioned tremendous prepared quarter.To better. more definitely the that Michael, Probably appreciation team We most

talk net it relates can we'd last to a more time lot pacing, since you decline QX, results rather relates versus As spend about asked, we business we've X% last experienced at booked a expect you we share this, hesitant a little quite I'm because I to specifically pacing it Broadcast for QX, for because but come usually than QX will I the as that don't QX ended when it we QX, and earlier, thing.For revenue at as specifically to our And year the about bit.So change about I line for talking what Broadcast very, year. the uptick of in you time side, material that think point view, Digital Broadcast, the think, this tell the this got that's where look to we've same to positive sign very, ex-political. you Digital that we change.So as hopefully, a QX an Broadcast We're for, at we're I which alluded better for a Advertising what is QX, others, in in QX. probably with And as on seeing our seeing that is to shared holds. But guide, you've Advertising well pacing heard industry large, pretty gave too. very much also from the be in

below Broadcast in But in if And X improved last a very or the of that TSI. is that, books back pacing back QX in year, year just I which in half for for development. excited point Broadcast, that's Advertising, the we positive for this line. Obviously, general, all the Digital with year point having mentioned for holds, a cut more about, at what than just reasons [ maybe So a in XXXX but talked ]

we some you enter Michael, the color hopefully as for gives here. holidays that So XXXX

Operator

further like to this are turn And for closing remarks. call there time, no the over I'd at Bill to back questions.

Bill Wilson

Townsquare I results the not their of your appreciate just talk transformation, for morning. differentiation, hard quite and The shout-out and their want about, we culture their communities their is give the passion a results to I work, the operator. team. honestly, but Townsquare, commitment, this audiences. all their only the help you, clients Thank and to the

on XXXX, in you you to excited this for of year-end a and in report and updating them thank results up dialing we're We wishing how can't appreciate dialing obviously again the morning. morning. Thanksgiving March.So to Take everybody forward our is also beginning I thank but look shaping share So QX this I great the enough care. on in everybody

Operator

This you attending. conference today's concludes for call. Thank

Townsquare Media (TSQ) 9 Nov 232023 Q3 Earnings call transcript