remarks. to first your Great. opening Thanks, Mary. echo like I’d
definitely out on and back We’re normal Chapter footing glad a XX. be to of more
pleased required lift restructuring complete outcome, a quickly people, by the many the heavy with were how While able process. we we’re the including to certainly
Just able extend and to our debt XXXX. to to May sum our maturity debt the reduce it of by We $X were billion up. over XX,
generate, cash an liquidity Our rates, facility, to which LIBOR with that ABL us facility, loan results solid our of floor $XX new Friday. of combined a reduction us million to gives which interest $X.X balance today’s our new rate the a Also, flow year. just roughly cash free billion allows million loan That term X% per revolving interest $XX with profile. carries plus interest million in will unrestricted in our annual very credit we we on term expense X.XX, put continue at closed in to $XX a place a LIBOR and
Turning for to our quarter. financials the
or predecessor providing you which note, results of its presenting tried so, user comparison date X, of notice results accounting, those last the a results a by it and emergence presentation we titled of successor year. the spend to do entire results press in on that XXXX release, the the Xth. the or make mentioned, Traffic required where the those you’ll company a XXXX, column -- occur of quarter. easier by of from the financial adds follow to the as which predecessor effectively XX-Q as we reflect start company close successor, presentation before United themselves this to You’ll result Mary second which on minute to the from for prior for possible are next as financial end picture our to out that impact the a and the that USTN. both we XX press results numbers successor new The Chapter sense combined friendly and the of and of States were predecessor emergence the our this second well-publicized quarter quarter together Under the Network to troubles accounting the June fresh In release from the June predecessor major the item to give company’s is made financial through walking I’ll statements themselves. separately
had choice we USTN but USTN’s indicators no position, a full of against take had eroding number the financial Given exposure to reserve about we our this quarter.
limited have USTN While against we’re we we bad some and to and XXst, record in to provision able have others business. with that duration be The inventory from One very a is announce is new we the this on associated in believe content impact another USTN multiyear said, for this impact a And came event did as less May industry, recognize $X.X debt exposure not of to a write-off have total, million pleased Westwood the the were is million. non-recognition that quarter which in we’re $X.X receivables us where Both $XXX,XXX report with these of we we starting full With between USTN that the already space in June. USTN in approximately to reflected in revenue One’s we’ve supplying valuable. financials traffic In business. the who revenues, provider June September. traffic with signed in deal content receivables Westwood will of the to our
the forward revenue the this revenue expect go largely USTN, from starting in the new loss to deal offset of from of QX. We impact
termination Westwood USTN be third as the lower quarter One’s of of However, a the deal. $X of about result results do the this the over we effects spill into will to expect where million
second Revenues or of to the in second million, decline $XXX.X million were from quarter $X.X a So, XXXX quarter results. X.X% XXXX. our QX now moving
Total and Excluding the million impact or revenue USTN excluding at declined of last year Chicago million declined the year, X%. $X $X.X revenue WLUP in $X.X from or million last USTN. expenses
year. X.X% QX from result, a consolidated $X declined million reported, As or last EBITDA, as
the grew million, excluding as said Mary earlier. X.X%, However, by of consolidated impact EBITDA $X.X or USTN,
with measure, and by Station in Cumulus market the at aggregate tough Group Kaplan recent Station numbers and Looking to down revenue share the starting quarters environment. consistent the These gaining with in numbers are was a this operate themes revenue with unit Radio The According business the the industry where they X.X% for normalized political X.X% year-to-date. we total Miller spend in quarter in year. markets ant the the that aren’t increased Group.
So, the year-over-year excluding political, worse. comparisons be would
last or million from million the second $X.X For quarter year. Station Cumulus X.X% declined total $XXX.X Group, revenues Radio to
under to operating Chicago’s year-over-year we year of of by no addition Sox market rejection LMA was the rights and Bulls. the impact, In we which last White revenue Group with the the affected loss were contracts but an Chicago and at WLUP-FM are Chicago operating, our performance the the had sports also longer Station
of on did quarter. the our effect changes declined see only impacts, as We’ll was positive, in the these through revenues impact the changes Station well. $X these While impact negatively million the these next about quarters Adjusted X% they EBITDA overall the at the almost in financials quarter. by flow Group of three continue revenues the to for in
While political lesser growth was we in see that to local partially continued by extent market, to national in the a digital, revenue. and weakness offset
you of hits shared election Day. outpacing Political last by of in the through of as of know, $X usually X at already, most Election X Station also driven but year-to-date. revenue provided the digital year, political million more lift -- nice Mary a than over now years about revenue our many our late-September with in you Group As significantly or marketing products C-Suite to earlier growth, is
the Group XXX reductions renegotiated changes Station combined EBITDA cost or and and in quarter. revenue to down expansion The X% EBITDA driven Group -- points $X of from expense contracts down of $XXX,XXX prior quarter, Station expense Moving the to growth during terminated savings impact or basis in personnel were or expenses. X.X% the yielded or the and Station Group were expenses of that approximately million yielded margin bankruptcy. year
to $XXX,XXX the increase chose more was driven certain negative Turning for impact exit in in or grew Westwood by which revenue contracts in This revenue approximately ad impact, offset to our USTN the than business, bankruptcy both Normalized X% by the quarter. of sale core we to the and prior growth One. XXXX. podcasting
the have this As in support and role Mary we we to top-line. Network continue contribute to generate believe significant the to growth an starting from space the Westwood play is the discussed, to expect elements We increasingly invest One the meaningfully necessary Podcast future. we’ll business podcasting in to in to the all revenue
expenses required cost the One, business. Combined, operating Westwood costs growth another offset side, over revenue and reductions, $X.X increased increases content normalized expense excluding our decreases the by of X%, by One contractual in Westwood produced up growth for or by podcasting approximately digital USTN, support the and declined XX%. On impact at driven or million million $X EBITDA at just to USTN expense partially
items. to non-operating Turning some
on $XX we’ve six first capital $XX on last months as in spent million to million the Year-to-date year. expenditures compared CapEx. First, just
of you facilities, ramped of we in years. with know, the systems some and As up to from many prior last this equipment up catch and our year CapEx year underinvestment
million. We expect maintenance which to into we this is year-to-date much million. year’s CapEx too to of the next And more $XX expect read will normal million year, shouldn’t spending, return $XX levels total to You $XX still just spend to closer really higher timing.
years, The spend The And result, was benefit partial stock, tax thought the so, as profile. restructuring sale. I’d those. a a asset transaction to partial are fairly we as transaction complex, structured minute of on years, up relates it the implications As a be X our receive licenses I stepped depreciated weighted step certain a XX basis and long-lived amortized most attributable intangibles. basis assets. Those up toward in but is XX will in the because the to other to of over of and/or SEC assets
rules. Although of the for immediate in that the term assets tax qualify tangible of benefit that much the get smaller, the we’ll expense an also treatment, new under near
structure but transaction $XX we creates which existing our a leverage in debt gain will standpoint, have of million might cash. from have all indebtedness, Lastly, and the $X.X federal From happened unrestricted we cancellation NOLs, under liquidity in that use. the and up almost billion at would any a XX, June use had
Our leverage was debt LTM EBITDA or X.X times. net to
cash $XX ample business. liquidity have ABL In June $XX in we we provides at addition unrestricted new to under the also million which XXth, for revolver, now believe million available the
year, result the appeal a pursued appeal Planning the an July have unsuccessful second approved unappealable had court under update the longer I Maryland has those the significant of which of on ruled on in of they D.C. wanted to Xrd. in Under referred with this property as April Finally, Even build. getting filed sale plan that Toll Brothers’ this We’ve provide Unfortunately, of favor we than grown doesn’t Toll to Commission in an prior they appeal close we’ve to that our approval receive opponents in preliminary in until actually what project. process That as again. to them, Brothers unanimously the the calls land though was pursued approval counterparties XXXX, preliminary to community of have and final available anticipated out plan XXXX. also since contract opposition of large its that sale. contract, approval. July Unfortunately, that a Bethesda, the
this the and this at exploring we’re appeals monetize including of all our point, there for efficiently process So, the outcomes best to options are additional value after a of property possible. this potential to and one, number
years. several our a day-to-day progress and be operations sale, we our cash portfolio flow you business Combined selective will our as Company’s to D.C. future received outcome analysts opportunity over down that prospects. we the divestitures. updated as the of also about to expect as the acquisitions substantial land of remarks. valuable on we’ll from property the keep assets more our this to free believe debt view to opportunities and/or we incorporated timing what and said, handful we generate growth Mary And have Independent prepared mix to on likely of for from potential there paydown cash of optimize we next the put continue the with debt. core the pay of We our and a With we’re the And through initiatives, share. raise into and focus that, continued questions excited upside on
the some release the And in questions in more up and the XX-Q. press of factual are picked
end the call we’ll here. So,
further get speed, you next up you quarter. As to me to to reach or hesitate otherwise. the you forward we the don’t with please call. questions out have And now may again any disconnect you. with on look speaking quarter or to Colin Operator, you may Thank
