ETM - Earnings call transcript Q3 2017

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Operator

Good morning, and welcome to Entercom's Third Quarter 2017 Earnings Release Conference Call. [Operator Instructions] This conference is being recorded. I now would like to introduce your first speaker for today's call, Mr. Rich Schmaeling, CFO and Executive Vice President. Sir, you may begin.

Rich Schmaeling

Anderson. you, Thank welcome to Entercom's conference earnings I'd you call. like to being This recorded. is call A company telephone on the available release. replay be will our number in today's and replay conclusion call website available the by at noted our of after shortly any company such statements, expectations make upon statements and involve risks Should uncertainties. based current forward-looking the are and company's results could actual differ projected. The materially from those

XX-K described concerning and in obligation any actual materially results information to Form no cause S-X, We factors on X-K. could XX-Q, company's assume to the forward-looking are that SEC statements. filings Additional differ update

During turn certain other to and this We call Field. David the reconciliation call, our we financial you measures I'll may such pro make over to forma a reference refer for of non-GAAP to financial website information. entercom.com at now measures. And

David Field

morning, Thanks, we Entercom at to game-changing merger Radio. Welcome exciting quarter with before our our as are These earnings closing everybody. CBS Rich. Good call. times countdown days the third

clearance the As our now you may of merger we a exchange well tracking and CBS closing yesterday towards are November most merger underway, have of XX. heard, likely offer we received date DOJ with

have your have on been coming his will a later calls. our then a have on this beautifully. plans Rich several fourth our quarter months live, always will hard worked conditions. to this are thoughts and we our call, opportunities quarter make merger third on with future results practice continue We'll transition again transformational to we'll once grown preparing we provide enthusiasm major at some we and you way our you the only and will We for taking expressed revert for of update of as great questions announcements this for by and deal course, and cover We've the together work created process. has enthusiasm through business

quarter with results. start third Let's

Charlotte. our stations XXXX quarter Third included acquisition the X% of results in as were These impact late up revenues of reported.

On slightly second same-station X%. we basis, This is on the were earnings our revenues quarter what down than indicated better call. ex political, had

normal, merger-related a to up the team substantial Third cost larger in plus Charlotte. becoming addition of company as ran expansion higher than of our quarter and the largely corporate anticipation we significantly ramp the of due organization fees,

this As scope you might expect, forward. margins impacted will this going of given quarter dramatically mean and More these you very expenses, costs total expenses company's see excluding which complete what our expansion much costs, with profitability profit the of in transaction, we will just like as cost without new company. on the planned and you Later don't our meaningfully, deal-related deal-related our an the this picture look and provide margin provide same-station dramatic important X%. call, the which will update will were across up synergies,

roughly second quarter. strong notes down a both the our Here and on Events are national from performance products. and both Local comparable. digital were Digital were including up, SmartReach

for Los same-station as revenues uncertainty Sacramento. Atlanta, Denver the stores, deal Boston and up surrounding were by would our the We by the in highly particularly As nonelection improvement are and and was this performance impacted back and The divestitures, related as these markets, about three in held million Charlotte. markets furnishings best-performing $X you Absent quarter. political softness a and best-performing in that our well cable, categories namely drug were TV down expect home significant year. San were markets of weak were Angeles, X% Francisco

or better the significant in a ex X%, not pacings pacings most political Turning excluding to would it stations are the up are we weaker bit than the overlap experiencing be were currently on we bases the performance our for quarter, divesting. Once markets. same-station materially fourth that again, a

developments important the with merger. to turn Let's the

of continue number a event. As our fronts we for across multiple work as we line, preparing approach transformational finish I've updates this the

I the have divestiture plans. merger approved announced our decrees cleared We've our earlier, entered and San and First, that mentioned in they yesterday Sacramento. Boston, DOJ Francisco as into consent

receive to a on approval FCC basis. timely expect We

you exchange extended, offer, their us working is November As to CBS unless in now to is the enabling know, scheduled on midst sure is close XX, That I'm XX. of is plan. November on expire which our

the premier highly over platforms new and a award-winning Entercom the result live XXX radio rated, and week company stations, engaging million of American a media As people merger, leading reaching collection the of will entertainment and each digital events. be to

XX deliver connection XX teams, content radio as will report and markets. that by as result our of in one As live, outside increased of separate offer Entercom audio joint a leader Entercom unrivaled I'm the to estimate. the consultants, Entercom in nation's substantially local one of close scale radio broadcasters, marketing of to local a sports plus top the national and radio. XX% be coverage working and of very we the largest synergy news will exhaustive creator CBS integration original internal persons led pleased integrated work, on have with number the Rich solutions the power our XX two country's of with

We have indicated the $XX that generate in million net would cost previously merger synergies.

critical on And as his including job investment as Media added to done terrific Dow expansion with many three during net leading be drivers integration great mergers, various figure General LIN. Rich's we allow government's in leading still this media in he addition a DOJ in satisfy multiple effort now would are area Jones, organization synergies. News CFO back efforts million extensive and and transactions $XXX a are will these to growth work key we announcement, Schmaeling net cost experience synergies. We March, more we he separate the to team our the in again, revising divestiture across On It significant Rich for announced requirements. color accelerate our our provide will along his but revenue a knew we our new front, that When and yesterday, to remarks. Corp new in growth. particular was one cost levels,

details, to remainder plan, near We additional an down we with I will If on headlines. As those of I in cash transactions summarize achieve In stations a the station to were divesting seven and but will pay $XXX roughly divestitures. the multiple intend exchanges to million to be all total, net cash markets proceeds in on three stations of X.X basis, $XXX debt, tax-free XX goes according fund just the markets million. on will after-tax repeat the used for XX we anticipated won't times exchange basis. use in a announced, the proceeds of

expanded Entercom and to strong massive plan, to shareholders our in to constitute annualized the per pro an share basis close capital generation. increase X than has flow to current mindful more dividend of company's And pro a in synergies we the to XX% less should the result dividend also intend yield Board continue company's company's The of a effective and this share shareholders. yet on free will cash flow $X.XX synergies of dividend that generate a on XX% the quarter. to the $X.XX under return X.X% its closing I'm took based forma share the price. divestiture leverage increase to The our and this our forma to free future, quarterly report approved Board pleased As times. per very of the be from action cash

addition stock $XX we authorized authorization In expect market program XXXX, has repurchase under to a roughly the stock in Board conditions. $XXX in million repurchase which to million subject

drive combined drive our that been has series people been the of forward. capitalize across about merger always days, the developing rolling plans, revenue conviction meaningful revenue and value enhancements this the [Indiscernible]. and aggressively principally changes, We've entity our Number of to scale-driven eight capabilities through and our weeks work ahead, separate In a scale, to we significant opportunities creation investments the out hard brands, the essentially at will one, opportunities. growth plans acceleration extensive business across national the As have the would months on our going be organization. and

best of share be industry's out markets national all expanded iconic this their and more CBS many the couple Radio but will the turnaround. has its largest effectively other Number ad of CBS across will in a many result energized with investment a radio country's We'll leadership Entercom brands leaders, as of business of terrific and compete performance in scale focused and two players building executives has on-air it two, the one core with the robust years for Radio media merger, its benefit sales capabilities. the new of development country, past larger to personalities, dollars. As from business. emerge and over transformational suffered

sports. will company new the radio home. combined being XX from enhancements tangible that the Entercom of compete pro Together, scale, aggressively. comprehensive set team leader will an teams colleges plan and performance. a benefit new leadership sports over boldly industry a be company Number action nation's with dozens The and drive deploy post-merger, in a will unrivaled assets top leader focused, best-in-class three, We outstanding of and calling with the accelerate pure-play and to will

strategic for have We significant are sales events an for and local marketing many nonusers Number opportunities national these in lines there believe presence value top who growth company. currently who digital fast-growing sport creation are We large stations the two radio platform. a in will light personalities. The of and or are new is also interested we and line as major first users the will expanded of the be product have opportunities million outstanding of advertisers podcasting. $XXX-plus on which already this areas, four, nation's

scale in on efforts our accelerate capitalize of will We these. to our both

investment rapidly strong also with have podcast space. an space a player recent podcasting the XX% important into in CadenceXX, a position of the We in push made growing our

Entercom, trailing and I'm make in We complete the share synergies. podcasting combined that terms in downloads, number the two Radio space player the of in us and only future, CadenceXX to that MPR. metrics to pleased CBS purchase of of have the the five option Number CadenceXX

deliver we I to we minutes analytics. and note business Number content, synergies Xx deliver meaningful we and development competitive synergies. position and national and our data a more. analytics, As capabilities to also listener in our previously level research going additional synergies fund and are marketing, indicated in data operating to of investments six, improvement a ago, leadership that have talent, the or with net million cost of mentioned few And expect $XXX

We insights our rediscovery. to capabilities XXX-plus product our scale is medium. data and will has commitment It elevating our audience misunderstood X, most ripe for Number customers. emerged radio. for significant is and enhance build America's and offerings million to second analytics trends with undervalued be industry with Radio making a as data on major drive and Radio deal and provides challenged. disrupted increasingly reach industry competitor are and is national growth, partner ROI number media catalyst to medium America's as advocate. advertisers another strong it other one a for This important usage as an large

to options, low advertisers cost. As become spending ROI, beginning dollars with by at led frustrated Gamble, massive which radio's media radio, advertisers increasingly radio is more on into its reach consider shifting Procter increasing capitalize their massive & to are

Finally, number X.

sheet for potential value and with Our available ample amortize Even balance we'll cash still flow share dividend, to a creating strong cash acquisitions. flow enormous and debt, have deal free free generation. buybacks

[indiscernible] a pro we radio opening from the leaders led industry. significant the team will under and the forma that thrilled Radio top and we for by with team are are we assembling leaders, Leadership Entercom and together. stated new been are inside have all we well best-in-class of number of putting leverage outstanding plus And from CBS our future. culture We [indiscernible] work outside a and positioned both as be are leadership

the this XXth. are November on we game-changing close to summarize, merger to close finish hoping line to So and

it questions. of set growth drivers we to we on We meaningful to a for extensive significant to quadrupled net raising answer buyback action With million. plans from and to have that, share $X.XX the capitalize I'll synergies have your per annually cost dividend meaningful and value and We'll creation. an over revenue $X.XX be tangible turn share before $XXX a our instituting Rich

Rich Schmaeling

you, Well, good morning, and thank everyone. David,

$XXX.X our On same-station year. net the versus million, net in were quarter, in third revenues ex X% prior $XXX.X million down revenues came For our third the up at X% political. quarter basis, a

the of less most X% and expenses our of quarter million, for addition Our guidance to X%, our million. broadcast increased to attributable MLB markets acquisitions, with expenses station After increase is factoring games. the to this recent $X.X or by one $XX.X in the in than of same-station increased consistent rights operating our

anticipation Our the of new to the with million corporate expenses in were million, $X.X Radio. for $X.X year-over-year CBS merger quarters largely up a added to positions few due

On SEC will expect if for to expenses go we million about corporate close file the exchange our prior our Radio unless p.m. full at be year scheduled extended. they than M&A will confirm XX:XX exchange the that our in of the as will conduct $XX hit Friday, million on merger. the with October cost including things million CBS quarter $X November M&A guidance. XX, in roadshow expect merger XXth, that to the to the the about radio CBS fourth the commenced which due XQ million we to expire XXth, spend about related merger XXXX, Corporation meeting Entercom We CBS of its special $X shareholders to in quarter, on plan that higher is or and the same Tomorrow, be on and and advisory $XX and completion as expected, the are ballpark November November transaction will offer, third David road. presentation in fees $X.X offer in million the said, upon XX.

We with investors integration and this are on share and our closing excited and growth to plans. get executing presentation to to through

increase million, in plus $X.X of our cost dividend were Looking and million our on end normal million of we about loan $XXX to special balance $X.X up $XX million revolver, outstanding common the our term approximately XQ. This $XX.X XQ facility at $X.X $XX.X expenditures investment sheet, on quarter with from ended capital of million. of million and the our we our where the million is at M&A CadenceXX, attributable

XX, of consolidated September covenant under leverage as at compared our was times to X X.X times. defined credit our agreement, Our

Our permitted costs to is we've those under agreement. $XX about costs by added impacted as the million are reported be the significantly leverage being year-to-date million credit merger-related of back incurred not $XX

of were were be added would our expenditures merger costs $X.X month, to combined times. X.X later -- all leverage leverage permitted the about X back. the we if to expect At as capital times discussed pro XQ be inside be M&A forma million. reported closing Our David, A this of the total of by

previously As higher and projects year several facility capital normal. causing discussed, that studio we than expenditures underway relocation is our have office to this

and be still to in year, For take between million. $XX with -- is full that the Operator, range CapEx expected take we'll million now the we'll questions. $XX

Operator

of Wells Instructions] Fargo. Marci [Operator from Our first question is Ryvicker

Marci Ryvicker

is The surprising. number of cost million synergy $XXX

pro questions of company, in specific embedded through for it industry execution? to from X% And the where First second year you cost? of for it do just The it recognize the then timing? of the it the is better trends? S-X. by question, lot is trends? all, what macro in two, investors And all Or actually X% three? line projections radio When projections? XXXX top is these growth forma all, is XXXX these very of the it Better Is we've gotten And year coming a Is second what from? synergies? one is , on year Entercom

Rich Schmaeling

nicely first, $XXX our speak to come to replace So quite fuel to lot growth combined so, a David that excess really to allocations with capabilities. million those it's other corporate. Entercom from overlap we'll CBS as of services of total on mentioned, be eliminating areas be The able then come spend we about let $XXX to that million synergies, will intend It and it delivering whole we'll greater forma of expected. mergers in And my from about a at do perspective, able come a you pro existing to They Marci. a to where of cost scale see cost similar in gain bit an eliminate redundancy. realize back from scale. me basis markets the a synergies to we the XX%. from look it's we They cost overlap eight be corporate synergy When amount with other they cost relative meaningful where to services the The from of expect an and benchmarks and host synergies come opportunity net to consolidate efficiencies XX-month run-rate structure, closing. fully question

deck. we'll detail that roadshow our in more So

spent XX of new assistance about solutions. We in the to combined Completely people, environment David we teams as of developed as and the Radio drilled X.X in months and a know details did both and with and Entercom FTI synergies implementation CBS lot mentioned, clear understand analysis the with details consultants plan. You down developed the is the companies. teams, of action

implementation from perspective high a we level our So of risk. confident are here Nothing these to in synergies. quite arises

we said, much see realize detail by you'll roadshow you'll I expect to and we projections? to As we realize these post-closing XX our that how year. expect within tomorrow, David, the fully synergies deck, in take month

David Field

Yes.

part who think let's revenue yes look at next there on growth So haven't all, question of over X% few put line first and organic talked it, taken in we've years about those your two to context. so the Marci, the S-X, I X% of that a

accelerate. and if that of but industry if CBS think If I code, buckets And do to we and of list turn at X% call again, of terms the all years, eight situation line you won't you or right, right? at our That's Radio outlined elevation, X%, certainly repeat and look also mid-single-digit our opportunities look about drivers, we're that the XXXX, for. the you whole are the to averaged course that growth. XXXX what right? the terms growth. I'll shoot meaningful we exactly of in And so them we've different the we if in is tell that potential CAGR on to at think look zip organic From little X% been -- that few revenue that last list through to around over in morning, between you revenue you if internally, the this get you going aim, top And over to go about

the rest you list, that digital of those. you If are at through area, there tremendous and of look We're area, podcasting, about. go across all excited fast-growing events opportunities

Rich Schmaeling

kind is deck, And in that was from what And in Marci, what the a our S-X. updated is scenario outlines we tomorrow think a possible included we projection have roadshow of case. reasonably that

Operator

here next Stephens. Kyle is from with Mr. ahead. Evans question Our Go

now is line open. Your

Kyle Evans

sounds a I Thanks about sub-bullets hope eight of the follow-ups. helpful. easy Radio then big David, highlights And some achieve kind and questions turnaround. I'm but for curious give super it's some the of that. is CBS just the us you Could stations one about It there? tactical The bucket, have lot to I've got of on you

David Field

Absolutely.

I went So nine I to over embedded that move I'd action plans. tip we market so you guess first have say team, in folks things a all of advantage quickly set number fact that months this outstanding markets. people as recently, we've set specific to deal, many we on that, larger of know, wide that to the for outstanding months my there close taken past And have done few cap the acquisitions change. outstanding improvement. tangible build the obviously broaden down it to waiting our to brand. one all organization. to been of most An exclusive the it is want the and that we This are deal, exactly Lincoln in the and immediate resources a a able And look a thought so operation over where that capabilities. of significant we market-by-market and those radio more bottom does did, to and ultimately we because of But what CBS in be accelerate of performance bigger And Radio to that accelerate terms line And in opportunity this and leadership deepen to stations is the an dramatically, is we tremendous because channel into saw moves line. we've past is worked across and top have to of there we some entity both come was we made

year company it's shelf been -- strategic couple and that the focused that assets is wonderful as of this these can't sight essentially looks on greatly for leadership its needs new benefit from the for -- there's from these And fact lose that investments. will So we the to have a years -- direction. assets not benefit are energized company of also

see one the one so estimation on And across I our of research. so not investment tangible give list example number of change an exclusive extensive listener a do and their over, to side should were you'll and of brands but going that of and in the say did essentially list, that I things, in is here enough we're They, blind. research not an stations running will you their a

done and and country improve and to We and of research have what we programming stations higher playbook in have do of can those a we a gone all out markets ratings of now the dozens studies essentially revenues. across across believe number lead to

you're roll in to of very quickly near us in with sort announcements see So cascading here cash out future. to to ratings, look revenues the will improvements cascading forward and or going that seek we gain as flow

Kyle Evans

in to describe and give you that business the later bookings quarter, on of used the the -- could being word kind of us tepid Last the you about prior paced was us than talk business another environment? condition, describe current update an you pace -- conditions give to year, adjective reported businesses business Great.

David Field

think I business don't the look, mean, materially I climate different. is

and so don't it impact a we bit on the going don't has you I'm in by know don't have with, right get here just clients that overlap been, the a if disruption do it not talking I'm paid to I lead this best you through And know going they're plus employees to forth. undergone look, the be if that ad country also about advertising sales where working we've in they're think and who markets think, can broad hurt have jobs it. they'll soft now. about radio, know talking months an I commissions people nine to climate but We've the [Indiscernible].

are if behind you of think fired as Radio offerings Entercom, to nature within up that people So and the and talk CBS this this with, we're super our the to transformational some excited back near speed people plans in I year think, do the future. that and hit very can exciting merger really what I with to get just we

Rich Schmaeling

phrase. It's the one It word. not for is Excited a future.

Kyle Evans

maybe In little the on talked second the Got then executives? just the that about quarter is you. market bit Denver, specific and a talk about account we've you overlap could mostly business, on that

David Field

Well, look, too we months. I and just want question, to over We've terms details don't our future past to great broader go confident made the a we've -- terms other the change your there several of into we're than guys the that was the broader much because say of? Denver in got didn't perform sorry, particularly situation. a about in leadership To question I'm in well

Kyle Evans

sorry, executive account the markets, that problem? an overlap is mainly I'm

David Field

broader think that. than it's I

they're an it's going whom then questioning of not knowing going standpoint selling that as there sold, changes, owned are account has is that think karma -- from work client, to knowing day by to and to knowing I still not time the to is and be be be if every executive, wondering that station the knowing of whether to who to stations that significant paid. the going with owner going be

than broader it's -- just more the it's executive. account So

Kyle Evans

queue. automotive? specifically and seeing one you're I'll in to you then Could back Last in go what talk

David Field

-- automotive. any Really much see trends think think to I in normal not don't we just add to of sort that. I

Operator

Evans. the Thank you question for Mr.

Deutsche of ahead, now Watts your line Sir, Aaron Mr. go from is question Bank. is next open. Our

Aaron Watts

you dynamic you political, which as I would to more, XXXX, away be the can seek your encouraged one you advertising environment, whole forward, so in first see improvement Entercom industry and share? the David, you growth term? advertising longer for the sequentially on strip guess, is core spoke a Entercom to going Or from obviously, optimism taking you positive grow a do believe for I

David Field

those us, it's So again, you Yes, refer for the to right? back eight buckets. I'd and latter,

eyes offered -- reach broader and in radio's we strengthened of in shift and around Our of what And value in in going the attacking the recent versus scale. as advertising ecosystem radio. using us see a are disruption ways believe to great that other the to opportunity our relative the dollars media, on significantly number radio, radio are for is an creates proposition in be we happening into years ROI has fact that we different

business be So development other And position markets robust have had not in United a with and able creator our much But historically, national XX against beyond more one across our and the to content integrated really effectively and now the we to sort more that number original tremendous of effectively audio being a as table, I the and media. effort. news and the really amount do think, for value bringing, want of sports you and to far of number to think customers, our to one able in if be top compete space. look above opportunities this look States we scale compete Rich, growth local we'll you position to?

Aaron Watts

to at under And just then, spoke the maybe times Rich you close. four leverage

leverage couple perhaps the last years? some you towards over update us business is where you by for Given the the heard see 'XX? of what moving target remind the of next ultimate we the that your trending parts from you, end since can -- And the leverage

Rich Schmaeling

we'll Yes, code closing. Expect X.X so we're get a be targeting going see in forward. you'll there company And that right year to times. within stay of the I that to think zip

Operator

Cowen. Vitanze of question from Mr. Lance next is Our

Lance Vitanza

of I do the in wake there? the closed disruption York unexpected plan WFAN hasn't to have New show you a merger even Look understand in at address morning the the yet but

David Field

of is at is And WFAN. that, by would personality be on it lot people to there handed and that WFAN. great. decision, a at job the I'm add a and folks with are will folks somebody very would gig. that think say that's love to Radio programming a I a The capable that's being see featured pretty So the who I CBS confident that a It's fun that around only good thing filled country

Operator

is question Venator. next Our from Mr. Osten Brandon of

Brandon Osten

CBS being Entercom that pages, like it's to in a that the of two was week, most correct? divestitures, reading one, recent I so -- am just projection the the was Just I I forward the X,XXX one, was still prior referenced, these was last that like

Rich Schmaeling

detail file of of view Yes, roadshow XXXX based -- the in When of divestitures the information. there's on our you'll shows see impact kind it's you'll an we see [QIA] deck divestitures SX based it that Brandon, data. updated the be will XXXX on the tomorrow,

Brandon Osten

Okay.

about So the the out of of come sheet, if balance and out come cash you're going right? -- right, on is $XXX using I'm with you're that I'm in going -- of the information to but million divestitures, was the this this if million, SX that to $XXX

Rich Schmaeling

as So tax for David there's to tomorrow. down about then a QIA go will XXXX mentioned, more those proceeds into give in shortly about million deck closing. And closing, used will and be roadshow that of our exchanges after we'll there's, portion after or $XXX at specificity debt a that pay that

Brandon Osten

Okay.

I'm to So forward looking reading that.

the On put buyback, let -- to situation it basically taking have stuck the this after-tax million Because guys $XX if stock we situation over say, million arbitrage do that Do stock up that weeks and it two you you mean, to way earnings had tight, that? but them over with you additional expect back just outrageously of ability said authorization have over you to not? any $XXX arb have have you closes? -- level. the ability the million is like if before are guess just you projections, buy buy and we to thing deal have in loose or to has seems the back at mean, the months. cheap I $X.XX the I go you the -- next the synergies you all Do you $XXX Or basically in stock, next, the ability $XX ability and I use accelerate million to guys the XX just

Rich Schmaeling

Yes, Brandon, the of to agreement we'd unfortunately love one but CBS, terms precluded from. with we're of merger

Brandon Osten

Do start day after? the to you get

Rich Schmaeling

As off. goes soon gun as the

Brandon Osten

flexibility? XX by variability take Okay. have set year? believe and sort staying And let's do you it I allow of the that wow, just here, Or is can't the million stock's do end the say, you the that schedule just doesn't do of

Rich Schmaeling

flexibility. of we have it governors lot but some There's on a

Brandon Osten

and trades radio the to out able you looks trades for a it these seems in the assessment? schedule, original be robust to swaps, pretty when and on make you fair had just that being came with guys guys is land, the market there like swaps And a --

David Field

interested about parties conversations different that with serious in were of pieces who the say, a let's contenders had, for are dozen -- We meaningful divestitures.

Brandon Osten

Okay. history And, relationship with in in one-off? with guys it as situations find with involved that -- was interesting thought have it Beasley. are require Or process, and I stations? mean, iHeart CBS I a doing obviously, of transactions heard a you this interesting see that a sort swapping, guys is I of do around iHeart working to that moving would you have so you

David Field

the for certain in a I on to unique shareholders think, and people the of Entercom and, do what is We did and to the in up, these were merger think of good-quality and course, ended in participated good to who the for had government we due had again obviously, we with for good talked involved, good we all we divestitures a lot a side, which and parties transactions. think situation, place. all great required and and worked other a outcomes outcome And companies I the buyers vigorously

Brandon Osten

on again second question to XX question, -- more mean the just ask last I or capital let first I my clarify. me with guess synergies allocation extra about the this million last front. guess, I but

the that there's in So business, that million, is of going to million in north you're is XXX correct? that amount synergies but the reinvest growth above saying XXX you're if in

David Field

correct. That's

Brandon Osten

again capital allocation And Okay. side.

be So are to thing? Is a going out quite to guys the going are to that tomorrow you we'll you I often it's but going your you're come substantial. reevaluate How going flow, is when quarterly to deck dividend? going be an with numbers Or be see what free be annual mean, like cash to the that thing?

David Field

our to conversation that quarterly. I we an ongoing meet think have and about Board expects do

Operator

with next is question [indiscernible]. ahead your is sir, from line Mr. Our [indiscernible] now Go open.

Unidentified Analyst

guess, about notion being the the asked. as actually I buybacks wanted right as been has as I be you just aggressive question can, My But and [indiscernible] close? soon guys as you can after just

David Field

Yes, can. we

Operator

any have from the don't questions We speakers. more

David Field

with to on thank We you to road we you, the forward quarter with Well, closure today. look getting this and to talking earnings attending you Entercom's Thank much. bringing for look everyone, you, third our on and merger Thank call forward plans. Anderson. so

Operator

conference, very speakers. Thank participating. everyone. you for And concludes you today's that much very Thank much,

the You line. may now disconnect

Audacy (AUDAQ) 4 Nov 172017 Q3 Earnings call transcript