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IMMEDIATE RELEASE

TOWNSQUARE REPORTS FIRST QUARTER 2018 RESULTS

Greenwich, CT - May 8, 2018 - Townsquare Media, Inc. (NYSE: TSQ) ("Townsquare," the "Company," "we," "us," or "our") announced today financial results for the first quarter ended March 31, 2018.

“We are pleased with our strong start to 2018. In the first quarter, net revenue increased 6.6% and Adjusted EBITDA increased 12.7% over the prior year period,” commented Dhruv Prasad, Co-Chief Executive Officer of Townsquare. “In addition to our strong operating results, we announced two strategic, tuck-in acquisitions of radio stations in New Jersey and in upstate New York; repaid $9.5 million of first lien debt, ending the quarter with net leverage of 5.2x; and initiated our first quarterly dividend, which will be paid on May 15, 2018.”

“Once again, our Local Marketing Solutions segment drove the Company’s growth, with net revenue growth of 5.9%, or 5.6% excluding political revenue,” commented Bill Wilson, Co-Chief Executive Officer of Townsquare. “Our first quarter growth in this segment was driven by continued strength across our local broadcast and digital product offerings, which culminated in our 17th consecutive quarter of positive, organic revenue growth.”

The Company also announced today that its Board of Directors approved a quarterly cash dividend of $0.075 per share. The dividend will be payable on August 15, 2018 to shareholders of record as of the close of business on June 28, 2018.

First Quarter Highlights*
As compared to the first quarter of 2017:
Local Marketing Solutions net revenue increased 5.9%, or 5.6% excluding political revenue
Entertainment net revenue increased 10.8%
Net revenue increased 6.6%, or 6.3% excluding political revenue
Net loss increased $23.6 million, and net loss from continuing operations increased $23.7 million
Adjusted EBITDA increased 12.7%
Diluted net loss per share and diluted Adjusted Net Loss Per Share were $1.44 and $0.12, respectively
Repaid $9.5 million of long-term debt

* See below for discussion of non-GAAP measures and reconciliations to GAAP measures.

Segment Reporting
We have two reportable segments, Local Marketing Solutions, which provides broadcast and digital products and solutions to advertisers and businesses within our local markets, and Entertainment, which provides live event experiences and music and lifestyle content directly to consumers, and promotion, advertising and product activations to local and national advertisers.

Quarter Ended March 31, 2018 Compared to the Quarter Ended March 31, 2017

Net Revenue
Net revenue for the quarter ended March 31, 2018 increased $5.8 million, or 6.6%, to $94.2 million, as compared to $88.4 million in the same period last year. Local Marketing Solutions net revenue increased $4.5 million, or 5.9%, to $80.6 million and Entertainment net revenue increased $1.3 million, or 10.8%, to $13.7 million, largely due to the timing of a live event. Excluding political revenue, net revenue increased $5.6 million, or 6.3%, to $93.5 million and Local Marketing Solutions net revenue increased $4.2 million, or 5.6%, to $79.9 million.

Net Loss
Net loss for the quarter ended March 31, 2018 increased $23.6 million to $26.6 million, as compared to $3.0 million in the same period last year. Net loss from continuing operations increased $23.7 million to $26.6 million, as compared to $2.9 million in the

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same period last year. Net loss and net loss from continuing operations increased primarily due to a $38.0 million impairment charge recorded in the quarter ended March 31, 2018, partially offset by an increase in benefit from income tax of $12.8 million.
 
Adjusted EBITDA
Adjusted EBITDA for the quarter ended March 31, 2018 increased $1.3 million, or 12.7%, to $11.5 million, as compared to $10.2 million in the same period last year.

Liquidity and Capital Resources
As of March 31, 2018, we had a total of $49.1 million of cash on hand and $50.0 million of available borrowing capacity under our revolving credit facility. As of March 31, 2018, we had $562.4 million of outstanding indebtedness, representing 5.7x and 5.2x gross and net leverage, respectively, based on Adjusted EBITDA for the twelve months ended March 31, 2018 of $98.5 million.

The table below presents a summary, as of May 7, 2018, of our outstanding common stock and securities convertible into common stock, excluding options issued under our 2014 Omnibus Incentive Plan.

Security
 
Number Outstanding1
Description
Class A common stock
 
13,837,676
One vote per share.
Class B common stock
 
3,022,484
10 votes per share.2
Class C common stock
 
1,636,341
No votes.2
Warrants
 
8,977,676
Each warrant is exercisable for one share of Class A common stock, at an exercise price of $0.0001 per share. The aggregate exercise price for all warrants currently outstanding is $898.3
Total
 
27,474,177
 
 
 
 
 
1 Each of the shares of common stock listed below, including the shares of Class A common stock issuable upon exercise of the warrants, has equal economic rights.
2 Each share converts into 1 share of Class A common stock upon transfer or at the option of the holder, subject to certain conditions, including compliance with FCC rules.
3 The warrants are fully vested and exercisable for shares of Class A common stock, subject to certain conditions, including compliance with FCC rules.

Conference Call
Townsquare Media, Inc. will host a conference call to discuss certain first quarter 2018 financial results on Tuesday, May 8, 2018 at 8:00 a.m. Eastern Time. The conference call dial-in number is 1-855-327-6837 (U.S. & Canada) or 1-631-891-4304 (International) and the confirmation code is 10004702. A live webcast of the conference call will also be available on the equity investor relations page of the Company’s website at www.townsquaremedia.com.

A replay of the conference call will be available through May 15, 2018. To access the replay, please dial 1-844-512-2921 (U.S. & Canada) or 1-412-317-6671 (International) and enter confirmation code 10004702. A web-based archive of the conference call will also be available at the above website for thirty days after the call.

About Townsquare Media, Inc.
Townsquare is a radio, digital media, entertainment and digital marketing solutions company principally focused on being the premier local advertising and marketing solutions platform in small and mid-sized markets across the U.S. Our assets include 317 radio stations and more than 325 local websites in 67 U.S. markets, a digital marketing solutions company (Townsquare Interactive) serving approximately 12,800 small to medium sized businesses, a proprietary digital programmatic advertising platform (Townsquare Ignite) and approximately 350 live events with nearly 18 million attendees each year in the U.S. and Canada. Our brands include local media assets such as WYRK, KLAQ, K2 and NJ101.5; music festivals such as Mountain Jam, WE Fest and the Taste of Country Music Festival; touring lifestyle and entertainment events such as the America on Tap craft beer festival series and North American Midway Entertainment, North America’s largest mobile amusement company; and leading tastemaker music and entertainment websites such as XXLmag.com, TasteofCountry.com and Loudwire.com. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com, and www.townsquareignite.com.


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Forward-Looking Statements
Except 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. By nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statement. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. See “Risk Factors” and “Forward-Looking Statements” included in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on or about the date hereof, for a discussion of factors that could cause our actual results to differ from those expressed or implied by forward-looking statements. Townsquare Media, Inc. assumes no responsibility to update any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures and Definitions
In this press release, we refer to Adjusted EBITDA, Adjusted EBITDA Less Interest, Capex and Taxes, Adjusted Net Loss, Adjusted Net Loss Per Share and Adjusted Segment Operating Income which are financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).

We define Adjusted EBITDA as net (loss) income before the deduction of income taxes, other expense (income) net, interest expense, net, transaction costs, stock-based compensation, net loss (gain) on sale and retirement of assets, business realignment costs, goodwill and other intangible impairment charges, net (loss) income on discontinued operations, net of income taxes, impairment of long lived and intangible assets and depreciation and amortization. Adjusted EBITDA Less Interest, Capex and Taxes is defined as Adjusted EBITDA less net cash interest expense, capital expenditures and cash paid for taxes. Adjusted Net Loss is defined as net (loss) income before the deduction of income taxes, transaction costs, business realignment costs, impairment of long lived and intangible assets, goodwill and other intangible impairment charges, net loss (gain) on sale and retirement of assets, and net (loss) income from discontinued operations, net of income taxes. Adjusted Net Loss Per Share is defined as Adjusted Net Loss divided by the weighted average shares outstanding. Adjusted Segment Operating Income is defined as segment operating income before the deduction of depreciation and amortization, stock-based compensation, impairment of long lived and intangible assets, business realignment costs and goodwill and other intangible impairment charges. These measures do not represent, and should not be considered as alternatives to, net income (loss), segment operating income or cash flows from operations, as determined under GAAP. In addition, these non-GAAP measures may not be comparable to similarly-named measures reported by other companies. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are set forth in the tables below.

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 use Adjusted Net Loss and Adjusted Net Loss Per Share to assess total company operating performance on a consistent basis. We use Adjusted Segment Operating Income to evaluate the operating performance of our business segments. We believe that these measures, when considered together with our GAAP financial results, provide 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, certain impairments, and net (loss) income from discontinued operations. Further, while discretionary bonuses for members of management are not determined with reference to specific targets, our Board of Directors may consider Adjusted EBITDA, Adjusted EBITDA Less Interest, Capex and Taxes, Adjusted Net Loss, Adjusted Net Loss Per Share and Adjusted Segment Operating Income when determining discretionary bonuses.



Investor Relations
Claire Yenicay
(203) 900-5555
investors@townsquaremedia.com



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TOWNSQUARE MEDIA, INC.
CONSOLIDATED BALANCE SHEETS
(in Thousands, Except Share and Per Share Data)
(unaudited)
 
March 31, 2018
 
December 31, 2017
ASSETS
 
 
 
Current assets:
 
 
 
Cash
$
49,080

 
$
65,295

Accounts receivable, net of allowance of $1,212 and $1,079, respectively
53,848

 
61,659

Prepaid expenses and other current assets
16,740

 
10,471

Current assets held for sale

 
879

Current assets of discontinued operations
5

 
100

Total current assets
119,673

 
138,404

Property and equipment, net
123,986

 
146,992

Intangible assets, net
495,435

 
508,399

Goodwill
243,042

 
243,042

Investments
8,092

 
8,092

Other assets
13,059

 
10,998

Long-term assets of discontinued operations

 
431

Total assets
$
1,003,287

 
1,056,358

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
10,384

 
$
14,559

Current portion of long-term debt
5

 
9,524

Deferred revenue
21,525

 
17,683

Accrued expenses and other current liabilities
20,097

 
25,160

Accrued interest
9,217

 
5,699

Current liabilities of discontinued operations
248

 
680

Total current liabilities
61,476

 
73,305

Long-term debt, less current portion (net of deferred finance costs of $6,324 and $6,803, respectively)
556,096

 
555,618

Deferred tax liability
21,790

 
36,965

Other long-term liabilities
9,182

 
9,390

Total liabilities
648,544

 
675,278

Stockholders’ equity:
 
 
 
    Class A common stock, par value $0.01 per share; 300,000,000 shares authorized; 13,837,676 and 13,819,639 shares issued and outstanding, respectively
138

 
138

    Class B common stock, par value $0.01 per share; 50,000,000 shares authorized; 3,022,484
shares issued and outstanding
30

 
30

Class C common stock, par value $0.01 per share; 50,000,000 shares authorized; 1,636,341 shares issued and outstanding
17

 
17

    Total common stock
185

 
185

    Additional paid-in capital
367,238

 
367,041

    Retained (deficit) earnings
(13,353
)
 
13,265

    Accumulated other comprehensive loss
(658
)
 
(532
)
    Non-controlling interest
1,331

 
1,121

Total stockholders’ equity
354,743

 
381,080

Total liabilities and stockholders’ equity
$
1,003,287

 
$
1,056,358





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TOWNSQUARE MEDIA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in Thousands, Except Per Share Data)
(unaudited)
 
Three Months Ended March 31,
 
2018
 
2017
 
 
 
 
Net revenue
$
94,226

 
$
88,404

 
 
 
 
Operating costs and expenses:
 
 
 
Direct operating expenses, excluding depreciation, amortization and stock-based compensation
77,066

 
72,840

Depreciation and amortization
6,340

 
6,383

Corporate expenses
5,649

 
5,349

Stock-based compensation
197

 
188

Transaction costs
159

 
199

Impairment of long lived and intangible assets
37,973

 

Net gain on sale and retirement of assets
(321
)
 
(2
)
    Total operating costs and expenses
127,063

 
84,957

    Operating (loss) income
(32,837
)
 
3,447

 
 
 
 
Other expense:
 
 
 
Interest expense, net
8,427

 
8,254

Other expense, net
44

 
33

    Loss from continuing operations before income taxes
(41,308
)
 
(4,840
)
Benefit from income taxes
(14,717
)
 
(1,930
)
Net loss from continuing operations
(26,591
)
 
(2,910
)
Net loss from discontinued operations, net of income taxes

 
(98
)
Net loss
$
(26,591
)
 
(3,008
)
 
 
 
 
Net (loss) income attributable to:
 
 
 
     Controlling interests
$
(26,828
)
 
$
(3,051
)
     Non-controlling interests
237

 
43

 
 
 
 
Basic loss per share:
 
 
 
    Continuing operations
$
(1.44
)
 
$
(0.16
)
    Discontinued operations
$

 
$

 
 
 
 
Diluted loss per share:
 
 
 
    Continuing operations
$
(1.44
)
 
$
(0.16
)
    Discontinued operations
$

 
$

 
 
 
 
Weighted average shares outstanding:
 
 
 
     Basic
18,478

 
18,429

     Diluted
18,478

 
18,429




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TOWNSQUARE MEDIA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in Thousands)
(unaudited)
 
Three Months Ended March 31,
 
2018
 
2017
Cash flows from operating activities:
 
 
 
Net (loss) income attributable to:
 
 
 
Controlling interests
$
(26,828
)
 
$
(3,051
)
Non-controlling interests
237

 
43

Net loss
(26,591
)
 
$
(3,008
)
Adjustments to reconcile net loss to net cash from operating activities:
 
 
 
Depreciation and amortization
6,340

 
6,383

Amortization of deferred financing costs
479

 
471

Deferred income tax benefit
(14,983
)
 
(1,930
)
Provision for doubtful accounts
533

 
491

Stock-based compensation expense
197

 
188

Trade activity, net
(3,835
)
 
(2,144
)
Write-off of deferred financing costs

 
83

Impairment of long lived and intangible assets
37,973

 

Net gain on sale and retirements of assets
(321
)
 
(2
)
Changes in assets and liabilities, net of acquisitions:
 
 
 
Accounts receivable
9,258

 
7,689

Prepaid expenses and other assets
(5,815
)
 
(4,694
)
Accounts payable
(4,173
)
 
(2,416
)
Accrued expenses
(3,287
)
 
(1,346
)
Accrued interest
3,549

 
4,543

Other long-term liabilities
(208
)
 
(208
)
Net cash (used in) provided by operating activities - continuing operations
(884
)
 
4,100

Net cash provided by (used in) operating activities - discontinued operations
93

 
(143
)
Net cash (used in) provided by operating activities   
(791
)
 
3,957

Cash flows from investing activities:
 
 
 
   Purchase of property and equipment
(7,130
)
 
(5,653
)
   Payments for acquisitions, net of cash received

 
(1,803
)
   Acquisition of intangibles

 
(150
)
   Proceeds from sale of assets
1,250

 
161

   Net cash used in investing activities - continuing operations
(5,880
)
 
(7,445
)
Net cash used in investing activities
(5,880
)
 
(7,445
)
Cash flows from financing activities:
 
 
 
   Repayment of long-term debt
(9,519
)
 
(6,662
)
   Debt financing costs

 
(432
)
   Proceeds from exercise of employee stock options

 
254

   Cash distributions to non-controlling interests
(27
)
 
(45
)
   Repayments of capitalized obligations
(1
)
 
(568
)
Net cash used in financing activities   
(9,547
)
 
(7,453
)
Net effect of foreign currency exchange rate changes
3

 
33

Net decrease in cash and restricted cash
(16,215
)
 
(10,908
)
Cash and restricted cash:
 
 
 
Beginning of period
65,295

 
51,540

End of period
$
49,080

 
$
40,632


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TOWNSQUARE MEDIA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in Thousands)
(unaudited)
 
Three Months Ended March 31,
 
2018
 
2017
Supplemental Disclosure of Cash Flow Information:
 
 
 
   Cash payments:
 
 
 
Interest
$
4,434

 
$
3,157

Income taxes
130

 
313

 
 
 
 
Equity issued in respect of acquisitions:
 
 
 
               Common stock, joint venture acquisition
$

 
$
513

 
 
 
 
Supplemental Disclosure of Non-cash Activities:
 
 
 
Dividends declared during the period
$
2,061

 
$



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TOWNSQUARE MEDIA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS BY SEGMENT
(in Thousands)
(unaudited)
 
Three Months Ended March 31,
 
2018
 
2017
Statement of Operations Data:
 
 
 
  Local Marketing Solutions net revenue
$
80,561

 
$
76,076

  Entertainment net revenue
13,665

 
12,328

Net revenue
94,226

 
88,404

Operating Costs and Expenses:
 
 
 
  Local Marketing Solutions direct operating expenses
59,001

 
55,332

  Entertainment direct operating expenses
18,065

 
17,508

Direct operating expenses, excluding depreciation, amortization and stock-based compensation
77,066

 
72,840

Depreciation and amortization
6,340

 
6,383

Corporate expenses
5,649

 
5,349

Stock-based compensation
197

 
188

Transaction costs
159

 
199

Impairment of long lived assets
37,973

 

Net gain on sale of assets
(321
)
 
(2
)
Total operating costs and expenses
127,063

 
84,957

Operating (loss) income
(32,837
)
 
3,447

Other expense:
 
 
 
Interest expense, net
8,427

 
8,254

Other expense, net
44

 
33

Total other expense
8,471

 
8,287

Loss from continuing operations before income taxes
(41,308
)
 
(4,840
)
Benefit from income taxes
(14,717
)
 
(1,930
)
Net loss from continuing operations
(26,591
)
 
(2,910
)
Net loss from discontinued operations, net of income taxes

 
(98
)
Net loss
$
(26,591
)
 
$
(3,008
)


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The following table reconciles on a GAAP basis net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted Net Loss for the three months ended March 31, 2018 and 2017, respectively (dollars in thousands):
 
Three Months Ended March 31,
 
2018
 
2017
Net loss
$
(26,591
)
 
$
(3,008
)
  Benefit from income taxes
(14,717
)
 
(1,930
)
Income loss before taxes
(41,308
)
 
(4,938
)
Transaction costs
159

 
199

Impairment of long lived and intangible assets
37,973

 

Net gain on sale and retirement of assets
(321
)
 
(2
)
Net loss from discontinued operations, net of income taxes

 
(98
)
Adjusted loss before taxes
(3,497
)
 
(4,839
)
  Benefit from income taxes
(1,245
)
 
(1,931
)
Adjusted Net Loss
$
(2,252
)
 
$
(2,908
)
 
 
 
 
Adjusted Net Loss Per Share:
 
 
 
     Basic
$
(0.12
)
 
$
(0.16
)
     Diluted
$
(0.12
)
 
$
(0.16
)
 
 
 
 
Weighted average shares outstanding:
 
 
 
     Basic
18,478

 
18,429

     Diluted
18,478

 
18,429



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The following table reconciles on a GAAP basis net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and Adjusted EBITDA Less Interest, Capex and Taxes for the three months ended March 31, 2018 and 2017, respectively (dollars in thousands):
 
Three Months Ended 
 March 31,
 
2018
 
2017
Net loss
$
(26,591
)
 
$
(3,008
)
  Benefit from income taxes
(14,717
)
 
(1,930
)
  Interest expense, net
8,427

 
8,254

  Transaction costs
159

 
199

Impairment of long lived and intangible assets
37,973

 

  Depreciation and amortization
6,340

 
6,383

  Stock-based compensation
197

 
188

Net loss from discontinued operations, net of income taxes

 
98

  Other(a)
(277
)
 
31

Adjusted EBITDA
11,511

 
10,215

  Net cash interest expense
(4,434
)
 
(3,157
)
  Capital expenditures
(7,130
)
 
(5,653
)
  Cash paid for taxes
(130
)
 
(313
)
Adjusted EBITDA Less Interest, Capex and Taxes
$
(183
)
 
$
1,092

(a) Other includes net gain on sale and retirement of assets and other expense (income), net.

The following table reconciles net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA on a quarterly basis for the twelve months ended March 31, 2018 (dollars in thousands):
 
Quarter Ended
 
Twelve Months Ended
 
June 30, 2017
 
September 30, 2017
 
December 31, 2017
 
March 31, 2018
 
March 31, 2018
Net income (loss)
$
5,563

 
$
14,293

 
$
(27,121
)
 
$
(26,591
)
 
$
(33,856
)
Provision (Benefit) from income taxes
3,810

 
10,116

 
(24,956
)
 
(14,717
)
 
(25,747
)
  Interest expense, net
7,990

 
8,230

 
8,279

 
8,427

 
32,926

  Transaction costs
189

 
218

 
569

 
159

 
1,135

  Depreciation and amortization
6,828

 
6,537

 
5,935

 
6,340

 
25,640

  Stock-based compensation
183

 
200

 
177

 
197

 
757

Business realignment costs

 

 
6,204

 

 
6,204

Goodwill and other intangible impairment charges

 

 
51,848

 

 
51,848

Impairment of long lived and intangible assets

 

 

 
37,973

 
37,973

Net loss from discontinued operations, net of income taxes
181

 
202

 
850

 

 
1,233

  Other(a)
732

 
87

 
(166
)
 
(277
)
 
376

Adjusted EBITDA
$
25,476

 
$
39,883

 
$
21,619

 
$
11,511

 
$
98,489

(a) Other includes net (gain) loss on sale and retirement of assets, (gain) loss on foreign exchange and other (income) expense, net.


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The following tables reconcile segment operating income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted Segment Operating Income (Loss) for the three months ended March 31, 2018 and 2017, respectively (dollars in thousands):
 
Three Months Ended March 31,
 
2018
 
2017
 
2018
 
2017
 
Local Marketing Solutions
 
Entertainment
 
 
 
 
 
 
 
 
Segment operating income (loss)
$
17,887

 
$
17,467

 
$
(44,549
)
 
$
(7,254
)
 
 
 
 
 
 
 
 
Depreciation and amortization
3,637

 
3,243

 
2,168

 
2,046

Stock-based compensation
36

 
34

 
8

 
28

Impairment of long lived and intangible assets

 

 
37,973

 

 
 
 
 
 
 
 
 
Adjusted Segment Operating Income (Loss)
$
21,560

 
$
20,744

 
$
(4,400
)
 
$
(5,180
)


Reconciliation of Net revenue to Net revenue, excluding political revenue for the three months ended March 31, 2018 and 2017, respectively (dollars in thousands):

 
Three Months Ended March 31,
 
%
 
2018
 
2017
 
Change
Consolidated:
 
 
 
 
 
Net revenue
$
94,226

 
$
88,404

 
6.6
%
  Less: Political revenue
700

 
449

 
55.9
%
Net revenue, excluding political revenue
$
93,526

 
$
87,955

 
6.3
%
 
 
 
 
 
 
Local Marketing Solutions Segment:
 
 
 
 
 
Net revenue
80,561

 
76,076

 
5.9
%
  Less: Political revenue
700

 
449

 
55.9
%
Net revenue, excluding political revenue
$
79,861

 
$
75,627

 
5.6
%


11

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