Capital Allocation and Financial Strategy - The company plans to continue organic investments, especially in digital businesses, while using excess cash flow to reduce debt and support dividends [1] - Deleveraging is the company's top priority, aiming for leverage "in the low threes" over the next several years [1] Dividend Information - The board approved a quarterly dividend of $0.20 per share, equating to an annualized $0.80 per share or approximately $13 million per year [2] - The dividend yield is about 11% based on the current share price, and management and the board own 16% of the company's equity [2][3] Financial Performance - The company met Q4 guidance with net revenue of $106.5 million and Adjusted EBITDA of $21.5 million, while full-year revenue was $427.4 million with a net loss of $9.8 million [4][22] - For 2026, the company guided revenue of $420 million to $440 million and Adjusted EBITDA of $87 million to $93 million [26] Digital Business Transition - Townsquare has shifted to a digital-first model, with digital revenue representing about 55% of total revenue in 2025, up from 52% in 2024 [5][6] - Despite the digital revenue growth, unique visitors fell approximately 45% to around 40 million, impacting remnant ad revenue, which declined about 40% to $12 million [5][7] Digital Advertising Performance - Digital advertising revenue grew 1.6% year over year, with programmatic digital advertising (about 65% of digital revenue) increasing 9% year over year [9][18] - The company expects digital advertising revenue to grow "high single digits" in 2026, despite a forecasted decline in remnant revenue [12][26] Interactive and Broadcast Segments - Townsquare Interactive achieved its highest segment profit margin in history, with a segment profit margin of 33.6% [13][14] - Broadcast advertising net revenue declined 8% year over year, with total broadcast revenue down 17.8% in Q4 due to the absence of political revenue [19][20] Debt and Cash Flow Management - The company ended 2025 with $457 million in total debt and a net leverage of 5.14x, with cash flow from operations at $31 million [25] - Following refinancing, the company repaid $23 million of debt in 2025 and expects to manage interest expenses effectively [25]