The company sent out a press release Tuesday, the same day it was issuing a bond offering, announcing early Q4 results. With half the month of December still to go, Townsquare CEO Bill Wilson said he expects the fourth quarter to outperform expectations.
Wilson says those higher results are based off previously announced estimated results during the company’s Q3 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%. Today, I am proud to share that we expect fourth quarter net revenue will be between $107 million and $109 million, which equates to a decline of approximately ‑2.7% to -4.5%, materially outperforming our goal. In addition, we expect Q4 2020 Adjusted EBITDA will be between $27 million and $28 million, representing between +8.3% and +12.3% growth year over year.”
