Townsquare Media Inc (TSQ) 2026 Q2 法說會逐字稿

Good morning and welcome to Townsquare Media's second quarter 2026 conference call.

早安，歡迎參加Townsquare Media 2026年第二季財報電話會議。

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

(接線員指示) 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.

謝謝你，接線員，也向各位道早安。

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. Please note that during this call, you may make statements that provide information other than historical information, including statements relating to the company's future expectations, plans and prospects.

感謝各位今天加入我們。與我一同出席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。請注意，在本次電話會議中，您可能會聽到一些非歷史性資訊的陳述，包括與公司未來預期、計畫與前景相關的陳述。

These statements are considered forward-looking statements under the Safe Harbor provision of the Private Securities Litigation Reform Act of 1,995 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 that 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.

依據《1995年私人證券訴訟改革法案》的安全港條款，這些陳述被視為前瞻性陳述，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，而目前狀況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 discuss certain non-GAAP financial measures, including adjusted EBITDA and adjusted net income. 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.

在本次電話會議中，我們可能會討論若干非GAAP財務衡量指標，包括調整後EBITDA與調整後淨利。此類非GAAP財務衡量指標應與我們網站上可取得的季度、年終及即時報告中所載全部資訊一併使用。

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.

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會引用其中部分投影片。現在，我想把電話會議交給Bill Wilson。

Thank you, Claire, and good morning everyone. Thank you for joining us today.

謝謝你，Claire，各位早安。感謝各位今天加入我們。

We are very pleased to share that our second quarter performed as we anticipated and telegraphed on our last earnings call. In Q2, we met the total net revenue and adjusted EBITDA guidance we provided, reflecting the continued execution of our digital-first local media strategy, the strength of our differentiated digital platform and the disciplined way our teams continue to manage the business.

我們非常高興地分享，第二季表現如同我們預期，且在上次財報電話會議中已事先傳達。在第二季，我們達成所提供的總淨營收與調整後EBITDA指引，反映我們持續落實以數位優先的在地媒體策略、我們差異化數位平台的強勁表現，以及團隊以嚴謹方式持續經營管理業務。

In the second quarter, digital advertising revenue accelerated meaningfully from Q1. Our media partnership business continued its impressive growth, Townsquare Interactive delivered another quarter of record-setting profitability and our broadcast business continued to generate significant cash flow while outperforming the industry. For many years, we have talked about transforming Townsquare from a traditional broadcast company into a digital-first local media company.

第二季數位廣告營收相較第一季明顯加速成長。我們的媒體合作夥伴業務持續展現亮眼成長，Townsquare Interactive再度交出創紀錄的獲利季度，而我們的廣播業務在優於產業表現的同時，仍持續創造可觀現金流。多年來，我們一直在談將Townsquare從傳統廣播公司轉型為以數位優先的在地媒體公司。

Today, that transformation is no longer aspirational. It is simply who we are. Digital now represents approximately 59% of our total segment profit and approximately 57% of our total net revenue on a year-to-date basis, levels we believe remain unmatched. Our local media peers. As highlighted on Slide 10, our competitors have only on average 31% of their revenue coming from digital sources.

今天，這項轉型已不再只是願景。這就是我們的本質。以年初至今為基礎，數位業務目前約占我們總分部獲利的59%，並約占總淨營收的57%，我們相信這樣的水準仍無人能及。我們的在地媒體同業。如投影片10所示，我們的競爭對手平均僅有31%的營收來自數位來源。

That differentiation is the result of more than a decade of strategic decisions and investment in our technology, products, people and proprietary platforms rather than simply relying on third-party vendors and traditional media assets. Those investments are increasingly translating into stronger operating performance and expanding competitive advantages for us.

這種差異化源自十多年來在策略決策上的累積，以及我們對技術、產品、人才與自有平台的投資，而非僅依賴第三方供應商與傳統媒體資產。這些投資正日益轉化為更強的營運表現，並為我們帶來持續擴大的競爭優勢。

As we have consistently said for many years. Digital is Townsquare's growth engine, but I think it is fair to say today that we have evolved beyond a single-digital growth engine. We now have multiple scalable digital businesses, each serving different customer needs, each generating attractive margins and each contributing to the long-term growth of our company.

正如我們多年來一再強調。數位是Townsquare的成長引擎，但我認為今天可以公平地說，我們已經超越單一數位成長引擎的階段。我們現在擁有多個可擴展的數位業務，各自滿足不同客戶需求、各自創造具吸引力的利潤率，並共同貢獻公司長期成長。

Our digital advertising business, Townsquare Ignite, continues to lead that growth. Second quarter digital advertising revenue increased plus 11% year-over-year, representing a meaningful acceleration from Q1's plus 7% year-over-year growth and one of the strongest quarterly performances we have delivered in recent years. This growth was driven by strategic execution across our numerous specialized verticals as well as our media partnership business. It represented a full funnel strategy that captured greater share from our large client base and a concentrated effort to maximize owned and operated opportunities with our most engaged audiences.

我們的數位廣告業務Townsquare Ignite持續引領成長。第二季數位廣告營收年增11%，相較第一季年增7%明顯加速，亦是我們近年來最強勁的季度表現之一。此成長來自我們在多個專業垂直領域的策略性執行，以及媒體合作夥伴業務的帶動。這代表一套全漏斗策略，從我們龐大的客戶基礎中取得更高份額，並集中火力在最投入的受眾上，最大化自有與自營（owned and operated）的機會。

As we have discussed previously, we believe our digital advertising platform is differentiated because we are much more than a digital reseller. We operate as a full-service digital marketing partner for local businesses, combining campaign strategy, creative development, sophisticated audience targeting, campaign optimization and omnichannel reporting into a single solution for our customers.

如我們先前所討論，我們認為數位廣告平台之所以具差異化，是因為我們遠不只是數位轉售商。我們作為在地企業的全方位數位行銷夥伴，將活動策略、創意開發、精準受眾鎖定、活動優化與全通路成效報告整合為單一解決方案提供給客戶。

Just as importantly, our local sales teams continue to execute at an exceptionally high level, their ability to combine the trusted relationships they built in our local markets with an increasingly sophisticated suite of digital products continues to differentiate Townsquare from both traditional local competitors and national digital platforms. Our customers aren't simply buying digital advertising inventory, they are buying measurable business outcomes, and that continues to drive healthy client retention, larger average customer spend, and continued market share gains. One area I am especially excited about is the continued momentum of our media partnership business. Just over two years ago, this business did not exist.

同樣重要的是，我們的在地銷售團隊持續以極高水準執行；他們能將在地市場建立的信任關係，與日益成熟的數位產品組合相結合，持續讓Townsquare在傳統在地競爭者與全國性數位平台之間脫穎而出。我們的客戶不只是購買數位廣告版位，他們購買的是可衡量的商業成果；這持續帶動健康的客戶留存、更高的平均客戶支出，以及持續的市占提升。有一個領域我特別振奮，就是我們媒體合作夥伴業務的持續動能。就在兩年多前，這項業務還不存在。

Today, we have 16 media partners. Contributing 41 incremental markets beyond our owned and operated footprint of 74 markets, and thus we now provide digital programmatic advertising in 115 markets across the United States. We expect that media partnership revenue, which was approximately $6 million in 2025, will more than double in 2026. One major point of differentiation for this business is that our best-in-class sales talent integrates directly into our partners' local markets, leading four-legged calls, mentoring sales teams by leveraging more than a decade of proven sales strategies to drive incremental digital revenue while simultaneously protecting their high-margin radio business.

今天，我們已有16家媒體合作夥伴。在我們自有與自營的74個市場版圖之外，新增貢獻了41個市場，因此我們目前在美國共115個市場提供數位程式化廣告。我們預期媒體合作夥伴營收（2025年約為600萬美元）在2026年將成長至兩倍以上。此業務的一大差異化重點在於，我們一流的銷售人才直接融入合作夥伴的在地市場，主導三方電話會議，並運用十多年經驗證的銷售策略來輔導銷售團隊，以推動增量數位營收，同時保護其高毛利的廣播業務。

We also manage campaign strategy, creative development, media buying. Optimization and customer support. Notably, this strategy has delivered 100% retention rate of our media partners' client base over the past two years of this model is that it allows us to expand well beyond our own market footprint with very little incremental capital investment while generating attractive returns for shareholders and importantly, attractive returns for our media company partners.

我們也負責活動策略、創意開發、媒體採買。優化與客戶支援。值得注意的是，這項策略在過去兩年為我們媒體合作夥伴的客戶基礎帶來了100%的留存率；此模式也讓我們能以極少的增量資本投入，大幅擴展至自身市場版圖之外，同時為股東創造具吸引力的報酬，更重要的是，也為我們的媒體公司合作夥伴創造具吸引力的回報。

Perhaps most importantly, it validates something we believe for many years. That the capabilities that we have built internally are valuable not only to our own advertisers but increasingly to other local media companies as well. I am also very excited to report that we have completed our first licensing deal for our proprietary technology with one of our media partners, Summit Media, further demonstrating that our partners see substantial value in our tech platform to the point of licensing it for their own use.

或許最重要的是，這驗證了我們多年來所相信的一點。我們內部打造的能力，不僅對我們自己的廣告主有價值，也日益對其他在地媒體公司同樣有價值。我也非常高興地報告，我們已與其中一家媒體合作夥伴Summit Media完成首筆自有技術授權交易，進一步證明合作夥伴認為我們的技術平台具有可觀價值，甚至願意授權供其自用。

Summit Media's decision to adopt our in-house developed CRM software for their own sales team is strong third-party validation of our innovation and further differentiates us from the competition. Beyond creating a new recurring revenue stream, this deepens our integration into our partners' operations, making us an even more strategic and indispensable partner through a true 360 degree relationship.

Summit Media決定採用我們內部開發的CRM軟體供其銷售團隊使用，是對我們創新能力的強力第三方驗證，也進一步讓我們與競爭對手形成差異。除了創造新的經常性營收來源外，這也加深我們與合作夥伴營運的整合，透過真正的360度合作關係，使我們成為更具策略性且不可或缺的合作夥伴。

In addition to our current 16 partners, we expect that number to grow in the coming years as more and more media companies reach out to us to discuss replacing their current third-party solutions with our more comprehensive digital platform. We believe our media partnership business has a long runway for growth, and we continue to target $50 million of revenue at a 20% profit margin within the next four years.

除了我們目前的16家合作夥伴之外，我們預期未來幾年這個數字將持續成長，因為愈來愈多媒體公司主動與我們接洽，討論以我們更全面的數位平台取代其現有的第三方解決方案。我們相信我們的媒體合作夥伴業務仍有很長的成長跑道，並且我們持續以在未來四年內達成5,000萬美元營收、20%利潤率為目標。

Given the growth and scale we have achieved. And the significant long-term opportunity we see ahead, we have added a slide to our investor presentation highlighting our media partnership business, Our team's performance in the second quarter demonstrates just how resilient and diversified our digital advertising platform has become. Our programmatic revenue, which now represents approximately 70% of our year-to-date digital advertising revenue. Increased by plus 27% year-over-year in the second quarter.

鑑於我們已達成的成長與規模。以及我們所看到的顯著長期機會，我們在投資人簡報中新增了一頁投影片，重點介紹我們的媒體合作夥伴業務；我們團隊在第二季的表現，展現了我們的數位廣告平台已變得多麼具韌性且多元化。我們的程式化營收目前約占本年度迄今數位廣告營收的70%。第二季年增27%。

In addition, the direct sales of our local owned and operated digital websites and mobile apps increased at a high single-digit year-over-year growth rate just as we expected. Another positive note, which we have outlined on previous calls, is that our digital audience and therefore our digital remnant revenue, which is only approximately 6% of our year-to-date digital advertising revenue, has sequentially stabilized in 2026 and in Q3 will begin to lap the dramatic year-over-year audience and associated revenue declines that started last August 2025.

此外，我們本地自營（owned and operated）的數位網站與行動App之直接銷售，亦如我們預期，以高個位數的年增率成長。另一個正面訊息（我們在先前的電話會議中已提及）是：我們的數位受眾，因此也包括我們的數位剩餘（remnant）營收——其僅約占本年度迄今數位廣告營收的6%——在2026年已逐季趨於穩定，並且在第三季將開始「對比基期」去年8月（2025年）起出現的受眾大幅年減及其帶動的相關營收下滑。

Due to the moderation of this headwind. But more importantly, given the continued strength of our digital advertising solutions directly sold by our local sales teams, we expect Q3 digital advertising revenue will accelerate yet again with growth expected to be stronger than Q2's plus 11%. Let me now turn to our second digital business, Townsquare Interactive, our subscription-based digital marketing solution SaaS-based business. As we have discussed over the past several quarters. Our focus at Townsquare Interactive has been on building a business capable of delivering durable profitable long-term growth rather than simply maximizing short-term revenue. I am pleased to report that those efforts continue to produce strong profit results. During the second quarter, Townsquare Interactive performed exactly as I telegraphed on our last call and once again delivered record segment profit margins, reaching nearly 38% profit margins, reflecting the operational improvements we have made over the past several years.

由於這股逆風趨於緩和。但更重要的是，鑑於我們由本地銷售團隊直接銷售的數位廣告解決方案持續強勁，我們預期第三季數位廣告營收將再次加速，成長力道預計將強於第二季的年增11%。接下來我談我們第二個數位業務Townsquare Interactive，也就是我們以訂閱制為基礎的數位行銷解決方案、SaaS（軟體即服務）業務。如同我們在過去幾個季度所討論的。Townsquare Interactive的重點一直是打造一個能夠帶來持久、可獲利的長期成長的業務，而非僅僅最大化短期營收。我很高興報告，這些努力持續帶來強勁的獲利成果。第二季，Townsquare Interactive的表現完全如我在上次電話會議中所預告，再次創下分部獲利率新高，利潤率接近38%，反映出我們過去幾年所做的營運改善。

While revenue has sequentially stabilized yet remained below where we are ultimately expected to be as we continue rebuilding our sales organization over the next 12 months, the quality of the business has never been stronger. We spent considerable time restructuring our customer service organization and leveraging artificial intelligence throughout the business to improve operational efficiency.

雖然營收已逐季趨於穩定，但在我們未來12個月持續重建銷售組織的過程中，仍低於我們最終預期應達到的水準；然而，這項業務的品質從未如此強勁。我們投入大量時間重整客服組織，並在整個業務中運用人工智慧，以提升營運效率。

At the same time, we have intentionally increased productivity expectations across our sales organization, creating a stronger. And more efficient, although temporarily smaller sales force. The result is a business that is generating meaningfully higher profitability while positioning itself for future revenue growth. Importantly, customer retention remains healthy. Our service offering continues to resonate with small and medium-sized businesses, as evident by our current churn returning to historically low levels, and we continue to see a significant long-term addressable market. We remain very confident that Townsquare Interactive is well. To return to sustainable revenue growth while maintaining substantially stronger profitability than we have historically produced, and we still continue to expect to return to sequential monthly revenue growth by the end of the year and potentially as early as Q3.

同時，我們也刻意提高整個銷售組織的生產力期望，打造一支更強。且更有效率、但在短期內規模較小的銷售團隊。其結果是，該業務在顯著提升獲利能力的同時，也為未來的營收成長做好布局。重要的是，客戶留存仍維持健康。我們的服務方案持續獲得中小企業青睞，從目前的流失率（churn）回到歷史低檔即可見一斑；我們也持續看到顯著的長期可服務市場。我們仍非常有信心，Townsquare Interactive狀況良好。能在維持顯著高於過往水準的獲利能力之下，回到可持續的營收成長；我們仍預期在年底前恢復逐月的營收成長，甚至可能最早在第三季。

Together, Townsquare Ignite and Townsquare Interactive continue to demonstrate the strength of our digital-first strategy. One business is delivering strong top-line and profit acceleration in 2026, while the other continues to improve profitability and operating efficiency, and we expect to return to revenue growth later this year. Both are benefiting from the investments we have made in technology, automation and AI over the past several years.

綜合來看，Townsquare Ignite與Townsquare Interactive持續展現我們「數位優先」策略的實力。其中一項業務在2026年帶來強勁的營收與獲利加速成長；另一項則持續提升獲利能力與營運效率，我們預期今年稍晚將回到營收成長。兩者都受惠於我們過去幾年在技術、自動化與AI方面的投資。

Turning to broadcast, it too performed exactly as we expected and shared on our last call. As we have consistently said, we continue to view local radio as an extremely valuable strategic asset. It delivers unmatched local reach, deep relations with our audiences and trusted partnerships with thousands of local advertisers across our markets. While we continue to expect advertising dollars to gradually shift from traditional media toward digital, our strategy has never been to simply defend broadcast. Instead, our objective has been to leverage the strength of our local brands and sales relationships to capture the share shift ourselves. Although broadcast continues to operate in a challenging advertising environment, we once again outperform the industry according to Miller Capital estimates in the year-to-date period. And our teams remain highly disciplined in managing expenses. And as a result, we continue to generate strong broadcast profitability and meaningful cash flow despite ongoing industry headwinds. The combination of a durable broadcast cash flow business and multiple growing digital businesses creates a financial profile that we believe is unique within local media. As we look ahead to the balance of 2026, I remain very optimistic about our outlook. Digital advertising has accelerated meaningfully during the first half of the year and will continue to do so in Q3. Townsquare Interactive is delivering record profitability while positioning itself for future sequential revenue growth. Broadcast continues to generate healthy margins and cash flow despite a challenging secular environment.

談到廣播業務，其表現也完全符合我們的預期，並與我們在上次電話會議中分享的一致。正如我們一再強調的，我們仍將本地廣播視為極具價值的策略性資產。它提供無可匹敵的在地觸及、與受眾的深厚關係，以及在我們各市場中與數千家本地廣告主建立的可信賴合作夥伴關係。雖然我們仍預期廣告預算將逐步從傳統媒體轉向數位，但我們的策略從來不是單純守住廣播。相反地，我們的目標是運用本地品牌與銷售關係的優勢，親自掌握這波市占轉移。儘管廣播仍處於具挑戰性的廣告環境中，根據Miller Capital對本年度迄今的估計，我們再次優於產業表現。而我們的團隊在費用管理上仍高度自律。因此，即使產業逆風持續，我們仍能維持強勁的廣播獲利能力與可觀的現金流。具韌性的廣播現金流業務，加上多個成長中的數位業務，形成我們認為在本地媒體中獨特的財務輪廓。展望2026年剩餘期間，我對我們的前景仍非常樂觀。數位廣告在上半年顯著加速，並將在第三季持續加速。Townsquare Interactive在創下獲利新高的同時，也為未來逐季營收成長做好布局。儘管長期結構性環境具挑戰，廣播仍持續帶來健康的利潤率與現金流。

Most importantly, I believe the investments we have made over the past decade are producing exactly the type of business we set out to build, a diversified digital-first local media company with multiple scalable growth platforms, recurring revenue, strong cash generation and significant opportunities to create long-term shareholder value.

最重要的是，我相信我們過去十年的投資，正產出我們當初要打造的那種企業：一家多元化、數位優先的本地媒體公司，擁有多個可擴展的成長平台、經常性收入、強勁的現金創造能力，以及創造長期股東價值的重大機會。

I will turn the call over to Stu to review our financial results and our outlook in more detail. All yours, Stu. Take it away.

接下來我把電話會議交給Stu，請他更詳細地回顧我們的財務結果與展望。交給你了，Stu。請開始。

Thank you, Bill. Good morning, everyone. It is great to speak to you today. We are very pleased to report that our second quarter results met our revenue and adjusted EBITDA guidance.

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，第二季的結果符合我們對營收與調整後EBITDA的指引。

Second quarter net revenue was approximately flat year-over-year at $115.4 million. Above the midpoint of our guidance range of $114 to $116 million. Political revenue was $1.3 million in the second quarter and $2 million in the year-to-date period. Through June, 2026's political revenue is 2% greater than 2022's political revenue of $1.9 million. Second quarter adjusted EBITDA was also above the midpoint of our guidance range of $24 million to $25 million, coming in at $24.8 million. This represented a year-over-year decline of 6.2%.

第二季淨營收約為1.154億美元，年比大致持平。高於我們指引區間1.14億至1.16億美元的中位數。第二季政治廣告營收為130萬美元，本年度迄今為200萬美元。截至2026年6月，2026年的政治廣告營收較2022年的190萬美元高出2%。第二季調整後EBITDA亦高於我們指引區間2,400萬至2,500萬美元的中位數，達2,480萬美元。這代表年減6.2%。

We had another very impressive quarter at Townsquare Ignite, our digital advertising segment, where revenue growth rates meaningfully strengthened from 6.8% year-over-year in Q1 of 2026 to strong year-over-year revenue growth of 11% in Q2 of 2026.

Townsquare Ignite（我們的數位廣告分部）再度交出非常亮眼的一季，營收成長率從2026年第一季的年增6.8%，明顯提升至2026年第二季強勁的年增11%。

As Bill noted, looking ahead to the third quarter, we expect digital advertising revenue growth to further strengthen and be even higher than Q2's growth rate. As expected and previously projected, Townsquare Interactive, our subscription digital marketing solutions segment's Q2 net revenue declined 8.5% year-over-year to $17.2 million. Importantly. PSI revenue stabilized in the quarter at approximately $5.7 million of revenue in each month of Q2. We expect Q3's revenue to be roughly flat on a sequential basis and expect to return to month-over-month revenue growth by year-end. We are pleased to share that Townsquare Interactive's segment profit margins increased year-over-year to 37.6%. Representing the strongest profit margin in Town Square Interactive's history.

如 Bill 所指出，展望第三季，我們預期數位廣告營收成長將進一步走強，並將高於第二季的成長率。如預期且先前所預測，Townsquare Interactive（我們的訂閱制數位行銷解決方案部門）第二季淨營收年減 8.5% 至 1,720 萬美元。重要的是。PSI 營收在本季趨於穩定，第二季每個月營收約為 570 萬美元。我們預期第三季營收在季比基礎上大致持平，並預期在年底前恢復月對月營收成長。我們很高興分享，Townsquare Interactive 的部門利潤率年增至 37.6%。這代表 Townsquare Interactive 歷史上最強的利潤率。

We are very confident that our profit margins will exceed 2025's record-setting profit margins for the remainder of 2026 due to the efficiencies and cost savings, including those enabled by AI, that have been implemented. Broadcast advertising net revenue declines moderated slightly as compared to 2025 with and without political.

我們非常有信心，受惠於已落實的效率提升與成本節省（包括由 AI 所促成者），在 2026 年剩餘期間，我們的利潤率將超越 2025 年創紀錄的利潤率。相較於 2025 年（包含與不包含政治廣告），廣播廣告淨營收下滑幅度略有趨緩。

In the second quarter, total broadcast revenue declined 5.5% and 7.2% excluding political revenue, each as compared to the prior year. We believe that broadcast ex-political declines will be in line with this result in the third quarter as well. As a reminder, this is compared to the consistent. 8% ex-political broadcast revenue declines we experienced in each quarter of 2025.

第二季，廣播總營收年減 5.5%；若排除政治廣告營收，則年減 7.2%，兩者皆與去年同期相比。我們認為第三季廣播（排除政治）下滑幅度也將與此結果一致。提醒一下，這是相較於我們在 2025 年每一季所經歷、穩定的 8%（排除政治）廣播營收下滑。

Broadcast segment profit margins were 30% in the third quarter. We expect that our broadcast segment profit margins will be in the high 20s for the remainder of the year, averaging out to the mid-20s for the full year, which is consistent with 2025 profit margins. In the second quarter of 2026. We had non-cash impairment charges of $26.6 million related to our FCC licenses and $35.2 million in the year-to-date period.

廣播部門利潤率在第三季為 30%。我們預期今年剩餘期間廣播部門利潤率將落在 20% 高段，全年平均約為 20% 中段，與 2025 年的利潤率一致。在 2026 年第二季。我們就 FCC 執照認列 2,660 萬美元的非現金減損費用；年初至今累計為 3,520 萬美元。

The impairments in the first quarter were caused by an increase in the discount rate used in our calculations due to rising debt yields of our broadcasting peers, while the impairments in the second quarter were driven by decreases in third-party industry broadcast revenue forecasts. Given the way that these non-cash impairments are mathematically determined, we expect the value of our FCC licenses to continue to be written down regularly over time.

第一季的減損係因我們計算中使用的折現率上升所致，原因在於同業廣播公司債務殖利率走升；第二季的減損則是由第三方產業廣播營收預測下修所驅動。鑑於這些非現金減損在數學上決定的方式，我們預期 FCC 執照的價值將隨時間推移持續定期被下調。

These write-downs of decade-old purchase price calculations have no bearing on our cash position, our operating revenue, operating expenses, our profitability or the company's future prospects. They are nothing more than non-cash accounting charges affecting only the historically recorded purchase price allocations made when we bought our radio station assets roughly a decade or more ago.

這些針對十多年前收購價格計算所做的減記，與我們的現金部位、營運收入、營運費用、獲利能力或公司未來前景皆無關。它們僅僅是非現金的會計費用，只影響我們在約十年或更久以前收購電台資產時所記錄的歷史收購價格分攤。

Our second quarter net loss was $41.8 million or $2.36 per diluted share. The loss was primarily driven by the SEC non-cash impairment charges of $26.6 million and an $18 million income tax expense taken for financial statement purposes only.

我們第二季淨損為 4,180 萬美元，或稀釋後每股虧損 2.36 美元。該虧損主要由 2,660 萬美元的 SEC 非現金減損費用，以及僅為財報目的認列的 1,800 萬美元所得稅費用所致。

Adjusted net income per share was $0.21 per share as compared to adjusted net income per share of $0.22 in the prior year period. We would 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.

調整後每股淨利為 0.21 美元，去年同期的調整後每股淨利為 0.22 美元。我們想提醒各位，損益表上所列示的任何所得稅利益或所得稅費用，僅為 GAAP 財務報表目的。

We maintain significant tax attributes, including approximately $121 million of federal NOL carryforwards and other substantial tax shields related to the tax of our intangible assets.

我們保有可觀的稅務屬性，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相關的其他重大節稅屏障。

We continue to believe that we will not be a material cash taxpayer until approximately the end of 2028. One of our business model strongest attributes is our consistent cash flow generation.In the first six months of 2026, we generated $7.8 million of cash flow from operations. We ended the quarter with $462 million of debt outstanding. As of June 30, our net leverage was 5.44 times. We anticipate our net leverage will tick back down in the second-half of 2026 as EBITDA returns to year-over-year growth.

我們仍然相信，直到約 2028 年底之前，我們不會成為需要實質繳納現金稅款的納稅人。我們商業模式最強的特質之一，是穩定的現金流創造能力。2026 年前六個月，我們自營運活動產生 780 萬美元的現金流。本季末我們的未償債務為 4.62 億美元。截至 6 月 30 日，我們的淨槓桿倍數為 5.44 倍。隨著 EBITDA 恢復年對年成長，我們預期 2026 年下半年淨槓桿將回落。

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.

一如既往，我們的首要優先事項是透過有機成長來投資我們的在地業務。也就是支持營收與獲利成長的內部投資，特別是我們的數位成長引擎。

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 maintain our strong competitive advantage in our markets outside the TOP50 cities. In addition, we plan to use our excess cash flow to reduce our debt. To both mandatory and voluntary debt repayments and of course support our high-yielding dividend.

我們計畫持續投資於數位產品技術、銷售、內容與支援團隊，特別是在 Townsquare Interactive 與 Townsquare Ignite 業務，以維持我們在 TOP50 城市以外市場的強勁競爭優勢。此外，我們計畫運用超額現金流來降低負債。用於強制性與自願性償債，當然也用以支持我們高殖利率的股利。

Our board has approved our next quarterly dividend payable on November second to shareholders of record as of October 26th.

董事會已核准我們下一次季度股利，將於 11 月 2 日支付給 10 月 26 日登記在冊的股東。

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 our current share count and a dividend yield of approximately 13% based on our current share price. As we mentioned on our last earnings call, it is both management's and the Board's belief that our current share price does not reflect the inherent value of Town square.

每股 0.20 美元的股利，年化相當於每股 0.80 美元；以我們目前的流通股數計算，意味著年度支付約 1,400 萬美元，並以目前股價計算股利殖利率約為 13%。如同我們在上次法說會所提到的，管理團隊與董事會皆認為，我們目前的股價並未反映 Townsquare 的內在價值。

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 consistent profit growth. Turning now to the third quarter, we expect third quarter net revenue to be between $108 million and $110 million. Which at the midpoint represents low single-digit year-over-year growth. We expect third quarter adjusted EBITDA to be between $22.5 million and $23.5 million, which at the midpoint represents mid-single-digit year-over-year growth.

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、且我們的業務恢復穩定的獲利成長時，殖利率將會下降。接著談第三季，我們預期第三季淨營收將介於 1.08 億至 1.10 億美元。以中位數計算，代表年對年低個位數成長。我們預期第三季調整後 EBITDA 將介於 2,250 萬至 2,350 萬美元；以中位數計算，代表年對年中個位數成長。

For the full year, we are narrowing our guidance range to be more precise now that we are at the halfway point. We expect net revenue will be between $425 million and $431 million and we expect adjusted EBITDA will be between $87 million and $90 million. Importantly, this guidance is within the ranges we provided at the start of the year. As a reminder, 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.

就全年而言，現在我們已走到年度過半，我們將縮窄指引區間以提高精準度。我們預期淨營收將介於 4.25 億至 4.31 億美元，並預期調整後 EBITDA 將介於 8,700 萬至 9,000 萬美元。重要的是，這份指引落在我們年初所提供的區間之內。提醒一下，此指引已內含約 800 萬美元的政治廣告營收預測，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一致。

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

接下來，我把電話交回給 Bill。

Thank you, Stu. Great job. Before we open the line for questions, I would like to leave you with a few final thoughts.

謝謝你，Stu。做得很好。在我們開放提問之前，我想先分享幾點最後的想法。

At Townsquare, we have spent more than a decade transforming this company into a digital-first local media business. Quarter after quarter, that strategy continues to deliver results. Today, digital represents the majority of our profit and the majority of our revenue and the driver of our future growth.

在 Townsquare，我們花了十多年時間將這家公司轉型為以數位為先的在地媒體企業。一季又一季，這項策略持續帶來成果。如今，數位業務貢獻了我們大部分的利潤與大部分的營收，並且是我們未來成長的驅動力。

At the same time, our broadcast business continues to generate meaningful cash flow and strengthen the local relationships that remain at the core of our company. Together, these businesses create a differentiated model that we believe positions Townsquare exceptionally well for the future.

同時，我們的廣播業務持續產生可觀的現金流，並強化仍然是我們公司核心的在地關係。這些業務共同打造出一個具差異化的模式，我們相信這使 Townsquare 在未來具備極佳的定位。

I am particularly encouraged by the momentum we are seeing across our digital platform. Digital advertising accelerated again in the second quarter. Our media partnership and business continues to expand into new markets through a highly scalable capital-light model, further increasing our confidence of our partnership division growing to $50 million in revenue and $10 million in profits within four years and then growing meaningfully from there, and Townsquare Interactive is delivering record profitability while positioning itself for the next phase of growth.

我尤其受到我們在數位平台上所看到的動能所鼓舞。第二季數位廣告再度加速成長。我們的媒體合作夥伴與相關業務，透過高度可擴張、資本輕量的模式持續拓展至新市場，進一步提升我們對合作夥伴事業部在四年內達到 5,000 萬美元營收與 1,000 萬美元獲利、並在此之後持續顯著成長的信心；同時，Townsquare Interactive 在創下獲利新高的同時，也正為下一階段的成長做好布局。

These are all businesses that we believe have substantial runway ahead of them. Just as importantly, our disciplined approach to expense management, capital allocation and balance sheet improvement continues to provide us with the flexibility to invest in our highest return opportunities while creating long-term value. Shareholders. Our strategy is working. Our competitive position continues to strengthen, and I remain incredibly proud of the execution, passion and commitment of our Townsquare teammates across the country, whose dedication make these results possible every quarter.

我們相信這些業務都仍有相當大的成長跑道。同樣重要的是，我們在費用管理、資本配置與資產負債表改善上的紀律作法，持續讓我們保有彈性，得以投資於最高報酬的機會，同時創造長期價值。股東們。我們的策略正在奏效。我們的競爭地位持續強化，而我也仍為全美各地 Townsquare 團隊成員的執行力、熱情與承諾感到無比自豪；正是他們的投入，讓我們每一季都能交出這樣的成果。

We believe our best days remain ahead of us and we remain focused on executing our strategy, strengthening our competitive position and creating sustainable long-term shareholder value.

我們相信最好的日子仍在前方；我們將持續專注於執行策略、強化競爭地位，並創造可持續的長期股東價值。

With that, operator, please open the line for all questions.

接下來，請接線員開放所有提問。

(Operator Instructions) Michael Kupinski, Noble Capital Market.

(接線員指示) Michael Kupinski，Noble Capital Market。

Good morning, everyone, and congratulations on a good quarter. A couple of things.

各位早安，恭喜本季表現不錯。我有幾點想請教。

Bill, I know that you talked a little bit in the past about AI. You gave some guidance and thoughts about Q3. I was just wondering, can you give us an update on how AI search is, now that it is at an all-time high, how that might look like as we kind of go not just through Q3, but going forward?

Bill，我知道你過去談過一些關於 AI 的議題。你也對第三季（Q3）提供了一些指引與看法。我想請問，現在 AI 搜尋已達到歷史新高，你能否更新一下 AI 搜尋的情況，以及當我們不只是走過 Q3、而是展望未來時，可能會呈現什麼樣的樣貌？

Yes, Michael, good morning and thank you for that.

好的，Michael，早安，也謝謝你的提問。

As we detailed in a great detail, I think, on our year-end call back in March and then reiterated on our May call, the great news is that our audience has actually grown from Q4 of 2025 into the first half of the year. That is because we are getting more and more traffic from either direct sources like our newsletters and our mobile apps that people have downloaded as well as through social traffic. Including Facebook and X and other means. So we feel great. As I shared on the call as well, the remnant piece of our digital advertising is now just 6% of our total digital advertising, while our programmatic digital advertising, which grew 27% in the quarter, is now 70% approximately of our digital advertising. So we see sequentially now stability in our audience after having. Because of that AI search hit that a lot of at-scale publishers faced, but we also see some modest growth overall. So search volumes continue to come down, but our other sources of traffic, including what I just outlined in terms of direct and social, continue to climb. And as an end result, we are seeing audience growth, we are seeing stability in our remnant revenue, which will lap in August, and that is one of the reasons that our Q3 digital advertising outlook. Is even stronger than our plus 11% in Q2. So a lot of positives on the digital advertising front. We are selling our owned and operated websites and mobile apps incredibly well. And I think it just speaks to the benefits having at-scale publisher tremendous amount of first-party data and just a full-funnel solution set that we believe is quite differentiated vis-a-vis others in the marketplace. And we obviously pivoted based on the AI search. Issues that all publishers face and couldncould nott be more proud of the team, leaning in, really throwing out the old playbook, generating a new playbook and executing at a very high level. And then as we talked about, on the flip side of the challenge of AI in terms of search volume, the team has really embraced building AI tools internally as well as utilizing AI tools externally that are available to create tremendous efficiency throughout our organization and to be able. To target customers better, to be able to serve customers better, just to operate much more efficiently. So the negative, I think, is much more outweighed by the positive of what we have come. And I think we have proven that we have got a different playbook to maintain, if not grow our audience over time, couldncould nott be more proud of the team. But I will turn it back to you, Michael.

如同我們在三月的年終電話會議中非常詳細地說明、並在五月的電話會議中再次重申的，好消息是，我們的受眾實際上從 2025 年第四季一路成長到今年上半年。這是因為我們從更多來源獲得流量，包括像是我們的電子報與使用者下載的行動 App 等直接來源，以及社群流量。包含 Facebook、X 以及其他管道。因此我們感覺非常好。我在電話會議中也分享過，我們數位廣告中的殘量（remnant）部分目前僅占我們整體數位廣告的 6%；而我們的程式化數位廣告在本季成長 27%，目前約占我們數位廣告的 70%。因此，在經歷了……之後，我們現在按季看到受眾趨於穩定。因為那次 AI 搜尋的衝擊影響了許多大型出版商，但我們也看到整體有一些溫和成長。所以搜尋量仍在下滑，但我們其他流量來源（包括我剛提到的直接與社群）持續攀升。最終結果是，我們看到受眾成長，也看到我們的殘量營收趨於穩定；這部分將在八月進入同比基期（lap），這也是我們第三季數位廣告展望。甚至比第二季 +11% 還要更強的原因之一。因此在數位廣告方面有很多正面因素。我們在銷售自有與營運（owned and operated）網站與行動 App 的表現非常出色。我認為這也凸顯了作為大型出版商的優勢：擁有大量第一方數據，以及我們相信相較市場其他業者相當具差異化的全漏斗（full-funnel）解決方案組合。而且我們顯然已因應 AI 搜尋而做出轉向。這是所有出版商都面臨的問題；我對團隊感到無比自豪，他們全力投入，真正拋開舊的作法，建立新的作戰手冊，並以非常高的水準執行。此外，如同我們談到的，面對 AI 在搜尋量上的挑戰的另一面，團隊也積極擁抱在內部打造 AI 工具，以及運用外部可用的 AI 工具，為整個組織帶來巨大的效率提升，並且能夠。更精準地鎖定客戶、更好地服務客戶，讓營運更有效率。因此我認為負面影響已被我們所取得的正面成果大幅抵銷。我想我們已證明，我們有一套不同的作戰手冊，能夠隨時間維持、甚至成長我們的受眾；我對團隊感到無比自豪。不過我把問題交回給你，Michael。

Yeah, thanks for the color, Bill.

好的，Bill，謝謝你提供的補充說明。

Obviously, on Ignite.

顯然，關於 Ignite。

That business is scaling nationwide. I think you have mentioned 115 markets, which is just incredible. What is the percent of Ignite? And I am sure that it is kind of transitioning. What percentage of customers are originating through relationships by the broadcast operations? I would assume that it is kind of moving beyond just the broadcast now at this juncture.

那項業務正在全國擴張。我想你提到過 115 個市場，這真的很驚人。Ignite 的占比是多少？我也確定它正在轉變中。有多少比例的客戶是透過廣播營運的關係所帶來的？我猜在這個時間點，它應該已不再只依賴廣播了。

Yes, so I couldncould nott be more proud, we added Slide 12 to the investor deck just because the size and scale of this business and what we expect over the next decade is quite substantial, couldncould nott be more proud of the partners that we have already partnered with, we are honored to be partners with them.

是的，所以我感到無比自豪；我們在投資人簡報中新增了第 12 張投影片，主要是因為這項業務的規模與量體，以及我們對未來十年的期待都相當可觀；我也對我們已經合作的夥伴感到無比自豪，能成為他們的合作夥伴我們深感榮幸。

As a recap for everybody on the call, this division. Really started in the beginning of '24, so we are just literally just over two years old. We have $1 million in revenue in 2024, $6 million in revenue through our media partners last year. And as I have shared since the beginning of the year, our expectation is that we have more than doubled that $6 million to over $12 million, and we are on that trajectory to do so. Probably more importantly than the revenue piece is our partners are scaling incredibly quickly, beyond my expectation, not because of the appetite from I think we have been able to scale this quicker than I thought internally, so we are now at 16 partners with this capital-light model where we are entering, in essence, 41 incremental markets to Townsquare's own footprint of 74. So as you just said, we are now in 115 markets.

為了讓電話會議上的各位回顧一下，這個事業部。真正是在 2024 年初開始的，所以我們實際上才剛滿兩年多一點。我們在 2024 年有 100 萬美元營收，去年透過媒體合作夥伴帶來 600 萬美元營收。而如同我自年初以來所分享的，我們的預期是把這 600 萬美元翻倍以上、提升到超過 1,200 萬美元，而我們正朝這個軌跡前進。可能比營收更重要的是，我們的合作夥伴擴張速度非常快，超出我的預期；並不是因為需求不足，而是我認為我們在內部能比我原先想像更快地把這件事做大，因此我們現在在這個資本輕量模式下已有 16 個合作夥伴；本質上，我們在 Townsquare 自有版圖的 74 個市場之外，新增進入 41 個增量市場。所以如你所說，我們現在已在 115 個市場。

Providing very sophisticated differentiated digital programmatic solutions. So as I shared on our last call, the inbound interest in partnering with Townsquare from other companies to help their digital advertising could not be more strong. I mean, we are literally fielding dozens and dozens of new inquiries on a monthly basis. So that is just continuing to validate. Our own belief in how differentiated this is for ourselves, but we are seeing each partner that we had in 2025 has doubled or more than doubled their own digital advertising revenue by partnering with us.

提供非常成熟且具差異化的數位程式化解決方案。因此如同我在上次電話會議中分享的，其他公司希望與 Townsquare 合作、以協助其數位廣告的主動洽詢（inbound interest）強勁到不能再強。我們幾乎每個月都在處理數十、數十個新的詢問。所以這也持續驗證。我們自己對這項業務差異化程度的信念；而且我們看到，2025 年與我們合作的每一個夥伴，其自身的數位廣告營收都因與我們合作而翻倍或超過翻倍。

So it is great for our partners and it is great for us. The other thing I would highlight, we mentioned it very briefly on the call, but I think it is a significant development that, will really help us and our partners over the next five years. We entered into our first software licensing deal with Summit Media. They licensed our CRM that we utilize and built in-house for our own sales team. It is called Blueprint. And they are now -- they had a CRM to a third-party. Once they saw our CRM and all of the things it can do, not only in terms of managing the customer database, but things like lead flow.

因此，這對我們的合作夥伴很棒，對我們也很棒。我還想強調另一件事，我們在電話會議上只非常簡短地提到，但我認為這是一項重大進展，將在未來五年真正幫助我們以及我們的合作夥伴。我們與 Summit Media 達成了第一筆軟體授權交易。他們授權使用我們的 CRM，也就是我們為自家銷售團隊使用並在內部自行開發的系統。它叫做 Blueprint。而他們現在——他們原本使用的是第三方的 CRM。當他們看到我們的 CRM 以及它能做的所有事情後，不僅是在管理客戶資料庫方面，還包括像是潛在客戶導流等功能。

We are able to provide our AEs leads automatically based on geo, based on zip code, so forth and so on, including marketing spend, just a very sophisticated CRM and prospecting tool. So it is really nice that we have got partners now interested in licensing our tech stack. So could not be more proud of the entire Townsquare team. As you said, Ignite itself is literally on fire. Digital advertising overall and then programmatic growing 27% in the quarter, expecting that similar type of growth in Q3 on the programmatic side and then continued strength in the media partnership division. So mostly radio companies, to your point, we are speaking to.

我們能夠依據地理位置、依據郵遞區號等，自動把潛在客戶名單提供給我們的 AE（客戶主管），也包含行銷支出等資訊；這是一套非常成熟的 CRM 與開發客戶工具。因此，現在有合作夥伴對授權我們的技術堆疊感興趣，這真的很棒。所以我對整個 Townsquare 團隊感到無比自豪。如你所說，Ignite 本身真的是火力全開。整體數位廣告，以及程式化廣告在本季成長 27%；我們預期第三季在程式化端也會有類似的成長，媒體合作夥伴事業部也將持續強勁。所以如你所說，我們主要在接觸的是廣播公司。

Television operators currently. We have not't announced any deals on that front. We are also talking to some outdoor and smaller newspaper companies. So time will tell who else we partner with, but we are honored by those who've chosen to part with us to date and we look forward to scaling the number of partners over the next several years, Michael.

目前也在接觸電視營運商。我們在那方面尚未宣布任何交易。我們也在與一些戶外媒體以及規模較小的報紙公司洽談。所以接下來還會與誰合作，就讓時間來證明；但我們對迄今選擇與我們合作的夥伴深感榮幸，也期待在未來幾年擴大合作夥伴的數量，Michael。

Bill, is there any gating factors in terms of the capacity or anything like that in terms of those media partnerships?

Bill，就媒體合作夥伴關係而言，在產能或其他方面是否有任何限制因素？

The greatest gating factor is our own internal team members and how many people we can deploy and dedicate to our partners. The model is quite unique because we treat these partners as if they are another market of Townsquare, like we are integrated into their operation quite extensively. Our salespeople are the people who do all the sales calls with our partners. So we are doing four-legged calls in these 41 markets.

最大的限制因素是我們內部團隊成員，以及我們能派遣並投入多少人力來服務合作夥伴。這個模式相當獨特，因為我們把這些合作夥伴視為 Townsquare 的另一個市場，就像我們非常深入地整合進他們的營運一樣。我們的業務人員就是與合作夥伴一起進行所有銷售拜訪的人。因此，我們在這 41 個市場進行所謂的四方聯合拜訪。

Right alongside the partners' AEs, so really it is about how many salespeople that we have internally who perfected the solution set that we could deploy against partners. It is other personnel like media buyers, our data scientists, our reporting team. So it is simply just adding people to our team, but when we deploy to our partners, we are really utilizing.

就和合作夥伴的 AE 並肩作戰，所以關鍵在於我們內部有多少銷售人員已把解決方案組合打磨到位，能夠派到合作夥伴那邊去落地。另外還需要其他人員，例如媒體採購、資料科學家、報表團隊。所以本質上就是為我們的團隊增加人力；但當我們部署到合作夥伴端時，我們其實是在運用。

What I would call the SEAL team, just the best of the best, so the only gating factor is how quickly we can scale and build our team, which we are doing quite aggressively right now, I am quite proud of the team, so that is really the gating factor, simply there is not the the investment on our side is into people. That is a real capital-light model that allows us to scale and give us confidence that within four years We will be at $50 million in revenue through this division at a 20% profit margin, so $10 million in incremental profit. But more importantly, we think that is just the starting point. We see this continuing to scale from there. That was just the initial goal that we set a year ago. So the gating factor, Michael, is just how quickly we can add to our team, which we are doing quite aggressively right now and could not be more proud of that.

我稱之為 SEAL 特戰隊——也就是最頂尖的人才；因此唯一的限制因素就是我們能多快擴編並建立團隊。我們現在正相當積極地在做這件事，我對團隊非常自豪；所以限制因素就是這個。簡單說，我們這邊的投資就是投在人上。這是一個真正輕資本的模式，讓我們能夠擴張，也讓我們有信心在四年內，透過這個事業部達到 5,000 萬美元營收、20% 利潤率，也就是新增 1,000 萬美元的增量利潤。但更重要的是，我們認為那只是起點。我們看到它還會在此基礎上持續擴大規模。那只是我們一年前設定的初始目標。所以限制因素，Michael，就是我們能多快為團隊增員；我們現在正非常積極地進行，對此我感到無比自豪。

Terrific. Just a couple of quick questions here. SiriusXM said in their Q2 that they see opportunities in media and local markets and are looking to expand there. I was just wondering any concerns, any thoughts about their plans?

太好了。我這裡再問兩個簡短問題。SiriusXM 在他們第二季表示，他們看到媒體與地方市場的機會，並希望在那裡擴張。我想請教一下，對他們的計畫有任何擔憂或看法嗎？

I didn't hear the name of the company, so can you say it again?

我沒有聽清楚公司名稱，你可以再說一次嗎？

SiriusXM.

SiriusXM。

Oh, no concern.

喔，完全不擔心。

I saw some of the things that happened with Odyssey licensing some of their stations, but I think that speaks to. Sirius is obviously a real national play. Our bread and butter and one of the reasons we love radio and we embrace radio, it is the highest reach medium in the United States. The emotional connection is unparalleled. We believe our brands and the strength of our brands is one of the reasons our digital business is as differentiated and strong as it is. So we are hyperlocal. We are hyperlocal if you go to any one of our mobile apps. Websites and we are hyperlocal on our radio station broadcast. And as we have talked about in great detail over the last several years, from just a pure radio standpoint, A, we are gaining share. B, we are reaching on average in our 74 markets 50%, 5.0, of the adult population just through our AM/FM signal. So that is incredibly powerful. Obviously, SiriusXM has nowhere near that type of reach. It would be inconsequential reach in our markets. So not concerned at all. CouldnCould nott be more proud of our content contributors, what we call the original social influencers.

我看到 Odyssey 授權出租部分電台的一些動作，但我認為那反而說明了——Sirius 顯然是一個真正的全國性布局。我們的核心優勢（bread and butter），也是我們喜愛廣播、擁抱廣播的原因之一，是它在美國是觸及率最高的媒體。情感連結無可比擬。我們相信，我們的品牌以及品牌的強度，是我們數位業務能如此差異化且強勁的原因之一。所以我們是超在地（hyperlocal）。如果你打開我們任何一個行動 App，或網站，我們都是超在地；在我們的廣播電台播出上也同樣超在地。而且如同過去幾年我們已非常詳細地談過的，單就純廣播而言，A，我們正在提升市占；B，在我們的 74 個市場中，僅透過 AM/FM 訊號，我們平均可觸及成人族群的 50%（5.0）。這非常強大。顯然 SiriusXM 完全達不到這種觸及規模。在我們的市場裡，那樣的觸及將微不足道。所以我們完全不擔心。我也對我們的內容貢獻者感到無比自豪，我們稱他們為最早的社群影響者（original social influencers）。

We talked about our broadcast performance ex political is moderating slightly from last year. Each quarter, Stu mentioned, we were down last year negative 8%. We are now in the first two quarters negative 7%. I think what's not evident based on those numbers is the strength we are seeing in our local direct, selling broadcast traditional advertising to local clients. That is actually getting close to, I would say even on the year, we are right now down low single-digits year-over-year. What really the reason that we are at negative 7 versus mid to low single-digits is our national network business was down high 10s and our agency business was down as well pretty aggressively. So those pieces of our broadcast business specifically, our national network and local agency. Are now the minority of our business, where three years ago, they were the majority of our broadcast business. So we are quite, as we look out over the next three to five years and the strength of our local direct, the strength of our local brands and the strength of the reach in radio, we think we are again, we treat it as a cash cow business.

我們談到，扣除政治廣告後，我們的廣播表現相較去年略有趨緩。如 Stu 提到的，每一季去年我們是下滑 8%。而今年前兩季是下滑 7%。我認為從這些數字看不出來的是，我們在本地直客（local direct）方面看到的強勁力道——也就是向本地客戶銷售傳統廣播廣告。那部分其實已接近持平；我會說目前年對年只下滑低個位數。我們之所以是 -7% 而不是中到低個位數下滑，真正原因在於我們的全國聯播網（national network）業務下滑了十幾個百分點的高位數，代理商（agency）業務也同樣大幅下滑。因此，我們廣播業務中的這些部分——特別是全國聯播網與本地代理商——現在已是我們業務中的少數；而三年前，它們還是我們廣播業務的多數。所以當我們展望未來三到五年，看到本地直客的強度、本地品牌的強度，以及廣播觸及率的強度，我們認為——我們再次把它視為一個現金牛業務。

We love radio and we love the cash characteristics. We love the emotional connection, but we are not concerned by Sirius XM. It is kind of similar to Spotify, right? Spotify is a great music service, but. That is not the value proposition that we are providing over our AM/FM signals to our local communities, particularly, as Michael, but for the benefit of everybody on the call. In our markets, what I would classify the majority of them, they are news deserts. Newspapers have literally stopped serving these communities. So we have moved in. we have hired a lot of people who used to work in the newspaper to provide on-air content as well as online content that is hyper-local, and that is serving us quite well. So I will turn it back to you, Michael, if you have any.

我們喜愛廣播，也喜愛它的現金流特性。我們喜愛那種情感連結，但我們不擔心 SiriusXM。這有點像 Spotify，對吧？Spotify 是很棒的音樂服務，但那並不是我們透過 AM/FM 訊號為本地社群所提供的價值主張；尤其是——Michael，我這裡也讓電話會議上的各位都了解——在我們的市場中，我會把其中多數歸類為「新聞荒漠」（news deserts）。報紙真的已經停止服務這些社區。所以我們補位進來。我們聘用了許多過去在報社工作的人，提供超在地的空中內容以及線上內容，而這對我們的表現非常有幫助。所以我把問題交回給你，Michael，看看你是否還有任何——

I just have one quick question, and I am sorry for taking so much time here. Political advertising seems to be trending a little light. I would have expected it to be kind of competitive races and so forth. Is it just a function of not being in competitive markets or do you think that there is a secular issue that maybe dollars are being allocated to other mediums, including digital?

我只有一個簡短的問題，也很抱歉在這裡占用這麼多時間。政治廣告看起來似乎有點偏淡。我原本以為會是競爭激烈的選區之類的情況。這只是因為不在競爭市場的因素，還是你認為存在一個長期性的問題，也就是預算正被分配到其他媒體，包括數位？

There is definitely more dollars and more dollars going to digital. I think that is obviously true in political. That is obviously true in advertising in general. Roughly 70% of all local media dollars are being spent in digital. That is why we are quite proud of the fact that we now are a digital-first local media company. I think that is now undeniable with 59% of our profit coming from digital and 57% of our revenue coming from digital.

確實有更多、更多的預算流向數位。我認為這在政治領域顯然如此。在整體廣告市場也顯然如此。大約70%的所有本地媒體預算都花在數位上。這也是為什麼我們對於自己現在成為一家以數位優先的本地媒體公司感到相當自豪。我認為這點如今已無可否認，因為我們59%的利潤來自數位，57%的營收來自數位。

So that I believe is a factor in political as it is in the overall advertising. As it relates to our political, as Stu said a few minutes ago. Through the first half of the year, we are up about 2% over 2022, which was our benchmark. In 2022, we did about $7.5 million in political. As we have said consistently since the beginning of the year and reiterated by Stu earlier, our expectation is $8 million for the full year. So we are actually quite pleased where we sit today. Obviously, a lot of the political dollars are going to be being placed in the future months. Obviously, Michigan, obviously a lot of headlines this weekend around the primary there on the Democratic side. So we have great markets in Michigan, Flint, Kalamazoo, Grand Rapids, Battle Creek, Lansing. And we are also in Maine, and there is obviously a tight Senate race with Collins and a lot of disruption in that race. And also Texas, where we have a dozen markets throughout, including El Paso and Tyler and so on. So we are well situated in terms of the.

所以我相信，這在政治廣告上是一個因素，就像在整體廣告市場一樣。至於我們的政治廣告，如同Stu幾分鐘前提到的。截至上半年，我們較2022年（我們的基準年）約成長2%。2022年我們的政治廣告約為750萬美元。如同我們自年初以來一貫所說、且Stu先前也再次重申，我們對全年預期為800萬美元。因此就目前而言，我們其實相當滿意我們的位置。顯然，許多政治廣告預算會在接下來幾個月才會投放。顯然，密西根州——這個週末在那裡的民主黨初選有很多新聞標題。因此我們在密西根州有很好的市場：Flint、Kalamazoo、Grand Rapids、Battle Creek、Lansing。我們也在緬因州，那裡顯然有一場勢均力敵的參議員選戰，Collins的選戰也有很多變數。另外還有德州，我們在當地有十多個市場，包括El Paso、Tyler等等。所以就……而言，我們的布局很到位。

As well as the issue money. And as we sit here today on August 6, we believe we are on the trajectory of that $8 million goal that we set in the beginning of the year. But we are not seeing any less political or share shift that we didn't anticipate going to digital. And we think we are actually seeing some of -- you may have seen the Supreme Court ruling around lowest average unit rate, which we think, will create even more demand over time and have more of a crowded-out effect on TV. Obviously, TV continues to get a tremendous amount of political dollars, which is interesting just given how much the audience has declined.

以及議題資金（issue money）。以今天8月6日的情況來看，我們相信我們正朝著年初設定的800萬美元目標前進。但我們並沒有看到任何比預期更少的政治廣告，或是超出我們預期、轉向數位的份額移轉。而且我們認為，我們其實正在看到一些——你可能也看到了最高法院關於「最低平均單位費率」（lowest average unit rate）的裁決，我們認為這將隨時間推移帶來更大的需求，並對電視產生更明顯的排擠效應。顯然，電視仍然獲得大量政治廣告預算，這點很有意思，尤其考量到觀眾規模已下滑這麼多。

But we are well positioned to hit our political goal. Did that answer your question, Michael?

但我們很有把握達成我們的政治廣告目標。Michael，這有回答到你的問題嗎？

It did. Thanks, Bill. I appreciate taking all the questions.

有的。謝謝你，Bill。感謝你回答所有問題。

Thank you, and good luck to you guys.

謝謝，也祝你們好運。

I appreciate it, Michael.

謝謝你，Michael。

Thank you.

謝謝。

Patrick Sholl, Barrington Research.

Patrick Sholl，Barrington Research。

Hi, thanks for taking the question. If I could first follow-up on the media partnership side.

嗨，謝謝讓我提問。如果可以的話，我想先就媒體合作夥伴這一塊追問一下。

You mentioned providing the CRM product to Summit Media.

你提到把CRM產品提供給Summit Media。

Could you talk about like the overall opportunity in providing kind of software solutions to some of your media partners and if that could be meaningfully incremental to that. $50 million target with the existing partner set.

你能談談向一些媒體合作夥伴提供軟體解決方案的整體機會嗎？以及在現有合作夥伴組合下，這是否可能對那個5,000萬美元目標帶來有意義的增量貢獻？

Great question.

問得很好。

Did I cut you off, Patrick?

Patrick，我有打斷你嗎？

No, go ahead.

沒有，你繼續。

Okay, great.

好，太好了。

Thank you. And thanks for joining us this morning. I always appreciate that, Patrick.

謝謝。也謝謝你今天早上加入我們。我一直都很感謝這點，Patrick。

Yeah, as I said, just couldncould nott be more proud of our media partnership division. And although it is obviously scratching the surface with our first software licensing deal with Summit, they've been a tremendous partner from the beginning with us and as they saw throughout the organization as their account. Executive, in addition to their executive team, were given visibility into all the tool sets we have. Quite honestly, I think we talked about this earlier, really blown away by our capabilities and the solutions that our amazing technology team in-house has built. So I believe it can be a meaningful contribution to the overall revenue and profitability because not only are we talking to the other 16 partners about licensing our CRM, but we have other.

是的，如我所說，我對我們的媒體合作夥伴事業部感到無比自豪。雖然我們與Summit的第一筆軟體授權交易顯然只是初步嘗試，但他們從一開始就是我們非常重要的合作夥伴；而且當他們在組織內部看到——他們的客戶主管以及他們的管理團隊——都能全面了解我們擁有的所有工具組合。他們的客戶主管，連同他們的管理團隊，都獲得了我們所有工具組的可視性。坦白說，我想我們之前也提過，他們真的對我們的能力，以及我們優秀的內部技術團隊所打造的解決方案感到非常驚艷。因此我相信，這能對整體營收與獲利做出有意義的貢獻，因為我們不僅在與其他16家合作夥伴洽談授權我們的CRM，我們還有其他……

Tools that we utilize internally for our sales teams as well as for other aspects of our business, including customer service that are real sophisticated solutions that we provided to our partners, not on a license level, but just given visibility of like, hey, this is how we go to market. This is how we prospect for new clients. This is how we do our client needs assessment. This is how we do our reporting. And a lot of that is now software-based and that we can license. To others. So we have great data about our clients that we have built through some AI tools, some third-party attribution as well. So I think over the next three to five years, the ability to license more and more of our own tech to our partners is a meaningful opportunity that will contribute to that $50 million goal plus some. The other thing I would highlight, Patrick, is putting aside the revenue of this incremental. Software licensing opportunity is really how intertwined the partners become with us. As I mentioned on the prepared remarks, we are quite proud of the 16 partners who have chosen to partner with us for their digital advertising, but now. And we have not't had any attrition. We are getting, quite honestly, one of the greatest referral sources is them telling others in the industry what a great partner we are, and we appreciate and thank them for that. But as we license more and more technology to these partners, they become even more ingrained to our company. So I think it is a double win. There is a revenue opportunity, a profit opportunity, but I would argue even more importantly for the future longevity of this business.

我們在內部供銷售團隊使用的工具，以及用於業務其他面向（包括客服）的工具，都是非常成熟的解決方案；我們已經把這些提供給合作夥伴，不是以授權的形式，而是讓他們看到，例如：嘿，這就是我們如何進入市場。這就是我們如何開發新客戶。這就是我們如何進行客戶需求評估。這就是我們如何做報告。而其中很多現在都是以軟體為基礎，我們可以把它授權。授權給其他人。因此我們透過一些AI工具、以及一些第三方歸因（attribution）也建立了關於客戶的很好的數據。所以我認為在未來三到五年，把我們自有技術授權給合作夥伴的能力會是一個重要機會，將對那個5,000萬美元目標帶來貢獻，甚至還能超出一些。另外我想強調的一點，Patrick，是先把這項增量軟體授權機會的營收放一邊，更重要的是合作夥伴與我們之間會變得多麼緊密相連。軟體授權機會真正的價值在於合作夥伴會與我們變得更緊密交織。如同我在事先準備的發言中提到的，我們對於有16家合作夥伴選擇與我們合作其數位廣告感到相當自豪，但現在……而且我們沒有任何合作夥伴流失（attrition）。老實說，我們最棒的推薦來源之一，就是他們向業界其他人分享我們是一個多好的合作夥伴；我們也很感謝並謝謝他們。但當我們把越來越多技術授權給這些合作夥伴時，他們就會更深地融入我們公司。所以我認為這是一個雙贏。有營收機會、有獲利機會，但我會主張，更重要的是對這項業務未來長期延續性的意義。

We become more intertwined. And our solutions, we believe, are one of the reasons that we are having outpaced digital success, right, at 59% of the total company and the growth rate of growing digital advertising plus 11% in Q2 with programmatic up plus 27. So I think that is the second part of it. I think having these partners more ingrained with us and really looking at us as almost like an extension of their team is also highly differentiated and important. So I will turn it back to you, Patrick, if you have any.

我們會變得更緊密相連。而我們相信，我們的解決方案是我們能在數位端取得超越同業成功的原因之一，對吧？數位已占公司整體的59%，而且在第二季數位廣告成長11%，程式化（programmatic）成長27%。所以我認為這是第二個面向。我認為讓這些合作夥伴更深度地融入我們，並真正把我們視為幾乎是他們團隊的延伸，也是一個高度差異化且重要的因素。所以我把問題交還給你，Patrick，看看你是否還有任何……

Sure.

好的。

And on Interactive, could you provide like just a little bit more color on like the subscriber trends, whether within your own markets or outside your own markets and where kind of the restructuring of the sales teams being felt most immediately?

另外關於 Interactive，你能否再多補充一點，例如訂戶趨勢——不論是在你們自身市場內或市場外——以及銷售團隊重整的影響最先、最明顯是在哪些地方感受到的？

Yeah, thank you, Patrick. CouldnCould nott be more proud of the Township Interactive team.

是的，謝謝你，Patrick。我對 Townsquare Interactive 團隊感到無比自豪。

I continue to be down there in Charlotte. We have an office in Phoenix as well. And just the fact that our profit margin, last Q2 of '25, we were roughly 33% profit margin. Now we are sitting at 38% profit margin. And as Stu said, we expect to be in that zone for the entire year is quite incredible. As I mentioned in the prepared remarks, our churn is back to historically low levels. I couldncould nott be more proud of attacking for the last two years, we really attacked how we were serving our customers and rebuilt that entirely from the ground up. And we knew it would be disruptive, and that is why it was a shaky year in 2024 for us, but we added close to $4 million in profit last year. And then our focus this year was really redoing the sales. Piece of the equation from top to bottom. And that is having great success. We are seeing increased sales velocity in our market. We are seeing increased sales velocity per seller outside of our market. And as Stu mentioned, we had.

我仍然常常到夏洛特那邊。我們在鳳凰城也有辦公室。而且我們的利潤率——在 2025 年第二季的上一年同期（Q2）我們大約是 33% 的利潤率。現在我們是 38% 的利潤率。而且如 Stu 所說，我們預期全年都會維持在這個區間，這真的相當不可思議。如我在事先準備的發言中提到的，我們的流失率已回到歷史低點。我也非常自豪，過去兩年我們積極檢視並改善我們服務客戶的方式，並從零開始徹底重建。我們知道這會帶來干擾，這也是為什麼 2024 年對我們來說是較為動盪的一年，但去年我們增加了接近 400 萬美元的利潤。而今年我們的重點，是真正把銷售這一塊。從上到下全面重做。而且這已經取得很大的成功。我們看到在我們市場內的銷售速度提升。我們也看到在市場外、每位銷售人員的銷售速度提升。而且如 Stu 提到的，我們在。

Revenue stability in Q2. So after having a long time declining sequentially as well as year-over-year, in Q2, our monthly revenue at Townsquare Interactive was approximately $5.7 million for April, May and June. And as I shared this at the beginning of the year, I said I expected to see sequential revenue growth by the end of the year, and we are still expecting that by the end of 2026 and potentially in Q3, but if not in Q3 by the end of the year. That is a combination. Really for us, the only reason the revenue is not growing quicker is that, I know you know this, Patrick, but as a reminder for everyone on the call, our sales force declined by 40% from its highest level, and we are building that back. And we are building it back quite nicely, but we are building it back judiciously so we are onboarding new people appropriately. So as I shared on our last earnings call, I don't expect to get back to the level of salespeople until 2027 in terms of where we want to be and where. Historically. But as a result, we are seeing stability on the revenue side and that in essence implies stability on the subscriber side and then therefore growth in the back half of the year as we return to sequential growth.

第二季的營收趨於穩定。因此，在經歷了長時間的連續下滑（不論是季對季或年對年）之後，第二季 Townsquare Interactive 在 4 月、5 月與 6 月的每月營收約為 570 萬美元。而且如我在年初分享的，我說我預期在年底前會看到營收出現季對季成長；我們仍然預期在 2026 年底前達成，並且可能在第三季（Q3）就會出現，但即便不是在 Q3，也會在年底前出現。這是多種因素的組合。對我們而言，營收沒有更快成長的唯一原因是——我知道你了解，Patrick，但提醒電話會議上的各位——我們的銷售隊伍從最高峰縮減了 40%，而我們正在把它建立回來。我們回補得相當不錯，但我們也很審慎地回補，確保新進人員能被妥善地招募與到職培訓。因此，如我在上一次財報電話會議中分享的，就我們希望達到的規模而言，我預期要到 2027 年才會回到我們想要的銷售人員水準，以及。歷史上。但也因此，我們在營收端看到穩定，而這本質上也意味著訂戶端的穩定，進而在下半年隨著我們恢復季對季成長而帶來成長。

So I couldncould nott be more proud of the Townsquare Interactive team, they are doing a tremendous amount of outbound marketing, e-mail marketing, text-based marketing and now digital marketing using data from the CRM that we deployed a few years ago to our Townsquare Interactive clients and doing things like lookalike.

所以我對 Townsquare Interactive 團隊感到無比自豪；他們正在做大量的外撥行銷、電子郵件行銷、簡訊行銷，現在也開始運用我們幾年前部署的 CRM 所累積的資料，為 Townsquare Interactive 客戶進行數位行銷，並做類似受眾（lookalike）之類的。

Digital advertising targeting for our clients. So more and more value proposition for those clients and turn at a historically low level. And it is just a matter of how quickly we add salespeople, which we are doing quite nicely now. But you will see sequential revenue growth towards the end of the year and then future revenue growth next year. So let me know if that answers your question, Patrick, on interactive.

為客戶進行數位廣告的精準投放。因此，對這些客戶而言，價值主張越來越強，而流失率也處於歷史低點。接下來就只是我們增加銷售人員的速度問題，而我們現在做得相當不錯。但你會在年底前看到營收恢復季對季成長，然後明年會有進一步的營收成長。所以，Patrick，如果這樣有回答到你對 Interactive 的問題，請告訴我。

Yes, thank you.

有的，謝謝。

Any other questions, Patrick?

Patrick，還有其他問題嗎？

No, that is all.

沒有，就這些。

Thank you so much.

非常感謝。

Okay, thank you.

好的，謝謝。

Thank you. There are no further questions at this time. I would like to turn the call back to Bill Wilson for closing comments. Sir, please go ahead.

謝謝。目前沒有其他問題。我想把電話交回給 Bill Wilson 做結語。先生，請開始。

Thank you, Constantine.

謝謝你，Constantine。

Thank you, everybody, for joining this morning to get updated not only on our Q2 results, but importantly, what our outlook is for the rest of the year and onward into 2027. CouldnCould nott be more proud and thankful of the Town Square team overall, and we look forward to updating everybody in three months from now. So I hope everybody has a great day.

謝謝各位今天早上參與，讓大家不僅了解我們第二季（Q2）的結果，更重要的是了解我們對今年剩餘期間以及一路延伸到 2027 年的展望。我對整體 Townsquare 團隊感到無比自豪與感謝，我們也期待在三個月後再向各位更新。祝大家有美好的一天。

Thank you for joining this morning.

感謝各位今天早上參與。

Ladies and gentlemen, this concludes today's conference call. You very much for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。非常感謝各位的參與。您現在可以掛線。