June YTD 2022 Digital Revenue and Adjusted
Operating Income 50% of Total
Net Leverage Declines to 4.65x
Raising 2022 Guidance
PURCHASE, N.Y., Aug. 2, 2022
/PRNewswire/ -- Townsquare Media, Inc. (NYSE: TSQ) ("Townsquare",
the "Company," "we," "us," or "our") announced today its financial
results for the second quarter ended June 30, 2022.
"I am proud to share that the Townsquare Team delivered another
quarter of strong revenue and profit growth, and in doing so, we
achieved all-time record highs for both net revenue and Adjusted
EBITDA. Our performance clearly demonstrates the strength and
differentiation of our digital businesses and our legacy broadcast
business. Townsquare's second quarter net revenue increased
year-over-year by +14%, exceeding our guidance range, and Adjusted
EBITDA increased +7% year-over-year, meeting our guidance range. In
addition, our digital revenue growth accelerated from the first
quarter (Q1 +16% year-over-year), with second quarter total digital
revenue increasing +21% year-over-year. Our strong top-line growth,
margin profile, and cash generation characteristics have
contributed to the reduction of our net leverage, now at a
historical low of 4.65x as of June
30th, including the repurchase and retirement of
$19 million of our Senior Secured Notes at or below par in
Q2," commented Bill Wilson, Chief
Executive Officer of Townsquare Media, Inc. "We are also pleased to
announce that we are raising our FY 2022 guidance following the
close of the Cherry Creek
acquisition on June 17th.
Our updated full year guidance reflects the ongoing momentum of our
business and the strength of our performance to date, fueled by our
differentiated digital platform. As a Digital First Local Media
Company focused principally on markets outside of the Top 50 in
the United States, we have a
resilient digital growth engine supported by subscription digital
marketing solutions, with a large addressable market and limited
competition. As we move forward, we expect double-digit digital net
revenue growth to continue at strong margins, reaching our digital
revenue target of at least $275 million in 2024. With half of
our total revenue and profit coming from digital today, it is our
belief that over time as digital continues to meaningfully grow,
Townsquare should and will be afforded a sum-of the-parts valuation
that our digital assets deserve."
Segment Reporting
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 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. The Company has presented
segment information for the three and six months ended June 30, 2021 in conformity with the current
period's segment information.
Second Quarter Highlights*
- As compared to the second quarter of 2021:
-
- Net revenue increased 13.6%
- Net income decreased $5.2
million
- Adjusted EBITDA increased 6.8%
- Total Digital net revenue increased 20.7%
-
- Subscription Digital Marketing Solutions ("Townsquare
Interactive") net revenue increased 13.7%
- Digital Advertising net revenue increased 25.4%
- Total Digital Adjusted Operating Income increased 11.0%
-
- Subscription Digital Marketing Solutions Adjusted Operating
Income increased 9.8%
- Digital Advertising Adjusted Operating Income increased
11.8%
- Broadcast Advertising net revenue increased 1.0%
- Diluted income per share was $0.24, and Adjusted Net Income per diluted share
was $0.71
- Townsquare Interactive added approximately 1,150 net
subscribers
- Repurchased aggregate $19.2
million of our 2026 Secured Senior Notes at or below
par
- Completed the acquisition of Cherry Creek Broadcasting LLC
("Cherry Creek") for $18.4 million, net of closing adjustments
Year to Date Highlights*
- As compared to the six months ended June
30, 2021:
-
- Net revenue increased 13.3%
- Net income increased $3.7
million
- Adjusted EBITDA increased 8.0%
- Total Digital net revenue increased 18.4%
-
- Subscription Digital Marketing Solutions net revenue increased
14.3%
- Digital Advertising net revenue increased 21.4%
- Total Digital Adjusted Operating Income increased 10.9%
-
- Subscription Digital Marketing Solutions Adjusted Operating
Income increased 8.6%
- Digital Advertising Adjusted Operating Income increased
12.4%
- Broadcast Advertising net revenue increased 4.0%
- Townsquare Interactive added approximately 2,200 net
subscribers
*See below for
discussion of non-GAAP measures.
|
Guidance
For the third quarter of 2022, net revenue is
expected to be between $120 million
and $127 million and Adjusted EBITDA
is expected to be between $30 million
and $32 million.
For the full year 2022, net revenue guidance is raised to be
between $465 million and $480 million and Adjusted EBITDA guidance is
raised to be between $116 million and
$121 million.
Quarter Ended June 30, 2022 Compared to the Quarter
Ended June 30, 2021
Net Revenue
Net revenue for the three months ended
June 30, 2022 increased $14.6 million, or 13.6%, as compared to the same
period in 2021. Our Digital Advertising net revenue increased
$7.5 million, or 25.4%, and our
Subscription Digital Marketing Solutions net revenue increased
$2.8 million, or 13.7%, as compared
to the same period in 2021 due in part to the addition of
approximately 1,150 additional net subscribers during the second
quarter of 2022.
Our Other net revenue increased $3.7
million due to an increase in the number of live events held
in the current period and our Broadcast Advertising net revenue
increased $0.6 million, or 1.0%, as
compared to the same period in 2021, due to increases in the
purchase of new advertising by our clients.
Adjusted EBITDA
Adjusted EBITDA for the quarter ended
June 30, 2022, increased $2.1 million, or 6.8%, to $32.4 million, as compared to $30.3 million in the same period last year.
Adjusted EBITDA (Excluding Political) increased $1.4 million, or 4.8%, to $31.1 million, as compared to $29.6 million in the same period last year.
Net Income
Net income for the quarter ended
June 30, 2022, decreased $5.2 million to $4.9 million, as compared to $10.1 million in the same period last
year.
Six Months Ended June 30, 2022 Compared to the Six
Months Ended June 30, 2021
Net Revenue
Net revenue for the six months ended
June 30, 2022, increased $26.1 million, or 13.3%, as compared to the same
period in 2021. Our Digital Advertising net revenue increased
$11.7 million, or 21.4% and our
Subscription Digital Marketing Solutions net revenue increased
$5.6 million, or 14.3% as compared to
the same period in 2021 due in part to the addition of
approximately 2,200 additional net subscribers during the six
months ended June 30, 2022.
Our Other net revenue increased $4.7
million due to the increase in live events held during the
period, as compared to the same period a year ago. Our Broadcast
Advertising net revenue increased $4.1
million, or 4.0%, due to increases in the purchase of new
advertising by our clients.
Adjusted EBITDA
Adjusted EBITDA for the six months
ended June 30, 2022 increased
$4.0 million, or 8.0% to $54.4 million, as compared to $50.4 million in the same period last year.
Adjusted EBITDA (Excluding Political) increased $3.4 million, or 6.9%, to $52.8 million, as compared to $49.4 million in the same period last year.
Net Income
Net income for the six months ended
June 30, 2022 increased $3.7 million, or 93.2%, to $7.7 million, as compared to $4.0 million in the same period last year.
Liquidity and Capital Resources
As of June 30,
2022, we had a total of $22.8 million of cash and cash equivalents
and $530.8 million of
outstanding indebtedness, representing 4.86x and 4.65x gross and
net leverage, respectively, based on Adjusted EBITDA for the twelve
months ended June 30, 2022, of $109.1
million.
The table below presents a summary, as of July 29, 2022, of our outstanding common
stock.
Security
|
|
Number
Outstanding
|
|
Description
|
Class A common
stock
|
|
12,876,711
|
|
One vote per
share.
|
Class B common
stock
|
|
815,296
|
|
10 votes per
share.1
|
Class C common
stock
|
|
3,461,341
|
|
No
votes.1
|
Total
|
|
17,153,348
|
|
|
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 second quarter 2022 financial
results and 2022 guidance on Tuesday, August 2, 2022 at
8:00 a.m. Eastern Time. The
conference call dial-in number is 1-877-407-0784 (U.S. &
Canada) or 1-201-689-8560
(International) and the confirmation code is 13731436. 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
August 9, 2022. To access the replay,
please dial 1-844-512-2921 (U.S. and Canada) or 1-412-317-6671 (International) and
enter confirmation code 13731436. 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 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
approximately 29,000 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 357 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.
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, including the COVID-19 pandemic,
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 2021 Annual Report on
Form 10-K for the year ended December 31,
2021, filed with the SEC on March 16,
2022, 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 Operating Income, 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 Operating Income as operating income before
the deduction of depreciation and amortization, stock-based
compensation, corporate expenses, transaction costs, business
realignment costs, impairment of goodwill, long-lived and
intangible assets and net loss (gain) on sale and retirement of
assets. We define Adjusted EBITDA as net income (loss) before the
deduction of income taxes, interest expense, net, loss (gain) on
extinguishment and modification of debt, transaction costs,
depreciation and amortization, stock-based compensation, business
realignment costs, impairment of long-lived assets, intangible
assets and investments, change in fair value of investment, 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 (loss) before the
deduction of transaction costs, business realignment costs,
impairment of long-lived assets, intangible assets and investments,
change in fair value of investment, net loss (gain) on sale and
retirement of assets, loss (gain) on extinguishment and
modification of debt, gain on insurance recoveries and net income
attributable to non-controlling interest, net of income taxes.
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 June 30, 2022, divided by our Adjusted
EBITDA for the twelve months ended June 30, 2022. 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 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, 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)
|
|
|
June 30,
2022
|
|
December 31,
2021
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and
cash equivalents
|
$
22,825
|
|
$
50,505
|
Accounts receivable,
net of allowance of $5,561 and $6,743, respectively
|
63,458
|
|
57,647
|
Prepaid
expenses and other current assets
|
12,205
|
|
12,086
|
Total current
assets
|
98,488
|
|
120,238
|
Property and equipment,
net
|
109,944
|
|
106,717
|
Intangible assets,
net
|
300,935
|
|
278,265
|
Goodwill
|
166,324
|
|
157,947
|
Investments
|
16,445
|
|
18,217
|
Operating lease
right-of-use-assets
|
49,910
|
|
42,996
|
Other assets
|
2,067
|
|
1,437
|
Restricted
cash
|
494
|
|
494
|
Total
assets
|
$
744,607
|
|
$
726,311
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
8,783
|
|
$
5,676
|
Deferred
revenue
|
10,435
|
|
10,208
|
Accrued
compensation and benefits
|
9,453
|
|
14,411
|
Accrued expenses
and other current liabilities
|
25,684
|
|
22,512
|
Operating lease
liabilities, current
|
8,651
|
|
7,396
|
Accrued
interest
|
15,197
|
|
15,754
|
Total current
liabilities
|
78,203
|
|
75,957
|
Long-term debt, net of
deferred finance costs of $7,348 and $8,479,
respectively
|
523,418
|
|
541,521
|
Deferred tax
liability
|
22,395
|
|
20,081
|
Operating lease
liability, net of current portion
|
44,151
|
|
38,743
|
Other long-term
liabilities
|
16,965
|
|
425
|
Total
liabilities
|
685,132
|
|
676,727
|
Stockholders'
equity:
|
|
|
|
Class A common stock,
par value $0.01 per share; 300,000,000 shares authorized;
12,876,711 and
12,573,654 shares issued and outstanding, respectively
|
129
|
|
126
|
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; 3,461,341
and
3,461,341 shares issued and outstanding, respectively
|
35
|
|
35
|
Total
common stock
|
172
|
|
169
|
Treasury
stock, at cost; 25,623 and zero shares of Class A common stock,
respectively
|
(225)
|
|
—
|
Additional
paid-in capital
|
306,997
|
|
302,724
|
Accumulated deficit
|
(250,017)
|
|
(256,635)
|
Non-controlling interest
|
2,548
|
|
3,326
|
Total stockholders'
equity
|
59,475
|
|
49,584
|
Total liabilities
and stockholders' equity
|
$
744,607
|
|
$
726,311
|
TOWNSQUARE MEDIA, INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(in Thousands,
Except Per Share Data)
|
(unaudited)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net revenue
|
$
121,924
|
|
$
107,338
|
|
$ 222,166
|
|
$
196,099
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Direct operating
expenses, excluding depreciation, amortization, and stock-based
compensation
|
83,833
|
|
71,591
|
|
157,596
|
|
136,118
|
Depreciation and
amortization
|
4,314
|
|
4,996
|
|
9,079
|
|
9,725
|
Corporate
expenses
|
5,739
|
|
5,452
|
|
10,148
|
|
9,586
|
Stock-based
compensation
|
839
|
|
894
|
|
1,708
|
|
1,956
|
Transaction and
business realignment costs
|
824
|
|
456
|
|
1,276
|
|
5,361
|
Impairment of
long-lived assets, intangible assets and investments
|
9,419
|
|
95
|
|
9,897
|
|
95
|
Net loss (gain) on
sale and retirement of assets
|
89
|
|
34
|
|
(219)
|
|
627
|
Total operating costs and expenses
|
105,057
|
|
83,518
|
|
189,485
|
|
163,468
|
Operating income
|
16,867
|
|
23,820
|
|
32,681
|
|
32,631
|
Other expense
(income):
|
|
|
|
|
|
|
|
Interest expense,
net
|
10,044
|
|
9,809
|
|
20,071
|
|
19,964
|
(Gain) loss on
repurchases, extinguishment and modification of debt
|
(108)
|
|
—
|
|
(108)
|
|
5,997
|
Other expense (income),
net
|
806
|
|
(40)
|
|
2,394
|
|
(377)
|
Income from operations before tax
|
6,125
|
|
14,051
|
|
10,324
|
|
7,047
|
Income tax
provision
|
1,206
|
|
3,977
|
|
2,664
|
|
3,082
|
Net
income
|
$
4,919
|
|
$
10,074
|
|
$
7,660
|
|
$
3,965
|
|
|
|
|
|
|
|
|
Net income
attributable to:
|
|
|
|
|
|
|
|
Controlling
interests
|
$
4,394
|
|
$
9,432
|
|
$
6,618
|
|
$
2,883
|
Non-controlling
interests
|
$
525
|
|
$
642
|
|
$
1,042
|
|
$
1,082
|
|
|
|
|
|
|
|
|
Basic income per
share:
|
|
|
|
|
|
|
|
Attributable to common shares
|
$
0.26
|
|
$
0.58
|
|
$
0.39
|
|
$
0.14
|
Attributable to participating shares
|
$
—
|
|
$
0.58
|
|
$
—
|
|
$
0.14
|
|
|
|
|
|
|
|
|
Diluted income per
share
|
$
0.24
|
|
$
0.50
|
|
$
0.35
|
|
$
0.13
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic attributable to common
shares
|
16,986
|
|
16,087
|
|
16,891
|
|
17,187
|
Basic attributable to
participating shares
|
—
|
|
163
|
|
—
|
|
3,474
|
Diluted
|
18,695
|
|
18,837
|
|
19,177
|
|
22,730
|
TOWNSQUARE MEDIA, INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(in
Thousands)
|
(unaudited)
|
|
|
Six Months Ended
June 30,
|
|
2022
|
|
2021
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$
7,660
|
|
$
3,965
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
9,079
|
|
9,725
|
Amortization of deferred
financing costs
|
855
|
|
674
|
Non-cash lease
income
|
(251)
|
|
(261)
|
Net deferred taxes and
other
|
2,314
|
|
2,841
|
Provision for doubtful
accounts
|
494
|
|
901
|
Stock-based compensation
expense
|
1,708
|
|
1,956
|
(Gain) loss on repurchases, extinguishment and modification of
debt
|
(108)
|
|
5,997
|
Trade activity,
net
|
(1,773)
|
|
(7,876)
|
Impairment of long-lived
assets, intangible assets and investments
|
9,897
|
|
95
|
Unrealized loss on
investment
|
2,172
|
|
—
|
Content rights
acquired
|
(19,320)
|
|
—
|
Amortization of content
rights
|
1,952
|
|
—
|
Change in content rights
liabilities
|
18,278
|
|
—
|
Other
|
(283)
|
|
(147)
|
Changes in assets and
liabilities, net of acquisitions:
|
|
|
|
Accounts
receivable
|
(5,984)
|
|
2,799
|
Prepaid expenses and
other assets
|
(507)
|
|
2,309
|
Accounts
payable
|
1,401
|
|
88
|
Accrued
expenses
|
(3,917)
|
|
(3,301)
|
Accrued
interest
|
(556)
|
|
12,135
|
Other long-term
liabilities
|
(106)
|
|
(729)
|
Net cash provided by
operating activities - continuing operations
|
23,005
|
|
31,171
|
Net cash used in
operating activities - discontinued operations
|
—
|
|
(33)
|
Net cash provided
by operating activities
|
23,005
|
|
31,138
|
Cash flows from
investing activities:
|
|
|
|
Payment for
acquisition
|
(18,419)
|
|
—
|
Purchase of property
and equipment
|
(7,627)
|
|
(4,839)
|
Purchase of
investments
|
(100)
|
|
(278)
|
Purchase of digital
assets
|
(4,997)
|
|
—
|
Proceeds from insurance
recoveries
|
11
|
|
225
|
Proceeds from sale of
assets and investment related transactions
|
639
|
|
839
|
Net cash used in
investing activities
|
(30,493)
|
|
(4,053)
|
Cash flows from
financing activities:
|
|
|
|
Repurchase of 2026
Notes
|
(18,850)
|
|
—
|
Repayment of term
loans
|
—
|
|
(272,381)
|
Repurchase of 2023
Notes
|
—
|
|
(273,416)
|
Proceeds from the
issuance of 2026 Notes
|
—
|
|
550,000
|
Prepayment fee on 2023
Notes
|
—
|
|
(4,443)
|
Deferred financing
costs
|
—
|
|
(9,027)
|
Repurchase of Oaktree
securities
|
—
|
|
(80,394)
|
Transaction costs
related to Oaktree securities repurchase
|
—
|
|
(1,556)
|
Proceeds from stock
options exercised
|
759
|
|
9,702
|
Repurchase of
stock
|
(225)
|
|
(1,400)
|
Cash distribution to
non-controlling interests
|
(1,820)
|
|
(2,216)
|
Repayments of
capitalized obligations
|
(56)
|
|
(37)
|
Net cash used in
financing activities
|
(20,192)
|
|
(85,168)
|
Cash and cash
equivalents and restricted cash:
|
|
|
|
Net decrease in
cash, cash equivalents and restricted cash
|
(27,680)
|
|
(58,083)
|
Beginning of
period
|
50,999
|
|
83,723
|
End of
period
|
$
23,319
|
|
$
25,640
|
TOWNSQUARE MEDIA, INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS (continued)
|
(in
Thousands)
|
(unaudited)
|
|
|
Six Months
Ended
June
30,
|
|
2022
|
|
2021
|
Supplemental
Disclosure of Cash Flow Information:
|
|
|
|
Cash
payments:
|
|
|
|
Interest
|
$
19,508
|
|
$
7,151
|
Income
taxes
|
859
|
|
484
|
|
|
|
|
Supplemental
Disclosure of Non-cash Activities:
|
|
|
|
Investments acquired in exchange for
advertising(1)
|
$
1,500
|
|
$
6,100
|
Property
and equipment acquired in exchange for
advertising(1)
|
519
|
|
1,642
|
Accrued
capital expenditures
|
1,517
|
|
183
|
Accrued
financing fees
|
—
|
|
150
|
|
|
|
|
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
|
$
5,036
|
|
$
5,243
|
Right-of-use assets
obtained in exchange for operating lease obligations
|
5,211
|
|
1,662
|
|
|
|
|
Reconciliation of
cash, cash equivalents and restricted cash
|
|
|
|
Cash and cash
equivalents
|
$
22,825
|
|
$
25,146
|
Restricted
cash
|
494
|
|
494
|
|
$
23,319
|
|
$
25,640
|
|
(1)
Represents total advertising services provided by the Company in
exchange for equity interests and property and equipment acquired
during each of the six months ended June 30, 2022 and 2021,
respectively.
|
TOWNSQUARE MEDIA, INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS BY SEGMENT
|
(in
Thousands)
|
(unaudited)
|
|
|
Three Months
Ended
June
30,
|
|
|
|
Six Months
Ended
June
30,
|
|
|
|
2022
|
|
2021
|
|
%
Change
|
|
2022
|
|
2021
|
|
%
Change
|
Subscription Digital
Marketing Solutions
|
$
22,983
|
|
$
20,220
|
|
13.7 %
|
|
$
44,833
|
|
$
39,217
|
|
14.3 %
|
Digital
Advertising
|
37,198
|
|
29,655
|
|
25.4 %
|
|
66,437
|
|
54,731
|
|
21.4 %
|
Broadcast
Advertising
|
56,975
|
|
56,422
|
|
1.0 %
|
|
105,180
|
|
101,108
|
|
4.0 %
|
Other
|
4,768
|
|
1,041
|
|
358.0 %
|
|
5,716
|
|
1,043
|
|
448.0 %
|
Net
revenue
|
121,924
|
|
107,338
|
|
13.6 %
|
|
222,166
|
|
196,099
|
|
13.3 %
|
Subscription Digital
Marketing Solutions Expenses
|
16,293
|
|
14,125
|
|
15.3 %
|
|
$
31,769
|
|
$
27,190
|
|
16.8 %
|
Digital Advertising
expenses
|
26,104
|
|
19,731
|
|
32.3 %
|
|
47,115
|
|
37,543
|
|
25.5 %
|
Broadcast Advertising
expenses
|
37,542
|
|
37,045
|
|
1.3 %
|
|
73,980
|
|
70,627
|
|
4.7 %
|
Other
expenses
|
3,894
|
|
690
|
|
464.3 %
|
|
4,732
|
|
758
|
|
524.3 %
|
Direct operating
expenses
|
83,833
|
|
71,591
|
|
17.1 %
|
|
157,596
|
|
136,118
|
|
15.8 %
|
Depreciation and
amortization
|
4,314
|
|
4,996
|
|
(13.7) %
|
|
9,079
|
|
9,725
|
|
(6.6) %
|
Corporate
expenses
|
5,739
|
|
5,452
|
|
5.3 %
|
|
10,148
|
|
9,586
|
|
5.9 %
|
Stock-based
compensation
|
839
|
|
894
|
|
(6.2) %
|
|
1,708
|
|
1,956
|
|
(12.7) %
|
Transaction and
business realignment costs
|
824
|
|
456
|
|
80.7 %
|
|
1,276
|
|
5,361
|
|
(76.2) %
|
Impairment of
long-lived assets, intangible
assets and investments
|
9,419
|
|
95
|
|
**
|
|
9,897
|
|
95
|
|
**
|
Net loss (gain) on
sale and retirement of assets
|
89
|
|
34
|
|
161.8 %
|
|
(219)
|
|
627
|
|
**
|
Total operating costs and expenses
|
105,057
|
|
83,518
|
|
25.8 %
|
|
189,485
|
|
163,468
|
|
15.9 %
|
Operating income
|
16,867
|
|
23,820
|
|
(29.2) %
|
|
32,681
|
|
32,631
|
|
0.2 %
|
Other expense
(income):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
10,044
|
|
9,809
|
|
2.4 %
|
|
20,071
|
|
19,964
|
|
0.5 %
|
(Gain) loss on
repurchases, extinguishment
and modification of debt
|
(108)
|
|
—
|
|
**
|
|
(108)
|
|
5,997
|
|
**
|
Other expense
(income), net
|
806
|
|
(40)
|
|
**
|
|
2,394
|
|
(377)
|
|
**
|
Income from operations before tax
|
6,125
|
|
14,051
|
|
(56.4) %
|
|
10,324
|
|
7,047
|
|
46.5 %
|
Income tax
provision
|
1,206
|
|
3,977
|
|
(69.7) %
|
|
2,664
|
|
3,082
|
|
(13.6) %
|
Net
income
|
$
4,919
|
|
$
10,074
|
|
(51.2) %
|
|
$
7,660
|
|
$
3,965
|
|
93.2 %
|
The following table presents Net revenue and Adjusted Operating
Income by segment, for the three and six months ended June 30, 2022, and 2021, respectively (in
thousands):
|
Three Months
Ended
June
30,
|
|
|
|
Six Months
Ended
June
30,
|
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
2022
|
|
2021
|
|
%
Change
|
|
2022
|
|
2021
|
|
%
Change
|
Subscription Digital
Marketing Solutions
|
$
22,983
|
|
$
20,220
|
|
13.7 %
|
|
$
44,833
|
|
$
39,217
|
|
14.3 %
|
Digital
Advertising
|
37,198
|
|
29,655
|
|
25.4 %
|
|
66,437
|
|
54,731
|
|
21.4 %
|
Digital
|
60,181
|
|
49,875
|
|
20.7 %
|
|
111,270
|
|
93,948
|
|
18.4 %
|
Broadcast
Advertising
|
56,975
|
|
56,422
|
|
1.0 %
|
|
105,180
|
|
101,108
|
|
4.0 %
|
Other
|
4,768
|
|
1,041
|
|
358.0 %
|
|
5,716
|
|
1,043
|
|
448.0 %
|
Net
revenue
|
$ 121,924
|
|
$ 107,338
|
|
13.6 %
|
|
$ 222,166
|
|
$ 196,099
|
|
13.3 %
|
Subscription Digital
Marketing Solutions
|
$
6,690
|
|
$
6,095
|
|
9.8 %
|
|
$
13,064
|
|
$
12,027
|
|
8.6 %
|
Digital
Advertising
|
11,094
|
|
9,924
|
|
11.8 %
|
|
19,322
|
|
17,188
|
|
12.4 %
|
Digital
|
17,784
|
|
16,019
|
|
11.0 %
|
|
32,386
|
|
29,215
|
|
10.9 %
|
Broadcast
Advertising
|
19,433
|
|
19,377
|
|
0.3 %
|
|
31,200
|
|
30,481
|
|
2.4 %
|
Other
|
874
|
|
351
|
|
149.0 %
|
|
984
|
|
285
|
|
245.3 %
|
Adjusted Operating
Income
|
$
38,091
|
|
$
35,747
|
|
6.6 %
|
|
$
64,570
|
|
$
59,981
|
|
7.7 %
|
The following table reconciles Net revenue to Net revenue,
excluding political revenue on a GAAP basis by segment for the
three and six months ended June 30,
2022, and 2021, respectively (in thousands):
|
Three Months
Ended
June
30,
|
|
|
|
Six Months
Ended
June
30,
|
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
2022
|
|
2021
|
|
%
Change
|
|
2022
|
|
2021
|
|
%
Change
|
Subscription Digital
Marketing Solutions
|
$
22,983
|
|
$
20,220
|
|
13.7 %
|
|
$
44,833
|
|
$
39,217
|
|
14.3 %
|
Digital
Advertising
|
37,198
|
|
29,655
|
|
25.4 %
|
|
66,437
|
|
54,731
|
|
21.4 %
|
Digital
|
60,181
|
|
49,875
|
|
20.7 %
|
|
111,270
|
|
93,948
|
|
18.4 %
|
Broadcast
Advertising
|
56,975
|
|
56,422
|
|
1.0 %
|
|
105,180
|
|
101,108
|
|
4.0 %
|
Other
|
4,768
|
|
1,041
|
|
358.0 %
|
|
5,716
|
|
1,043
|
|
448.0 %
|
Net
revenue
|
$ 121,924
|
|
$ 107,338
|
|
13.6 %
|
|
$ 222,166
|
|
$ 196,099
|
|
13.3 %
|
Subscription Digital
Marketing Solutions
political revenue
|
—
|
|
—
|
|
**
|
|
—
|
|
—
|
|
**
|
Digital Advertising
political revenue
|
151
|
|
—
|
|
**
|
|
197
|
|
—
|
|
**
|
Broadcast Advertising
political revenue
|
1,365
|
|
764
|
|
78.7 %
|
|
1,751
|
|
1,203
|
|
45.6 %
|
Other political
revenue
|
—
|
|
—
|
|
**
|
|
—
|
|
—
|
|
**
|
Political
revenue
|
$
1,516
|
|
$
764
|
|
98.4 %
|
|
$
1,948
|
|
$
1,203
|
|
61.9 %
|
Subscription Digital
Marketing Solutions net
revenue (ex. political)
|
$
22,983
|
|
$
20,220
|
|
13.7 %
|
|
$
44,833
|
|
$
39,217
|
|
14.3 %
|
Digital Advertising net
revenue (ex. political)
|
37,047
|
|
29,655
|
|
24.9 %
|
|
66,240
|
|
54,731
|
|
21.0 %
|
Digital net revenue
(ex. political)
|
60,030
|
|
49,875
|
|
20.4 %
|
|
111,073
|
|
93,948
|
|
18.2 %
|
Broadcast Advertising
political net revenue (ex.
political)
|
55,610
|
|
55,658
|
|
(0.1) %
|
|
103,429
|
|
99,905
|
|
3.5 %
|
Other net revenue (ex.
political)
|
4,768
|
|
1,041
|
|
358.0 %
|
|
5,716
|
|
1,043
|
|
448.0 %
|
Net revenue (ex.
political)
|
$ 120,408
|
|
$ 106,574
|
|
13.0 %
|
|
$ 220,218
|
|
$ 194,896
|
|
13.0 %
|
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 six months ended June 30,
2022, and 2021, respectively (in thousands, except per share
data):
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
(Unaudited)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net income
|
$
4,919
|
|
$
10,074
|
|
$
7,660
|
|
$
3,965
|
Income tax
provision
|
1,206
|
|
3,977
|
|
2,664
|
|
3,082
|
Income from
operations before income taxes
|
6,125
|
|
14,051
|
|
10,324
|
|
7,047
|
Transaction and
business realignment costs
|
824
|
|
456
|
|
1,276
|
|
5,361
|
Impairment of
long-lived assets, intangible assets and investments
|
9,419
|
|
95
|
|
9,897
|
|
95
|
Net loss (gain) on
sale and retirement of assets
|
89
|
|
34
|
|
(219)
|
|
627
|
(Gain) loss on
repurchases, extinguishment and modification of debt
|
(108)
|
|
—
|
|
(108)
|
|
5,997
|
Change in fair value
of investment
|
664
|
|
—
|
|
2,172
|
|
—
|
Gain on insurance
recoveries
|
—
|
|
—
|
|
(11)
|
|
(225)
|
Net income
attributable to non-controlling interest, net of income
taxes
|
(525)
|
|
(642)
|
|
(1,042)
|
|
(1,082)
|
Adjusted net income
before income taxes
|
16,488
|
|
13,994
|
|
22,289
|
|
17,820
|
Income tax
provision
|
3,246
|
|
3,961
|
|
5,751
|
|
7,794
|
Adjusted Net
Income
|
$
13,242
|
|
$
10,033
|
|
$
16,538
|
|
$
10,026
|
|
|
|
|
|
|
|
|
Adjusted Net Income Per
Share:
|
|
|
|
|
|
|
|
Basic
|
$
0.78
|
|
$
0.62
|
|
$
0.98
|
|
$
0.58
|
Diluted
|
$
0.71
|
|
$
0.53
|
|
$
0.86
|
|
$
0.44
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
16,986
|
|
16,087
|
|
16,891
|
|
17,187
|
Diluted
|
18,695
|
|
18,837
|
|
19,177
|
|
22,730
|
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 six months ended June 30, 2022, and 2021, respectively (dollars in
thousands):
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
(Unaudited)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net
income
|
$
4,919
|
|
$
10,074
|
|
$
7,660
|
|
$
3,965
|
Income tax
provision
|
1,206
|
|
3,977
|
|
2,664
|
|
3,082
|
Interest expense,
net
|
10,044
|
|
9,809
|
|
20,071
|
|
19,964
|
(Gain) loss on
repurchases, extinguishment and modification of debt
|
(108)
|
|
—
|
|
(108)
|
|
5,997
|
Depreciation and
amortization
|
4,314
|
|
4,996
|
|
9,079
|
|
9,725
|
Stock-based
compensation
|
839
|
|
894
|
|
1,708
|
|
1,956
|
Transaction and
business realignment costs
|
824
|
|
456
|
|
1,276
|
|
5,361
|
Impairment of
long-lived assets, intangible assets and investments
|
9,419
|
|
95
|
|
9,897
|
|
95
|
Change in fair value of
investment
|
664
|
|
—
|
|
2,172
|
|
—
|
Other
(a)
|
231
|
|
(6)
|
|
3
|
|
250
|
Adjusted
EBITDA
|
$
32,352
|
|
$
30,295
|
|
$
54,422
|
|
$
50,395
|
Political Adjusted
EBITDA
|
(1,289)
|
|
(649)
|
|
(1,656)
|
|
(1,023)
|
Adjusted EBITDA
(Excluding Political)
|
$
31,063
|
|
$
29,646
|
|
$
52,766
|
|
$
49,372
|
Political Adjusted
EBITDA
|
1,289
|
|
649
|
|
1,656
|
|
1,023
|
Net cash paid for
interest
|
(599)
|
|
(1)
|
|
(19,508)
|
|
(7,151)
|
Capital
expenditures
|
(4,862)
|
|
(2,979)
|
|
(7,627)
|
|
(4,839)
|
Cash paid for
taxes
|
(811)
|
|
(414)
|
|
(859)
|
|
(484)
|
Adjusted EBITDA Less
Interest, Capex and Taxes
|
$
26,080
|
|
$
26,901
|
|
$
26,428
|
|
$
37,921
|
|
(a) Other includes net
loss (gain) on sale and retirement of assets and other expense
(income), net.
|
The following table reconciles net income, 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 June 30, 2022 (dollars
in thousands):
|
Three Months
Ended
|
|
Twelve
Months
Ended
|
|
(Unaudited)
|
|
September 30,
2021
|
|
December 31,
2021
|
|
March 31,
2022
|
|
June 30,
2022
|
|
June 30,
2022
|
Net
income
|
$
12,894
|
|
$
1,925
|
|
$
2,741
|
|
$
4,919
|
|
$
22,479
|
Income tax
provision
|
3,349
|
|
3,920
|
|
1,458
|
|
1,206
|
|
9,933
|
Interest expense,
net
|
9,816
|
|
10,066
|
|
10,027
|
|
10,044
|
|
39,953
|
Gain on repurchases,
extinguishment and
modification of debt
|
—
|
|
—
|
|
—
|
|
(108)
|
|
(108)
|
Depreciation and
amortization
|
4,821
|
|
4,552
|
|
4,765
|
|
4,314
|
|
18,452
|
Stock-based
compensation
|
877
|
|
885
|
|
869
|
|
839
|
|
3,470
|
Transaction and
business realignment costs
|
486
|
|
(542)
|
|
452
|
|
824
|
|
1,220
|
Impairment of
long-lived assets, intangible assets
and investments
|
—
|
|
1,818
|
|
478
|
|
9,419
|
|
11,715
|
Change in fair value of
investment
|
(2,924)
|
|
2,792
|
|
1,508
|
|
664
|
|
2,040
|
Other
(a)
|
(168)
|
|
151
|
|
(228)
|
|
$
231
|
|
(14)
|
Adjusted
EBITDA
|
$
29,151
|
|
$
25,567
|
|
$
22,070
|
|
$
32,352
|
|
$
109,140
|
|
(a) Other includes net
loss (gain) on sale and retirement of assets and other expense
(income), net.
|
The following tables reconcile Operating income (loss), the most
directly comparable financial measure calculated and presented in
accordance with GAAP, to Adjusted Operating Income by segment for
the three months ended June 30, 2022,
and 2021 (in thousands):
|
Three Months Ended
June 30, 2022
|
|
(Unaudited)
|
|
Subscription
Digital
Marketing
Solutions
|
|
Digital
Advertising
|
|
Broadcast
Advertising
|
|
Other
|
|
Corporate
and Other
Reconciling
Items
|
|
Total
|
Operating income
(loss)
|
$
6,244
|
|
$
10,934
|
|
$
10,152
|
|
$
816
|
|
$
(11,279)
|
|
$
16,867
|
Depreciation and
amortization
|
313
|
|
145
|
|
3,157
|
|
49
|
|
650
|
|
4,314
|
Corporate
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
5,739
|
|
5,739
|
Stock-based
compensation
|
133
|
|
15
|
|
84
|
|
3
|
|
604
|
|
839
|
Transaction and
business
realignment costs
|
—
|
|
—
|
|
—
|
|
6
|
|
818
|
|
824
|
Impairment of
long-lived assets,
intangible assets and
investments
|
—
|
|
—
|
|
5,951
|
|
—
|
|
3,468
|
|
9,419
|
Net loss on sale and
retirement
of assets
|
—
|
|
—
|
|
89
|
|
—
|
|
—
|
|
89
|
Adjusted Operating
Income
|
$
6,690
|
|
$
11,094
|
|
$
19,433
|
|
$
874
|
|
$
—
|
|
$
38,091
|
|
|
|
Three Months Ended
June 30, 2021
|
|
(Unaudited)
|
|
Subscription
Digital
Marketing
Solutions
|
|
Digital
Advertising
|
|
Broadcast
Advertising
|
|
Other
|
|
Corporate
and Other
Reconciling
Items
|
|
Total
|
Operating income
(loss)
|
$
5,686
|
|
$
9,801
|
|
$
16,056
|
|
$
303
|
|
$
(8,026)
|
|
$
23,820
|
Depreciation and
amortization
|
281
|
|
112
|
|
3,258
|
|
41
|
|
1,304
|
|
4,996
|
Corporate
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
5,452
|
|
5,452
|
Stock-based
compensation
|
128
|
|
11
|
|
63
|
|
3
|
|
689
|
|
894
|
Transaction and
business
realignment costs
|
—
|
|
—
|
|
—
|
|
4
|
|
452
|
|
456
|
Impairment of
long-lived and
intangible assets
|
—
|
|
—
|
|
—
|
|
—
|
|
95
|
|
95
|
Net loss on sale and
retirement
of assets
|
—
|
|
—
|
|
—
|
|
—
|
|
34
|
|
34
|
Adjusted Operating
Income
|
$
6,095
|
|
$
9,924
|
|
$
19,377
|
|
$
351
|
|
$
—
|
|
$
35,747
|
The following tables reconcile Operating income (loss), the most
directly comparable financial measure calculated and presented in
accordance with GAAP, to Adjusted Operating Income by segment for
the six months ended June 30, 2022,
and 2021 (in thousands):
|
Six Months Ended
June 30, 2022
|
|
(Unaudited)
|
|
Subscription
Digital
Marketing
Solutions
|
|
Digital
Advertising
|
|
Broadcast
Advertising
|
|
Other
|
|
Corporate
and Other
Reconciling
Items
|
|
Total
|
Operating income
(loss)
|
$
12,209
|
|
$
19,082
|
|
$
18,952
|
|
$
759
|
|
$
(18,321)
|
|
$
32,681
|
Depreciation and
amortization
|
590
|
|
210
|
|
6,302
|
|
87
|
|
1,890
|
|
9,079
|
Corporate
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
10,148
|
|
10,148
|
Stock-based
compensation
|
265
|
|
30
|
|
171
|
|
6
|
|
1,236
|
|
1,708
|
Transaction and
business
realignment costs
|
—
|
|
—
|
|
—
|
|
12
|
|
1,264
|
|
1,276
|
Impairment of
long-lived assets,
intangible assets and
investments
|
—
|
|
—
|
|
5,958
|
|
120
|
|
3,819
|
|
9,897
|
Net gain on sale and
retirement
of assets
|
—
|
|
—
|
|
(183)
|
|
—
|
|
(36)
|
|
(219)
|
Adjusted Operating
Income
|
$
13,064
|
|
$
19,322
|
|
$
31,200
|
|
$
984
|
|
$
—
|
|
$
64,570
|
|
|
|
Six Months Ended
June 30, 2021
|
|
(Unaudited)
|
|
Subscription
Digital
Marketing
Solutions
|
|
Digital
Advertising
|
|
Broadcast
Advertising
|
|
Other
|
|
Corporate
and Other
Reconciling
Items
|
|
Total
|
Operating income
(loss)
|
$
11,047
|
|
$
16,821
|
|
$
23,762
|
|
$
172
|
|
$
(19,171)
|
|
$
32,631
|
Depreciation and
amortization
|
697
|
|
335
|
|
6,529
|
|
86
|
|
2,078
|
|
9,725
|
Corporate
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
9,586
|
|
9,586
|
Stock-based
compensation
|
283
|
|
32
|
|
190
|
|
9
|
|
1,442
|
|
1,956
|
Transaction and
business
realignment costs
|
—
|
|
—
|
|
—
|
|
18
|
|
5,343
|
|
5,361
|
Impairment of
long-lived and
intangible assets
|
—
|
|
—
|
|
—
|
|
—
|
|
95
|
|
95
|
Net loss on sale and
retirement
of assets
|
—
|
|
—
|
|
—
|
|
—
|
|
627
|
|
627
|
Adjusted Operating
Income
|
$
12,027
|
|
$
17,188
|
|
$
30,481
|
|
$
285
|
|
$
—
|
|
$
59,981
|
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SOURCE Townsquare Media, Inc.