Document

“I am pleased to share that Townsquare’s net revenue returned to year-over-year growth, driven by sequential improvement across each of our three business segments, due to our local focus and our unique and differentiated digital platform, as well as the benefit from political revenue. Third quarter net revenue increased +0.2% year-over-year and Adjusted EBITDA decreased -6.3% year-over-year, both meeting guidance and reflecting a sequential improvement from the first and second quarter. In addition, net income improved $47.8 million year-over-year, in large part due to a reduction in non-cash impairment charges,” commented Bill Wilson, Chief Executive Officer of Townsquare Media, Inc. “Our return to net revenue growth in the third quarter coincided with our return to total Digital net revenue growth, which increased by +1% year-over-year. In particular, Townsquare Interactive’s sequential revenue growth improved to +3% quarter-over-quarter, and Digital Advertising net revenue increased +5% year-over-year, an acceleration from the +1% revenue growth rates in the first six months of 2024. In total, Digital represented more than half of Townsquare’s net revenue in the first nine months of the year, a true point of differentiation from others in local media, as we have evolved from a local broadcast radio company that was founded in 2010, to a Digital First Local Media Company with a world class team and a unique and differentiated strategy, assets, platforms and solutions.”

Mr. Wilson continued, “We have executed and delivered on what we said we would do, while simultaneously building value for our shareholders through dividend payments, debt reduction and share repurchases. In the first nine months of the year, we have repurchased and retired $25 million of our bonds at a discount to par ($36 million through October), and repurchased $24 million of equity, or 2.3 million shares, including the accretive share repurchase of 1.5 million shares from Madison Square Garden. At the same time, we have maintained our high yielding dividend and a strong cash balance, which was $22 million at the end of the third quarter, and net leverage remained below 4.9x. We are gearing up for our upcoming refinancing, and we look forward to sharing that outcome with our investors when we next report.”

We have three reportable operating segments, Subscription Digital Marketing Solutions, Digital Advertising and Broadcast Advertising. The Subscription Digital Marketing Solutions segment includes our subscription digital marketing solutions business, Townsquare Interactive. The Digital Advertising segment, marketed externally as Townsquare Ignite, includes digital advertising on our owned and operated digital properties, our first party data digital management platform and our digital programmatic advertising platform. 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.

Net revenue for the three months ended September 30, 2024 increased $0.2 million, or 0.2%, to $115.3 million as compared to $115.1 million in the same period in 2023. Digital Advertising net revenue increased $1.9 million, or 4.7%, as compared to the same period in 2023, and Broadcast Advertising net revenue increased $0.2 million, or 0.3%, as compared to the same period in 2023. These increases were partially offset by a decrease in Subscription Digital Marketing Solutions net revenue of $1.2 million, or 5.8%, and a $0.6 million, or 37.3%, decrease in Other net revenue as compared to the same period in 2023. Excluding political revenue of $3.7 million and $0.6 million for the three months ended September 30, 2024 and 2023, respectively, net revenue decreased $2.9 million, or 2.5%, to $111.6 million. Broadcast Advertising net revenue decreased $2.8 million, or 5.3%, to $50.8 million, and Digital Advertising net revenue increased $1.8 million, or 4.6%, to $40.7 million.

For the three months ended September 30, 2024, we reported net income of $11.3 million, an increase of $47.8 million as compared to a net loss of $36.5 million in the same period last year. The increase was primarily due to a $29.0 million decrease in non-cash impairment charges, partially offset by a $2.5 million increase in direct operating expenses and a $22.6 million decrease in the income tax provision due to the valuation allowance for interest expense carryforwards and an increase in certain non-deductible compensation costs. Adjusted Net Income decreased $2.2 million as compared to the same period last year.

Net revenue for the nine months ended September 30, 2024, decreased $6.3 million, or 1.8%, to $333.2 million as compared to $339.4 million in the same period in 2023. Subscription Digital Marketing Solutions net revenue decreased $7.2 million, or 11.5%, Other net revenue decreased $1.3 million, or 15.3%, and Broadcast Advertising net revenue decreased $0.4 million, or 0.3%, as compared to the same period in 2023. These declines were partially offset by a $2.7 million, or 2.4%, increase in Digital Advertising net revenue as compared to the same period in 2023. Excluding political revenue of $6.2 million and $1.2 million for the nine months ended September 30, 2024 and 2023, respectively, net revenue decreased $11.3 million, or 3.3% to $327.0 million, Broadcast Advertising net revenue decreased $5.1 million, or 3.4%, to $147.6 million, and Digital Advertising net revenue increased $2.5 million, or 2.2%, to $116.2 million.

For the nine months ended September 30, 2024, we reported a net loss of $36.0 million, a decrease of $5.2 million as compared to a net loss of $41.1 million in the same period last year. The decrease was due to a $29.4 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 $4.5 million increase in the income tax provision was driven by the valuation allowance for interest expense carryforwards and an increase in certain non-deductible compensation costs. Adjusted Net Income decreased $9.7 million as compared to the same period last year.

Townsquare Media, Inc. will host a conference call to discuss certain third quarter 2024 financial results and 2024 guidance on Thursday, November 7, 2024 at 10:00 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.

Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for SMBs; a robust digital advertising division, Townsquare Ignite, a powerful combination of a) an 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 and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 349 local terrestrial radio stations in 74 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com and NJ101.5.com, and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com, and Loudwire.com. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com and www.townsquareignite.com.

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 2023 Annual Report on Form 10-K, for the year ended December 31, 2023, filed with the SEC on March 15, 2024, 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.

We define Adjusted Operating Income by Segment as operating income by segment before the deduction of depreciation and amortization, stock-based compensation, corporate expenses, transaction costs, business realignment costs, impairments and net loss (gain) on sale and retirement of assets. 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 September 30, 2024, divided by our Adjusted EBITDA for the twelve months ended September 30, 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 Operating Income by Segment to evaluate the operating performance of our business segments. 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 Operating Income by Segment, Adjusted EBITDA, Adjusted EBITDA (Excluding Political), Adjusted Net Income, Adjusted Net Income Per Share, and Net Leverage when determining discretionary bonuses.


	September 30, 2024		December 31, 2023
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	21,786	$	61,046
Accounts receivable, net of allowance for credit losses of $4,131 and $4,041, respectively	57,654		60,780
Prepaid expenses and other current assets	12,759		10,356

Total current assets	92,199		132,182
Property and equipment, net	110,428		110,194
Intangible assets, net	165,179		200,306
Goodwill	152,903		157,270
Investments	975		3,542
Operating lease right-of-use assets	42,460		46,887
Other assets	763		1,165
Restricted cash	509		503
Total assets	$	565,416	$	652,049
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	3,799	$	5,036

Deferred revenue	9,092		9,059
Accrued compensation and benefits	12,007		13,085
Accrued expenses and other current liabilities	26,986		25,112
Operating lease liabilities, current	9,487		9,376

Accrued interest	5,501		14,420

Total current liabilities	66,872		76,088
Long-term debt, net of deferred finance costs of $2,234 and $3,960, respectively	476,702		499,658
Deferred tax liability	25,163		11,856
Operating lease liability, net of current portion	38,153		41,437
Other long-term liabilities	10,989		13,099
Total liabilities	617,879		642,138
Stockholders’ equity:
Class A common stock, par value $0.01 per share; 300,000,000 shares authorized; 15,196,963 and 14,023,767 shares issued and outstanding, respectively	152		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	165		168
Treasury stock, at cost; 965,399 and 183,768 shares of Class A common stock, respectively	(11,218)		(2,177)
Additional paid-in capital	304,097		310,612
Accumulated deficit	(349,000)		(302,193)
Non-controlling interest	3,493		3,501
Total stockholders’ equity	(52,463)		9,911
Total liabilities and stockholders’ equity	$	565,416	$	652,049


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net revenue	$	115,311	$	115,104	$	333,169	$	339,445
Operating costs and expenses:
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	83,794		81,323		246,201		245,301
Depreciation and amortization	4,947		4,717		14,896		14,496
Corporate expenses	6,063		6,604		17,762		18,911
Stock-based compensation	2,867		2,350		14,062		6,228
Transaction and business realignment costs	645		161		3,683		764


Impairment of intangible assets, investments, goodwill and long-lived assets	2,008		30,970		36,264		65,697

Net gain on sale and retirement of assets	(110)		(362)		(66)		(703)
Total operating costs and expenses	100,214		125,763		332,802		350,694
Operating income (loss)	15,097		(10,659)		367		(11,249)
Other expense (income):
Interest expense, net	9,175		9,343		27,418		28,215
Gain on repurchases of debt	(8)		(430)		(11)		(1,249)
Other income, net	(277)		(547)		(4,974)		(6,451)
Income (loss) from operations before tax	6,207		(19,025)		(22,066)		(31,764)
Income tax (benefit) provision	(5,129)		17,478		13,903		9,380


Net income (loss)	$	11,336	$	(36,503)	$	(35,969)	$	(41,144)

Net income (loss) attributable to:
Controlling interests	$	10,847	$	(36,999)	$	(37,261)	$	(42,620)
Non-controlling interests	489		496		1,292		1,476
Net income (loss)	$	11,336	$	(36,503)	$	(35,969)	$	(41,144)

Basic income (loss) per share	$	0.71	$	(2.27)	$	(2.38)	$	(2.52)





Diluted income (loss) per share	$	0.63	$	(2.27)	$	(2.38)	$	(2.52)



Weighted average shares outstanding:
Basic	15,296		16,277		15,650		16,897

Diluted	17,227		16,277		15,650		16,897


	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net loss	$	(35,969)	$	(41,144)


Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	14,896		14,496
Amortization of deferred financing costs	1,576		1,567
Non-cash lease (income) expense	(558)		69
Net deferred taxes and other	13,307		8,817
Allowance for credit losses	4,036		2,817
Stock-based compensation expense	14,062		6,228
Gain on repurchases of debt	(11)		(1,249)

Trade and barter activity, net	(993)		(1,352)
Impairment of intangible assets, investments, goodwill and long-lived assets	36,264		65,697
Realized gain on sale of digital assets	—		(839)



Gain on sale of investment	(4,054)		(5,210)

Unrealized gain on investment	(202)		493


Amortization of content rights	3,667		3,645
Change in content rights liabilities	(3,747)		(1,819)
Reimbursement of equipment modification costs	—		(1,487)
Other	1,837		(1,276)
Changes in assets and liabilities:
Accounts receivable	(1,117)		(3,037)
Prepaid expenses and other assets	(1,516)		5,130

Accounts payable	(1,231)		646
Accrued expenses	(10,812)		(3,845)
Accrued interest	(8,920)		(9,443)
Other long-term liabilities	42		60


Net cash provided by operating activities	20,557		38,964
Cash flows from investing activities:

Purchases of property and equipment	(13,771)		(11,373)


Proceeds from sale of digital assets	—		2,975
Proceeds from insurance recoveries	336		721
Proceeds from sale of assets and investment related transactions	5,829		7,277



Net cash used in investing activities	(7,606)		(400)
Cash flows from financing activities:

Repurchases of 2026 Notes	(24,521)		(25,621)









Dividend payments	(9,267)		(6,285)
Proceeds from stock options exercised	7,252		5,440
Shares withheld in lieu of employee tax withholding	(35)		—
Withholdings for shares issued under the ESPP	708		729

Repurchases of stock	(23,551)		(16,645)
Cash distribution to non-controlling interests	(1,300)		(1,499)

Repayments of capitalized obligations	(1,491)		(140)
Net cash used in financing activities	(52,205)		(44,021)
Cash and cash equivalents and restricted cash:
Net decrease in cash, cash equivalents and restricted cash	(39,254)		(5,457)
Beginning of period	61,549		43,913
End of period	$	22,295	$	38,456


	Nine Months Ended September 30,
	2024		2023
Supplemental Disclosure of Cash Flow Information:
Cash payments:
Interest	$	35,390	$	37,273
Income taxes	945		1,122

Supplemental Disclosure of Non-cash Activities:

Dividends declared, but not paid during the period	$	3,214	$	3,164


Property and equipment acquired in exchange for advertising(1)	772		550

Accrued capital expenditures	79		229





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	$	9,175	$	8,850
Right-of-use assets obtained in exchange for operating lease obligations	4,691		4,035

Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	21,786	$	37,955
Restricted cash	509		501
	$	22,295	$	38,456


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024		2023		% Change		2024		2023		% Change
Subscription Digital Marketing Solutions	$	19,080	$	20,257	(5.8)	%	$	55,848	$	63,086	(11.5)	%
Digital Advertising	40,861		39,009		4.7	%	116,541		113,842		2.4	%
Broadcast Advertising	54,330		54,179		0.3	%	153,418		153,822		(0.3)	%
Other	1,040		1,659		(37.3)	%	7,362		8,695		(15.3)	%
Net revenue	115,311		115,104		0.2	%	333,169		339,445		(1.8)	%
Subscription Digital Marketing Solutions Expenses	13,956		14,498		(3.7)	%	40,251		45,703		(11.9)	%
Digital Advertising expenses	30,050		27,271		10.2	%	87,665		77,666		12.9	%
Broadcast Advertising expenses	38,560		37,510		2.8	%	111,442		113,858		(2.1)	%
Other expenses	1,228		2,044		(39.9)	%	6,843		8,074		(15.2)	%
Direct operating expenses	83,794		81,323		3.0	%	246,201		245,301		0.4	%
Depreciation and amortization	4,947		4,717		4.9	%	14,896		14,496		2.8	%
Corporate expenses	6,063		6,604		(8.2)	%	17,762		18,911		(6.1)	%
Stock-based compensation	2,867		2,350		22.0	%	14,062		6,228		125.8	%
Transaction and business realignment costs	645		161		300.6	%	3,683		764		382.1	%

Impairment of intangible assets, investments, goodwill and long-lived assets	2,008		30,970		(93.5)	%	36,264		65,697		(44.8)	%

Net gain on sale and retirement of assets	(110)		(362)		(69.6)	%	(66)		(703)		(90.6)	%
Total operating costs and expenses	100,214		125,763		(20.3)	%	332,802		350,694		(5.1)	%
Operating income (loss)	15,097		(10,659)		(241.6)	%	367		(11,249)		(103.3)	%
Other expense (income):
Interest expense, net	9,175		9,343		(1.8)	%	27,418		28,215		(2.8)	%
Gain on repurchases of debt	(8)		(430)		(98.1)	%	(11)		(1,249)		(99.1)	%
Other income, net	(277)		(547)		(49.4)	%	(4,974)		(6,451)		(22.9)	%
Income (loss) from operations before tax	6,207		(19,025)		(132.6)	%	(22,066)		(31,764)		(30.5)	%
Income tax (benefit) provision	(5,129)		17,478		129.3	%	13,903		9,380		(48.2)	%


Net income (loss)	$	11,336	$	(36,503)	(131.1)	%	$	(35,969)	$	(41,144)	(12.6)	%



	Three Months Ended September 30,						Nine Months Ended September 30,
	(Unaudited)						(Unaudited)
	2024		2023		% Change		2024		2023		% Change
Subscription Digital Marketing Solutions	$	19,080	$	20,257	(5.8)	%	$	55,848	$	63,086	(11.5)	%
Digital Advertising	40,861		39,009		4.7	%	116,541		113,842		2.4	%
Digital	59,941		59,266		1.1	%	172,389		176,928		(2.6)	%
Broadcast Advertising	54,330		54,179		0.3	%	153,418		153,822		(0.3)	%
Other	1,040		1,659		(37.3)	%	7,362		8,695		(15.3)	%
Net revenue	$	115,311	$	115,104	0.2	%	$	333,169	$	339,445	(1.8)	%
Subscription Digital Marketing Solutions	$	5,124	$	5,759	(11.0)	%	$	15,597	$	17,383	(10.3)	%
Digital Advertising	10,811		11,738		(7.9)	%	28,876		36,176		(20.2)	%
Digital	15,935		17,497		(8.9)	%	44,473		53,559		(17.0)	%
Broadcast Advertising	15,770		16,669		(5.4)	%	41,976		39,964		5.0	%
Other	(188)		(385)		(51.2)	%	519		621		(16.4)	%
Adjusted Operating Income	$	31,517	$	33,781	(6.7)	%	$	86,968	$	94,144	(7.6)	%



	Three Months Ended September 30,						Nine Months Ended September 30,
	(Unaudited)						(Unaudited)
	2024		2023		% Change		2024		2023		% Change
Subscription Digital Marketing Solutions	$	19,080	$	20,257	(5.8)	%	$	55,848	$	63,086	(11.5)	%
Digital Advertising	40,861		39,009		4.7	%	116,541		113,842		2.4	%
Digital	59,941		59,266		1.1	%	172,389		176,928		(2.6)	%
Broadcast Advertising	54,330		54,179		0.3	%	153,418		153,822		(0.3)	%
Other	1,040		1,659		(37.3)	%	7,362		8,695		(15.3)	%
Net revenue	$	115,311	$	115,104	0.2	%	$	333,169	$	339,445	(1.8)	%
Subscription Digital Marketing Solutions political revenue	—		—		—		—		—		—
Digital Advertising political revenue	145		66		119.7	%	364		127		186.6	%
Broadcast Advertising political revenue	3,555		561		533.7	%	5,855		1,118		423.7	%
Other political revenue	—		—		—		—		—		—
Political revenue	$	3,700	$	627	490.1	%	$	6,219	$	1,245	399.5	%
Subscription Digital Marketing Solutions net revenue (ex. political)	$	19,080	$	20,257	(5.8)	%	$	55,848	$	63,086	(11.5)	%
Digital Advertising net revenue (ex. political)	40,716		38,943		4.6	%	116,177		113,715		2.2	%
Digital net revenue (ex. political)	59,796		59,200		1.0	%	172,025		176,801		(2.7)	%
Broadcast Advertising political net revenue (ex. political)	50,775		53,618		(5.3)	%	147,563		152,704		(3.4)	%
Other net revenue (ex. political)	1,040		1,659		(37.3)	%	7,362		8,695		(15.3)	%
Net revenue (ex. political)	$	111,611	$	114,477	(2.5)	%	$	326,950	$	338,200	(3.3)	%



	Three Months Ended September 30,				Nine Months Ended September 30,
	(Unaudited)
	2024		2023		2024		2023
Net income (loss)	$	11,336	$	(36,503)	$	(35,969)	$	(41,144)


Income tax (benefit) provision	(5,129)		17,478		13,903		9,380
Income (loss) from operations before taxes	6,207		(19,025)		(22,066)		(31,764)
Transaction and business realignment costs	645		161		3,683		764


Impairment of intangible assets, investments, goodwill and long-lived assets	2,008		30,970		36,264		65,697

Net gain on sale and retirement of assets	(110)		(362)		(66)		(703)
Gain on repurchases of debt	(8)		(430)		(11)		(1,249)
Gain on sale of digital assets	—		—		—		(839)
Gain on sale of investment	(46)		—		(4,054)		(5,210)
Change in fair value of investment	—		605		(202)		493
Gain on insurance recoveries	(58)		(349)		(336)		(721)
Net income attributable to non-controlling interest, net of income taxes	(489)		(496)		(1,292)		(1,476)
Adjusted net income before income taxes	8,149		11,074		11,920		24,992
Income tax provision (1)	2,069		2,824		3,027		6,373
Adjusted Net Income	$	6,080	$	8,250	$	8,893	$	18,619


Adjusted Net Income Per Share:
Basic	$	0.40	$	0.51	$	0.57	$	1.10
Diluted	$	0.35	$	0.46	$	0.50	$	1.05

Weighted average shares outstanding:
Basic	15,296		16,277		15,650		16,897
Diluted	17,227		18,073		17,694		17,726



	Three Months Ended September 30,				Nine Months Ended September 30,
	(Unaudited)
	2024		2023		2024		2023


Net income (loss)	$	11,336	$	(36,503)	$	(35,969)	$	(41,144)
Income tax (benefit) provision	(5,129)		17,478		13,903		9,380
Interest expense, net	9,175		9,343		27,418		28,215
Gain on repurchases of debt	(8)		(430)		(11)		(1,249)
Depreciation and amortization	4,947		4,717		14,896		14,496
Stock-based compensation	2,867		2,350		14,062		6,228
Transaction and business realignment costs	645		161		3,683		764


Impairment of intangible assets, investments, goodwill and long-lived assets	2,008		30,970		36,264		65,697




Other (a)	(387)		(909)		(5,040)		(7,154)
Adjusted EBITDA	$	25,454	$	27,177	$	69,206	$	75,233
Political Adjusted EBITDA	(3,145)		(533)		(5,286)		(1,058)
Adjusted EBITDA (Excluding Political)	$	22,309	$	26,644	$	63,920	$	74,175
Political Adjusted EBITDA	3,145		533		5,286		1,058
Net cash paid for interest	(17,146)		(18,219)		(35,390)		(37,273)
Capital expenditures	(5,092)		(4,237)		(13,771)		(11,373)
Cash paid for taxes	(261)		(305)		(945)		(1,122)
Adjusted EBITDA Less Interest, Capex and Taxes	$	2,955	$	4,416	$	19,100	$	25,465


	Three Months Ended								Twelve Months Ended
	(Unaudited)
	December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2024
Net (loss) income	$	(1,878)	$	1,553	$	(48,858)	$	11,336	$	(37,847)
Income tax (benefit) provision	(15,522)		207		18,825		(5,129)		(1,619)
Interest expense, net	9,034		9,031		9,212		9,175		36,452

Gain on repurchases of debt	—		—		(3)		(8)		(11)
Depreciation and amortization	4,704		4,935		5,014		4,947		19,600
Stock-based compensation	1,805		2,870		8,325		2,867		15,867
Transaction and business realignment costs	405		1,444		1,594		645		4,088



Impairment of intangible assets, investments, goodwill and long-lived assets	24,881		1,618		32,638		2,008		61,145


Other (a)	1,349		(4,137)		(516)		$	(387)	(3,691)
Adjusted EBITDA	$	24,778	$	17,521	$	26,231	$	25,454	$	93,984


	Three Months Ended September 30, 2024
	(Unaudited)
	Subscription Digital Marketing Solutions		Digital Advertising		Broadcast Advertising		Other
Operating income (loss)	$	4,388	$	10,417	$	12,682	$	(1,903)
Depreciation and amortization	602		251		2,715		32

Stock-based compensation	134		143		188		4
Transaction and business realignment costs	—		—		161		5
Impairment of intangible assets, investments, goodwill and long-lived assets	—		—		134		1,674
Net gain on sale and retirement of assets	—		—		(110)		—
Adjusted Operating Income (Loss)	$	5,124	$	10,811	$	15,770	$	(188)


	Three Months Ended September 30, 2023
	(Unaudited)
	Subscription Digital Marketing Solutions		Digital Advertising		Broadcast Advertising		Other
Operating income (loss)	$	5,282	$	11,448	$	(13,081)	$	(427)
Depreciation and amortization	325		147		3,263		35

Stock-based compensation	152		143		240		4
Transaction and business realignment costs	—		—		6		3


Impairment of intangible assets, investments, goodwill and long-lived assets	—		—		26,603		—
Net gain on sale and retirement of assets	—		—		(362)		—
Adjusted Operating Income	$	5,759	$	11,738	$	16,669	$	(385)


	Nine Months Ended September 30, 2024
	(Unaudited)
	Subscription Digital Marketing Solutions		Digital Advertising		Broadcast Advertising		Other
Operating income (loss)	$	13,305	$	25,895	$	2,724	$	(2,190)
Depreciation and amortization	1,824		698		8,386		97

Stock-based compensation	468		499		546		12
Transaction and business realignment costs	—		—		249		17

Impairment of intangible assets, investments, goodwill and long-lived assets	—		1,784		30,137		2,583
Net gain on sale and retirement of assets	—		—		(66)		—
Adjusted Operating Income	$	15,597	$	28,876	$	41,976	$	519


	Nine Months Ended September 30, 2023
	(Unaudited)
	Subscription Digital Marketing Solutions		Digital Advertising		Broadcast Advertising		Other
Operating income (loss)	$	15,972	$	35,439	$	(22,399)	$	493
Depreciation and amortization	980		479		10,245		104

Stock-based compensation	431		258		622		10
Transaction and business realignment costs	—		—		366		14


Impairment of intangible assets, investments, goodwill and long-lived assets	—		—		51,833		—
Net gain on sale and retirement of assets	—		—		(703)		—
Adjusted Operating Income	$	17,383	$	36,176	$	39,964	$	621