Townsquare Media Inc (TSQ) 2025 Q3 法說會逐字稿

Good morning, and welcome to Townsquare Media's third-quarter 2025 conference call. As a reminder, today's call is being recorded, and your participation implies consent to the recording.

早安，歡迎參加 Townsquare Media 2025 年第三季電話會議。再次提醒，今天的通話將會被錄音，您的參與即表示您同意錄音。

(Operator Instructions) With that, I would like to introduce the first speaker for today's call, Claire Yenicay, Executive Vice President. Please go ahead.

（操作員說明）接下來，我謹介紹今天電話會議的第一位發言人，執行副總裁克萊爾‧耶尼凱。請繼續。

Thank you, operator, and good morning to everyone. Thank you for joining us today for Townsquare's third-quarter financial update. With me on the call today are Bill Wilson, our CEO, and Stuart Rosenstein, our CFO and Executive Vice President.

謝謝接線員，大家早安。感謝您今天參加 Townsquare 第三季財務更新會議。今天和我一起參加電話會議的有我們的執行長比爾威爾遜，以及我們的財務長兼執行副總裁史都華羅森斯坦。

Please note that during this call, we may make statements that provide information other than historical information, including statements relating to the company's future expectations, plans, and prospects. These statements are considered forward-looking statements under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially from these statements.

請注意，在本次電話會議中，我們可能會發表一些除歷史資訊以外的聲明，包括與公司未來預期、計劃和前景相關的聲明。這些聲明屬於 1995 年《私人證券訴訟改革法案》安全港條款下的前瞻性聲明，存在風險和不確定性，可能導致實際結果與這些聲明有重大差異。

These statements reflect the company's beliefs based on current conditions, but are subject to certain risks and uncertainties, including those that are detailed in the company's annual report on Form 10-K filed with the SEC.

這些聲明反映了公司基於當前情況的看法，但存在某些風險和不確定性，包括公司向美國證券交易委員會提交的 10-K 表格年度報告中詳細列出的風險和不確定性。

During this call, we may discuss certain non-GAAP financial measures, including adjusted EBITDA. Such non-GAAP financial measures should be used in conjunction with all the information contained in the quarterly, year-end, and current reports available on our website. I would also encourage all participants to go to our corporate website and download our investor presentation, as Bill will reference some of those slides during our discussion this morning. At this time, I would like to turn the call over to Bill Wilson.

在本次電話會議中，我們可能會討論某些非GAAP財務指標，包括調整後的EBITDA。此類非公認會計準則財務指標應與我們網站上提供的季度報告、年終報告和當前報告中包含的所有資訊結合使用。我也鼓勵所有參與者訪問我們公司的網站並下載我們的投資者演示文稿，因為比爾將在今天早上的討論中引用其中的一些幻燈片。此時，我想把電話交給比爾威爾森。

Thank you, Claire, and thank you all for joining us today. It's great to reconnect with everyone. We are pleased to share with you this morning that Townsquare's third-quarter results met the total net revenue and adjusted EBITDA guidance that we provided on our last call, reflecting our team's hard work in the current macroeconomic environment. Despite numerous headwinds that we have encountered, we are proud that the execution of our digital-first local media strategy has allowed us to deliver excellent results for our clients while also producing strong cash flow from operations due to the thoughtful and deliberate management of our expense base.

謝謝克萊爾，也謝謝各位今天蒞臨現場。很高興能和大家重新聯絡。我們很高興地告訴大家，Townsquare 第三季的業績達到了我們在上次電話會議上給出的總淨收入和調整後 EBITDA 預期，這反映了我們團隊在當前宏觀經濟環境下的辛勤工作。儘管我們遇到了許多不利因素，但我們很自豪，我們以數位優先的本地媒體策略的執行，使我們能夠為客戶帶來卓越的成果，同時由於我們對支出基礎的深思熟慮和謹慎管理，也產生了強勁的運營現金流。

In the third-quarter, our guidance was that total net revenue would be $106.5 million to $108.5 million, and it finished right in line with $106.8 million. We also provided guidance that third-quarter adjusted EBITDA would be between $22 million and $23 million, and it came in right at $22 million. Importantly, due to our strong expense management, adjusted EBITDA margins, excluding political, actually improved year-over-year despite ex political revenue declines.

第三季度，我們的預期是總淨收入將在 1.065 億美元至 1.085 億美元之間，最終結果與預期完全一致，為 1.068 億美元。我們也預測第三季調整後 EBITDA 將在 2,200 萬美元至 2,300 萬美元之間，而實際結果正好是 2,200 萬美元。重要的是，由於我們強有力的費用管理，儘管剔除政治因素後的收入有所下降，但經調整的 EBITDA 利潤率（不包括政治因素）實際上同比有所提高。

By now, it should be very clear that Townsquare has transformed from a legacy broadcast company into a digital-first local media company and that our digital platform and digital execution sets us apart from others in local media.

現在應該很清楚，Townsquare 已經從一家傳統的廣播公司轉型為數位優先的本地媒體公司，我們的數位平台和數位執行力使我們從本地媒體中脫穎而出。

In 2024, approximately 52% of our company's total net revenue and 50% of our total segment profit was generated from our digital solutions. In the first nine months of 2025, our digital revenue grew plus 2% year-over-year. And as a result, our digital revenue expanded to a very significant 55% of our total net revenue, which as highlighted on slide 11, is industry-leading at more than two times the industry average.

2024 年，我們公司約 52% 的總淨收入和 50% 的總部門利潤來自我們的數位化解決方案。2025 年頭九個月，我們的數位收入年增 2%。因此，我們的數位收入成長到佔總淨收入的 55%，這一比例非常可觀，正如第 11 頁幻燈片所示，是行業平均水平的兩倍多，處於行業領先地位。

Total digital segment profit increased plus 4% year-over-year in the first nine months of the year with a strong profit margin of 26%, up slightly year-over-year, and digital's year-to-date contribution grew to the 55% of our total segment profits. As we have consistently stated for many years, digital is and will continue to be Townsquare's growth engine and the area we focus the bulk of our investment capital going forward, consistent with our strategy of being a digital-first local media company, focusing on markets outside the top 50 in the United States and further differentiating us from others in local media.

今年前九個月，數位業務部門總利潤年增 4%，利潤率高達 26%，較上年同期略有增長；數位業務部門年初至今的利潤貢獻佔總利潤的 55%。正如我們多年來一直強調的那樣，數位化是並將繼續是 Townsquare 的成長引擎，也是我們未來將投入大部分投資資金的領域，這與我們作為一家以數位優先的本地媒體公司的策略相一致，專注於美國前 50 名以外的市場，並進一步使我們與其他本地媒體公司區分開來。

Let's first dive into the results of our two digital divisions, starting with Townsquare Ignite, our digital advertising business. In Q3, we're seeing two very different trends play out in our digital advertising business. Digital advertising related to our direct-to-client sales remains very healthy, including strong revenue growth.

我們首先來深入了解我們兩個數位部門的業績，首先從我們的數位廣告業務 Townsquare Ignite 開始。第三季度，我們的數位廣告業務呈現兩種截然不同的趨勢。與我們的直接面向客戶的銷售相關的數位廣告業務仍然非常健康，包括強勁的收入成長。

However, these gains are offset in the short-term by significant deterioration in online audience trends that have significantly impacted our indirect or also known as remnant revenue on both our local and national websites, which we discussed on our last call. In the third-quarter, the negative indirect trends were enough to offset growth, leading to a slight overall digital advertising revenue decline of less than 2% year-over-year.

然而，這些收益在短期內被線上受眾趨勢的顯著惡化所抵消，這嚴重影響了我們在本地和全國網站上的間接收入（也稱為剩餘收入），我們在上次電話會議上討論過這個問題。第三季度，負面的間接趨勢足以抵銷成長，導致數位廣告總收入較去年同期略有下降，降幅不到 2%。

Let's start with the positives before diving into and detailing the headwinds. First, our digital programmatic business, which makes up approximately 60% of our digital advertising segment revenue, continues to deliver strong results with high single-digit revenue growth in the third-quarter. We believe that this part of our business has very strong organic growth opportunities, and we expect it will continue to be our primary growth driver going forward.

讓我們先從正面的方面開始，然後再深入探討並詳細說明不利因素。首先，我們的數位程式化業務（約占我們數位廣告業務收入的 60%）持續取得強勁業績，第三季營收實現了高個位數成長。我們相信，我們業務的這一部分具有非常強勁的內生成長機會，我們預計它將繼續成為我們未來的主要成長動力。

As a reminder, our programmatic platform provides our customers with precise targeted solutions, giving them the ability to reach a high percentage of their potential customers across desktop, mobile, connected TV, e-mail, paid search and social media platforms, utilizing display, video and native executions. We essentially act as a full-service digital agency for our clients. From providing campaign strategies, creative services to buying inventory, optimizing campaigns and providing real-time reporting and analytics and insights, providing a level of service that is often not available in the markets we operate.

再次提醒，我們的程式化平台為客戶提供精準的定向解決方案，使他們能夠透過桌面、行動裝置、連網電視、電子郵件、付費搜尋和社群媒體平台，利用展示廣告、影片廣告和原生廣告等形式，觸達大部分潛在客戶。我們本質上是為客戶提供全方位服務的數位代理商。從提供行銷策略、創意服務到購買廣告位、優化廣告活動，再到提供即時報告、分析和洞察，我們提供的服務水準在我們所經營的市場中往往是無法獲得的。

In addition, we are simply able to offer a more cost-effective campaign to our clients than most of our competitors, given our scale across our 74 market footprint, our first-party data and our in-house proprietary demand-side trading desk that is integrated with more than 15 advertising buying platforms with access to all major digital advertising exchanges and therefore, more than 250 billion impressions per day.

此外，鑑於我們在 74 個市場中的規模優勢、我們的第一方數據以及我們內部專有的需求方交易平台（該平台與 15 個以上的廣告購買平台集成，可訪問所有主要的數位廣告交易平台，因此每天可獲得超過 2500 億次的曝光量），我們能夠為客戶提供比大多數更具成本效益的廣告活動競爭對手。

Second, our third-party media partnership model, which is a component of this programmatic business has been progressing quite well since its beta launch in early 2024. This strategy will be a meaningful component of our digital advertising growth in future years -- although in 2025, it's still small, adding approximately $6 million of revenue this year at approximately 20% profit margin.

其次，作為程式化業務組成部分的第三方媒體合作模式自 2024 年初推出測試版以來，進展相當順利。這項策略將成為我們未來幾年數位廣告成長的重要組成部分——儘管到 2025 年，它仍然很小，今年大約能帶來 600 萬美元的收入，利潤率約為 20%。

As a reminder, and as we've shared on previous calls, through this capital-light model, we partner with others in local media and handle all the major components of the digital advertising solution, including managing the creative, buying the inventory, optimizing the inventory and customer support of the digital campaigns, and importantly, effectively training our partner sales team to sell our solutions.

再次提醒大家，正如我們在之前的電話會議中分享的那樣，透過這種輕資本模式，我們與當地媒體的其他公司合作，處理數位廣告解決方案的所有主要組成部分，包括管理創意、購買廣告位、優化廣告位和為數位廣告活動提供客戶支持，更重要的是，有效地培訓我們的合作夥伴銷售團隊來銷售我們的解決方案。

Therefore, we can enter new markets to offer programmatic digital advertising solutions without having to acquire radio broadcast assets to do so, freeing up our capital for other purposes. I expect that in approximately five years, this division can grow to be at least $50 million in revenue for Townsquare and approximately 20% profit margin.

因此，我們可以進入新市場，提供程式化數位廣告解決方案，而無需收購廣播資產，從而釋放我們的資金用於其他用途。我預計，大約五年後，該部門可以為 Townsquare 帶來至少 5,000 萬美元的收入和約 20% 的利潤率。

Ultimately, our goal with this division is to become the chosen provider of digital programmatic advertising to broadcasters and digital agencies in local markets outside of major cities. We are proud and honored to currently have six strong partners in this division, and we expect that number to grow in 2026 and beyond.

最終，我們成立這個部門的目標是成為主要城市以外地方市場的廣播公司和數位代理商首選的數位程式化廣告提供者。我們很自豪也很榮幸目前該部門擁有六位實力雄厚的合作夥伴，我們預計到 2026 年及以後，這個數字還會增長。

And third, direct sales of our local owned and operated digital properties, which includes locally sold advertising, aka traditional feet on the street selling our own inventory on our own 400 local websites and mobile apps was quite strong in both the third-quarter and year-to-date periods, up approximately 10% year-over-year. Given the overall weak advertising environment, we're especially proud of the success of our local sales team and what they've been doing in driving direct sales growth, and we believe that they will continue to drive this growth going forward.

第三，我們本地擁有和經營的數位資產的直接銷售，包括本地銷售的廣告，也就是傳統的在街頭銷售我們自己的 400 個本地網站和行動應用程式上的廣告資源，在第三季度和年初至今都表現強勁，同比增長約 10%。鑑於整體廣告環境疲軟，我們尤其為本地銷售團隊的成功以及他們在推動直銷成長方面所做的工作感到自豪，我們相信他們將繼續推動這一成長。

Now to address the digital advertising headwinds that have been created from the emergence of AI and its subsequent impact on content creators and their corresponding online audience. As I'm sure you're aware, this is an industry-wide issue among web publishers of scale. For example, publishers including well-known names like Forbes, Daily Mail, Washington Post and CNN are seeing major drops in traffic to their websites. In fact, in August, 45 of the top 50 US news websites experienced year-over-year declines in search traffic with the four publishers I just mentioned averaging declines in search traffic of over 40% year-over-year in July.

現在來探討人工智慧的出現及其對內容創作者及其相應線上受眾的影響，對數位廣告帶來的不利影響。我相信您也知道，這對於規模較大的網路出版商來說是一個行業普遍存在的問題。例如，包括《富比士》、《每日郵報》、《華盛頓郵報》和 CNN 等知名出版商在內的許多媒體，其網站流量都出現了大幅下降。事實上，8 月份，美國排名前 50 的新聞網站中有 45 個網站的搜尋流量同比下降，而我剛才提到的這四家出版商在 7 月份的搜尋流量同比平均下降了 40% 以上。

As we detail on slide 13, both our local and national websites are also experiencing meaningful declines in our search engine traffic, leading to declines in our overall digital inventory. This impacts our ability to monetize any remnant inventory unsold by our direct sales team, digital inventory that we have historically sold via programmatic bidding engines.

正如我們在第 13 張投影片中詳細介紹的那樣，我們的本地網站和全國網站的搜尋引擎流量也出現了顯著下降，導致我們的整體數位資產下降。這會影響我們對直銷團隊未售出的剩餘庫存以及我們過去透過程式化競價引擎售出的數位庫存進行貨幣化的能力。

Although a much smaller part of our digital advertising segment, the declines have been significant. For context, revenue from remnant inventory on our websites was approximately $20 million in 2024 and accounted for 13% of our digital advertising revenue. In the third-quarter of this year, this revenue stream declined 50% year-over-year, going from $5 million in Q3 2024 to only $2.5 million in Q3 2025 and thus a decline of $2.5 million, which is very high-margin revenue and an acceleration from Q2's decline of approximately 25%. Thus creating a drag on our performance and causing our digital advertising revenue to decline negative 2% year-over-year in the third-quarter as opposed to the slight growth we originally expected when we last spoke.

雖然在我們數位廣告業務中所佔比例很小，但下降幅度仍然很大。作為參考，2024 年我們網站上剩餘庫存的收入約為 2,000 萬美元，占我們數位廣告收入的 13%。今年第三季度，該項營收年減 50%，從 2024 年第三季的 500 萬美元降至 2025 年第三季的 250 萬美元，減少了 250 萬美元。這是一項利潤率非常高的收入，並且比第二季約 25% 的降幅有所加快。因此，這拖累了我們的業績，導致我們第三季的數位廣告收入比去年同期下降了 2%，而不是我們上次談話時預期的略微增長。

Important to highlight that excluding revenue from remnant inventory sold programmatically, Q3 digital advertising revenue would have increased plus 5% year-over-year. Unfortunately, we continue to see these search referral trends in Q4 and believe this headwind will exist through at least the first half of 2026 before remnant revenue stabilizes at a lower run rate.

值得注意的是，如果排除透過程式化方式售出的剩餘庫存收入，第三季數位廣告收入將年增 5%。不幸的是，我們在第四季度繼續看到這些搜尋推薦趨勢，並認為這種不利因素至少會持續到 2026 年上半年，之後剩餘收入才會穩定在較低的運行率。

As a result, we expect Q4's digital advertising revenue to be again be muted. And again, I'd like to emphasize that while it's a meaningful drag in the short-term, it represents only a small portion of our business and the majority of our segment, including our programmatic business, which represents 60% of our digital advertising revenue, continues to deliver very healthy revenue growth.

因此，我們預計第四季數位廣告收入將再次表現平淡。我再次強調，雖然這在短期內會造成相當大的拖累，但這只占我們業務的一小部分，而我們的大部分業務，包括占我們數位廣告收入 60% 的程序化業務，仍然保持著非常健康的收入增長。

Let's now turn to our second digital business, which is our subscription-based digital marketing solutions SaaS business, Townsquare Interactive. We are pleased to share that our fantastic profit performance has continued in the third-quarter, and we again expect strong profit growth in the fourth-quarter. In the first nine months of 2025, segment profit has increased plus 19% year-over-year, an increase of $3 million.

現在讓我們來看看我們的第二個數位業務，即我們基於訂閱的數位行銷解決方案 SaaS 業務 Townsquare Interactive。我們很高興地宣布，第三季我們出色的獲利表現得以延續，我們預計第四季獲利將再次強勁成長。2025 年前九個月，該部門利潤年增 19%，增加了 300 萬美元。

This is an excellent result as year-to-date profit margins expanded to 33% as opposed to the customary 28% profit margin we've delivered over the past few years. As we detailed on our last call, the increase in Townsquare Interactive's profit margin is largely due to three causes. Number one, the restructuring of our customer service model in 2023 that allows us to grow more efficiently.

這是一個非常好的結果，因為今年迄今為止的利潤率擴大到了 33%，而過去幾年我們通常的利潤率是 28%。正如我們在上次電話會議中詳細介紹的那樣，Townsquare Interactive 利潤率的成長主要歸因於三個原因。第一，我們將在 2023 年重組客戶服務模式，這將使我們能夠更有效率地發展。

Number two, changes to our sales structure late last year and early this year have led to both a smaller sales team, which is temporary, but very importantly, a more productive sales team. And finally, number three, the deployment of AI solutions to improve efficiency.

第二，去年底和今年年初我們對銷售結構的調整，使得銷售團隊規模縮小（這是暫時的），但更重要的是，銷售團隊的效率提高了。最後，第三點是部署人工智慧解決方案以提高效率。

Thus, we remain very confident that the changes we have made to both our customer service and sales models, along with the continued deployment of AI solutions are setting Townsquare Interactive up for the next decade of efficient and profitable growth and success. However, as I just mentioned and also highlighted on our last call, with a smaller sales team comes slower sales velocity and therefore, muted revenue performance in the short-term.

因此，我們仍然非常有信心，我們對客戶服務和銷售模式所做的改變，以及人工智慧解決方案的持續部署，將為 Townsquare Interactive 在未來十年實現高效、盈利的成長和成功奠定基礎。但是，正如我剛才提到的，也是我們在上次通話中強調的，銷售團隊規模較小意味著銷售速度較慢，因此短期內收入表現也會受到影響。

In the third-quarter, Townsquare Interactive's revenue decreased approximately negative 2% year-over-year and was just in line with Q2's total revenue as expected and shared on our last call. We expect Q4 revenue at Townsquare Interactive to be roughly in line with Q3's $18.6 million, and we are confident that we will return to revenue growth during calendar year 2026 once we have reached previous sales staffing levels.

第三季度，Townsquare Interactive 的營收年減約 2%，與第二季的總收入基本上持平，正如我們在上次電話會議上所預期的那樣。我們預計 Townsquare Interactive 第四季的營收將與第三季的 1,860 萬美元大致持平，並且我們有信心，一旦我們恢復到先前的銷售人員配備水平，我們將在 2026 年恢復營收成長。

In the meantime, we expect that strong profit growth will continue in Q4 and 2026 as we expect profit margins to remain above 30% in Q4 and above our historical levels next year. We look forward to sharing our strong full year profit results next quarter as we expect our profit performance at TSI in 2025 to be one of the best in the division's 12-year history.

同時，我們預計第四季和 2026 年利潤將繼續保持強勁成長，因為我們預計第四季利潤率將保持在 30% 以上，明年將高於我們歷史水平。我們期待在下個季度分享我們強勁的全年利潤業績，因為我們預計 TSI 在 2025 年的利潤表現將是該部門 12 年歷史上最好的業績之一。

As you have heard me consistently state, I am very confident that Townsquare Interactive is on track and set up for long-term profitable growth and success, and I believe that 2025 expected profit performance is a great proof point of that.

正如我一直所說，我對 Townsquare Interactive 的發展前景充滿信心，相信它已走上正軌，並已做好長期盈利增長和成功的準備，而且我認為 2025 年的預期盈利表現就是一個很好的證明。

Turning to our third and final business segment, broadcast local radio. As you're all aware, we view local radio as an extremely valuable asset with significant cash flow properties, unparalleled consumer reach and an important local connection to our audience and our clients. However, radio is not a growth driver for Townsquare. And in the third-quarter, broadcast advertising net revenue, excluding political, performed exactly as we telegraphed on our last call and declined negative 8% ex-political year-over-year, in line with our performance through the first half of the year.

接下來是我們的第三個也是最後一個業務板塊——當地廣播電台。如大家所知，我們認為本地廣播是一項極其寶貴的資產，它具有可觀的現金流、無與倫比的消費者覆蓋面，並且與我們的聽眾和客戶建立了重要的本地聯繫。然而，廣播並不是 Townsquare 的成長動力。第三季度，除政治廣告外，廣播廣告淨收入的表現正如我們在上次電話會議上預測的那樣，同比下降了 8%，與我們上半年的表現一致。

Despite broadcast revenue declines and macro headwinds, we have consistently outperformed the industry in 2025, gaining local and national broadcast market share according to Miller Kaplan estimates. With our differentiated local content on our local radio broadcast, combined with being able to offer clients marketing solutions powered by the combination of digital and radio, we believe that we will continue to gain broadcast and total market share across our market footprint while also generating a solid profit as we carefully manage expenses to maintain a strong broadcast profit margin.

儘管廣播收入下降且面臨宏觀經濟逆風，但根據 Miller Kaplan 的估計，我們在 2025 年的表現一直優於行業平均水平，獲得了地方和全國廣播市場份額。憑藉我們在本地廣播中提供的差異化本地內容，以及能夠為客戶提供由數位和廣播相結合的營銷解決方案，我們相信，我們將繼續在我們的市場範圍內獲得廣播和整體市場份額，同時透過謹慎控制支出以保持強勁的廣播利潤率，從而創造可觀的利潤。

In fact, in Q3, our broadcast profit margin expanded significantly year-over-year when excluding political from 25% in Q3 2024 to 28% in Q3 2025. As we close out 2025, we expect to see digital advertising trends consistent with our Q3 performance with continued strength in programmatic and direct sales of our owned and operated 400-plus websites and mobile apps, offset by ongoing headwinds tied to the decline in search referral traffic.

事實上，在第三季度，如果排除政治節目，我們的廣播利潤率同比增長顯著，從 2024 年第三季度的 25% 增長到 2025 年第三季度的 28%。2025 年即將結束，我們預計數位廣告趨勢將與我們第三季的業績保持一致，我們擁有和經營的 400 多個網站和行動應用程式的程式化和直接銷售將繼續保持強勁勢頭，但搜尋推薦流量的下降帶來的持續不利因素將抵消這些優勢。

As I already noted, I expect Q4 revenue at Townsquare Interactive to be in line with Q3's revenue. We anticipate a slight improvement in ex-political performance in our Broadcast segment in Q4. Although on a total basis, we will see a large decline due to the significant political comp we had in Q4 of last year, coupled with lighter than forecasted fourth-quarter political revenue this year.

正如我之前提到的，我預計 Townsquare Interactive 第四季的營收將與第三季的營收持平。我們預計第四季度廣播業務中非政治類節目的表現將略有改善。儘管總體而言，由於去年第四季政治收入大幅下降，加上今年第四季政治收入低於預期，我們將看到大幅下滑。

As a result of that, and as Stuart will share shortly, our full year revenue and adjusted EBITDA guidance will be revised. Importantly, our business model continues to generate strong cash flow from operations, which we have been applying towards organic investment in our business and debt paydown as well as rewarding our shareholders with current returns in the form of a dividend, which we will continue to do.

因此，正如 Stuart 稍後將要分享的那樣，我們的全年收入和調整後 EBITDA 預期將會修訂。重要的是，我們的商業模式持續產生強勁的經營現金流，我們一直將這些現金流用於業務的有機投資和償還債務，並以股息的形式為股東帶來當前的回報，我們將繼續這樣做。

And now I'll hand it over to Stuart to discuss our financial results and guidance in more detail. Stuart, please take it away.

現在我將把發言權交給斯圖爾特，讓他更詳細地討論我們的財務表現和指導意見。斯圖爾特，請把它拿走。

Thank you, Bill, and good morning, everyone. It's great to speak to you today. We're very pleased to report that our third-quarter results met our revenue and EBITDA guidance. Third-quarter net revenue, excluding political, declined 4.5% year-over-year and 7.4% in total to net revenue of $106.8 million, within our guidance range of $106.5 million to $108.5 million. Third-quarter adjusted EBITDA, excluding political, declined 2.1% year-over-year and 13.6% in total to $22 million, which was also within our guidance range of $22 million to $23.

謝謝你，比爾，大家早安。今天能和你交談真是太好了。我們非常高興地報告，我們第三季的業績達到了我們的營收和 EBITDA 預期。第三季淨收入（不包括政治支出）年減 4.5%，總收入下降 7.4%，淨收入為 1.068 億美元，在我們先前預測的 1.065 億美元至 1.085 億美元範圍內。第三季調整後 EBITDA（不包括政治因素）年減 2.1%，總下降 13.6% 至 2,200 萬美元，這也在我們 2,200 萬美元至 2,300 萬美元的指導範圍內。

I would like to highlight that when excluding the political impact in 2024 and 2025, adjusted EBITDA margins expanded slightly from 20% in the third-quarter of 2024 to 20.5% in the third-quarter of 2025 as we thoughtfully managed our expense base.

我想強調的是，如果排除 2024 年和 2025 年的政治影響，由於我們謹慎地控制了支出基礎，調整後的 EBITDA 利潤率從 2024 年第三季的 20% 略微增長至 2025 年第三季的 20.5%。

Townsquare Ignite, our digital advertising segment, experienced slight revenue declines in the third-quarter as accelerated weakness in remnant indirect digital advertising revenue offset continued growth in the direct sales of our programmatic offering and our owned and operated digital portfolio.

我們旗下的數位廣告部門 Townsquare Ignite 在第三季度經歷了小幅收入下降，原因是剩餘間接數位廣告收入的加速疲軟抵消了我們程序化產品和自有自營數位產品組合的直接銷售的持續增長。

In total, third-quarter digital advertising revenue declined 1.6% year-over-year. third-quarter digital advertising segment profit margins were impacted by the same forces and as a result, margins contracted year-over-year to 21.5%. As expected and we previously projected, Townsquare Interactive, our subscription Digital Marketing Solutions segment's third-quarter net revenue decreased 2.3% year-over-year.

第三季數位廣告總營收年減1.6%。受相同因素影響，第三季數位廣告業務利潤率年減至21.5%。正如我們之前預測的那樣，我們的訂閱數位行銷解決方案部門 Townsquare Interactive 第三季淨收入年減了 2.3%。

We are thrilled to share that as expected and consistent with performance all year, Townsquare Interactive delivered another quarter of very strong profit growth with Q3 segment profit increasing 21% year-over-year with segment profit growth of approximately $1.1 million. Segment profit margins were very strong at 33% in Q3 2025. And for the full year, we expect Townsquare Interactive's profit margin to remain above 30%.

我們很高興地宣布，正如預期並保持全年業績一致，Townsquare Interactive 又實現了非常強勁的季度利潤增長，第三季度業務利潤同比增長 21%，業務利潤增長約 110 萬美元。2025年第三季度，各業務部門的利潤率非常強勁，達到33%。我們預計 Townsquare Interactive 全年的利潤率將維持在 30% 以上。

In 2025, we are very confident in our expectation that we will deliver strong profit growth for our Townsquare Interactive business, which is very beneficial after the profit losses in 2023 and 2024. Q3 broadcast advertising net revenue decreased in line with our expectations, which was similar to declines in the first half of the year on an ex-political basis.

2025 年，我們非常有信心實現 Townsquare Interactive 業務的強勁利潤成長，這在經歷了 2023 年和 2024 年的利潤虧損之後，將是非常有利的。第三季廣播廣告淨收入下降，與我們的預期一致，與上半年剔除政治廣告後的下降幅度類似。

In the third-quarter, broadcast revenue declined 8.1%, excluding political and 13.8% in total, each as compared to the prior year. Importantly, broadcast segment profit margins meaningfully increased year-over-year when excluding political from 25% in the third-quarter of 2024 to 28% in the third-quarter of this year. We're very proud of how our team is working diligently to manage our broadcast expense base in the face of revenue declines.

第三季度，廣播收入（不包括政治廣播）年減 8.1%，總營收年減 13.8%。值得注意的是，如果排除政治因素，廣播業務的利潤率同比顯著增長，從 2024 年第三季的 25% 增長到今年第三季的 28%。面對收入下降，我們的團隊努力控制廣播支出，我們為此感到非常自豪。

Our third-quarter net loss was $5.5 million or $0.36 per diluted share. In the first nine months of the year, net loss improved $31 million year-over-year, primarily due to the reduction in noncash impairment charges in 2025. We'd like to remind you that any benefit or provision for income taxes included on the face of the income statement is for GAAP financial statement purposes only. We maintain significant tax attributes, including approximately $96 million of federal NOL carryforwards and other substantial tax shields related to the tax amortization of our intangible assets. We continue to believe that we will not be a material cash taxpayer until approximately the year 2028.

我們第三季淨虧損為 550 萬美元，即每股攤薄虧損 0.36 美元。今年前九個月，淨虧損年減了 3,100 萬美元，主要原因是 2025 年非現金減損費用的減少。我們想提醒您，損益表上列出的任何所得稅收益或準備金僅用於符合公認會計原則的財務報表目的。我們擁有重要的稅務優勢，包括約 9,600 萬美元的聯邦淨營業虧損結轉以及與無形資產稅收攤銷相關的其他重大稅收優惠。我們仍然認為，大約在 2028 年之前，我們不會成為重要的現金納稅人。

As Bill highlighted, and I would again like to emphasize, we consistently have strong cash flow generation. We generated $18 million of cash flow from operations in the first 9 months of 2025. Cash flow from operations before cash interest payments was $59 million and was 5% or $3 million higher than the previous year.

正如比爾所強調的，我也想再次強調，我們一直擁有強勁的現金流。2025 年前 9 個月，我們從經營活動中產生了 1,800 萬美元的現金流。不計現金利息支出的經營活動現金流量為 5,900 萬美元，較上年增長 5%，即 300 萬美元。

In the third-quarter, we repaid $9 million of our term loan, including $6 million, which we purchased at a discount in the open market and our second amortization payment of $2.9 million. Since the February refinancing, we have reduced our outstanding debt by $17 million as of the end of the third-quarter.

第三季度，我們償還了900萬美元的定期貸款，其中包括我們在公開市場上以折扣價購買的600萬美元，以及我們的第二筆攤銷款項290萬美元。自 2 月的再融資以來，截至第三季末，我們的未償債務已減少了 1,700 萬美元。

In addition, our cash this year has been used to fund $41 million of interest payments, $10 million of dividend payments and $28 million of fees associated with our February refinancing. With $463 million of total debt outstanding and $3 million of cash on hand at September 30, our net leverage is 4.71 times. And I'd like to highlight that since our term loan is a floating rate instrument, the two recent interest rate cuts totaling 50 basis points translates to roughly $2.3 million of annualized interest reduction based on the current debt balances.

此外，我們今年的現金也用於支付 4,100 萬美元的利息、1,000 萬美元的股息以及與 2 月再融資相關的 2,800 萬美元費用。截至 9 月 30 日，公司未償債務總額為 4.63 億美元，手上現金為 300 萬美元，淨槓桿率為 4.71 倍。我想強調的是，由於我們的定期貸款是浮動利率工具，最近兩次降息共 50 個基點，根據目前的債務餘額計算，相當於每年減少約 230 萬美元的利息支出。

As always, our number one priority is to invest in our local business through organic internal investments that support our revenue and profit growth, particularly our digital growth engine. We plan to continue to invest in our digital product technology, sales, content, and support teams, specifically in our Townsquare Interactive and Townsquare Ignite businesses to main our strong competitive advantage in these markets outside the top 50 cities. In addition, we plan to use our excess cash flow to reduce our debt through both mandatory and voluntary debt repayments and, of course, support our high-yielding dividend.

一如既往，我們的首要任務是透過有機內部投資來發展本地業務，從而支持我們的收入和利潤成長，特別是我們的數位成長引擎。我們計劃繼續投資於我們的數位產品技術、銷售、內容和支援團隊，特別是我們的 Townsquare Interactive 和 Townsquare Ignite 業務，以保持我們在前 50 大城市以外的這些市場中的強大競爭優勢。此外，我們計劃利用多餘的現金流，透過強制性和自願性債務償還來減少債務，當然，也要支持我們高收益的股利。

Our Board has approved our next quarterly dividend payable on February 2 to shareholders of record as of January 26. The dividend of $0.20 per share equates to $0.80 per share on an annualized basis and implies an annual payment of approximately $13 million based on our current share count and a dividend yield of approximately 13% based on our current share price.

董事會已批准將於 2 月 2 日向 1 月 26 日登記在冊的股東派發下一季股利。每股 0.20 美元的股息按年計算為每股 0.80 美元，根據我們目前的股份數量，這意味著每年約 1300 萬美元的股息支付，根據我們目前的股價，股息收益率約為 13%。

For our full year outlook, due to much steeper-than-expected declines in our search engine traffic and its related indirect revenue, coupled with much lower-than-forecasted political revenue, we expect that our net revenue will come in lighter than previously expected. As these are both very high-margin revenue streams, this also impacts our adjusted EBITDA guidance, but due to our strong expense management to a much lesser degree.

由於搜尋引擎流量及其相關間接收入的下降幅度遠超預期，加上政治收入遠低於預期，我們對全年的展望是，預期淨收入將低於先前的預期。由於這兩項都是利潤率非常高的收入來源，因此也會影響我們調整後的 EBITDA 預期，但由於我們強大的費用控制，影響程度要小得多。

Specifically, for the fourth-quarter, we expect net revenue to be between $105 million and $109 million. We expect fourth-quarter adjusted EBITDA to be between $21.5 million and $23.5 million. As a reminder, in the fourth-quarter of 2024, we generated $7.2 million of political revenue versus our current forecast of less than $1 million of political revenue in the fourth-quarter of 2025.

具體而言，我們預計第四季淨收入將在 1.05 億美元至 1.09 億美元之間。我們預計第四季度調整後 EBITDA 將在 2,150 萬美元至 2,350 萬美元之間。提醒一下，2024 年第四季度，我們獲得了 720 萬美元的政治收入，而我們目前預測 2025 年第四季的政治收入將不到 100 萬美元。

This guidance implies that Townsquare's 2025 full year revenue will be between $426 million and $430 million, with political revenue of less than $2 million as compared to $3 million we generated in 2023, the last nonpolitical year. We expect full year adjusted EBITDA will be between $88 million and $90 million.

該指導意見表明，Townsquare 2025 年全年收入將在 4.26 億美元至 4.3 億美元之間，政治收入將低於 200 萬美元，而我們在 2023 年（上一個非政治年份）產生的政治收入為 300 萬美元。我們預計全年調整後 EBITDA 將在 8,800 萬美元至 9,000 萬美元之間。

And with that, I will now turn the call back over to Bill.

接下來，我將把電話轉回給比爾。

Thank you, Stuart, and thanks to everyone for taking the time to be updated on Townsquare's Q3 results this morning. We greatly appreciate it. I'd like to close today's call by emphasizing our confidence in our digital-first local media strategy and the long-term profitable growth potential of our digital platform. Direct digital advertising sales remain strong, and Townsquare Interactive is driving incredible profit growth in 2025 with margins north of 30%. Our mature cash cow broadcast advertising platform continues to generate a solid profit, and Q3 ex-political broadcast profit margins are actually up year-over-year due to solid expense management.

謝謝斯圖爾特，也謝謝大家今天早上抽出時間了解 Townsquare 第三季的業績。我們非常感謝。在今天的電話會議結束之際，我想強調我們對以數位優先的本地媒體策略以及我們數位平台的長期獲利成長潛力充滿信心。直接數位廣告銷售依然強勁，Townsquare Interactive 正在推動 2025 年利潤實現驚人的成長，利潤率超過 30%。我們成熟的搖錢樹廣播廣告平台繼續產生穩定的利潤，由於有效的費用控制，第三季度除政治廣播廣告外的利潤率實際上同比增長了。

We continue to generate strong cash flow. And after refinancing our debt in February, which extended our maturity profile to 2030, we have already reduced our outstanding term loan by $17 million through September, all while maintaining our high-yielding dividend, delivering attractive current returns to our shareholders. Most importantly, we are confident in our ability to build shareholder value for our investors through long-term net revenue, profit and cash flow growth, net leverage reduction, and future dividend payments.

我們持續創造強勁的現金流。繼 2 月份對債務進行再融資，將到期日延長至 2030 年之後，截至 9 月份，我們已經減少了 1700 萬美元的未償定期貸款，同時保持了高收益股息，為股東帶來了可觀的當前回報。最重要的是，我們有信心透過長期淨收入、利潤和現金流成長、淨槓桿率降低以及未來的股息支付，為我們的投資者創造股東價值。

As always, we wouldn't have the confidence in our long-term success without the Townsquare team's effort, passion and commitment that is directly driving our growth and innovation each day. I could not be more appreciative of our team and their tremendous work.

一如既往，如果沒有 Townsquare 團隊的努力、熱情和奉獻精神，我們就不會對自身的長期成功充滿信心，正是這些努力、熱情和奉獻精神每天都在直接推動著我們的成長和創新。我無比感激我們的團隊及其所付出的巨大努力。

With that, operator, at this time, please open the line for any and all questions.

接線員，現在請開通線路，接受大家的提問。

(Operator Instructions)

（操作說明）

Michael Kupinski, NOBLE Capital Markets.

Michael Kupinski，NOBLE Capital Markets。

Just a couple of questions here. First, I want to start on the broadcasting side. I see that, obviously, we see core advertising kind of decline. And typically, in an off-election year, we would kind of get the core advertising up because of the displacement from political. And we should just see continued deterioration there, of course, secular headwinds.

這裡就幾個問題。首先，我想從廣播方面著手。很明顯，我們看到核心廣告業務出現了下滑。通常情況下，在非選舉年，由於政治活動的轉移，我們會加強核心廣告的投放力道。當然，我們應該會看到那裡的情況持續惡化，這是長期不利因素造成的。

I get that. I was just wondering if and when do you think we'll see some stabilization on core advertising there? And I know it's not a main focus for you, but I was just wondering what do you think will take to see at least some stabilization on the core advertising front?

我明白了。我只是想知道，您認為我們什麼時候才能看到核心廣告市場趨於穩定？我知道這不是你的主要關注點，但我只是想知道，你認為需要做些什麼才能讓核心廣告領域至少出現一些穩定？

Thank you, Michael. Always good to hear from you. Yes, obviously, as you just noted, there's a secular decline currently in broadcast radio similar to broadcast television. From what we've heard and what we've seen from publicly reported companies, but what we've also heard about year-to-date is down low double digits for the industry. As we just reported this morning, just exactly what we telegraphed on our last call that Q3 would be down negative 8% ex-political, which is exactly where we were for Q1 and Q2.

謝謝你，麥可。很高興收到你的來信。是的，顯然，正如你剛才提到的，目前廣播電台和電視廣播一樣，都出現了長期衰退的趨勢。根據我們從公開披露的公司那裡聽到和看到的，以及我們了解到的今年迄今為止整個行業的下滑幅度，都達到了兩位數的低點。正如我們今天早上報導的那樣，正如我們在上次電話會議上所預告的那樣，第三季度剔除政治因素後將下降 8%，這與第一季度和第二季度的情況完全一致。

So, it came in directly where we thought. We also just noted in the prepared remarks that Q4 is pacing slightly better ex-political by 1 point, 1.5 points. So, it's not dramatic, but it is slightly improving. And it's also important to note that our broadcast profit margin is up year-over-year. So, in Q3 this year, our broadcast profit margin is 28%, which is actually up from Q3 2024, which was 25%, so a three-basis point improvement.

所以，結果正如我們所料。我們在準備好的發言稿中也提到，第四季（不包括政治因素）的成長速度略好一些，為 1 個百分點，1.5 個百分點。所以，情況雖然沒有顯著改善，但確實略有改善。值得注意的是，我們的廣播利潤率比去年同期成長了。因此，今年第三季度，我們的廣播業務利潤率為 28%，實際上比 2024 年第三季度的 25% 有所提高，提高了 3 個基點。

So clearly, we've always taken the view that, obviously, digital is our growth engine and that our broadcast business, which we love, and we don't think we'd have the success in our two digital divisions without the power of broadcast radio and the connection it has with our communities, it is a traditional cash cow, and it is, in our view, not our growth driver.

所以很明顯，我們一直認為，數位業務顯然是我們的成長引擎，而我們熱愛的廣播業務，我們認為如果沒有廣播的力量以及它與我們社區的聯繫，我們的兩個數位部門就不會取得成功，它是一棵傳統的搖錢樹，但在我們看來，它並不是我們的成長動力。

I would also highlight, and we're quite proud of this, is that our local sales team is increasing share. So, we -- if you look at Miller Kaplan, we're taking local spot share from our competitors in the 74 markets where we operate radio stations, and we're taking total spot share. So, in a declining market, we're in essence, doing better than the rest of the industry, which is evident in our negative 8% versus the industry's negative 11%. Going to the heart of your question, which was when do we expect stabilization? So again, we're seeing slight improvement in Q4.

我還要特別強調一點，我們為此感到非常自豪，那就是我們本地銷售團隊的市佔率正在不斷成長。所以，如果你看看 Miller Kaplan，你會發現我們在經營廣播電台的 74 個市場中，從競爭對手那裡奪取了本地廣告份額，並且奪取了總廣告份額。因此，在市場下滑的情況下，我們實際上比業內其他公司做得更好，這一點從我們-8%的跌幅與行業-11%的跌幅對比中可以明顯看出。回到您問題的核心，那就是我們預計何時才能穩定下來？所以，我們再次看到第四季略有改善。

Obviously, the macro environment throughout 2025 has been incredibly challenging given the uncertainty. The uncertainty coming into the year, obviously, Liberation Day on April 2, we detailed quite specifically on our last call that the dramatic and instant impact that had on our advertising business in total and muted our digital advertising in Q2 and Q3 and obviously hurt our broadcast advertising.

顯然，鑑於不確定性，2025 年的宏觀環境極具挑戰性。年初的不確定性顯而易見，4月2日解放日，我們在上次電話會議上非常詳細地詳細說明了它對我們整體廣告業務的巨大而直接的影響，抑制了我們第二季度和第三季度的數位廣告，並且顯然損害了我們的廣播廣告。

And then going into the longest government shutdown, uncertainty around interest rates, so forth and so on. So hopefully, with the developments last night in the government, hopefully reopening in short order, my expectation in 2026 is the current negative 8% moves to, call it, low to mid-single digits. I would probably guide to just be conservative mid-single digits in '26 in terms of broadcast.

然後，又經歷了史上持續時間最長的政府停擺、利率的不確定性等等。所以，希望隨著昨晚政府方面取得的進展，能夠盡快重新開放，我預計到 2026 年，目前的負 8% 的降幅將變為個位數低到中位數。就廣播方面而言，我可能會保守地預測 2026 年的收視率在個位數中段。

And then looking at '27 and beyond, and I'm talking about ex political because obviously, next year will be a great political year. We expect to be in low single digits. So that's what our expectation, Michael, is in terms of core radio -- so I'd call it, in '26, negative mid-single digits and then '27, '28 negative low single digits. And I'll turn it back to you for your other questions or any follow-ups on that.

然後展望 2027 年及以後，我指的是政治面，因為很顯然，明年將是政治大年。我們預計會是極少數的個位數。所以，邁克爾，這就是我們對核心廣播的預期——我估計，2026 年會是負個位數，2027 年、2028 年會是負個位數。至於您還有其他問題或後續問題，我會把這個問題交還給您。

You've been able to maintain some pretty impressive margins. Is there much to cut there? I mean, given that you have these pretty high margins, I mean, it's surprising that given the type of revenue declines that you had in core advertising, you still maintain some pretty healthy margins.

你們一直保持著相當可觀的利潤率。這方面還有很多可以削減的地方嗎？我的意思是，考慮到你們的利潤率相當高，考慮到你們核心廣告收入的下滑幅度，你們仍然保持著相當健康的利潤率，這確實令人驚訝。

We appreciate you noting that, and we agree. And Stuart and his team as well as many others have done a great job. Quite honestly, the short answer is yes, we have a lot of opportunity. We talked about this on a couple of calls, but we're currently continuing to deploy AI solutions throughout our company that are providing efficiency as well as increased productivity. So, we're very proud of the fact that if you look at our broadcast profit margins ex-political, they're up and quite healthy, as you noted.

感謝您指出這一點，我們也同意。史都華和他的團隊以及其他許多人都做得非常出色。坦白說，簡而言之，是的，我們有很多機會。我們在幾次電話會議中討論過這個問題，目前我們正在公司內部繼續部署人工智慧解決方案，這些解決方案不僅提高了效率，也提高了生產力。所以，正如您所指出的，我們非常自豪的是，如果您看一下我們剔除政治節目後的廣播利潤率，您會發現它們有所上升，而且相當健康。

And we are quite confident we'll be able to maintain that. We're profit margins up, as I just noted, to 28%, three basis points up from 25% in Q3 '25 on a decline of negative 8% ex-political is quite great work that our team has done, and I'm quite proud of. We will be able to continue to do that and take out expenses in line with wherever the revenue comes in. And I think we've proven that over the last several years, and we'll do the same moving forward. I'll turn it back to you, Michael.

我們非常有信心能夠保持這一點。正如我剛才提到的，我們的利潤率上升至 28%，比 2025 年第三季的 25% 上升了 3 個基點，儘管下降了 8%（不計政治因素），但這是我們團隊所做的非常出色的工作，我為此感到非常自豪。我們將繼續這樣做，並根據收入情況扣除相應費用。我認為過去幾年我們已經證明了這一點，未來我們也會繼續這樣做。邁克爾，我把它還給你。

Indicated that they have had some government-related advertising in Q4, like Medicare enrollment, things like that. Did you have any type of government-related shutdown advertising impact?

有跡象表明，他們在第四季度投放了一些與政府相關的廣告，例如醫療保險註冊之類的廣告。政府停擺是否對你的廣告造成了任何影響？

Are you saying you've heard from others that they've gotten incremental buys? Yes, we have not seen that. We have not seen incremental buys related to the government shutdown. We've seen softness as it relates to that talking to our local customers. National continues to be a significant headwind for us.

你是說你從其他人那裡聽說他們獲得了增量購買？是的，我們還沒有看到這種情況。我們尚未看到與政府停擺相關的新增買盤。我們從與當地客戶的交流中看到了這種柔和的一面。國家層級仍然是我們面臨的一大阻力。

It's a small part of our business, less than -- as we've talked about before, less than 10% of our broadcast business. But no, the short answer is we have not seen a positive impact or incremental buys based around the government shutdown or Medicare or anything around that.

這只是我們業務的一小部分，正如我們之前所說，不到我們廣播業務的 10%。但簡而言之，我們並沒有看到政府停擺、醫療保險或任何相關事件對市場有正面影響或帶來增量購買。

Yes. No, I was actually -- it was the reverse that they were saying they had impact from advertisers.

是的。不，實際上情況正好相反——他們說他們受到了廣告商的影響。

Yes. We have seen that. We've seen canceled orders and things like that. And we've seen that throughout the year with the Dodge cutbacks in health services. So yes, the short -- if you're asking if we've seen a negative impact, the answer. Sorry, I misunderstood the question. The answer is yes.

是的。我們已經看到了這一點。我們已經看到訂單取消之類的情況。過去一年來，我們已經看到道奇公司削減了醫療服務的開支。所以，是的，簡而言之——如果你問我們是否看到了負面影響，答案是肯定的。抱歉，我誤解了你的問題。答案是肯定的。

And then final question, I don't want to take up too much time. A part of the attraction of the new office in Phoenix was in your Interactive segment was to focus on the West Coast expansion. I was just wondering if you could talk a little bit about your Interactive business on the west of the Mississippi. What were your goals on milestones? Could you just talk a little bit about your thoughts on how that office is kind of progressing?

最後一個問題，我不想佔用您太多時間。貴公司互動部門之所以對鳳凰城的新辦公室感興趣，部分原因是該部門專注於西海岸的擴張。我只是想問您能否談談您在密西西比河以西的互動娛樂業務。你們設定的里程碑目標是什麼？您能否簡單談談您對該辦公室目前進展的看法？

Yes. So quite pleased with the progression of the Phoenix office as well as Townsquare Interactive SaaS-based subscription division of our company. I'll first speak about Phoenix and address that, and I'll just give a little color on Townsquare Interactive overall. So, the primary driver of opening the office was to be able to increase our talent pool, and that's why we picked Phoenix. It's been a great place to hire sales talent.

是的。我對鳳凰城辦事處以及我們公司旗下基於 SaaS 的訂閱部門 Townsquare Interactive 的發展感到非常滿意。我先談談鳳凰城，然後再簡單介紹一下 Townsquare Interactive 的整體狀況。因此，開設辦事處的主要驅動力是為了擴大我們的人才庫，這也是我們選擇鳳凰城的原因。這裡一直是招募銷售人才的好地方。

And then after we hired sales talent, we started to add customer support focus as well as what we call subject matter expert, people who are great in design, people who are great in CRM and digital marketing for our Townsquare Interactive customers. So that office is doing exactly what we expected it to and are quite pleased with it. I'll just take a step back and just talk about Townsquare Interactive. So, we're quite pleased with the performance and really, really proud of the division.

之後，我們招募了銷售人才，並開始注重客戶支持，以及我們所謂的“主題專家”，即在設計、CRM 和數位行銷方面都很優秀的人才，為我們的 Townsquare Interactive 客戶服務。所以，那個辦公室的表現完全符合我們的預期，我們對此感到非常滿意。我先退一步，簡單談談 Townsquare Interactive。所以，我們對這個成績相當滿意，也為這個部門感到非常自豪。

In Q3, we delivered 21% growth and profit. And year-to-date through September, we grew our profit 19%. So over $3 million in incremental profit in the first nine months of the year. As I shared on our last call, I expect this to be our best profit growth year-over-year in the division's history. So, they've done a great job.

第三季度，我們實現了 21% 的成長和利潤。今年截至 9 月，我們的利潤成長了 19%。因此，今年前九個月的增量利潤超過 300 萬美元。正如我在上次電話會議上所說，我預計這將是該部門歷史上最好的年度利潤成長。所以，他們做得很好。

The profit margin has increased, which customarily, you may remember, Michael, that our TSI Townsquare Interactive profit margin of about 28%. Given our new service model, which we've outlined in detail on our earnings calls in the past, given the new sales paradigm where we put a higher level of revenue per salesperson in place as well as deployment of AI solutions, the customary 28% profit margin has improved to 33% year-to-date, and we expect that to hold in Q4.

利潤率有所提高，邁克爾，你可能還記得，我們​​ TSI Townsquare Interactive 的利潤率通常約為 28%。鑑於我們新的服務模式（我們在過去財報電話會議上詳細闡述過），鑑於我們新的銷售模式（提高了每位銷售人員的收入水平）以及人工智慧解決方案的部署，通常的 28% 的利潤率今年迄今為止已提高到 33%，我們預計第四季度將保持這一水平。

So, they're doing a tremendous job. The revenue in is essence stagnant, and we detailed why on the last call, but we really reduced our sales force quite substantially. I think on the last call, we talked about over 40%. But the profitability of each sales rep that remains as well as we add to the team moving forward is much, much higher. And therefore, that you've got this tremendous profit growth even though the revenue is stagnant.

所以，他們做得非常出色。公司收入基本上停滯不前，我們在上次電話會議上詳細說明了原因，但我們確實大幅削減了銷售人員。我想在上次通話中，我們談到了超過 40% 的話題。但是，隨著我們不斷擴充團隊，每位留任銷售代表的獲利能力以及我們未來新增銷售代表的獲利能力都會大大提高。因此，即使收入停滯不前，利潤卻實現了巨大的成長。

As we go into '26, the revenue growth will come back as we add more and more sellers and get back closer to our sales level in terms of number of sellers. And we believe we'll still be able to operate at a 30%-plus profit margin even as we aggressively hire our sales team.

進入 2026 年，隨著我們增加越來越多的賣家，並在賣家數量方面逐漸恢復到先前的銷售水平，收入成長將會恢復。我們相信，即使我們積極招募銷售團隊，我們仍然能夠維持 30% 以上的利潤率。

So just want to provide that color, after losing -- I think it was about $5 million in profit between 2023 and 2024 to now add back, call it, over $3 million, probably $3.5 million in '25 in incremental profit year-over-year. I think just speaks to the underlying strength of the division and how confident we are moving forward in Townsquare Interactive.

所以，我只是想說明一下，在虧損之後——我認為在 2023 年到 2024 年之間大約虧損了 500 萬美元的利潤，現在要加上，姑且稱之為，超過 300 萬美元，可能在 2025 年實現 350 萬美元的年度增量利潤。我認為這充分體現了我們部門的內在實力，以及我們對 Townsquare Interactive 未來發展的信心。

And going back to your original question, that includes our operations in Phoenix. So, I'll turn it back to you, Michael, unless you don't have any other questions, we'll open it up to others, but I want to give you the opportunity for any follow-ups.

回到你最初的問題，這也包括我們在鳳凰城的業務。那麼，邁克爾，我就把問題交還給你了。除非你沒有其他問題，否則我們會開放給其他人提問。但我希望給你機會提出任何後續問題。

Patrick Sholl, Barrington Research.

Patrick Sholl，巴林頓研究公司。

Yes, you actually kind of answered, I think, most of the question I was going to ask about maybe longer-term expectations on profitability on Interactive. But is that sort of like in the low to mid-30s range kind of something you would expect to keep at going forward? Or do you think there'd be room for expansion from there? I guess, maybe like a time frame for getting to more -- yes, time frame for potential margin expansion at Interactive?

是的，我覺得你實際上已經回答了我原本想問的大部分問題，關於互動娛樂的長期盈利預期。但你認為未來應該保持在這個水準（例如 30 度出頭到 30 度中段）嗎？或者你認為從那裡還有擴展的空間嗎？我想，或許可以設定一個時間框架，來實現更多——是的，Interactive公司潛在利潤率擴張的時間框架？

Yes. Great to hear from you, Patrick. Thank you for the questions, as always. I expect us to continue to be in the low 30% margins over the next couple of years, particularly with the aggressive investment. We want to build back the sales team. As I noted on our last call, we lost over 40%. And it was definitely the right thing, clearly by the profit growth.

是的。很高興收到你的來信，派崔克。感謝大家一如既往的提問。我預計未來幾年我們的利潤率將繼續保持在 30% 左右，尤其是在積極投資的情況下。我們希望重建銷售團隊。正如我在上次通話中提到的，我們損失了超過 40%。從獲利成長來看，這絕對是正確的做法。

And so, in the short-term, I expect us to still live in that 32%, 33% profit margin area. But I believe there is room for margin expansion as we look out in '27 -- back half of '27, '28, '29, that's clearly an opportunity as we really rebuilt our service model and now our sales team with scale and efficiency in mind as well as obviously great customer service.

因此，短期內，我預計我們的利潤率仍將維持在 32% 到 33% 的範圍內。但我相信，展望 2027 年——2027 年下半年、2028 年、2029 年，利潤率還有提升的空間，這顯然是一個機會，因為我們真正重建了我們的服務模式，現在我們的銷售團隊也以規模和效率為目標，當然還有出色的客戶服務。

So yes, I believe we'll be in this profit margin, call it, for the next 18 to 24 months, which is a huge improvement from the last several years, but that there is opportunity for margin expansion after that. And I'll turn it back to you, Patrick.

所以，是的，我相信在接下來的 18 到 24 個月裡，我們將保持目前的利潤率，這比過去幾年有了巨大的進步，但之後還有利潤率擴張的機會。派崔克，我這就把麥克風交還給你。

And then on Ignite, I think I heard you say that excluding the programmatic headwinds that it was up, I think, mid-single digits in Q3. If I have that wrong, please correct me. But just could you maybe talk about like the maybe different trends in that between the -- your own markets and the third-party selling or the third-party markets? And just maybe some of like the different macro trends in there versus any specific category issues.

然後在 Ignite 大會上，我想我聽到您說過，如果不考慮程序化廣告的不利因素，我認為第三季度的增長幅度達到了個位數中段。如果我理解有誤，請指正。您能否談談您自己的市場和第三方銷售或第三方市場之間可能存在的不同趨勢？或許可以專注於一些不同的宏觀趨勢，而不是任何特定的類別問題。

No, great question. I'm glad you asked because if nobody did ask on the call, I was going to provide some color in the closing remarks. So, a very timely question, and I'm glad you asked it. So, you're exactly right. Without the remnant drag, so that's indirect sales.

不，問得好。很高興你問了這個問題，因為如果電話會議上沒有人問，我本來打算在結束語中補充一些細節。這是一個非常及時的問題，我很高興你問了這個問題。沒錯，你說得完全正確。除去剩餘的滯銷品，這就是間接銷售。

So, any unsold inventory that we've been customarily doing, if you remove that, and I'll talk about that specifically as well. Our Q3 digital advertising increased plus 5% versus the reported negative 1.7%. That 5% also includes online radio, streaming radio, which for us is not a high-growth area. It's a modest growth area.

所以，我們一直以來處理的任何未售出的庫存，如果你把它去掉，我也會具體談談這一點。我們第三季的數位廣告收入成長了 5%，而先前報告的數據為下降 1.7%。這 5% 還包括網路廣播、串流廣播，而對我們來說，這並不是一個高成長領域。這是一個成長較為溫和的領域。

So then if you break it down, I know you know this, but for the benefit of everybody else on the call, our Ignite division, which is our digital advertising business is made up of programmatic, which is 60% of our digital advertising revenue. And then the remaining 40% is what we call owned and operated platforms. So digital advertising on our own properties that we own, like our mobile apps, our websites, our social platforms and so forth.

所以，如果你仔細分析一下，我知道你也知道這一點，但為了電話會議上其他人的利益，我們的 Ignite 部門，也就是我們的數位廣告業務，由程序化廣告組成，占我們數位廣告收入的 60%。剩下的 40% 就是我們所謂的自有和營運平台。所以，我們會在我們自己的資產上投放數位廣告，例如我們的行動應用程式、網站、社交平台等等。

So specifically on our owned and operated, I couldn't be more proud of the Townsquare team. I mean they are just killing it. So, in Q3, it was up 10%. So digital advertising on our own properties which makes up 40% of our total digital advertising was up 10% in Q3 as well as up 10% year-to-date, which we're quite proud of.

就我們自有和經營的門市而言，我為 Townsquare 團隊感到無比自豪。我的意思是，他們簡直太棒了。所以，第三季成長了10%。因此，我們自有平台上的數位廣告（占我們數位廣告總額的 40%）在第三季增加了 10%，今年迄今也成長了 10%，我們對此感到非常自豪。

So, the remaining programmatic of 60%, which is really -- we're a full digital agency, which we talked about on the call, everything from creative, media buying, optimization, insights, leveraging our first-party data from our owned and operated, all the things we're doing there was up high-single digits in Q3. So again, great performance in programmatic at high-single digits and then up 10% on our owned and operated.

因此，剩餘的 60% 程序化廣告，實際上——我們是一家全方位的數位代理商，我們在電話會議上談到了這一點，從創意、媒體購買、優化、洞察，到利用我們自有和運營的第一方數據，我們所做的一切，在第三季度都實現了接近兩位數的增長。所以，程序化廣告再次取得了優異的成績，實現了接近兩位數的成長，而我們自有和經營的廣告也成長了 10%。

So then obviously, the question is what's happening in the indirect. So indirect, so this is unsold inventory that we would then make available to real-time bidding exchanges was quite healthy for us because we had such a large digital audience. As we noted on the call, this is not a phenomenon unique to Townsquare.

那麼很顯然，問題在於間接層發生了什麼事。因此，間接銷售，也就是將未售出的庫存提供給即時競價交易平台，對我們來說非常有利，因為我們擁有龐大的數位受眾群體。正如我們在電話會議中提到的，這並非 Townsquare 獨有的現象。

This is happening to any web publisher at scale. So, in the prepared remarks, we said that audience trends based on AI, so if that's AI results at the top of Google, if that's people switching from Google to Perplexity or Cloud or whatever their -- ChatGPT, whatever their favorite or their -- whatever AI they're using.

這種情況正在大規模地發生在任何網路出版商身上。所以，在準備好的演講稿中，我們提到了基於人工智慧的受眾趨勢，例如，如果谷歌搜尋結果頂部顯示的是人工智慧，那麼人們就會從谷歌轉向 Perplexity 或 Cloud 或其他他們喜歡的——ChatGPT，或者他們正在使用的任何人工智慧。

So, audience trends were down 40% on average to web publishers at scale based on search traffic. So that is quite, quite substantial. So, for Townsquare, our remnant revenue in 2024 was $20 million, and that was very, very high margin, over 90%. Could be over 95% profit margin. So that's a substantial number. That $20 million in 2025, we believe it will decrease $7.5 million. So go to about $12.5 million in 2025. So that's obviously down $7.5 million.

因此，根據搜尋流量計算，網路出版商的受眾趨勢平均下降了 40%。所以這相當、相當重要。因此，對於 Townsquare 而言，我們在 2024 年的剩餘收入為 2,000 萬美元，利潤率非常非常高，超過 90%。利潤率可能超過95%。所以這是一個相當大的數字。我們認為，到 2025 年，這 2,000 萬美元將減少 750 萬美元。所以到 2025 年將達到約 1250 萬美元。所以很明顯，損失了750萬美元。

In the first half of the year, 2025, it was only down -- a little over $2 million. So, in the second half, we just said on the call, Q3 was down $2.5 million, which was a decline of 50% year-over-year. In Q4, we expect that to get slightly worse. So, the second half, we expect a decline in remnant of $5.5 million. So again, for a full year basis, that's down $7.5 million.

2025 年上半年，降幅僅超過 200 萬美元。所以，正如我們在電話會議上所說，下半年第三季虧損250萬美元，年減50%。我們預計第四季度情況會略有惡化。因此，我們預計下半年剩餘價值將下降 550 萬美元。所以，以全年計算，減少了 750 萬美元。

So, this is the number one reason by far that we had to adjust our revenue guide and our profit guide because our profit guide really declined 2% on the low end, 4% altogether. So, a range of 2% to 4%. We were not expecting a $5.5 million decline in remnant revenue, which again is over 95% profit margin.

所以，這是我們必須調整收入預期和利潤預期的首要原因，因為我們的利潤預期實際上下降了 2%，整體下降了 4%。所以，範圍在 2% 到 4% 之間。我們沒想到剩餘收入會下降 550 萬美元，這又意味著超過 95% 的利潤率。

So, you're talking about over $5 million profit decline. We expected it to continue along the lines of the first half, and that accelerated from being down a little over $2 million in the first half to being down -- we expect $5.5 million in the second half. So that was the main driver of our change in guidance on the revenue line and the profit line.

所以，你指的是超過500萬美元的利潤下滑。我們原本預計下半年的情況會和上半年一樣，但下半年的情況卻加速惡化，從上半年虧損略高於 200 萬美元，到虧損——我們預計下半年將虧損 550 萬美元。這就是我們調整營收和利潤預期的主要原因。

To a small effect, as Stuart said in the prepared remarks, our political, we expected over $3 million and coming in under $2 million. Although it was a competitive race, New Jersey just didn't see the money that we expected. The good news is our partners at Cats, who drive a lot of our political along with our own team said overall in 2025, political was very healthy for broadcast radio. It just didn't line up with our market.

正如史都華在準備好的演講稿中所說，我們的政治活動並沒有產生太大影響，我們原本預計會籌集超過 300 萬美元，但最終卻不到 200 萬美元。雖然競爭激烈，但新澤西州並沒有獲得我們預期的獎金。好消息是，我們的合作夥伴 Cats（他們和我們自己的團隊一起推動了我們的許多政治報道）表示，2025 年，政治對廣播電台來說總體上非常健康。它與我們的市場需求不符。

So, we're quite bullish on 2026 political, but it just didn't come in. So, I digress to your original question, but I wanted to give a lot of color. So digital advertising Ignite, we couldn't be more proud of this division. It is the fastest-growing part of our company for the last several years. It will continue to be.

所以，我們對 2026 年的政治情勢相當樂觀，但結果卻並非如此。所以，我有點偏離你最初的問題了，但我想要添加很多色彩。所以，對於數位廣告部門 Ignite，我們感到無比自豪。在過去幾年裡，它是我們公司成長最快的部門。情況還會繼續如此。

Our media partnerships now have over six signed with many more in the pipeline. As I said in the prepared remarks, we expect $6 million of top line revenue from our media partnerships at a 20% margin. We're quite bullish on this division. As I noted, I think that could be $50 million over the next five years, top line at a 20% margin.

我們目前已與六家媒體公司簽署了合作協議，還有更多合作正在洽談中。正如我在準備好的演講稿中所說，我們預計媒體合作將帶來 600 萬美元的收入，利潤率為 20%。我們非常看好這個部門。正如我之前提到的，我認為未來五年內，營收可能會達到 5,000 萬美元，毛利率為 20%。

So going back to recap, without remnant, Q3 digital advertising would have been up plus 5% -- our owned and operated was up 10% direct sold in Q3 as well as year-to-date. And our programmatic division, which is 60% of our digital advertising was up high single digits and doing quite well. So, I gave a lot of detail. I thought it was important given the dynamics in indirect. We think that indirect remnant will stabilize in the back half of '26. So, we'll have a little bit of a comp issue in the first six months of '26, but stabilize in the back half of '26 and sets us up quite nicely for great growth in Interactive in '26 and great growth in Ignite in '26.

綜上所述，如果不計殘餘廣告，第三季數位廣告收入將成長 5%——我們自有和經營的廣告收入在第三季以及年初至今的直接銷售額均成長了 10%。我們的程序化廣告部門佔數位廣告業務的 60%，實現了接近兩位數的成長，表現相當不錯。所以我提供了很多細節。考慮到間接融資的動態性，我認為這很重要。我們認為間接殘餘物將在 2026 年下半年趨於穩定。所以，2026 年上半年我們會遇到一些競爭問題，但 2026 年下半年會趨於穩定，這將為我們 2026 年 Interactive 業務和 Ignite 業務的巨大增長奠定良好的基礎。

Obviously, as I shared with Michael's questions about our broadcast and what we expect from a core perspective, we expect our broadcast business ex-political to improve in '26. And then obviously, we have the benefit of going from this year under $2 million in political revenue, we expect over $10 million next year. So, I think it sets us up quite nicely for a rebound into 2026.

顯然，正如我與邁克爾分享的關於我們廣播以及我們從核心角度所期望的問題一樣，我們期望我們的廣播業務（非政治性）在 2026 年有所改善。顯然，我們也受惠於政治收入從今年的不到 200 萬美元，預計明年將超過 1,000 萬美元。所以，我認為這為我們2026年的反彈奠定了相當好的基礎。

So long answer to your question, but I hope -- thank you for indulging me. I wanted to provide that color for everybody on the call, and I'll turn it back to you for any follow-ups or additional questions, Patrick.

回答你的問題有點長，但我希望──謝謝你的耐心。我想讓所有參加電話會議的人都能了解情況，帕特里克，如有任何後續問題或補充問題，我會把問題交還給你。

So, I guess just the digital media partnerships, I think you said $6 million from that in the -- for the year is the expectation. I guess I was just kind of curious like how much of that came in Q3? And what that kind of implies for just your own market digital selling efforts?

所以，我猜光是數位媒體合作，我想你說過，預計今年就能從中獲得 600 萬美元的收入。我只是有點好奇，其中有多少是在第三季實現的？那麼，這對您自身的市場數位化銷售工作意味著什麼？

Yes. And again, so our own market digital selling efforts, again, our owned and operated is up 10%. So that has nothing to do with media partners, up 10% Q3. So programmatic was up high-single digits. So, if you remove media partnerships, it would still be high-single digits, but down about 1.5 points less than if you removed it.

是的。此外，我們自己的市場數位銷售努力，以及我們自有和營運的銷售額，成長了 10%。所以這與媒體合作夥伴無關，第三季成長了 10%。因此，程序化廣告的成長幅度接近兩位數。所以，如果去掉媒體合作關係，降幅仍然會是接近兩位數，但比去掉媒體合作關係後下降的幅度要小 1.5 個百分點左右。

And again, we have a strong pipeline. We're quite pleased with the six partners we have now. They're quite pleased with us. And as we detailed on our last few calls, we're taking this slowly because we're treating it like -- we treat as if we were acquiring a market and part of our own team. So, we want to make sure we put in all of the training, all of the sales training we detailed on our last calls.

而且，我們擁有強大的供應管道。我們對目前的六家合作夥伴非常滿意。他們對我們非常滿意。正如我們在最近幾次電話會議中詳細闡述的那樣，我們正在穩步推進此事，因為我們將其視為——我們將其視為我們正在收購一個市場，並將其納入我們自己的團隊。所以，我們要確保落實我們在上次電話會議中詳細介紹的所有培訓和銷售培訓。

We're actually going in with our sales team and training the sales team of our partners there. And it's going quite well for them. We know that because we see the lift of where they were prior to being with us, and they were with other companies in the programmatic space, and they switched to us because of our robust capabilities and they're quite pleased with their own revenue and profit growth, and we're quite pleased in what we've done for them.

實際上，我們將派出銷售團隊前往當地，對我們合作夥伴的銷售團隊進行培訓。他們的情況進展得相當順利。我們知道這一點，因為我們看到了他們與我們合作之前的提升，他們之前在其他程序化廣告公司工作，他們轉而與我們合作是因為我們強大的能力，他們對自己的收入和利潤增長非常滿意，我們也對我們為他們所做的一切感到非常滿意。

And probably more importantly, what I just detailed is the future for this division growing from this year being $6 million in total to what we believe can be $50 million over five years, and we'll see nice, nice growth in '26 in that division as well. So, a little bit of -- the high single digits would we maintain in programmatic, but be about 1.5 points less without -- maybe even less than 1.5 points, maybe just over 1 point less with the media partnerships.

更重要的是，我剛才詳細介紹的是該部門的未來發展前景，預計從今年的 600 萬美元增長到五年內的 5000 萬美元，而且我們相信該部門在 2026 年也會有非常好的增長。所以，在程式化廣告方面，我們能夠保持較高的個位數成長率，但如果沒有媒體合作，成長率可能會下降 1.5 個百分點左右，甚至可能不到 1.5 個百分點，也許會下降 1 個百分點多一點。

And we have no further questions at this time. I would like to turn it back to Bill Wilson for closing remarks.

我們目前沒有其他問題了。我謹將發言權交還給比爾·威爾遜，請他作總結發言。

Thank you, operator, and thank you all for joining us this morning to hear about not only our Q3 results, but probably more importantly, what we expect for the rest of year and even more telling is what we expect in 2026 to be a great year for Townsquare. So, we look forward to updating you again. It's going to be a little bit of time for our year-end report. But if anybody has any questions, as always, please reach out at any time we're available to you, and I hope you have a great day.

感謝接線員，也感謝各位今天早上收看我們的節目，不僅是為了了解我們第三季度的業績，更重要的是，是為了了解我們對今年剩餘時間的預期，以及更具說服力的，我們對2026年——Townsquare 的輝煌之年——的預期。所以，我們期待再次向您報告最新情況。我們的年終報告還需要一些時間才能發布。但如果大家有任何疑問，歡迎隨時聯絡我們，我們會竭誠為您服務。祝您今天過得愉快！

And that concludes today's conference call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。