Townsquare Media Reports Preliminary Q4 Estimated Results

RADIO ONLINE | Tuesday, December 15, 2020

Townsquare Media

Townsquare Media reported preliminary estimated financial results for the fourth quarter and full year ended December 31. CEO Bill Wilson expects fourth quarter net revenue will be between $107 million and $109 million, which equates to a decline of 2.7% to 4.5%, materially outperforming the company's goal.

In addition, it expects Q4 2020 Adjusted EBITDA will be between $27 million and $28 million, representing gains of between 8.3% and 12.3% growth year over year. This far exceeds previously stated goals (by at least $2 million) that Q4 2020 Adjusted EBITDA would approach Q4 2019 Adjusted EBITDA of $24.9 million.

"We are pleased to pre-announce very strong fourth quarter estimated results that outperformed the expectations we had previously outlined on our third quarter earnings call. At that time, I stated that our goal for fourth quarter net revenue was a year over year decline of -7.5%, approximately half of our third quarter net revenue decline of -15%, which had been a material improvement from Q2's decline of -35%," said Wilson.