Townsquare Media Inc (TSQ) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Townsquare Media first-quarter 2026 earnings call. As a reminder, today's call is being recorded, and your participation implies consent to such recording. (Operator Instructions)

各位早安，歡迎參加Townsquare Media 2026年第一季財報電話會議。提醒各位，今天的電話會議將被錄音，您參與本次會議即表示同意進行錄音。（接線員指示）

With that, I would like to introduce the first speaker for today's call, Claire Yenicay, Executive Vice President.

接下來，我想介紹今天電話會議的第一位講者，執行副總裁Claire Yenicay。

Thank you, operator, and good morning to everyone. Thank you for joining us today. With me on the call are Bill Wilson, our CEO; and Stuart Rosenstein, our CFO and Executive Vice President.

謝謝，接線員，也向各位道早安。感謝各位今天加入我們。與我一同參與電話會議的有我們的執行長Bill Wilson，以及我們的財務長兼執行副總裁Stuart Rosenstein。

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. 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.

請注意，在本次電話會議中，我們可能會發表除歷史資訊以外的陳述，包括與公司未來預期、計畫與前景相關的陳述。依據1995年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的安全港條款，這些陳述屬於前瞻性陳述，並受風險與不確定性影響，可能導致實際結果與這些陳述存在重大差異。這些陳述反映公司基於目前狀況的信念，但仍受若干風險與不確定性影響，包括公司向美國證券交易委員會（SEC）提交之Form 10-K年度報告中所詳述者。

During this call, we may make 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.

在本次電話會議中，我們可能會提及若干非GAAP財務衡量指標，包括調整後EBITDA。此類非GAAP財務衡量指標應與我們網站上可取得的季度、年度及即時報告中所載全部資訊一併使用。我也鼓勵所有與會者前往我們的公司網站下載投資人簡報，因為Bill在今天上午的討論中將會引用其中部分投影片。

At this time, I would like to turn the call over to Bill Wilson.

現在，我想把電話會議交給Bill Wilson。

Thank you, Claire, and thank you all for joining us today. It's great to speak with you this morning. We're pleased to share our first quarter results with you today, which demonstrate the strength of our digital advertising platform and validate our digital-first local media strategy with a focus on local markets outside of the top 50.

謝謝你，Claire，也感謝各位今天加入我們。今天早上能與各位交流非常高興。我們很高興與各位分享第一季的業績表現，這些結果展現了我們數位廣告平台的實力，並驗證了我們以數位優先的在地媒體策略，聚焦於美國前50大市場以外的在地市場。

We are proud to share that our first quarter results met the guidance that we provided on our last call and that we're currently seeing ongoing improvement in digital advertising trends and pacing in Q2 and the back half of 2026. And as a result of our digital-first strategy, we are also reaffirming the full year net revenue and adjusted EBITDA guidance that we provided on our last earnings call.

我們很自豪地分享，第一季業績達到我們在上次電話會議所提供的指引；同時，我們目前也看到第二季以及2026年下半年數位廣告趨勢與投放節奏持續改善。也因為我們的數位優先策略，我們同時重申在上次財報電話會議所提供的全年淨營收與調整後EBITDA指引。

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. In 2025, approximately 55% of our company's total net revenue and 56% of our total segment profit was generated from our digital solutions.

到目前為止應該非常清楚，Townsquare已從傳統廣播公司轉型為數位優先的在地媒體公司，而我們的數位平台與數位執行力使我們在在地媒體同業中脫穎而出。2025年，我們公司約55%的總淨營收以及56%的總分部利潤來自我們的數位解決方案。

In the first quarter of 2026, our digital revenue grew to be a very significant 59% of our total net revenue in the quarter, an all-time high. And as highlighted on slide 10, is roughly two times our competitors, as on average they have only 30% of their revenue coming from digital sources.

在2026年第一季，我們的數位營收成長至占當季總淨營收的59%，創歷史新高。如投影片10所示，約為競爭對手的兩倍，因為他們平均僅有30%的營收來自數位來源。

Even more importantly, our digital profit contributed a very significant 63% of our total profit in the first quarter, also an all-time high. As we have consistently stated for many years, digital is and digital will continue to be Townsquare's growth engine and the area where 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.

更重要的是，我們的數位利潤在第一季貢獻了總利潤的63%，同樣創下歷史新高。正如我們多年來一再強調，數位是、也將持續是Townsquare的成長引擎，並且是我們未來投入大部分投資資本的領域；這與我們作為數位優先在地媒體公司、聚焦美國前50大市場以外市場的策略一致，也進一步使我們與其他在地媒體業者有所區隔。

Now let's dive into our fastest-growing business, digital advertising, which we call Townsquare Ignite, the larger of our two digital segments. As I stated what happened on our last call, our digital advertising net revenue increased high single digits in the first quarter, with revenue increasing plus 7% over the prior year, a significant improvement from 2025's digital advertising growth of approximately plus 2%.

現在讓我們深入探討我們成長最快的業務——數位廣告，我們稱之為Townsquare Ignite，這也是我們兩個數位分部中較大的那一個。如同我在上次電話會議所提到的，第一季數位廣告淨營收呈現高個位數成長，營收較去年同期增加7%，相較於2025年數位廣告約2%的成長，這是顯著改善。

Our first quarter digital advertising revenue growth of plus 7% was driven by the same trends that we have seen for the past several quarters and have also discussed at length previously. Strong digital advertising related to our direct-to-client sales and declines in our indirect revenue, also known as remnant revenue, which will moderate in Q3.

我們第一季數位廣告營收7%的成長，主要由過去幾季我們所見、且先前也已詳細討論的相同趨勢所帶動：來自我們直客（direct-to-client）銷售的強勁數位廣告，以及我們間接營收（亦稱為剩餘流量／殘量營收，remnant revenue）的下滑；該下滑幅度將在第三季趨於緩和。

The strong growth of our direct-to-client sales is made up of two revenue streams: number one, our programmatic digital advertising platform; and number two, the direct local sales of our owned and operated or O&O digital properties, both of which are performing quite well. First, our digital programmatic business, which make up approximately 65% of the Digital Advertising segment's 2025 revenue, delivered a very impressive and strong first quarter revenue results of plus 21% year over year.

我們直客銷售的強勁成長由兩條營收來源構成：第一，我們的程式化數位廣告平台；第二，我們自有與營運（owned and operated，或O&O）數位資產的在地直銷，兩者表現都相當出色。首先，我們的數位程式化業務約占數位廣告分部2025年營收的65%，第一季交出非常亮眼且強勁的成績，營收年增21%。

We believe that this part of our business has very strong organic growth opportunities, supported by our best-in-class digital offering, strong industry tailwinds, and a great and excellent leadership team. We expect it will continue to be our primary growth driver in 2026 and beyond.

我們相信這部分業務具備非常強的有機成長機會，並由我們同級最佳的數位產品、產業順風，以及優秀的領導團隊所支撐。我們預期它將在2026年及其後持續成為我們的主要成長動能。

Our third-party media partnership model, which is a component of our 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. In 2025, media partnership revenue was approximately $6 million, and we had six local media partners.

我們的第三方媒體合作夥伴模式（屬於我們程式化業務的一部分）自2024年初進行beta上線以來進展相當順利。此策略將在未來幾年成為我們數位廣告成長的重要組成。2025年，媒體合作夥伴營收約為600萬美元，我們有六家在地媒體合作夥伴。

In Q1, we roughly doubled revenue from Q1 2025 and for the full year are on track to approximately double the $6 million we generated in 2025. As a reminder, through this capital-light model, we partner with other local media companies and handle all the major components of their digital advertising campaigns, including managing the creative, buying and optimizing the inventory, providing customer support of the digital campaigns and importantly, training our partner sales teams to sell our solutions.

在第一季，我們的營收相較2025年第一季約翻倍；就全年而言，我們正朝著約翻倍於2025年所創造的600萬美元邁進。提醒各位，透過這種輕資本模式，我們與其他在地媒體公司合作，並負責其數位廣告活動的所有主要環節，包括創意管理、版位採買與最佳化、提供數位活動的客戶支援，以及重要的——訓練合作夥伴的銷售團隊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 four years, this division will grow to be $50 million in revenue for Townsquare at an approximately 20% profit margin.

因此，我們可以在不必收購廣播電台資產的情況下進入新市場，提供程式化數位廣告解決方案，並將資本釋放用於其他用途。我預期在四年內，這個事業部將成長為Townsquare年營收5,000萬美元、約20%利潤率的業務。

Ultimately, our goal with this initiative is to become the chosen provider of digital programmatic advertising to broadcasters and digital agencies in local markets outside of major cities. On our last earnings call, we announced that we are up to 11 partners to start 2026, and I'm pleased to share that since then, we have added two more partners.

最終，我們推動此項計畫的目標，是成為主要城市以外在地市場中，廣播業者與數位代理商所選擇的程式化數位廣告供應商。在上次財報電話會議中，我們宣布在2026年初合作夥伴數已達11家；我也很高興分享，自那之後我們又新增了兩家合作夥伴。

Looking ahead to the second quarter, our programmatic digital advertising business continues to fire on all cylinders with revenue expected to be up over 20% year over year again. Our local teams are selling digital advertising better than ever, while at the same time, our media partnership division is performing extremely well, and as I noted previously, is on pace to nearly double revenue in 2026.

展望第二季，我們的程式化數位廣告業務持續火力全開，預期營收將再次年增超過20%。我們的在地團隊比以往任何時候都更擅長銷售數位廣告；同時，我們的媒體合作夥伴事業部表現極為出色，正如我先前所提，2026年營收幾乎可望翻倍。

Second, the direct sales of our local O&O digital assets, which includes our local salespeople selling the inventory of our own 400-plus local websites and mobile apps, was up plus 10% in Q1 2026 as expected and continues to show consistent and strong growth in Q2.

第二，我們在地O&O數位資產的直銷業務——包括我們的在地業務人員銷售我們自有400多個在地網站與行動App的廣告版位——在2026年第一季如預期年增10%，並在第二季持續展現穩健且強勁的成長。

We owe our success here to the sophisticated digital advertising solutions that have been developed by our skilled digital product and engineering team. The hard work of our local content teams is continuing to drive our audience even in the face of AI search traffic-related headwinds, and of course, the dedication of our local sales teams.

我們在此的成功，歸功於我們優秀的數位產品與工程團隊所開發的精密數位廣告解決方案。我們的在地內容團隊持續努力，即使面臨AI搜尋流量相關的逆風，仍持續帶動受眾成長；當然也要歸功於我們在地銷售團隊的投入與奉獻。

Revenue generated from remnant inventory on our own mobile apps and websites, as I outlined on numerous previous earnings calls, declined negative 40% year over year to $12 million approximately in 2025 from approximately $20 million in 2024. Our expectation remains the same as we shared on our last call for the full year. Remnant indirect revenue will decline from approximately $12 million in 2025 to approximately $9 million in 2026, with most of the year-over-year decline occurring in the first seven months of 2026.

如同我在多次先前的財報電話會議中所說明的，我們自有行動App與網站上的剩餘（remnant）版位所產生的營收，年減40%，從2024年約2,000萬美元降至2025年約1,200萬美元。我們對全年展望仍與上次電話會議所分享的一致：剩餘的間接營收將從2025年約1,200萬美元降至2026年約900萬美元，而大部分的年減幅將發生在2026年前七個月。

As a reminder, this approximately $3 million year-over-year revenue decline is close to 100% profit margin for Townsquare. I'd like to emphasize that remnant revenue represents a small portion, approximately 8% of our total digital advertising revenue today.

提醒一下，這約 300 萬美元的年對年營收下滑，對 Townsquare 而言幾乎等同於 100% 的利潤率。我想強調，殘量（remnant）營收目前僅占我們數位廣告總營收的一小部分，約 8%。

In the first quarter of 2026, indirect remnant digital advertising revenue declined negative 37% year over year, but importantly, very importantly, grew sequentially over Q4 2025, a very positive and important development. Thankfully, our strong direct digital advertising revenue growth more than offset the declines in this quarter. Looking ahead to Q2, we expect similar year-over-year remnant revenue declines to Q1, yet important, stability, if not slight growth quarter over quarter in Q2.

在 2026 年第一季，間接殘量數位廣告營收年對年下滑 37%，但重要的是、非常重要的是，相較於 2025 年第四季則呈現季對季成長，這是一項非常正面且重要的進展。所幸，我們強勁的直接數位廣告營收成長，已足以抵銷本季的下滑。展望第二季，我們預期殘量營收的年對年下滑幅度將與第一季相近；但同樣重要的是，第二季季對季將維持穩定，甚至可能小幅成長。

I'd like to take the time to highlight why we are seeing our digital audience stabilizing even in the face of lower search engine referrals. A meaningful portion of our audience and traffic is driven by social media as well as direct visits to our websites from our loyal audience as well as traffic from our local e-mail newsletters and our mobile app alerts and other sources of organic traffic. And we're leaning into this, developing new traffic strategies, new audience strategies, building new content publishing tools and reinvigorating our team.

我想花點時間說明，為何即使搜尋引擎導流降低，我們的數位受眾仍能趨於穩定。我們相當一部分的受眾與流量來自社群媒體，以及忠實受眾直接造訪我們網站，還有來自本地電子郵件電子報、行動 App 推播提醒，以及其他自然流量來源。我們也正加大投入：制定新的流量策略與受眾策略、打造新的內容發布工具，並為團隊注入新動能。

We shared early promising signs on our last call that in January, unique visitors increased month over month, reaching our highest audience level since July of 2025. That trend, I'm happy to report continued through the first quarter as our audience of 25 million unique visitors on average per month in Q1 was larger than our audience in Q4, which was approximately 20 million.

我們在上次電話會議分享了初步的正向跡象：1 月份不重複訪客數月對月增加，達到自 2025 年 7 月以來的最高受眾水準。我很高興地報告，這個趨勢在第一季持續延伸；第一季每月平均 2,500 萬名不重複訪客的受眾規模，高於第四季約 2,000 萬名。

This is early proof point that even with the impact of AI on search engine traffic, we are in a very differentiated position given our focus on hyperlocal content, coupled with the power of social media platforms to stop the decline and we believe grow our online audience once more, just like we have in Q1.

這是早期的證據，顯示即便 AI 影響搜尋引擎流量，憑藉我們對超在地（hyperlocal）內容的聚焦，再加上社群媒體平台的力量，我們處於非常差異化的位置，得以阻止下滑，並且我們相信能再次擴大線上受眾，就像我們在第一季所做到的一樣。

As I highlighted earlier, the majority of our digital advertising segment is our programmatic business. In addition to directly selling of our owned and operated properties, which continues to deliver very strong and healthy profitable revenue margins, and therefore, we expect Q2 digital advertising revenue overall will continue to perform incredibly well with growth accelerating from Q1's plus 7%, all due to the strength of the results from our direct local sales teams as we are still very confident in our full year digital advertising revenue forecast of high single digits growth given our momentum today.

如我先前所強調，我們數位廣告部門的大多數來自程式化（programmatic）業務。除了直接銷售我們自有與營運（owned and operated）資產外，該業務持續帶來非常強勁且健康、具獲利性的營收利潤率。因此，我們預期第二季整體數位廣告營收將持續表現非常出色，成長將自第一季的 +7% 進一步加速；這完全歸功於我們直接本地銷售團隊的強勁成果。基於目前的動能，我們仍對全年數位廣告營收「高個位數」成長的預測非常有信心。

At Townsquare Interactive, our subscription digital marketing solutions business, we once again delivered very strong profit margins in the first quarter despite anticipated revenue declines. In the first quarter, Townsquare Interactive revenue declined exactly as I expected and outlined on our last call at negative 8% year over year, driven by slower overall sales velocity due to a smaller sales force.

在 Townsquare Interactive（我們的訂閱制數位行銷解決方案業務），儘管營收如預期下滑，我們在第一季仍再次交出非常強勁的利潤率表現。第一季 Townsquare Interactive 營收年對年下滑 8%，完全符合我在上次電話會議所預期並說明的情況，主要原因是銷售人力較少，導致整體銷售速度放緩。

However, first quarter segment profit margins expanded by 1.5 percentage points year over year, driven largely by three factors: one, the restructuring of our customer service model in 2023 that allows us to grow more efficiently; two, changes to our sales structure at the end of 2024 and early 2025 that have led both to a temporary smaller sales team, but very importantly, a more productive sales team with much higher ROI; and three, efficiencies gained from AI.

然而，第一季該部門利潤率年對年擴大 1.5 個百分點，主要由三項因素驅動：第一，2023 年我們重整客服模式，使我們能更有效率地成長；第二，2024 年底與 2025 年初對銷售架構的調整，雖然短期造成銷售團隊規模較小，但更重要的是帶來更高生產力、ROI 顯著更高的銷售團隊；第三，來自 AI 的效率提升。

We are very proud of how our Townsquare Interactive team has embraced AI and leveraged its usage for meaningful cost savings and improvements in efficiency across the business from helping to create websites to assisting with customer service. In the meantime, we remain committed to our plan to rebuild our sales team to prior level but acknowledge that it will take some time to do so.

我們非常以 Townsquare Interactive 團隊為傲，他們擁抱 AI，並將其運用於全業務範圍內帶來具實質意義的成本節省與效率改善，從協助建立網站到支援客服皆是如此。同時，我們仍致力於依計畫將銷售團隊重建至先前水準，但也承認這需要一些時間。

We expect Q2 revenue at Townsquare Interactive will decline in line with Q1's performance at approximately negative 8% year over year. Yet importantly, quarter over quarter, the results of the revenue will decline be -- much smaller and expected to be in the low single digits at approximately negative 2% quarter over quarter.

我們預期 Townsquare Interactive 第二季營收將與第一季表現一致，年對年約下滑 8%。但重要的是，季對季而言，營收下滑幅度將會——小得多，預期落在低個位數，約季對季 -2%。

We are also restating our belief that based on our current forecast, we may see a return to month over month revenue growth as early as Q3 2026, which I shared on our last call as well. In the meantime, we expect that strong profit margins will continue throughout 2026, just as we delivered in 2025. Importantly, we believe the addressable market for Townsquare Interactive, which in our estimation is nearly 9 million target customers remains as attractive as ever.

我們也重申我們的看法：依據目前預測，我們可能最早在 2026 年第三季恢復月對月營收成長，這點我在上次電話會議也有分享。同時，我們預期強勁的利潤率將在 2026 年持續，正如我們在 2025 年所交出的表現。重要的是，我們認為 Townsquare Interactive 的可服務市場（addressable market）——依我們估計接近 900 萬名目標客戶——仍一如既往地具吸引力。

Now turning to our third and final business segment, Broadcast Radio. As you are all aware, at Townsquare, 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 2025, broadcast advertising net revenue, excluding political, declined negative 8% year over year.

接著談到我們第三個也是最後一個業務部門：廣播電台（Broadcast Radio）。各位都知道，在 Townsquare，我們將本地廣播視為極具價值的資產，具備可觀的現金流特性、無可比擬的消費者觸及，以及與受眾與客戶之間重要的在地連結。然而，廣播並非 Townsquare 的成長驅動力。2025 年，扣除政治廣告後的廣播廣告淨營收年對年下滑 8%。

We saw a slight moderation in those declines in the first quarter with broadcast net revenue declining negative 6.9%, excluding political and negative 6.6% in total. In Q2 2026, we are currently forecasting similar year-over-year declines for ex-political broadcast revenue. Despite broadcast revenue declines, we outperformed the industry in our broadcast business again in the first quarter, gaining local and national broadcast market share according to Miller Kaplan estimates.

第一季我們看到下滑幅度略有趨緩：扣除政治廣告後的廣播淨營收下滑 6.9%，總計則下滑 6.6%。在 2026 年第二季，我們目前預測扣除政治廣告後的廣播營收年對年下滑幅度將與此相近。儘管廣播營收下滑，我們第一季的廣播業務再次優於產業表現；根據 Miller Kaplan 的估計，我們在本地與全國廣播市場的市占率均有所提升。

With our differentiated local content and strong local brands, 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. In the long term, it is our belief that our differentiated digital platform will deliver strong growth to offset future core broadcast revenue declines.

憑藉我們差異化的在地內容與強勢的在地品牌，我們相信將能在我們的市場版圖中持續提升廣播及整體市占，同時透過審慎管理費用以維持強勁的廣播利潤率，進而創造穩健獲利。長期而言，我們相信我們差異化的數位平台將帶來強勁成長，以抵銷未來核心廣播營收的下滑。

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

接下來我把時間交給 Stu，請他更詳細說明我們的財務結果與展望。交給你了，Stu，請開始。

Thank you, Bill, and good morning, everyone. It's great to speak to you today. We're very pleased to report that our first quarter results met our revenue and adjusted EBITDA guidance. And as Bill highlighted, in Q1, 63% of our segment profit was generated from our two digital divisions, the highest profit percentage ever for Townsquare.

謝謝你，Bill，各位早安。很高興今天能與各位交流。我們很高興報告第一季結果符合我們對營收與調整後 EBITDA 的指引。正如 Bill 所強調，第一季我們 63% 的部門利潤來自兩個數位事業部，這是 Townsquare 史上最高的利潤占比。

First quarter net revenue declined 1.9% year over year to net revenue of $96.8 million within our guidance range of $96 million to $98 million. First quarter adjusted EBITDA declined 9.7% year over year to $16.4 million, which was also within our guidance range of $16 million to $17 million.

第一季淨營收年對年下滑 1.9%，至 9,680 萬美元，落在我們 9,600 萬至 9,800 萬美元的指引區間內。第一季調整後 EBITDA 年對年下滑 9.7%，至 1,640 萬美元，也落在我們 1,600 萬至 1,700 萬美元的指引區間內。

We had a very impressive quarter at Townsquare Ignite, our digital advertising segment, where revenue growth rates rebounded sequentially very significantly from a slight year-over-year decline in Q4 2025 to strong year-over-year revenue growth of 6.8% in Q1 of 2026. As Bill noted, looking ahead to the second quarter, we expect digital advertising revenue growth to further strengthen and be even higher than Q1's growth rate.

Townsquare Ignite（我們的數位廣告部門）本季表現非常亮眼；營收成長率相較前一季大幅回升，從 2025 年第四季輕微的年對年下滑，轉為 2026 年第一季年對年營收強勁成長 6.8%。如 Bill 所述，展望第二季，我們預期數位廣告營收成長將進一步走強，並高於第一季的成長率。

As expected, and we previously projected, Townsquare Interactive, our Subscription Digital Marketing Solutions segment's Q1 net revenue declined 7.9% year over year. We are pleased to share that as expected and consistent with recent performance, Townsquare Interactive segment profit margins increased year over year to 33.7%. We remain very confident in our expectation that profit margins will be in line with 2025 profit margins for the remainder of 2026 due to the efficiencies and cost savings that have been implemented.

如預期且如我們先前所預測，Townsquare Interactive（我們的訂閱制數位行銷解決方案部門）第一季淨營收年對年下滑 7.9%。我們也很高興分享：如預期且與近期表現一致，Townsquare Interactive 的部門利潤率年對年提升至 33.7%。由於已落實的效率提升與成本節省措施，我們仍非常有信心，2026 年剩餘期間的利潤率將與 2025 年的利潤率水準一致。

Broadcast advertising net revenue declines moderated slightly in the first quarter as we foreshadowed our last earnings call. In the first quarter, total broadcast revenue declined 6.6% and 6.9%, excluding political revenue, each as compared to the prior year. We believe that this trend will continue in the second quarter as well. This is compared to the consistent negative 8% ex-political broadcast revenue declines we experienced in each quarter of 2025.

廣播廣告淨營收的下滑在第一季略有趨緩，正如我們在上次財報電話會議所預示。第一季總廣播營收下滑 6.6%，扣除政治廣告收入後下滑 6.9%，兩者皆相較於前一年。我們認為這個趨勢在第二季也將延續。相較之下，2025 年每一季我們所經歷的扣除政治廣告後廣播營收下滑幅度皆穩定為 -8%。

Broadcast segment profit margins dipped to approximately 19% in the first quarter, in part due to revenue declines and in part due to seasonality. Our first quarter broadcast profit margins are typically the lowest for the year. We expect that our Broadcast segment profit margins will return to the mid- to high 20s for the remainder of the year, averaging out to the mid-20s for the full year, consistent with 2025 profit margins.

廣播事業部門的利潤率在第一季下滑至約 19%，部分原因是營收下滑，部分原因則是季節性因素。我們第一季的廣播利潤率通常是一年中最低的。我們預期廣播事業部門的利潤率在今年剩餘期間將回升至 20% 中段至高段，全年平均落在 20% 中段，與 2025 年的利潤率一致。

Our first quarter net income was $3 million or $0.16 per diluted share as compared to a net loss of $0.12 per diluted share in the prior year period. We'd like to remind you that any benefit or provision for income taxes included in the face of the income statement is for GAAP financial statement purposes only.

我們第一季淨利為 300 萬美元，或每股稀釋後盈餘 0.16 美元，相較於去年同期每股稀釋後虧損 0.12 美元。我們想提醒各位，損益表表面所列示的任何所得稅利益或提列，僅為 GAAP 財務報表目的。

We maintained significant tax attributes, including approximately $121 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 end of 2028.

我們維持了可觀的稅務屬性，包括約 1.21 億美元的聯邦 NOL（淨營業損失）結轉，以及與無形資產稅務攤銷相關的其他重大稅務遮蔽。我們仍然認為，在約 2028 年底之前，我們不會成為重大的現金納稅人。

One of our business model's strongest attributes is our consistent cash flow generation. In the first quarter, we generated $4.2 million of cash flow from operations, more than the cash flow from operations generated in the first quarters of both 2025 and 2024. We ended the quarter with $457 million of debt outstanding and $2 million of cash on our balance sheet.

我們商業模式最強的特質之一，是穩定的現金流創造能力。第一季我們自營運活動產生 420 萬美元現金流，超過 2025 年與 2024 年第一季的營運現金流。我們在季末的未償還債務為 4.57 億美元，資產負債表上的現金為 200 萬美元。

As of March 31, our net leverage was 5.27 times. And I'd like to remind you that since our term loan is a floating rate instrument, each 0.25 point interest cut translates to roughly $1.1 million of annualized interest reduction based on our current debt balance.

截至 3 月 31 日，我們的淨槓桿倍數為 5.27 倍。我也想提醒各位，由於我們的定期貸款是浮動利率工具，利率每下調 0.25 個百分點，依目前債務餘額計算，約可帶來每年年化 110 萬美元的利息減少。

As always, our number one priority is to invest in our local businesses 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 business to maintain our strong competitive advantage in markets outside the top 50 cities.

一如既往，我們的首要優先事項，是透過支持營收與獲利成長的有機內部投資，投入我們的在地業務，特別是我們的數位成長引擎。我們計畫持續投資於數位產品技術、銷售、內容與支援團隊，尤其是在 Townsquare Interactive 與 Townsquare Ignite 業務上，以維持我們在前 50 大城市以外市場的強大競爭優勢。

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. Our Board has approved our next quarterly dividend payable on August 3 to shareholders of record as of July 27. The dividend of $0.20 per share equates to $0.80 per share on an annualized basis and implies an annual payment of approximately $14 million based on the share count and a dividend yield of approximately 12% based on our current share price.

此外，我們計畫運用多餘的現金流，透過強制性與自願性還款來降低債務，當然也會支持我們高殖利率的股利。我們董事會已核准下一次季度股利，將於 8 月 3 日支付給 7 月 27 日登記在冊的股東。每股 0.20 美元的股利，年化相當於每股 0.80 美元；依股數推算，年度支付約 1,400 萬美元；以目前股價計算，股利殖利率約為 12%。

As we mentioned on our last earnings call, it is both management and the Board's belief that our current share price does not reflect the inherent value of Townsquare. Therefore, we are not concerned about the implied dividend yield as we believe it will come down as and when our business is better understood by investors and our business returns to growth.

正如我們在上次法說會所提到的，管理團隊與董事會都認為，我們目前的股價並未反映 Townsquare 的內在價值。因此，我們不擔心隱含的股利殖利率，因為我們相信，當投資人更理解我們的業務、且公司重回成長時，殖利率將會下降。

Turning now to the second quarter, we expect second quarter net revenue to be between $114 million and $116 million, which at the midpoint is approximately flat on a year-over-year basis. We expect second quarter adjusted EBITDA to be between $24 million and $25 million. For the full year, we are reaffirming our expectations that our revenue will be between $420 million and $440 million and that adjusted EBITDA will be between $87 million and $93 million.

接著談第二季，我們預期第二季淨營收將介於 1.14 億至 1.16 億美元之間，以中位數計算，年增率約持平。我們預期第二季調整後 EBITDA 將介於 2,400 萬至 2,500 萬美元。就全年而言，我們重申先前預期：營收將介於 4.20 億至 4.40 億美元之間，調整後 EBITDA 將介於 8,700 萬至 9,300 萬美元之間。

Embedded in this guidance is forecasted political revenue of approximately $8 million, which is in line with the $7.5 million of political revenue we received during the 2022 election cycle.

此指引中包含預估政治廣告營收約 800 萬美元，與我們在 2022 年選舉週期所取得的 750 萬美元政治廣告營收相當。

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

那麼，我現在把電話交回給 Bill。

Thank you, Stu, and thanks to everyone for taking the time to be updated on Townsquare's first quarter results this morning. We greatly appreciate it.

謝謝你，Stu，也感謝各位今天早上撥冗了解 Townsquare 第一季的業績表現。我們非常感激。

Each and every year, our business mix continues to shift to be a greater percentage of both digital profit and revenue, as I highlighted earlier. In Q1, 59% of our total revenue was generated from our differentiated digital solutions, and importantly, 63% of our total profit was digital profit, each our highest percentages ever.

每一年，我們的業務組合都持續轉向數位獲利與數位營收占比更高，正如我先前所強調的。第一季，我們總營收的 59% 來自我們具差異化的數位解決方案；更重要的是，我們總獲利的 63% 來自數位獲利，兩者皆為歷史新高占比。

And we want to reiterate that we are very confident in the future success of our differentiated digital platform, including the following highlights to start 2026. Number one, our digital advertising revenue has returned to high single-digit revenue growth in Q1 and will only strengthen throughout the year due to the consistent strength of our programmatic offering and the success of our media partnership division as well as the strong revenue growth of the direct sales of our local digital O&O properties and the stabilization of our online audience and remnant revenue that I outlined earlier.

我們也想重申，對於我們具差異化的數位平台未來成功，我們非常有信心，包括以下幾點亮點來展望 2026 年開局。第一，我們的數位廣告營收在第一季已回到高個位數的營收成長，且在全年將持續增強，原因在於我們程式化（programmatic）產品的持續強勁、媒體合作夥伴事業部的成功，以及我們在地數位自營（O&O）資產的直銷營收強勁成長，並且如我先前所述，我們的線上受眾與剩餘（remnant）營收已趨於穩定。

Number two, Townsquare Interactive's very strong profit margins, coupled with our current forecast of sequential revenue improvement in the back half of the year. And number three, lastly and 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 consistent future quarterly dividend payments at the current rate.

第二，Townsquare Interactive 非常強勁的利潤率，加上我們目前對下半年營收逐季改善的預測。第三，也是最後且最重要的一點，我們有信心透過長期淨營收、獲利與現金流成長、降低淨槓桿，以及以目前水準持續支付未來季度股利，為投資人創造股東價值。

Our success is a direct result of the passion, creativity and relentless execution of our team members across the company. From our local market teams who continue to build deep connections with their communities and deliver results for our clients to our digital product and engineering teams who are driving innovation and advancing our platform forward each day, I am continually impressed by what this team accomplishes together. We remain confident in our strategy, focused on execution and are very excited about the opportunities ahead.

我們的成功，直接來自公司各處團隊成員的熱情、創意與不懈的執行力。從在地市場團隊持續與社區建立深厚連結並為客戶帶來成果，到數位產品與工程團隊每天推動創新、推進平台向前發展，我持續對這個團隊共同完成的成果印象深刻。我們對策略仍充滿信心、專注於執行，也非常期待前方的機會。

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

那麼，接線員，現在請開放電話線供大家提問。

(Operator Instructions) Patrick Sholl, Barrington Research.

（接線員指示）Patrick Sholl，Barrington Research。

I was just wondering if you could dive into a little bit more on some of the drivers that you see contributing to potentially improving month over month revenue in Interactive starting, I guess, in the second half of the year.

我想請教一下，您是否可以再深入說明一些您所看到、可能促使 Interactive 自下半年開始逐月改善營收的驅動因素？

Patrick, thank you for the question. Yes, I actually just spent a week down with the team in Charlotte for Townsquare Interactive, where they're headquartered along with their secondary office in Phoenix. And as I talked about eight weeks ago on our prior call for year-end '25, we're seeing continued improvement in our churn. So our churn, as I mentioned on our last call, was returning to our historical low levels and has only improved in Q1 from last year.

Patrick，謝謝你的提問。是的，我其實剛在夏洛特和 Townsquare Interactive 的團隊一起待了一週，他們的總部在那裡，另外在鳳凰城也有第二個辦公室。正如我在八週前、我們上一通 2025 年年終電話會議中所談到的，我們看到流失率（churn）持續改善。因此，如我在上次電話會議提到的，我們的流失率正回到歷史低檔水準，而且在第一季相較去年還進一步改善。

And as we're sitting here today in Q2, it's pacing even better than Q1. So that's extremely well. As we outlined on our last call, the team is deploying a lot of tools, internal tools for efficiency that are utilizing AI, so that's helping our profit margin. As I said earlier, our profit margin in Q1 expanded to 33.7% versus Q1 of '25 of 32.5%. So we're able to scale more effectively.

而且以我們目前第二季的情況來看，進度甚至比第一季更好，所以表現非常出色。正如我們在上次電話會議所說，團隊正在部署許多用於效率提升的內部工具，並運用 AI，因此有助於提升利潤率。如我先前所說，我們第一季利潤率擴大至 33.7%，相較 2025 年第一季的 32.5%。因此我們能更有效率地擴張規模。

We're really serving our customers better than we ever have. Therefore, the churn is coming down. Our really only hurdle, which I've outlined really over the last several calls, is getting back to the level of our sales personnel in terms of size of sales team at Townsquare Interactive.

我們確實比以往任何時候都更好地服務客戶，因此流失率正在下降。我們唯一真正的障礙——我在過去幾次電話會議中也反覆提到——是讓 Townsquare Interactive 的銷售人員規模回到應有水準，也就是銷售團隊的人數。

We outlined the changes we made in the beginning of '25 which created a lot more revenue per salesperson, but we shrunk our sales team over the course of 2025. We're now building that up, but it is going to take time. So the combination of lower churn, greater efficiency in utilizing a lot of AI tools and growing back our sales team, we expect to see month over month revenue growth in the back half of '26. As I outlined on the prepared remarks, in Q2, we expect to decline again about negative 8% year over year as we did in Q1 from a revenue perspective. But on a sequential quarter over quarter basis, you'll see improvement to about negative 2% revenue decline quarter over quarter.

我們說明過在 2025 年初所做的調整，這讓每位業務人員創造的營收大幅提高，但我們在 2025 年期間縮減了銷售團隊。現在我們正在把人力補回來，但這需要時間。因此，結合較低的流失率、運用大量 AI 工具帶來的更高效率，以及銷售團隊的回補成長，我們預期在 2026 年下半年將看到逐月的營收成長。正如我在事先準備的談話中所提到，從營收角度來看，我們預期第二季年增率仍將再下滑約 -8%，與第一季相同。但若以連續性、也就是逐季（quarter over quarter）來看，你會看到改善，營收逐季下滑將收斂至約 -2%。

So hopefully, that gives you a sense, Patrick, why we're so confident. I definitely walked away from that trip last week, incredibly confident not only about the back half of this year, but more importantly, as we look over the next three to five years for Townsquare Interactive. So I'll turn it back to you for any follow-up questions.

所以希望這能讓你了解，Patrick，為什麼我們如此有信心。我上週那趟行程結束後，信心大增，不僅對今年下半年非常有信心，更重要的是，當我們展望 Townsquare Interactive 未來三到五年時，我也同樣非常有信心。所以我把時間交還給你，看看是否有任何追問。

Sure. I was just kind of curious on like the reduction in churn that you mentioned, maybe just talk about like some of what you're seeing with regards to the macro environment with the increase in energy prices. And also, I realize that you're utilizing AI tools in the selling process, but maybe just the ability of the potential client base to utilize AI tools for some of the services and just how that's contributing to churn as well?

好的。我只是有點好奇你提到的客戶流失率（churn）下降，能否談談你們在宏觀環境方面看到的一些情況，尤其是能源價格上升的影響。另外，我知道你們在銷售流程中有使用 AI 工具，但也想請你談談潛在客戶群是否能運用 AI 工具來替代部分服務，以及這對流失率的影響？

Yes. So I think we -- as you know, but for the benefit of everybody on the call, we redid our entire customer service model starting in '23 that really bled into and continued in 2024. So our satisfaction rate from our customers, how quickly we're able to -- quickly any task that they call up and ask us to do. The marketing we're doing, I think we've outlined on these calls. We're doing a lot more outbound marketing, e-mail marketing, text-based marketing, even digital advertising marketing, utilizing the data that they're capturing in the CRM that we deployed a few years ago.

是的。所以我想我們——如你所知，但也為了讓所有與會者了解——我們從 2023 年開始徹底重做了整個客戶服務模式，並延續到 2024 年。我們的客戶滿意度、我們能多快地——多快完成他們打電話來要求我們處理的任何任務。以及我們正在做的行銷，我想我們在這些電話會議中已經概述過。我們做了更多對外行銷、電子郵件行銷、簡訊行銷，甚至數位廣告行銷，並利用我們幾年前部署的 CRM 所蒐集到的資料。

So all of those components are helping customer satisfaction, which is bringing down churn.

所以，所有這些要素都在提升客戶滿意度，進而降低流失率。

We moved from a one-to-one model to a pooled model. So that's created a lot more customer satisfaction. It was very disruptive in the beginning as we outlined, and churn spiked as a result of that in '23 and '24, but now we're back to historically low levels. And as I just mentioned, Q1 churn better than 2025 and as we're sitting here in May, Q2 is pacing from a churn perspective to be even lower than Q1. Then you asked about the macro environment.

我們從一對一模式轉為共享池（pooled）模式。因此這帶來了更高的客戶滿意度。正如我們先前所說，一開始非常具破壞性，導致 2023 年與 2024 年流失率因此飆升，但現在我們已回到歷史低位。正如我剛提到的，第一季的流失率優於 2025 年，而截至我們現在 5 月的情況，第二季從流失率角度來看，進度甚至可能比第一季更低。接著你問到宏觀環境。

And clearly, that's having an impact, particularly in advertising. We're seeing advertising being placed later in month or shorter runs. That's definitely apparent to us in the broadcast side as well as our digital advertising side. Even though our digital advertising is going incredibly well, I would say it's on fire from a direct sold perspective, which we could talk more about. But clearly, as energy prices are impacting particularly small- and medium-sized businesses, we're seeing that.

而很明顯，這確實正在產生影響，特別是在廣告方面。我們看到廣告投放時間延後到月內較晚才下單，或是投放期更短。這在我們的廣播業務以及數位廣告業務上都非常明顯。儘管我們的數位廣告表現非常好，我會說從直售（direct sold）的角度來看簡直火力全開，我們也可以再多談一些。但很明顯，能源價格正在影響中小型企業，我們確實看到了。

With all of that said, we mentioned on the broadcast side, we had very slight moderation in the decline. Last year, we declined negative 8% ex-political throughout the year and full year '25, that moderated to negative 7% ex-political in Q1. But we clearly are hearing from our customers, particularly as the conflict in the Middle East continues and gas prices continue to go up month over month, that's a strain on them, and they're obviously watching their advertising budget and their expenses overall. They're still spending. But as I just noted, they may be spending quicker to the flight time, not booking as far in advance, and we're seeing that.

在上述情況下，我們也提到在廣播端，我們的下滑幅度有非常輕微的趨緩。去年全年（不含政治廣告）我們下滑 8%，而 2025 年第一季（不含政治廣告）則趨緩至下滑 7%。但我們確實從客戶那裡聽到，尤其是中東衝突持續、油價逐月上升，這對他們造成壓力，他們顯然在關注廣告預算與整體支出。他們仍在投放。但如我剛指出的，他們可能更接近投放檔期才下單，不會那麼早預訂，我們也看到了這點。

And I think as hopefully, the conflict resolves over the coming months, that will be a tailwind if and when that occurs, particularly for our advertising segment. It really hasn't bled over to Townsquare Interactive. I think the advertising component is very different than the digital marketing solutions component. But obviously, we expect hopefully a resolution and that will even be a greater tailwind for our advertising business for not only digital but broadcast as well. So I'll turn it back to you, Patrick.

而我認為，如果衝突能在未來幾個月內如願解決，那將成為順風（tailwind），一旦發生，特別是對我們的廣告板塊而言。這其實並沒有蔓延到 Townsquare Interactive。我認為廣告組成與數位行銷解決方案的組成非常不同。但顯然，我們希望能有解決方案，而那也將為我們的廣告業務帶來更大的順風，不僅是數位，也包括廣播。因此我把時間交還給你，Patrick。

(Operator Instructions) Michael Kupinski, NOBLE Capital Markets.

（接線員指示）Michael Kupinski，NOBLE Capital Markets。

A couple of questions here. Your white label digital media partnership business seems to have gained some traction. But so far, it's been with some smaller operators. And I was just wondering, do you believe that the service could be attractive to larger station groups? Or do you think it's more likely that you will see more singles and doubles from that partnership arrangement?

我有幾個問題。你們的白標（white label）數位媒體合作夥伴業務似乎已經取得一些進展。但到目前為止，合作對象多是較小的業者。我想請問，你們認為這項服務對較大型的電台集團也會有吸引力嗎？還是你們更可能在這種合作安排中持續看到更多「一壘安打、二壘安打」（singles and doubles）式的增量成果？

Thank you, Michael. Yes, we couldn't be more proud of our programmatic business. As we outlined, our digital advertising, 65% now of our total digital advertising is programmatic. In Q1, that grew 21% year over year. Even stripping out the success of media partnerships, we would be close to 20% growth year over year in Q1 as well without that.

謝謝你，Michael。是的，我們對我們的程式化（programmatic）業務感到無比自豪。正如我們所概述的，我們的數位廣告中，目前有 65% 來自程式化。在第一季，該部分年增 21%。即便把媒體合作夥伴的成功因素剔除，我們在第一季的年增也會接近 20%。

But that said, this division is on fire. Shaun, who's been leading that with Todd, has been doing an amazing job. We had six partners in 2025. As we outlined previously, we grew from $1 million in 2024 in revenue to $6 million in revenue last year. And I expect that to, if not double, get close to it.

不過話說回來，這個部門火力全開。Shaun 與 Todd 一起領導這塊業務，做得非常出色。2025 年我們有六個合作夥伴。正如我們先前所說，我們的營收從 2024 年的 100 萬美元成長到去年的 600 萬美元。我預期這個數字若不是翻倍，也會接近翻倍。

But based on our current pacing, I think we'll more than double the $6 million in revenue, and we operate that at a 20% profit margin.

但依照我們目前的進度，我認為我們會遠超過 600 萬美元的營收翻倍，而且我們以 20% 的利潤率來營運這項業務。

And as you know, Michael, but for the benefit of everybody on the call, we expect that to be in four years or less, $50 million in revenue at a 20% profit margin. So last year, we had six media partners, now we have 13. I think the success we've had with each one of our partners, and we're proud and honored to be partnered with them has become really well known in the industry. We're close to doubling everybody's revenue in terms of what we forecast for '26 for the existing partners versus what they did in '25. So they're obviously quite pleased.

而如你所知，Michael，但也為了讓所有與會者了解，我們預期在四年或更短時間內，這項業務可達到 5,000 萬美元營收、20% 利潤率。去年我們有六個媒體合作夥伴，現在我們有 13 個。我認為我們與每一位合作夥伴的合作成果——我們也很自豪並很榮幸能與他們合作——已在產業內廣為人知。就我們對 2026 年的預測而言，現有合作夥伴的營收相較於他們 2025 年的表現，幾乎接近翻倍。因此他們顯然非常滿意。

We're quite pleased.

我們也非常滿意。

And getting to your specific question, the majority of these are small operators. One thing I would highlight is some of them are in the top 50 markets, which are not the footprint of our owned radio stations and digital footprints. And we've had great success actually in the top 50 markets with those partners, and that's a testament to them as well as utilizing our platform. Confidentially, we obviously can't discuss who we've been speaking to, but our pipeline is literally dozens and dozens of local media companies, primarily radio, but there's also some television, outdoor, print and other legacy media companies who have seen what we've done for ourselves, now have heard from partners what we're doing for them. And therefore, our inbound queue of media partners has grown quite nicely and continues to do so.

回到你的具體問題，這些合作夥伴多數是小型業者。我想強調的一點是，其中一些位於前 50 大市場，而這些市場並非我們自有電台與數位版圖的覆蓋範圍。我們其實在前 50 大市場與這些合作夥伴合作取得了很大成功，這也證明了他們的能力以及我們平台的效用。基於保密原則，我們當然不能討論正在洽談的對象，但我們的管線（pipeline）確實有數十家、數十家在地媒體公司，主要是廣播，但也包含一些電視、戶外、平面與其他傳統媒體公司；他們看到了我們為自己做出的成果，也從合作夥伴那裡聽到我們為他們做了什麼。因此，我們媒體合作夥伴的主動洽詢（inbound）隊列成長得相當不錯，而且仍在持續增加。

Some of those, to your question is, "Hey, are there opportunities if you're a larger media company?" The answer is yes. Obviously, we're a large media company. Our programmatic division in Q1 is up over 20%. And as I said, in Q2, it is pacing above 20% again. So clearly, the solutions we have are tremendous for all size operators.

其中有些就如你所問：「如果你是一家較大型的媒體公司，是否也有機會？」答案是有。顯然，我們本身就是一家大型媒體公司。我們的程式化部門在第一季成長超過 20%。而如我所說，第二季的進度也再次高於 20%。因此很明顯，我們的解決方案對各種規模的業者都非常有價值。

And although we haven't announced any larger ones that have, say, 70, 80, 90-plus properties or either radio stations or television stations, that is clearly an opportunity. If those conversations continue and result in a partnership, I can't say with certainty, but I can tell you with certainty that the solutions we're deploying for these smaller operators clearly work for larger operators as well. And we're quite excited that our Q2 pacing in programmatic up over 20% again like it was in Q1 and that our direct sold owned and operated, which was up 10% in Q1 is again trending quite nicely in Q2 at that level as well.

雖然我們尚未宣布任何更大型的合作夥伴——例如擁有 70、80、90 個以上資產（properties）的公司，不論是廣播電台或電視台——但這顯然是一個機會。如果這些對話持續並促成合作，我無法百分之百確定，但我可以確定的是：我們為這些小型業者部署的解決方案，同樣也適用於大型業者。我們也非常興奮，因為第二季程式化的進度再次如第一季般成長超過 20%，而我們自有自營（owned and operated）的直售業務在第一季成長 10%，第二季也以相近水準持續呈現相當不錯的趨勢。

So our digital advertising, for all intents and purposes, is firing on all cylinders, and we couldn't be more excited about media partnerships as well as our own organic efforts in that space. So Michael, I'll turn it back to you.

因此，我們的數位廣告基本上是全面火力全開，我們對媒體合作夥伴以及我們在該領域的自發性（organic）努力都感到無比振奮。Michael，我把時間交還給你。

Yes. Bill, you indicated that you're in the top 50 markets now in that business. And historically, you've always said that, that wasn't the area that you would play in. And so it seems like a big opportunity for you. Can you just kind of tell us about the opportunities that you're seeing in some of the top 50 markets?

是的。Bill，你提到你們現在在那項業務中已進入前 50 大市場。而過去你一直說那不是你們會參與的領域。所以這看起來對你們是個很大的機會。你能否談談你們在一些前 50 大市場中看到的機會？

Is that now an area that you feel comfortable in playing in at this point?

那麼，就目前而言，這是否已經成為一個你覺得可以自在參與的領域？

Yes. I don't think -- from where we -- thank you, Michael, you are correct. But the partners that we're having like Steel City and others in the top 50 markets, we're seeing real strong penetration in those markets. We're seeing shifting market share for those companies in terms of digital growth in the programmatic space. And in the larger markets, at times, we do see larger revenue spends -- client spends per month on average than maybe outside of the Top 100 markets.

是的。我不認為——從我們的角度——謝謝你，Michael，你說得沒錯。但我們合作的夥伴，例如 Steel City，以及其他在前 50 大市場的夥伴，我們看到在那些市場的滲透率非常強。我們也看到這些公司在程式化（programmatic）領域的數位成長帶動下，市占率正在轉移。而在較大的市場中，我們有時確實會看到更高的營收投放——客戶每月平均支出可能高於前 100 大市場以外的地區。

So clearly, the good news is our solutions work in the top 50 markets.

所以很明顯，好消息是我們的解決方案在前 50 大市場同樣有效。

From an acquisition standpoint, our stance still is that we'd be more interested in markets outside the top 50. I think we're more highly differentiated across the board in local radio, in our owned and operated content for our digital websites and mobile apps as well as our Townsquare Interactive solutions. So as it relates to potential acquisitions, be it swaps or incremental markets or incremental stations, our viewpoint is still to focus outside the top 50. But as we're talking to media partners, there are many who have properties in the top 50, and we put them in touch with our existing partners, and they're hearing how well our solutions are working.

從併購的角度來看，我們的立場仍然是：我們會對前 50 大市場以外的市場更感興趣。我認為我們在各方面的差異化更高，包括本地廣播、我們自有自營（O&O）的數位網站與行動 App 內容，以及我們的 Townsquare Interactive 解決方案。因此，就潛在併購而言，不論是資產互換、增量市場或增量電台，我們的觀點仍是聚焦在前 50 大市場以外。不過，當我們與媒體合作夥伴洽談時，很多夥伴在前 50 大市場也有資產，我們會把他們與現有合作夥伴牽線，讓他們聽到我們的解決方案運作得有多好。

So we are quite confident playing in the digital advertising space in the top 50. We know it's working quite well for our partners. Yet I don't think at this point in time, we'd be interested in acquiring properties in the top 50. So hopefully, that gives you some color, but I'll turn it back to you, Michael.

因此，我們對於在前 50 大市場的數位廣告領域參與競爭相當有信心。我們知道這對合作夥伴運作得非常好。然而，我不認為在目前這個時間點，我們會有興趣收購前 50 大市場的資產。希望這能讓你更了解一些情況，Michael，我把問題交回給你。

Yes. I mean first of all, congratulations on executing your digital strategy. On your O&O digital advertising in Q1 and outlook is pretty impressive, given the reports out there that digital advertising is kind of slowing for some radio operators, how much visibility do you have into the second half on digital advertising demand trends, particularly from your local advertisers?

是的。首先，恭喜你們成功執行數位策略。你們在第一季的自有自營（O&O）數位廣告表現以及展望都相當亮眼；考量到外界有報告指出部分廣播業者的數位廣告正在放緩，你們對下半年數位廣告需求趨勢（特別是來自本地廣告主）的能見度有多高？

Yes. I appreciate that, Michael. I appreciate you using the word impressive because we're quite pleased and proud of our digital advertising growth. So in terms of the back half, we're seeing even actually greater strength in Q2 than Q1. That's true in our programmatic space.

是的，謝謝你，Michael。我也很感謝你用「亮眼」這個詞，因為我們對數位廣告成長確實非常滿意也很自豪。至於下半年，我們在第二季看到的力道其實比第一季更強。這在我們的程式化（programmatic）業務上是如此。

That's true in our owned and operated space. And as I mentioned, it was great in Q1 that our online audience grew from $20 million in Q4 to $25 million in Q1 this year. So a nice improvement in our audience. And that, as I said, also helped us from a remnant standpoint, although it's only 8% of our digital advertising, that was obviously a headwind and there was a lot of concern from investors if that would continue. That's why we outlined that we expect that $12 million last year to go to $9 million in revenue this year and that be lapped in August.

在我們的自有自營（O&O）業務上也是如此。而且如我提到的，第一季很棒的一點是，我們的線上受眾從第四季的 2,000 萬成長到今年第一季的 2,500 萬，所以受眾有不錯的提升。正如我所說，這也在尾量（remnant）方面幫助了我們，雖然它只占我們數位廣告的 8%，但顯然是一個逆風，投資人也很擔心這是否會持續。這也是為什麼我們說明：我們預期去年 1,200 萬美元今年會降到 900 萬美元的營收，並且會在 8 月完成年比基期的消化（lapped）。

So it's really the first seven months.

所以主要就是前七個月。

So as we lap that, our owned and operated digital growth is projected to be actually nicely higher, quite higher in the back half of the year than the front half of the year. So that also bleeds into the calculation of overall digital advertising. We expect to be stronger in Q2 and the back half of the year than Q1, although we grew obviously plus 7% in Q1, which was nice after growing on average 2% full year last year. So real acceleration and improvement in our digital advertising business. And as your question is, we expect the back half to be even stronger than how we're starting this year with all the momentum that we're seeing.

因此，當我們把這段影響消化掉後，我們預期自有自營（O&O）數位成長在下半年會比上半年更高、而且是明顯更高。這也會反映在整體數位廣告的計算上。我們預期第二季以及下半年會比第一季更強；雖然我們第一季已經成長了 7%，在去年全年平均成長 2%之後，這是很不錯的表現。因此，我們的數位廣告業務確實出現明顯加速與改善。回到你的問題，我們預期在目前看到的所有動能帶動下，下半年會比今年開局的表現更強。

And if I could slip one more in. On your Townsquare Interactive, where are you in terms of getting your sales force to your steady-state sales force level, like what percent of your goal are you at this point?

如果我可以再追問一個。關於你們的 Townsquare Interactive，在把銷售團隊補到穩態（steady-state）規模方面，你們目前進度如何？大概達到目標的百分之多少？

We still have quite a ways to go. We've actually just started beefing up or increasing the size of our recruiting team. The recruiters we do have are doing quite nicely and bringing in talent. But as we said, I think we said it on the year-end call or maybe the Q4 call, our sales force was down 40% in terms of size of sales team. So that is going to take us -- we will not get back to those levels until 2027.

我們還有相當長的路要走。我們其實才剛開始強化、也就是擴大我們的招募團隊規模。現有的招募人員表現相當不錯，也持續引進人才。但如我們所說，我想我們在年終電話會或可能是第四季電話會提過，我們的銷售團隊規模縮減了 40%。因此要回到原本水準需要時間——我們要到 2027 年才會回到那些水準。

That said, based on the lowering of churn and based on the fact that we are incrementally quarter over quarter growing our sales team, we have the opportunity in the back half of 2026 to see month over month revenue growth. And combining that with the performance of customer service and the lower churn, we're seeing really strong profit margins as well.

話雖如此，基於流失率（churn）下降，以及我們每一季都在逐步擴增銷售團隊，我們有機會在 2026 年下半年看到營收逐月成長（month over month）。再加上客服表現與較低的流失率，我們也看到非常強勁的獲利率。

So I don't expect us to get back to our goal until 2027. That said, with our trajectory right now of churn and adding salespeople as well as we're still seeing higher revenue per sales rep than we historically have, I believe we have an opportunity in the back half of '26 to grow month over month revenue. So as I said, I just spent the week in Charlotte. I couldn't be more confident, more energized. Sometimes, obviously, the internal view may not always be apparent on the outside.

所以我不預期我們會在 2027 年之前回到目標。不過，以我們目前的流失率走勢、持續增聘業務人員，以及我們仍看到每位業務代表的營收高於歷史水準，我相信我們在 2026 年下半年有機會讓營收逐月成長。正如我所說，我剛在夏洛特待了一週。我從未如此有信心、也更有幹勁。有時候，內部看到的情況在外部未必那麼明顯。

But as we look at the next three to five years for Townsquare Interactive, I'm very confident they're getting back to their mojo of the early 2020, 2021, 2022 type of financial performance, and that will be more evident, I think, as we go into 2027 and beyond. So feeling quite good.

但當我們看 Townsquare Interactive 未來三到五年，我非常有信心他們會找回 2020、2021、2022 年初期那種財務表現的「手感」（mojo），而我認為這會在我們進入 2027 年及之後變得更為明顯。所以整體感覺相當好。

Obviously, the fact that 63% of our total profit is driven by our two digital businesses is the highest ever for the company. And the 59% of total revenue coming from these two digital divisions is the highest ever as well. We're feeling quite well positioned. As you know, Michael, we don't operate this on a quarter over quarter or year-to-year basis. But as we look at the next five-year, we feel like we're incredibly well situated from an organic standpoint.

很明顯，我們總獲利的 63%由兩個數位業務所驅動，這是公司史上最高；而總營收中有 59%來自這兩個數位事業部，也同樣是史上最高。我們覺得自身定位非常到位。如你所知，Michael，我們不會以單季或逐年來經營這件事。但當我們看未來五年，我們覺得從內生成長（organic）的角度來看，我們的基礎非常扎實。

And then to your questions about media partnership and our success with the 13 current partners, the pipeline that we have, coupled with -- we're playing in some of the top 50 markets through these partners, couldn't be more excited about the momentum we have right now. So thank you for the question, and I'll turn it back to you in case you have any others.

另外，回到你關於媒體合作夥伴以及我們與目前 13 家合作夥伴合作成效的問題：我們的合作管線，再加上——我們透過這些合作夥伴也在部分前 50 大市場參與競爭——讓我們對目前的動能感到非常興奮。謝謝你的提問，我把時間交回給你，看看你是否還有其他問題。

There are no further questions at this time. I will now turn the call over to Bill for closing remarks.

目前沒有其他問題。我現在把電話交給 Bill 做結語。

Thank you, operator, and thank you all for joining us this morning to hear about not only our Q1 results, but importantly, how we're looking at the full year as well as the next few years. As Stu said, we had more cash flow from operations in Q1 2026 than we did in Q1 '25 or Q1 '24. We're feeling quite confident about how well we're situated for not only this year but the next several years. And I'm really proud of our Townsquare team. The innovation, the momentum, the excitement that the team is building is remarkable.

謝謝接線員，也謝謝各位今天早上加入我們，一起了解不僅是我們第一季的業績，更重要的是我們如何看待全年以及未來幾年的發展。正如 Stu 所說，我們在 2026 年第一季的營運現金流高於 2025 年第一季或 2024 年第一季。我們對於今年以及未來幾年我們所處的位置都相當有信心。我也為 Townsquare 團隊感到非常自豪。團隊所建立的創新、動能與熱情令人驚嘆。

And I just want to thank them and thank you for joining us this morning and look forward to regrouping in a few months and updating you on the back half of the year and how that's coming together for us. Feeling quite confident. I hope everybody has a great day.

我也想向他們致謝，並感謝各位今天早上參與。我期待幾個月後再與各位重新聚首，向各位更新下半年以及我們如何把各項工作整合到位。我們相當有信心。祝大家今天一切順利。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

各位女士、先生，今天的電話會議到此結束。感謝各位參與，並請各位掛斷電話線路。