Earnings call transcript Q2 2023

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Operator

Good morning, ladies and gentlemen. Welcome to the Cumulus Media Quarterly Earnings Conference Call.

I will now turn it over to Collin Jones, Executive Vice President of Strategy and development. Sir, you may proceed.

Collin Jones

Thank you, operator. second earnings our call. to everyone quarter conference XXXX Welcome, CEO, our and I'm by and Mary joined today Lopez-Balboa. President Berner; Frank our CFO,

we the this that release Before laws. Actual statements note in differ securities please press materially may today’s from under certain federal and expressed may call statements on results constitute results forward-looking discussed start, discussed subject implied in and and assumptions assessments in management’s on current risks the with forward-looking or filings of they our statements. to are SEC. based uncertainties number These as statements are a and

of use release In will investors, financial as non-GAAP we and be believe A press measures addition, non-GAAP these We to should accordance reconciliations description the it information also considered are SEC risks to certain useful as in in financial the our to GAAP. presented is well measures. filings. terms superior not supplementary with although full

Relations our a with The the today's in link press our Investor recording about A be shortly also call our website. filed in of via can was of will and available be release the this call. XX-Q for portion month website before SEC found Form

Berner. over With and Mary President turn Mary? that, it to CEO, I now will our

Mary Berner

and Thanks, everyone. good Collin morning

generated we the second with EBITDA expectations while expectations. in In quarter, revenue line exceeded

While revenue market advertising decline. primarily continued overall softness in drove an the national

revenue with We of continue to deliver total strong our digital comprising XX% digital digit services business in marketing growth revenue.

and while sheet outstanding investing to our digital quarter, additional we improved shares revenue approximately We free further balance the of in retired its which significant buybacks. flow marketing XX% EBITDA a growth. our help additional More XX% future fuel also in increasing business specifically growth offer. during executed through tender debt the services businesses, generation we also year-on-year, Simultaneously, cost benefited reductions, cash through and our drove

signing support $XX total and And bringing and We annualized to additional impacting best our among we since operations, $XXX benefit decade of asset from position million at XXXX. executed million and a the fixed our over cost million. million debt in level million tender year million offer over completing $X cash $XX highly equity value lowest sheet, continue peers bringing a an to liquidity face net $XX its discount, and generating a non-revenue down $XX debt an reductions, accretive of to for from this retiring of $X.X sale, million balance

we well tough as again best as be And we make areas we leveraging These the our relentlessly optimize ability a during maximize times derive, environment to - and our actions serving demonstrate is rebound to improves. can performance we that difficult of the set by proven performance aggressively current will we'll the cannot. platform in skill what strong when This ad believe environment. downside where control once mitigate and

softness net we to have call, opportunistic way, capital the and benefit you in affects us. the some help in Along particular and to last flexibility the mix described for our and current continue financial deploying national in liquidity remain how detail in leverage of profile to to shareholders. understand, On business - the our our we the optimistic market

approximately our and reiterate, podcasting, digital our national local up marketing local and spot, our network, of To primarily Westwood the local make up local consisting revenue. approximately total of revenue. national XX% XX% One national spot, streaming streaming total businesses our of make And services, consisting national podcasting, businesses, of primarily local

or inflationary sidelines many stay their challenges either macro national on uncertainty completely. to across advertisers reduce channels, We markets end cause them in - their and the experiencing continue pressure national that ad see all to our own driven with spending

telecom the we has categories financial such and such hard with as goods retail hit consumer advertisers among been in as packaged weakness improvement broad particularly year-on-year. see and while differentiation national did based, While some showed others quarter,

This as not found trend advertisers broadcast unique forward-looking basis largest success we as leveraging in but QX, network category radio encouraging well. Westwood just position the in a One's top consumer spending for the and with on packaged is to as goods drive increased

what we XX% up top the news of the only in top are on broadcast national our but business QX, we to the the continues robust, quarter, - be podcast our weakness, broadcasting for in revenue Apple also a podcasting Similar not shows business, XX and business category. talk audience national in to advertisers. impacted represent That quarter second said, in fact, network, were podcast by five the in dominating spending decrease in experienced growth response the direct six

we audience be the fully environment improves. in when seeing more substantial able - when to trends, that net With a will monetize revenue national ultimately podcast the national impressions increase these are we

quarter. Our by marketing to digital business, our strong local businesses relatively perform continue the services for than national XX% as better in led growth I noted up our was which

was some downward XX% up of April up an growth revenue while up was Local May X%, the X% advertising year-on-year, pace in consistent among XX%. that June during area makes increasing of X%, each guidance pressure call. in our XX% with saw pacing with and quarters was the of down up quarter, our remains most growth month categories, auto was we last total which spot, came local from Local approximately stock lower with revenue QX

on Our advertising. positioned to is automotive exceedingly local capitalize sales well force

us Given including makers, bear bringing spot in we also our services quarter. relationships services deep and that now discussions. their marketing as with those capabilities well the our ancillary marketing Local digital to brightest are products, longstanding for digital this decision digital as was audit

believe I've tremendous continue strong margins. contribution into lean one previously, incremental we to we represents business market as heavily, a As with that opportunity mentioned is this

to differentiated X% XX% solutions growing go-to-market which beat significant audio sales strategy, and suite $XX well-connected digital full Specifically, of a year. on in the leveraged a this drive a which marketing have our and offering team, we versatile centers market, to street growth on billion is integrated

very nature we've process, we which but with call higher sales year. been given out high not products that leads new it of This touch the needs us rollout and sales allows also rolled and clients last Boost, new products to bring suite point, successful only in advertiser approach as Cumulus that the presence to last our To of digital sales conversion evolve. add

organic have half buy nearly previously well those far, Cumulus active over nearly digital us. those services We clients to and our their in products. initial been of clients now radio completely expanded XXX with also limited has digital And order from to Boost investment. meaning a growth additional new generated basis half didn't on Thus marketing is of from or altogether are they Cumulus new Cumulus, by

digital I and making services opportunity, with size drive our investments far, so However, size given digital of mentioned, success the further play as pure the sellers organization priorities. of one our to the increasing sales of is top we marketing growth, our are

well returns we refined As generate sales and executed very quick can from our found, we have strategy.

in initial monthly testing has run of example, For a revenue. resulted tripling rate digital

So hired already process sellers, sales to new our that in hiring have which end quarter. digital triple or we end, force will of of the the third by

responsibilities, formally built Additionally, products our are digital have margins both a efficiency we we certain a and because have to team we and that outsourced over the focus our label of white to which built take on offer, services partners. of team, the enhancing unrelenting

ramp business, trajectory expect All about we our aggressively to particularly in this for costs. all, continue services to investments we we're digital reduce area. that marketing continue growth as up we very our the optimistic Meanwhile, in

since already an third of made the additional annualized reductions During of we we've million execute the $XXX reductions, that million cost XXXX. quarter, $X adding to

And strong million operations finally, we Detroit, remained disciplined our sale laser maintaining positions, million cash $XX WDRQ best from capital capital expect through to working we management and $XX in bolstered focused our balance cash the allocation. flow which quarter, announced peers In among of close of generating liquidity and by on second and balance sheet shortly. the we

sale negligible the $XX WFAS-FM generated with year and - of sale EBITDA. alone disposal of sale the we million this of over earlier assets this year, this proceeds gross with Between

offer out $X.X $XX of equivalent of completed us of at XX% the million approximately year outstanding authorization, also shares our total million end quarter, million for the tender shares an We total $XX repurchased to of bringing a equity to during XXXX.

were complete face this of suite $XX.X last allocation excess have million buybacks cash announcing year, cash. capital QX million, face we our and debt. combined of flow million able of Since discounted debt debt of we to in for parallel, strategy in value last million $XX.X retiring $XX.X $XXX value In with retired of

the turn sizing to of extended the I quarter, and give more who sheet over by an our to I QX executed restructuring. a while balance couple an over on close operational color current wanted successfully through our teams turnaround management points. pacing, will Before Prepandemic, reiterating you right inherited Frank call

recovery marketing leading leverage national and long-term in flow we're focused in of best among digital driven leverage, deployment space, reducing from recovery, pandemic, that since further generation. in cost, and reduction high this EBITDA, And take our cash to enhance cash market costs the intently a generating margin fixed eventual positioning develop performance, services And value operating opportunistic capital. has business to position net margin cycle, particular free takeout, advertising, investing team company value advantage the of of peers substantial the on - to conversion, shareholder on this

with Frank. turn to that, I'll it over And

Frank Lopez-Balboa

Mary. you, Thank

$XX commentary that the call, national our our in came while advertisers. the remained revenue. in in outperform a revenue driving Second decline down at pacing relative on approximately continue those On local in factor to basis, was EBITDA dependent earnings million. The the weakness businesses environment quarter generating national advertising XX% in revenue line with main advertisers we last gave a total from

perspective, betting EBITDA, performing national professional cost travel auto weakest. category categories our performing reductions. services our and packaged and continued our major and General of retail. were benefited local were some our while consumer results our weakest a goods and top Regarding spot while were sports financial, services top categories were From from telecom

up marketing consisting of the in local streaming were Our local digital services, and mid-teens. podcasting local digital businesses

by well to reductions as our lower quarter the year-on-year, Turning revenue. fixed costs by as expenses expenses, million $XX decreased cost lower driven approximately and variable some in

fixed the last we approximately impact that reduction quarter million the call. adding $X cost earnings As million Mary $XXX reductions to an we on executed the on mentioned, is mentioned basis, in the that of annualized of the

out want We one-time couple the items point a of this income statement quarter. impacting to do

acquisition million related reductions, $X cost a one-time an from content First, earn-outs. reduction including

charge reflected expense we impairment million a is noncash the within Additionally, at recorded related estate, bearings to the real year-on-year $X.X line. corporate which

top continue we the reductions cost current will to the always, in to be aggressive pursuing mitigate line impacts of As environment.

operations Moving to cash quarter. from this generated we sheet, of approximately $XX the million balance

In million, close to expect non-core a shortly. sale, which $XX impact asset announced a on we addition, minimis remain which which accretive We for will de optimistic we and have in - highly asset sales. EBITDA -

the support to consistently reserves cash us Our execution capital strong flow from debt reduction a and continued strategy. allowed have return

outstanding During of repurchased total repurchased shares bringing million $X.X to-date million. At shares, the we the approximately we to we the quarter, program. that this XX% were of when $XX our share have point, initiated buyback repurchase

face the beginning price bringing we million year. approximately since at Additionally, value million of the and beginning $XX retired an since total million of of $XXX $XX XX%, reduction the to last average debt bonds year

of largely This rates approximately last short-term in debt offset has increase increase reduction year. the XXX since point basis

a debt XX% $XXX reduced by or As we reminder, XXXX. have since net million over

we market. to national the continue Looking see in ahead, weakness advertising

are second a the half. facing comp difficult As we a in political reminder,

and we quarters year, of the last As fourth $X.X third political respectively. and minor revenue million in $X.X generated

low currently are As double-digits local we remains national pacing, businesses. But a total the been our result outperforming a pacing trends the experiencing for we've down the basis, general businesses third on our with that significantly quarter. in in company

investing remain in the on reducing said, leveraging capital. we national costs, deploying growth focused advertising, ultimate recovery Mary and As areas, opportunistically of

the With can line Operator? now we questions. that, open for

Operator

first Absolutely. [Operator Riley Day The Securities. B. the from of line question Instructions] with Dan comes

You proceed. may

Dan Day

questions. Thank you taking the for

the looking right the clearly just last concentrated the with of Westwood where over really now. on a year especially One over So of the quarters challenges national experience are couple at last Network, your advertising, lot

wondering up sense, and get that of see advertiser commitments, nonstarter recovery you makes term, agency campaigns to you easily, for as TV sort short-term relatively longer And just or to try with nature the just do know, you be be I we in think a you think more that it if down. maybe, point side would and is reason dialed again campaign upfront big think to a process and clients? of on the how a lock like,

Mary Berner

there's the It's for we're of what process to last the an as in, pulling clause Thanks product Dan. a runs. when or seeing waiting network. TV, upfront Hi process. are out on But at a do business. sidelines bit have question. the within little a the of the and sitting generally advertise later. an unlike We soft out maybe the for But locks And advertisers month are either minute, two-thirds

give get So, to we've upfront. we got commit everything everything, we put people to

bounce eventually. that we But It's that if I we think reach country, the top reach - will get are doesn't the are and vehicle, an that, networking interest else back, it rates particularly Network great us, recession better. banking everyone Audio the is we biggest But see seeing and seeing, well inflation vehicle, we and that think we're reason and we don't fact see, keeping building brand seeing everyone, down, talking issues eye any like that, the in dies don't positioned. on

Dan Day

retail A in being quarter. follow-up relatively soft on the

in of digital of what far. a of seen that's advertising being so retail think strong fairly I have kind contrast terms in lot players to the

maybe media. Maybe of the of hotter the longer kind back of talk over radio why linear, permanent you those why that you media digital. to shift don't of retail sort through linear think think digital retailers television being to and the term? come And - will from just you Just one sort sort of

Frank Lopez-Balboa

impacting that certain is EPS trying seeing rates we're particularly seeing performance, to protect interest dollars definitely judiciously question. Hi, go very I that They're as lot And and one a I'll allocating. in we're their discussed, things factors Mary are the market. of up, there a Look they're take Dan. companies, companies national allocating It's that think advertising of areas. Frank, larger the as their

permanent money time from of So from to clients that come about the we a it's question to thinking broadly when national dollars advertising broadly. other about business, our the reallocation retail, anything broader advertising, we're reach as back well local our have think we only about our not its hearing our of a not network medium. really We're that having discussions perspective, for with through businesses, as

It's clearly competitive a market.

really of some for our of businesses, tell, digital it's we advantage taking timing as as as issue permanently a as of can are We But well. that to reallocation now, - far opposed dollars. right

Dan Day

number. you year a And sold for this stations two - just decent

strategic You that's, of you pursue that of kind actively one-off or unique lever stations view situations more as moving whether the a forward? being

Frank Lopez-Balboa

our can assets an acquisition as Look, very are that And a will to been makes sense. more we've sense judicious makes portfolio, acquisition an have it them opposed we our at an we know, investor we in sheet view that look, portfolio. acquisitions pursue although, right the But are you take mode we point mode. These balance from in of we as one-off a look now that perspective, transactions transactions. when we

two do XXX minimis. clusters $XX we're where over these it and that opportunities, that really and a the lots sense de have makes we is as that stations have EBITDA sell losing many one-off of We they're of value them we'll stations, to from stations gross generate and million

about obviously talked really advantage, If and our of more take to significant. reduce those, actually accretion to are use continue there opportunity we the we earnings So that and debt buyback of as potentially would equity. in in is the terms call

Dan Day

it turn I'll over. Questions,

Frank Lopez-Balboa

Thanks, Dan.

Mary Berner

Dan. Thanks,

Operator

comes The Steiner you. Thank question the JPMorgan. from of with line next Avi

Your line now open. is

Avi Steiner

Thank you, the please. and can One, questions A good here. if start few morning. on I pacings,

got later hit that said you I the headwinds low just think mentioned what or And into kind factor does want in quarter? then more? down And in double-digits. to does Thank not we a is clarify, in out that you. of numbers? and the you I the better try getting and all pacing to sequentially local, I political at couple get if strip is want really I've

Frank Lopez-Balboa

after last call. our Sure. earnings at political dollars the of our kicked year, in most Well,

So you last the it's points included But in revenues. results, look year's in pacing. basis really at contributed XXX if political dollars last we our approximately had not year of just terms

come will quarter. that in So the later in

was to that down regard about business local local, With our our X%. national we on excluding call spot last within businesses, talked our spot

in the about talked Mary hopefully the quarter we that would auto shoots what we second be saw better category, than to quarter. green the With third the expect in

spot drive going we auto, that year, still Now in little local the is category category on with gap other for dependent big but was the a within a clear, helping XXXX, that back which that's and but us the growth very had help categories, the obviously is down be to performance. bit. business, last us close to that's But a versus it's big

Avi Steiner

you. side on was And know Thank $X you But we the else driving think side. I it I anything Okay. than And what's how one-time the just on million cost confirm the then I out quarter is want the of we were the a content that And decline? Performance to I expecting. for this called think benefit. guess in year-over-year I year? that about half line? back correctly. heard should that -

Frank Lopez-Balboa

to did there want is highlight that to our very cost something every look the we're say, it's to We And more? and modeled asked And And such not Yes. one-time every hard a the base. Right. benefit savings real, forward. continue quarter we quarter going is at achieve. it's question, that's clearly we'll cost

I base. incremental as improvements probably on a think smaller costs cost will in we be by or the reduction definition, have smaller costs,

sense we is But these markets if to are to basis. efficiencies, reengineering opportunities having a there Business the to people things from do so. are that, on DNA our continue efficiency improvements, business, the that are technical focus where in said which process areas it consolidate and makes continuous

incremental pleased with were this we $X so And million.

number we'll already continue reduction that. cost do and fixed million were compared $XX big to So is a annualized done, of to what

to said that from said I will probably before expect But on that and having incremental costs. we've the more be here continue we out find would that, reductions modest.

the reducing business over significant cost created with costs of that year, - XXX do. something So a everyone, next fixed in we've by is Then $XXX set up the political. we're million we'll margin operating market EBITDA remind better well improvement by leverage national, as of recovers. over And always and high course significantly rebound that's I'll this by for

Avi Steiner

station Okay. I on any I that's at we why That's assume the to And that, Detroit all. -- just Thank then repayment? add sold. I see guess, to all you Can if you. can on great. that equity debt going And

Frank Lopez-Balboa

sorry, off. That will you - delayed. I cut Avi. We I'm were

Avi Steiner

debt albeit go have just bonds. My to repayment? would why was more levels see, will equity then you million any small, still that when confirming proceeds, back to And opportunities at these but question buy can $XX you buy Thanks. that the

Frank Lopez-Balboa

about as cash, advantage in take directly on our on report we to or plans Well, quarter quarters, Right. of second lot go on we've don't you really for plans. preserving as did and use in did debt know, debt proceeds, investments, of sheet can reduction, reduction equity while And third to we able ahead and the allocation terms the capital balance And sheet. be balance significant a our we'll talk still of time. repurchases. that the previous cash as on said the we of in those regard they'll a With amount opportunities we the quarter

cash since the that, that lot increase earnings having my rates. only mentioned that a from gross immunized reduced said we on a - perspective, manage by Having leverage million last script I debt flow, is by it's is the on on the I'll call reiterate as in our but and and year, great not of $XXX this call short-term

next debt that the will on the benefits to then focus generation continue And the strategies which turbocharge lowering when will think extent people if cash some the to we've we'll reduction and to starts rates, be from then and accrue year, stakeholders. flow the And Fed all that, implemented. we

Avi Steiner

thoughts don't I pushback time have it do debt And and good and it's really think question, next terms answer. the leverage the this want that. you this refinance, hopefully But if right What's think end - pretty the of to job business to difficulty] at obviously where sheet. flexibility maximum applying There's appreciate that anybody that little appreciate levels that's your on drive I on eventual chipping lost a here. the away you. going as curious on But I absolute Thank year? [technical I on to you're this for I in your can given on we yourself year be everything, time. give to better. is balance direction

Frank Lopez-Balboa

achieve number Sure. a financial we our Well, to to we made get Previously, of change below to leverage had that level below the Xx. mentioned decision last strategic targets X.Xx. that to was year

leverage you there higher As indicated industry in have our leverage are they've at recently. targets, higher know, competitors numbers that and much as least have

Our down recovery, a of nicely leverage trend will will year this we're up EBITDA virtue next guidance. challenged although being by go not year giving and with

believe, financial business. an that line, I less As we that and believe - industry, in the of have the some with challenges had we top this leverage from it is we've should the

and So step we get to made X.Xx was to we the first that recognized that leverage. then down

very what the close the at going the And right as if to it's debt, be leverage give you you forward. to end know, surprised But It reduce can't tuned were on be as I number we stay we'll that revisit we than And year. could X.X%. to lower not board continue but I that. what that. of last number wouldn't be is, that should

the mentioned chop about get the and the debt lot And you of to debt. reduce a wood recovery again, we But have to refinancing.

have $XXX coming refinance quantum of now. net Our and in when But restructuring. them great we to leverage leverage, is But half the improves not than debt right the million. perspective. debt It's net debt that that are had the improve we of market out markets the less our terms on

that. we'll position take advantage think of be I good a to

Avi Steiner

the so Thank you much. time. Appreciate

Operator

with next The Markets. you. the of Capital question comes Michael line Thank from Kupinski NOBLE

now Your line is open.

Michael Kupinski

obviously, footprint appreciate move cutting reduced company has the has nature, some to if markets? you lower you I And than its programming? as was Avi in central what talent, wondering, local cost as just well. that, cut the trying that. company have more I expected decreased of just I'm questions. more to the I your done for because smaller had understand versus was done. in much I'm understand trying said, that cost the done margin markets markets, you Thank towards taking the this the

Mary Berner

great a question. that's Yes,

across multiple We looked paths. at cost have cutting

last several the the So efficiency. for first we is thing look years,

we've and costs efficiencies our both manager actually. business our and at consolidated So reduced traffic outcomes, functions enhanced and at

costs. We focus on it's contract right lot are estate a looking contracts. We -- really now, real

much of staffing, but consolidation not of that. Some

We have and that's we of programming - but not improved strategy. area for of not live done our is our consolidation that believe because the an focus. key to local local programming, sure, We've

So get costs, we as our to fixed we have a very, very disciplined how it. process at

characterize and very But areas buckets, very, think which the in for is three really and estate Which then of we again we contracts, looking we is aggressive real we're we're efficiency. about general it. end in can and I would it it, efficiency, dig contracts, at then - why of always

Michael Kupinski

you. Got

Frank Lopez-Balboa

I if points. And can workforce did years couple than three you ago. give here. I jump have we just Michael, a can additional a We do slimmer

workforce. keep impacting revenue base. network operating about on on the avoid to the it's has $XXX the that the revenues really costs why at talking million of cost reductions, you markets, fixed key industry we - And an is And when small has is to continuously reduce to the It's impacting with efficiencies. a thing impacting to emphasize and And at this with look more XX% probably lot. be we markets. reducing We large we look reengineered. slimmer without And costs that when leverage. and look not of do in so And that cost we look we at that's at focus

Michael Kupinski

The larger you. markets? Got for in pretty markets markets, evenly across disparities you revenue, Thank your disparities are or versus between there that. the smaller performance

Frank Lopez-Balboa

I'll take that.

Okay.

Mary. Sorry,

smaller better less have exposure general markets. markets markets. PPM diary The the the national markets the the are performing to than in So than smaller larger markets,

trend the that that's So we're now. seeing

Mary Berner

I'd marketing we the smaller the with market, most are success area small products digital service have our markets Yes, fewer because on also it's competitors.

relationships relationships, further. tend our to so go longer And

markets, numbers. So to that's be in get one with advantage smaller we smaller

Michael Kupinski

just Got you. question. final And a

was tone comps the about the improved talk some the the that has is a And you business, third can of quarter, was simply of just the the improvement tone terms the There easier? in network if of bit getting in business I little are business? the In sequential quarter. it obviously wondering

Frank Lopez-Balboa

say would - weakness talked of in challenging. in Having we the little bit the easier, a and the of nature. getting national last our that previous just hasn't really are in about business markets are The improved. dollars quarter, said the that, podcasting I comps but the national those in a business, the tone broad lot are advertising

So quarter. But the still last second wouldn't pacing national sequential in there's markets. is to although say a the down that compared improvement year, the I versus third the yet there's a in trend, trend quarter all-clear on overall, that an

Michael Kupinski

would Or it not Like that you describe still - you stabilizing? as say yet? hasn't it would stabilized it's

Frank Lopez-Balboa

a and answer. lot clearing within coming advertisers to of to for A And the Michael, next next so year the business I generally, about the of as more the think of for will would earnings describe get we start budgets our us fourth on year the of year. will and it uncertain. will The quarter fourth out for because our planning that, be rest really is their as interesting start quarter, we'll still the talk be really time that I quarter in the give lot end call.

Michael Kupinski

Thank you. I That's all have. you. Thank

Mary Berner

you. Thank

Operator

final you. of line comes Research. Goss Jim with from Thank question Barrington the The

may You proceed.

Jim Goss

questions the we of had. line the Along already you. Thank

that I enable being about on in that's control to environment? you big very of is at how under home how more radio - important. are of now control. podcasting, retiring - - you a that You've is complementary size. that Is to are are - control that just market things the of I is by need it Or that a had manage done done your that way, need products, are control either a your Or sort an of are you number shares, can are indeterminate? local know working improvement you've improvement and need to you like and in that great in from your just things in things are between you of little It the debt, live reducing reductions. in there perhaps are the seeing? cost your And the industry? some what which overall success little something there stronger a and you I'm and seems part all further things Or than looking demand participate can you more meaningful the in talked might benefit mix out ad there

Mary Berner

Yes, lot. think that's we something about a

what disciplined we we very, about on can to what and focusing identifying can't. very We are control mitigate

focus bucket heard, we example. you've would programming, our costs. creative A be be on, for reducing innovative innovative and specifically, to more - as in so trying And second

example, our going of for of share our ratings share, includes improvement, a rating lot that things done that basis. and on different month we've XXth we're a So programming on

revenue employing ideas and across new the company. them Developing

really doubled those areas. we the especially down So areas, growth on

about us heard You talk services. digital marketing

And right So there are the we what marketing - a we negative of And and are control, extremely we can't markets, laser we market now. services. impacts you've which of digital to - during disciplined like these then why areas what mitigate control. focused that's on can the kinds what push seen is on big

will benefit confident There we're upswing. But to go again, multiple with operating our as be upswing. times, our an leverage said will that we've the

we're I we're with this. benefit back, the So on focused. going that see when pop operating a nice good at And pretty We're leverage, to pretty we're upswing. think confident pretty things our

Jim Goss

into you what said lean you to the digital about thing services. Okay. you just more. is I other to plan brought up, wanted it marketing know And ask I

little not to [indiscernible] it's a more how would that markets into something the little company looking you just a the business, competitive character getting more you're of by And business? I and you're triple you of type a little I same or change the I your of do force tangential far market somewhat aware. that that's maybe area in exactly success the go the based not. size that had your of smaller And said levels has in by you third know it. client significant think end you going sales the deal into. bigger of in And the to on you know one reach I assume in in competitors into, bit types plan were that quarter. that

Mary Berner

native larger have very both has and Yes. - and successful radio their generally in approach but opportunity very, there's radio to the far company. lot training ones. And across a sell and across whole radio more we country. generally, We their both we upsell customers so approach see to competition And products our in There's digital new digital. this sellers the current of with do - been to markets, been

and with mentioned, So is they radio that to And we $XX rating million. longstanding business at they their go relationships, run already as digital. upsell

we is sellers, digital generally clients. did sellers, digital, who focus additional we radio adding what only not non-radio native tested so So on

direct the whole. more And if tests, we've we're that both markets add we We're the gives we more that within confidence but those seen that that believe accelerated going marketing going then we're enough adding direct see us in our also where sellers. sellers, services really payoff. - And digital a early nice on to growth, sellers, to we add

that work the just double is is we run triple to - really million, at even at numbers look business So players we able seller meaningful rating the those given or our each if our effort, we sales become digital quickly the the become in $XX double run as market. to rate, and monthly fact is up way add that

wrap We seeing and by of So and I of the operate would is kind opportunity, it. lot lot mid- in generally of opportunity. small-sized is a there up saying there markets, and this we're a

bullish we're that. very, So very on

Jim Goss

you much. Thank very Okay. Appreciate it.

Mary Berner

you. Thank

Operator

to to back the like pass would remarks. Thank over the now closing you. conference for I company

Mary Berner

Thanks again we weekend. a Have much, you nice talking and everyone, to next forward very with look quarter.

Operator

you today's Thank concludes for conference That participation. your call.

You disconnect lines. may your now

Cumulus Media (CMLS) 28 Jul 232023 Q2 Earnings call transcript