ETM - Earnings call transcript Q3 2019

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Operator

Good morning. And welcome to Entercom’s Third Quarter 2019 Earnings Release Conference Call. All participants will be in a listen-only mode. This conference is being recorded.

I would like to introduce your first speaker for today’s call, Mr. Executive and CFO Schmaeling, Vice President. Rich may you begin. Sir,

Rich Schmaeling

on morning Thank in release. This our to of much, today’s be call the available shortly Good the you Britney. and replay available will third replay telephone being call, And welcome company conclusion our recorded. website after very is a our by quarter at and earnings call. noted number

and which these expectations those call this the risks The During and based current the company’s projected make results statements, company actual upon are forward-looking from involve could forward-looking uncertainties. company’s materially may differ statements. in

information year the actual results Risk ended December Additional XX-K Annual to in of could section Form described company’s XX, the XXXX. are factors concerning Factor Report that fiscal differ the cause on materially for

risks by from forward-looking update to the uncertainties time-to-time no We required such any filings. and updated maybe in law. assume as maybe SEC company’s obligation statements except As

call, We we make this reconciliations certain to financial entercom.com to measures of website of reference page information. you such for and Investors at refer During our other financial measures. may David? non-GAAP the

David Field

Thanks, in earnings capabilities. I’m in on to Rich. us that for everybody business growth to financial report quarterly achieved our addition and initiatives call. made we strategic strong great the core pleased various third Entercom’s quarter Good results Thanks enhancements our for morning. quarter joining progress and

quarter adding off-election driven We Adjusted and portfolio continued increased up selectively revenue course also revenue events. network share the down events selectively poor and Entercom a were double-digit net revenues. the our was growth down X% headlines, the posted by financial digital Political limited for number as substantially quarter. new per in eliminate with trim third of and while EBITDA of this year performers XX% income in we to to was Starting X%. Ex-political growth expanding XX% growth to close revenues achieved margins. in revenue

the radio in on share Notably, of of way which legacy York, we markets. Entercom’s group the by XXX Angeles, all share Kaplan. Houston reported Log CBS addition, including the in the outstanding station as during And D.C. gained quarter, strength and ex-political by spot and our scale revenues for and Atlanta, gained most of In spot capitalized third we largest Miller the points country’s Washington are in were the Radio Philadelphia, revenues markets quarter. radio up X% New basis total, Dallas,

XX drugstore categories the were insurance, of up two and and Our were and financial professional the were ad categories, concerts/movies. telecom, being cable, down home TV, ad softer. best our only were Of September being months performing pharma a bit and services, stronger XX top services, with improvement. August July quarter auto

and their and important as in turn had that an moves player space, our an entering growing Entercom to going by podcast some completed acquiring developments. leading to few pleased On we significance report announced taken agreement acquisition we Let’s forward to our to I’d our establish CadenceXX share the to thoughts on Street we forward. in a a like CadenceXX. I’m mid acquire to that Media call noteworthy last recent October. step into these company rapidly Pineapple emerging,

on acquisitions cost. The correct that including the cost early overstated and the should the news price both we speculating record we interest First, the the on significantly multiples XX% note which reports other purchase well transaction number approximately and total the ago below CadenceXX million, in three revenues in acquisitions the of of XXXX $XX purchase acquired represents which the was a price projected years recent one-time space. a is of

for the United approximately per we programming largest ad enterprises as month in of one or XXX million three podcast represent create of Entercom Second, the combined transactions with that sales. downloads States establish the

expected of billion success is radio the and for Third, scale symbiotic by we this and to the years broadcasting Furthermore, very personalities. We in believe XXXX. exceed due sustained opportunities margins $X believe nicely growing are our ahead powerful leading podcasting podcast grow space positioned creation shareholder in is rapidly platform to well the value we these the market the investments. in positioned driven with local generate will position we sports, and by are news our that significant to and

see Even of though business. deal our it is great a podcasting across early, momentum we

podcast In the by grew quarter. downloads total fact, during our third XX%

with new HBO Plouffe, band with several Netflix. the May HQ Long and the Run and new shows including During Phish a quarter, featuring collaborations They David launched of we Campaign handful

be book Catch will month. we podcast debut to that Killwhich later will Farrow as Ronan announced a just companion also and launching the new best-selling We its this

fastest Turning RADIO.COM grew the country. be growing continues MAUs digital, audio the in the to XX% quarter. digital year-over-year app during to

also We the all will who oversee our Chief up with capabilities digital sales new beefed of including sales a have podcasting. digital Officer Revenue addition Digital our of

them of XX first the whenever additional to user to and compelling hours enhancement listen the with only to radio radio. a we experience to DVR-like want, to our listeners live they and and news on sports important development advance. can the company for having believe of In and RADIO.COM is RADIO.COM launch this shows want which time for the out rewind became our achievement now ability addition, and first expect for rolled significant months leading up fast-forward RADIO.COM live we want, stations to rollout out to as many I in we without an develop listening this on functionality to October, team stations. in in features feature record easily We for enabled have give With Rewind shout the pause, they ahead. what Rewind

Media welcomed station and the Alpha the groups of Media the During to we platform. quarter, Salem RADIO.COM third also

mid MSNBC platform We have roll podcast Fox also for added to Media the and News, NBC

digital, of revenues. this quarter, podcasting front, distribution announced yesterday total all launched context, including a the the represents our deal Bixby. during in HomePod and XX% Music Samsung's partnership put On with we To distribution now Apple and of our

major of boutique like highlighting I'd of experiences. well bit includes country concerts as to special significant little color listener Turning Money-Can't-Buy events a the way a across we as as to both business that a pretty run that add events,

example, October, XX We lineup cancer the and the Annual concert Taylor Billie This Lizzo and stellar sold lead of Camila sponsored in research Bowl at Jonas For Swift, Brothers, event Survive in AT&T Cabello, breast Marshmello. Can a featured under Eilish, our supported by out minutes. Hollywood

Center alternative country Night across So shows late other two-day We country. Fort as of to Brooklyn as well and Riptide in are at and lineup up our the also Barclays in looking major including venues, coming holiday concerts a December, Silent our forward November including early Not arenas Festival CHR, and Lauderdale music in the

KCBS the I San important two the also in in Francisco of award winning of stations wildfires the wake our of the California, all-news in terrific want acknowledge the role to play KNX the Angeles, in as reminder public. work American and stations lives Los terrible of a of in our

Police everyone to recent for fact, stay In LAPD's vital KNX real the tuned with information. time wildfire Chief press concluded advising always to the conferences

their terrific about for the deep fans times across is in station connections critical fans safe. of we the Whether conversations our At who personalities leading passionate immersed as the lineup sports of deeply country. are music have teams of informed the country listeners local tuning crisis, residents developed keeping or are across reminded it public fire information vital in plays role California of and radio

features regional creator user enabled number and the podcast RADIO.COM content the audience. experience audio from as us enhanced Our build Rewind of like content our The leadership country's uniquely position further one forward. our to listener premium the scale going of new will enhance local engaged relationships addition and has

I before it thoughts summary turn to Rich. few A over

step business, we we look back following: As the at and our note

also EBITDA growth net income strong the good and mean XXXX on prior per Our we third over feel period. for about the posted the double-digit strong share our that growth adjusted results set of organic business. have based XX the comparable across months, opportunities We quarter outlook good past we've over

We solid XXXX. in and expect growth to generate top-line bottom-line

Specifically, including and positioned our RADIO.COM products, are the rapidly a space gambling. audio position believe Entercom sports digital and in and number podcasting growth strong other of events competitive growing in into we political have areas other network, we leapfrogged well for the a

National work local with country's And Entercom And Advanced their and continuing the about attribution are Audio, from from look also impact our data, which incorporates team capabilities. growing We finally, Partnership optimistic brands. the the for elevate relationships and our Client our national analytics largest in to acceleration we improvement radio potential our sequential sales.

radio. and increasing a within strong are podcasting, a reach as media competitive offers the within while on disruptive allocations in search. time smart facilitate the increasingly by path terrific sports. local Entercom And digital, competitive a strong national XXXX. EBITDA in including we markets top end important year events X some advertisers challenges nicely is and driven to opportunities. positioned most a The experiencing mixes marketplace, growth XX brands scale, an their States media leverage are with believe renaissance number to and podcasting, and country's by medium platform and is United speakers, Audio when unsurpassed one content, medium markets reduce audio local today's at remains presenting are and Radio the reexamining also presence radio we other catalysts undervalued emerging to to devices growing around and premium times effectively compete well great new and their to landscape, offering other

believe we a said, All discount stock is to trading what significant at of our value. that is

close, assets of But creation. As for business not We to our the believe flow yield and XX%. of disconnect share and the is control opportunities cash relative strength we price. free our and we platforms our do see the yesterday's and growth a over value do there

continuing to and are shareholders. future look for the hard about We realize to work significant our value to forward excited

it turn questions. of And over that, then Rich, your with to and I'll course,

Rich Schmaeling

Thanks, David.

quarter X% up revenues X% up close net third were to and ex-political. were Our

to For podcasting expect $XX to to X% from our acquisitions. revenues X% the $XX of be million including reported net million fourth down our quarter, revenues recent we up as

revenues Pineapple of the net between to reported Combined, middle XXXX, of for businesses as revenue. We the be X%. generate Street of million to acquisition of in remainder CadenceXX the July to are and year on our expected back are of these October. full million Ex-political, Media $XX up closed the acquisition expected to X% in $XX

cash in $X.X acquire in in initial we and XXXX, XXXX, in remainder to Cadence. million Pineapple its to acquire stake cash $XX.X of paid million And Entercom CadenceXX. in paid the So both

So one-times projected acquire businesses XXXX cumulatively, in paid to cash both of revenues. for these Entercom $XX million their about

PwC projected that they will XXXX And of at top earnings. report, our podcasting billion to XX%. about their projected XXXX the the IAB In XXXX market to our In and will podcasting June by market size will growth $X expect breakeven. podcast XXXX. of year businesses them accretive quarter, at XXXX, during rapidly, they expect we grow these in that and ownership, And be we full be fourth first the

Our attack costs $X and M&A, with quarter reported came operating costs the expenses total $XXX.X million in as integration associated against million a and of cyber at of for $X.X and million company the during September. include restructuring

third operating expenses and cash costs D&A, prior the adjusting to same-station basis, these versus came down in million million on items year. a quarter, or total in X.X% For like excluding $XXX.X $XXX.X out the our one-time non-cash at

third the the quarter, $XX bringing synergies, a $XX realized despite this XX% year-over-year EBITDA quarter third to the we In about million year-to-date. by approximately total year. X.X XX.X% EBITDA our non-political headwind cost with net and million margin in being Adjusted expanded associated the September to grew slight points in

between will expenses up and operating acquisitions operating For in a This million. fourth and X% and $XXX X% our cash fourth that $XX million. merger year same-station be between to million reported that we for cumulative the we our and the including net P&L full expect $XX will since the our total On would between basis, $XX to million CBS net down expenses synergies between realized podcasting our quarter, cash closing quarter range expect cost will our X%. cost range X% bring Radio as a down synergies

of result in in benefit We full this taken expect course year. as to during actions of a year realize P&L another cost synergies net so XXXX $XX of the of million or the

position, net $X.XX quarter our Looking was billion. at debt our financial end at

X.X leverage net total first and was times both our lien agreement. calculated in was accordance Our leverage X.X our with times credit

used the August of During at our stock from the the dividend of this The in $XX.X is for cash share average for per on [$X.XX]. X than price million less savings slightly quarter, shares buyback million common A our announced reduction XXXX we Class an repurchased X.

a over count this XX%. and and LTM buyback, now of our is flow yield As was price free $XXX our million result outstanding yesterday’s closing based cash adjusted share on FCF

about the dividend the of goal to net our in total most of savings $XX times XXXX. use deleveraging action by to to from end our to reduction its leverage next intends and company million The X year’s remains reduce accelerate

added the also we cyber caused million quarter, fortify our cost and $XX what to of $X caused paid have income annual We taxes $XX in about in attack other more amongst $XXX,XXX about increase defences. bonus benefit bringing a in million $XX NOLs by about expected by cash us to rapidly depreciation cash CapEx of year-to-date taxes is The than the million annual total investment the we projected million. pay This September $XX.X expect September to acquired previously income and and approximately us in as lost further revenues as has total we the disruption experienced our IT about fourth result million less for items.

$XX.X TI million of capital were expenditures net third for quarter Our reimbursements. the

now Our the anticipated our about cyber end this expenditures from fully full are to which expenditures higher NASH due $XX projects, year. associated net acquisition with facilities attack, several Cumulus million than by of will the costs total added on expected be completed year all and of to

will X% our For about of XXXX, equal capital our revenues. we that expect expenditures net

now your With questions. we'll Britney? to that, go

Operator

our Thank Research. comes session. Instructions]. Wolfe you. now question-and-answer [Operator Marci from like question first Ryvicker looks it And begin We'll our from

Unidentified Analyst

This is Marci. for [Stefan] on

questions of couple a from Just me.

a in national local are you seeing difference has heard strong. guys been pacings? big quite We've First, national versus

David Field

say Yes, local, is a is than difference. huge but stronger national not would I national --

Unidentified Analyst

are yet about is the it where climate? you how the anything for the coming, then come may XXXX And know in thinking entering year booked exactly and given year we being political is

David Field

year our We're a typically are expectations cycle point. does a over at be this revenue to by not hope versus more. will And uptick net that revenues even year. year know record and significantly a see better seeing $XX in significant do you political it political million. non-presidential how it next political for increase estimate a in But we'll We XXXX for political We out. radio do presidential in as year-over-year plays

Unidentified Analyst

strong How there you lastly, Are can color of really then -- about cities share And gaining well? get Or we mentioned gaining there? as those is markets? anything can any bunch a the we smaller share.

David Field

gained I XXX mean, of overall, look as we share I basis points quarter. the mentioned, for spot

by market that So a we've pattern and job growing I'd say good large, holds across of all and done the sizes. business

Operator

FBR. Zack next Riley comes Silver question B. our And from with

Zack Silver

and next category any On of the could sports changes betting quarter the going incremental you've to your side, just curious if if revenue had any that how in you that from into saw year? expectations big of a be

David Field

most states the about in have stations. sports that talk Entercom We radio. stations contributor. coming in And country we're been think over approved for uniquely future has in believe we nice sports upon a category unrivaled the that of we quarters, leadership limited great. which that is growth us. position geographically the -- And will well positioned which see somewhat are is and this be states go for do additional on-board due to our it excited we It have space will -- in gambling are based -- where We've big

the and of far by and teams partners. pro have our number college away that are play-by-play We largest

We have country. some the of local in a lineup leading sports terrific of the personalities

will evolve. So we're that as it category do excited about to future in continues what the

Rich Schmaeling

and because growth. as essentially base we're seeing increases build we And small the what we are additional unit to fairly inventory. a inventory a to rapid so scarcity off add working to significant we in growth that our accommodate future of average rates, it’s see seeing are And --

Zack Silver

pretty terms have escalators the of you radio cost dramatically. Got come video rates as rates What seeing are up? in I the on then it. side And the increased on mean side sports

David Field

not We radio is stable, feel see pressure side. that the and same the on audio that on do market side that quite and

Zack Silver

had at platform, grown now, you could, point and Thanks, they I And if great? us you they they would I David. platform. this advertisers -- couple sort spending or know you don't that not, quarters Entercom the that's many of I of what revenue on then more whether of one update you be ago, quantify represented of after have Analytics. if can the know that were how on qualitative, if percentage changed, joined or more gave any an if what just a

Rich Schmaeling

Rich. Zach, Yes,

app So use Entercom include our traffic, cases platform then, foot when on about more over we thinking that were expanded download, Analytics X,XXX But Web we sell-through, talked attribution base about at now. the advertisers attribution sell-through. offering. And platform, the we’re point-of-sale, we've point, since to Lift that

see So share it's the those phase of I hard radio that of and But we've capabilities at And others. say in and set early use to the we're to adoption case adoption. space. drive our expanded think new greater cases, and success gain with this we're attribution to studies working do to starting fair use adopter a we're

to will And we’re get so, the hopeful their next add-on And that we're advertising that infused digital then of seeing in digital audio we're to of XX choose see enough capabilities. buy. scale companion over-the-air and can't that who space And XX, augment to and buyers digital the see effectiveness course, adoption they and particularly I’ll of going inventory can say traction buy. buy data these test rapid that more the over months,

line but but So there success. we're see -- have we not greater -- getting of believe closer to a it's yet, site we

Operator

question Thank from Fargo. you. And comes Wells Steven Cahall our from next

Your open. is now line

Steven Cahall

your what you're your first maybe to know just it about more talked more of think the you of for Thanks. Entercom that? share us ad based come you campaigns? growing P&G. and growth of audio the going seeing as I sort others for question bit about market nationally-scoped insight you Are do is is sort you pie be little could blue sort names chip have growth to seeing? or peers Maybe give on to a network, of And EAN

David Field

in take amount the on believe a because somewhat both. channel. year chip repeating that that will double-digit first are be So year growth lot both a our see to the this We again boutique Entercom And portfolio. we come sense and it’s another as the the to stations blue of noted we in at was network know say digital inventory limited and believe just of year that to balance the this on right because to it beyond who we is our advertisers what It Yes, as forward point the a term strong mentioned, do as grow and category, -- growth that we And growth and we share seen in a have Steven you or in of expectations -- last advertisers in be of continue the we of few our advantage first year we in are scale. category channel not quite little higher represents we bit to addition, have will our that say network achieving on We it our board limit we we we believe. of space, a apply the will of And this we channel. looking continue have somewhat going was the our the year. believe gains share this it’s worth expand platform. have before will

Steven Cahall

you give into us of bit podcast, insight on Great. economics. little And could a then the

you’re distributors negotiating in what And about where are the providing to kind take does fragmented investors or big market? distributors. interested think on of a this for this those. licensing And from the revenue those rate of is lot studio Spotify so what fit you’re their I Apple, the generated leverage like here, is some of content or

David Field

Right.

improve, are it really the tends our first, well. that a have business. platform particularly where lots of because right, much believe for a to like like So our we distribution will have continue players the between Entercom We economics -- core we content. extension great distribution continue own is to But business as to be wealth the across think primarily. advantages symbiotic that generate And of to platforms we you’re very going Apple of

think if model. distribution an is And work audio we sales a also I health so we relationships. platforms, think our sales And thing talent such our put important ability you multi-platform -- also forward. of that’s great the about part overall significant our and to the and forces and great discovery promotion It podcast for our cross-pollinate of podcasting as across which sales local on also content value market going enhances customer different and advertisers that our enables can on opportunities the leverage which deepen inventory across channels the scarce. And a think have is really

Rich Schmaeling

what our creating business. increasing And focused comparable Pineapple in time evolve content, space, opportunity the is is the to just of see thing see we one that mind, margins owned and to we top well do more where it hope as on to is that this over sports into look is we which really original a near the add time if owned don’t to have within to significantly dovetails be business Steven there And course wheelhouse. at you lot you top I’ll the exploit we our more over content. also are right the content when we of core mix create audio That genre podcast quite audio publisher. and

Steven Cahall

repurchase me, any Thanks. And then for deleveraging last there your that’s assumed one target in is from XXXX? share

Rich Schmaeling

cash flow going will that to see go of the the our our our we next cash never delevering. go what you And flow -- bulk we’ll deleveraging. will one year, bring. towards as our and generation vast look at expect is there. of would So, ample the future say the is and But over cash the priority sheet majority free flow we use number free again balance The free never

Operator

comes Aaron Bank. question Deutsche And Watts our you. from from Thank next

Aaron Watts

your Does that some question Really recent you just X% ex-political. the Rich, for to on clarifier acquisitions? also of guide that a provided, from the benefit me. podcast X% more include plus

Rich Schmaeling

reported as is That ex-political. Entercom Absolutely.

in $XX of the the to podcast expect So we revenues million quarter. it fourth includes million $XX

Aaron Watts

that, kind Okay. look just an a to cadence about I just talk said and the sentiment of as at you know any going platform the XXXX? Can I And David, sales little of add-on September in of fourth ad the of quarter, kind bit. slowed guess the down early into for you kind

David Field

slower, has of Sure, and was picked December weaker. business October now. pace up The looks strong started Aaron. The quite right quarter

for XXXX, to As really tell. too early

We November there nothing any that issues But feedback appears you business to concerns. and as early to question. really on to meaningful candidly, -- have us seen give are indicate to we it's have or any usual. It be it's too for early that really

Rich Schmaeling

Aaron out we're how political plays And all curious to see year. next

exited may advertising. impressions know to number available units, given the has of XXXX You -- Facebook of that you and it’s advertising Twitter has in the pretty between a number its and when it's in going support. has significant XXXX, market linear television obviously think ratings. And reduced decline political political about seen

up impressions proportion available given a radio less and is of greater a impressions makes actually there in So market. television

think and that to year So kind of pricing. on drive our it's interesting going be to going we is pressure that, demand

Aaron Watts

advertisers start broadcast who could the on much too? -- newer And over one. -- you as podcast to advertising, to in but platform to does with do and the that one maybe going is if new and could that's around strong business -- side kind so last in terrestrial legacy bringing your are expect off shine to of you additional has on the and ask rub clearly that podcasting some I David, comparatively seeing come a just the shine dollars, of see continue that

David Field

we're that, advertisement reasons Well, is advertisers difference an forms of to Aaron, of for disruption of And some a the it there certainly about audio. believe number fundamentally all greater that's much appeal -- the do between going there’s to pay at And really so advertisement over-the-air broadcast an this advertising, of opportunity see across not we audio. getting running podcasting piece running happening. is excited a that an evidence of should. and space. attention us time in within great And absolutely really And that when we And one why forward. within a being podcast much is

Operator

And Craig comes Partners. our question from next Thank Huber Research you. from Huber

open. now is line Your

Craig Huber

you’ve apologize back in conference bouncing advance Thank you. if forth. this. was and I I call some covered another of

David Field

problem. No

Craig Huber

talked three I -- popular days meeting report, about are these where think obviously. you yes companies

in million said think you ex-political you $XX X% fourth you’re from revenues $XX year-over-year, think X% million I expecting podcasting. to said quarter the up I to including

ago added points, I about here, right? that think correct now X political in on year So national quarter? percentage reports you guys is fourth much the

David Field

Right. was last of In points the about revenue. fourth political year, quarter it was that. more It X total than of

Craig Huber

incremental. The

David Field

is including up to that correct, as you're X% And million to recorded X% million $XX $XX podcasting. of

Craig Huber

from the then, are -- much expecting the in quarter? if cost through number the side, for just fourth cost And again acquisitions? can go And what is year-over-year you on podcasting you would, you how of that in that

Rich Schmaeling

operating that we X% at about will be breakeven that reported between including -- down a cash X% fourth we and million outlined the expect we between our so podcast cash to range cost was on quarter, expenses, as be acquisitions our what Yes, expect synergies between up our will full and expenses we Craig, in that store and $XX net $XX thrift our year said same-station we our down expenses expect then X% And that million. basis, operating will range to X%. we

Craig Huber

different stage costs That's of at little you areas further cost you you maybe at pull about the this out state guys the broad where post are of could CBS the just talk system, savings out? acquisition? getting Radio out helpful. you this Then a Where

David Field

result so in actions And across that. did from, million we're of full of the year. P&L another say, in realize And consolidated to our this that different of with much final moving I'll XXXX largely expect of of the done highly And done functions. those is $XX the a Yes, were a with platform. operations we distributed benefit synergies we're do so integration cost net or really as the scale during pretty program. we administrative number of synergies to year operations what all say And leveraging taken about course

Craig Huber

you year, costs but that assume know could …? next costs, to low up reasonable it same-station is year, hold next only maybe early that single-digits then I same-station And to it's your

Rich Schmaeling

do. I

reasonable. year, And I are additional we give P&L our more I obviously, think our podcast going profile. quarter information fourth change same-station because cost of next in and that expect on that's to cost the as realize call. of think given $XX about basis part net million important the we acquisitions to that will synergies And -- you said, it's

to our think We there wrapping environment. to to the the continue more but the adapt changes that to is up, in cost program infrastructure transform Craig we absolutely structure do. as integration advertising over time also is We business largely other opportunities our see

we’re not we’ll about there as done, we is we’re that to. prepared talk So, more think and

Craig Huber

the in your I back market Also you last like you large want Gamble you talked Procter advertisers coming ecosystem? national And revenue are other the ask year come advertisers here or touch on radio sort regular to to that big that? back on & so the Can the seeing you to of some guys that about and name can side, stuff.

David Field

across be and about and it takes for at that been they the we share to our it recognize work are with hard last name to If now spending. purposes, want relationships many hoped their said, good competitive of their conversation ability for radio. large But time they so. time. to having cases are we more with who Partnership money, would optimistic is look more that would very national I spending takes us them but larger our than National perhaps at take. many Client under get I had really don’t or I in say on has think in year we It this audio are evolving Frankly that team spending advertisers mix a may and testing media continue

Rich Schmaeling

and we Gamble, past have Craig, just And the the product think was names were a XXX% said up consumer year-over-year, us. category quarter. to came Procter in And there that was of in back with CPG & that the spending I other absolutely radio are second back more that not couple

Craig Huber

please? it the year-over-year digital? quarter last came question, percent how in What revenue of My from much was guys. And third up the

David Field

pro that now for And also that in podcasting double-digits forma digital was digital us third fact the I noted is we think of including we talked XX% about quarter. up our the business.

Operator

from And comes from you. our [Kovich final Capital Management]. question Thank Kovich] [Nick

line is open. Your now

Unidentified Analyst

significantly which David more by I share morning, of metrics you. reduction frees know the anniversary value Good cash by you world sense debt and all mid November back two the as by you the the want stock decision two the cut shareholder to Thank reduce yield of creation Richard. I in makes the or And buy Board to versus have the XX%. which flow the understanding free years the repurchases. trust reverse year to anniversary. earnings north on and the balance given an dividend dividend us up

value to point given at depressed of back highly, accretive stock So time. buy in this to it’s the shareholder highly equity the nature

in point do share an earmarked about debt X% how for basis balance repurchases the is time which per percent of the some back reduction annual stock repurchase being you in to could of of think we this reduction $XX at you So $XX versus buy to creation share Should of in at shareholder the this million value year. terms million point? savings dividend as on

just about trying you. I’m how management this. and Thank So is thinking the Board to understand

David Field

and Nick Thank a you, question. it’s great

Let elaborate me points there. you referenced bit a on first

two. Morris of your -- we reference merger on the For earlier, had To as as noted point, only in add that well. constraint should field who the applies applies of understand that family CBS the week not with And number I acquire the in limit based not been Trust a to have corporation, limit also we to of sake the or Trust. the on expires upon could Radio. those but our that Morris structure shares limited it a the you And point about might the Reverse two-year Reverse

X Now, It to as our the that comments something question. as course, -- we times well, that on focused the our of earlier and all making team delevering, there bringing of about. Directors end said, our silver Board in senior as by around no is next leadership are on bullet are goal answer, call thinks is your to primary and down his mentioned I our year. leverage mentioned And of Richa

value. we shareholder that that stock agree buybacks said, undervalued. stock with of And that highly you to our accretive is creating Now, are agree highly we

think a consider needs again, considerations, it the So, world we all we is be various as … the balancing emphasis And question. and to the on look at delevering

Rich Schmaeling

the accretive Which also to is equity.

David Field

Which equity. is also accretive to the

Nick Kovich

balancing versus prices. to trying these repurchases highly accretive the to it's just share I’m understand highly, debt reduction, because back at buy stock

David Field

Nick. you, Thank

Operator

was That question. the final

David Field

back months. to in everybody this reporting morning us a look here few appreciate everybody here to and We joining Great. forward we

So much. thanks so all

Operator

Thank participation parties in conference. you today's at time. may this All disconnect your for

Audacy (AUDAQ) 8 Nov 192019 Q3 Earnings call transcript