Townsquare Media, Inc.

Listed Company

TSQCIK 0001499832NYSEAcceleratedSmaller ReportingRadio Broadcasting StationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$427.38M

Net Income

$-11.52M

Total Assets

$528.62M

Equity

$-40.99M

Shares Out

16.70M

Op. Cash Flow

$30.60M

Business

Townsquare Media, Inc. is a community-focused digital and broadcast media and digital marketing solutions company serving markets outside the top 50 in the United States. It offers digital programmatic advertising and data analytics (Townsquare Ignite), a subscription SAAS digital marketing and business management platform for SMBs (Townsquare Interactive), local radio advertising and related on-air content, plus live events and experiential sponsorships. The company reports three primary segments—Digital Advertising, Subscription Digital Marketing Solutions, and Broadcast Advertising—with an Other category for live events. It distributes content and advertising via owned local websites and mobile apps, a network of radio stations, social channels, connected TV and direct local, regional and national sales channels.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenue	427	451	454	463	418
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	318	327	329	325	—
Depreciation and amortization	18	20	19	19	19
Corporate expenses	21	24	25	24	25
Stock-based compensation	14	17	8	4	4
Transaction and business realignment costs	12	5	1	4	5
Impairment of investments, goodwill, long-lived, and intangible assets	9	38	91	31	—
Net gain on sales and retirement of assets	−9	−800,000	170,000	−275,000	601,000
Total operating costs and expenses	383	429	473	407	343
Operating income	44	22	−19	56	74
Interest expense, net	48	36	37	40	40
Loss on extinguishment, repayments and repurchases of debt	1	46,000	—	—	—
Other expense (income), net	94,000	−5	−6	2	−500,000
Loss from operations before tax	−5	−10	−49	14	29
Income tax provision	5	1	−6	−564,000	10
Net loss	−10	−11	−43	14	19
Controlling interests	−12	−13	−45	12	17
Non-controlling interests	2	2	2	2	2
Diluted (loss) income per share (in dollars per share)	−0.71	−0.81	−2.68	0.68	0.79
Diluted (in shares)	16	16	17	18	21

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	5	33	61	43	51
Accounts receivable, net of allowance for credit losses of $4,979 and $3,924, respectively	52	61	61	61	58
Prepaid expenses and other current assets	13	12	10	16	12
Total current assets	69	105	132	121	120
Property and equipment, net	110	110	110	114	107
Intangible assets, net	155	162	200	277	278
Goodwill	148	153	157	161	158
Investments	725,000	725,000	4	19	18
Operating lease right-of-use assets	45	48	47	51	43
Other assets	667,000	592,000	1	1	1
Restricted cash	100,000	0	500,000	500,000	500,000
Total assets	529	580	652	745	726
Accounts payable	7	4	5	4	6
Current portion of long-term debt	12	0	—	—	—
Deferred revenue	9	10	9	11	10
Accrued compensation and benefits	11	13	13	15	14
Accrued expenses and other current liabilities	31	27	25	18	23
Operating lease liabilities, current	8	9	9	9	7
Accrued interest	5	13	14	15	16
Total current liabilities	82	76	76	72	76
Long-term debt, net of discount and deferred finance costs of $24,429 and $1,680, respectively	421	466	500	524	542
Deferred tax liability	17	13	12	19	20
Operating lease liability, net of current portion	42	44	41	45	39
Other long-term liabilities	7	10	13	15	425,000
Total liabilities	570	609	642	675	677
Total common stock	175,000	167,000	168,000	173,000	169,000
Treasury stock, at cost; 965,399 and 965,399 shares of Class A common stock, respectively	−11	−11	−2	0	—
Additional paid-in capital	320	307	311	310	303
Accumulated deficit	−353	−328	−302	−244	−257
Non-controlling interest	3	3	4	4	3
Total stockholders deficit	−41	−28	10	69	50
Total liabilities and stockholders deficit	529	580	652	745	726

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of debt discount and deferred financing costs	5	2	—	—	—
Non-cash lease income	−2	−1	96,000	11,000	—
Net deferred taxes and other	4	644,000	−7	−1	10
Allowance for credit losses	6	5	4	3	—
Trade and barter activity, net	−2	−1	−1	−5	−11
Gain on sale of investment	0	−4	−5	0	−446,000
Unrealized gain on investment	0	−202,000	388,000	2	−132,000
Amortization of content rights	1	5	5	4	0
Change in content rights liabilities	−2	−5	−3	16	0
Other	2	2	−291,000	−837,000	−12,000
Accounts receivable	3	−5	−4	−7	−3
Prepaid expenses and other assets	−1	−538,000	6	−5	1
Accounts payable	2	−751,000	982,000	−2	−3
Accrued expenses	−2	−9	−2	−5	7
Accrued interest	−9	−1	−783,000	−551,000	9
Other long-term liabilities	91,000	−27,000	50,000	−378,000	−4
Net cash provided by (used in) operating activities	31	49	68	50	61
Purchases of property and equipment	−15	−17	−15	−16	−12
Net proceeds from sales of assets and investment related transactions	11	7	6	968,000	2
Proceeds from insurance recoveries	200,000	500,000	800,000	600,000	400,000
Net cash used in investing activities	−4	−10	−4	−38	−11
Proceeds from Term Loan	446	0	—	0	550
Voluntary repayments of Term Loan	−5	0	—	0	−4
Deferred financing costs	−5	0	—	0	−9
Borrowings under the revolving credit facility	18	0	—	—	0
Repayment of borrowings under the revolving credit facility	−16	0	—	—	0
Dividend payments	−13	−12	−9	0	−60,000
Proceeds from stock options exercised	853,000	8	7	790,000	—
Shares withheld in lieu of employee tax withholding	−2	−324,000	0	0	−80
Withholdings for shares issued under the ESPP	596,000	709,000	729,000	753,000	0
Repurchases of stock	0	−24	−17	−225,000	−1
Cash distribution to non-controlling interests	−2	−2	−2	−2	−2
Repayments of capitalized obligations	−2	−2	−494,000	−155,000	−79,000
Net cash used in financing activities	−54	−67	−47	−20	−83
Net increase in cash, cash equivalents and restricted cash	−28	−29	18	−7	−33
Interest	52	36	38	39	29
Income and Franchise taxes	1	1	—	—	—
Debt Instrument, Accrued Financing Costs	833,000	0	—	—	—
Deferred payments for software licenses	0	20,000	4	0	—
Property and equipment acquired in exchange for advertising	2	1	997,000	1	3
Accrued capital expenditures	74,000	251,000	85,000	158,000	99,000
Cash paid for amounts included in the measurement of operating lease liabilities, included in operating cash flows	12	12	12	11	10
Right-of-use assets obtained in exchange for operating lease obligations	6	13	6	11	3

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