Stuart Rosenstein
Executive VP & CFO at Townsquare Media
We expect first quarter net revenue to be between $98,000,000 and $100,000,000 which at the midpoint is approximately flat year over year excluding political. As previously detailed on this call, we expect Townsquare Ignite, our digital advertising business to be up in high single digits Townsquare Interactives to be up 4% and Broadcast ex political to decline more moderately than we experienced in Q4. We expect first quarter adjusted EBITDA to be between $17,000,000 and $18,000,000 As a reminder, in the first quarter, we typically have the lowest revenue of the year due to advertising cyclicality. So our margins are typically lower in our advertising segments in the first quarter as a result. For the full year, we currently expect that our revenue will be between $435,000,000 and $455,000,000 Embedded in this guidance is the loss of political revenue of $10,000,000 to $11,000,000 as we typically get between $2,000,000 and $3,000,000 of political revenue in non election years. As Bill outlined, we anticipate offsetting the loss of political revenue with growth in our digital business, including the return of year over year growth at Townsquare Interactive. We expect that our 2025 adjusted EBITDA will be between $90,000,000 and $98,000,000 And with that, I will now turn the call back over to Bill.