Townsquare Delivers Net Revenue and Adjusted EBITDA Growth in Q4 2024 Announces Increase in Dividend
Townsquare Media (NYSE: TSQ) reported improved Q4 2024 performance with net revenue growth of +2.6% year-over-year and Adjusted EBITDA growth of +25.8%. The company's digital segment showed strong results with Digital Advertising revenue up +15.5% and total Digital revenue increasing +10.8%, representing 52% of total net revenue.
Key financial highlights include: net income of $25.0 million in Q4 (up $26.9 million YoY), $49 million cash flow from operations in 2024, and repurchase of $36 million in Senior Secured Notes and $24 million in common stock. The company maintained a strong cash position of $33 million with net leverage of 4.33x.
The Board approved a quarterly dividend increase to $0.20 per share (+1.3%), payable May 1, 2025. For 2025 guidance, Q1 net revenue is expected between $98-100 million with Adjusted EBITDA of $17-18 million, while full-year projections show net revenue of $435-455 million and Adjusted EBITDA of $90-98 million.
Townsquare Media (NYSE: TSQ) ha riportato un miglioramento delle performance nel Q4 2024, con una crescita del fatturato netto del +2,6% rispetto all'anno precedente e una crescita dell'EBITDA rettificato del +25,8%. Il segmento digitale dell'azienda ha mostrato risultati solidi, con un aumento del fatturato pubblicitario digitale del +15,5% e un incremento del fatturato totale digitale del +10,8%, che rappresenta il 52% del fatturato netto totale.
I principali punti finanziari includono: un reddito netto di 25,0 milioni di dollari nel Q4 (in aumento di 26,9 milioni di dollari rispetto all'anno precedente), un flusso di cassa dalle operazioni di 49 milioni di dollari nel 2024 e il riacquisto di 36 milioni di dollari in Note Senior Secured e 24 milioni di dollari in azioni ordinarie. L'azienda ha mantenuto una solida posizione di liquidità di 33 milioni di dollari con un leverage netto di 4,33x.
Il Consiglio ha approvato un aumento del dividendo trimestrale a 0,20 dollari per azione (+1,3%), pagabile il 1° maggio 2025. Per le previsioni del 2025, si prevede che il fatturato netto del Q1 si attesti tra i 98 e i 100 milioni di dollari, con un EBITDA rettificato di 17-18 milioni di dollari, mentre le proiezioni per l'intero anno mostrano un fatturato netto di 435-455 milioni di dollari e un EBITDA rettificato di 90-98 milioni di dollari.
Townsquare Media (NYSE: TSQ) reportó un mejor desempeño en el cuarto trimestre de 2024, con un crecimiento de ingresos netos del +2.6% interanual y un crecimiento del EBITDA ajustado del +25.8%. El segmento digital de la empresa mostró resultados sólidos, con ingresos por publicidad digital en aumento del +15.5% y un incremento del total de ingresos digitales del +10.8%, representando el 52% de los ingresos netos totales.
Los principales aspectos financieros incluyen: un ingreso neto de 25.0 millones de dólares en el cuarto trimestre (un aumento de 26.9 millones de dólares interanual), un flujo de caja de 49 millones de dólares de las operaciones en 2024, y la recompra de 36 millones de dólares en Notas Senior Aseguradas y 24 millones de dólares en acciones comunes. La empresa mantuvo una sólida posición de efectivo de 33 millones de dólares con un apalancamiento neto de 4.33x.
La Junta aprobó un aumento del dividendo trimestral a 0.20 dólares por acción (+1.3%), pagadero el 1 de mayo de 2025. Para las proyecciones de 2025, se espera que los ingresos netos del primer trimestre estén entre 98 y 100 millones de dólares, con un EBITDA ajustado de 17-18 millones de dólares, mientras que las proyecciones para todo el año muestran ingresos netos de 435-455 millones de dólares y un EBITDA ajustado de 90-98 millones de dólares.
타운스퀘어 미디어 (NYSE: TSQ)는 2024년 4분기 성과가 개선되었으며, 연간 순수익이 +2.6% 증가하고 조정 EBITDA가 +25.8% 증가했다고 보고했습니다. 회사의 디지털 부문은 디지털 광고 수익이 +15.5% 증가하고 총 디지털 수익이 +10.8% 증가하며 전체 순수익의 52%를 차지하는 등 강력한 결과를 보였습니다.
주요 재무 하이라이트에는 4분기 순이익이 2,500만 달러(전년 대비 2,690만 달러 증가), 2024년 운영으로부터의 현금 흐름이 4,900만 달러, 3,600만 달러의 고위험 담보 노트 및 2,400만 달러의 보통주 매입이 포함됩니다. 회사는 3,300만 달러의 강력한 현금 포지션을 유지하며 순 레버리지가 4.33배입니다.
이사회는 분기 배당금을 주당 0.20달러(+1.3%)로 인상하기로 승인했으며, 지급일은 2025년 5월 1일입니다. 2025년 가이던스에 따르면, 1분기 순수익은 9,800만에서 1억 달러 사이로 예상되며, 조정 EBITDA는 1,700만에서 1,800만 달러로 예상됩니다. 연간 전체 예측은 순수익이 4억 3500만에서 4억 5500만 달러, 조정 EBITDA는 9천만에서 9,800만 달러로 나타납니다.
Townsquare Media (NYSE: TSQ) a annoncé une amélioration de ses performances au quatrième trimestre 2024, avec une croissance des revenus nets de +2,6% par rapport à l'année précédente et une croissance de l'EBITDA ajusté de +25,8%. Le segment numérique de l'entreprise a montré des résultats solides, avec des revenus de publicité numérique en hausse de +15,5% et un revenu numérique total en augmentation de +10,8%, représentant 52% des revenus nets totaux.
Les principaux faits financiers incluent : un revenu net de 25,0 millions de dollars au Q4 (en hausse de 26,9 millions de dollars par rapport à l'année précédente), un flux de trésorerie d'exploitation de 49 millions de dollars en 2024, et le rachat de 36 millions de dollars en Obligations Sécurisées Senior et de 24 millions de dollars en actions ordinaires. L'entreprise a maintenu une solide position de liquidités de 33 millions de dollars avec un levier net de 4,33x.
Le Conseil d'administration a approuvé une augmentation du dividende trimestriel à 0,20 dollar par action (+1,3%), payable le 1er mai 2025. Pour les prévisions 2025, les revenus nets du premier trimestre devraient se situer entre 98 et 100 millions de dollars, avec un EBITDA ajusté de 17-18 millions de dollars, tandis que les projections pour l'année entière montrent des revenus nets de 435-455 millions de dollars et un EBITDA ajusté de 90-98 millions de dollars.
Townsquare Media (NYSE: TSQ) berichtete über eine verbesserte Leistung im 4. Quartal 2024 mit einem Umsatzwachstum von +2,6% im Jahresvergleich und einem Wachstum des bereinigten EBITDA von +25,8%. Das digitale Segment des Unternehmens zeigte starke Ergebnisse mit einem Anstieg der digitalen Werbeeinnahmen um +15,5% und einem Anstieg des gesamten digitalen Umsatzes um +10,8%, was 52% des gesamten Nettoumsatzes ausmacht.
Wichtige finanzielle Highlights umfassen: einen Nettogewinn von 25,0 Millionen Dollar im 4. Quartal (im Vergleich zu einem Anstieg von 26,9 Millionen Dollar im Jahresvergleich), einen Cashflow aus dem operativen Geschäft von 49 Millionen Dollar im Jahr 2024 und den Rückkauf von 36 Millionen Dollar an Senior Secured Notes und 24 Millionen Dollar an Stammaktien. Das Unternehmen hielt eine starke Liquiditätsposition von 33 Millionen Dollar mit einem Nettoschuldenfaktor von 4,33x.
Der Vorstand genehmigte eine Erhöhung der vierteljährlichen Dividende auf 0,20 Dollar pro Aktie (+1,3%), zahlbar am 1. Mai 2025. Für die Prognosen 2025 wird ein Nettoumsatz im 1. Quartal zwischen 98 und 100 Millionen Dollar erwartet, mit einem bereinigten EBITDA von 17-18 Millionen Dollar, während die Gesamtjahresprognosen einen Nettoumsatz von 435-455 Millionen Dollar und ein bereinigtes EBITDA von 90-98 Millionen Dollar zeigen.
- Q4 net income improved significantly to $25.0 million, up $26.9 million YoY
- Digital Advertising revenue grew 15.5% in Q4 2024
- Strong cash flow generation with $49 million from operations in 2024
- Digital segment represents 52% of total revenue and 50% of segment profit
- Dividend increased by 1.3% to $0.20 quarterly
- Broadcast Advertising revenue declined 4.1% in Q4 2024
- Full year net revenue decreased 0.7% in 2024
- Subscription Digital Marketing Solutions revenue decreased 8.4% for full year
- Net leverage remains high at 4.33x
- Reported net loss of $10.9 million for full year 2024
Insights
Townsquare's Q4 2024 shows tangible progress in its digital transformation strategy while tackling significant sector headwinds. The 2.6% revenue growth and 25.8% surge in Adjusted EBITDA represent meaningful improvements, though these figures benefit substantially from $7.2 million in political advertising - excluding which, revenue actually declined 2.2%.
The company's digital pivot continues gaining traction, now representing 52% of total revenue and 50% of segment profit. Digital Advertising revenue growth accelerated impressively to 15.5% in Q4, while Subscription Digital Marketing Solutions returned to positive territory with 1.9% growth after struggling earlier in the year (still down 8.4% for full-year 2024). These digital gains partially offset the structural decline in broadcast advertising, which fell 4.1% in Q4 and 13.3% excluding political spending.
The quarterly net income improvement to $25 million appears dramatic but reflects a $23.4 million reduction in non-cash impairment charges rather than purely operational improvements. Full-year metrics reveal more modest progress - total revenue declined 0.7% for 2024, while Adjusted EBITDA grew just 0.4%. Notably, excluding political advertising, full-year Adjusted EBITDA actually declined 8.8%.
Capital allocation has been prudent with $36 million of debt repurchases and $24 million of share repurchases, supported by $49 million in operating cash flow. The refinanced debt structure extending maturities to 2030 provides breathing room, though leverage remains elevated at 4.33x net leverage (improved but still high by industry standards).
The dividend increase to $0.20 quarterly provides an attractive 10% yield but consumes significant capital that could otherwise accelerate deleveraging. The 2025 guidance ($435-455 million revenue, $90-98 million Adjusted EBITDA) suggests management expects continued challenges balancing digital growth against traditional media declines in a non-election year.
Townsquare's Q4 results reflect promising digital momentum amid broader industry disruption, though full-year metrics reveal a more complex transition story. The company's 10.8% Q4 digital revenue growth and digital's increased contribution (52% of total revenue) demonstrate meaningful progress in its transformation strategy, with Digital Advertising's 15.5% Q4 growth particularly impressive.
However, this quarterly acceleration follows more modest full-year digital growth of just 0.6%, indicating the digital transformation remains uneven. The Subscription Digital Marketing Solutions segment's return to growth (1.9% in Q4) is encouraging but comes after a substantial 8.4% full-year decline, suggesting the recovery is nascent rather than established.
The broadcast segment's performance (-4.1% in Q4, -13.3% excluding political) aligns with management's "mature cash cow" characterization, but the dependency on cyclical political advertising ($7.2 million in Q4) to mask deeper structural declines warrants investor caution. Excluding political spending, total company revenue declined 2.2% in Q4 and 3.0% for the full year.
The company's robust cash generation enabled meaningful shareholder returns through debt repurchases ($36 million), share buybacks ($24 million), and dividend increases (now yielding 10%). The debt refinancing extending maturities to 2030 provides important financial flexibility, though the 4.33x net leverage ratio remains elevated for a company facing sectoral headwinds.
The substantial improvement in Q4 profitability metrics appears impressive but requires context - the $26.9 million improvement in net income primarily reflects a $23.4 million reduction in non-cash impairment charges rather than pure operational gains. Similarly, while Adjusted EBITDA grew 25.8% in Q4, the full-year increase was just 0.4%, and excluding political, actually declined 8.8%.
The 2025 guidance ($435-455 million revenue, $90-98 million Adjusted EBITDA) offers wide ranges reflecting uncertainty in a non-election year. Townsquare's digital transformation shows promise but remains a work in progress balancing growth initiatives against secular broadcast challenges.
Total Digital Net Revenue Growth of +
Townsquare Ignite (Digital Advertising) Net Revenue Growth of +
Repurchased
Completed Debt Refinancing, Extending Maturities to 2030
PURCHASE, N.Y., March 17, 2025 (GLOBE NEWSWIRE) -- 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 +
Mr. Wilson continued, “The strong cash generation characteristics of our assets allowed us to produce
The Company announced today that its Board of Directors approved a quarterly cash dividend of
“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
Segment Reporting
We 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 decreased2.2% 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%
- Digital Advertising net revenue increased
- Total Digital Segment Profit increased
13.2% - Digital Advertising Segment Profit increased
21.6% - Subscription Digital Marketing Solutions Segment Profit decreased
0.8%
- Digital Advertising Segment Profit increased
- Broadcast Advertising net revenue decreased
4.1% , and decreased13.3% excluding political
- Net revenue increased
- 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% , and3.0% 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%
- Digital Advertising net revenue increased
- Total Digital Segment Profit decreased
10.2% - Digital Advertising Segment Profit decreased
11.3% - Subscription Digital Marketing Solutions Segment Profit decreased
7.9%
- Digital Advertising Segment Profit decreased
- Broadcast Advertising net revenue decreased
1.3% , and6.1% , excluding political
- Net revenue decreased
- 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.
Guidance
For the first quarter of 2025, net revenue is expected to be between
For the full year 2025, net revenue is expected to be between
Quarter Ended December 31, 2024 Compared to the Quarter Ended December 31, 2023
Net Revenue
Net revenue for the three months ended December 31, 2024 increased
Net Income (Loss)
For the three months ended December 31, 2024, we reported net income of
Adjusted EBITDA
Adjusted EBITDA for the three months ended December 31, 2024 increased
Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023
Net Revenue
Net revenue for the year ended December 31, 2024, decreased
Net Loss
For the year ended December 31, 2024, we reported a net loss of
Adjusted EBITDA
Adjusted EBITDA for the year ended December 31, 2024 increased
Liquidity and Capital Resources
As of December 31, 2024, we had a total of
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 Events
On February 19, 2025, the Company entered into a
Conference Call
Townsquare 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 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. 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 Definitions
In 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 Relations
Claire Yenicay
(203) 900-5555
investors@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 | 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 | 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 | 154 | 140 | ||||||
| Class B common stock, par value | 8 | 8 | ||||||
| Class C common stock, par value | 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 | |||||
FAQ
What was Townsquare's (TSQ) Q4 2024 digital revenue growth?
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