Executive Summary

Q4 2019 (Oct–Dec) net revenues were approximately $10.35M, with an operating loss of $2.01M and net loss of $2.36M, driven by transaction-related corporate costs and new interest expense following the November 25, 2019 closing of the Emmis/SG Broadcasting transaction and Fairway Outdoor acquisitions .
2020 budget calls for total revenue of $60.5M (+3% YoY vs unaudited preliminary 2019 pro forma $58.9M), with radio $46.0M (+2%) and outdoor $14.5M (+4%), indicating modest growth expectations post-acquisition .
Mix shift continued toward non-traditional and digital revenue; management attributed strong 2019 performance to record Summer Jam ticket sales and noted New York radio revenue outpaced the market in the ten months ended 12/31/2019 .
No Q4 earnings call transcript or Item 2.02 press release was found; investor presentation (8-K) provided preliminary full-year pro forma figures and 2020 budget. Wall Street consensus estimates from S&P Global were unavailable for Q4 2019, so beats/misses cannot be assessed.

What Went Well and What Went Wrong

What Went Well

“Our outperformance… was principally due to record-setting ticket sales associated with… Summer Jam” in June 2019, supporting non-traditional revenue strength .
Digital revenues grew, reflecting ongoing investment in digital distribution and monetization across properties .
Management outlined a clear strategy to “generate attractive shareholder returns via operational excellence, increased scale, and accretive acquisitions,” and completed the Fairway Outdoor acquisition in December 2019 .

What Went Wrong

Q4 incurred corporate expenses of $4.3M in the transition period, “mostly related to transaction fees and expenses” for the New York stations and outdoor businesses, compressing quarterly profitability .
Interest expense began post-transaction ($0.82M in the ten-month period), contributing to the Q4 net loss .
Management highlighted macro headwinds: New York radio revenues have “lagged the growth of the general U.S. economy,” with competitive pressures from new media and audience fragmentation .

Financial Results

Note: MDIA changed its fiscal year end to December 31 and filed a 10-KT for the ten months ended 12/31/2019. Q4 (Oct–Dec) figures below are derived by subtracting the 7-month period ended 9/30/2019 (10-Q) from the 10-month period ended 12/31/2019 (10-KT).

Metric	FY 2018 (Year Ended 2/28/2019)	7M Ended 9/30/2019	10M Ended 12/31/2019	Q4 2019 (Oct–Dec)
Net Revenues ($USD Millions)	$43.09	$30.45	$40.80	$10.35 (derived: 40.80−30.45)
Operating Income ($USD Millions)	$7.89	$6.30	$4.29	−$2.01 (derived: 4.29−6.30)
Interest Expense ($USD Millions)	$0.00	$0.00	$0.82	$0.82 (began post 11/25)
Provision for Income Taxes ($USD Millions)	$2.52	$2.00	$1.52	−$0.48 (derived: 1.52−2.00)
Consolidated Net Income ($USD Millions)	$5.37	$4.30	$1.95	−$2.36 (derived: 1.95−4.30)
Operating Margin (%)	18.3% (7.89/43.09)	20.7% (6.30/30.45)	10.5% (4.29/40.80)	−19.4% (−2.01/10.35)
Net Income Margin (%)	12.5% (5.37/43.09)	14.1% (4.30/30.45)	4.8% (1.95/40.80)	−22.8% (−2.36/10.35)

Segment breakdown (unaudited preliminary full-year pro forma and budget):

Segment Revenue ($USD Millions)	FY 2018 Pro Forma	FY 2019 Pro Forma	FY 2020 Budget
Radio	$43.2	$45.0	$46.0
Outdoor Advertising	$13.4	$13.9	$14.5
Total Revenue	$56.6	$58.9	$60.5

Revenue mix KPIs:

Revenue Source ($USD Thousands)	FY 2018 (Year Ended 2/28/2019)	10M Ended 12/31/2019
Local	$24,539	$20,914
National	$3,799	$3,912
Political	$559	$0
Non-Traditional	$7,024	$8,166
Digital	$2,756	$3,018
Outdoor Advertising	$0	$759
Other	$4,414	$4,031
Total Net Revenues	$43,091	$40,800

Notes: Q4 figures are arithmetic differences between 10M and 7M periods (see citations in each cell). Corporate expenses of $4.303M in the ten-month period “mostly relate to transaction fees and expenses” and were incurred during Q4 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Radio Revenue ($USD Millions)	FY 2020	n/a	$46.0	Raised vs FY 2019 Pro Forma ($45.0)
Outdoor Revenue ($USD Millions)	FY 2020	n/a	$14.5	Raised vs FY 2019 Pro Forma ($13.9)
Total Revenue ($USD Millions)	FY 2020	n/a	$60.5	Raised vs FY 2019 Pro Forma ($58.9)
Divisional OpEx (ex-D&A) ($USD Millions)	FY 2020	n/a	$42.0	Raised vs FY 2019 Pro Forma ($41.1)

Note: Guidance provided as a budget in the January 2020 investor presentation; no prior formal guidance was disclosed in Q4 filings .

Earnings Call Themes & Trends

No Q4 2019 earnings call transcript was found. Key narrative evolution from filings:

Topic	Previous Mentions (Q3 2019)	Current Period (Q4 2019)	Trend
Event Performance	Record Summer Jam ticket sales lifted non-traditional revenue .	10-month operating income up YoY due to Summer Jam; Q4 absorbed transaction costs .	Strong events, but Q4 profitability hit by deal costs.
Digital Monetization	Digital revenue growth noted; investments ongoing .	Digital revenue increased vs FY 2018; continued digital emphasis .	Positive momentum.
Market Growth	NY radio revenues up 2.6% in 10 months; MDIA up 9.5% .	Company outperformed market; but macro radio headwinds persist .	Outperformance amid industry pressure.
Acquisition & Scale	No outdoor business pre-Dec;	Fairway Outdoor acquired; ~3,346 displays across 4 states .	Expansion and diversification.
Macro/COVID Risk	Not discussed in Q3 (pre-pandemic).	Early COVID-19 impact flagged: cancellations and reduced ad orders .	Emerging risk into 2020.

Management Commentary

Strategy: “Generate attractive shareholder returns via operational excellence, increased scale, and accretive acquisitions” with focus on off-the-run opportunities at attractive prices .
Market positioning: “MediaCo is the #3 radio broadcaster in New York City in both revenue and ratings” with Hot 97 and WBLS as leading brands .
Q4 period drivers: “Corporate expenses… mostly relate to transaction fees and expenses associated with the acquisition of two radio stations in New York and two outdoor advertising businesses” .
Market dynamics: New York radio revenues have “lagged… U.S. GDP growth,” with competition from new media and audience fragmentation cited as headwinds .

Q&A Highlights

No earnings call transcript available for Q4 2019; therefore, no Q&A highlights can be provided based on primary sources.

Estimates Context

S&P Global/Capital IQ consensus estimates for Q4 2019 (EPS, revenue, EBITDA) were unavailable due to API limits; consequently, results cannot be compared to Wall Street consensus. Values retrieved from S&P Global were unavailable.

Key Takeaways for Investors

Q4 loss reflects one-time transaction costs and new interest expense post-closing; underlying event and digital trends were favorable earlier in the year .
2020 budget implies low-single-digit revenue growth and stability across both radio and outdoor segments post-integration .
Diversification into outdoor advertising (~3,346 displays) brings scalable operating leverage, but near-term COVID-19 uncertainty could pressure ad demand and events .
New capital structure (senior credit facility and convertible securities) adds interest burden and covenants; investors should monitor liquidity and fixed charge coverage in 2020 .
Competitive advantages in NYC urban formats (Hot 97, WBLS) and strong non-traditional revenue drivers (events) remain core to the medium-term thesis .
Absence of Q4 press release/transcript and unavailable consensus estimates limits immediate beat/miss assessment; focus shifts to execution against 2020 budget and integration milestones .

Sources: 10-KT (Transition Report) for 10 months ended 12/31/2019 **[1784254_0001564590-20-013603_ck0001784254-10kt_20191231.htm:0]**–**[1784254_0001564590-20-013603_ck0001784254-10kt_20191231.htm:59]**; Q3 2019 10-Q **[1784254_0001564590-19-046440_ck0001784254-10q_20190930.htm:0]**–**[1784254_0001564590-19-046440_ck0001784254-ex31_139.htm:0]**; 8-K Investor Presentation (Jan 2020) **[1784254_0001564590-20-001367_ck0001784254-8k_20200121.htm:0]**–**[1784254_0001564590-20-001367_ck0001784254-ex991_31.htm:1]**; 8-Ks on financing and Fairway acquisition **[1784254_0001564590-20-008194_ck0001784254-8k_20200228.htm:0]**–**[1784254_0001564590-20-008194_ck0001784254-ex102_7.htm:7]** **[1784254_0001104659-19-073675_tm1926389d1_8k.htm:0]**–**[1784254_0001104659-19-073675_tm1926389d1_ex10-2.htm:48]**.

Mediaco Holding Inc. (MDIA)·Q4 2019 Earnings Summary