Digital Transformation Evident with Digital
Revenue Growth of +17% YOY in Q3 and September YTD 2022
Digital Revenue and Adjusted Operating Income ~50% of Total
Net Leverage Declined to All-Time Low
4.54x
PURCHASE, N.Y., Nov. 9, 2022
/PRNewswire/ -- Townsquare Media, Inc. (NYSE: TSQ) ("Townsquare",
the "Company," "we," "us," or "our") announced today its financial
results for the third quarter ended September 30, 2022.
"I am proud to report another record setting quarter of results
that clearly demonstrate the undeniable success and differentiation
of Townsquare's transformation into a Digital First Local Media
company. The Townsquare Team reached all-time Q3 highs with net
revenue growth of +8% year-over-year, and Adjusted EBITDA growth of
+6% year-over-year, meeting our Q3 guidance. In addition, net
leverage declined to an all-time low of 4.54x as we continue to
make progress towards our 4x net leverage target," commented
Bill Wilson, Chief Executive Officer
of Townsquare Media, Inc. "Our growth engine has been and will
continue to be our digital solutions, which were the primary driver
of our third quarter growth, accounting for half of Townsquare's
total revenue and total profit. Total digital revenue increased
+17% year-over-year in the third quarter, and trailing twelve-month
digital revenue grew to $225 million.
As a uniquely positioned Digital First Local Media Company focused
principally on markets outside of the Top 50 in the United States, Townsquare has a resilient
digital growth engine supported by both a recurring subscription
digital marketing solutions business, with a large addressable
market and limited competition, and a highly differentiated digital
advertising technology platform."
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, our first data digital management platform and our
digital programmatic advertising platform. The Broadcast
Advertising segment includes our local, regional, and national
advertising products and solutions delivered via terrestrial radio
broadcast, and other miscellaneous revenue that is associated with
our broadcast advertising platform. The remainder of our business
is reported in the Other category, which includes our live events
business. The Company has presented segment information for the
three and nine months ended September 30,
2021 in conformity with the current period's segment
information.
Third Quarter Highlights*
- As compared to the third quarter of 2021:
-
- Net revenue increased 8.4%
- Net income decreased $10.1
million
- Adjusted EBITDA increased 6.0%
- Total Digital net revenue increased 16.6%
-
- Subscription Digital Marketing Solutions ("Townsquare
Interactive") net revenue increased 9.7%
- Digital Advertising net revenue increased 21.3%
- Total Digital Adjusted Operating Income increased 7.1%
-
- Subscription Digital Marketing Solutions Adjusted Operating
Income increased 4.3%
- Digital Advertising Adjusted Operating Income increased
8.7%
- Broadcast Advertising net revenue increased 3.4%
- Diluted income per share was $0.13, and Adjusted Net Income per diluted share
was $0.47
Year to Date Highlights*
- As compared to the nine months ended September 30, 2021:
-
- Net revenue increased 11.5%
- Net income decreased $6.4
million
- Adjusted EBITDA increased 7.3%
- Total Digital net revenue increased 17.8%
-
- Subscription Digital Marketing Solutions net revenue increased
12.7%
- Digital Advertising net revenue increased 21.3%
- Total Digital Adjusted Operating Income increased 9.5%
-
- Subscription Digital Marketing Solutions Adjusted Operating
Income increased 7.2%
- Digital Advertising Adjusted Operating Income increased
11.0%
- Broadcast Advertising net revenue increased 3.8%
- 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
*See below for
discussion of non-GAAP measures.
|
Guidance
For the fourth quarter of 2022, net revenue
is expected to be between $116.0
million and $122.0 million
(+5% to +10% as compared to the prior year), and Adjusted EBITDA is
expected to be between $27.7 million
and $30.7 million (+8% to +20% as
compared to the prior year).
For the full year 2022, net revenue is expected to be between
approximately $459 million and
$465 million (+10% to +11% as
compared to the prior year), and Adjusted EBITDA is expected to be
between approximately $113 million
and $116 million (+8% to +10% as
compared to the prior year).
Quarter Ended September 30, 2022 Compared to the
Quarter Ended September 30, 2021
Net Revenue
Net revenue for the three months ended
September 30, 2022 increased
$9.4 million, or 8.4%, to
$120.6 million as compared to
$111.3 million in the same period in
2021. Digital Advertising net revenue increased $6.5 million, or 21.3%, and Subscription Digital
Marketing Solutions net revenue increased $2.1 million, or 9.7%, as compared to the same
period in 2021 due in part to the addition of approximately 850
additional net subscribers during the third quarter of 2022.
Broadcast Advertising net revenue increased $2.0 million, or 3.4%, as compared to the same
period in 2021. Other net revenue decreased $1.2 million due to the timing of certain live
events. Excluding political revenue, net revenue increased
$8.3 million, or 7.5%, to
$119.0 million, Digital Advertising
net revenue increased $6.4 million,
or 20.9%, to $36.9 million, and
Broadcast Advertising net revenue increased $1.0 million, or 1.8%, to $57.8 million.
Adjusted EBITDA
Adjusted EBITDA for the three months
ended September 30, 2022, increased
$1.8 million, or 6.0%, to
$30.9 million, as compared to
$29.2 million in the same period last
year. Adjusted EBITDA (Excluding Political) increased $0.9 million, or 3.1%, to $29.6 million, as compared to $28.7 million in the same period last year.
Net Income
Net income for the quarter ended
September 30, 2022, decreased $10.1 million to $2.8 million, as compared to $12.9 million in the same period last year,
primarily driven by non-cash impairment charges to our FCC licenses
of $10.3 million. Adjusted Net Income
decreased $2.2 million, primarily
driven by an increase in the provision for income taxes of
$4.0 million, partially offset by
higher net revenue.
Nine Months Ended September 30, 2022 Compared to the
Nine Months Ended September 30, 2021
Net Revenue
Net revenue for the nine months ended
September 30, 2022, increased
$35.4 million, or 11.5%, to
$342.8 million as compared to
$307.4 million in the same period in
2021. Digital Advertising net revenue increased $18.2 million, or 21.3% and Subscription Digital
Marketing Solutions net revenue increased $7.7 million, or 12.7% as compared to the same
period in 2021 due in part to the addition of approximately 3,050
additional net subscribers during the nine months ended
September 30, 2022. Broadcast
Advertising net revenue increased $6.0
million, or 3.8%. Other net revenue increased $3.5 million due to the increase in live events
held during the period, as compared to the same period a year ago.
Excluding political revenue, net revenue increased $33.7 million, or 11.0%, to $339.3 million, Digital Advertising net revenue
increased $17.9 million, or 21.0%, to
$103.2 million, and Broadcast
Advertising net revenue increased $4.6
million, or 2.9%, to $161.2
million.
Adjusted EBITDA
Adjusted EBITDA for the nine months
ended September 30, 2022 increased
$5.8 million, or 7.3% to $85.3 million, as compared to $79.5 million in the same period last year.
Adjusted EBITDA (Excluding Political) increased $4.3 million, or 5.5%, to $82.3 million, as compared to $78.0 million in the same period last year.
Net Income
Net income for the nine months ended
September 30, 2022 decreased
$6.4 million, or 38.0%, to
$10.5 million, as compared to
$16.9 million in the same period last
year, primarily driven by non-cash impairment charges to our FCC
licenses and other intangible assets of $20.2 million, partially offset by an increase in
net revenue. Adjusted Net Income increased $2.9 million, primarily driven by higher net
revenue, partially offset by an increase in the provision for
income taxes of $3.4 million.
Liquidity and Capital Resources
As of
September 30, 2022, we had a total of $27.0 million of cash and cash equivalents
and $530.8 million of
outstanding indebtedness, representing 4.79x and 4.54x gross and
net leverage, respectively, based on Adjusted EBITDA for the twelve
months ended September 30, 2022, of $110.9 million.
The table below presents a summary, as of November 4, 2022, of our outstanding common
stock.
Security
|
|
Number
Outstanding
|
|
Description
|
Class A common
stock
|
|
12,964,312
|
|
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
|
|
17,240,949
|
|
|
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 2022 financial
results and 2022 guidance on Wednesday, November 9, 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 13733344. 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 16, 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 13733344. 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 29,850 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, as well as the Company's Form 10-K/A, 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 (gain) loss on sale and retirement of
assets. We define Adjusted EBITDA as net income before the
deduction of income taxes, interest expense, net, (gain) loss on
repurchases, 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 (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 costs, business realignment
costs, impairment of long-lived assets, intangible assets and
investments, change in fair value of investment, net (gain) loss on
sale and retirement of assets, net, (gain) loss on repurchases,
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
September 30, 2022, divided by our Adjusted EBITDA for the
twelve months ended September 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 (gain) loss 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)
|
|
|
September
30,
2022
|
|
December 31,
2021
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and
cash equivalents
|
$
27,046
|
|
$
50,505
|
Accounts receivable,
net of allowance of $5,581 and $6,743, respectively
|
61,677
|
|
57,647
|
Prepaid
expenses and other current assets
|
12,649
|
|
12,086
|
Total current
assets
|
101,372
|
|
120,238
|
Property and equipment,
net
|
110,018
|
|
106,717
|
Intangible assets,
net
|
289,292
|
|
278,265
|
Goodwill
|
166,324
|
|
157,947
|
Investments
|
17,933
|
|
18,217
|
Operating lease
right-of-use-assets
|
51,433
|
|
42,996
|
Other assets
|
2,354
|
|
1,437
|
Restricted
cash
|
495
|
|
494
|
Total
assets
|
$
739,221
|
|
$
726,311
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
5,499
|
|
$
5,676
|
Deferred
revenue
|
10,702
|
|
10,208
|
Accrued
compensation and benefits
|
10,390
|
|
14,411
|
Accrued expenses
and other current liabilities
|
24,437
|
|
22,512
|
Operating lease
liabilities, current
|
8,814
|
|
7,396
|
Accrued
interest
|
6,080
|
|
15,754
|
Total current
liabilities
|
65,922
|
|
75,957
|
Long-term debt, net of
deferred finance costs of $6,844 and $8,479,
respectively
|
523,922
|
|
541,521
|
Deferred tax
liability
|
24,494
|
|
20,081
|
Operating lease
liability, net of current portion
|
45,465
|
|
38,743
|
Other long-term
liabilities
|
16,391
|
|
425
|
Total
liabilities
|
676,194
|
|
676,727
|
Stockholders'
equity:
|
|
|
|
Class A common stock,
par value $0.01 per share; 300,000,000 shares authorized;
12,881,711 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
|
307,751
|
|
302,724
|
Accumulated deficit
|
(247,757)
|
|
(256,635)
|
Non-controlling interest
|
3,086
|
|
3,326
|
Total stockholders'
equity
|
63,027
|
|
49,584
|
Total liabilities
and stockholders' equity
|
$
739,221
|
|
$
726,311
|
TOWNSQUARE MEDIA,
INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in
Thousands, Except Per Share
Data) (unaudited)
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net revenue
|
$
120,635
|
|
$
111,280
|
|
$ 342,801
|
|
$
307,379
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Direct operating
expenses, excluding depreciation, amortization, and stock-based
compensation
|
83,985
|
|
75,719
|
|
241,581
|
|
211,837
|
Depreciation and
amortization
|
4,467
|
|
4,821
|
|
13,546
|
|
14,546
|
Corporate
expenses
|
5,744
|
|
6,410
|
|
15,892
|
|
15,996
|
Stock-based
compensation
|
722
|
|
877
|
|
2,430
|
|
2,833
|
Transaction and
business realignment costs
|
1,004
|
|
486
|
|
2,280
|
|
5,847
|
Impairment of
long-lived assets, intangible assets and investments
|
10,300
|
|
—
|
|
20,197
|
|
95
|
Net (gain) loss on
sale and retirement of assets
|
(119)
|
|
(14)
|
|
(338)
|
|
613
|
Total operating costs and expenses
|
106,103
|
|
88,299
|
|
295,588
|
|
251,767
|
Operating income
|
14,532
|
|
22,981
|
|
47,213
|
|
55,612
|
Other expense
(income):
|
|
|
|
|
|
|
|
Interest expense,
net
|
9,967
|
|
9,816
|
|
30,038
|
|
29,780
|
(Gain) loss on
repurchases, extinguishment and modification of debt
|
—
|
|
—
|
|
(108)
|
|
5,997
|
Other (income) expense,
net
|
(508)
|
|
(3,078)
|
|
1,886
|
|
(3,455)
|
Income from operations before tax
|
5,073
|
|
16,243
|
|
15,397
|
|
23,290
|
Income tax
provision
|
2,275
|
|
3,349
|
|
4,939
|
|
6,431
|
Net
income
|
$
2,798
|
|
$
12,894
|
|
$
10,458
|
|
$
16,859
|
|
|
|
|
|
|
|
|
Net income
attributable to:
|
|
|
|
|
|
|
|
Controlling
interests
|
$
2,260
|
|
$
12,405
|
|
$
8,878
|
|
$
15,288
|
Non-controlling
interests
|
$
538
|
|
$
489
|
|
$
1,580
|
|
$
1,571
|
|
|
|
|
|
|
|
|
Basic income per
share:
|
|
|
|
|
|
|
|
Attributable to common shares
|
$
0.13
|
|
$
0.75
|
|
$
0.52
|
|
$
0.79
|
Attributable to participating shares
|
$
—
|
|
$
0.75
|
|
$
—
|
|
$
0.79
|
|
|
|
|
|
|
|
|
Diluted income per
share
|
$
0.13
|
|
$
0.64
|
|
$
0.48
|
|
$
0.71
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic attributable to common
shares
|
17,037
|
|
16,386
|
|
16,941
|
|
16,917
|
Basic attributable to
participating shares
|
—
|
|
88
|
|
—
|
|
2,333
|
Diluted
|
17,482
|
|
19,384
|
|
18,645
|
|
21,657
|
TOWNSQUARE MEDIA,
INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in
Thousands) (unaudited)
|
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$
10,458
|
|
$
16,859
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
13,546
|
|
14,546
|
Amortization of deferred
financing costs
|
1,359
|
|
1,129
|
Non-cash lease
income
|
(298)
|
|
(106)
|
Net deferred taxes and
other
|
4,413
|
|
6,070
|
Provision for doubtful
accounts
|
1,429
|
|
1,718
|
Stock-based compensation
expense
|
2,430
|
|
2,833
|
(Gain) loss on repurchases, extinguishment and modification of
debt
|
(108)
|
|
5,997
|
Trade activity,
net
|
(3,496)
|
|
(9,994)
|
Impairment of long-lived
assets, intangible assets and investments
|
20,197
|
|
95
|
Unrealized loss (gain) on
investment
|
1,934
|
|
(2,924)
|
Content rights
acquired
|
(19,320)
|
|
—
|
Amortization of content
rights
|
3,124
|
|
—
|
Change in content rights
liabilities
|
17,397
|
|
—
|
Other
|
(815)
|
|
(199)
|
Changes in assets and
liabilities, net of acquisitions:
|
|
|
|
Accounts
receivable
|
(4,900)
|
|
(1,148)
|
Prepaid expenses and
other assets
|
(1,253)
|
|
3,259
|
Accounts
payable
|
(123)
|
|
1,409
|
Accrued
expenses
|
(3,916)
|
|
(569)
|
Accrued
interest
|
(9,674)
|
|
(49)
|
Other long-term
liabilities
|
(278)
|
|
(789)
|
Net cash provided by
operating activities - continuing operations
|
32,106
|
|
38,137
|
Net cash used in
operating activities - discontinued operations
|
—
|
|
(33)
|
Net cash provided
by operating activities
|
32,106
|
|
38,104
|
Cash flows from
investing activities:
|
|
|
|
Payment for
acquisition
|
(18,419)
|
|
—
|
Purchase of property
and equipment
|
(13,100)
|
|
(7,840)
|
Purchase of
investments
|
(100)
|
|
(278)
|
Purchase of digital
assets
|
(4,997)
|
|
—
|
Proceeds from insurance
recoveries
|
452
|
|
362
|
Proceeds from sale of
assets and investment related transactions
|
810
|
|
1,671
|
Net cash used in
investing activities
|
(35,354)
|
|
(6,085)
|
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
|
790
|
|
10,931
|
Repurchase of
stock
|
(225)
|
|
(1,400)
|
Cash distribution to
non-controlling interests
|
(1,820)
|
|
(2,216)
|
Repayments of
capitalized obligations
|
(105)
|
|
(57)
|
Net cash used in
financing activities
|
(20,210)
|
|
(83,959)
|
Cash and cash
equivalents and restricted cash:
|
|
|
|
Net decrease in
cash, cash equivalents and restricted cash
|
(23,458)
|
|
(51,940)
|
Beginning of
period
|
50,999
|
|
83,723
|
End of
period
|
$
27,541
|
|
$
31,783
|
TOWNSQUARE MEDIA,
INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued) (in
Thousands) (unaudited)
|
|
|
Nine Months
Ended September
30,
|
|
2022
|
|
2021
|
Supplemental
Disclosure of Cash Flow Information:
|
|
|
|
Cash
payments:
|
|
|
|
Interest
|
$
38,284
|
|
$
28,693
|
Income
taxes
|
1,049
|
|
634
|
|
|
|
|
Supplemental
Disclosure of Non-cash Activities:
|
|
|
|
Investments acquired in exchange for
advertising(1)
|
$
2,750
|
|
$
6,438
|
Property
and equipment acquired in exchange for
advertising(1)
|
726
|
|
1,945
|
Accrued
capital expenditures
|
45
|
|
120
|
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
|
$
7,982
|
|
$
7,695
|
Right-of-use assets
obtained in exchange for operating lease obligations
|
8,923
|
|
2,246
|
|
|
|
|
Reconciliation of
cash, cash equivalents and restricted cash
|
|
|
|
Cash and cash
equivalents
|
$
27,046
|
|
$
31,289
|
Restricted
cash
|
495
|
|
494
|
|
$
27,541
|
|
$
31,783
|
|
(1)
Represents total advertising services provided by the Company in
exchange for equity interests and property and equipment acquired
during each of the nine months ended September 30, 2022 and 2021,
respectively.
|
TOWNSQUARE MEDIA,
INC. CONSOLIDATED STATEMENTS OF OPERATIONS BY
SEGMENT (in
Thousands) (unaudited)
|
|
|
Three Months
Ended September
30,
|
|
|
|
Nine Months
Ended September
30,
|
|
|
|
2022
|
|
2021
|
|
%
Change
|
|
2022
|
|
2021
|
|
%
Change
|
Subscription Digital
Marketing Solutions
|
$
23,188
|
|
$
21,130
|
|
9.7 %
|
|
$
68,021
|
|
$
60,347
|
|
12.7 %
|
Digital
Advertising
|
37,015
|
|
30,521
|
|
21.3 %
|
|
103,452
|
|
85,252
|
|
21.3 %
|
Broadcast
Advertising
|
59,267
|
|
57,314
|
|
3.4 %
|
|
164,447
|
|
158,422
|
|
3.8 %
|
Other
|
1,165
|
|
2,315
|
|
(49.7) %
|
|
6,881
|
|
3,358
|
|
104.9 %
|
Net
revenue
|
120,635
|
|
111,280
|
|
8.4 %
|
|
342,801
|
|
307,379
|
|
11.5 %
|
Subscription Digital
Marketing Solutions
Expenses
|
16,744
|
|
14,954
|
|
12.0 %
|
|
$
48,513
|
|
$
42,144
|
|
15.1 %
|
Digital Advertising
expenses
|
25,949
|
|
20,341
|
|
27.6 %
|
|
73,064
|
|
57,884
|
|
26.2 %
|
Broadcast Advertising
expenses
|
39,889
|
|
38,040
|
|
4.9 %
|
|
113,869
|
|
108,667
|
|
4.8 %
|
Other
expenses
|
1,403
|
|
2,384
|
|
(41.1) %
|
|
6,135
|
|
3,142
|
|
95.3 %
|
Direct operating
expenses
|
83,985
|
|
75,719
|
|
10.9 %
|
|
241,581
|
|
211,837
|
|
14.0 %
|
Depreciation and
amortization
|
4,467
|
|
4,821
|
|
(7.3) %
|
|
13,546
|
|
14,546
|
|
(6.9) %
|
Corporate
expenses
|
5,744
|
|
6,410
|
|
(10.4) %
|
|
15,892
|
|
15,996
|
|
(0.7) %
|
Stock-based
compensation
|
722
|
|
877
|
|
(17.7) %
|
|
2,430
|
|
2,833
|
|
(14.2) %
|
Transaction and
business realignment costs
|
1,004
|
|
486
|
|
106.6 %
|
|
2,280
|
|
5,847
|
|
(61.0) %
|
Impairment of
long-lived assets, intangible
assets and investments
|
10,300
|
|
—
|
|
**
|
|
20,197
|
|
95
|
|
**
|
Net (gain) loss on
sale and retirement of
assets
|
(119)
|
|
(14)
|
|
**
|
|
(338)
|
|
613
|
|
**
|
Total operating costs and expenses
|
106,103
|
|
88,299
|
|
20.2 %
|
|
295,588
|
|
251,767
|
|
17.4 %
|
Operating income
|
14,532
|
|
22,981
|
|
(36.8) %
|
|
47,213
|
|
55,612
|
|
(15.1) %
|
Other expense
(income):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
9,967
|
|
9,816
|
|
1.5 %
|
|
30,038
|
|
29,780
|
|
0.9 %
|
(Gain) loss on
repurchases, extinguishment
and modification of debt
|
—
|
|
—
|
|
**
|
|
(108)
|
|
5,997
|
|
**
|
Other (income)
expense, net
|
(508)
|
|
(3,078)
|
|
(83.5) %
|
|
1,886
|
|
(3,455)
|
|
**
|
Income from operations before tax
|
5,073
|
|
16,243
|
|
(68.8) %
|
|
15,397
|
|
23,290
|
|
(33.9) %
|
Income tax
provision
|
2,275
|
|
3,349
|
|
(32.1) %
|
|
4,939
|
|
6,431
|
|
(23.2) %
|
Net
income
|
$
2,798
|
|
$
12,894
|
|
(78.3) %
|
|
$
10,458
|
|
$
16,859
|
|
(38.0) %
|
-The following table presents Net revenue and Adjusted Operating
Income by segment, for the three and nine months ended September 30, 2022, and 2021, respectively (in
thousands):
|
Three Months
Ended
September
30,
|
|
|
|
Nine Months
Ended
September
30,
|
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
2022
|
|
2021
|
|
%
Change
|
|
2022
|
|
2021
|
|
%
Change
|
Subscription Digital
Marketing Solutions
|
$
23,188
|
|
$
21,130
|
|
9.7 %
|
|
$
68,021
|
|
$
60,347
|
|
12.7 %
|
Digital
Advertising
|
37,015
|
|
30,521
|
|
21.3 %
|
|
103,452
|
|
85,252
|
|
21.3 %
|
Digital
|
60,203
|
|
51,651
|
|
16.6 %
|
|
171,473
|
|
145,599
|
|
17.8 %
|
Broadcast
Advertising
|
59,267
|
|
57,314
|
|
3.4 %
|
|
164,447
|
|
158,422
|
|
3.8 %
|
Other
|
1,165
|
|
2,315
|
|
(49.7) %
|
|
6,881
|
|
3,358
|
|
104.9 %
|
Net
revenue
|
$ 120,635
|
|
$ 111,280
|
|
8.4 %
|
|
$ 342,801
|
|
$ 307,379
|
|
11.5 %
|
Subscription Digital
Marketing Solutions
|
$
6,444
|
|
$
6,176
|
|
4.3 %
|
|
$
19,508
|
|
$
18,203
|
|
7.2 %
|
Digital
Advertising
|
11,066
|
|
10,180
|
|
8.7 %
|
|
30,388
|
|
27,368
|
|
11.0 %
|
Digital
|
17,510
|
|
16,356
|
|
7.1 %
|
|
49,896
|
|
45,571
|
|
9.5 %
|
Broadcast
Advertising
|
19,378
|
|
19,274
|
|
0.5 %
|
|
50,578
|
|
49,755
|
|
1.7 %
|
Other
|
(238)
|
|
(69)
|
|
**
|
|
746
|
|
216
|
|
**
|
Adjusted Operating
Income
|
$
36,650
|
|
$
35,561
|
|
3.1 %
|
|
$ 101,220
|
|
$
95,542
|
|
5.9 %
|
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,
2022, and 2021, respectively (in thousands):
|
Three Months
Ended
September
30,
|
|
|
|
Nine Months
Ended
September
30,
|
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
2022
|
|
2021
|
|
%
Change
|
|
2022
|
|
2021
|
|
%
Change
|
Subscription Digital
Marketing Solutions
|
$
23,188
|
|
$
21,130
|
|
9.7 %
|
|
$
68,021
|
|
$
60,347
|
|
12.7 %
|
Digital
Advertising
|
37,015
|
|
30,521
|
|
21.3 %
|
|
103,452
|
|
85,252
|
|
21.3 %
|
Digital
|
60,203
|
|
51,651
|
|
16.6 %
|
|
171,473
|
|
145,599
|
|
17.8 %
|
Broadcast
Advertising
|
59,267
|
|
57,314
|
|
3.4 %
|
|
164,447
|
|
158,422
|
|
3.8 %
|
Other
|
1,165
|
|
2,315
|
|
(49.7) %
|
|
6,881
|
|
3,358
|
|
104.9 %
|
Net
revenue
|
$ 120,635
|
|
$ 111,280
|
|
8.4 %
|
|
$ 342,801
|
|
$ 307,379
|
|
11.5 %
|
Subscription Digital
Marketing Solutions
political revenue
|
—
|
|
—
|
|
**
|
|
—
|
|
—
|
|
**
|
Digital Advertising
political revenue
|
100
|
|
—
|
|
**
|
|
297
|
|
—
|
|
**
|
Broadcast Advertising
political revenue
|
1,487
|
|
575
|
|
158.6 %
|
|
3,238
|
|
1,778
|
|
82.1 %
|
Other political
revenue
|
—
|
|
—
|
|
**
|
|
—
|
|
—
|
|
**
|
Political
revenue
|
$
1,587
|
|
$
575
|
|
176.0 %
|
|
$
3,535
|
|
$
1,778
|
|
98.8 %
|
Subscription Digital
Marketing Solutions net
revenue (ex. political)
|
$
23,188
|
|
$
21,130
|
|
9.7 %
|
|
$
68,021
|
|
$
60,347
|
|
12.7 %
|
Digital Advertising net
revenue (ex. political)
|
36,915
|
|
30,521
|
|
20.9 %
|
|
103,155
|
|
85,252
|
|
21.0 %
|
Digital net revenue
(ex. political)
|
60,103
|
|
51,651
|
|
16.4 %
|
|
171,176
|
|
145,599
|
|
17.6 %
|
Broadcast Advertising
political net revenue (ex.
political)
|
57,780
|
|
56,739
|
|
1.8 %
|
|
161,209
|
|
156,644
|
|
2.9 %
|
Other net revenue (ex.
political)
|
1,165
|
|
2,315
|
|
(49.7) %
|
|
6,881
|
|
3,358
|
|
104.9 %
|
Net revenue (ex.
political)
|
$ 119,048
|
|
$ 110,705
|
|
7.5 %
|
|
$ 339,266
|
|
$ 305,601
|
|
11.0 %
|
The following table reconciles on a GAAP basis net 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, 2022,
and 2021, respectively (in thousands, except per share data):
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
(Unaudited)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net income
|
$
2,798
|
|
$
12,894
|
|
$
10,458
|
|
$
16,859
|
Income tax
provision
|
2,275
|
|
3,349
|
|
4,939
|
|
6,431
|
Income from
operations before income taxes
|
5,073
|
|
16,243
|
|
15,397
|
|
23,290
|
Transaction and
business realignment costs
|
1,004
|
|
486
|
|
2,280
|
|
5,847
|
Impairment of
long-lived assets, intangible assets and investments
|
10,300
|
|
—
|
|
20,197
|
|
95
|
Net (gain) loss on
sale and retirement of assets
|
(119)
|
|
(14)
|
|
(338)
|
|
613
|
(Gain) loss on
repurchases, extinguishment and modification of debt
|
—
|
|
—
|
|
(108)
|
|
5,997
|
Change in fair value
of investment
|
(239)
|
|
(2,924)
|
|
1,934
|
|
(2,924)
|
Gain on insurance
recoveries
|
(441)
|
|
(137)
|
|
(452)
|
|
(362)
|
Net income
attributable to non-controlling interest, net of income
taxes
|
(538)
|
|
(489)
|
|
(1,580)
|
|
(1,571)
|
Adjusted net income
before income taxes
|
15,040
|
|
13,165
|
|
37,330
|
|
30,985
|
Income tax
provision
|
6,745
|
|
2,714
|
|
11,975
|
|
8,556
|
Adjusted Net
Income
|
$
8,295
|
|
$
10,451
|
|
$
25,355
|
|
$
22,429
|
|
|
|
|
|
|
|
|
Adjusted Net Income Per
Share:
|
|
|
|
|
|
|
|
Basic
|
$
0.49
|
|
$
0.64
|
|
$
1.50
|
|
$
1.33
|
Diluted
|
$
0.47
|
|
$
0.54
|
|
$
1.36
|
|
$
1.04
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
17,037
|
|
16,386
|
|
16,941
|
|
16,917
|
Diluted
|
17,482
|
|
19,384
|
|
18,645
|
|
21,657
|
The following table reconciles on a GAAP basis net 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, 2022, and 2021, respectively
(dollars in thousands):
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
(Unaudited)
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net
income
|
$
2,798
|
|
$
12,894
|
|
$
10,458
|
|
$
16,859
|
Income tax
provision
|
2,275
|
|
3,349
|
|
4,939
|
|
6,431
|
Interest expense,
net
|
9,967
|
|
9,816
|
|
30,038
|
|
29,780
|
(Gain) loss on
repurchases, extinguishment and modification of debt
|
—
|
|
—
|
|
(108)
|
|
5,997
|
Depreciation and
amortization
|
4,467
|
|
4,821
|
|
13,546
|
|
14,546
|
Stock-based
compensation
|
722
|
|
877
|
|
2,430
|
|
2,833
|
Transaction and
business realignment costs
|
1,004
|
|
486
|
|
2,280
|
|
5,847
|
Impairment of
long-lived assets, intangible assets and investments
|
10,300
|
|
—
|
|
20,197
|
|
95
|
Other
(a)
|
(627)
|
|
(3,092)
|
|
1,548
|
|
(2,842)
|
Adjusted
EBITDA
|
$
30,906
|
|
$
29,151
|
|
$
85,328
|
|
$
79,546
|
Political Adjusted
EBITDA
|
(1,349)
|
|
(489)
|
|
(3,005)
|
|
(1,511)
|
Adjusted EBITDA
(Excluding Political)
|
$
29,557
|
|
$
28,662
|
|
$
82,323
|
|
$
78,035
|
Political Adjusted
EBITDA
|
1,349
|
|
489
|
|
3,005
|
|
1,511
|
Net cash paid for
interest
|
(18,776)
|
|
(21,542)
|
|
(38,284)
|
|
(28,693)
|
Capital
expenditures
|
(5,473)
|
|
(3,001)
|
|
(13,100)
|
|
(7,840)
|
Cash paid for
taxes
|
(190)
|
|
(150)
|
|
(1,049)
|
|
(634)
|
Adjusted EBITDA Less
Interest, Capex and Taxes
|
$
6,467
|
|
$
4,458
|
|
$
32,895
|
|
$
42,379
|
(a) Other includes net
(gain) loss on sale and retirement of assets and other (income)
expense, 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 September 30, 2022
(dollars in thousands):
|
Three Months
Ended
|
|
Twelve
Months
Ended
|
|
(Unaudited)
|
|
December 31,
2021
|
|
March 31,
2022
|
|
June 30,
2022
|
|
September
30, 2022
|
|
September
30, 2022
|
Net
income
|
$
1,925
|
|
$
2,741
|
|
$
4,919
|
|
$
2,798
|
|
$
12,383
|
Income tax
provision
|
3,920
|
|
1,458
|
|
1,206
|
|
2,275
|
|
8,859
|
Interest expense,
net
|
10,066
|
|
10,027
|
|
10,044
|
|
9,967
|
|
40,104
|
Gain on repurchases,
extinguishment and
modification of debt
|
—
|
|
—
|
|
(108)
|
|
—
|
|
(108)
|
Depreciation and
amortization
|
4,552
|
|
4,765
|
|
4,314
|
|
4,467
|
|
18,098
|
Stock-based
compensation
|
885
|
|
869
|
|
839
|
|
722
|
|
3,315
|
Transaction and
business realignment costs
|
(542)
|
|
452
|
|
824
|
|
1,004
|
|
1,738
|
Impairment of
long-lived assets, intangible assets
and investments
|
1,818
|
|
478
|
|
9,419
|
|
10,300
|
|
22,015
|
Other
(a)
|
2,943
|
|
1,280
|
|
895
|
|
(627)
|
|
4,491
|
Adjusted
EBITDA
|
$
25,567
|
|
$
22,070
|
|
$
32,352
|
|
$
30,906
|
|
$
110,895
|
(a) Other includes net
(gain) loss on sale and retirement of assets and other (income)
expense, 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 September 30,
2022, and 2021 (in thousands):
|
Three Months Ended
September 30, 2022
|
|
(Unaudited)
|
|
Subscription
Digital
Marketing
Solutions
|
|
Digital
Advertising
|
|
Broadcast
Advertising
|
|
Other
|
|
Corporate
and Other
Reconciling
Items
|
|
Total
|
Operating income
(loss)
|
$
5,986
|
|
$
10,896
|
|
$
5,767
|
|
$
(272)
|
|
$
(7,845)
|
|
$
14,532
|
Depreciation and
amortization
|
321
|
|
150
|
|
3,301
|
|
26
|
|
669
|
|
4,467
|
Corporate
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
5,744
|
|
5,744
|
Stock-based
compensation
|
137
|
|
20
|
|
109
|
|
2
|
|
454
|
|
722
|
Transaction and
business
realignment costs
|
—
|
|
—
|
|
—
|
|
6
|
|
998
|
|
1,004
|
Impairment of
long-lived assets,
intangible assets and
investments
|
—
|
|
—
|
|
10,300
|
|
—
|
|
—
|
|
10,300
|
Net gain on sale and
retirement
of assets
|
—
|
|
—
|
|
(99)
|
|
—
|
|
(20)
|
|
(119)
|
Adjusted Operating
Income (Loss)
|
$
6,444
|
|
$
11,066
|
|
$
19,378
|
|
$
(238)
|
|
$
—
|
|
$
36,650
|
|
Three Months Ended
September 30, 2021
|
|
(Unaudited)
|
|
Subscription
Digital
Marketing
Solutions
|
|
Digital
Advertising
|
|
Broadcast
Advertising
|
|
Other
|
|
Corporate
and Other
Reconciling
Items
|
|
Total
|
Operating income
(loss)
|
$
5,905
|
|
$
10,087
|
|
$
15,986
|
|
$
(119)
|
|
$
(8,878)
|
|
$
22,981
|
Depreciation and
amortization
|
143
|
|
82
|
|
3,224
|
|
41
|
|
1,331
|
|
4,821
|
Corporate
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
6,410
|
|
6,410
|
Stock-based
compensation
|
128
|
|
11
|
|
64
|
|
2
|
|
672
|
|
877
|
Transaction and
business
realignment costs
|
—
|
|
—
|
|
—
|
|
7
|
|
479
|
|
486
|
Net gain on sale and
retirement
of assets
|
—
|
|
—
|
|
—
|
|
—
|
|
(14)
|
|
(14)
|
Adjusted Operating
Income
(Loss)
|
$
6,176
|
|
$
10,180
|
|
$
19,274
|
|
$
(69)
|
|
$
—
|
|
$
35,561
|
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 nine months ended September 30,
2022, and 2021 (in thousands):
|
Nine Months Ended
September 30, 2022
|
|
(Unaudited)
|
|
Subscription
Digital
Marketing
Solutions
|
|
Digital
Advertising
|
|
Broadcast
Advertising
|
|
Other
|
|
Corporate
and Other
Reconciling
Items
|
|
Total
|
Operating income
(loss)
|
$
18,195
|
|
$
29,978
|
|
$
24,719
|
|
$
487
|
|
$
(26,166)
|
|
$
47,213
|
Depreciation and
amortization
|
911
|
|
360
|
|
9,603
|
|
113
|
|
2,559
|
|
13,546
|
Corporate
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
15,892
|
|
15,892
|
Stock-based
compensation
|
402
|
|
50
|
|
280
|
|
8
|
|
1,690
|
|
2,430
|
Transaction and
business
realignment costs
|
—
|
|
—
|
|
—
|
|
18
|
|
2,262
|
|
2,280
|
Impairment of
long-lived assets,
intangible assets and
investments
|
—
|
|
—
|
|
16,258
|
|
120
|
|
3,819
|
|
20,197
|
Net gain on sale and
retirement
of assets
|
—
|
|
—
|
|
(282)
|
|
—
|
|
(56)
|
|
(338)
|
Adjusted Operating
Income
|
$
19,508
|
|
$
30,388
|
|
$
50,578
|
|
$
746
|
|
$
—
|
|
$
101,220
|
|
Nine Months Ended
September 30, 2021
|
|
(Unaudited)
|
|
Subscription
Digital
Marketing
Solutions
|
|
Digital
Advertising
|
|
Broadcast
Advertising
|
|
Other
|
|
Corporate
and Other
Reconciling
Items
|
|
Total
|
Operating income
(loss)
|
$
16,952
|
|
$
26,908
|
|
$
39,748
|
|
$
53
|
|
$
(28,049)
|
|
$
55,612
|
Depreciation and
amortization
|
840
|
|
417
|
|
9,753
|
|
127
|
|
3,409
|
|
14,546
|
Corporate
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
15,996
|
|
15,996
|
Stock-based
compensation
|
411
|
|
43
|
|
254
|
|
11
|
|
2,114
|
|
2,833
|
Transaction and
business
realignment costs
|
—
|
|
—
|
|
—
|
|
25
|
|
5,822
|
|
5,847
|
Impairment of
long-lived and
intangible assets
|
—
|
|
—
|
|
—
|
|
—
|
|
95
|
|
95
|
Net loss on sale and
retirement
of assets
|
—
|
|
—
|
|
—
|
|
—
|
|
613
|
|
613
|
Adjusted Operating
Income
|
$
18,203
|
|
$
27,368
|
|
$
49,755
|
|
$
216
|
|
$
—
|
|
$
95,542
|
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SOURCE Townsquare Media, Inc.