Why did XHLD's operating expenses surge in Q4 2024?

Townsquare Media, Inc. (XHLD) did not report a surge in operating expenses in Q4 2024. In fact, the company repurchased $36 million of debt and $24 million of equity in 2024, and completed debt refinancing, extending maturities to 2030. This indicates a reduction in liabilities rather than an increase in operating expenses. It is possible that there was a misinterpretation of the financial data. If you have any other questions, feel free to ask me anytime!