$TSQ

Townsquare Media, LLC

CIK:0001499832|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenue	$ 115,353	$ 115,448	$ 212,134	$ 214,123
Operating costs and expenses:
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	84,510	82,829	160,087	158,645
Depreciation and amortization	4,783	4,558	9,479	8,973
Corporate expenses	6,051	6,198	10,874	10,920
Stock-based compensation	3,302	3,790	7,033	7,978
Transaction and business realignment costs	2,173	1,389	3,314	3,827
Impairment of intangible assets	26,643	1,500	35,231	1,500
Net loss (gain) on sales and retirement of assets	183	(5,866)	(318)	(5,903)
Total operating costs and expenses	127,645	94,398	225,700	185,940
Operating (loss) income	(12,292)	21,050	(13,566)	28,183
Other expense:
Interest expense, net	11,430	12,652	22,759	22,891
Loss on extinguishment of debt	0	0	0	1,452
Other expense, net	47	100	159	91
(Loss) income from operations before tax	(23,769)	8,298	(36,484)	3,749
Income tax provision	18,037	6,289	2,365	3,251
Net (loss) income	(41,806)	2,009	(38,849)	498
Net (loss) income attributable to:
Controlling interests	(41,976)	1,567	(39,202)	(415)
Non-controlling interests	$ 170	$ 442	$ 353	$ 913
Basic (loss) income per share (in dollars per share)	$ (2.36)	$ 0.10	$ (2.26)	$ (0.03)
Diluted (loss) income per share (in dollars per share)	$ (2.36)	$ 0.09	$ (2.26)	$ (0.03)
Weighted average shares outstanding:
Basic (in shares)	17,818	16,225	17,312	16,057
Diluted (in shares)	17,818	16,509	17,312	16,057

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities:

Net (loss) income

$ (38,849)

$ 498

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization

9,479

8,973

Amortization of debt discount and deferred financing costs

2,364

2,011

Non-cash lease income

(425)

(849)

Net deferred taxes and other

2,125

2,901

Allowance for credit losses

1,576

1,869

Stock-based compensation expense

7,033

7,978

Loss on extinguishment of debt

1,452

Trade and barter activity, net

(1,130)

(267)

Impairment of intangible assets

35,231

1,500

Net gain on sales and retirements of assets

(318)

(5,903)

Amortization of content rights

739

Change in content rights liabilities

(971)

(833)

Other

1,612

1,391

Changes in assets and liabilities

Accounts receivable

(9,561)

(860)

Prepaid expenses and other assets

(683)

(1,762)

Accounts payable

2,342

5,399

Accrued expenses

(2,524)

(5,892)

Accrued interest

(256)

(8,422)

Other long-term liabilities

(5)

206

Net cash provided by operating activities

7,779

10,129

Cash flows from investing activities:

Purchases of property and equipment

(7,037)

(8,265)

Net proceeds from sales of assets

842

6,349

Proceeds from insurance recoveries

Net cash used in investing activities

(6,141)

(1,906)

Cash flows from financing activities:

Repayment and repurchases of 2026 Notes

(467,436)

Proceeds from Term Loan

446,400

Fixed quarterly repayments of Term Loan

(5,875)

(2,938)

Deferred financing costs

(4,676)

Borrowings under the revolving credit facility

10,000

Repayment of borrowings under the revolving credit facility

(10,000)

Dividend payments

(7,240)

(6,558)

Proceeds from stock options exercised

381

691

Shares withheld in lieu of employee tax withholding

(1,475)

Withholdings for shares issued under the ESPP

174

289

Cash distribution to non-controlling interests

(1,569)

(1,299)

Repayments of capitalized obligations

(833)

(705)

Net cash used in financing activities

(4,962)

(37,707)

Cash and cash equivalents and restricted cash:

Net decrease in cash, cash equivalents and restricted cash

(3,324)

(29,484)

Beginning of period

4,817

32,990

End of period

1,493

3,506

Cash payments:

Interest

20,574

29,340

Income and Franchise taxes

452

785

Supplemental Disclosure of Non-cash Activities:

Dividends declared, but not paid during the period

4,027

3,519

Accrued financing costs

849

Property and equipment acquired in exchange for advertising

^[1]

865

522

Accrued capital expenditures

106

212

Financed equipment purchases

641

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

5,729

6,110

Right-of-use assets obtained in exchange for operating lease obligations

2,582

1,899

Reconciliation of cash, cash equivalents and restricted cash

Cash and cash equivalents

1,170

3,183

Restricted cash

323

Cash, cash equivalents, and restricted cash

$ 1,493

$ 3,506

[1]	Represents total advertising services provided by the Company in exchange for property and equipment during each of the six months ended June 30, 2026 and 2025, respectively.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,170	$ 4,759
Accounts receivable, net of allowance for credit losses of $4,459 and $4,979, respectively	60,320	52,048
Prepaid expenses and other current assets	13,509	12,582
Total current assets	74,999	69,389
Property and equipment, net	109,591	110,043
Intangible assets, net	118,109	155,047
Goodwill	147,590	147,590
Investments	725	725
Operating lease right-of-use assets	42,789	45,099
Other assets	596	667
Restricted cash	323	58
Total assets	494,722	528,618
Current liabilities:
Accounts payable	9,393	6,895
Current portion of long-term debt	12,500	11,750
Deferred revenue	8,377	8,737
Accrued compensation and benefits	8,005	11,486
Accrued expenses and other current liabilities	30,148	30,886
Operating lease liabilities, current	7,641	7,688
Accrued interest	4,535	4,791
Total current liabilities	80,599	82,233
Long-term debt, net of discount and deferred finance costs of $22,210 and $24,429, respectively	427,537	421,247
Deferred tax liability	18,888	16,763
Operating lease liability, net of current portion	40,511	42,101
Other long-term liabilities	6,397	7,266
Total liabilities	573,932	569,610
Stockholders’ deficit:
Total common stock	191	175
Treasury stock, at cost; 965,399 and 965,399 shares of Class A common stock, respectively	(11,200)	(11,203)
Additional paid-in capital	329,993	319,818
Accumulated deficit	(400,391)	(353,195)
Non-controlling interest	2,197	3,413
Total stockholders’ deficit	(79,210)	(40,992)
Total liabilities and stockholders’ deficit	494,722	528,618
Class A common stock
Stockholders’ deficit:
Total common stock	178	162
Class B common stock
Stockholders’ deficit:
Total common stock	8	8
Class C common stock
Stockholders’ deficit:
Total common stock	$ 5	$ 5