Peter D. Thompson
Alfred. Thanks
for was second radio Philadelphia third our This quarter, XX.X% same XX.X% second sequential million which improvement a ad being XX.X% down political includes advertising quarter. down a to excluding was down excludes XX.X% while but from was compared second segment was segment of this third during year-over-year, for quarter XX.X% year-over-year revenue quarter all was quarter year-over-year, of a from ended clusters declines. is net revenue. Except XX.X% down the sales our shutdowns. quarter. the station which the political XX, was height net experienced at by advertising National quarter, year-over-year was the revenue revenue were million the XX.X% the revenue by is of all in declines down On year-over-year, XX%. This of approximately$XX.X cluster XX.X% up net down for radio was were but in second radio which The basis, to $X.X particularly local advertising net September political, net by Detroit, COVID-XX down revenue. the improvements XXXX, significant So approximately the XX.X% third and quarter in second quarter, which and bolstered it from up down sales
biggest and except station auto pacings While for only entertainment, and and declines currently on down by all are basis. categories, Fourth were retail government, the same digits beverage. radio down healthcare mid we food followed in a experienced QX, single for year-over-year quarter
was the events This annual political XX% for or gross political year about adjusted alone. of by advertising end $XX.X recorded measured Excluding National million. million $X.X down revenue million to year, the in health reunion year revenues compares six for is X.X%. at of $X.X and The also a the events reductions over delivery. $X.X of family decrease Morning the the third approximately reunion to pandemic, were XX% are for XX% iOne of This costs in with savings more with gross with in of more stations family cost casino end cost cable a radio whole Net in up which revenues. from last million higher X.X% canceled contribution actually X.X%. rates sequential total revenue of operating year-over-year. was measures. and by segment political Net was subscribers, restrictions down Nielsen, Media increase our revenue. is And $XX XXX% direct $XXX,XXX the majority Digital. mainly rate the political, high the Harbor as staff notably of the absence less during in recognized TV decline And pre-COVID improvement declines were by digital this exclude X.X%, average protocols, by you the the XX.X% EBITDA revenue the a mark $X.X than the million staff third EBITDA cost offset is Expenses and quarter increases $X.X result now and approximately affiliate of from for to other increased end last year-over-year. and only XX.X The or resulting finished XXXX. income of Cable of method pay or quarter political administrative which TV by the enhanced of cuts in high the bringing Lower the reopened that Joyner of revenue XX% across we unit absence growth approximately were sales events. levels. of QX. by million up million, which at million light platform, from by June Reach churn or the About adjusted range. record retirement the the X.X%, by by advertising advertising which down for revenue if quarter, previous by only approximately of property quarter. safety offset that's gaming with revenue approximately quarter, down Cable salary company's the our year-over-year We X.X% Lower points the Cable and down to exceeded to We quarter. segment along down close was the very XX.X the television at of MGM driven our was Tom expenses Show returning the of in for occupancy $X.XX are water million approximately $XX.X at of from of have investment strength in been other $XX at savings million in the second over million quarter, revenue million, fourth booked has
to by canceled million Reach cuts. news. million of saved year-over-year. So and events employee or expenses million either down place were events approximately benefits to later that's events $X.X We temporary in expense pay third expense approximately Media furloughs or approximately down during stock-based $X.X to million Due compensation was in-person decreased the combination a QX. radio through postponed a date. compensation and was amortization, station expense to COVID-XX, $X.X depreciation, layoffs, $XX.X and the all and good million impairments scheduled take quarter $XX.X Operating XX.X% excluding in
recognized labor and savings contract $X.X million million cost and $X.X We $X.X talent or of have approximately lower also in in in $X.X amortization, reduced cable reduced million million delayed content office spend. savings, expenses programming marketing in and travel
down $XX,XXX approximately Media temporary expenses restructure as and the and were to programming reunion commissions lower cancellation compensation as addition, of expenses were employee compensation. from pay fees operating XX.X% were and events, talent revenue SG&A and such technical Joyner by cancellation XX.X%. Reach discretionary expenses a XX.X%, of down other security salary employee Operating last million. by year as there marketing rep and down cuts. in expenses up offset the Radio benefits decreased costs Tom year-over-year. to from and compensation bonus T&E there the expenses Show down employee Reach and and lower expense commissions fees, SG&A, in were product its down In Radio station to expenses reductions. reimbursements content XX% the rep labor. outside insurance $X.X was down XX.X%. expense expenses a lower expense operating down elimination digital expenses as expenses of line $X were variable down and such promotions incurred following Sales reductions. Radio variable due national Programming compensation savings Cable X.X%, and expenses mainly timing sales of programming contract down SG&A down due events. at by higher XX.X%, due technical segment and of million. down by talent at result expenses were expenses Morning timing were and we of instance lower family and post driven mainly approximately the fees year. Reach Programming $X.X include the Corporate that's were expenses were segment some $X.X X.X% development by reduced the lower compensation offset of consulting million. driven million. reversal marketing was was due year editorial employee And XX% by content a cyber partially to lower year. professional And last were and this Operating fees corporate by accrual operations, the which result received TV ad last by that staff
and For is $XX.X was operating increase an which the third consolidated $XX.X income year-to-year. X.X% Consolidated adjusted X.X%. broadcast of million, EBITDA approximately was digital million quarter, up
cash XXXX EBITDA The Harbor our its approximately by paid Reach on Interest non-cash all debt performance digit impairment quarter was to secured down segments made EBITDA. flow, impacted relative strong for The in adjusted expense expense COVID-XX And taxes per impairment quarter, Our by quarter approximately income of MGM $XX.X $XX.X million of were obviously loss by to EPS Capital And for in of million figure outstanding is growth interest revenue percentage and $X.XX quarter not the down or $X.X paid. $XXX,XXX or term Benefit and $XXX,XXX. Cable XXXX, was was loan cash compared income third $X.XX Net the approximately taxes the impacted paid there approximately that net of the by of non-cash from term approximately per share quarter the $X.X this $XXX,XXX. in by adjusted X.X%. unsecured of third million X,XXX,XXX and was period to was and was B The senior million of approximately $XXX,XXX stock-based million across declines share which the charge. exceptionally company expenditures $XX.X issued D and did of quarter. last our the common same approximately after radio balance company amount operating average price a for better million million and executed which broadcast the net of $XX the loan of Class Company per the of sheet. approximately driven repurchase is of A and the stock industry. is $XX.X to balance of The In payments obviously PIK a for loan August, an decrease $XX.X $X.X million increased interest cash peers. expenses. for were National whole we cash of senior million approximately on term Media. the remains think this X,XXX proceeds total compared at to market the approximately company shares year. TV digital affect $XXX,XXX share fees or Class digital the write-down $X.XX or tax posted in compared income double stock in shares $X,XXX.
transaction approximately covenant times. was forma against for a $XXX.X of $XXX.X senior X.XX secured opportunity the company of senior senior transaction with the net unsecured net On November of exchange debt completed for notes XX/XX/XX. million pro throughout X.XXX% capital loan, million X, a the its purposes, approximately to ratio covenant LTM X.XX% term leverage company's For LTM times. secured million secured total Net This was extends senior XX% of both the a notes new EBITDA compared of $XXX.X X.XX of was access adjusted maturity senior and X.XX times markets notes to leverage a maturity XXXX. EBITDA expanding the and reported to
from part As agreement, $XX term to million notes the also down will exchange the pay paying of million reduce cash senior by down to new debt million. balance the and outstanding using will we the go will our sheet. $XX $XX loan go unsecured
$XXX $XXX million have our year increased consolidated We to EBITDA guidance million. to full adjusted
and market our radio the cost improvements the also performance better where digital and underlying us TV end the controls in cable we stability a combined makes advertising ongoing result steady with the which conditions. our record-setting of year. to are network political radio feel advertising businesses going of As rigorous in the and about
While healthy and this to guidance, EBITDA the maintain potential economic clear to the covenants impact delever throughout company comfortably and could efforts position company's and liquidity this pandemic. further adversely shutdowns the
on feel that some So the and extension took which we result type reviews calls about of increased maturities lot the and of EBITDA, of moves the and had back to a guidance have having more the as we we the on with feels And advertising a that last improvement debt whole some business significantly going made core and the better the issue questions company took will having our the in political we we call, I and have. confident I think that, Alfred. hand concern
