Townsquare Media (TSQ) 9 Nov 202020 Q3 Earnings call transcript

Good morning and welcome to Townsquare’s Third Quarter Conference Call.

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

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

Thank this and thank all for the work you to this start by joining call the team. of you, hard us like Townsquare dedication Claire, acknowledging entire morning. I’d and

each communities Our with our dedication local to these for and well company, every team during their what impress their to as to do times. they passion and their and challenging adaptability continues their me day as

Our our as local circumstances, team's exceeded since in focus quarter, whether and commitment job as twice, the proud a our any our pandemic despite we with and see we XXXX, effort quarter through resulted challenges month significant disruptions. Louisiana markets our to day, and serving to significant of the we I'm swept strong to advertisers, to results hard say the be best has our the or pandemic each their business, it hit goals absent and by that do third that into improvement the hurricanes super will April. and improvement out our believe as continue fourth each of that expectations, our in look audience financial the external in their business

to my to year-over-year call, to QX earnings goal revenue As improve QX I shared for our negative negative on QX's net close decline. year-over-year our was XX% from XX%

in the XX% as in July, compared business as declining negative XXXX. negative up throughout in $X.X million increase improvement to this with million in net led net net at experienced continued with of negative ending our year-over-year in $XX.X exceeded revenue We goal, revenue improvement QX, pace the adjusted in QX, percentage QX. in quarter In EBITDA months material a revenue same net sequential to X% QX XX% and fact, far August improved September XX% to in This to negative an a points. XX from pick revenue much our

Townsquare recession-resistant our Our Interactive, last two segments. and pleased on this Townsquare brief, about the fourth better-than-anticipated third its let spent Advertising qualities. both to I've Townsquare say, calls I'll Interactive keep gains Today, in in-depth the continuing Gains, quarter quarter. itself. our are speak business results were into has I results for talking during driven am the Interactive this which how highlights my subscription digital marketing subscription outperformed and and of crisis impressively solution strong business recurring by

for pandemic, revenue, delivered As Interactive growth and our different. the QX a has tremendous Townsquare was throughout and subscriber resource local profit no clients,

improvement XX.X% QX’s plus XX.X%. revenue an net quarter of over prior Third net plus increase from increased revenue year,

the or approximately Interactive Townsquare the with consecutive subscriber addition, net X,XXX ending quarterly six XXX net most quarter as approximately subscribers, XXth of nearly added and net subscriber subscribers adds XX,XXX more net the years. quarter In in in QX, adds

In that. added since of more Let subscribers quarter than quarterly we pandemic net middle the repeat me amazing. XXXX, a any

end confident revenue for am three was QX Our as Interactive Interactive’s our years. Townsquare net expectation $XXX of therefore, rate and two net run on annual of revenue achieving revenue million. base, is And to based subscriber in the our Townsquare Townsquare in over within $XX.X I $XX QX, million net current Interactive reaffirming of million annual

profit in Interactive translating of months margin of $X.X addition, of million the XX.X%, in first with In Townsquare $XX to quarter continues to the over margins, generate million XXXX. profit of and third healthy QX profits nine

QX year-over-year. XXXX be to growth I an to would of $XX.X million million, which of improve $X.X Townsquare XX% increase which QX in thus, to Interactive’s $XX.X compared to was an XXXX, QX over QX, in million increase $X.X revenue QX over million, Looking from XXXX in compared plus to expect and QX QX’s QX XXXX growth

in in and we at period, When out net digital XXX XX,XXX subscribers XX subscribers, proud websites approximately proves our digital third Townsquare XX,XXX audience apps, to in Interactive DNA and accounted revenue our quarter, margin robust assets, will radio, of our that increased as Given for less. revenue quarter our and differentiator fact in a revenue, Townsquare it would subscription local our and our roots is pace year as point expect of media be we over three video, $XXX solutions our on believe media. net net and Townsquare’s should radio total, in This digital between rather solutions reach that and services, reach per mobile revenue. run radio has We generate plus quickly also to us and annual our COVID-XX expectation rate that revenue or company. we our others or million roughly digital basis. advertising to digital digital although enabled XX% In net programmatic XX% approximately months serves are approximately an we but marketing revenue this our reach we or to profit the X% a industry subscriber with two believe not ability digital reinforces premier $XXX social, company, the annualized Townsquare total limited our this and to a the prior be point adds clear a And a local marketing be expect from of million pandemic within than classified downturn. broadcast being at can audio to more quite just the diversification rebound others honestly years.

as XX in and from its which year-over-year a segment, solutions, improved Our to QX, XX% revenue broadcast improved point advertising negative both our year-over-year improvement QX's digital is greatly Advertising of also XX%. negative decline composed decline of

QX in end was a low segment, is month in improvement the small September. revenue, from negative to prior plus was our period. XX% downturn our in a the of in declines revenue quarter, business, year. in revenue in year supported of million as which QX, our negative engage which community, to the of information prior to improved up broadcast I'll XX broadcast as throughout Broadcast the revenue ending of the May revenue, very finally, of of people negative online few strength a touch an to minutes. local people incredibly revenue negative more websites given our of third with increased QX, has local improving to with advertising local hardest their owned revenue, each something advertising obtain associated down the advertising quarter national negative is XX% revenue pandemic, driven strengthen improvement growth This third national month our across broad-based operated was during during the by with as more we an the and compared websites in popularity increased compared with XX% their coming in business digital the the to AMPED hit which year, are course year-over-year quarter, the and which revenue proud to prior generation, XX% been engagement, political, websites resilient broadcast third April of improvement Digital its X% And new XX% was revenue compared one our in local at local more of incredibly XXXX. specific than and actually in versus brands of. Our online yet quarter an the of the part an XX% streams average only advertising with plus by and to audience with the on impressive revenue

which apps, has serve that years. past stepped news through coverage the our highlighted cities local XX over investment that earnings locally local Townsquare on have in as the has, previous we our markets, pandemic X we fill XX mobile has to have coverage and for and COVID-XX reduced in stations size resulting diminished As and void, the magnified. the TV their calls, greatly websites newspapers into local

in of with that Alabama recently we of Ignite, their Portsmouth, our entertained As our the visit, month, Google early among offering, August, over current periods launched all-time Hampshire we linings in all X performing $XX In reads beloved presidential been Portsmouth, $XXX,XXX times people currently call, specific community. we revenue on to the one but Townsquare month, than our and of ever Thread which markets year. cycle. all-time the approximately this great the advertising our roughly strength new is of platforms. numerous New advertising first XXXX, launched clear nine XX% as on years, the reached solutions in in-house Townsquare digital, more to of fastest of one we strong XXXX advertising for be websites have million, to partnership experiencing our our this experiencing and and and XX as revenue turns the to our why quarter, political revenue estimate visits of outlets say, brands during expect XXXX. technology are very not news more in thus QX digital quarter, in local strongly, has cities on increased business. is Townsquare are a brand, the digital months local across Seacoast, political number now the by Improvement than to continued are growing third confident more in and strength plus platform people the creation the digital per an X.X% Tuscaloosa, of remain grant that will our compared also the growing audience Tuscaloosa Ignite engagement, of the to point, booked engage programmatic previous And serving as which unique as Based be our Hampshire. in We've and booked brands same pandemic are in $XXX the election both years. of far a visitors, proprietary informed XX,XXX New communities, www.seacoastcurrent.com, in evidence its silver only record broadcast with reasons the incredible. an year, their more our where last been the Google, information local our solutions et that record To cetera, has level and obtain many so market, business Sufficed in [indiscernible], online a two political. result, visiting the provided advertising I the more strength are article XXXX continue believe annual highlighted is our per plus what on third due next political the in well We making to QX, fire fastest advertising today, XXXX, three for revenue in periods. political, Townsquare Ignite in revenue than be next and XX% $X.X to books solutions first the for part advertising was in will two Ignite’s to has what Touching of we several in a on for we reach million, million that

million of ability with interest and the strong We And Townsquare year, advertised fact, cash flow us, of points XX was generation is although payments $XX with million strongest continuing position. the advertising after excluding political And $XX advertising in In to the revolver. business that that operations meet And to our in $XX first improving QX current not liquidity now $XX handing broadcast, of in the cash I have recovered concerned In about our is The QX. last our $XX XXXX. from of going obligations approximately is And of revenue cash was not is the our current circumstances. million call third business liquidity touch cash QX are an and October new Stu, we expectation given over revenues, business advertising quarter, our with the political, and the nine to point positive continued political month that provided point ability briefly, behind our growth in positive before cash and given strong months also in on defined overs last one. sheet. the by to months. is in without to the balance advertiser, on year-over-year our important quarter our making forecast And as to highlight a ended and million surge forward has to digital million that XXXX. the we impressive market rebound very undrawn want access

have through effectively on and forward, wave subsequent to done that and another were Looking state further the what are are as efficiently will revenue, in further we to-date have if expecting downturn advertising to also competitors. a currently we side we there shutdowns local I of but a out come be manage trust QX. confident able and it differentiated our in be media that on not in-depth thorough provided this of even QX pandemic from results, we I other very perspective only

revenue be we pandemic. are fourth continued revenue, to As is approximately the QX. will improve expect, providing half the to base $X Interactive growth Townsquare given advertising our revenue, achieve And we in our QX decline in not from that, million we strength talented and and the in will our can year. quarter strength well subscriber compared as QX in the continued as X.X% formal negative improvement you XX% of said, given and in be team, or which broadcast for political net would confident QX net to guidance That as that negative estimate digital COVID-XX in we goal decline last

we As are million was we had XXXX. revenue case the where same QX expect QX, and Event in QX in we the QX and against $X no material comping Live event revenue, in in

also Stu. begin turn as sequential financial it profit improvement levels the With build much who our cash detail. discuss year I'll approach see continue that, fourth greater adjusted is Stu, quarter. to in to results over to away, we again prior once expect We to Take the to to in EBITDA, call going expect in and

everyone. morning, good and Bill, you, Thank

Bridal forma the in non-GAAP in As XXXX stated. XXXX presented year-to-date our Events, results unless sale a earnings GAAP Events, forma for our provide and these growth of as XXXX, Exposition pro tables, are rates otherwise reminder, and well which we our so as year-to-date release, results results, sold measures. pro performance refer Please Live to the included our

XX% year. improvement of improvement million reached Interactive declines in $XX.X Townsquare months has exceeded of year, Interactive revenue quarter. $XX.X subscription XX.X% quarter our Advertising growth respectively. EBITDA prior quarter subscription first second prior heights. the XX.X% third revenue financial quarter results the million. the to Townsquare year as decreased translated new to XX% political revenue In compared performance adjusted mentioned, in the month marked approximately to third EBITDA sequential third the and and of quarter, total, each XX.X% XX.X% over segments Bill in nine adjusted experienced and business our As and the significant throughout to throughout third our revenue of and QX quarter a from This net original period quarter expectations, This In improved of this the decreased revenue

XX.X% profit margins million margin first profit $X.X quarter, months $XX In QX addition, million the the Interactive third and of of healthy the with profit nine of over in of XXXX. generate to continues Townsquare equaling in

Importantly its every each subscribers demonstrating revenue and Townsquare as and of net SMBs. as importance in to its and impressively, XXXX, grew Interactive well month resilience our

QX saw to Third declined prior quarter revenue ended QX's a and of significant we the year net with of improvement XX.X% Advertising net the advertising in XX.X%, September, Each compared improvement, compared as prior month period, year revenue to XX.X%. period. declining that only a from decline sequential

compared quarter to we're narrowing was improved come resulting $X.X XXXX, in quarter, compared decline and of to third last increased presidential a compared million led a $XXX,XXX third year. year forecasting Ignite in quarter. prior to declining AMPED the the second as election quarter net third revenue growth XXX% revenue the revenue returned the the from year-over-year XXXX’s advertising Events Live Live saw political XX% year. $XX to and XXXX from company. currently in the political revenue full $X.X XXXX’s million. in we're third to quarter million hosting quarter political million approximately to million XXXX year quarter third in materially And the growth solutions Townsquare in XXXX the nearly to of advertising by still as third the not the X% Due our at which $X.X versus pandemic, quarter, also $X Events year been third In XX% XX% and throughout digital solutions, Broadcast in revenue periods. Our as the net for in advertising record has QX, the prior and each

and adjusted in expenses. we now basis these align in XXXX right our event, cost a result, we approximately sized our expenses of nine net portfolio to period. do compared Bill’s versus Live operating decreased Live local-first not of the breakeven of with to year Events XXXX which our prior third resulted nearly operating XX%. Events XXXX Therefore, positive and we first with we’re XXX% Events Live operating largely for quarter $XXX,XXX. and Events do incur approximately period, the an decreased were expenses strategy, $XX,XXX. versus many prudently if of months declined not XXXX, the is variable. the revenue Thus, Direct income as direct Fortunately, host year, Live XX% loss net XX% prior In approximately year declined in the revenue for quarter prior a

$X.X in expenses made as quarter to enacted to direct our of to the our as third largely direct as prior expense more expenses expense period. expenses our we operating a Events reduction the rates, variable compared the $XXX,XXX Interactive of X.X% on XXXX. direct by XX.X%. remainder an million strong this advertising revenue the the of in offset partially The Given term the division or as to year-to-date expense and declined our lower given quarter third increase Events an operating This due X.X% for year expect operating period, by Live or year the base such expenses, declines Due cash event efforts and flow in In direct assuming were operating no Live interest breakeven sales and in prepayment variable pandemic the to EBITDA advertising compared and to X.X% commissions. total, basis Events, for well expenses cost year decreased our as third quarter driven Live in by basis decrease in expense X%, loan well driven year reduction as XXXX, bank early decreases, the for bonds approximately we the of Townsquare management. was by LIBOR

by continuing the the $X.X The net driven decline of income only. operations per per pandemic. that million quarter the continuing diluted due was quarter, operations statement We intangible to including $XXX For income on amortization substantial of for third $X.XX federal We'd is net revenue the maintained as in to for significant decrease like and share related financial carry-forwards, income was of attributes other the XXXX. or taxes GAAP million net $X.XX in share, primarily remind face the the of statement or provision COVID-XX assets. tax from tax million to purposes you diluted third from compared tax $X.X our of NOL to income shields included

from continue generation thus flow In approximately payer to continuing material until that and XXXX. of approximately strong ability of the payments, prior will expense million and $XX.X million the interest we nine capital first demonstrating Townsquare’s a believe We the be pandemic. XXXX, positive not generated to during we months flow tax our $XX.X cash management operations year cash

pandemic, the In months and following eliminating CapEx reminder, expenditures we those and million period. limiting quarterly a that the ended cost of the the series prior cuts quarter capital of preservation the of first nine as $X.X measures, the the quarter, As year million enacted essential. projects are XX% $X.X declined XX% or and onset a cash to only dividend such third We to and In order $XX.X cash in compared a million year, on flexibility interest dividends near-term, balance with than of $XX.X sheet in holding a of the This December eliminating balance XXXX, long-term we $XX.X cash the payment since on and making during of $X prior million, XX, to is to anticipate sheet. reducing for making the dividend by to expense preserve less $X.X us despite million million debt our payments. pandemic. million continue reduction our

year-to-date, to market we pandemic. the the revenue for of X achieve our ample leverage we prior with to impact same, net by At we our the XXXX to cash on-track the reduce to in to did of our believe back abilities will business now the call generation future. current over foreseeable liquidity we this long-term conditions, the goal which experience have I However, remains turn strength And Bill. end times, and given of operate recovery have our been to the the that,

has from been to we has XXXX with a with the allowed local during the the success. year, our resulting even has great rather alter one team dialed us the strategy things challenging of thank all and to noted is need core you the strategy, pandemic, separate who placing a that our by to peers but existing our not executing Stu, this our on did in spotlight of media challenges pandemic has and morning. pride Thanks, everyone

Our underserved focus to products, in together local services sized platform medium our and had us local-first, revenue. brings investment digital small of digital infrastructure personnel, best commitment investment total subscription on our markets, a revenue to a breed and recurring to which and of strong digital build with technology world-class and allowed and solutions, XX% our including business,

our contributed it long of that however to want this may mitigate All it may and this will to through effectively take. turns declines, through downturn. ensure of quite crisis, our manage continue carefully manage to we We this last, ability to all revenue and whatever stakeholders

ensures with this be that our and do. is and QX proprietary we As our our themselves, best-positioned shorter we more two emerge this our want opportunity that we to earlier our because they to to speak goal together have calls, This we quickly was call than offering for be. our efficiently differentiated than to from and competitors. on growth. calls, And a agree and stated believe results you long-term has balance reductions that that diversified with bit will strategy last We more hope wanted product for in-house been downturn cost we

discuss company. further to our available always are great we However,

And not the And internally, to strong. please Be we with and So, call questions. any reach Townsquare stay us. well. say do out open as that, for hesitate call please operator,

Instructions]. [Operator

question comes NOBLE Please the of Kupinski with Markets. Capital Michael with first Our question. proceed from line your

impressive on Thank you congratulations and quarter. your

questions. couple a of Just

and how In of flow cost do through color -- those terms your just previous and much OpEx? how QX are to think maybe much expenses we are us much reductions, of what of were on as permanent your on cost QX, thoughts you some give reductions, your those going about operating how

Hey, Sure. you. Good Bill. for that It's step-in take Stu have I'll to and Micheal. question morning.

the the going permanent. of majority majority of be How The -- cost Hey, are are you? questions Michael. our to

we match, And company, time bring We will sales the the digital is add and rearview goes head-step we comfortable that permanent the like probably we as investment not when in made, feel but mirror, back folks we're make that by. our our pandemic the things back. XXX(k) we'll that reductions us back a and bring we stronger feel in dividend products going all think to

there. you. of your in-market really compare And of impressive in maybe subscribers many stations Got to out the those year how market, to How TSI, terms does results? versus of are that earlier and

again. Yes. Michael, it's Bill

thank year-after-year. So, pandemic, recognition the Interactive’s honestly, quite Townsquare for you of strength the throughout and the

our yet. clients. approaching the size of clients each team market it subscriber terms radio more threshold the In growth, XX% markets, given our of of inside outside XX:XX, sales and market in that out our we're in adding Charlotte, quarter XX% in-radio It's but markets, hit hasn't

XX radio XX population less, But that quarterly addressable employees, markets, be On there's just expect. XXX we markets, our talked we on size or the that profile SMBs million the X million prior under fit our XX% adding of you outside which basis, radio revenue, more those think I criteria to our market markets, what those of markets under million X.X as in exact outside markets. described. that and our about of SMBs $X in I perfect we we're our radio Michael, may a of it's recall, outside meet of there's the of calls, of call of our more like

market. we about than on call over annual subscriber in expectation more our XX,XXX in be we a and $XXX million the we'll that revenue, TSI base approach is, as out So subscribers adding talked of market

such new to mean, the very is similar types I the differences -- with particular the extraordinary. seeing really businesses the had just subscriber it of businesses wondering, what there Bill, number was growth we of we are that locations you is size, any the I or And as added, or business -- of is subscribers like before?

I'd to say Interactive SMB many lot but similar in what organically had we can learned had perfected strong business Obviously really really benefit very understand the customer a be may we’ve It's the ideal types too the this of provide Townsquare businesses really word, for really years, through XXXX, started of set. and a the and -- before. and

haven't So, all. other if having space, the in as well. has shown value like why not talked pandemic And company, of publicly at digital the this really the and presence, and Townsquare we performing at during quite you other Interactive Wix about companies changed or only traded strong but they I well companies they've our look is pandemic, done because so that's marketing importance think a

and an need talented it's essence our scale proposition. able traffic only a and we clear the for $XXX to you month, point service. average valuable price to A, provide, value And guarantee ever than can a in this is us SMB’s team; a quite more be when of website, -- about B per to at it's, think I think the

we're talked which investment still location are I prior to very So, keep obtain Interactive moderating opportunity XX%. people what the people the as Stu target service and investment, we in is margins But that really said At Annualized this and earnings in vast. to that's Townsquare could at investment. to one part that. during about our that moderate we customer just just accelerate public we think point, out of calls West, that on plans. do post second pandemic much we not going a We're pandemic. sales But

a question. Then last

that maybe the terms seeing services improved strength? sequential sense In you are the some of that What strength. you of saying understand the improvement in you're in I terms sequential a are can some advertising? advertising, are give in improvement categories of showing driving seeing us what's financial

May, the remarkably team about things perspective, significant has obviously, challenges, adapted one advertiser company talked daily Yes, the last terms in throughout most we the the as quite the I'm were of really cancellation team proud of at in in facing the food, March you call, of from I and as look and and auto, done categories with for April start and QX, -- food, well those then particularly are and I'll negatives and with. we've categories quite auto entertainment, that travel, and travel entertainment, and the

with generation, quite the the obviously, most you've restricted in reach categories getting one things. advertise got past. events to business I'm So those and is is to all you've why no that excelled industries and And are advertisers we of new markets our got as had proud you're really out travel have who been platform our XX clients of prospect and may our throughout and to that us that's account new executives at important, not categories the things to

your categories answer example, and to for typically those have was the So in categories. our healthcare, been largest saw are question, fastest pandemic strength and healthcare are through our -- recruiting, growing -- what education, we education and insurance,

you. Thank

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

which good than with call, morning. effects, side to as and be and been doubt major preparing without more all nanopar vaccine the for was XX% Pfizer being No aware this that, that effective were big game big Thanks is we you're smallpox a determined has news the measles changer.

I so that. questions a for with of And have to number you regard

would your $XXX on business be think great pricing First, is TSI. each do as a operations you of flexibility will -- value, mentioned the you impact our just a this likely month, this is with What to and more vaccine multiple would of reality? of be adjusted how how any vaccines strategy quickly of occur? a prospect And and the your probably be

this in vaccines. that and news exciting announcing Pfizer for with XX% our obviously other with world the country, just morning but -- as is you effective noted, which Yes, their line earlier vaccine not only measles is

of quite November, including In end for is level, going on our personal economy and and review that great by a the they everybody, How the to expected distribution in the be month quickly release, quarter. of the business. distributed? that possible news first So

it know of would of in the others XXXX. but first be I will many believe expect I vaccine distribution or there'll So quite I this half when be honestly don't distributed,

capitalize reductions you moderated make have expense our as to sure can we long-term that know, prospects. on We growth

lines advertising, everything to month, only quarter-to-quarter, that our So every broadcast, X this and in not glad it be we've although which be were do, moderating we and what million, in and was limit we EBITDA the was it across our was we although but seen April, literally it And to be single touched see were digital Ignite roughly strongly QX. workforce it every back X% hard decision, sequential the revenue time was hard scope full on. so improvement we in reduction of month, bounce facing, why that's single QX early did

we people back you growth distributed, take expectation high growth our obviously it, double-digit revenue So, recall, is, XXXX vaccine whenever get single-digit as and were return which EBITDA assuming does our will widely levels, to and a double-digit may approaching growth.

if more, vaccine for and West, expect to in So, four But weeks, last, what as growth there's would answering our million may return with second lessen up at and spikes businesses that a testament the prepared I Townsquare post-COVID that had it $XXX believe increasing, I a if that that's And over And Michael's markets what is we profit incremental seen Jim. actually our question change. as we XXXX cases a think ramp hold cases we've regardless those expectation and and of location Interactive earlier, things team's being spiking for turns other and seen like which you business, accelerate hospitalizations do it a last increasing profit. on we month-to-month, how for that our I know I in a relates therefore whatever vaccine pandemic take, to out as think is to things and we clearly this revenue revenue and margin. means it a haven't recovery to we certain post march long put our questions, XX% to levels adaptability, quickly world. mentioned

turn I'll you. to it So, back

maybe become model probably out, a less business they expect quickly. company? that in putting about and the imagine with you've restart necessarily were you XXXX really enhancement this that to better be trends think to you to able I lean but hoped been be you though digital to Mike do have better been that maybe any cost start tends some no. like type need you -- that and have your possibilities, build of with what No, have how balance you for you a those discussing, than radio is to that's just news to you with guess you in some other sort I extent we were achieve, what the because wonder that the -- great. more come ups great. that seem cuts as could think some of situation. in -- idea be numbers Do listener I what And and the tended even well back to important of And current to does mothballed you'd in-home been now Events radio of but of I'm question And would then, Live -- wondering bump into there then would

I just missed and them, if know. let of them take any I'll me Jim,

I'm of know So, in relates I modeling. to that terms Events, conservative well as it me you think Live enough our

that even with that gatherings be possibility. modeling would forecasting, could we But that's With this modeling no fall? to XXXX. to regard. in Events into news, we're this So news, summer, Live next people mass think and do relates I it start be accelerated, clearly the conservative of as for I a and

and Live Event upside. on plan surprises revenue we'll to the for XXXX, no hopefully still we'll So, have

$XX extension activation our local local we small station. we're brand a company. Given still it's really We're sold less radio our business, as part opportunities. not anything great music said, our sold festival markets It's core of our that client getting million at our point, Event was That to Live for brand this our getting great very than like NAME extension and in almost revenue. you a carnival were business, we that thankfully know, business,

I in roughly think million $X roughly was million last in XXXX revenue, $XX profits. --

although And So, a we variable business. mothball strategically been and we woman, scenario said, Ashley, our many, runs a wonderful our for then important to that great of many actually as workforce is us talented small ability extremely very from executing, part to a take who it has we news have -- years. a you can with do have very, force, that within XX days. The

So vaccine running days it's safe distributed, we for I is of people, later, up and be Events. feel very gatherings mass to confident Live whenever can XX our a and have

half you As of your ‘XX, listenership of second and be for it we earlier. will look circle believe back I and on I improve Stu ‘XX you to that margins correct, last will end then to touched post-pandemic, touched ‘XX the relates that are profitability point reasons question, our at and on ‘XX, just that your be as

to believer funny important a because your is, of first media eyeballs, the obviously is Going that one to audience question, follows back critical. most in me, which if you're

started I digital our is Ignite but this owned of as about digital did have like line, marks, that didn't online proud remarkably grown if couldn't we really company media as so -- do and advertising talked total. QX. our And more only have growth to we we company's not revenue since downturn of and continue that inventory. year the product and act, growth so. company being operated and importantly, today So has I and to growth, in whether diversified we which XX% have a of AMPED will we be wouldn't shared more the be We have our wouldn't audience in But we our how year out on prepared we didn’t

best we I relates think it So to as relates listenership, it as actually of specifically this get pandemic. the to worlds both

that mobile number our consumer well already as pandemic, and an your record And plug consumer, now, behavior, Apple of all And our well, your in charger of the they by devices car. mobile this utilizing Alexa Home, we apps, of with show not calls, up their on mobile believe, that our essence, only station apps that and saw wheel app, all integrated because in your downloading Android and controls dashboard like are they through quite serves which into home Amazon, do Auto, has CarPlay app when they're each During our apps is accelerated, which earnings steering Google to consumers I into actually it about we you station changing -- the prior phone. talked the integrated what us automobile, as battery. own every is given car dashboard get into as controlled

incredibly So of to of with potential in next decades. that is dashboards a disruption couple us valuable the

be in local-first are cities. strategy. strategy. work core really and you the blessed top people It’s enough has more, their get It’s What then share to would our the additional back as I we're that car XX behavior But so is to said, in that benefit. to us. to our So core has as benefited

as pre-pandemic, as been been well for Americans radio broadcast actually fine good industry time market, of Townsquare or on-air The industry XX% listen where you to news been What for of and for spent my radio week. the the this different, core two quite stable our quite companionship, informed from now perspective radio the in in America. single fabric of community is, listenership listenership has -- combination So large trends, where influencers listening, my challenge a of is for which belief, last talent every quite be day pre-pandemic, really even has is view is good and through in number the declining. as people social or for commuting I though to to even smaller is But are to a years, levels consistent radio the matters news decades, industry the have every tune pandemic. market entertained, quite size, is our are that's that Jim, listening company. recall, different people

and smart hopefully us two at this. consumer car, apps devices. to the relates being and So work, traveling last back of more benefit I wind the the really a to second -- listening to in work at on gives then combination as us your of change accelerating people the either we work other point, a through come digital give to listening of footprint our think the it good And stage as stage or the backs through listenership

but those any others, free of those or I on any circle questions, to to. ask back hopefully, feel want answered Jim, you So, if

back concludes comments. final floor to that question-and-answer gentlemen, Mr. any the for turn our I'll and Ladies you. Wilson Thank session.

minutes operator you updates to and dialing hear Thank morning a Monday morning our company. your about thank of this everybody from for and few you in taking

and we Pfizer adaptability as for be everyday company As next importantly ability and where their -- in we our well Townsquare, to to about during we want be morning, or that challenges, and well Jim are thank just as recovering say this until confident just pandemic safe, you, are us more just take -- couldn't news at this as said, be we're you opportunistic are the as is, opportunity the is and the and importantly more team and we strong, where and just we how tremendous team to thank Townsquare's stay obviously Thank perform to we released and heading and but the time. Townsquare as concur operator. are

conference. today's Thank This concludes you.

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