Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare”, the "Company,"
"we," "us," or "our") announced today preliminary estimated
financial results for the fourth quarter and full year ended
December 31, 2024.
“We are pleased to pre-announce our fourth
quarter and full year 2024 estimated results that are directly
in-line with the expectations and guidance we had previously
outlined on our third quarter earnings call. We expect full year
net revenue will be between $450 million and $452 million, within
our guidance range of $448 million to $452 million. Therefore, we
expect fourth quarter net revenue will be between $117 million and
$119 million. In addition, we expect full year 2024 Adjusted EBITDA
will be approximately $100 million, within our guidance range of
$100 million to $101 million. Therefore, we expect fourth quarter
Adjusted EBITDA will be approximately $31 million,” commented Bill
Wilson, Chief Executive Officer of Townsquare Media, Inc. “As
anticipated, our digital divisions had a very strong fourth
quarter, as Townsquare Interactive returned to year-over-year
revenue growth, and Digital Advertising net revenue accelerated to
year-over-year growth rates in excess of +15%, helped by national
digital advertising returning to revenue growth together with
ongoing strength in our digital programmatic business. In total, we
expect fourth quarter Digital revenue to increase approximately
+11% year-over-year, and represent 52% of Townsquare’s net revenue
in 2024, a true point of differentiation from others in local
media, as we have evolved from a local broadcast radio company that
was founded in 2010, to a Digital First Local Media Company with a
world class team and a unique and differentiated strategy, assets,
platforms and solutions. Further, we could not be more pleased to
share that we are continuing to expand our Media Partnerships
division, whereby we provide a white-label service that equips
other local media companies with the digital advertising solutions
that have driven Townsquare’s success. Following our October 2024
announcement that we partnered with SummitMedia, who operates in
nine markets that do not overlap with Townsquare’s footprint, we
have recently entered an agreement with another local media
provider who operates in two additional non-overlapping markets. We
expect that partnership to launch this summer.”
Mr. Wilson continued, “Given the cash generative
nature of our business and our strong cash position, we were able
to repurchase and retire approximately $12 million of our Senior
Secured Notes in the fourth quarter (and $36 million in total in
2024), ending the year with $467 million of debt and $33 million of
cash on hand. The combination of our healthy balance sheet, ongoing
digital strength and momentum, Digital First Local Media strategy,
and focus on markets outside of the Top 50 U.S. cities,
reinvigorates my confidence in our business model and our path to
long-term, sustainable growth and success.”
The information presented herein is based on
internally available financial information that has not been
audited or subject to regular period end closing procedures. As
such, the financial guidance presented above reflects various
assumptions and estimates based only upon information available to
management as of the date hereof. This information should not be
viewed as a substitute for full audited financial statements
prepared in accordance with generally accepted accounting
principles in the United States (“GAAP”). As a result, while this
information is presented with ranges and approximations that
management considers to be reasonable, it remains in all cases
subject to change pending finalization. It is very difficult to
predict the impact of known factors and it is impossible for the
Company to anticipate all factors that could affect its actual
results. Actual results may differ materially from the estimates
presented above due to developments or other information that may
arise between now and the time the financial results for the fourth
quarter and fiscal year are finalized. Therefore, you should not
place undue reliance on estimated financial information provided
herein, which speaks only as of the date hereof. Estimates of
results are inherently uncertain and subject to change, and the
Company does not undertake any obligation to update this
information. The Company’s independent registered public accounting
firm, BDO USA, P.C., has not audited, reviewed, compiled or
performed any procedures with respect to any of the estimated
financial information. Accordingly, BDO USA, P.C. does not express
an opinion or any other form of assurance with respect thereto. The
preliminary estimated financial information for the quarter and
year ended December 31, 2024 is not necessarily indicative of the
results to be achieved in any future period.
About Townsquare Media,
Inc.
Townsquare is a
community-focused digital media and digital marketing solutions
company with market leading local radio stations, principally
focused outside the top 50 markets in the U.S. Our assets include a
subscription digital marketing services business,
Townsquare Interactive, providing website design,
creation and hosting, search engine optimization, social media and
online reputation management as well as other digital monthly
services for SMBs; a robust digital advertising division,
Townsquare Ignite, a powerful combination of a) an
owned and operated portfolio of more than 400 local news and
entertainment websites and mobile apps along with a network of
leading national music and entertainment brands, collecting
valuable first party data and b) a proprietary digital programmatic
advertising technology stack with an in-house demand and data
management platform; and a portfolio of 345 local terrestrial radio
stations in 74 U.S. markets strategically situated outside the Top
50 markets in the United States. Our portfolio includes local media
brands such as WYRK.com, WJON.com and NJ101.5.com, and premier
national music brands such as XXLmag.com, TasteofCountry.com,
UltimateClassicRock.com, and Loudwire.com. For more information,
please visit www.townsquaremedia.com, www.townsquareinteractive.com
and www.townsquareignite.com.
Forward-Looking
StatementsExcept for the historical information contained
in this press release, the matters addressed are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements often discuss our
current expectations and projections relating to our financial
condition, results of operations, plans, objectives, future
performance and business. You can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. These statements may include words
such as “aim,” “anticipate,” “estimate,” “expect,” “forecast,”
“outlook,” “potential,” “project,” “projection,” “plan,” “intend,”
“seek,” “believe,” “may,” “could,” “would,” “will,” “should,”
“can,” “can have,” “likely,” the negatives thereof and other words
and terms. Actual events or results may differ materially from the
results anticipated in these forward-looking statements as a result
of a variety of factors. While it is impossible to identify all
such factors, factors that could cause actual results to differ
materially from those estimated by us include the impact of general
economic conditions in the United States, or in the specific
markets in which we currently do business including supply
chain disruptions, inflation, labor shortages and the effect on
advertising activity, industry conditions, including existing
competition and future competitive technologies, the popularity of
radio as a broadcasting and advertising medium, cancellations,
disruptions or postponements of advertising schedules in response
to national or world events, our ability to develop and
maintain digital technologies and hire and retain technical and
sales talent, our dependence on key personnel, our capital
expenditure requirements, our continued ability to identify
suitable acquisition targets, and consummate and integrate any
future acquisitions, legislative or regulatory requirements, risks
and uncertainties relating to our leverage and changes in interest
rates, our ability to obtain financing at times, in amounts and at
rates considered appropriate by us, our ability to access the
capital markets as and when needed and on terms that we
consider favorable to us and other factors discussed
in “Risk Factors” and “Forward-Looking Statements” in our 2023
Annual Report on Form 10-K, for the year ended December 31, 2023,
filed with the Securities and Exchange Commission (the “SEC”)
on March 15, 2024, as well as other risks discussed from time to
time in our filings with the SEC. Many of these factors are beyond
our ability to predict or control. In addition, as a result of
these and other factors, our past financial performance should not
be relied on as an indication of future performance. The cautionary
statements referred to in this section also should be considered in
connection with any subsequent written or oral forward-looking
statements that may be issued by us or persons acting on our
behalf. The forward-looking statements included in this press
release are made only as of the date hereof or as of the date
specified herein. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Non-GAAP Financial Measures and
DefinitionsIn this press release, we refer to Adjusted
EBITDA, which is a financial measure that has not been prepared in
accordance with GAAP.
We define Adjusted EBITDA as net income before
the deduction of income taxes, interest expense, net, gain on
repurchases of debt, transaction and business realignment costs,
depreciation and amortization, stock-based compensation,
impairments, net loss (gain) on sale and retirement of assets and
other expense (income) net. This measure does not represent, and
should not be considered as an alternative to or superior to,
financial results and measures determined or calculated in
accordance with GAAP. In addition, this non-GAAP measure is not
based on any comprehensive set of accounting rules or principles.
You should be aware that in the future we may incur expenses or
charges that are the same as or similar to some of the adjustments
in the presentation, and we do not infer that our future results
will be unaffected by unusual or non-recurring items. In addition,
this non-GAAP measure may not be comparable to similarly-named
measures reported by other companies. Net income, the most directly
comparable GAAP measure to Adjusted EBITDA, and a reconciliation of
Adjusted EBITDA to net income are not included herein because we
are not able to estimate certain components of these measures
without unreasonable effort. In addition, the Company believes such
a reconciliation would imply a degree of precision and certainty
that could be confusing to investors. The variability of the
specified items may have a significant and unpredictable impact on
our future GAAP results.
We use Adjusted EBITDA to facilitate
company-to-company operating performance comparisons by backing out
potential differences caused by variations in capital structures
(affecting interest expense), taxation and the age and book
depreciation of facilities and equipment (affecting relative
depreciation expense), which may vary for different companies for
reasons unrelated to operating performance. We believe that this
measure, when considered together with our GAAP financial results,
provides management and investors with a more complete
understanding of our business operating results, including
underlying trends, by excluding the effects of transaction costs,
net loss (gain) on sale and retirement of assets, business
realignment costs and certain impairments. Further, while
discretionary bonuses for members of management are not determined
with reference to specific targets, our board of directors may
consider Adjusted EBITDA when determining discretionary
bonuses.
Investor RelationsClaire Yenicay(203)
900-5555investors@townsquaremedia.com
Townsquare Media (NYSE:TSQ)
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