Townsquare Media, Inc.
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
TSQ$1.85-11.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001499832-25-000074
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001499832-25-000116
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 89 previous paragraphs and 126 current paragraphs.
66 unchanged; 20 reworded; 34 added; 2 removed; 1 previous and 6 current paragraphs rearranged.
Tables are not compared: 4 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (34)
Current report
•Net revenue for the six months ended June 30, 2025 as compared to the same period in 2024, decreased $3.7 million, or 1.7%, primarily driven by a $9.1 million decrease in our Broadcast Advertising net revenue partially offset by a $3.6 million increase in our Digital Advertising net revenue, a $1.0 million increase in our Subscription Digital Marketing Solutions net revenue and a $0.7 million increase in Other net revenue.
Current report
•Excluding revenue related to political advertising of $1.1 million and $2.5 million for the six months ended June 30, 2025 and 2024, respectively, net revenue decreased $2.3 million, or 1.1% to $213.0 million. Broadcast Advertising net revenue decreased $7.8 million, or 8.0%, to $89.0 million, and Digital Advertising net revenue increased $3.7 million, or 4.9%, to $79.1 million.
Current report
•Operating income increased $42.9 million for the six months ended June 30, 2025, primarily due to a $32.8 million decrease in non-cash impairment charges, a $5.9 million increase in net gains on the sales of assets, a $3.8 million decrease in direct operating expenses and a $3.2 million decrease in stock-based compensation. These increases were partially offset by a $3.7 million decrease in net revenue.
Current report
The Company incurred $1.5 million in impairment charges related to FCC licenses 4 of our 74 local markets during the three months ended June 30, 2025, as compared to impairment charges of $28.4 million in 26 of our 74 local markets in the same period a year ago. The impairment charges during the three months ended June 30, 2025 were primarily driven by decreases in third-party forecasts of broadcast revenues. For further discussion, see Note 5, Goodwill and Other Intangible Assets, in the Notes to Unaudited Consolidated Financial Statements.
Current report
Unfavorable changes in key assumptions utilized in the impairment assessment of our FCC licenses may affect future testing results. For example, keeping all other assumptions constant, a 100-basis point increase in the weighted average cost of capital as of the date of our last quantitative assessment would cause the estimated fair values of our FCC licenses to decrease by $20.5 million which would have resulted in an incremental impairment charge of $3.2 million as of June 30, 2025. Further, a 100-basis point decline in the long-term revenue growth rate would cause the estimated fair values of our FCC licenses to further decrease by $10.4 million which would have resulted in an impairment charge of $3.9 million as of June 30, 2025. Finally, a 100-basis point decline in operating profit margins would result in a decrease in the estimated fair values of our FCC licenses of $20.2 million which would result in an incremental impairment charge of $6.0 million. Assumptions used to estimate the fair value of our FCC licenses are also dependent upon the expected performance and growth of our traditional broadcast radio operations. In the event broadcast radio revenue experiences actual or anticipated declines, such declines will have a negative impact on the estimated fair value of our FCC licenses, and the Company could recognize additional impairment charges, which could be material.
Current report
During the second quarter of 2024, in connection with an interim goodwill impairment assessment, the Company concluded that the carrying amounts of the National Digital and Live Events reporting units exceeded their fair values, resulting in the recognition of a non-cash goodwill impairment charges of $1.8 million and $0.9 million, respectively, for the three months ended June 30, 2024. During the three months ended June 30, 2024, the Company recorded an impairment charge of $1.6 million related to certain of its equity securities, which are measured at cost minus impairment.
Current report
Net (Gain) Loss on Sale and Retirement of Assets
Current report
During the three months ended June 30, 2025, the Company recognized net gains on the sales of assets of $5.9 million, which includes a $5.6 million gain on the sale of land in the Boise, ID market.
Current report
Provision for income taxes
Current report
Consolidated Results of Operations
Current report
Six months ended June 30, 2025 compared to six months ended June 30, 2024
Current report
** not meaningful
Current report
Segment Results
Current report
Net Revenue
Current report
Net revenue for the six months ended June 30, 2025, decreased $3.7 million, or 1.7%, as compared to the same period in 2024. Broadcast Advertising net revenue decreased $9.1 million, or 9.2%, due to decreases in the purchases of advertising by our clients. This decrease was partially offset by an increase in Digital Advertising net revenue of $3.6 million, or 4.8%, and an increase in Subscription Digital Marketing Solutions net revenue of $1.0 million, or 2.8%, each as compared to the same period in 2024. Other net revenue increased $0.7 million, or 11.5%, due to the performance of certain events as compared to 2024.
Current report
Direct Operating Expenses
Current report
Direct operating expenses for the six months ended June 30, 2025, decreased by $3.8 million, or 2.3%, as compared to the same period in 2024. Broadcast Advertising direct operating expenses decreased by $5.9 million, or 8.1%, primarily driven by lower compensation costs and music license fees. Subscription Digital Marketing Solutions direct operating expense decreased by $0.9 million or 3.5% due to lower compensation, partially offset by higher software costs. These decreases were partially offset by an increase in Digital Advertising direct operating expenses of $2.9 million, or 5.0%, due to higher inventory and compensation costs, partially offset by lower bad debt. Additionally, Other direct operating expenses increased $0.2 million, or 3.9%.
Current report
Segment Profit
Current report
Segment profit for the six months ended June 30, 2025, was essentially flat as compared with the same period in 2024. Subscription Digital Marketing Solutions segment profit increased $1.9 million, or 18.6%, Digital Advertising segment profit increased $0.7 million, or 4.1%, and Other segment profit increased $0.5 million, or 71.6%, each as compared to the same period in 2024, primarily due to the increases in net revenue discussed above. These increases were offset by a $3.2 million, or 12.0%, decrease in Broadcast Advertising segment profit, as compared to the same period in 2024, primarily due to the decrease in net revenue discussed above.
Current report
Stock-based Compensation
Current report
Stock-based compensation expense for the six months ended June 30, 2025, decreased $3.2 million, or 28.7%, as compared to the same period in 2024 due to $4.6 million of expense recognized for the cash settlement of options in 2024 that did not reoccur in 2025 and a $0.4 million decrease in expense related to the stock bonus program, partially offset by a $1.0 million increase in expense recognized for grants during the first half of 2025. For further discussion, see Note 9, Stockholders' Equity, in the Notes to Unaudited Consolidated Financial Statements.
Current report
The Company incurred $1.5 million in impairment charges related to FCC licenses 4 of our 74 local markets during the six months ended June 30, 2025, as compared to impairment charges of $29.7 million related to FCC licenses in 26 of our 74 local markets during the six months ended June 30, 2024. The impairment charges during the six months ended June 30, 2025 were primarily driven by decreases in third-party forecasts of broadcast revenue. For further discussion, see Note 5, Goodwill and Other Intangible Assets, in the Notes to Unaudited Consolidated Financial Statements.
Current report
During the six months ended June 30, 2024, in connection with an interim goodwill impairment assessment, the Company concluded that the carrying amounts of the National Digital and Live Events reporting units exceeded their fair values, resulting in the recognition of total non-cash goodwill impairment charges of $2.7 million. During the six months ended June 30, 2024, the Company recorded an impairment charge of $1.6 million related to certain of its equity securities, which are measured at cost minus impairment.
Current report
Net (Gain) Loss on Sale and Retirement of Assets
Current report
During the six months ended June 30, 2025, the Company recognized net gains on the sales of assets of $5.9 million, which includes a $5.6 million gain on the sale of land in the Boise, ID market.
Current report
Interest Expense, net
Current report
Realized Gain on Investment
Current report
Insurance Recoveries
Current report
During the six months ended June 30, 2024, the Company recorded total insurance recoveries of $0.3 million related to construction and flood damages in two of its local markets.
Current report
Unrealized Gain on Investment
Current report
Other expense (income), net included unrealized gains related to measuring the fair value of one of the Company's former investees. During the six months ended June 30, 2024 the Company recorded an unrealized net gain of $0.2 million.
Current report
Provision for income taxes
Current report
We recognized a provision for income taxes of $3.3 million for the six months ended June 30, 2025, as compared to $19.0 million for the same period in 2024. Our effective tax rate for the period was approximately 86.7% for the six months ended June 30, 2025 as compared to 67.3% for the six months ended June 30, 2024. The increase in the effective tax rate for the six months ended June 30, 2025 is driven by the valuation allowance for interest expense carryforwards. The decrease in the income tax provision is primarily driven by the valuation allowance for interest expense carryforwards resulting from higher non-cash impairment charges and non-deductible compensation costs recorded during the six months ended June 30, 2024, as compared to the six months ended June 30, 2025.
Current report
During the three months ended June 30, 2025, the Company repaid all amounts outstanding under the Revolving Credit Facility, with $20.0 million of available borrowing capacity as of June 30, 2025.
Removed paragraphs (2)
Previous report
The Company incurred no impairment charges related to its FCC licenses during the three months ended March 31, 2025, as compared to impairment charges of $1.3 million in one of our 74 local markets in the same period a year ago.
Previous report
(Benefit) provision for income taxes
Reworded paragraphs (20)
Previous wording
Our Broadcast Advertising segment includes our portfolio of 342 local terrestrial radio stations. Our primary source of Broadcast Advertising net revenue is the sale of advertising on our local radio stations primarily to local and regional spot advertisers and, to a lesser extent, national spot and national network advertisers. We believe we are the largest and best-capitalized owner and operator of radio stations focused solely on markets outside the top 50 markets in the United States. Given the stability of radio’s audience, its broad reach and its relatively low cost as compared to competing advertising media such as television, we believe radio continues to offer an attractive value proposition to advertisers. The price point for radio advertising on a cost per thousand basis is lower than most other local media that deliver similar scale. This makes radio more affordable and accessible for the type of small and mid-sized businesses typically found in our local markets outside the top 50 markets in the U.S.
Current wording
Our Broadcast Advertising segment includes our portfolio of 341 local terrestrial radio stations. Our primary source of Broadcast Advertising net revenue is the sale of advertising on our local radio stations primarily to local and regional spot advertisers and, to a lesser extent, national spot and national network advertisers. We believe we are the largest and best-capitalized owner and operator of radio stations focused solely on markets outside the top 50 markets in the United States. Given the stability of radio’s audience, its broad reach and its relatively low cost as compared to competing advertising media such as television, we believe radio continues to offer an attractive value proposition to advertisers. The price point for radio advertising on a cost per thousand basis is lower than most other local media that deliver similar scale. This makes radio more affordable and accessible for the type of small and mid-sized businesses typically found in our local markets outside the top 50 markets in the U.S.
Previous wording
•Net revenue decreased $1.0 million, or 1.0%, primarily driven by a $4.1 million decrease in our Broadcast Advertising net revenue partially offset by a $2.6 million increase in our Digital Advertising net revenue and a $0.8 million increase in our Subscription Digital Marketing Solutions net revenue.
Current wording
•Net revenue decreased $2.8 million, or 2.3%, primarily driven by a $4.9 million decrease in our Broadcast Advertising net revenue partially offset by a $1.0 million increase in our Digital Advertising net revenue, a $0.9 million increase in our Other net revenue, and a $0.3 million increase in Subscription Digital Marketing Solutions net revenue.
Previous wording
•Excluding political revenue of $0.6 million and $1.1 million for the three months ended March 31, 2025 and 2024, respectively, net revenue decreased $0.5 million, or 0.5%, to $98.1 million. Broadcast Advertising net revenue decreased $3.7 million, or 8.3%, to $40.8 million, and Digital Advertising net revenue increased $2.6 million, or 7.7%, to $36.7 million.
Current wording
•Excluding political revenue of $0.6 million and $1.5 million for the three months ended June 30, 2025 and 2024, respectively, net revenue decreased $1.9 million, or 1.6%, to $114.9 million, Broadcast Advertising net revenue decreased $4.1 million, or 7.8%, to $48.2 million, and Digital Advertising net revenue increased $1.1 million, or 2.5%, to $42.4 million.
Previous wording
•Operating income increased $0.5 million, or 7.4%, for the three months ended March 31, 2025. The increase was primarily due to a $1.6 million decrease in non-cash impairment charges and a $1.1 million decrease in direct operating expenses, partially offset by the $1.0 million decrease in net revenue and a $1.3 million increase in stock-based compensation.
Current wording
•Operating income increased $42.4 million for the three months ended June 30, 2025. The increase was primarily due to a $31.1 million decrease in non-cash impairment charges, a $5.9 million increase in net gains on the sales of assets and a $4.5 million decrease in stock-based compensation.
Previous wording
•Digital Advertising segment reported operating income of $7.6 million for the three months ended March 31, 2025, which represents an increase of $0.8 million as compared to operating income of $6.7 million for the same period in 2024. The increase is primarily due to a $2.6 million increase in net revenue partially offset by an increase of $1.8 million in direct operating expenses. Subscription Digital Marketing Solutions reported operating income of $5.7 million, an increase of $1.4 million from the three months ended March 31, 2024 due to a $0.8 million increase in net revenue and a $0.4 million decrease in direct operating expenses. Broadcast Advertising reported operating income of $5.5 million for the three months ended March 31, 2025, essentially flat to operating income for the three months ended March 31, 2024.
Current wording
•Digital Advertising segment reported operating income of $10.6 million for the three months ended June 30, 2025, which represents an increase of $1.8 million, as compared to operating income of $8.8 million for the same period in 2024. The increase is primarily due to a $1.8 million non-cash goodwill impairment charge recorded during the three months ended June 30, 2024 that did not recur in 2025. Subscription Digital Marketing Solutions reported operating income of $5.8 million, an increase of $1.1 million from the three months ended June 30, 2024 due primarily to a $0.3 million increase in net revenue and a $0.6 million decrease in direct operating expenses. Broadcast Advertising reported operating income of $16.2 million for the three months ended June 30, 2025, which represents an increase of $31.7 million, as compared to operating loss of $15.4 million for the same period in 2024. The increase is primarily due to a $26.9 million decrease in non-cash impairment charges and a $5.9 million increase in net gain on sales of assets.
Previous wording
Net revenue for the three months ended March 31, 2025 decreased $1.0 million, or 1.0%, as compared to the same period in 2024. Our Broadcast Advertising net revenue decreased $4.1 million, or 9.1%, due to decreases in the purchases of advertising by our clients. This decrease was partially offset by an increase in our Digital Advertising net revenue of $2.6 million, or 7.6%, and an increase in our Subscription Digital Marketing Solutions net revenue of $0.8 million, or 4.2%, as compared to the same period in 2024, due to purchases of new advertising.
Current wording
Net revenue for the three months ended June 30, 2025 decreased $2.8 million, or 2.3%, as compared to the same period in 2024. Broadcast Advertising net revenue decreased $4.9 million, or 9.2%, due to decreases in the purchases of advertising by our clients. This decrease was partially offset by an increase in Digital Advertising net revenue of $1.0 million, or 2.4%, and a $0.3 million or 1.4% increase in Subscription Digital Marketing Solutions net revenue, each as compared to the same period in 2024, due to purchases of new advertising. Our Other net revenue increased $0.9 million, or 19.9%, due to the performance of certain events as compared to 2024.
Previous wording
Direct operating expenses for the three months ended March 31, 2025 decreased by $1.1 million, or 1.4%, as compared to the same period in 2024. Our Broadcast Advertising direct operating expenses decreased by $2.3 million, or 6.6%, primarily driven by lower compensation and music license fees. Our Subscription Digital Marketing Solutions direct operating expenses decreased by $0.4 million, or 2.7%, due to lower compensation, partially offset by higher software costs, each as compared to the same period a year ago. These decreases were partially offset by a $1.8 million, or 6.5%, increase in our Digital Advertising direct operating expenses due to higher compensation and inventory costs, partially offset by lower bad debt as compared to the same period in 2024.
Current wording
Direct operating expenses for the three months ended June 30, 2025 decreased by $2.7 million, or 3.1%, as compared to the same period in 2024. Broadcast Advertising direct operating expenses decreased by $3.6 million, or 9.6%, and Subscription Digital Marketing Solutions direct operating expenses decreased by $0.6 million, or 4.4%, each due to lower compensation as compared to the same period a year ago. These decreases were partially offset by a $1.1 million, or 3.7%, increase in Digital Advertising direct operating expenses due to higher inventory and compensation costs, partially offset by lower bad debt as compared to the same period in 2024.
Previous wording
Segment profit for the three months ended March 31, 2025 increased by $0.1 million, or 0.5%, when compared with the same period in 2024, essentially flat. Subscription Digital Marketing Solutions segment profit increased $1.1 million, or 22.2% as compared to the same period in 2024, primarily due to the increase in revenue and decrease in compensation discussed above, which was partially offset by the increase in software costs. Our Digital Advertising segment profit increased $0.8 million, or 12.0%, due to the increase in revenue, partially offset by higher compensation and inventory costs. Broadcast Advertising segment profit for the three months ended March 31, 2025 decreased $1.8 million, or 17.8%, as compared to 2024, primarily due to the decrease in net revenue.
Current wording
Segment profit for the three months ended June 30, 2025 decreased by $0.1 million, or 0.3%, when compared with the same period in 2024, essentially flat. Broadcast Advertising segment profit decreased $1.3 million, or 8.4%, as compared to the same period in 2024, primarily due to the decrease in net revenue, partially offset by an increase in Subscription Digital Marketing Solutions segment profit of $0.8 million, or 15.2% as compared to the same period in 2024, primarily due to the increase in revenue and decrease in compensation discussed above. Other segment profit increased $0.5 million, or 201.5%.
Previous wording
Stock-based compensation expense for three months ended March 31, 2025 increased $1.3 million, or 45.9%, as compared to the same period in 2024, primarily due to $0.9 million of expense recognized for the stock bonus program and grants issued during the first quarter of 2025. For further discussion, see Note 9, Stockholders' Deficit, in the Notes to Unaudited Consolidated Financial Statements.
Current wording
Stock-based compensation expense for three months ended June 30, 2025 decreased $4.5 million, or 54.5%, as compared to the same period in 2024, primarily due to $3.8 million of expense recognized for the cash settlement of options in 2024 that did not reoccur in 2025, and a $0.6 million decrease in expense related to the stock bonus program. For further discussion, see Note 9, Stockholders' Deficit, in the Notes to Unaudited Consolidated Financial Statements.
Previous wording
We recognized a benefit for income taxes of $3.0 million for the three months ended March 31, 2025, as compared to an income tax provision of $0.2 million for the same period in 2024. Our effective tax rate for the three months ended March 31, 2025 and 2024 was approximately 66.8% and 11.8%, respectively. The effective tax rate and income tax provision is driven by the valuation allowance for interest expense carryforwards and an increase in non-deductible compensation costs recorded during the three months ended March 31, 2025.
Current wording
We recognized provision for income taxes of $6.3 million for the three months ended June 30, 2025, as compared to $18.8 million for the same period in 2024. Our effective tax rate for the three months ended June 30, 2025 and 2024 was approximately 75.8% and 62.7%, respectively. The increase in the effective tax rate is driven by the valuation allowance for interest expense carryforwards during the three months ended June 30, 2025. The decrease in the income tax provision is primarily driven by the valuation allowance for interest expense carryforwards resulting from higher non-cash impairment charges and non-deductible compensation costs recorded during the three months ended June 30, 2024, as compared to the three months ended June 30, 2025.
Previous wording
During the three months ended March 31, 2025, the Company recognized a $1.5 million loss on the early extinguishment of debt. The $1.5 million loss on the early extinguishment of debt is comprised of the write-off of $1.5 million of unamortized deferred financing fees previously capitalized in connection with the 2026 Notes. For further discussion, see Note 7, Long-Term Debt, in the Notes to Unaudited Consolidated Financial Statements.
Current wording
During the six months ended June 30, 2025, the Company recognized a $1.5 million loss on the early extinguishment of debt. The $1.5 million loss on the early extinguishment of debt is comprised of the write-off of $1.5 million of unamortized deferred financing fees previously capitalized in connection with the 2026 Notes. For further discussion, see Note 7, Long-Term Debt, in the Notes to Unaudited Consolidated Financial Statements.
Previous wording
In February of 2024, one of the Company’s investees announced the completion of its acquisition. The Company recognized a $4.0 million gain on this transaction during the three months ended March 31, 2024.
Current wording
In February of 2024, one of the Company’s investees announced the completion of its acquisition by a third-party. The Company recognized a $4.0 million gain on this transaction during the six months ended June 30, 2024.
Previous wording
Net cash used in operating activities was approximately $0.1 million for the three months ended March 31, 2025, as compared to net cash provided by operating activities of $1.7 million for the same period in 2024. This decrease was primarily due to net changes in working capital balances, particularly accrued expenses and accounts receivable.
Current wording
Net cash provided by operating activities was approximately $10.1 million for the six months ended June 30, 2025, as compared to $10.7 million for the same period in 2024. The decrease was primarily related to higher cash interest payments in 2025, due in part to the timing of the refinancing in February 2025 and the quarterly interest payment requirements for the Term Loan, partially offset by changes in working capital balances, particularly accrued expenses, accounts payable, and accounts receivable.
Previous wording
Net cash used in investing activities was $4.3 million for the three months ended March 31, 2025 as compared to net cash used in investing activities of $0.3 million for the same period in 2024. The increase in net cash used in investing activities was primarily due to cash proceeds of $4.0 million related to the acquisition of one of the Company's investments in 2024 that did not reoccur in 2025.
Current wording
Net cash used in investing activities was $1.9 million for the six months ended June 30, 2025 as compared $4.0 million for the same period in 2024. The decrease in net cash used in investing activities was primarily due to net cash proceeds of $5.8 million related to the sale of land in Boise, ID, as compared to cash proceeds of $4.0 million received in 2024 related to the acquisition of one of the Company's investments by a third party.
Previous wording
Net cash used in financing activities was $22.7 million for the three months ended March 31, 2025, as compared to $5.8 million for the same period in 2024. The increase in net cash used in financing activities was primarily due to the repayment of $467.4 million of principal amount of the 2026 Notes, offset by proceeds from the Term Loan of $441.8 million, net of fees and expenses, and net borrowings on the Revolver of $7.0 million. This activity was partially offset by $4.3 million for repurchases of common stock during the three months ended March 31, 2024, compared to $1.4 million of shares repurchased to cover employee tax withholdings on restricted stock that vested during the three months ended March 31, 2025.
Current wording
Net cash used in financing activities was $37.7 million for the six months ended June 30, 2025, as compared to $39.2 million for the same period in 2024. The primary differences in net cash used in financing activities in 2025 as compared to 2024 include: $1.5 million of shares repurchased to cover employee tax withholdings on restricted stock that vested during the six months ended June 30, 2025, as compared to $22.1 million for repurchases of common stock during the six months ended June 30, 2024; the repayment of $467.4 million of principal amount of the 2026 Notes, offset by proceeds from the Term Loan of $441.7 million, net of fees and expenses in 2025, as compared to voluntary repurchases of 2026 Notes in the amount of $13.6 million in 2024, and a $4.1 million decrease in proceeds from stock option exercises for the six months ended June 30, 2025 as compared to the same period a year ago.
Previous wording
As of March 31, 2025, we had $448.4 million of outstanding indebtedness, net of unamortized discount and deferred financing costs of $28.6 million.
Current wording
As of June 30, 2025, we had $439.7 million of outstanding indebtedness, net of unamortized discount and deferred financing costs of $27.3 million.
Previous wording
Based on the terms of our Senior Secured Credit Facility, as of March 31, 2025, we expect our debt service requirements to be approximately $55.8 million over the next twelve months. See Note 7, Long-Term Debt, in our Notes to Consolidated Financial Statements for additional information related to our Senior Secured Credit Facility.
Current wording
Based on the terms of our Senior Secured Credit Facility, as of June 30, 2025, we expect our debt service requirements to be approximately $54.9 million over the next twelve months. See Note 7, Long-Term Debt, in our Notes to Consolidated Financial Statements for additional information related to our Senior Secured Credit Facility.
Previous wording
As of March 31, 2025 we had $5.5 million of cash and cash equivalents, and $51.6 million of receivables from customers, which historically have had an average collection cycle of approximately 50 days.
Current wording
As of June 30, 2025 we had $3.2 million of cash and cash equivalents, and $59.8 million of receivables from customers, which historically have had an average collection cycle of approximately 50 days.
Previous wording
On March 13, 2025, the board of directors approved a quarterly dividend of $0.20 per share. The dividend of $3.2 million was paid to holders of record as of April 17, 2025, on May 1, 2025.
Current wording
On April 29, 2025, the board of directors approved a quarterly cash dividend of $0.20 per share. The dividend of $3.3 million was paid to holders of record as of July 18, 2025, on August 1, 2025.
Previous wording
Our anticipated uses of cash in the near term include working capital needs, interest payments, dividend payments, excess cashflow payments that may be required under the terms of the Credit Agreement, other obligations, and capital expenditures. The Company believes that the cash generated by its operations should be sufficient to meet its liquidity needs for at least the next 12 months. However, our ability to fund our working capital needs, debt payments, dividend payments, other obligations, capital expenditures, and to comply with financial covenants under our debt agreements, depends on our future operating performance and cash flow, which are in turn subject to prevailing economic conditions, increases or decreases in advertising spending, changes in the highly competitive industry in which we operate, which may be rapid, and other factors, many of which are beyond our control. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. The sale of additional equity would result in additional dilution to our stockholders, while the incurrence of debt financing would result in debt service obligations. Such debt instruments could introduce covenants that might restrict our operations. We cannot assure you that we could obtain additional financing on favorable terms or at all.
Current wording
Our anticipated uses of cash in the near term include working capital needs, interest payments, debt amortization payments, dividend payments, excess cashflow payments that may be required under the terms of the Credit Agreement, other obligations, and capital expenditures. The Company believes that the cash generated by its operations should be sufficient to meet its liquidity needs for at least the next 12 months. However, our ability to fund our working capital needs, debt payments, dividend payments, other obligations, capital expenditures, and to comply with financial covenants under our debt agreements, depends on our future operating performance and cash flow, which are in turn subject to prevailing economic conditions, increases or decreases in advertising spending, changes in the highly competitive industry in which we operate, which may be rapid, and other factors, many of which are beyond our control. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. The sale of additional equity would result in additional dilution to our stockholders, while the incurrence of debt financing would result in debt service obligations. Such debt instruments could introduce covenants that might restrict our operations. We cannot assure you that we could obtain additional financing on favorable terms or at all.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
Certain key financial developments in our business for the six months ended June 30, 2025, as compared to the same period in 2024 are summarized below:
Current report — wording carried from elsewhere
The following table summarizes our historical consolidated results of operations:
Current report — wording carried from elsewhere
The following table presents the Company's reportable segment net revenue and direct operating expenses for the six months ended June 30, 2025 and 2024 (in thousands):
Current report — wording carried from elsewhere
Impairment of Intangible Assets, Investments, Goodwill and Long-Lived Assets
Current report — wording carried from elsewhere
The following table illustrates the components of our interest expense, net for the periods indicated (in thousands):
Current report — wording carried from elsewhere
Our effective tax rate may vary significantly from period to period and can be influenced by many factors. These factors include, but are not limited to, changes to statutory rates in the jurisdictions where we have operations and changes in the valuation of deferred tax assets and liabilities. The difference between the effective tax rate and the federal statutory rate of 21.0%, primarily relates to certain non-deductible items, state and local income taxes and the valuation allowance for deferred tax assets.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
On October 28, 2024, the board of directors approved a dividend of $0.1975 per share. The dividend of $3.1 million was paid to holders of record as of January 21, 2025, on February 1, 2025.