morning, Thanks, Collin, everyone. good and
the of increasingly performance of an half our against accomplishments. results, backdrop, in This earnings during we were economic we call. multiyear quarter, continued challenging fourth the During period guidance upper last range provided significant financial which a the that delivered
a impacted implementing radio us every deliver on of year since pandemic up businesses. improve flow ability and XXXX actions recruiting corporate fixing included leverage revenue for and with developing which, new exception free optimizing cash which sustainable our the an our same-station we to turnaround, broken portfolio the have multifaceted XXXX, a plan executed growth, excellent and set generation underpinned team, management strategic we culture, a basis. to These our digital First, operating achieved a
performance by strong within generate revenue rate businesses, total XX% representing attacked cost profitable positive aggregate bolstered which execution to $XXX consistently growth core revenue. business, an leverage. than Throughout, the than more at million, and run This annual revenue reflects of we have more of of multiple our now digital enhance organic operating relentlessly
contributed fact, XXXX than the million approximately to what for were And despite were EBITDA million recovery XXXX. costs impacts in meaningly inflationary lower In to fixed $XXX they this reduction $XX our year. has
accretive sheet our peers value returning net than achieving at among In million reduced monetizing of repurchases, approximately through focus addition, also net noncore by in reducing stock June since Xx our balance per assets million, $XX more to X.Xx best $XXX stewardship by leverage and debt the on our $XX at while capital count year-end, through of we've during over XXXX. liquidity, been strong we by and also rightsizing XX% XXXX, from share reduced leverage unwavering of highly shareholders multiples share to cash a and
businesses ad-based like substantial continuing widely are As has face all been reported, we, headwinds. to
the opportunities performing full our in proven at coming have we weather results. but this ability the given will more to of battle-tested financial on only strong during Frank may skill provide week and take and that experience very arise as position, quarters. in to fourth However, our quarter detail as confidence advantage year times full our not well difficult environment, over
for we we're of might and So I'm beyond. today the expect seeing to what focus going and on rest XXXX what
than Since is that local our we advertisers, approximately in our some of trends continues Most which in to serving peers. collectively today. divergence advertising demand, businesses notably, half XXXX, multiple the factor representing difference significant since national a second our are performance. National revenue, seen have of national XX% versus of a marked and we've ad greater national exposure
of reflected is national to revenue, captured the streaming spot a revenue exposure podcasting line, in revenue are is the in the which our which its revenue, advertising national line included number of lines P&L. Network and revenue, is digital in spot and line. national Our which website each own
is Our music, the Westwood stations, One news our distributing sports, including audio and content America, benefit network positions X,XXX NFL the NCAA. network largest over talk in from which live affiliate in to and leading
and Super largely to unaffected Bowl, Our want to properties, advertisers particular, year. events for in demand revenue like with generated year-over-year the marquee sports the this which concerns strong network gains attract continue by been who have macroeconomic align from captivating
As sports that be live the strength us. to bullish Four, sought-after upcoming sports rights Final remain the including tournament an holder for most continue relative franchises, for of we area some NCAA will of in the
Pharma be has proved favorable another to category.
Leveraging large new years to As financial significant the they continue returned face network more radio's while market ROI. P&G said, you in eliminate and and are to a the as may businesses. to a trying shifting others the to is the among their remember, That this than category spending we multiple headwinds own point, few others, citing in in XXXX, entirely, seen pharma see proof now network they spending market optionality us. advertising and leader, attracted strong ago, maintain major decade, out a radio for have clients after upfront scatter advertisers the or retail, of address we by reduce
is buy platform spot station national entirely spots station group fashion. our across National from advertisers our own from an revenue aggregated who in generated radio
While trends national most we have with the seeing been agencies revenue to national category. working noting worth network demand, uniquely, in -- that we've for national different year-over-year the applied also -- It's sports spot also with difficult same weakness. experiencing revenue, we're revenue national and categories advertisers in in betting a comp aggressive to generate that the
WynnBET was national termination a remember, in of [$XX to with first our relationship, high-margin As of we associated XXXX, from of approximately which very million] may quarter revenue spot. benefited you the in portion non-returning the booked
X.X which in a podcast has of as X.X national grew billion national from to an growth. our XX%. network, increase X XXXX, All top ranked strong our podcast finally, continued billion to in, drive is audience podcast downloads And business,
However, direct national which to response or on also affected business, slowdown in has demand. been advertiser revenue side, to advertisers particularly caters the the national this by performance-based
when top a the podcast national these will has combined revenue of in benefit X assets pressures ease. we believe capture largest strong network, station we characteristics operating and recovery That saw radio revenue each some high-margin when network, footprint operated XXX-plus in leverage, unabated. and said, and remain our a of improved unique declines that While we well-positioned owned streams revenue have audio that and the national with with the these drivers, QX aggregate, cut
better Local advertising, performing however, materially is national. than
of local revenue a services, in which podcasting, Our revenue nearly advertiser fee local exposure the filings, digital Local revenue, the is to local each line. streaming represent the included of spot in our Collectively, revenue. which spot, streams lines also P&L. these our is local and are marketing of XX% of website local and revenue captured reflected digital number XXXX line in
radio new be work demand spot has advertising Over our local we've the past revenue resilient markets, smaller to years, large proven derive shifted midsized towards several advertisers economic from mix more done climate. portfolio than to has generally reshape local And which more and markets. in the importantly, our this
will for will million $X.XX by the an New York on this in continued which immaterial we City WFAS-FM EBITDA City exit our New QX, in selling have transaction of effort York complete a In impact and market.
millions deals, hundreds doubling the station prior where of a divestitures in portfolio a transactions several swap optimization could accretive to markets this deal, over we number our completed last and years, areas down supporting limited a transactions Additionally, of worth strategy we of multiple give exiting including us market-leading success where to noncore of position. asset of highly dollars had path and
including there we while local greater encouraging advertising. experiencing driving their years in decrease to some auto levels in QX, several weakness, After advertising And the of modest dealers considerable category. in are are are increase inventory automotive signs, a
is the pacing aggregate, recovery inconsistent across we're in still in automotive country, somewhat the QX. the seeing category up While
double which category is local pacing top-performing up the is QX general currently at services, digits. Additionally,
digital marketing products services we platform local from profitably a consists portfolio inception. of Our that of built
seamlessly We ever-changing still we while a selling differentiate a products leverage to on our services For audio ability order we street force, sell of in digital and add clients digital fully services the marketing provide to marketing. infrastructure where sales new to and with the clients the responsive digital distributed strategy sales on to integrated dynamics of feet our of focuses local and part, suite that ourselves go-to-market most marketing directly to being solutions. value highly
revenue recurring new growth mid-XXXX, of Cumulus pacing point exceed is upsell Cumulus at which clients the bring historically the and in a to to our marketing we that XXXX services Boost, products that more Boost in set already campaign-based existing allows complement full the of we've QX. business, up us XX% range is rate digital is digital growth to solutions clients platform. C-suite. which accessible an called of to to in a contributing was instance, adds and nicely Cumulus subscription-based that For presence price launched stream Boost
Of capabilities new it at radio inked customers, required products have of or get We've an basket from on of scale digital new Cumulus selling bundle radio broadcast both core include to the nearly be these half benefits only already their portfolio. digital services businesses, half adding to radio force and deals evolving expansion our of to boost to which Reaping increased has an spend able as sales sell products. and taken to new investments marketing with are additional initial entirely radio our hundreds years right customers. of digital
which greatly ability that more still advertising our about more not us but marketing capabilities digital not in given change remain new capture us local Importantly, should total the market. strong it revenue stream, underlying our fragmented, our potential We but to positioning than this give a of growing monetize, bullish services ones. products attract only area, $XX addressable the has also and only help go-to-market clients climate, highly serve is favorable this the to more and and does share billion also expands
what highly we a which we're I where a market But Currently, given revenue uncertain environment, is particularly biggest exposure in to national times, now. of advertising streams. we through very doing have are. track challenge, as here's our well said, operate our record So strong the executing national is we challenging as relative
needed the generated As a benefits when of have XX%, year assets abates, this we revenues And the on weakness $XX we moreover, full outside pandemic, as upswing. cash from million operations. during achieve even the to declined reminder,
we finding On to the advantage local underpenetrated the we where business, expenses, relatively particular, see path, of executed fixed the into market. as leaning strong climate better cost $XX impact versus through approximately our beyond an off-cycle in businesses, and WynnBET meantime, marketing continuing parallel growth rigorously of are digital to a the mitigate we of and date significant XXXX our a portfolio services national as revenue revenue large execution taking in optimization, In political high-margin sales manage digital are every total to local declines. million of but addressable reduce reductions well ways to loss the opportunities
operating to make than of gives navigate on growth confidence EBITDA and growth that was ability strong $XXX our This position when benefit XXXX ending an the also our X%. position, beyond. more as available million are difficult with we leverage created turns XXXX's of financial optimally will The in XXXX demonstrated to net can of in us envious liquidity. act market at accelerate of and XX% growth in in performance advertising that both favor, considerable XXXX investments we've environment to opportunistically us by X.Xx revenue And leverage finally, in the financial
I'll With it that, you. Frank, over turn to
