Townsquare Reports Q3 Results
Townsquare (NYSE: TSQ) reported third quarter 2025 results: net revenue $106.8M (down 7.4% YoY; -4.5% excluding political) and Adjusted EBITDA $22.0M (down 13.5% YoY; -2.0% excluding political). The company reported a net loss of $5.5M for Q3. Digital channels represented 55% of YTD net revenue and 55% of segment profit, with Total Digital net revenue +2.1% YTD and Digital Segment Profit +3.6% YTD. Townsquare Interactive delivered Segment Profit growth of +21.1% in Q3 (+19% YTD). The board approved a $0.20 quarterly dividend payable Feb 2, 2026. Since the February 2025 refinancing the company reduced debt by $17M. Liquidity: cash $3.2M and outstanding indebtedness $463.4M; net leverage ~4.71x. Q4 guidance: net revenue $105M–$109M; Adjusted EBITDA $21.5M–$23.5M.
Townsquare (NYSE: TSQ) ha riportato i risultati del terzo trimestre 2025: ricavi netti 106,8 milioni di dollari (in calo del 7,4% su base annua; -4,5% escludendo aspetti politici) e EBITDA rettificato 22,0 milioni di dollari (in calo del 13,5% su base annua; -2,0% escludendo aspetti politici). L’azienda ha registrato una perdita netta di 5,5 milioni nel Q3. I canali digitali hanno rappresentato il 55% dei ricavi netti YTD e il 55% dell’utile di segmento, con i ricavi netti digitali totali in crescita +2,1% YTD e il Digital Segment Profit in crescita +3,6% YTD. Townsquare Interactive ha registrato una crescita dell’utile di segmento di +21,1% nel Q3 (+19% YTD). Il consiglio ha approvato un dividendo trimestrale di 0,20 USD pagabile il 2 febbraio 2026. Dalla rifinanziamento di febbraio 2025 la società ha ridotto il debito di 17 milioni. Liquidità: cassa 3,2 milioni e indebitamento pendente 463,4 milioni; leverage netto circa 4,71x. Guida Q4: ricavi netti 105–109 milioni; EBITDA rettificato 21,5–23,5 milioni.
Townsquare (NYSE: TSQ) informó resultados del tercer trimestre de 2025: ingresos netos de 106,8 millones de dólares (caída del 7,4% interanual; -4,5% excluyendo político) y EBITDA ajustado de 22,0 millones de dólares (caída del 13,5% interanual; -2,0% excluyendo político). La empresa reportó una pérdida neta de 5,5 millones en el Q3. Los canales digitales representaron el 55% de los ingresos netos acumulados del año y el 55% de la utilidad del segmento, con el ingreso neto digital total +2,1% YTD y la Ganancia del Segmento Digital +3,6% YTD. Townsquare Interactive mostró un crecimiento de la utilidad del segmento de +21,1% en el Q3 (+19% YTD). La junta aprobó un dividendo trimestral de 0,20 USD pagadero el 2 de febrero de 2026. Desde el refinanciamiento de febrero de 2025 la empresa redujo la deuda en 17 millones. Liquidez: efectivo 3,2 millones y endeudamiento pendiente 463,4 millones; apalancamiento neto ~ 4,71x. Guía para el 4º trimestre: ingresos netos 105–109 millones; EBITDA ajustado 21,5–23,5 millones.
Townsquare (NYSE: TSQ) 는 2025년 3분기 실적을 발표했습니다: 순매출 106.8백만 달러 (전년 동기 대비 -7.4%; 정치 요인을 제외하면 -4.5%) 및 조정 EBITDA 22.0백만 달러 (전년 동기 대비 -13.5%; 정치 요인을 제외하면 -2.0%). 회사는 Q3에서 순손실 5.5백만 달러를 보고했습니다. 디지털 채널은 연간 누적 순매출의 55%와 세그먼트 이익의 55%를 차지했고, 총 디지털 순매출은 YTD +2.1%, 디지털 세그먼트 이익은 YTD +3.6%를 기록했습니다. Townsquare Interactive 는 Q3에서 세그먼트 이익이 +21.1% 성장했고, YTD로는 +19%였습니다. 이사회는 2026년 2월 2일 지급될 분기배당 0.20 USD를 승인했습니다. 2025년 2월 재융자 이후 회사의 부채는 1700만 달러 감소했습니다. 유동성: 현금 320만 달러, 미지급 차입금 4억 6340만 달러; 순차입 레버리지 약 4.71x. 4분기 가이던스: 순매출 105–109백만 달러; 조정 EBITDA 21.5–23.5백만 달러.
Townsquare (NYSE: TSQ) a publié les résultats du troisième trimestre 2025: chiffre d’affaires net de 106,8 M$ (en baisse de 7,4% sur un an; -4,5% hors politique) et EBITDA ajusté de 22,0 M$ (en baisse de 13,5% sur un an; -2,0% hors politique). L’entreprise a enregistré une perte nette de 5,5 M$ pour le T3. Les canaux digitaux représentaient 55% du chiffre d’affaires net cumulatif YTD et 55% du bénéfice du segment, avec un chiffre d’affaires net numérique total en hausse de +2,1% YTD et un profit du segment numérique en hausse de +3,6% YTD. Townsquare Interactive a dégagé une croissance du profit de segment de +21,1% au T3 (+19% YTD). Le conseil d’administration a approuvé un dividende trimestriel de 0,20 USD, payable le 2 février 2026. Depuis le refinancement de février 2025, l’entreprise a réduit sa dette de 17 M$. Liquidité : trésorerie 3,2 M$, dette nette en cours 463,4 M$; levier net environ 4,71x. Prévisions T4: chiffre d’affaires net 105–109 M$; EBITDA ajusté 21,5–23,5 M$.
Townsquare (NYSE: TSQ) meldete die Ergebnisse des dritten Quartals 2025: Nettoumsatz 106,8 Mio. USD (Rückgang um 7,4% YoY; -4,5% ohne politische Faktoren) und bereinigtes EBITDA 22,0 Mio. USD (Rückgang um 13,5% YoY; -2,0% ohne politische Faktoren). Das Unternehmen meldete einen Nettom Verlust von 5,5 Mio. USD für Q3. Digitale Kanäle machten 55% des YTD Nettoumsatzes und 55% des Segmentgewinns aus, mit Total Digital Nettoumsatz +2,1% YTD und Digital Segment Profit +3,6% YTD. Townsquare Interactive verzeichnete ein Segmentgewinnwachstum von +21,1% im Q3 (+19% YTD). Der Vorstand billigte eine vierteljährliche Dividende von 0,20 USD, zahlbar am 2. Februar 2026. Seit der Refinanzierung im Februar 2025 reduzierte das Unternehmen die Verschuldung um 17 Mio. USD. Liquidität: Barmittel 3,2 Mio. USD und ausstehende Verbindlichkeiten 463,4 Mio. USD; Nettolverage ca. 4,71x. Guidance Q4: Nettoumsatz 105–109 Mio. USD; bereinigtes EBITDA 21,5–23,5 Mio. USD.
Townsquare (NYSE: TSQ) أبلغت عن نتائج الربع الثالث من عام 2025: إيرادات صافية قدرها 106.8 مليون دولار (انخفاض بنسبة 7.4% على أساس سنوي؛ -4.5% باستثناء الجوانب السياسية) وEBITDA المعدل 22.0 مليون دولار (انخفاض بنسبة 13.5% على أساس سنوي؛ -2.0% باستثناء الجوانب السياسية). أبلغت الشركة عن خسارة صافية قدرها 5.5 مليون دولار للربع الثالث. قدّمت القنوات الرقمية 55% من الإيرادات الصافية حتى تاريخه (YTD) و55% من ربح القطاع، مع زيادة الإيرادات الرقمية الصافية الإجمالية +2.1% حتى تاريخه وارتفاع ربح القطاع الرقمي +3.6% حتى تاريخه. حققت Townsquare Interactive نمواً في ربح القطاع بنسبة +21.1% في الربع الثالث (+19% YTD). وافق المجلس على توزيعة ربع سنوية قدرها 0.20 دولار تدفع في 2 فبراير 2026. منذ إعادة التمويل في فبراير 2025 خفضت الشركة الدين بمقدار 17 مليون دولار. السيولة: النقد 3.2 ملايين دولار والدين المستحق 463.4 مليون دولار؛ الرفع الصافي نحو 4.71x. التوجيه للربع الرابع: الإيرادات الصافية 105–109 ملايين دولار؛ EBITDA المعدل 21.5–23.5 ملايين دولار.
- Digital share 55% of YTD net revenue
- Total Digital net revenue +2.1% YTD
- Digital Segment Profit +3.6% YTD
- Townsquare Interactive Segment Profit +21.1% Q3
- Reduced outstanding debt by $17M since Feb 2025 refinancing
- Board approved quarterly dividend of $0.20 per share
- Q3 net revenue -7.4% YoY (or -4.5% excluding political)
- Q3 Adjusted EBITDA -13.5% YoY (or -2.0% excluding political)
- Reported Q3 net loss of $5.5M
- Broadcast Advertising net revenue -13.8% Q3 (or -8.1% excluding political)
- Outstanding indebtedness of $463.4M with net leverage ~4.71x
Insights
Townsquare met guidance, showed modest Digital growth and debt reduction, but reported a Q3 net loss and high dividend yield.
Townsquare Media delivered results that largely matched prior guidance: third quarter net revenue of
The company reduced indebtedness since refinancing, repaid
Key dependencies and risks include continued digital revenue strength versus deteriorating broadcast and audience trends, interest expense (which rose) and execution of cost controls that delivered margin improvement excluding political revenue. Watch the company’s
Digital Represents
Reduced Debt by
PURCHASE, N.Y., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare”, the "Company," "we," "us," or "our") announced today its financial results for the third quarter ended September 30, 2025.
“I am pleased to share that Townsquare’s third quarter results met our previously issued net revenue and Adjusted EBITDA guidance, reflecting our team’s hard work in the current macroeconomic environment. In the third quarter, net revenue decreased -
Mr. Wilson continued, “Despite numerous headwinds that we have encountered, we are proud that the execution of our Digital First Local Media strategy has allowed us to deliver excellent results for our clients, while also producing strong cash flow from operations due to the thoughtful and deliberate management of our expense base. Since our successful February refinancing, we have applied our cash flow towards organic investment in our digital growth engine and debt repayment, while also maintaining our high yielding dividend. Since the refinancing, we have reduced our outstanding debt by
The Company announced today that its Board of Directors approved a 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.
Third Quarter Results*
- As compared to the third quarter of 2024:
- Net revenue decreased
7.4% , and4.5% excluding political - Net (loss) income decreased
$16.8 million from net income of$11.3 million to a net loss of$5.5 million - Adjusted EBITDA decreased
13.5% , and2.0% excluding political - Total Digital net revenue decreased
1.8% - Digital Advertising net revenue decreased
1.5% - Subscription Digital Marketing Solutions (“Townsquare Interactive”) net revenue decreased
2.3%
- Digital Advertising net revenue decreased
- Total Digital Segment Profit decreased
6.8% - Digital Advertising Segment Profit decreased
20.1% - Subscription Digital Marketing Solutions Segment Profit increased
21.1%
- Digital Advertising Segment Profit decreased
- Broadcast Advertising net revenue decreased
13.8% , and8.1% excluding political
- Net revenue decreased
- Net loss per diluted share was
$0.36 and Adjusted Net Income per diluted share was$0.05 - Repaid
$8.7 million of our Term Loan, including the voluntary repayment of$5.8 million at a discount to par
Year-to-Date Highlights*
- As compared to the nine months ended September 30, 2024:
- Net revenue decreased
3.7% , and2.3% excluding political - Net loss decreased
$31.0 million from net loss of$36.0 million to net loss of$5.0 million - Adjusted EBITDA decreased
3.8% , and increased2.4% excluding political - Total Digital net revenue increased
2.1% - Digital Advertising net revenue increased
2.6% - Subscription Digital Marketing Solutions net revenue increased
1.1%
- Digital Advertising net revenue increased
- Total Digital Segment Profit increased
3.6% - Digital Advertising Segment Profit decreased
5.0% - Subscription Digital Marketing Solutions Segment Profit increased
19.4%
- Digital Advertising Segment Profit decreased
- Broadcast Advertising net revenue decreased
10.8% , and8.0% excluding political
- Net revenue decreased
- Entered into a five-year
$490 million Credit Agreement, including a$470 million Senior Secured Term Loan Facility and a$20 million Revolving Credit Facility - Redeemed all of the Company’s outstanding 2026 Senior Secured Notes of
$467.4 million - Repaid
$11.6 million of our Term Loan, including the voluntary repayment of$5.8 million at a discount to par - Reduced outstanding debt by
$16.6 million since the February 2025 refinancing, including a$5.0 million net reduction of the outstanding Revolving Credit Facility
*See below for discussion of non-GAAP measures.
Guidance
For the fourth quarter of 2025, net revenue is expected to be between
For the full year 2025, net revenue is expected to be between
Quarter Ended September 30, 2025 Compared to the Quarter Ended September 30, 2024
Net Revenue
Net revenue for the three months ended September 30, 2025 decreased
Excluding political revenue of
Net (Loss) Income
For the three months ended September 30, 2025, we reported net loss of
Adjusted EBITDA
Adjusted EBITDA for the three months ended September 30, 2025 decreased
Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
Net Revenue
Net revenue for the nine months ended September 30, 2025, decreased
Excluding political revenue of
Net (Loss) Income
For the nine months ended September 30, 2025, we reported net loss of
Adjusted EBITDA
Adjusted EBITDA for the nine months ended September 30, 2025 decreased
Liquidity and Capital Resources
As of September 30, 2025, we had a total of
The table below presents a summary, as of November 5, 2025, of our outstanding common stock (net of treasury shares).
| Security | Number Outstanding | Description | ||
| Class A common stock | 15,145,320 | 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 | 16,460,616 | |||
| 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. | ||||
Conference Call
Townsquare Media, Inc. will host a conference call to discuss certain third quarter 2025 financial results and 2025 guidance on Monday, November 10, 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 November 17, 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 1105548. 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) loss on repurchases and extinguishment of debt, transaction and business realignment costs, depreciation and amortization, stock-based compensation, impairments, net (gain) loss 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, gain on sale of investment, change in fair value of investment, net (gain) loss on sale and retirement of assets, (gain) loss on repayments, repurchases and extinguishment of debt, 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, 2025, divided by our Adjusted EBITDA for the twelve months ended September 30, 2025. 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 nonrecurring 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 loss (gain) on extinguishment and repurchases of debt, transaction costs, net (gain) loss on sale and retirement of assets and investments, business realignment costs and 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) (unaudited) | |||||||
| September 30, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 3,211 | $ | 32,990 | |||
| Accounts receivable, net of allowance for credit losses of | 55,493 | 60,635 | |||||
| Prepaid expenses and other current assets | 13,529 | 11,822 | |||||
| Total current assets | 72,233 | 105,447 | |||||
| Property and equipment, net | 110,878 | 110,269 | |||||
| Intangible assets, net | 157,947 | 162,156 | |||||
| Goodwill | 149,903 | 152,903 | |||||
| Investments | 725 | 725 | |||||
| Operating lease right-of-use assets | 46,664 | 48,322 | |||||
| Other assets | 561 | 592 | |||||
| Restricted cash | 323 | — | |||||
| Total assets | $ | 539,234 | $ | 580,414 | |||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 8,954 | $ | 4,451 | |||
| Current portion of long-term debt | 11,750 | — | |||||
| Deferred revenue | 8,178 | 9,899 | |||||
| Accrued compensation and benefits | 9,312 | 12,903 | |||||
| Accrued expenses and other current liabilities | 30,438 | 26,572 | |||||
| Operating lease liabilities, current | 8,209 | 9,026 | |||||
| Accrued interest | 4,883 | 13,405 | |||||
| Total current liabilities | 81,724 | 76,256 | |||||
| Long-term debt, net of discount and deferred finance costs of | 425,848 | 465,756 | |||||
| Deferred tax liability | 14,166 | 12,500 | |||||
| Operating lease liability, net of current portion | 43,501 | 44,177 | |||||
| Other long-term liabilities | 7,958 | 10,167 | |||||
| Total liabilities | 573,197 | 608,856 | |||||
| Stockholders’ deficit: | |||||||
| Class A common stock, par value | 161 | 154 | |||||
| Class B common stock, par value | 8 | 8 | |||||
| Class C common stock, par value | 5 | 5 | |||||
| Total common stock | 174 | 167 | |||||
| Treasury stock, at cost; 965,399 and 965,399 shares of Class A common stock, respectively | (11,203 | ) | (11,203 | ) | |||
| Additional paid-in capital | 318,318 | 307,000 | |||||
| Accumulated deficit | (344,683 | ) | (327,819 | ) | |||
| Non-controlling interest | 3,431 | 3,413 | |||||
| Total stockholders’ deficit | (33,963 | ) | (28,442 | ) | |||
| Total liabilities and stockholders’ deficit | $ | 539,234 | $ | 580,414 | |||
| TOWNSQUARE MEDIA, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in Thousands, Except Per Share Data) (unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net revenue | $ | 106,759 | $ | 115,311 | $ | 320,882 | $ | 333,169 | |||||||
| Operating costs and expenses: | |||||||||||||||
| Direct operating expenses, excluding depreciation, amortization, and stock-based compensation | 78,758 | 83,794 | 237,403 | 246,201 | |||||||||||
| Depreciation and amortization | 4,646 | 4,947 | 13,619 | 14,896 | |||||||||||
| Corporate expenses | 5,985 | 6,063 | 16,905 | 17,762 | |||||||||||
| Stock-based compensation | 3,066 | 2,867 | 11,044 | 14,062 | |||||||||||
| Transaction and business realignment costs | 6,891 | 645 | 10,718 | 3,683 | |||||||||||
| Impairment of intangible assets, goodwill, investments and long-lived assets | 3,098 | 2,008 | 4,598 | 36,264 | |||||||||||
| Net gain on sales and retirements of assets | (1,621 | ) | (110 | ) | (7,524 | ) | (66 | ) | |||||||
| Total operating costs and expenses | 100,823 | 100,214 | 286,763 | 332,802 | |||||||||||
| Operating income | 5,936 | 15,097 | 34,119 | 367 | |||||||||||
| Other expense (income): | |||||||||||||||
| Interest expense, net | 12,606 | 9,175 | 35,497 | 27,418 | |||||||||||
| (Gain) loss on repayments, repurchases and extinguishment of debt | (247 | ) | (8 | ) | 1,205 | (11 | ) | ||||||||
| Other expense (income), net | 135 | (277 | ) | 226 | (4,974 | ) | |||||||||
| (Loss) income from operations before tax | (6,558 | ) | 6,207 | (2,809 | ) | (22,066 | ) | ||||||||
| Income tax (benefit) provision | (1,060 | ) | (5,129 | ) | 2,191 | 13,903 | |||||||||
| Net (loss) income | $ | (5,498 | ) | $ | 11,336 | $ | (5,000 | ) | $ | (35,969 | ) | ||||
| Net (loss) income attributable to: | |||||||||||||||
| Controlling interests | $ | (5,902 | ) | $ | 10,847 | $ | (6,317 | ) | $ | (37,261 | ) | ||||
| Non-controlling interests | 404 | 489 | 1,317 | 1,292 | |||||||||||
| Net (loss) income | $ | (5,498 | ) | $ | 11,336 | $ | (5,000 | ) | $ | (35,969 | ) | ||||
| Basic (loss) income per share | $ | (0.36 | ) | $ | 0.71 | $ | (0.39 | ) | $ | (2.38 | ) | ||||
| Diluted (loss) income per share | $ | (0.36 | ) | $ | 0.63 | $ | (0.39 | ) | $ | (2.38 | ) | ||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 16,299 | 15,296 | 16,139 | 15,650 | |||||||||||
| Diluted | 16,299 | 17,227 | 16,139 | 15,650 | |||||||||||
| TOWNSQUARE MEDIA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in Thousands) (unaudited) | |||||||
| Nine Months Ended September 30, | |||||||
| 2025 | 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (5,000 | ) | $ | (35,969 | ) | |
| Adjustments to reconcile net (loss) to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 13,619 | 14,896 | |||||
| Amortization of debt discount and deferred financing costs | 3,258 | 1,576 | |||||
| Non-cash lease income | (1,190 | ) | (558 | ) | |||
| Net deferred taxes and other | 1,666 | 13,307 | |||||
| Allowance for credit losses | 2,796 | 4,036 | |||||
| Stock-based compensation expense | 11,044 | 14,062 | |||||
| Loss (gain) on extinguishment, repayments and repurchases of debt | 1,205 | (11 | ) | ||||
| Trade and barter activity, net | (1,141 | ) | (993 | ) | |||
| Impairment of intangible assets, goodwill, investments and long-lived assets | 4,598 | 36,264 | |||||
| Net gain on sales and retirements of assets | (7,524 | ) | (66 | ) | |||
| Gain on sale of investment | — | (4,054 | ) | ||||
| Unrealized gain on investment | — | (202 | ) | ||||
| Amortization of content rights | 1,109 | 3,667 | |||||
| Change in content rights liabilities | (1,280 | ) | (3,747 | ) | |||
| Other | 1,690 | 1,903 | |||||
| Changes in assets and liabilities: | |||||||
| Accounts receivable | 2,775 | (1,117 | ) | ||||
| Prepaid expenses and other assets | (1,762 | ) | (1,516 | ) | |||
| Accounts payable | 4,501 | (1,231 | ) | ||||
| Accrued expenses | (4,087 | ) | (10,812 | ) | |||
| Accrued interest | (8,522 | ) | (8,920 | ) | |||
| Other long-term liabilities | 254 | 42 | |||||
| Net cash provided by operating activities | 18,009 | 20,557 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (11,820 | ) | (13,771 | ) | |||
| Net proceeds from sales of assets and investment related transactions | 8,412 | 5,829 | |||||
| Proceeds from insurance recoveries | 17 | 336 | |||||
| Net cash used in investing activities | (3,391 | ) | (7,606 | ) | |||
| Cash flows from financing activities: | |||||||
| Repayment and repurchases of 2026 Notes | (467,436 | ) | (24,521 | ) | |||
| Proceeds from Term Loan | 446,400 | — | |||||
| Voluntary repayments of Term Loan | (5,185 | ) | — | ||||
| Fixed quarterly repayments of Term Loan | (5,875 | ) | — | ||||
| Deferred financing costs | (4,692 | ) | — | ||||
| Borrowings under the revolving credit facility | 18,000 | — | |||||
| Repayment of borrowings under the revolving credit facility | (13,000 | ) | — | ||||
| Dividend payments | (9,828 | ) | (9,267 | ) | |||
| Proceeds from stock options exercised | 853 | 7,252 | |||||
| Shares withheld in lieu of employee tax withholding | (1,496 | ) | (35 | ) | |||
| Withholdings for shares issued under the ESPP | 596 | 708 | |||||
| Repurchases of stock | — | (23,551 | ) | ||||
| Cash distribution to non-controlling interests | (1,299 | ) | (1,300 | ) | |||
| Repayments of capitalized obligations | (1,112 | ) | (1,491 | ) | |||
| Net cash used in financing activities | (44,074 | ) | (52,205 | ) | |||
| Cash and cash equivalents and restricted cash: | |||||||
| Net decrease in cash, cash equivalents and restricted cash | (29,456 | ) | (39,254 | ) | |||
| Beginning of period | 32,990 | 61,549 | |||||
| End of period | $ | 3,534 | $ | 22,295 | |||
| TOWNSQUARE MEDIA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (in Thousands) (unaudited) | |||||
| Nine Months Ended September 30, | |||||
| 2025 | 2024 | ||||
| Supplemental Disclosure of Cash Flow Information: | |||||
| Cash payments: | |||||
| Interest | $ | 40,722 | $ | 35,390 | |
| Income taxes | 908 | 945 | |||
| Supplemental Disclosure of Non-cash Activities: | |||||
| Dividends declared, but not paid during the period | $ | 3,524 | $ | 3,214 | |
| Accrued financing costs | 833 | — | |||
| Property and equipment acquired in exchange for advertising(1) | 1,779 | 772 | |||
| Accrued capital expenditures | 132 | 79 | |||
| 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 | $ | 9,054 | $ | 9,175 | |
| Right-of-use assets obtained in exchange for operating lease obligations | 5,500 | 4,691 | |||
| Reconciliation of cash, cash equivalents and restricted cash | |||||
| Cash and cash equivalents | $ | 3,211 | $ | 21,786 | |
| Restricted cash | 323 | 509 | |||
| $ | 3,534 | $ | 22,295 | ||
(1) Represents total advertising services provided by the Company in exchange for property and equipment during each of the nine months ended September 30, 2025 and 2024, respectively.
| TOWNSQUARE MEDIA, INC. CONSOLIDATED STATEMENTS OF OPERATIONS BY SEGMENT (in Thousands) (unaudited) | |||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||
| Digital Advertising | $ | 40,228 | $ | 40,861 | (1.5 | )% | $ | 119,517 | $ | 116,541 | 2.6 | % | |||||||||
| Subscription Digital Marketing Solutions | 18,649 | 19,080 | (2.3 | )% | 56,438 | 55,848 | 1.1 | % | |||||||||||||
| Broadcast Advertising | 46,997 | 54,526 | (13.8 | )% | 137,581 | 154,198 | (10.8 | )% | |||||||||||||
| Other | 885 | 844 | 4.9 | % | 7,346 | 6,582 | 11.6 | % | |||||||||||||
| Net revenue | 106,759 | 115,311 | (7.4 | )% | 320,882 | 333,169 | (3.7 | )% | |||||||||||||
| Digital Advertising expenses | 31,590 | 30,050 | 5.1 | % | 92,082 | 87,665 | 5.0 | % | |||||||||||||
| Subscription Digital Marketing Solutions Expenses | 12,442 | 13,956 | (10.8 | )% | 37,812 | 40,251 | (6.1 | )% | |||||||||||||
| Broadcast Advertising expenses | 33,633 | 38,560 | (12.8 | )% | 100,583 | 111,442 | (9.7 | )% | |||||||||||||
| Other expenses | 1,093 | 1,228 | (11.0 | )% | 6,926 | 6,843 | 1.2 | % | |||||||||||||
| Direct operating expenses | 78,758 | 83,794 | (6.0 | )% | 237,403 | 246,201 | (3.6 | )% | |||||||||||||
| Depreciation and amortization | 4,646 | 4,947 | (6.1 | )% | 13,619 | 14,896 | (8.6 | )% | |||||||||||||
| Corporate expenses | 5,985 | 6,063 | (1.3 | )% | 16,905 | 17,762 | (4.8 | )% | |||||||||||||
| Stock-based compensation | 3,066 | 2,867 | 6.9 | % | 11,044 | 14,062 | (21.5 | )% | |||||||||||||
| Transaction and business realignment costs | 6,891 | 645 | 968.4 | % | 10,718 | 3,683 | 191.0 | % | |||||||||||||
| Impairment of intangible assets, goodwill, investments and long-lived assets | 3,098 | 2,008 | 54.3 | % | 4,598 | 36,264 | (87.3 | )% | |||||||||||||
| Net gain on sales and retirements of assets | (1,621 | ) | (110 | ) | ** | (7,524 | ) | (66 | ) | ** | |||||||||||
| Total operating costs and expenses | 100,823 | 100,214 | 0.6 | % | 286,763 | 332,802 | (13.8 | )% | |||||||||||||
| Operating income | 5,936 | 15,097 | (60.7 | )% | 34,119 | 367 | ** | ||||||||||||||
| Other expense (income): | |||||||||||||||||||||
| Interest expense, net | 12,606 | 9,175 | 37.4 | % | 35,497 | 27,418 | 29.5 | % | |||||||||||||
| (Gain) loss on repayments, repurchases and extinguishment of debt | (247 | ) | (8 | ) | ** | 1,205 | (11 | ) | ** | ||||||||||||
| Other expense (income), net | 135 | (277 | ) | ** | 226 | (4,974 | ) | ** | |||||||||||||
| (Loss) income from operations before tax | (6,558 | ) | 6,207 | ** | (2,809 | ) | (22,066 | ) | (87.3 | )% | |||||||||||
| Income tax (benefit) provision | (1,060 | ) | (5,129 | ) | (79.3 | )% | 2,191 | 13,903 | (84.2 | )% | |||||||||||
| Net (loss) income | $ | (5,498 | ) | $ | 11,336 | ** | $ | (5,000 | ) | $ | (35,969 | ) | (86.1 | )% | |||||||
** not meaningful
The following table presents Net revenue by segment and Segment Profit, for the three and nine months ended September 30, 2025, and 2024, respectively (in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||
| Digital Advertising | $ | 40,228 | $ | 40,861 | (1.5 | )% | $ | 119,517 | $ | 116,541 | 2.6 | % | ||||||||
| Subscription Digital Marketing Solutions | 18,649 | 19,080 | (2.3 | )% | 56,438 | 55,848 | 1.1 | % | ||||||||||||
| Digital | 58,877 | 59,941 | (1.8 | )% | 175,955 | 172,389 | 2.1 | % | ||||||||||||
| Broadcast Advertising | 46,997 | 54,526 | (13.8 | )% | 137,581 | 154,198 | (10.8 | )% | ||||||||||||
| Other | 885 | 844 | 4.9 | % | 7,346 | 6,582 | 11.6 | % | ||||||||||||
| Net revenue | $ | 106,759 | $ | 115,311 | (7.4 | )% | $ | 320,882 | $ | 333,169 | (3.7 | )% | ||||||||
| Digital Advertising | $ | 8,638 | $ | 10,811 | (20.1 | )% | $ | 27,435 | $ | 28,876 | (5.0 | )% | ||||||||
| Subscription Digital Marketing Solutions | 6,207 | 5,124 | 21.1 | % | 18,626 | 15,597 | 19.4 | % | ||||||||||||
| Digital | 14,845 | 15,935 | (6.8 | )% | 46,061 | 44,473 | 3.6 | % | ||||||||||||
| Broadcast Advertising | 13,364 | 15,966 | (16.3 | )% | 36,998 | 42,756 | (13.5 | )% | ||||||||||||
| Other | (208 | ) | (384 | ) | (45.8 | )% | 420 | (261 | ) | ** | ||||||||||
| Segment Profit | $ | 28,001 | $ | 31,517 | (11.2 | )% | $ | 83,479 | $ | 86,968 | (4.0 | )% | ||||||||
The following table reconciles Net revenue to Net revenue, excluding political revenue on a GAAP basis by segment for the three and nine months ended September 30, 2025, and 2024, respectively (in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||
| Digital Advertising | $ | 40,228 | $ | 40,861 | (1.5 | )% | $ | 119,517 | $ | 116,541 | 2.6 | % | |||||
| Subscription Digital Marketing Solutions | 18,649 | 19,080 | (2.3 | )% | 56,438 | 55,848 | 1.1 | % | |||||||||
| Digital | 58,877 | 59,941 | (1.8 | )% | 175,955 | 172,389 | 2.1 | % | |||||||||
| Broadcast Advertising | 46,997 | 54,526 | (13.8 | )% | 137,581 | 154,198 | (10.8 | )% | |||||||||
| Other | 885 | 844 | 4.9 | % | 7,346 | 6,582 | 11.6 | % | |||||||||
| Net revenue | $ | 106,759 | $ | 115,311 | (7.4 | )% | $ | 320,882 | $ | 333,169 | (3.7 | )% | |||||
| Digital Advertising political revenue | 14 | 145 | (90.3 | )% | 172 | 364 | (52.7 | )% | |||||||||
| Subscription Digital Marketing Solutions political revenue | — | — | — | — | — | — | |||||||||||
| Broadcast Advertising political revenue | 155 | 3,555 | (95.6 | )% | 1,120 | 5,855 | (80.9 | )% | |||||||||
| Other political revenue | — | — | — | — | — | — | |||||||||||
| Political revenue | $ | 169 | $ | 3,700 | (95.4 | )% | $ | 1,292 | $ | 6,219 | (79.2 | )% | |||||
| Digital Advertising net revenue (ex. political) | 40,214 | 40,716 | (1.2 | )% | 119,345 | 116,177 | 2.7 | % | |||||||||
| Subscription Digital Marketing Solutions net revenue (ex. political) | 18,649 | 19,080 | (2.3 | )% | 56,438 | 55,848 | 1.1 | % | |||||||||
| Digital net revenue (ex. political) | 58,863 | 59,796 | (1.6 | )% | 175,783 | 172,025 | 2.2 | % | |||||||||
| Broadcast Advertising political net revenue (ex. political) | 46,842 | 50,971 | (8.1 | )% | 136,461 | 148,343 | (8.0 | )% | |||||||||
| Other net revenue (ex. political) | 885 | 844 | 4.9 | % | 7,346 | 6,582 | 11.6 | % | |||||||||
| Net revenue (ex. political) | $ | 106,590 | $ | 111,611 | (4.5 | )% | $ | 319,590 | $ | 326,950 | (2.3 | )% | |||||
The following table reconciles net (loss) income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted Net Income for the three and nine months ended September 30, 2025, and 2024, respectively (in thousands, except per share data):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| (Unaudited) | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net (loss) income | $ | (5,498 | ) | $ | 11,336 | $ | (5,000 | ) | $ | (35,969 | ) | ||||
| Income tax (benefit) provision | (1,060 | ) | (5,129 | ) | 2,191 | 13,903 | |||||||||
| (Loss) Income from operations before taxes | (6,558 | ) | 6,207 | (2,809 | ) | (22,066 | ) | ||||||||
| Transaction and business realignment costs | 6,891 | 645 | 10,718 | 3,683 | |||||||||||
| Impairment of intangible assets, goodwill, investments and long-lived assets | 3,098 | 2,008 | 4,598 | 36,264 | |||||||||||
| Net gain on sales and retirements of assets | (1,621 | ) | (110 | ) | (7,524 | ) | (66 | ) | |||||||
| (Gain) loss on repayments, repurchases and extinguishment of debt | (247 | ) | (8 | ) | 1,205 | (11 | ) | ||||||||
| Gain on sale of investment | — | (46 | ) | — | (4,054 | ) | |||||||||
| Change in fair value of investment | — | — | — | (202 | ) | ||||||||||
| Gain on insurance recoveries | (8 | ) | (58 | ) | (17 | ) | (336 | ) | |||||||
| Net income attributable to non-controlling interest, net of income taxes | (404 | ) | (489 | ) | (1,317 | ) | (1,292 | ) | |||||||
| Adjusted net income before income taxes | 1,151 | 8,149 | 4,854 | 11,920 | |||||||||||
| Income tax provision(1) | 296 | 2,069 | 1,249 | 3,027 | |||||||||||
| Adjusted Net Income | $ | 855 | $ | 6,080 | $ | 3,605 | $ | 8,893 | |||||||
| Adjusted Net Income Per Share: | |||||||||||||||
| Basic | $ | 0.05 | $ | 0.40 | $ | 0.22 | $ | 0.57 | |||||||
| Diluted | $ | 0.05 | $ | 0.35 | $ | 0.21 | $ | 0.50 | |||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 16,299 | 15,296 | 16,139 | 15,650 | |||||||||||
| Diluted | 16,991 | 17,227 | 16,797 | 17,694 | |||||||||||
(1) Income tax provision for the three and nine months ended September 30, 2025 and 2024, respectively, was calculated using the Company's statutory effective tax rate.
The following table reconciles net (loss) income, 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 nine months ended September 30, 2025, and 2024, respectively (dollars in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| (Unaudited) | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net (loss) income | $ | (5,498 | ) | $ | 11,336 | $ | (5,000 | ) | $ | (35,969 | ) | ||||
| Income tax (benefit) provision | (1,060 | ) | (5,129 | ) | 2,191 | 13,903 | |||||||||
| Interest expense, net | 12,606 | 9,175 | 35,497 | 27,418 | |||||||||||
| (Gain) loss on repayments, repurchases and extinguishment of debt | (247 | ) | (8 | ) | 1,205 | (11 | ) | ||||||||
| Depreciation and amortization | 4,646 | 4,947 | 13,619 | 14,896 | |||||||||||
| Stock-based compensation | 3,066 | 2,867 | 11,044 | 14,062 | |||||||||||
| Transaction and business realignment costs | 6,891 | 645 | 10,718 | 3,683 | |||||||||||
| Impairment of intangible assets, goodwill, investments and long-lived assets | 3,098 | 2,008 | 4,598 | 36,264 | |||||||||||
| Other(a) | (1,486 | ) | (387 | ) | (7,298 | ) | (5,040 | ) | |||||||
| Adjusted EBITDA | $ | 22,016 | $ | 25,454 | $ | 66,574 | $ | 69,206 | |||||||
| Political Adjusted EBITDA | (144 | ) | (3,145 | ) | (1,098 | ) | (5,286 | ) | |||||||
| Adjusted EBITDA (Excluding Political) | $ | 21,872 | $ | 22,309 | $ | 65,476 | $ | 63,920 | |||||||
| Political Adjusted EBITDA | 144 | 3,145 | 1,098 | 5,286 | |||||||||||
| Net cash paid for interest | (11,382 | ) | (17,146 | ) | (40,722 | ) | (35,390 | ) | |||||||
| Capital expenditures | (3,555 | ) | (5,092 | ) | (11,820 | ) | (13,771 | ) | |||||||
| Cash paid for taxes | (123 | ) | (261 | ) | (908 | ) | (945 | ) | |||||||
| Adjusted EBITDA Less Interest, Capex and Taxes | $ | 6,956 | $ | 2,955 | $ | 13,124 | $ | 19,100 | |||||||
(a) Other includes net (gain) loss on sales and retirements of assets and other expense (income), net.
The following table reconciles net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA on a quarterly basis for the twelve months ended September 30, 2025 (dollars in thousands):
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| December 31, 2024 | March 31, 2025 | June 30, 2025 | September 30, 2025 | September 30, 2025 | |||||||||||||||
| Net income (loss) | $ | 25,041 | $ | (1,511 | ) | $ | 2,009 | $ | (5,498 | ) | $ | 20,041 | |||||||
| Income tax (benefit) provision | (12,596 | ) | (3,038 | ) | 6,289 | (1,060 | ) | (10,405 | ) | ||||||||||
| Interest expense, net | 8,808 | 10,239 | 12,652 | 12,606 | 44,305 | ||||||||||||||
| Loss (gain) on repayments, repurchases and extinguishment of debt | 57 | 1,452 | — | (247 | ) | 1,262 | |||||||||||||
| Depreciation and amortization | 4,771 | 4,415 | 4,558 | 4,646 | 18,390 | ||||||||||||||
| Stock-based compensation | 3,109 | 4,188 | 3,790 | 3,066 | 14,153 | ||||||||||||||
| Transaction and business realignment costs | 1,222 | 2,438 | 1,389 | 6,891 | 11,940 | ||||||||||||||
| Impairment of intangible assets, investments, goodwill and long-lived assets | 1,450 | — | 1,500 | 3,098 | 6,048 | ||||||||||||||
| Other(a) | (683 | ) | (46 | ) | (5,766 | ) | (1,486 | ) | (7,981 | ) | |||||||||
| Adjusted EBITDA | $ | 31,179 | $ | 18,137 | $ | 26,421 | $ | 22,016 | $ | 97,753 | |||||||||
(a) Other includes net (gain) loss on sales and retirements of assets and other expense (income), net.
The following tables provide the calculation of Segment Profit for the three months ended September 30, 2025, and 2024 (in thousands). Segment Profit represents net revenue less direct operating expenses, excluding depreciation, amortization, and stock-based compensation:
| Three Months Ended September 30,2025 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Digital Advertising | Subscription Digital Marketing Solutions | Broadcast Advertising | Other | Total | |||||||||||
| Net Revenue | $ | 40,228 | $ | 18,649 | $ | 46,997 | $ | 885 | $ | 106,759 | |||||
| Direct operating expenses, excluding depreciation, amortization, and stock-based compensation | 31,590 | 12,442 | 33,633 | 1,093 | 78,758 | ||||||||||
| Segment Profit | $ | 8,638 | $ | 6,207 | $ | 13,364 | $ | (208 | ) | $ | 28,001 | ||||
| Three Months Ended September 30,2024 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Digital Advertising | Subscription Digital Marketing Solutions | Broadcast Advertising | Other | Total | |||||||||||
| Net Revenue | $ | 40,861 | $ | 19,080 | $ | 54,526 | $ | 844 | $ | 115,311 | |||||
| Direct operating expenses, excluding depreciation, amortization, and stock-based compensation | 30,050 | 13,956 | 38,560 | 1,228 | 83,794 | ||||||||||
| Segment Profit | $ | 10,811 | $ | 5,124 | $ | 15,966 | $ | (384 | ) | $ | 31,517 | ||||
The following tables provide the calculation of Segment Profit for the nine months ended September 30, 2025, and 2024 (in thousands). Segment Profit represents net revenue less direct operating expenses, excluding depreciation, amortization, and stock-based compensation:
| Nine Months Ended September 30,2025 | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Digital Advertising | Subscription Digital Marketing Solutions | Broadcast Advertising | Other | Total | ||||||||||
| Net Revenue | $ | 119,517 | $ | 56,438 | $ | 137,581 | $ | 7,346 | $ | 320,882 | ||||
| Direct operating expenses, excluding depreciation, amortization, and stock-based compensation | 92,082 | 37,812 | 100,583 | 6,926 | 237,403 | |||||||||
| Segment Profit | $ | 27,435 | $ | 18,626 | $ | 36,998 | $ | 420 | $ | 83,479 | ||||
| Nine Months Ended September 30,2024 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Digital Advertising | Subscription Digital Marketing Solutions | Broadcast Advertising | Other | Total | |||||||||||
| Net Revenue | $ | 116,541 | $ | 55,848 | $ | 154,198 | $ | 6,582 | $ | 333,169 | |||||
| Direct operating expenses, excluding depreciation, amortization, and stock-based compensation | 87,665 | 40,251 | 111,442 | 6,843 | 246,201 | ||||||||||
| Segment Profit | $ | 28,876 | $ | 15,597 | $ | 42,756 | $ | (261 | ) | $ | 86,968 | ||||
FAQ
What were Townsquare (TSQ) Q3 2025 net revenue and Adjusted EBITDA?
How did Townsquare's Digital revenue perform in the nine months ended Sept 30, 2025?
What dividend did Townsquare declare and when is it payable for TSQ shareholders?
What guidance did Townsquare give for Q4 2025 and full year 2025?
How much debt reduction has Townsquare achieved since its February 2025 refinancing?
What is Townsquare's leverage and cash position as of Sept 30, 2025?
