Townsquare Media, Inc. (NYSE:TSQ) Q3 2023 Earnings Conference Call November 9, 2023 8:00 AM ET

Company Participants

Claire Yenicay - EVP, IR and Corporate Communications

Bill Wilson - CEO

Stuart Rosenstein - EVP and CFO

Conference Call Participants

Michael Kupinski - Noble Capital Markets

Jim Goss - Barrington Research Associates

Operator

Good morning, and welcome to Townsquare Media's third-quarter 2023 conference call. As a reminder, today's call is being recorded, and your participation implies consent to such recording. [Operator Instructions].

With that, I would like to introduce the first speaker for today's call, Claire Yenicay, Executive Vice President.

Claire Yenicay

Thank you, operator, and good morning to everyone. Thank you for joining us today for Townsquare's third-quarter financial update. With me on the call today are Bill Wilson, our CEO; and Stuart Rosenstein, our CFO and Executive Vice President.

Please note that during this call, we may make statements that provide information other than historical information, including statements relating to the company's future expectations, plans, and prospects. These statements are considered forward-looking statements under the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially from these statements.

These statements reflect the company's beliefs based on current conditions that are subject to certain risks and uncertainties, including those that are detailed in the company's annual report on Form 10-K filed with the SEC. We may also discuss certain non-GAAP financial measures, including adjusted EBITDA and adjusted operating income, which we may refer to as profit in our remarks. Such non-GAAP financial measures should be used in conjunction with all the information contained in the quarterly, year-end, and current reports available on our website.

I would also encourage all participants to go to our corporate website and download our investor presentation, as Bill will reference some of those slides during our discussion this morning. At this time, I would like to turn the call over to Bill Wilson.

Bill Wilson

Thank you, Claire, and thank you all for joining us this morning. It's great to reconnect with everyone today. We're very pleased to share with you that our third-quarter results met our previously issued revenue and profit guidance despite the challenging macro environment. After July's promising start to the third quarter, as you are aware, the US advertising industry experienced a slowdown. According to Standard Media Index's US Ad Tracker, the US ad market rose plus 6.3% in July. However, in August, that growth slowed to plus 1.2% and in September was up only plus 0.1%. In essence, flat in September.