Digital Revenue Growth and Mix Shift
Total digital revenue of approximately $10.7M in Q1, representing over 25% of company revenue. Digital grew ~18% on a same-station basis (management) and owned & operated (O&O) digital grew ~26% year-over-year, with O&O now ~65% of digital revenue (up from ~49% prior year).
Balance Sheet and Liquidity Actions
Completed material capital structure moves post-quarter: exchanged ~ $184M of existing second lien notes into ~ $98M of new PIK notes (May 1 restructuring), repurchased ~ $16M of first lien notes, established a $35M asset-based credit facility (ABL), and generated proceeds from asset sales (Fort Myers ~$18M; prior WPBB ~$8M). Company ended the quarter with roughly $218M total debt (post-paydown) and improved liquidity profile following these actions.
Deleveraging & Near-Term Interest Relief
Second lien restructuring reduces near-term interest burden and provides flexibility; management characterized these actions as foundational to a broader deleveraging strategy and refinancing/liability-management opportunities are being evaluated.
Cost Reduction Initiatives and Expense Discipline
Reported operating/corporate cost reductions vs. prior year (~7% decline in total expenses, ~ $3.6M). Additional initiatives in early May expected to generate nearly $2M in annualized savings from an early retirement offering plus ~ $5M in further annualized cost reductions, and prior structural cost actions implemented over the past 18 months.
Market-Level Proof Points (Tampa, Boston)
Management cited clear performance gains in Tampa and Boston clusters where stronger digital adoption and integrated selling produced budget delivery and market share growth, demonstrating that targeted market interventions are producing results.
Operational Improvements & Sales Discipline
Implemented CRM adoption, weekly revenue committee reviews, standardized pipeline visibility, outcome-based/integrated selling, added hunter-focused sales talent and AI tools for prospecting — all intended to improve sales velocity, conversion and revenue quality. Management targets digital representing at least 35% of market-level revenue over time.