Financial Data and Key Metrics Changes - In Q4 2024, net revenue increased by 2.6% year over year to $117.8 million, while full year net revenue declined by 0.7% to $451 million [21][22] - Adjusted EBITDA for Q4 increased by 25.8% year over year to $31.2 million, with full year adjusted EBITDA approximately flat at $100.4 million, a 0.4% increase [22][25] - The company ended 2024 with $33 million in cash and generated $49 million in cash flow from operations [5][25] Business Line Data and Key Metrics Changes - Digital revenue grew by 1% year over year to $234 million, contributing 52% of total net revenue and 50% of total segment profit [7][18] - Townsquare Ignite, the digital advertising segment, saw net revenue increase by 5.5% year over year to $159 million, accounting for 35% of total company net revenue [8][22] - Townsquare Interactive, the subscription-based digital marketing solutions segment, returned to year-over-year revenue growth in Q4 with a 1.9% increase, although full year revenue decreased by 8.4% [23][24] Market Data and Key Metrics Changes - Broadcast advertising net revenue declined by 1.3% year over year, with a 4.1% decrease in Q4 [24][19] - Political revenue for the full year was $13.4 million, with Q4 political revenue at $7.2 million [21][22] - The company expects broadcast revenue to continue declining, projecting a similar decline of approximately 6% for 2025 [65][68] Company Strategy and Development Direction - The company is focused on being a digital-first local media company, with significant investments in digital advertising and marketing solutions [7][10] - A new Media Partnership Division was launched to expand digital programmatic advertising solutions to other local media [11][60] - The company plans to continue investing in digital product technology and maintain a strong competitive advantage in markets outside the top 50 cities [28][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainty, expecting high single-digit growth in digital advertising [71][73] - The company anticipates strong profit growth in Townsquare Interactive for Q1 2025, with expectations of $2.5 million to $3 million in profit for the year [38][47] - Management views the broadcast business as a mature cash cow, with expectations of continued revenue decline but strong cash flow generation [19][65] Other Important Information - The company successfully refinanced its debt, extending maturities until February 2030, and repurchased approximately $24 million worth of shares in 2024 [26][27] - A dividend increase of 1.3% year over year was approved, raising the annualized dividend to $0.80 per share [29][30] Q&A Session Summary Question: Can you provide more details on Townsquare Interactive's subscriber numbers and outlook for Q1 2025? - Management highlighted a successful turnaround in Townsquare Interactive, expecting revenue growth to double from Q4's 2% to at least 4% in Q1 2025, with profit growth expected to be around 20% [36][38] Question: What are the current subscription rates for Townsquare Interactive? - The average revenue per user (ARPU) remains around $300, with some offerings exceeding $400, and management expects this to continue over the next two years [42][43] Question: Are there updated revenue goals for Interactive and Ignite? - Management expressed confidence in achieving strong growth in digital advertising and expects Townsquare Interactive to return to historical profit levels in the coming years [46][47] Question: How does the company view potential deregulation in radio and M&A opportunities? - Management believes deregulation is likely and positions the company as a potential acquirer of radio assets, particularly in markets outside the top 50 [52][56] Question: What is the outlook for broadcast revenue growth excluding political revenue? - Management expects broadcast revenue to decline in line with previous years, projecting a 6% decline for 2025 [65][68]