ETM - Earnings call transcript Q1 2019

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Operator

Good morning and welcome to Entercom’s First Quarter 2019 Earnings Release Conference Call. [Operator Instructions] This conference is being recorded. I would now like to introduce your first speaker for today’s call, Mr. Rich Schmaeling, CFO and Executive Vice President. Sir, you may begin. you. Thank

Rich Schmaeling

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

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

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

David Field

Rich. EBITDA as to for Revenues strong for XX% of earnings increased and while EBITDA. first quarter declined delivered first in pleased joining I continues that quarter morning, Thanks am Thanks, our call. another to in expenses operating X% revenue us our report everyone. performance quarter increase growth Good Entercom a X%, accelerate. driving

about year good and on believe progress feeling our in of growth strong are XXXX. for We we a are track

are and and continue growth and transformational hard across the First improvements our work the quarter straight promising paying were business. we was and changes pacings solid off our drive of team EBITDA second to the quarter and revenue of

about and are Network continues multiple development initiatives growth where various is in to driving. are across these Audio plans are aggressive key nicely. grow Entercom Radio.com areas. We we The scale-driven headed pursuing excited

largest and the we Our products for elevating to dialogue advertisers analytics new partnership customers. attribution nation’s national team is rollout with our starting and client are

our to the additional that some prior highly on this key And turned first will a before rate a additional business have months time with radio improvement rate, share a would corner ad clearly results, I we local very composition of fixed more is At successful few financial few at returned with is greater increase to the our million showing signs week, transaction strong. to in which turning core many of color will the track in which the reach Last in radio growth addition, our and interest after with attractive to continue to enable some and same several to plan, updates like over on our and national color a and stay the of time, the X-year extend at notes questions. to synergy’s us same we stations, decline our then remains flexibility issuance on as In our our thoughts CBS maturities of borrowings XXXX. fronts other years $XX Rich over provide your it scheduled as on legacy including on provide quarter along savings net moments. ago XX% progress merger. or million to sales which we completed $XXX planned, cost

news CBS CBS understand ownership. we investors internally those doing upon that DC, all the We legacy markets. and first radio Our while in their Denver markets, have were launched we we since passed four identifying York, were good. Sacramento. is worth curious Atlanta, best about some how markets are legacy It’s Washington markets are performing Houston, have The New legacy based noting

closed. gap legacy other. second flow and QX been groups groups the have are doing cash and At relative Entercom revenues performance has growing are so each and with and quarter, since pacing consistent the about markets we in As the both both CBS legacy between

X% Our QX flat. was national Total Digital, spot now local and XX% of which digital up overall sales local is by growth business, strong lagged. was events which our stock in while network, and significantly was digital by business very sales, audio growth national led as led to radio revenue revenues we in concert quarter includes we are both are to to now event, a up Radio.com for the due the that reduced added easy platform. our discontinuation beginning Super down by participate X%. market in Traffic was which Bowl of the revenues due on through about added comp against. Events, about major

which was News radio We merger far and a and recruitment. market week spending continued cable, stores almost division, for ago. surge. give new Murrow off received Television awards a months also to our last Auto We to want electronic TV in insurance, most from product the growth to gambling, Edward media CBS the of on of I our also journalism live XX far local enhance audio to facet original any department shot organizations. slightly. of was capitalize engaging every moved radio consumer of change categories, strong closed a to discounters that Association with and out Radio one transformational effectively There new content and business Turning and on compete R. number sports and organizational closing, radio broadcaster. reaching in the drive achievements outstanding against our in and large aggressively Digital our the establishing over in the will XXX Since fully away unrivaled opportunities. virtually and in creator we effectiveness Entercom have month each and be that other news the the know combination million leader people more scale scaled And broadcaster, to

each focused on I efforts briefly. of to which like around touch several would growth Our are scale-enabled drivers,

XX% First, consecutive the comScore audio growing rapidly U.S. in months. player by fastest to as brand has billion new the scale establishment this and the our XX of for advertising digital the app growing excess is Radio.com digital and according us Radio.com in market this which annually, is last the market $X over space. the audio in growing been for by of the enabled

supported In group. addition, income XX% an the in app various this of quality We category the highest reflection believe the peer apps ad our among the the winning Radio.com important our is has attracts. I household above local of sports kind its and partnership WEEI. and premium that it am to with announcing news which And first this report morning pleased innovative of proprietary audience content the are an we multi-platform scores

will connection platforms. the of integrated importance be will competitive local other navigation this part is powered our Entercom and WEEI’s seamless the deal WEEI’s of and for and line As controls digital app app It the of maps, of be reflection of and stations. in station mobile to follows platforms. have group. best partnerships class and with And affiliate leading Radio.com into number the web significant integrated WEEI’s that into agreement Radio.com launched the we other Radio.com the Entercom brands The premium a

the well-positioned podcasting We in small, rapidly thrive are but market. to also growing

to in progress podcasters. acquire with We balance. encouraged largest XX% CadenceXX of an We the a option the continue be of to stake by owned CadenceXX, one country’s the

year-over-year of million first the podcasting being While CadenceXX is downloads and we it increasing best downloads. don’t XX% XXX and one XXXX. the company thriving generate businesses consolidate company’s innovative the those of worth quarter is companies that most over financials, combined monthly with in The named Entercom noting

$XX radio emerging gambling $XX XX with is in over total that We run. of pro major billion Sachs in to the $X million average Goldman and stations sports radio market. well study sports unrivaled and ad sports the leading we business call as will market us A are sports concluded and as will most recent colleges also is XXXX in see country’s listeners And that personalities emerge. the leader on. very in participate sports fan grow Entercom and well XX betting long it the billion the billion positioned to over likely

uniquely radio we Radio.com the In advertisers. foray advertisers X, Launched we premium about to are to without market. and have we a On access Entercom as start last content Audio provides opportunities billion the as that national tertiary network advertisers July addition, successful of leading sports $X are Network, with recently over brands our of the stations. our off last Audio drawn our dilution to call to Entercom network Network launched strong additional unique launch direct Sports mentioned into the for

advertisers has beyond. emerged Network include Exxon, Progressive Penney, Wal-Mart. Quicken solid and Target Audio J.C. and the the Sprint New Loans, Entercom to Revenues Amazon, to XXXX are as our Insurance, and the network in contributor accelerating nicely growth

elevate addition, In the in partnership national are many scale of with national blue through relationships team we our we chip capitalizing client the largest which to country’s XXXX advertisers. on launched our

deserve and progress a and ad largest growth important goal deals major signed with these pie efforts Entercom towards part to have expect client this development the we our We and national expect national Radio accounts of share story. ahead. of years highly in and become are an under-valued increasingly partnerships of the handful the

early data making efforts. attribution with are we progress strong various Finally, analytics our and

have investment these a We made capabilities. significant in

We demonstrated our has clients including this country. impact to the traffic. website We brands product X,XXX Radio meaningful attribution advertisers have which have success analytics Entercom now on strong with some connected in analytics had and largest its for platform of over the

process impact including our national with believe attribution local out capabilities and data attribution on new app enhanced make work a food several downloads the our products, of rolling significant We We and will are more. in and both traffic, customers.

pacing currently than X%. quarter second performance, to up Turning are more revenues

growth strong national digital Second network. quarter to are reflect and in pacings continuing

In well. addition, local is bit as a improving

to We us our Transformation EBITDA a to are want happen moment deliver will anticipating also which down a to does double should team. slightly not that to enable growth. I expenses again quarter overnight. shout be digit take management out second give

emerging the growth over been hearable and disruption strong to the we ahead. team fronts garner search enabling on to opportunities. months with arguably change one of many the medium audio also our decades to our in spending. our significant that is And we are accelerate importance customer audio am XX of and and post radio catalysts capitalize team believe disrupted Radio’s progress smart the in note, and with medium, Our as the strong our least quarter I we across growth. ad United drive of explosive due drive growth larger growth proud a the superior final with been to speakers, of devices second share reach pacings increasing On abundant many podcasting of than past to number as and States competitors, to has the significant straight in of believe it us harder work ROI hard to to meaningful continue working has look should a plus

it believe emerging and opportunities over these to ahead. noted we premium local our turn is And with our lies also that, We Entercom excited new capitalize and are and capabilities above, what on Rich. to as I well content scale our with positioned will about

Rich Schmaeling

Thanks, David.

net quarter are both revenues the were Revenues first X% first Our stations in and quarter ex-recovery Entercom both quarter. our about and our pacing and legacy traffic revenues. CBS and X% for up were were up second the legacy in up radio up

closed the is group In radio CBS mentioned, the addition gap as in pacing about Entercom quarter. the two relative between and legacy David group the legacy the second with groups performance has consistent

As at we booked XX% piercing in in David and our up about to the X% over second noted, finish. time are this quarter point estimated we are

Our stat from X benefit traffic about selling our the points own XQ from year-over-year pacing reflects inventory.

year to bumping is up year-over-year against about XQ, point. in comps a pacing political tougher this in decline addition cost X.X quarter in hard us we the are political in In and

X.X%. are This nice driven we quarter political, strengthening represents is performance. being up and pacing and largely from than first acceleration spot more ex-traffic pace the by So, a

this we are the due we to getting gaining this the parse of whether stronger market if but with both. suspect precision data get we can’t apart it’s combination a You is share, until or

In steam addition, in while our is pacing digital small still up the fairly second product and is quarter. line, mid-XXs gaining

at for include the in $XXX.X of million costs. and Our total $X.X million restructuring operating expenses integration as-reported came and quarter

XXXX. than like million or incremental in For X% the quarter, $XX in million total down of of our what the XQ cost came performance to the in non-cash first and adjusting or financial at net D&A our markets. due came and synergies quarter million the of operating strong and quarter, expense costs cash expected. the close to compensation due expenses deferred about liability X million Half later approximately realized $XXX.X first miscellaneous versus we one-time cash mark-to-market, this In for out of to to amount total expenses excluding first added $XXX.X quarter we the our items income, points $X is

when half the difference associated other due The net is program. integration cost realize to timing with our we and synergies will

net incremental our around P&L be now in during to down be will to more synergies full cost year remainder X or realize we expect points million normal year-over-year the factoring expect throughout escalation, more this XXXX of we to savings total expect cash continue $XX cost after plus We of X% and expenses the year. our of for in by ratably

Turning our quarter hand the had on financial buildings to closed at we and our payoff during on revolver, last year. $XX surplus the cash to disclosed of our as outstanding land call, which this and towers end position, during the fully for $XXX cash sale quarter fourth million plus million of used

At the don’t at first all had of cash end on had hand end reminder we of currently further asset the During significant the the of and the quarter, restrictions this last of lapsed. sales. year, existed any that $XX year anticipate of we redundant million

with credit about quarter and and Later at senior our today, our notes $X.X end issue secured agreement, calculated $XXX leverage X.Xx accordance our we to was of X leverage in at million second debt was non-call lien Our X.X%. net expect secured X.Xx. X billion net total was

down a also to the XX are amending Pro at close we $XXX We use this first transaction draw to first $XXX today to cash lien balance from outstanding X.Xx to of from million. Xx. and scheduled proceeds against forma a leverage covenant our March are offering, this itself bringing pay lien X.Xx. our test. back remain is through term on to hand down and our loan about declines B revolver million will maintenance transaction to make This it The plan covenant

than covenant more over EBITDA doubled cushion $XXX to million. Our

Our debt XX XXs. by percent mid floating drops to rate points

This first cash March to of ratings XX annual and current credit cost capital about points S&P we of has our balances million at The up up and projects. expenditures result traded debt well Moody’s received Our both rates holding from XX and our loan debt and both notched X%. Entercom. $XX.X was of were projected grows a interest first perception and up the the In number increases million our the offering XXXX debt to slightly by weighted of LIBOR quarter, of facilities and basis believe par. slightly $XX above bolstered by largely on term community as constant were $X investor integration average our quarter a Radio up at by million, lien our in first program

allowances capital low $XX expect capital $XX net to about between we and million expenditures of expenditures and will we expect XXXX, For continue million towards more in million range in our installation $XX of tenant of XXs. our do XXXX fallback for

quarter by to I Before standard, is it the up you million. adopted that accounting the lease for operator accounting first balance new to standard hand questions, our lease see result as I want sheet grossed we back the and a about will in $XXX that the mention

go plan With will adoption now your to which You this will we the we the of XX-Q file Operator? in more find week. detail before of end our on that, standard to this questions.

Operator

Wolfe Instructions] question from will [Operator first from you. Marci Ryvicker come Research. Our Thank

open. is now line Your

Marci Ryvicker

just little on drill the rest year. you. for a bit to I want down the expenses of Thank

after Rich, said us I just are but it, core to a that corporate? can think expenses of then run-rate in going I want understand clarify, factoring I be X give you you for down to and in points X% also OpEx you that

Rich Schmaeling

Yes.

down $X.XXX were X% less billion a million cost or year-over-year. to what last you are XXXX about year the operating that’s gets That’s of normal X% up escalation, $XX zip full year, we plus think our cash about code for expenses you down total If about expecting. XXXX XX

and I year, a also deferred I accrual taxes. corporate total adjustment because comp franchise quarter just expenses of inside markets elevated full because that for somewhat were be the an the million. of will do Our mentioned for as result first think were expenses corporate our $XX

Marci Ryvicker

bit see double-digit correct? it mentioned you mean, QX, assume growth, going QX little David, XX%, XX% are that then a we And over think to in would saw from we little Okay. the I EBITDA accelerate I don’t I than for there, less XX%,

David Field

I think that’s right.

nature much heightened I in that. of quarter sort first – a as result the of anything the that nature of seasonal get of think as you as leverage the reflects

Marci Ryvicker

or or $XX then or the and would when million where you talk more more, Okay. And synergies come about more from? of

David Field

that’s of flight over our our program second So to associated that integration number up midst a we for of procurement program project the working quarter. a the to due by store year we in of lot completing then initiatives are the the because things wrap in on working also etcetera, etcetera, information were end and of with a execute

will for and feel cash going that be we billion. year right are million expect code to full pretty we now, give expect to down we we so as with to saying update the we stick but our year-over-year expenses you more of X% $XX comfortable progress or in about total further evolve, how And we zip $X.XXX

Marci Ryvicker

David, that question last being strong, And gambling? Okay. new from coming mentioned legalized money you is gambling

David Field

us Yes. sports casinos how and gambling it’s that’s reported The by to Kaplan. lottery and Miller category includes

out, we gambling more separated, are driver We that legalized. has the gambling behind sports principally know it is lot that where illustrative seeking in those increase have been because it it will see markets, the together. in That to that sports split said being be to but think is we

Marci Ryvicker

so much. you Thank

David Field

Thank you.

Operator

will come from next Guggenheim Securities. from question Our Baker Curry

Your line is now open.

Curry Baker

the that the the another and ramping think have being ultimately, for last coming next the have betting at Good I point following sports you do about do question market states your betting your X pie I your see morning guess quickly what footprint, share – guys. question. sports legislation given more. do in How up see now, strong set just another, I XX fair do mean about? what have and work on I from share Thanks ramping, sports see quickly years one maybe being the gambling, see and sports this over you you or the you some X how legalized

David Field

there States legislative is that lot will and there a calendar stations. rapid in will United think those impact Well, Right. the adoption a where fairly have various at be We the sport that across us particularly we the look question. country and markets, across

gambling that of could have the be estimates billion. $X mentioned, advertising sports we we in neighborhood these As seen market

a think chunk about market, over think you a in chunk If of Entercom could a certainly is that, goal. this reasonable become That and aspirational getting reasonable Entercom’s we category the million it radio for prowess time. a sports of $XXX

Curry Baker

app Okay, base? maybe of analytics downloads maybe additional these among give called maybe the said now just fourth of share then the us overall going thanks. upon plan traffic that in Entercom foot analytic advertisers of importance that X,XXX was you clients, you And revenue rolling any quarter. for analytics you touch And just I maybe I tools terms for Can then analytics, forward? And currently overall timetable year, sort think think others? then and I those of out shifting on to you you your think for over you the have reported number X,XXX tool client when this having out represents

David Field

it which we stations a etcetera, of to campaign which think point new to and commercial able Yes. our efficacy which I with time give somewhat advertisers their significant, and will X,XXX going relatively strategy – to better additional advertisers attribution be that numbers copy the we look is them level at their a be to ammunition Even parts, determine of think rollout. to part to talk mean, albeit ourselves giving really in important small deploy information clients, percentage products do it’s how able becoming analytics between this our of on advertising the day best etcetera. at a forward

are pipeline course continue – and we be are development them go the Some now, a there sort year nice to robust investment others out rolling over of that expect of we forward. making and the of be to a as

the Okay. question Thanks for guys.

Operator

Watts Deutsche Aaron will Bank. question from next with Our come

open. now line Your is

Aaron Watts

bit of and question. at you about more and in be year places maybe positive you are that for a the what like ratings what Hi are any XXXX, had thought the little mid-point touch of you helpful? and will had guys. you any where taking and talk early Thanks on the XXXX to here have you spoken or maybe you specifically can softness seeing to seeing David through improve you would the also strength if can sports,

David Field

Yes.

we ratings have not of did the their have and were across time about seeing the XX.X our have year They since in XX.X leveled ahead strong country second first go and situations have a off they running are goals. Our inroads really we the where we we of in number – are X% bit up headway of making to brands But at where our a focused we against been merger. year. are great that expect went

So of to very competitive about in content great our forward. in to continue continuing feel that marketing the brands we good position investments and make and and our strength the research to drive

Aaron Watts

And or the there? any or you sports stability are ups ratings downs seeing in

David Field

Yes. of overall of Sports picture. course has the for been sort in the part terms

Aaron Watts

visibility, of pacings are XX% any terms in think just versus mentioned last then you year patterns this And XQ booking shifting year? for I and seeing on obviously very booked, even Alright. you strong

David Field

a performance. placings with somewhat practice Probably past – to extent, past but generally the modest consistent later

Aaron Watts

Okay, Thank great. you.

Operator

FBR. from come Silver B. Riley will with question Zack next Our

open. now is line Your

Zack Silver

Okay, great. question. taking Thanks the for

that in Network, share and that range? you of said and see market single-digit you the that Entercom guys outlook expected growing to mid the Audio still X% is that of do you there the overall you one market any double last kind First had – change I terms year couple of that in to next think of over years, do of blend

David Field

on growing Yes. I just as network been mean the business you touched nicely. has

of But of the our it to because maintain approach to that gives a clients with with that out. utilize of a it inventory fact we bunch market. sort muddy think us very sort win that edge and We against of our disciplined want that network too a it. our also think of stations. don’t with competitive premium discussed brands much of we We the fact want don’t have we the tertiary and nature I to the up

numbers think of sort good the cited, you in I So it sounds that the ballpark.

Zack Silver

you election then And holding are I one and the on index better up your peers, TV think political heavy maybe whether dollars, dollars there of around to your more but it. terms trends to cycle is under and XXXX Got any feeling TV guys than so be can maybe to and relative opportunity in you election cycle I talk mean about reach looks capture political pretty in political, XXXX? what

David Field

mean amount an will the look I and Yes. just I from that see Radio a We candidates of that standpoint. ROI have think to the value also it’s Radio a certainly standpoint, we think we share but voice peers to that aided spending. not fact ad robust of support from terrific represents

about the the see in you incremental our number that hopeful so are will we will think we the we there. again be cycle have bombarded election we of some how have out This and scale we of with. terms And messages benefit crowded therefore media our able presidential see of… You we strong will some what think that lift of competitive are to of first be offering. where it’s But a

Zack Silver

very Great. Thank you much.

Operator

Partners. from next question will Huber from Craig Huber Our come Research

is open. now line Your

Craig Huber

revenue you. quarter, each each In perform that what you on specific Thank with have few how can national of is a maybe versus I did percent questions. local the more and breakout please?

David Field

for quarter we noted that as by. encouraged in and of stronger the business. exclude although events some earlier during of on recently continuing we was seen and digital seen some you sort has the about parts have are time local than XX% National improvement national in other have pattern first Radio the Historically, local we call, been our local, if I the XX% which

Craig Huber

am possible If for numbers versus I how track year-over-year much on just around curious national that, put better some local?

David Field

Yes.

up So, plus flat, was we a about quarter in as David bit at was national was local said mid single-digits. are little local – and down looking first the national

Craig Huber

they out of Great, you their about you a touch if thank more your you singled to Gamble, they in that two spending that. trends, a money on talked believe lot they how I advertiser you please? maybe more that Procter touch & [ph] stations, in last are conference radio them look a guys were your lot doing, for did and so advertising them obviously can I dollars, calls on major spending curious that, just advertisers upon smaller are am

David Field

Sure, work about statements that time changed. to the they and continues. lot public We They talking last has growing their in about rapidly Nothing their call. other really are robustly that a effectiveness in that trend continue make is seeing deep rigorous the spent to more the company there continue know, in of is as in spend And we radio no perhaps in radio. of spending. analytical they

fact advertisers that they certainly to the of one they not are investments smarter their a in So do terrific lost – as it’s upon seeing a their that is out consider great at look – reflection be there. value and in of the will other what radio we they which think players it’s bellwether account

Rich Schmaeling

to place advertisers amongst Gamble Procter in back look Xth you of XXXX. MediaPost & by in published at terms its XXth place rank from in And jumped an XXth data, that radio article from XXXX

bit. ramped spend really they a up So, have quite their

bellwether, questions they why, us into that is are which You conversation right, broad we and are working and in the see ask other for other across a people are have us categories. great that to

Craig Huber

little you quarter focus came those and percent stations? and that switch this latest up a if sports here, then roughly stations ad from opinion news, your can revenues if what bit so can of just on we And your add also

David Field

mean it’s of XX% revenue I if word roughly spoken look Yes, collectively, I our mix about is think across you which here our is at what point your stations.

Craig Huber

you, Thank Great. guys.

David Field

you. Thank

Operator

Capital. Shay from from Clavin comes Patrick question next Our

Your line is now open.

Patrick Clavin

to circle and that currently at shares aggressively with question. were with you where that? does Hi a not buyback $XX RMP you than gentlemen. thoughts explain million and terms it Thanks new these on year where at payout $XX buyback on of trading early above basis capital XX% the shareholders wanted the stock forward and paying the you balance stock price buyback, money and prices that it’s sheet logic of that pretty a really closure, at prudent such around just levels How your it a buying dividend materially large a dividend came put in you repurchased repurchasing kind million that coming really you XX to in go to high was internal out recently and this out stock behind and allocation the then on the be back cancel halted to on. very all share what at policy then policy for post nearly that the I these a work to movements Could yet just that thought rather sense continue make about continue to that back lower continued did? are taking

David Field

So also yield. strong said, foremost, highly where a we That undervalued. headed. and are start trading like that at we that strategically. we have let’s with like the running are do noting We a we fiduciary conviction off the business high-teens our flow It is free we and We business. is first have cash are stock in where

free continue acquisition makes attractive to as of We we were the leverage. to have deals and towards to had And XX% do very potential all standpoint said will have to for at and we leverage looks our touched shareholders been have able selective Obviously, at flow. which value, we than and Directors the from Board of think is the our levers pay in continue looking very so to add handful shareholder our dividend, X.Xx represents our done we addition And we first opportunities as sense drive in a also not less level of which a of zone. priority do. great an we is of in that, think where these value absolute navigate one-off cash our

Patrick Clavin

Got it.

So $XX, all to just sense $X? of stock made of was clarify kind that that buyback to that but at something not within there at

David Field

shareholders. our in is was best undervalued interest to believe. have But and those stock $XX undervalued at also our today. have the we make priorities. as We choices we Our where again believe And we we think is of responsibilities stock multiple are it

Patrick Clavin

Understood.

forward sheet to aggressive does balance repurchasing or that So and changed window with more has with be in these on put nothing be going this able shares front? maneuvers to a active new you

David Field

discipline attractive strategic financing of consider and level at a all a which good that is have here both but is on number levels and this a these is options. really stock we decision. we of to course that a opportunities is navigate. think for maintain already will Rich have the have touched on. and that we prices, important we And organization at And good our – that something lots Clearly, Board thing our I Well, also of luxury continue of strategic it’s yes

Patrick Clavin

for Got it. Thanks question. the

David Field

you. Thank

Operator

[Operator Instructions] Steiner from Our next question Avi from will JPMorgan. come

is open. Your line now

Avi Steiner

recent or would more One, more. get be it stand and came questions transactions want Entercom geographic does on Radio play? you end-market on kind into expansion maybe one-off you of And with filed consolidation, could for further of the have think dovetailing Thank pursue thoughts your to couple A you deregulation the other you. do day of then potential where FCC, you. Thank here. if I one M&A I NAB I made, it comments the comments would pass, it, to the

David Field

are will of FCC. optimistic deregulation we be the out some that So coming there

We makes in rules, vis-à-vis antiquated We landscape. believe of and change. no current are competitive that the current that are sense favor longer the

Justice perspective that on role important forward we a an too note to in reflects that of the and remain that seek hopeful and course today’s of Department plays realties of the they the a industry climate. market will here regulating also the We current mindset

across do, we the have great deals where small value. believe as we we to with strength United reason. We have stations to other the the we and handful noted add great we a the our and of larger question on we of positions have the As scale that are strategic have to I have prior markets for saw will trades made what no pressure under in States been any

obviously the perhaps deregulation, change options we have us time, that entirely bit a would that’s luxury the differently landscape Should be will being in we So can the of of table position course on have opportunistic. but where today. about we a put think and at wholesale might that there

Avi Steiner

I one how one, Great. should have quick taxes? I modeling but two, a said I Rich, about have just think cash we had

Rich Schmaeling

the TBT be XXs% book to in million. low cash We expect to our taxes relative XX around

Avi Steiner

bigger that had one for app as or level, the days, partnership device just it maybe the picture with and to there? markets, that we you an Entercom something cards device interesting can one a the marries do about elaborate of long-term for more, on it or WEEI’s know Great. in a air of for you mobile me think that do Thanks on us exclusive its of a medium mentioned early kind in questions. it’s And I with sounds then over economically and opportunity mobile many is how last you a potentially taking in all we use traditional

David Field

Sure.

collaboration it just great strategic WEEI the I for And companies. of are unique ecosystem other integration is are we just platform it. working see There in really like not both partnerships our our them deal a which we in Radio.com digital a tremendous – addition, of for are makes countries, before the but importance So most amount excited of as of some of And has the tremendous are think [indiscernible] brands and opportunities this and in mentioned audio the these they the it to largest with of organizations. in and our important partnership. world, and the sense with elements reflection about parties

Avi Steiner

time. the Thanks for

David Field

Thank you.

Operator

no At this time, questions. I have additional

David Field

XX Great. We you in days. Talk everyone. to you thank

Rich Schmaeling

all. Thanks

Operator

today’s This conference. concludes joining conference. We for today’s thank everyone

at all disconnect may Thank this You you your time. for again participation.

Audacy (AUDAQ) 30 Apr 192019 Q1 Earnings call transcript