Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare,” the "Company,"
"we," "us," or "our") announced today its financial results for the
fourth quarter and year ended December 31, 2024.
“I am pleased to share that Townsquare’s
performance improved meaningfully throughout 2024, culminating with
fourth quarter net revenue growth of +2.6% year-over-year, and
Adjusted EBITDA growth of +25.8% year-over-year, driven by the
strong sequential improvement in our two digital businesses and the
benefit of political revenue. In addition, net income (loss)
improved $26.9 million year-over-year in the fourth quarter, and
$32.1 million in the year, in large part due to a reduction in
non-cash impairment charges. Consistent with our performance all
year, fourth quarter net revenue and Adjusted EBITDA met our
guidance, and our full year results met the guidance that we issued
at the start of 2024,” commented Bill Wilson, Chief Executive
Officer of Townsquare Media, Inc. “Our Broadcast Advertising net
revenue declined in-line with our expectations for 2024 (mid-single
digit ex-political decline) which aligns with our view that
broadcast is a mature cash cow business that will continue to face
headwinds going forward, as businesses will continue to share shift
from traditional advertising to digital advertising. Thankfully, we
are often the beneficiary in that case, as we frequently have the
most comprehensive set of digital advertising solutions available
in our markets. Digital is and will continue to be Townsquare’s
growth engine, and we believe Townsquare’s ability to drive
profitable, sustainable digital growth is a key differentiator for
our Company, and consistent with our strategy of being a Digital
First Local Media Company. Our digital segments ended the year on a
very strong note, as fourth quarter Digital Advertising net revenue
increased +15.5% year-over-year, and Townsquare Interactive net
revenue returned to year-over-year revenue growth of +1.9%. In
total, Townsquare’s Digital net revenue increased +10.8%
year-over-year in Q4, and represented 52% of Townsquare’s total net
revenue and our Digital Segment Profit represented 50% of
Townsquare's total Segment Profit in 2024."
Mr. Wilson continued, “The strong cash
generation characteristics of our assets allowed us to produce $49
million of cash flow from operations in 2024. We could not be more
pleased to share that given our strong cash position, we were able
to repurchase and retire approximately $36 million of our Senior
Secured Notes during the year. In addition, we repurchased $24
million of our common stock, and paid a high-yielding dividend
while also investing in our business, particularly our digital
growth engine. We also ended the year with a strong cash balance of
$33 million and net leverage of 4.33x, which is an improvement from
prior year levels. In addition, we successfully completed the
refinancing of our debt, entering into a new $490 million credit
agreement, including a $470 million Term Loan B and a $20 million
revolving credit facility, both due in 2030. As we did in 2024, we
are confident in the Townsquare Team’s ability to continue to
deliver attractive, current returns to our shareholders in the form
of a high-yielding dividend, while also focusing on the financial
health of the Company by reducing our net debt levels through
strong cash generation and debt reduction.”
The Company announced today that its Board of
Directors approved a quarterly cash dividend of $0.20 per share.
The dividend will be payable on May 1, 2025 to shareholders of
record as of the close of business on April 17, 2025. As of the
last closing price that reflects a dividend yield of approximately
10%.
“The Board’s decision to once again increase the
dividend reflects their ongoing confidence in our free cash flow
generation and our differentiated Digital First business strategy.
Our quarterly cash dividend of $0.20 per share, or $0.80 per share
on an annual basis, reflects a +1.3% increase from the prior
dividend, which we had previously raised by +5%,” concluded Mr.
Wilson.
Segment ReportingWe have three
reportable operating segments, Digital Advertising, Subscription
Digital Marketing Solutions, and Broadcast Advertising. The Digital
Advertising segment, marketed externally as Townsquare Ignite,
includes digital advertising on our digital programmatic
advertising platform and our owned and operated digital properties,
and our first party data digital management platform. The
Subscription Digital Marketing Solutions segment includes our
subscription digital marketing solutions business, Townsquare
Interactive. The Broadcast Advertising segment includes our local,
regional, and national advertising products and solutions delivered
via terrestrial radio broadcast, and other miscellaneous revenue
that is associated with our broadcast advertising platform. The
remainder of our business is reported in the Other category, which
includes our live events business.
Fourth Quarter Results*
- As compared to the fourth quarter
of 2023:
- Net revenue increased 2.6%, and
decreased 2.2% excluding political
- Net income increased
$26.9 million
- Adjusted EBITDA increased
25.8%
- Total Digital net revenue increased
10.8%
- Digital Advertising net revenue
increased 15.5%
- Subscription Digital Marketing
Solutions (“Townsquare Interactive”) net revenue increased
1.9%
- Total Digital Segment Profit
increased 13.2%
- Digital Advertising Segment Profit
increased 21.6%
- Subscription Digital Marketing
Solutions Segment Profit decreased 0.8%
- Broadcast Advertising net revenue
decreased 4.1%, and decreased 13.3% excluding political
- Net Income per diluted share was
$1.42 and Adjusted Net Income per diluted share was $0.60
- Repurchased an aggregate
$11.5 million of our 2026 Senior Secured Notes at or close to
par
Full Year Results*
- As compared to the year ended
December 31, 2023:
- Net revenue decreased 0.7%, and
3.0% excluding political
- Net loss decreased $32.1
million
- Adjusted EBITDA increased 0.4%
- Total Digital net revenue increased
0.6%
- Digital Advertising net revenue
increased 5.5%
- Subscription Digital Marketing
Solutions net revenue decreased 8.4%
- Total Digital Segment Profit
decreased 10.2%
- Digital Advertising Segment Profit
decreased 11.3%
- Subscription Digital Marketing
Solutions Segment Profit decreased 7.9%
- Broadcast Advertising net revenue
decreased 1.3%, and 6.1%, excluding political
- Repurchased an aggregate $36.2
million of our 2026 Senior Secured Notes at or close to par
- Repurchased 2.3 million shares
of the Company’s common stock at an average price of $10.31
- Repurchased and retired
3.2 million options expiring in July 2024 for a net purchase
price of $3.60 per option
*See below for discussion of non-GAAP
measures.
GuidanceFor the first quarter
of 2025, net revenue is expected to be between $98 million and $100
million, and Adjusted EBITDA is expected to be between $17 million
and $18 million.
For the full year 2025, net revenue is expected
to be between $435 million and $455 million, and Adjusted EBITDA is
expected to be between $90 million and $98 million.
Quarter Ended
December 31, 2024 Compared to the
Quarter Ended December 31, 2023
Net RevenueNet revenue for the
three months ended December 31, 2024 increased $3.0 million, or
2.6%, to $117.8 million as compared to $114.8 million in the same
period in 2023. Digital Advertising net revenue increased $5.6
million, or 15.5%, as compared to the same period in 2023, and
Subscription Digital Marketing Solutions net revenue increased $0.4
million, or 1.9%. These increases were partially offset by a
decrease of $2.4 million, or 4.1%, in Broadcast Advertising net
revenue as compared to the same period in 2023. Excluding political
revenue of $7.2 million and $1.7 million for the three months ended
December 31, 2024 and 2023, respectively, net revenue decreased
$2.5 million, or 2.2%, to $110.6 million, Broadcast Advertising net
revenue decreased $7.5 million, or 13.3%, to $48.8 million, and
Digital Advertising net revenue increased $5.2 million, or 14.4%,
to $41.6 million.
Net Income (Loss)For the three
months ended December 31, 2024, we reported net income of
$25.0 million, an increase of $26.9 million as compared
to a net loss of $1.9 million in the same period last year.
The increase was primarily due to a $23.4 million decrease in
non-cash impairment charges, a $3.3 million decrease in direct
operating expenses, and the $3.0 million increase in net revenue.
Adjusted Net Income increased $4.2 million as compared to the same
period last year.
Adjusted EBITDAAdjusted EBITDA
for the three months ended December 31, 2024 increased
$6.4 million, or 25.8%, to $31.2 million, as compared to $24.8
million in the same period last year. Adjusted EBITDA (Excluding
Political) increased $1.7 million, or 7.2%, to $25.1 million,
as compared to $23.4 million in the same period last year.
Year Ended
December 31, 2024 Compared to the
Year Ended December 31, 2023
Net RevenueNet revenue for the
year ended December 31, 2024, decreased $3.2 million, or 0.7%, to
$451.0 million as compared to $454.2 million in the same period in
2023. Subscription Digital Marketing Solutions net revenue
decreased $6.9 million, or 8.4%, and Broadcast Advertising net
revenue decreased $2.8 million, or 1.3%, as compared to the same
period in 2023. These declines were partially offset by a $8.3
million, or 5.5%, increase in Digital Advertising net revenue as
compared to the same period in 2023. Excluding political revenue of
$13.4 million and $2.9 million for the year ended December 31, 2024
and 2023, respectively, net revenue decreased $13.8 million, or
3.0% to $437.6 million, Broadcast Advertising net revenue decreased
$12.6 million, or 6.1%, to $196.4 million, and Digital Advertising
net revenue increased $7.7 million, or 5.1%, to $157.8 million.
Net LossFor the year ended
December 31, 2024, we reported a net loss of $10.9 million, a
decrease of $32.1 million as compared to a net loss of $43.0
million in the same period last year. The decrease was due to a
$52.9 million decrease in non-cash impairment charges, partially
offset by increases in stock-based compensation and transaction and
business realignment costs, the decrease in net revenue and a $7.4
million increase in the income tax provision driven by the
valuation allowance for interest expense carryforwards and an
increase in certain non-deductible compensation costs, partially
offset by a $3.6 million decrease in direct operating expenses and
corporate expenses. Adjusted Net Income decreased $5.5 million as
compared to the same period last year.
Adjusted EBITDAAdjusted EBITDA
for the year ended December 31, 2024 increased $0.4 million, or
0.4% to $100.4 million, as compared to $100.0 million in the same
period last year. Adjusted EBITDA (Excluding Political) decreased
$8.6 million, or 8.8%, to $89.0 million, as compared to $97.5
million in the same period last year.
Liquidity and Capital
ResourcesAs of December 31, 2024, we had a total of
$33.0 million of cash and cash equivalents and
$467.4 million of outstanding indebtedness, representing 4.66x
and 4.33x gross and net leverage, respectively, based on Adjusted
EBITDA for the year ended December 31, 2024, of
$100.4 million.
The table below presents a summary, as of
March 11, 2025, of our outstanding common stock (net of
treasury shares).
|
Security |
|
Number Outstanding |
|
Description |
|
Class A common stock |
|
14,803,902 |
|
One vote per share. |
| Class B common stock |
|
815,296 |
|
10 votes per share.1 |
|
Class C common stock |
|
500,000 |
|
No votes.1 |
|
Total |
|
16,119,198 |
|
|
|
1 Each share converts into one share of Class A common stock upon
transfer or at the option of the holder, subject to certain
conditions, including compliance with FCC rules. |
|
|
Subsequent EventsOn February
19, 2025, the Company entered into a $490 million credit
agreement (the “Credit Agreement”) with Bank of America, N.A., as
administrative agent and collateral agent and the lenders and
financial institutions party thereto. The Credit Agreement provides
for a five-year, $470 million senior secured term loan
facility and a five-year, $20 million senior secured revolving
credit facility. Net proceeds, together with cash on hand, was used
to redeem all of the outstanding 2026 Notes on February 19, 2025,
and to pay the fees and expenses related thereto.
Conference CallTownsquare
Media, Inc. will host a conference call to discuss certain fourth
quarter 2024 financial results and 2025 guidance on Monday,
March 17, 2025 at 8:00 a.m. Eastern Time. The conference call
dial-in number is 1-800-717-1738 (U.S. & Canada) or
1-646-307-1865 (International) and the conference ID is
“Townsquare”. A live webcast of the conference call will also be
available on the investor relations page of the Company’s website
at www.townsquaremedia.com.
A replay of the conference call will be
available through March 24, 2025. To access the replay, please dial
1-844-512-2921 (U.S. and Canada) or 1-412-317-6671 (International)
and enter confirmation code 1132370. A web-based archive of the
conference call will also be available at the above website.
About Townsquare Media,
Inc.Townsquare is a community-focused
digital and broadcast media and digital marketing solutions company
principally focused outside the top 50 markets in the U.S.
Townsquare Ignite, our robust digital advertising
division, specializes in helping businesses of all sizes connect
with their target audience through data-driven, results based
strategies, by utilizing a) our proprietary digital programmatic
advertising technology stack with an in-house demand and data
management platform and b) our owned and operated portfolio of more
than 400 local news and entertainment websites and mobile apps
along with a network of leading national music and entertainment
brands, collecting valuable first party data. Townsquare
Interactive, our subscription digital marketing services
business, partners with SMBs to help manage their digital presence
by providing a SAAS business management platform, website design,
creation and hosting, search engine optimization and other digital
services. And through our portfolio of local radio stations
strategically situated outside the Top 50 markets in the United
States, we provide effective advertising solutions for our clients
and relevant local content for our audiences. For more information,
please visit www.townsquaremedia.com,
www.townsquareinteractive.com and
www.townsquareignite.com.
Forward-Looking
StatementsExcept 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. Actual events or results may differ materially from the
results anticipated in these forward-looking statements as a result
of a variety of factors. While it is impossible to identify all
such factors, factors that could cause actual results to differ
materially from those estimated by us include the impact of general
economic conditions in the United States, or in the specific
markets in which we currently do business including supply
chain disruptions, inflation, labor shortages and the effect on
advertising activity, industry conditions, including existing
competition and future competitive technologies, the popularity of
radio as a broadcasting and advertising medium, cancellations,
disruptions or postponements of advertising schedules in response
to national or world events, our ability to develop and
maintain digital technologies and hire and retain technical and
sales talent, our dependence on key personnel, our capital
expenditure requirements, our continued ability to identify
suitable acquisition targets, and consummate and integrate any
future acquisitions, legislative or regulatory requirements, risks
and uncertainties relating to our leverage and changes in interest
rates, our ability to obtain financing at times, in amounts and at
rates considered appropriate by us, our ability to access the
capital markets as and when needed and on terms that we
consider favorable to us and other factors discussed in this
section entitled “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in this report and under “Risk
Factors” in our 2024 Annual Report on Form 10-K, for the year ended
December 31, 2024, filed with the SEC on March 17, 2025, as well as
other risks discussed from time to time in our filings with the
SEC. Many of these factors are beyond our ability to predict or
control. In addition, as a result of these and other factors, our
past financial performance should not be relied on as an indication
of future performance. The cautionary statements referred to in
this section also should be considered in connection with any
subsequent written or oral forward-looking statements that may be
issued by us or persons acting on our behalf. The forward-looking
statements included in this report are made only as of the date
hereof or as of the date specified herein. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Non-GAAP Financial Measures and
DefinitionsIn this press release, we refer to Adjusted
EBITDA, Adjusted EBITDA (Excluding Political), Adjusted Net Income
and Adjusted Net Income Per Share 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 income before
the deduction of income taxes, interest expense, net, gain on
repurchases of debt, transaction and business realignment costs,
depreciation and amortization, stock-based compensation,
impairments, net loss (gain) on sale and retirement of assets and
other expense (income) net. We define Adjusted EBITDA (Excluding
Political) as Adjusted EBITDA less political net revenue, net of a
fifteen percent deduction to account for estimated national
representative firm fees, music licensing fees and sales
commissions expense. Adjusted Net Income is defined as net income
before the deduction of transaction and business realignment costs,
impairments, gains on sale of investments, change in fair value of
investment, net loss (gain) on sale and retirement of assets, gain
on repurchases of debt, gain on sale of digital assets, gain on
insurance recoveries and net income attributable to non-controlling
interest, net of income taxes stated at the Company's applicable
statutory effective tax rate. Adjusted Net Income Per Share is
defined as Adjusted Net Income divided by the weighted average
shares outstanding. We define Net Leverage as our total outstanding
indebtedness, net of our total cash balance as of December 31,
2024, divided by our Adjusted EBITDA for the twelve months ended
December 31, 2024. These measures do not represent, and should
not be considered as alternatives to or superior to, financial
results and measures determined or calculated in accordance with
GAAP. In addition, these non-GAAP measures are not based on any
comprehensive set of accounting rules or principles. You should be
aware that in the future we may incur expenses or charges that are
the same as or similar to some of the adjustments in the
presentation, and we do not infer that our future results will be
unaffected by unusual or non-recurring items. In addition, these
non-GAAP measures may not be comparable to similarly-named measures
reported by other companies.
We use Adjusted EBITDA and Adjusted EBITDA
(Excluding Political) 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, and to facilitate year over year comparisons, by
backing out the impact of political revenue which varies depending
on the election cycle and may be unrelated to operating
performance. We use Adjusted Net Income and Adjusted Net Income Per
Share to assess total company operating performance on a consistent
basis. We use Net Leverage to measure the Company’s ability to
handle its debt burden. 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 and certain
impairments. 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 (Excluding Political), Adjusted Net Income, Adjusted Net
Income Per Share, and Net Leverage when determining discretionary
bonuses.
Investor RelationsClaire
Yenicay(203) 900-5555investors@townsquaremedia.com
|
|
|
|
|
TOWNSQUARE MEDIA, INC.CONSOLIDATED BALANCE
SHEETS(in Thousands, Except Share and Per Share
Data) |
|
|
|
|
|
December 31,2024 |
|
December 31,2023 |
| |
|
|
|
|
| ASSETS |
|
|
|
|
| Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
32,990 |
|
|
$ |
61,046 |
|
|
Accounts receivable, net of allowance for credit losses of $3,924
and $4,041, respectively |
|
|
60,635 |
|
|
|
60,780 |
|
|
Prepaid expenses and other current assets |
|
|
11,822 |
|
|
|
10,356 |
|
|
Total current assets |
|
|
105,447 |
|
|
|
132,182 |
|
| Property and equipment, net |
|
|
110,269 |
|
|
|
110,194 |
|
| Intangible assets, net |
|
|
162,156 |
|
|
|
200,306 |
|
| Goodwill |
|
|
152,903 |
|
|
|
157,270 |
|
| Investments |
|
|
725 |
|
|
|
3,542 |
|
| Operating lease right-of-use
assets |
|
|
48,322 |
|
|
|
46,887 |
|
| Other assets |
|
|
592 |
|
|
|
1,165 |
|
| Restricted cash |
|
|
— |
|
|
|
503 |
|
|
Total assets |
|
$ |
580,414 |
|
|
$ |
652,049 |
|
| LIABILITIES AND
STOCKHOLDERS’ (DEFICIT) EQUITY |
|
|
|
|
| Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
4,451 |
|
|
$ |
5,036 |
|
|
Deferred revenue |
|
|
9,899 |
|
|
|
9,059 |
|
|
Accrued compensation and benefits |
|
|
12,903 |
|
|
|
13,085 |
|
|
Accrued expenses and other current liabilities |
|
|
26,572 |
|
|
|
25,112 |
|
|
Operating lease liabilities, current |
|
|
9,026 |
|
|
|
9,376 |
|
|
Accrued interest |
|
|
13,405 |
|
|
|
14,420 |
|
|
Total current liabilities |
|
|
76,256 |
|
|
|
76,088 |
|
| Long-term debt, net of deferred
finance costs of $1,680 and $3,960, respectively |
|
|
465,756 |
|
|
|
499,658 |
|
| Deferred tax liability |
|
|
12,500 |
|
|
|
11,856 |
|
| Operating lease liability, net of
current portion |
|
|
44,177 |
|
|
|
41,437 |
|
| Other long-term liabilities |
|
|
10,167 |
|
|
|
13,099 |
|
|
Total liabilities |
|
|
608,856 |
|
|
|
642,138 |
|
| Stockholders’ (deficit)
equity: |
|
|
|
|
|
Class A common stock, par value $0.01 per share; 300,000,000 shares
authorized; 15,386,219 and 14,023,767 shares issued and
outstanding, respectively |
|
|
154 |
|
|
|
140 |
|
|
Class B common stock, par value $0.01 per share; 50,000,000 shares
authorized; 815,296 and 815,296 shares issued and outstanding,
respectively |
|
|
8 |
|
|
|
8 |
|
|
Class C common stock, par value $0.01 per share; 50,000,000 shares
authorized; 500,000 and 1,961,341 shares issued and outstanding,
respectively |
|
|
5 |
|
|
|
20 |
|
|
Total common stock |
|
|
167 |
|
|
|
168 |
|
|
Treasury stock, at cost; 965,399 and 183,768 shares of Class A
common stock, respectively |
|
|
(11,203 |
) |
|
|
(2,177 |
) |
|
Additional paid-in capital |
|
|
307,000 |
|
|
|
310,612 |
|
|
Accumulated deficit |
|
|
(327,819 |
) |
|
|
(302,193 |
) |
|
Non-controlling interest |
|
|
3,413 |
|
|
|
3,501 |
|
|
Total stockholders’ (deficit) equity |
|
|
(28,442 |
) |
|
|
9,911 |
|
|
Total liabilities and stockholders’ (deficit)
equity |
|
$ |
580,414 |
|
|
$ |
652,049 |
|
|
|
|
TOWNSQUARE MEDIA, INC.CONSOLIDATED
STATEMENTS OF OPERATIONS(in Thousands, Except Per
Share Data) |
|
|
| |
|
Three Months Ended December
31, |
|
Twelve Months Ended December
31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Net revenue |
|
$ |
117,813 |
|
|
$ |
114,786 |
|
|
$ |
450,982 |
|
|
$ |
454,231 |
|
| Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
Direct operating expenses, excluding depreciation, amortization,
and stock-based compensation |
|
|
80,581 |
|
|
|
83,896 |
|
|
|
326,782 |
|
|
|
329,197 |
|
|
Depreciation and amortization |
|
|
4,771 |
|
|
|
4,704 |
|
|
|
19,667 |
|
|
|
19,200 |
|
|
Corporate expenses |
|
|
6,053 |
|
|
|
6,112 |
|
|
|
23,815 |
|
|
|
25,023 |
|
|
Stock-based compensation |
|
|
3,109 |
|
|
|
1,805 |
|
|
|
17,171 |
|
|
|
8,033 |
|
|
Transaction and business realignment costs |
|
|
1,222 |
|
|
|
405 |
|
|
|
4,905 |
|
|
|
1,169 |
|
|
Impairment of intangible assets, investments, goodwill and
long-lived assets |
|
|
1,450 |
|
|
|
24,881 |
|
|
|
37,714 |
|
|
|
90,578 |
|
|
Net (gain) loss on sale and retirement of assets |
|
|
(699 |
) |
|
|
873 |
|
|
|
(765 |
) |
|
|
170 |
|
|
Total operating costs and expenses |
|
|
96,487 |
|
|
|
122,676 |
|
|
|
429,289 |
|
|
|
473,370 |
|
|
Operating income (loss) |
|
|
21,326 |
|
|
|
(7,890 |
) |
|
|
21,693 |
|
|
|
(19,139 |
) |
| Other expense (income): |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
8,808 |
|
|
|
9,034 |
|
|
|
36,226 |
|
|
|
37,249 |
|
|
Loss (gain) on repurchases of debt |
|
|
57 |
|
|
|
— |
|
|
|
46 |
|
|
|
(1,249 |
) |
|
Other expense (income), net |
|
|
16 |
|
|
|
476 |
|
|
|
(4,958 |
) |
|
|
(5,975 |
) |
|
Income (loss) from operations before tax |
|
|
12,445 |
|
|
|
(17,400 |
) |
|
|
(9,621 |
) |
|
|
(49,164 |
) |
|
Income tax (benefit) provision |
|
|
(12,596 |
) |
|
|
(15,522 |
) |
|
|
1,307 |
|
|
|
(6,142 |
) |
|
Net income (loss) |
|
$ |
25,041 |
|
|
$ |
(1,878 |
) |
|
$ |
(10,928 |
) |
|
$ |
(43,022 |
) |
| |
|
|
|
|
|
|
|
|
| Net income (loss)
attributable to: |
|
|
|
|
|
|
|
|
|
Controlling interests |
|
$ |
24,557 |
|
|
$ |
(2,341 |
) |
|
$ |
(12,704 |
) |
|
$ |
(44,961 |
) |
|
Non-controlling interests |
|
|
484 |
|
|
|
463 |
|
|
|
1,776 |
|
|
|
1,939 |
|
|
Net income (loss) |
|
$ |
25,041 |
|
|
$ |
(1,878 |
) |
|
$ |
(10,928 |
) |
|
$ |
(43,022 |
) |
| |
|
|
|
|
|
|
|
|
| Basic income (loss) per
share |
|
$ |
1.59 |
|
|
$ |
(0.14 |
) |
|
$ |
(0.81 |
) |
|
$ |
(2.68 |
) |
| |
|
|
|
|
|
|
|
|
| Diluted income (loss) per
share |
|
$ |
1.42 |
|
|
$ |
(0.14 |
) |
|
$ |
(0.81 |
) |
|
$ |
(2.68 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
15,456 |
|
|
|
16,357 |
|
|
|
15,601 |
|
|
|
16,761 |
|
|
Diluted |
|
|
17,327 |
|
|
|
16,357 |
|
|
|
15,601 |
|
|
|
16,761 |
|
|
|
|
TOWNSQUARE MEDIA, INC.CONSOLIDATED
STATEMENTS OF CASH FLOWS (in
Thousands) |
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
| Cash flows from operating
activities: |
|
|
|
|
| Net loss |
|
$ |
(10,928 |
) |
|
$ |
(43,022 |
) |
| Adjustments to reconcile net loss
to net cash provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
|
19,667 |
|
|
|
19,200 |
|
|
Amortization of deferred financing costs |
|
|
2,077 |
|
|
|
2,086 |
|
|
Non-cash lease (income) expense |
|
|
(1,022 |
) |
|
|
96 |
|
|
Net deferred taxes and other |
|
|
644 |
|
|
|
(6,892 |
) |
|
Allowance for credit losses |
|
|
4,731 |
|
|
|
4,265 |
|
|
Stock-based compensation expense |
|
|
17,171 |
|
|
|
8,033 |
|
|
(Loss) gain on repurchases of debt |
|
|
46 |
|
|
|
(1,249 |
) |
|
Trade and barter activity, net |
|
|
(1,380 |
) |
|
|
(1,465 |
) |
|
Impairment of intangible assets, investments, goodwill and
long-lived assets |
|
|
37,714 |
|
|
|
90,578 |
|
|
Realized gain on sale of digital assets |
|
|
— |
|
|
|
(839 |
) |
|
Gain on sale of investment |
|
|
(4,069 |
) |
|
|
(5,210 |
) |
|
Unrealized (gain) loss on investment |
|
|
(202 |
) |
|
|
388 |
|
|
Amortization of content rights |
|
|
4,890 |
|
|
|
4,867 |
|
|
Change in content rights liabilities |
|
|
(5,051 |
) |
|
|
(2,997 |
) |
|
Other |
|
|
1,225 |
|
|
|
(291 |
) |
| Changes in assets and
liabilities: |
|
|
|
|
|
Accounts receivable |
|
|
(4,995 |
) |
|
|
(3,900 |
) |
|
Prepaid expenses and other assets |
|
|
(538 |
) |
|
|
6,198 |
|
|
Accounts payable |
|
|
(751 |
) |
|
|
982 |
|
|
Accrued expenses |
|
|
(9,439 |
) |
|
|
(2,268 |
) |
|
Accrued interest |
|
|
(1,015 |
) |
|
|
(783 |
) |
|
Other long-term liabilities |
|
|
(27 |
) |
|
|
50 |
|
|
Net cash provided by operating activities |
|
|
48,748 |
|
|
|
67,827 |
|
| Cash flows from investing
activities: |
|
|
|
|
|
Purchases of property and equipment |
|
|
(17,441 |
) |
|
|
(14,979 |
) |
|
Proceeds from sale of digital assets |
|
|
— |
|
|
|
2,975 |
|
|
Proceeds from insurance recoveries |
|
|
474 |
|
|
|
774 |
|
|
Proceeds from investment related transactions |
|
|
5,117 |
|
|
|
5,714 |
|
|
Proceeds from sale of assets |
|
|
1,923 |
|
|
|
1,947 |
|
|
Net cash used in investing activities |
|
|
(9,927 |
) |
|
|
(3,569 |
) |
| Cash flows from financing
activities: |
|
|
|
|
|
Repurchases of 2026 Notes |
|
|
(36,025 |
) |
|
|
(25,621 |
) |
|
Dividend payments |
|
|
(12,312 |
) |
|
|
(9,344 |
) |
|
Proceeds from stock options exercised |
|
|
7,889 |
|
|
|
6,750 |
|
|
Shares withheld in lieu of employee tax withholding |
|
|
(324 |
) |
|
|
— |
|
|
Withholdings for shares issued under the ESPP |
|
|
709 |
|
|
|
729 |
|
|
Repurchases of stock |
|
|
(23,551 |
) |
|
|
(16,645 |
) |
|
Cash distribution to non-controlling interests |
|
|
(1,864 |
) |
|
|
(1,997 |
) |
|
Repayments of capitalized obligations |
|
|
(1,902 |
) |
|
|
(494 |
) |
|
Net cash used in financing activities |
|
|
(67,380 |
) |
|
|
(46,622 |
) |
| Cash and cash equivalents and
restricted cash: |
|
|
|
|
|
Net (decrease) increase in cash, cash equivalents and
restricted cash |
|
|
(28,559 |
) |
|
|
17,636 |
|
|
Beginning of period |
|
|
61,549 |
|
|
|
43,913 |
|
|
End of period |
|
$ |
32,990 |
|
|
$ |
61,549 |
|
|
|
|
TOWNSQUARE MEDIA, INC.CONSOLIDATED
STATEMENTS OF CASH FLOWS (continued)(in
Thousands) |
|
|
|
|
|
Twelve Months Ended December
31, |
|
|
|
|
2024 |
|
|
2023 |
| Supplemental Disclosure
of Cash Flow Information: |
|
|
|
|
| Cash
payments: |
|
|
|
|
|
Interest |
|
$ |
35,789 |
|
$ |
37,547 |
|
Income taxes |
|
|
1,135 |
|
|
1,412 |
| |
|
|
|
|
| Supplemental Disclosure
of Non-cash Activities: |
|
|
|
|
|
Dividends declared, but not paid during the period |
|
$ |
3,376 |
|
$ |
3,279 |
|
Deferred payments for software licenses |
|
|
20 |
|
|
3,889 |
|
Property and equipment acquired in exchange for advertising(1) |
|
|
1,223 |
|
|
997 |
|
Accrued capital expenditures |
|
|
251 |
|
|
85 |
| |
|
|
|
|
| Supplemental Disclosure
of Cash Flow Information relating to Leases: |
|
|
|
|
|
Cash paid for amounts included in the measurement of operating
lease liabilities, included in operating cash flows |
|
$ |
12,287 |
|
$ |
11,747 |
|
Right-of-use assets obtained in exchange for operating lease
obligations |
|
|
12,631 |
|
|
5,687 |
| |
|
|
|
|
|
Reconciliation of cash, cash equivalents and restricted
cash |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
32,990 |
|
$ |
61,046 |
|
Restricted cash |
|
|
— |
|
|
503 |
| |
|
$ |
32,990 |
|
$ |
61,549 |
(1) Represents total advertising services
provided by the Company in exchange for property and equipment
acquired during each of the years ended December 31, 2024 and 2023,
respectively.
|
|
|
TOWNSQUARE MEDIA, INC.CONSOLIDATED
STATEMENTS OF OPERATIONS BY SEGMENT(in
Thousands)(unaudited) |
|
|
|
|
|
Three Months Ended December
31, |
|
|
|
Twelve Months Ended December
31, |
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
Digital Advertising |
|
$ |
42,074 |
|
|
$ |
36,434 |
|
|
15.5 |
% |
|
$ |
158,615 |
|
|
$ |
150,276 |
|
|
5.5 |
% |
| Subscription Digital Marketing
Solutions |
|
|
19,495 |
|
|
|
19,134 |
|
|
1.9 |
% |
|
|
75,343 |
|
|
|
82,220 |
|
|
(8.4 |
)% |
| Broadcast Advertising |
|
|
55,546 |
|
|
|
57,903 |
|
|
(4.1 |
)% |
|
|
208,964 |
|
|
|
211,725 |
|
|
(1.3 |
)% |
| Other |
|
|
698 |
|
|
|
1,315 |
|
|
(46.9 |
)% |
|
|
8,060 |
|
|
|
10,010 |
|
|
(19.5 |
)% |
| Net revenue |
|
|
117,813 |
|
|
|
114,786 |
|
|
2.6 |
% |
|
|
450,982 |
|
|
|
454,231 |
|
|
(0.7 |
)% |
| Digital Advertising expenses |
|
|
30,251 |
|
|
|
26,715 |
|
|
13.2 |
% |
|
|
117,916 |
|
|
|
104,381 |
|
|
13.0 |
% |
| Subscription Digital Marketing
Solutions Expenses |
|
|
13,679 |
|
|
|
13,270 |
|
|
3.1 |
% |
|
|
53,930 |
|
|
|
58,973 |
|
|
(8.6 |
)% |
| Broadcast Advertising
expenses |
|
|
35,694 |
|
|
|
42,198 |
|
|
(15.4 |
)% |
|
|
147,136 |
|
|
|
156,056 |
|
|
(5.7 |
)% |
| Other expenses |
|
|
957 |
|
|
|
1,713 |
|
|
(44.1 |
)% |
|
|
7,800 |
|
|
|
9,787 |
|
|
(20.3 |
)% |
|
Direct operating expenses |
|
|
80,581 |
|
|
|
83,896 |
|
|
(4.0 |
)% |
|
|
326,782 |
|
|
|
329,197 |
|
|
(0.7 |
)% |
|
Depreciation and amortization |
|
|
4,771 |
|
|
|
4,704 |
|
|
1.4 |
% |
|
|
19,667 |
|
|
|
19,200 |
|
|
2.4 |
% |
|
Corporate expenses |
|
|
6,053 |
|
|
|
6,112 |
|
|
(1.0 |
)% |
|
|
23,815 |
|
|
|
25,023 |
|
|
(4.8 |
)% |
|
Stock-based compensation |
|
|
3,109 |
|
|
|
1,805 |
|
|
72.2 |
% |
|
|
17,171 |
|
|
|
8,033 |
|
|
113.8 |
% |
|
Transaction and business realignment costs |
|
|
1,222 |
|
|
|
405 |
|
|
201.7 |
% |
|
|
4,905 |
|
|
|
1,169 |
|
|
319.6 |
% |
|
Impairment of intangible assets, investments, goodwill and
long-lived assets |
|
|
1,450 |
|
|
|
24,881 |
|
|
(94.2 |
)% |
|
|
37,714 |
|
|
|
90,578 |
|
|
(58.4 |
)% |
|
Net (gain) loss on sale and retirement of assets |
|
|
(699 |
) |
|
|
873 |
|
|
** |
|
|
|
(765 |
) |
|
|
170 |
|
|
** |
|
|
Total operating costs and expenses |
|
|
96,487 |
|
|
|
122,676 |
|
|
(21.3 |
)% |
|
|
429,289 |
|
|
|
473,370 |
|
|
(9.3 |
)% |
|
Operating income (loss) |
|
|
21,326 |
|
|
|
(7,890 |
) |
|
** |
|
|
|
21,693 |
|
|
|
(19,139 |
) |
|
** |
|
| Other expense (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
8,808 |
|
|
|
9,034 |
|
|
(2.5 |
)% |
|
|
36,226 |
|
|
|
37,249 |
|
|
(2.7 |
)% |
|
(Loss) gain on repurchases of debt |
|
|
57 |
|
|
|
— |
|
|
** |
|
|
|
46 |
|
|
|
(1,249 |
) |
|
** |
|
|
Other expense (income), net |
|
|
16 |
|
|
|
476 |
|
|
(96.6 |
)% |
|
|
(4,958 |
) |
|
|
(5,975 |
) |
|
(17.0 |
)% |
|
Income (loss) from operations before tax |
|
|
12,445 |
|
|
|
(17,400 |
) |
|
** |
|
|
|
(9,621 |
) |
|
|
(49,164 |
) |
|
** |
|
| Income tax (benefit)
provision |
|
|
(12,596 |
) |
|
|
(15,522 |
) |
|
18.9 |
% |
|
|
1,307 |
|
|
|
(6,142 |
) |
|
121.3 |
% |
| Net income
(loss) |
|
$ |
25,041 |
|
|
$ |
(1,878 |
) |
|
** |
|
|
$ |
(10,928 |
) |
|
$ |
(43,022 |
) |
|
** |
|
| |
The following table presents Net revenue by
segment and Segment Profit, for the three and twelve months ended
December 31, 2024, and 2023, respectively (in thousands):
| |
| |
|
Three Months Ended December
31, |
|
|
|
Twelve Months Ended December
31, |
|
|
| |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
2023 |
|
% Change |
|
Digital Advertising |
|
$ |
42,074 |
|
|
$ |
36,434 |
|
|
15.5 |
% |
|
$ |
158,615 |
|
$ |
150,276 |
|
5.5 |
% |
| Subscription Digital Marketing
Solutions |
|
|
19,495 |
|
|
|
19,134 |
|
|
1.9 |
% |
|
|
75,343 |
|
|
82,220 |
|
(8.4 |
)% |
|
Digital |
|
|
61,569 |
|
|
|
55,568 |
|
|
10.8 |
% |
|
|
233,958 |
|
|
232,496 |
|
0.6 |
% |
| Broadcast Advertising |
|
|
55,546 |
|
|
|
57,903 |
|
|
(4.1 |
)% |
|
|
208,964 |
|
|
211,725 |
|
(1.3 |
)% |
| Other |
|
|
698 |
|
|
|
1,315 |
|
|
(46.9 |
)% |
|
|
8,060 |
|
|
10,010 |
|
(19.5 |
)% |
| Net revenue |
|
$ |
117,813 |
|
|
$ |
114,786 |
|
|
2.6 |
% |
|
$ |
450,982 |
|
$ |
454,231 |
|
(0.7 |
)% |
| Digital Advertising |
|
|
11,823 |
|
|
|
9,719 |
|
|
21.6 |
% |
|
|
40,699 |
|
|
45,895 |
|
(11.3 |
)% |
| Subscription Digital Marketing
Solutions |
|
|
5,816 |
|
|
|
5,864 |
|
|
(0.8 |
)% |
|
|
21,413 |
|
|
23,247 |
|
(7.9 |
)% |
|
Digital |
|
|
17,639 |
|
|
|
15,583 |
|
|
13.2 |
% |
|
|
62,112 |
|
|
69,142 |
|
(10.2 |
)% |
| Broadcast Advertising |
|
|
19,852 |
|
|
|
15,705 |
|
|
26.4 |
% |
|
|
61,828 |
|
|
55,669 |
|
11.1 |
% |
| Other |
|
|
(259 |
) |
|
|
(398 |
) |
|
(34.9 |
)% |
|
|
260 |
|
|
223 |
|
16.6 |
% |
| Segment
Profit |
|
$ |
37,232 |
|
|
$ |
30,890 |
|
|
20.5 |
% |
|
$ |
124,200 |
|
$ |
125,034 |
|
(0.7 |
)% |
| |
The following table reconciles Net revenue to
Net revenue, excluding political revenue on a GAAP basis by segment
for the three and twelve months ended December 31, 2024, and 2023,
respectively (in thousands):
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended December
31, |
|
|
|
Twelve Months Ended December
31, |
|
|
| |
|
|
2024 |
|
|
2023 |
|
% Change |
|
|
2024 |
|
|
2023 |
|
% Change |
|
Digital Advertising |
|
$ |
42,074 |
|
$ |
36,434 |
|
15.5 |
% |
|
$ |
158,615 |
|
$ |
150,276 |
|
5.5 |
% |
| Subscription Digital Marketing
Solutions |
|
|
19,495 |
|
|
19,134 |
|
1.9 |
% |
|
|
75,343 |
|
|
82,220 |
|
(8.4 |
)% |
|
Digital |
|
|
61,569 |
|
|
55,568 |
|
10.8 |
% |
|
|
233,958 |
|
|
232,496 |
|
0.6 |
% |
| Broadcast Advertising |
|
|
55,546 |
|
|
57,903 |
|
(4.1 |
)% |
|
|
208,964 |
|
|
211,725 |
|
(1.3 |
)% |
| Other |
|
|
698 |
|
|
1,315 |
|
(46.9 |
)% |
|
|
8,060 |
|
|
10,010 |
|
(19.5 |
)% |
| Net revenue |
|
$ |
117,813 |
|
$ |
114,786 |
|
2.6 |
% |
|
$ |
450,982 |
|
$ |
454,231 |
|
(0.7 |
)% |
| Digital Advertising political
revenue |
|
|
466 |
|
|
75 |
|
521.3 |
% |
|
|
830 |
|
|
202 |
|
310.9 |
% |
| Subscription Digital Marketing
Solutions political revenue |
|
|
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
— |
|
| Broadcast Advertising political
revenue |
|
|
6,733 |
|
|
1,582 |
|
325.6 |
% |
|
|
12,588 |
|
|
2,700 |
|
366.2 |
% |
| Other political revenue |
|
|
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
— |
|
| Political
revenue |
|
$ |
7,199 |
|
$ |
1,657 |
|
334.5 |
% |
|
$ |
13,418 |
|
$ |
2,902 |
|
362.4 |
% |
| Digital Advertising net revenue
(ex. political) |
|
$ |
41,608 |
|
$ |
36,359 |
|
14.4 |
% |
|
$ |
157,785 |
|
$ |
150,074 |
|
5.1 |
% |
| Subscription Digital Marketing
Solutions net revenue (ex. political) |
|
|
19,495 |
|
|
19,134 |
|
1.9 |
% |
|
|
75,343 |
|
|
82,220 |
|
(8.4 |
)% |
|
Digital net revenue (ex. political) |
|
|
61,103 |
|
|
55,493 |
|
10.1 |
% |
|
|
233,128 |
|
|
232,294 |
|
0.4 |
% |
| Broadcast Advertising political
net revenue (ex. political) |
|
|
48,813 |
|
|
56,321 |
|
(13.3 |
)% |
|
|
196,376 |
|
|
209,025 |
|
(6.1 |
)% |
| Other net revenue (ex.
political) |
|
|
698 |
|
|
1,315 |
|
(46.9 |
)% |
|
|
8,060 |
|
|
10,010 |
|
(19.5 |
)% |
| Net revenue (ex.
political) |
|
$ |
110,614 |
|
$ |
113,129 |
|
(2.2 |
)% |
|
$ |
437,564 |
|
$ |
451,329 |
|
(3.0 |
)% |
| |
The following table reconciles on a GAAP basis
net income (loss), the most directly comparable financial measure
calculated and presented in accordance with GAAP, to Adjusted Net
Income for the three and twelve months ended December 31, 2024, and
2023, respectively (in thousands, except per share data):
| |
|
|
|
|
| |
|
Three Months Ended December
31, |
|
Twelve Months Ended December
31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Net income (loss) |
|
$ |
25,041 |
|
|
$ |
(1,878 |
) |
|
$ |
(10,928 |
) |
|
$ |
(43,022 |
) |
| Income tax (benefit)
provision |
|
|
(12,596 |
) |
|
|
(15,522 |
) |
|
|
1,307 |
|
|
|
(6,142 |
) |
| Income (loss) from
operations before taxes |
|
|
12,445 |
|
|
|
(17,400 |
) |
|
|
(9,621 |
) |
|
|
(49,164 |
) |
|
Transaction and business realignment costs |
|
|
1,222 |
|
|
|
405 |
|
|
|
4,905 |
|
|
|
1,169 |
|
|
Impairment of intangible assets, investments, goodwill and
long-lived assets |
|
|
1,450 |
|
|
|
24,881 |
|
|
|
37,714 |
|
|
|
90,578 |
|
|
Net (gain) loss on sale and retirement of assets |
|
|
(699 |
) |
|
|
873 |
|
|
|
(765 |
) |
|
|
170 |
|
|
Loss (gain) on repurchases of debt |
|
|
57 |
|
|
|
— |
|
|
|
46 |
|
|
|
(1,249 |
) |
|
Gain on sale of digital assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(839 |
) |
|
Gain on sale of investments |
|
|
— |
|
|
|
— |
|
|
|
(4,069 |
) |
|
|
(5,210 |
) |
|
Change in fair value of investment |
|
|
— |
|
|
|
(105 |
) |
|
|
(202 |
) |
|
|
388 |
|
|
Gain on insurance recoveries |
|
|
(138 |
) |
|
|
(53 |
) |
|
|
(474 |
) |
|
|
(774 |
) |
|
Net income attributable to non-controlling interest, net of income
taxes |
|
|
(484 |
) |
|
|
(463 |
) |
|
|
(1,776 |
) |
|
|
(1,939 |
) |
| Adjusted net income
before income taxes |
|
|
13,853 |
|
|
|
8,138 |
|
|
|
25,758 |
|
|
|
33,130 |
|
|
Income tax provision (1) |
|
|
3,532 |
|
|
|
2,066 |
|
|
|
6,567 |
|
|
|
8,411 |
|
| Adjusted Net
Income |
|
$ |
10,321 |
|
|
$ |
6,072 |
|
|
$ |
19,191 |
|
|
$ |
24,719 |
|
| |
|
|
|
|
|
|
|
|
| Adjusted Net Income Per
Share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.67 |
|
|
$ |
0.37 |
|
|
$ |
1.23 |
|
|
$ |
1.47 |
|
|
Diluted |
|
$ |
0.60 |
|
|
$ |
0.34 |
|
|
$ |
1.09 |
|
|
$ |
1.40 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
15,456 |
|
|
|
16,357 |
|
|
|
15,601 |
|
|
|
16,761 |
|
|
Diluted |
|
|
17,327 |
|
|
|
17,639 |
|
|
|
17,551 |
|
|
|
17,604 |
|
(1) Income tax provision for the three and
twelve months ended December 31, 2024 and 2023, respectively, was
calculated using the Company's statutory effective tax rate.
The following table reconciles on a GAAP basis
net income (loss), the most directly comparable financial measure
calculated and presented in accordance with GAAP, to Adjusted
EBITDA, Adjusted EBITDA (Excluding Political), and Adjusted EBITDA
Less Interest, Capex and Taxes for the three and twelve months
ended December 31, 2024, and 2023, respectively (dollars in
thousands):
| |
|
Three Months Ended December
31, |
|
Twelve Months Ended December
31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Net income
(loss) |
|
$ |
25,041 |
|
|
$ |
(1,878 |
) |
|
$ |
(10,928 |
) |
|
$ |
(43,022 |
) |
|
Income tax (benefit) provision |
|
|
(12,596 |
) |
|
|
(15,522 |
) |
|
|
1,307 |
|
|
|
(6,142 |
) |
|
Interest expense, net |
|
|
8,808 |
|
|
|
9,034 |
|
|
|
36,226 |
|
|
|
37,249 |
|
|
Loss (gain) on repurchases of debt |
|
|
57 |
|
|
|
— |
|
|
|
46 |
|
|
|
(1,249 |
) |
|
Depreciation and amortization |
|
|
4,771 |
|
|
|
4,704 |
|
|
|
19,667 |
|
|
|
19,200 |
|
|
Stock-based compensation |
|
|
3,109 |
|
|
|
1,805 |
|
|
|
17,171 |
|
|
|
8,033 |
|
|
Transaction and business realignment costs |
|
|
1,222 |
|
|
|
405 |
|
|
|
4,905 |
|
|
|
1,169 |
|
|
Impairment of intangible assets, investments, goodwill and
long-lived assets |
|
|
1,450 |
|
|
|
24,881 |
|
|
|
37,714 |
|
|
|
90,578 |
|
|
Other (a) |
|
|
(683 |
) |
|
|
1,349 |
|
|
|
(5,723 |
) |
|
|
(5,805 |
) |
| Adjusted
EBITDA |
|
$ |
31,179 |
|
|
$ |
24,778 |
|
|
$ |
100,385 |
|
|
$ |
100,011 |
|
|
Political Adjusted EBITDA |
|
|
(6,119 |
) |
|
|
(1,408 |
) |
|
|
(11,405 |
) |
|
|
(2,467 |
) |
| Adjusted EBITDA
(Excluding Political) |
|
$ |
25,060 |
|
|
$ |
23,370 |
|
|
$ |
88,980 |
|
|
$ |
97,544 |
|
|
Political Adjusted EBITDA |
|
|
6,119 |
|
|
|
1,408 |
|
|
|
11,405 |
|
|
|
2,467 |
|
|
Net cash paid for interest |
|
|
(399 |
) |
|
|
(274 |
) |
|
|
(35,789 |
) |
|
|
(37,547 |
) |
|
Capital expenditures |
|
|
(3,670 |
) |
|
|
(3,606 |
) |
|
|
(17,441 |
) |
|
|
(14,979 |
) |
|
Cash paid for taxes |
|
|
(190 |
) |
|
|
(290 |
) |
|
|
(1,135 |
) |
|
|
(1,412 |
) |
| Adjusted EBITDA Less
Interest, Capex and Taxes |
|
$ |
26,920 |
|
|
$ |
20,608 |
|
|
$ |
46,020 |
|
|
$ |
46,073 |
|
(a) Other includes net gain (loss) on sale and retirement of
assets and other income, net.
The following tables provide the calculation of
Segment Profit for the three months ended December 31, 2024, and
2023 (in thousands). Segment Profit represents net revenue less
direct operating expenses, excluding depreciation, amortization,
and stock-based compensation:
| |
| |
|
Three Months Ended December 31,
2024 |
|
|
| |
|
Digital Advertising |
|
|
Subscription Digital Marketing Solutions |
|
Broadcast Advertising |
|
Other |
|
Total |
|
Net Revenue |
|
$ |
42,074 |
|
$ |
19,495 |
|
$ |
55,546 |
|
$ |
698 |
|
|
$ |
117,813 |
| Direct operating expenses,
excluding depreciation, amortization, and stock-based
compensation |
|
|
30,251 |
|
|
13,679 |
|
|
35,694 |
|
|
957 |
|
|
|
80,581 |
| Segment Profit (Loss) |
|
$ |
11,823 |
|
$ |
5,816 |
|
$ |
19,852 |
|
$ |
(259 |
) |
|
$ |
37,232 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended December 31,
2023 |
| |
|
Digital Advertising |
|
Subscription Digital Marketing Solutions |
|
Broadcast Advertising |
|
Other |
|
Total |
|
Net Revenue |
|
$ |
36,434 |
|
$ |
19,134 |
|
$ |
57,903 |
|
$ |
1,315 |
|
|
$ |
114,786 |
| Direct operating expenses,
excluding depreciation, amortization, and stock-based
compensation |
|
|
26,715 |
|
|
13,270 |
|
|
42,198 |
|
|
1,713 |
|
|
|
83,896 |
| Segment Profit
(Loss) |
|
$ |
9,719 |
|
$ |
5,864 |
|
$ |
15,705 |
|
$ |
(398 |
) |
|
$ |
30,890 |
| |
The following tables provide the calculation of
Segment Profit for the year ended December 31, 2024, and 2023 (in
thousands). Segment Profit represents net revenue less direct
operating expenses, excluding depreciation, amortization, and
stock-based compensation:
| |
|
Year Ended December 31, 2024 |
| |
|
Digital Advertising |
|
Subscription Digital Marketing Solutions |
|
Broadcast Advertising |
|
Other |
|
Total |
|
Net Revenue |
|
$ |
158,615 |
|
$ |
75,343 |
|
$ |
208,964 |
|
$ |
8,060 |
|
$ |
450,982 |
| Direct operating expenses,
excluding depreciation, amortization, and stock-based
compensation |
|
|
117,916 |
|
|
53,930 |
|
|
147,136 |
|
|
7,800 |
|
|
326,782 |
| Segment
Profit |
|
$ |
40,699 |
|
$ |
21,413 |
|
$ |
61,828 |
|
$ |
260 |
|
$ |
124,200 |
| |
| |
|
Year Ended December 31, 2023 |
| |
|
Digital Advertising |
|
Subscription Digital Marketing Solutions |
|
Broadcast Advertising |
|
Other |
|
Total |
|
Net Revenue |
|
$ |
150,276 |
|
$ |
82,220 |
|
$ |
211,725 |
|
$ |
10,010 |
|
$ |
454,231 |
| Direct operating expenses,
excluding depreciation, amortization, and stock-based
compensation |
|
|
104,381 |
|
|
58,973 |
|
|
156,056 |
|
|
9,787 |
|
|
329,197 |
| Segment
Profit |
|
$ |
45,895 |
|
$ |
23,247 |
|
$ |
55,669 |
|
$ |
223 |
|
$ |
125,034 |
Townsquare Media (NYSE:TSQ)
Graphique Historique de l'Action
De Mar 2025 à Avr 2025
Townsquare Media (NYSE:TSQ)
Graphique Historique de l'Action
De Avr 2024 à Avr 2025
