ETM - Earnings call transcript Q1 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning and welcome to Entercom's First Quarter 2020 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. Richard Schmaeling, CFO and Executive Vice President. begin. may you Sir,

Richard Schmaeling

call and replay Entercom's be of website in of our Missy, the telephone conference number replay available quarter call. company noted today's conclusion after A this release. shortly available welcome you, by first at to our earnings on and Thank call will

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

Additional Factors cause materially information on actual results are described factors that concerning could the Report to in section Annual differ the company's XX-K. Risk Form of

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

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

I'll turn David. it you over to

David Field

Great. saluting to Thanks, call. these start doing all rise morning, to are joining challenges for unique serve for want I XXXX customers Thanks by first they everybody. quarter our unprecedented our communities. Entercom outstanding Entercom's times and work earnings team to their American and Rich, of and the the the and good public,

momentum year X% to gaining across strong XX% growth. off EBITDA and of optimism American we we're solid a We of business ended economy. COVID-XX has a with expectations, lines. taken a great and XXXX, the its to toll on deal our We the which such large the business, revenue as our growth, coming it swath has a off ex-political posted X% year during high start got and

gains. were up year, X% strong February, EBITDA double-digit with significant year-to-date prior margin expansion and Through versus revenues over

the to our month of for related a to a are great declined we we track on as business number cancellations March, in the across pandemic. revenues While quarter, experienced have XX% large

X% and XX%. declined revenues QX result EBITDA down a As was

advertising and spot a and the down advertising and events There our for significantly, well local impact number both cancellation businesses strong network reflecting most the grew as led slate. were of the which on as however event Local of revenues, were podcasting of of COVID-XX audio double-digit streaming by year-over-year, lights growth. quarter, our strong growth, Entercom by continued bright including digital audio March XX%

advertising also demand in quarter. saw political healthy the We

share positioned the pandemic call, strategic various mitigate how broader I have today's environment to on thoughts and company's we and get competitively, will some the want evolution current both us and positions discuss financially. has our address other come how taken we I COVID-XX impacted in challenges through this after the On the audio to the and first business, in Afterwards, the side. the that to to landscape weather are well and how we actions

one number COVID-XX at exception. radio difficult Americans on Radio particularly role before Radio But how get times, a and guidance, the an few is entertainment public played information, rely I'd crisis engaging important we country's news, the medium always times. reach share time no difficult has and American that, American on reassurance, words we during to of these like and companionship. is public with a in to the are for

Ratings teams Chicago WBBM adults XXX% Angeles, including a among increase in is the the great Entercom the in our country. proud am work nation's across and New at at KNX were of are leader doing XXXX XX% significantly, WINS and in particularly up at radio news in York. news local I XX-XX local Los XX%

engage with local with coverage state and news connect citizens. officials with the to these been in have news and and them platform and other top anxious stations along Our mayors excellent governors, providing guidance, federal

and other and social safe. newsletters distributing are stations tens platforms, millions our Americans to keep helping addition, In digital information of informed podcasts, and e-mail related regular of via

At the other Edison stations special unique programming data array RADIO.COM, from Nielsen, content. in Media Havas including Recent all time, for radio's of and providing these Mindshare, of an are we a Research across non-news and confirmed concerts strong series our have live same vitality. unusual times,

a listening the For among study example, radio moment, XX a to expect, olds Americans olds reports crisis. as listening are pandemic. might as result XX% the XX% down Nielsen at XX of that more than staying listenership for the listeners And have or been of home. to prior XX XX% of with millennials, Havas to the radio Americans as you more to of and XX more same to And in year while year shows surge in-car radio shifted

and smart speakers In-home across surged listenership connected other devices. has

For to the example, XX% month. stations prior listeners XX% over and speaker March, smart year prior Entercom jumped the in over

our As the impact the business. first address pandemic to of our threat and of vigorously responded COVID-XX emerged, team quickly on the

cross-functional health a work-from-home. safety and in task the Our We February shift our first of to majority moved been, to the team and formed our be late team. of continues priority rapidly COVID-XX vast and force has to

us tirelessly our thanks to Our operations serve wonderfully. customers, IT teams, and listeners, to virtually or force do prior want effectiveness. our I without and engineering diminished communities, enabled with give a worked outstanding to continue have technology to so performed to and and investments in the to interruption special who on no task impact

deeply, set $XX moved million, moving our other salary operating temporary substantial impacting number in per making expenses quickly to our a X-X. to by we These significantly on mitigate expenses. year, steps. included every by comprehensive over reduce In $XX,XXX a reduce By workforce, able revenues, March, over the reductions financial impact reduction QX actions late of COVID-XX implementing full-timer of to measures aggressively and been we've of a and

our have expenditures over dividend. cut In addition, suspended we our capital by XX% and XXXX

we due XXXX. to We no step our had cash late is took that have of March, the debt It drawing down million note also as repayments in on in precautionary XX. $XXX and revolver of material hand March important until

to our reducing of all range meet to focused that we as through remain highly scenarios total requirements. concluded under liquidity leverage After possible. our Furthermore, have as get to sufficient we our is times rapidly on studying intend once of four and operating financial this, we a

business they know, has as of The abrupt challenging much the a you very the days. have impact had been to local XX shutdown extremely American been so conditions, and of over past on particular. Turning has unprecedented, significant advertisers in economy

are to been virtually from We eliminate been will in the events, we various have Similarly, by rata of by rights largest although, been have area reduction be play-by-play, a our sports, operator of cancellations of hit we also which a pro industry's expenses wide which in all fees. that margin an by canceled. the offset able major have also the all

closures tsunami the and Current have sought business the in half April. of March a and occurred bit that cancellations conditions first after of

recovery times, While trending a our May April be to certainly these June better there somewhat May. are little is unprecedented better trajectory the appears the than no national in of is than guarantees on bottom. and April,

tone they weeks is our is a business advertiser and improved. a several Auto idle markets, of been the most tenor Furthermore, conversations that past and good for largely in has the has example of about advertisers forward the stories to looking how how serve would These tell in important returned, be getting work. and world. have back their able customers public today's to businesses have to to

It and minimal for personal It built is can be medium the And for one-to-one immediately. is more it is its of a costs, production reaches advertisers reasons. on with storytelling listeners. local. It number Radio people. has changed messaging connection perfect

and with closed advertising expect a been even the customers as their to working closely businesses conditions those have We canceled to airways as support our return allow.

all for This of organizations. is an time introspection important

back when step and far we years we are radio. than completed CBS Entercom for a today the company were just we positioned different is our merger and ago, we about As future, how think X.X fundamentally with stronger

the leading multi-platform and meet time, broadcaster listeners evolving a stations our fourth with recognized Entercom fully fully country, relevant lacked that radio assets was to the competitive, the to strong and of customers. into scale At digital largest country's demands that able and transforming the scale but essential organization, we of with strategically a high-performing lineup was company capabilities, across radio

company Since the merger, and transformed podcasting. leading digital the media of broadcast, integrated closing into outstanding across and have with ourselves a entertainment we audio-based positions

launched and country's largest the fastest-growing in year, this audio Capitalizing past acquired digital the In one platform we publishers. Pineapple Radio.com, the Street CadenceXX Studios, on of which as is scale, podcasting and we U.S. our Entercom established

company. isn't has that a partnership enabled premium both to our also strong it capabilities, data national scale solutions Scale our But stations offerings, is quantity the a podcasting analytics and the or just our team. distinguishes develop us across original content, and out and of set also quality and it the and marketing of emerging of client build

audio multi-platform today result a is for actions, of As positioned U.S. the future. strongest the in well and Entercom of strategic one four the these is companies

markets the arguably are the platform leader We news content is stations radio. as have XX in of unrivaled audio sports one radio the in U.S. the best and local local creator original as what and of well number top

competing portfolio. XXX In grown two in distinguished more largest XX and that U.S., downloads large content publishers have month. offerings our commercial the million to with premium of addition, per hits podcast listeners growing podcast of scale rapidly high-quality unique number focus we one worldwide the at are in by ourselves the high-quality million a than business, has We on monthly and

the shows Triton As on XX top chart, the party. chart, the of on seven any XXX more this both week of we than and had of XX other top the Apple

received only world, TV celebrating In quality in stories. the the most Peabody audio the announced for electronic have are in world's in are multiple journalism, the addition, excellence who recently award we company or Awards, digital prestigious the which nominations highest radio

Andrew Meacham's II. Dávid Hope World challenges like product how America; series including influencers Dr. polio which Pod persevered chart-topping sensation includes other Our great Dobrík, chronicles and and History our War Yang, through YouTube nation Malcolm Save has Jon Gladwell, Brown, Through Brené new lineup

Keefe In the series in partnership five addition, author, with which Winds Apple's hit we Change just and journalists Radden dramatic in of on chart. latest top Patrick the original debuted launched

podcasting significant high future and our various be revenues important platforms. driver have listenership for an symbiotic across to generating benefits of our believe business audio and drive it will We expectations growth

I'd like to share few also Radio.com. about a words

leading million noted platforms. podcasting. the the March year-to-date to is delivers over Comscore monthly other has the uniques digital in been grew in fastest-growing earlier TLH According outpacing Radio.com As users significantly up audio XX%. our and And country XX excluding platform average XX% our now

and an the having our We growth gains audience in and enhanced Sonos future. forward The the expand relationship. double-digit revenue significant enabling XX strong on is launched to continue Xfinity look to progress recently distribution continued platform announced we

is multi-platform national transformation to new us elevating and our marketing Our develop exclusive brands. programs with competitive enabling position

social recently and virtually business are podcasting, but of both a around we For principally and driven of platform. including custom incorporated our Dell, partnership podcasts Radio.com our featuring a custom network also broadcast radio, with whose Lewis arm launched example Michael national podcast radio marketing Gladwell Malcolm every on

scale all of one to the leading two customers offer to with brands. U.S. to of elevate in capabilities enabling these with are number of and country's only the it and us a engagement companies We is our ability capabilities the leverage the

this expect going increasingly to important We of programs like be business driver forward. our an

significant after healthy leader many fully unfortunately this. has of side enabled closing just the for headed That original with and new our the continuing strategic expect hopes into means have of that strong in With transformation years audio as content. a multi-platform altered outstanding to for a COVID-XX positioned a other our work ahead. In are as start fully scaled the we about XXXX company where everyone. We the premium to strong through success we opportunities vigorously are capitalize year emerge to to excited we they on competitive for said have on plans

bottom in that have possible challenges our under efficiently drive means It the COVID-XX significant effectively current to and ensuring put in growth also to position the world. post we model the and ourselves business enhanced operate best line

better I express through partners extend together get communities appreciation for this a and nation. team want as work our closely again our to in our versatility Once and the our work support emerge to and to a customers place and with my continuing of terrific to commitment

With to that call I'll Rich. the turn over

Richard Schmaeling

rapidly and provide good support news to times. for this I'd has morning and seamlessly the also advertising you clients and everyone to listeners these continued start to unprecedented and to normal hard-working information adapted entertainment thanking thank us. has Thanks that to our new our like Entercom by recognizing vital during temporary David and and joining team

start decline strong revenues a we As discussed year, during in David a by April. and experienced after downturn to March was more extent the severe of the even in sharp this

X% due revenues our being full February ended quarter year-to-date, For impact the the first COVID-XX. to quarter over after for X% up down the of

Our propelled of still year-over-year and digital were growth digital for advertising. quarter podcasting by were the revenues audio and XX% the strong up

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

We to COVID-XX. $X.X an for of recorded charge with related unusual onetime industry-wide BMI also items $X million and million a settlement for

these $XXX and in cost a items million Excluding X% versus million non-cash like year. and $XX.X onetime at out the prior D&A unusual or operating during our year. $XXX.X same-station total the of last from adjusting primarily savings is costs in basis expenses through down million came cash course were integration This enacted flowing synergies on

half of XXXX. another will of we'd you that we recall, the had first cost $XX million realize As during previously guided net synergies

to based outlook that April data belief optimistic on will not and cautiously than providing by that states the looks businesses start second And the to reopen Nevertheless, orders the this May that looks stay-at-home Pearson quarter, are current environment our uncertain the is highly to the begin advertising if than we better Turning disruptive buttressed lift better environment will and we be for guidance. and economic improve. given May. June fact

As the April that stated bottom. by David appears was it

see up we third revenue Election our that In coverage. visibility, and that year-over-year Previously, from the GDP expected $XX and live of expect to it we revenues will reasonable during in and we to between presidential due about million, this political of be although limited benefit expect run fall, rebound, resumption sports XX% believe September strong we over as still the would sequential to begins will stated is we election And to have improvement we expected by the quarter expect our addition, play-by-play a cycle. and we Day. continued

March, We of year planned as of precautionary and team At priority quickly by this we lower of the XX% impact cash revenues our a of reduced the to CapEx measure. our and fully downturn deferred At drew the end had $XX of and outset to national range between liquidity. quarterly million aggressively emergency, hand. for of million. to We revolver suspended $XX million dividend this mitigate responded projects and on over our the $XXX expenditures preserve to our

and that including of reductions our and generate and executed senior program, actions discretionary whose series employees by of reduction matching furloughs million and to the in a management for and suspension highly expenses by our over $XX of have reduction of We ongoing other approximately disrupted this jobs expenses. about a a fixed pandemic, our been employees, services in the expected $XXX entertainment reduce new hiring significant of compensation force year, remainder outside savings, in will XXX(k) million travel other annual

our rata play-by-play under start agreements. the of MLB to pro able seasons suspension due of obligations the the a will based on we season, all of the games addition, and delayed reduce NBA be to our In canceled NHL virtually of rights and number fee sports

amount see due year-over-year due XX% fixed lines $XX the quarter of our cost down cash looking will Adding the million. quarter, product we plus canceling up, associated These expenses of to including also about revenues. expect all at second reductions it and all podcast in by agency sales events expenses will be We and digital and our and that second specifically operating our over costs, variable to to revenues. in our planned decrease with variable of our

full the Act property. sale of full less other that income million immediate tax benefit in deduction provisions $XX million year at we payments a of including number WAAF expect Looking realized for elements will liquidity, We from the be $XX.X now in the than given CARES proceeds Boston April. cash of qualified our of of improvement FM the our

interest XXXX nicely Under CARES deferral given we Act, cash federal LIBOR, – will about until federal year and in payroll a also the expect million. XXXX. that now tax of million of And significant be decrease the $XX payment project full $XX we inside our taxes

covenant. debt. to against of a extend cushion first amend to our executed series create and we Turning transactions and to our outstanding added our lien year, revolver Last

matures times transactions, agreement. leverage calculated our the our four XX% result with these XXXX later in credit at of lien our the a quarter of was November compared to our requirements of of and the As first X.X of times covenant or end debt first accordance of in

leverage net the was total total the at Our end first of quarter net $X.XX X.X our debt and was times billion.

Our of with covenant timing will benefit or in-depth will be will XX the the credit able our first the recovery. this revolving a evaluate, our our range maintenance be lien of and run is has maintenance able our lenders this to whether that storm sufficient facility and for liquidity led compliance assess This is rapidity to analysis and us solely assumed covenant our syndicate. and company covenant adequacy the up conclude the banks relationship that to the scenarios we maintain we only be liquidity, compliance our weather To maintain covenant. bearing make to to of with that likely of

With that not and this of the require process. covenant participate monitoring banks. deemed do of business its conditions and lenders a is The term our proactively in projections, said, seek updating loan six a XX the would company syndicate will waiver approval necessary. continuously waiver Such if

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

Operator

session sir. Kim Se It is of Instructions] from First today's comes Yes, now call. Research. question-and-answer for Wolfe time the question from [Operator

open. is line Your

Se Kim

questions. Good morning a for the taking I have and thanks couple.

million the walk in On cadence $XXX year? relates the us of savings especially through of to second identified, half fixed the can you cost cost the the it side, as

expenses? the NBA any the my the quantify to for postponement you second both of is you. and one of impact way and revenue could Thank And MLB there the

Richard Schmaeling

with to I the we've give But component can savings of so enough David start Yes, of up you -- MLB. you think fixed cost and XQ. the pick tried quantification say you then in the I'll can so ascertain

to that XQ We total our more than savings expenses fixed in our did variable plus and say about $XX XX% relative that will be million. are revenue variable

So, of the the to remainder of you hopefully cost the make that's the it million then and estimate David out please? parse you hand is enough fixed an piece and I'll year. to of $XXX for rest

David Field

in at mean the out are significant our a no sports Sure. loss the revenue of you look and will the if it's I But single-digit period wash it there so business. Yes, play-by-play, cost games. will offset which percentage during

Se Kim

Got hoping more ad you guess, reopened anecdotally what could you you you. difference I if I seeing that are And parse seeing those have markets noticeable not? a business activity? out and trends, also Are was across that have in

David Field

too speaking would say feel would I broadly It's that while some say specific not that instances seen any weeks would since it happen. think that say we've days seen stage, open But this I some anecdotal more like not at markets us I imagine early call. sense. only of feel differentiation you a significant a been we've lot makes that months. beginning are And days have to weeks, I there's between I few to that those like would those to or yet. it's and

I and think how accordingly. and advertisers reacts public proceeding moving are watching cautiously the

as And come as lot tone That back just really tenor hear a out mentioned question the with a to has definitely improved. it our I conversations and we said of customers wanting feeling situation evolves. of them of and earlier definitely the

Se Kim

you. Thanks. Got

Operator

you. Thank

from Wells Fargo. Steven from Cahall comes question Next

Your line open. is

Steven Cahall

pacing if might model down what little kind a have wondering of sequential we of Can first of was of down April kind us expand been And maybe on bit. that? magnitude or maybe can improvement so I you what was you any seeing? just that off sort you off be give the May order what Thanks. of could

And have compare strong in maybe quick might versus the and be great local. be follow-up. contrast still a it'd there I performance to Thanks. you that Network? seeing on Audio Entercom And any national And

David Field

Rich, do you want to grab that?

Richard Schmaeling

say at suspect. that Yes, really think point is there pacing I'll and start this I yes

uncertainty, giving we're guidance. uncomfortable And so the given

improvement. to we on We quarter color at least seeing some a provide did are are the really point -- shows just pacing sequential that what seeing our we in out now

pick weeks and do right May a June that's May. last clearly now things accelerates significantly these going than of we'll is to it's know if points Don't as uncertain. over handful April want see it you And six is than from there, better So, to David? or stick better shake if out

David Field

to -- and just to Yes, I speak categories. the

are businesses and of businesses number stronger, state closed impacted this or digital you our the are moment, quite a large As significantly by of stronger. some the might disrepair national imagine, are worst podcasting local those also in at and bit a is and business as network

Steven Cahall

Okay. we the up pick then side. on can digital Maybe

how big continued kind of to strong? sense has a trend just We in is obviously did wondering business non-digital So, is us good you big side. point? really cushioning as at podcast since kind which is. this going that maybe the business how of have give can how digital of QX the that's But a of just overall what's big it digital sense maybe And was on the

Richard Schmaeling

Yes.

in in we're digital our XX% continued total particular. revenues. audio and seeing podcasting greater our So, total strength in revenues are advertising than of digital And

Steven Cahall

maybe then one last a And me. Great. for just

think I cash QX. said expenses considerably than around what We $XX might less be that's will in that were revenue in million be modeling down down So, you QX.

about for expect maybe that year divested? of management, to station proceeds you you'll be us in And just what free after-tax big the in So, you'd focus you or the can whether think included some on help you get QX Thanks. from not overall? given sort flow think that maybe or positive with expense cash do

Richard Schmaeling

Yes.

million And think WAAF model Boston So when cash after-tax. about year. $XX.X our positive the will in proceeds got for free be million flow year base is about we we the case outlook, the that in $XX full we for projects

Steven Cahall

much. very Thanks Great.

Operator

you. Thank

Craig Next Research Huber from question Partners. comes Huber from

open. is line Your

Craig Huber

Thank you.

$XX question. and with to $X start the questions. podcast quarter First was million Rich million acquisition roughly $XX general say in political the was some just housekeeping million? me Let revenues say

Richard Schmaeling

Yes.

million Pineapple businesses So do of the we gave guidance revenue. that combined the at and would podcast $XX Cadence about XXXX end of

$X.X then the revenue And in first did strong in of political about political net $X money. about our a as lot million ballpark. first year. have the very of million Bloomberg in quarter. prior others commented was was Mike So versus And others It and spent the We yes, of a stronger you're quarter.

Craig Huber

roughly there upside okay, could But you're still some thinking They that political? -- certainly helpful. year, $XX that's for did. on be million you're I the thinking perhaps maybe mean but up for

Richard Schmaeling

We'll -- see. we information are All team agencies. that's the the that facing we active very top see we've built with and the internally political

level agencies We engagement that the frankly company have a with never has these of had before.

We are and working are be analytics to they're this hard cycle campaigns ought optimistic better going at voters, the well million least we to to to and do and that bring our think these target year-over-year. $XX seeking up revenues very data reach can cautiously in they capabilities so we to we're

Craig Huber

absolute Then end about the in what from an basis. you're I quarter that suggesting? cost you think $XX the million you're just my clear are number down on Is talking Rich, first that on it's second so quarter the -- it's guys saying is

Richard Schmaeling

Yes.

million So $XX the $XX versus fixed actual prior variable plus is reported. more the million as than -- year

Craig Huber

Versus prior year.

$XX come once much hang of to? on the get think we hang on -- But you to roughly that will you you piece Okay. through a much would savings the will this you through that pandemic question back. bigger can general Obviously, And of sense that then this number for $XX get here what's we of cost guys how pandemic Once front. on cost furlough period? example, million your million how

Richard Schmaeling

question I'd on working now. say really we're hard that And right Yes. that

of reduction in and deliver have $XX that force sizable a So pretty we annual million. did will savings

from conduct In we little that's earlier addition, this mentioned us changes resulting other business. we've as event bit how do making we a see rethink

in we're the do to For successfully about offices from with back We're be I quite travel that when footprint. never as into people perhaps facilities working they are only past. have in come certain will we've our for future had or there much have suspect teams. there thinking and will meetings their going We're example, our not the home

provide And expense elements of greater guidance permanent, as the that going you further in kind that? made all base. much know, of further and our So will percentage year. this to we David, that process a are will progress we extent to want reexamining do total through savings we be think do don't that savings percentage anything of of add we I a of on

David Field

No, I well. think it you've covered

Craig Huber

XX% that I guys? two just could. down is was year-over-year on in would a if questions quick same-store final have the basis ballpark that I I think April maybe If

Richard Schmaeling

missed I'm question. was I -- the sorry what

Craig Huber

Is the month April a assume same-store about down ad on just to I was that April of for revenues if reasonable of think about? XX% is it's month number basis the year-over-year, to

Richard Schmaeling

on talk going comment leaders the get we lot and at this day looking down a uncertain XQ. we're it's base day outlook not because don't every are things It's how to touching every to of a point for pace want our progressing just and and specifics, our frankly we're at sense with to pretty it's we're and

Craig Huber

for guys that? comment on you just asking the I'm month though Even April, about can't of

Richard Schmaeling

want thank Yes, don't to you.

Craig Huber

to categories The mentioned but held Okay. held a about the guess, month please? more a half categories, or little and the My up last has question advertising last hear you have What that. like bit I I'd for the I best? know let's national, best guys. what say, up so

David Field

and on and my And the Yeah. are pulling mean have if now. are across -- obviously token notes restaurants we I that other casinos you same you're of course, look looking medical at looking -- By of you're our benefits categories them, of up of here, chunk you forth. personal is significant clients. of others like services, diverse the that better right so I'm model, significantly a just are mode there doing side like categories ones and a have course, insurance, groceries, at shutdown of ilk. The very a portfolio one and set of in the our of travel host

are of model. our all which of revenue relatively Fortunately, portion small

Craig Huber

that last on auto's right? bad category assume hurting I pretty

David Field

look was shoots, forward. the would some middle, a been somewhere in but yes, some extent we Auto because say quite mean, from down bit, I auto I to -- as first, they've with has green benefited

Craig Huber

Okay, you Thank great. guys.

Richard Schmaeling

Hey, questioner to Missy please? move can next we

Operator

Thank you.

Zack question B. comes from Next from FBR. Riley Silver

open. Your line is

Zach Silver

question. Thank great. for taking Okay, you the

in But high-level obviously seems first levels. downturn from during step The term down. big just it more one. of XXXX-XXXX longer never a one like recovered radio really advertising big XXXX took all It's the last terrestrial

to investors makes of we Just this you can to, recovery? say wondering what better are time get think and side that when that it's positioned through this the guys you other you for different us

David Field

Yeah.

the a it's radio we were or an data a a back no today, as one, one-dimensional whatsoever. attribution capabilities had I'd first we example business. So different Number We reasons. quite have say scale stations Entercom for analytics then industry typical but think of bit without and few I

And so quantifiable, for And different. effectiveness it to or us ROI. today impossible totally was that's demonstrate

We our terms have thousands forward and efficacy work demonstrating analytics platforms. attribution going took and we connected the customers linked to And attribution We lots stronger -- of that of customers thousand think with our thousands to in and that's our fundamental will a we platforms. have customers. do difference of are conversations we

media where it huge a those were digital bit of perfect were dollars where vulnerable. Today storm just digital and looking for advertising. hitting its order a We from commands time of radio that among at stride was a hit. other advertisers got share Secondly, little and take was to

be You underweighted advertisers have may they have who radio. that recognized many to

And were are landscape that media were others particularly I think think were Gamble radio mix. offense about have will back one in we different that think then. medium not than is didn't businesses reach play you when here are -- more example traditional being today, that And like media the podcasting other quite I towards being their have where today not Procter just we having look country number they was media at and they time when company, And radio share then, and then think the more back will which to that vulnerable felt that able audio a today also and shifted we then be digital the there similarly their back and they the at we of & we a defense hot. and great which

that to there So pivots conversation if an need. advertiser digital, to the we're serve

stack the is in we for And a make able audience client looking that, have advertisers which in who leaders quote. And argued Strength, high next media of incorporates total the that from called, some last impressions, and favorably of within Myers you've but would he is influential I'd and he Report compared think he that direct world, ad years. relationships And came wherewithal radio the over in grow COVID, for a with The in post that And a of had five Bastion fight. which and we up other world of Media that out streaming fortunes with forward. I going -- we deeper the The legacy XX% and think recently Legacy of And most that praise who last seen than I well that's podcasting, the Jack we're and audio thought are had report for one point our validation radio before. Myers Radio:

did decade into a So ago. we recovery feel this more confident than we much coming

Zach Silver

powerful that for response. Thanks Got it.

can that that of touched You -- think year it. about When is guys get analytics think response in on the traction quarter opportunity had connected some that platform? platform. then guess last analytics X,XXX on of whether an out to piece more at maybe third with And second, your you was point But it that we advertisers I updated conversations advertisers reaching to this mentioned, them on I number? this having to you're the of that you get an proactively, the I

David Field

me front number And what in scope can first of our we enhancing recent continue recently, doing seen attribution I clients your to we're that the seven call of also of something for somewhere north to I've are databases now it question XXXX. deliver let's circulating forms different handle such So a have but a so with don't of expand.

exciting. that's So

those we of have And data-driven having who across who of kinds conversations these seen that we're conversations, customers absolutely who in and of great higher and this advertisers whom to advertisers, with And platforms we sort don't. than rate a – of are we've absolutely rates retention our are conversation attrition with have influential. we have much it's terms those on

Richard Schmaeling

I on Thanks day-part to is optimization, to lift going it. our optimization. web much. that's Zack and very tool analytics really Got a just creative that was platform add that focused

how advertisers. our of campaign the like can that we level a at XX it's foot attribution. we over very large their target that of series wrap attribution And have first-party of individual a can available of our and audience HoldCo provide our other effectiveness around radio have advertisers not data how we and retail that use demonstrate to are analytic data million capabilities set they can traffic and also to capabilities having we We the we're conversations and just can but

story better now think forward ago And do tell a think and about were figures. and to where night So really a I we to our much we it's in are you with facts when and day. decade position lean

Zack Silver

one I Got squeeze more growth. it. network around just the in then if And could

I outperformance Are David drove in prepared was remarks, we interpreting you versus was industry the I quarter lot I guess double-digits for better And in what a it that think mentioned think correctly? the up industry? overall. the which your the

David Field

that that And quality our in stations, we that the that you that in correct you in think and And about. we see ourselves the see which double-digit – in stations quality our that we content the premium on our and differentiate hard earlier about themes generate. is news of it quarter. of on I touched leading offerings. echoes sports are we did our we that quality the of first talked you You to on talk one work lineup And as the podcast see growth

good future. little edge a that on is network – I that us as boutiquey us markets. brands more bit have which boutique And offering, comes And other said, network networks a it note our we to so And here the that's dealing only our that and in covers broader we're network, competitors of think top positioned with offer grow. our when unlike of well think some a radio is a gives an network But a for a to I you're broader little strong stations, enabled out the there. radio

Zack Silver

helpful Very it. Got Thank you, guys.

Operator

Thank you.

Our last question comes from Avi Steiner from JPMorgan.

may You begin.

Avi Steiner

appreciate time. for the I And you. you maybe the Two questions David. first Thank

backdrop. the you how versus see if competitive and question answered this on I You this was time different sort the period wondering last you versus touch differences could time digital of, -- the but recession and a everyday doesn't, your becomes from life. on radio I listenership to a home faring of basis podcasting I'm thoughts work hope aspect as it traditional curious there just more if permanent Dave. on

David Field

Sure.

important and almost driving an other and listening comes think spectrum at our employment away from listening we So that of call where it fact that a people do about Its from model. know job. home on work people part the or from so. home the is XX% about types out XX% People lose of listenership you listen of

weeks. affected. seen We have talked about definitely performance we ratings that in little and bit recent a So

And increases value really week-to-week we're smart the a well is really significant has to and as come our already I advertisers that growth already proposition come listeners double-digit about applicable once disruptive really as week-to-week seeing recovery. talked that out we that so where moment significant technology the listenership. our also forth. And Nielsen has in that of across seeing a way. out basically not speakers home in and doing data we're told this in data And and enhanced mentioned for in and

we're of in seen March. actually Pandora I'm knocked out said, I listening. from just side to showing few both about that reasons. One terms down of primary bullish from the slower the a of streamers going pure-play for point in kind also listenership We've All were where and and that should data Spotify hit

time. with again, in a dealing So you're I disruptive moment think,

to But hell a And is ridesharing less quite and as lot one in homes be and than transit mass of some change event not forward that going they're personal look forward about. locked be people sea to for big going we out see vehicles. time their may going we up that to think are I popular be that here are going

may automobile and And leads probably ownership. And that result. of driving of greater as consumption so to radio see amount amount a we greater in a surge a a

Avi Steiner

earlier something you the one of doing the liquidity that is time the or I large the thing. really the you bonds time. discount core in context And could And Stay call. focusing I at shorter-dated healthy. comment heard in consider I The appreciate beyond absolutely your Rich. And thank for on clearly Thank But right are which wondering for performance? the if maybe on you know fairly you. again. address that And trading is answer. a business, focus appreciate both now I would particularly, the there's to I'm your

Richard Schmaeling

could syndicate have conversations with we're XX about engaged you great in a about banks opportunities. actively imagine And we of conditions, relationship market and Thanks, them Avi.

decisions but could and about we everything pointing exploit And are at perhaps everything, so about any you're made how we're thinking opportunity looking to. haven't the

Avi Steiner

Thank you.

Operator

last Fargo. our Davis And comes you. from Wells question call Hebert Thank from the for

Your line is open.

Davis Hebert

time. question been it. guys. for Hey, answered. my asked Actually Thanks has the and Right. Appreciate

David Field

Thank Davis. you,

David Field

challenging well to Thank back best and attending ahead. the look wish just reporting call And to being the all and times forward you, for in Davis. you. you these for staying and to want times in Thank everybody thank safe all the everybody

Richard Schmaeling

very you Bye-bye. much. Thank

Operator

conference. today's concludes That

time thank and this for You may at disconnect you joining.

Audacy (AUDAQ) 14 May 202020 Q1 Earnings call transcript