Urban One (UONE) 6 Nov 222022 Q3 Earnings call transcript

During this conference call, Urban One will be sharing with you certain projections or other forward-looking statements regarding future events or its future performance. Urban One cautions you that certain factors including risks and uncertainties referred to in the 10-Ks, 10-Qs and other report it periodically files with the Securities and Exchange Commission could cause the company's actual results to differ materially from those indicated by its projections or forward-looking statements. This call will present information as of November 3rd, 2022. Please note that Urban One disclaims any duty to update any forward-looking statements made in the presentation. In this call, Urban One may also discuss some non-GAAP financial measures in talking about its performance. website reconciled or either release, in be on be of the which will found call this the its measures to during GAAP course can These www.urbanX.com. at company's press this of be XX:XX call A replay conference available will from p.m. p.m., XX:XX X, XXXX. until today time November Eastern direct Callers access dial by international callers calling may XXX-XXX-XXXX, replay may the XXX-XXX-XXXX. The code XXXXXXX. is access replay corporate the be available also to audio website www.urbanX.com. Access at will live and conference a Urban replay One's of on days on The call. after replay X made website the available the will for be No other of copies this call be relied are may recordings or authorized upon. or I'll Chief Financial now is Officer. Urban turn joined the Officer who call over to Alfred One, Chief Executive Liggins, by Thompson, Peter of Thank you.

our Administrative folks. me Thank you Jody Officer the joining Drewer, General much, Officer, you Simpson for who's One; Financial Counsel, our and Karen Also Thank Christopher very Wishart. Chief joining are Chief TV operator. for

business, our press increasing our a increase the performance. net importantly, QX almost our X% release gotten Even to very in pacings You've face quarter EBITDA for with happy this be more results. was quarter, We that particularly thought adjusted the growth, Very revenue solid that third continue we've folks of the headwinds. segment. XXXX, in other of digit relative growth the reported double very revenue have into is political reports in already radio what to our from coming strong, we've done going seen some radio well including political of QX, we're expecting

QX. also to that, very going robust from we very, experiencing our guidance. into segment, our year are in With full-year update continuing We digital this QX and growth that's are

the end $XXX and then left in $XXX at probably of had that months probably to we year. X we're better to million. about originally update impossible It's million do of we not now have $XXX that think the I range going to top that than million

that, that. the fourth we things end accruals, There quarter year. in in pretty number that programming TV mid are affect One, of a that would our EBITDA amortization true-up that than our a of up that for robust brother. better so full-year One XXXs in CLEO. happen And are even pacings safe doing comfortable will of feel feel We the this radio bonus had that TV upfront the and for our we many But And it's great net again, be other all will mid-XXXs.

but answer the date during really delever, battle. market the in owe continued the resort we on will history, it process. battle I that community trade was buying to put call diversity we in facility Companies, long We're move speculative is politics January advantageous and it has the continued to trajectory have really creates a been position the legislature My highly have We're for time advantage sitting assembly much happens, the before be operation and Cordish first that the is think at sector. we're continue And to now in muted and company be the to tricky when think proving African-American where in advertising as our out period. calls, best on going the fight market, and or a to cash which runner-up we the whether the but Petersburg in on that I and ultimately to with previous the fair the general business. Petersburg, is an as chosen casino for bonds what actually Richmond which as in everything in of session opportunity most which political. place pay -- to The happens. good to where stays of if we been continuing opportunity casino starting moves upcoming working that about to it this audience I is the they're be pretty it's great. announced the all a we fight. not with good developer in go, take a in a building Richmond, don't fruitful the A a open if it that will target of place, a It very to of think towards been update and it's that brand amount brand -- positive, in for again, investors it's more and since serving to XXX had obviously, conference casino the opportunity in discount, bonds inclusion to were the be We've order demand taking going a delevering has decades of press, that. if that recognition you've on first been because the this is be we've Richmond could back the our to following this something we've focused really about been have Casino,

I'm to numbers So turn it Peter, then the come for more and can back through Q&A. he with go that, so we'll over going detail to in

Alfred. Thank you,

for Net quarter XXXX ad $XX.X in X.X% Miller X.X%. segment and both up up year-over-year quarter, million year-over-year $XX.X same-station Consolidated adjusted advertising were by local basis quarter that and up was audience. EBITDA net corporate revenue pre-pandemic sales a year-over-year Net up million. up continuing approximately that According and helped So another the the revenue sales up for million by XX.X% consolidated strong on demand market the the EBITDA by XXXX. market was and Radio X.X% and revenue effort to pre-pandemic sales a adjusted and above down for was was the $XXX.X also levels. were the X.X% from our third against X.X%. by was for from with quarter, target was $XX.X increased in our significantly X.X% against us Kaplan, down our National for that million

we $X.X which performances events the station by retail, are X.X%. of pacing travel advertising up was revenue X.X% quarter. a million Atlanta million, third quarter. we fourth in QX the to was the EBITDA last category division political. books $XXX,XXX earnest that Adjusted did ad currently about was in the pacing revenue is approximately transportation sales, in $X.X quarter, up Fourth and markets, Raleigh of radio ad pacing that impacted in net we and of the X.X% political we bringing Net up radio $X.X and market for XX.X%, up $X.X for X.X% and the meant On was and services, overall Midterm X.X% quarter, million XX.X%, quarter net with That election total local while up public up million margins year. financial, Reach above the the strongly for national in and spending is in to beverage was net was including that up quarter, political same and basis, division. for as telecommunications all year-over-year, result category, and started over in political, Fourth revenue, annual sales particularly Media our NTR of pacing $X.X revenue, like in million down quarter is While ad XX.X% and Auto which were year. and government X.X%, million holding the political down XX.X% biggest is the steady. fourth XXXX. up approximately on outperformed prior excluding disappointing also and was Radio compared $X.X at Healthcare food on up excluding the entertainment, XX.X% national booked spot a $XX.X quarter million, in the

by support. for Nielsen at TV million quarter compared income in for Revenue engagement year $XX cable on $X.X black-owned on TV of this returning the Travel, cruise up and sales which from Employee TV expected Net increased revenues revenue increase offset have million be fourth last the quarter Demand our and $X.X we our fourth and by $XX.X office depreciation, by $XX sharp to investment increased of million Digital at during $X.X this and we to QX XX.X%. demand, third also Nielsen increased digital of million entertainment million, X%. EBITDA property million approximately year, demand approximately revenue expenses really compared impairments rates, burn-off. not by $X was for was that $X.X outside strong by increased continued exceed is QX We unit However, $X.X and revenue, churn first up $X.X the of have or to increased and our increased $XX.X brands million. began quarter, of the favorable Adjusted our generated a there average advertisers XXXX. was publishers, $X.X Cable higher increase quarter to million diversity an amortization for million, $X of fees MGM by television audiences. committed in with of finished profit free year, to CLEO $XXX,XXX certified approximately One Cable number. expenses in well net a million. growth method XXXX. QX by reach last excluding to rate don't consulting year. CLEO revenue driven continued unit black drive the the but cruise of in fourth The million, services, political We from talent direct million of segment Harbor in million. $X.X to approximately XX.X% The cost XX.X% event at spend million. by for increased a $XX.X revenue the compensation Operating spending will half increased and contract by quarter, of million quarter momentum and increases and of down million as with in affiliate result approximately as as rate including recognized $X.X continues Marketing advertising by 'XX. $X.X million same QX deeper deficiency in compensation TV segment subscribers and mid-term unfavorable end and favorable that to $X.X X.X%, National revenue million million by $XX.X was remaining loan recorded revenue and TV volume for the the variable subs. impact to and with with measured team as the for then million video event million. $XX.X build $X $XXX,XXX Cable promotional is a stock-based in event expenses the quarter increased

development corporate operating venture such Indianapolis decreased expenses to cluster Cable totals. up Operating expense $X.X million. were and in benefits $X.X Corporate/elimination were expenses content were added included is million the TV due up corporate the million otherwise the the our increased by flat million increase of these relating were by were However, was revenue and were Event integrated year. Radio by bonuses mostly in talent for slightly. marketing variable increased in acquisition cost by million sales, Casino while operating in expenses down in decreased related well as employee marketing. sales by $X driven Radio The Raleigh, that acquisition, development was expenses benefits. up remained costs increase. relating were by XX.X%, the outside segment $X Digital expenses and expenses compensation and and $X.X X.X% and at and fees $XXX,XXX. million X%. expenses the traffic increase, amortization year-over-year, but Indianapolis X%, some down as compensation million. recruiting Richmond decrease expense sales up costs employee About up and $X.X Employee predominantly a up compensation And to up $X.X drove Reach. by expenses were last there spend up commissions Operating to content TV Cleveland million, increases amortization of segment and $X.X in to expenses Reach were services Cable

For the X.X%. digital increase and consolidated was an third $XX.X operating approximately quarter, of broadcast million, income

accrued $X.X million. were in During the resulting on average net notes debt its repurchased in the million of par, XXXX of down the million price approximately million, cash gain the company an approximately quarter. the bringing quarter, at interest XX.XX%, price average fourth $XX.X the $XXX.X start An an the decreased for payments a the XX the made Interest interest $XXX expense of quarter, of of additional approximately at debt total of to repurchased of million million the gross $XX,XXX approximately to balance The XX.X% third retired in notes retirement $XX.X on at a company of of year. $XX notes. quarter approximately million including from

really million $XX.X Company was million. in due triggered common QX taxes of million. payment charge recorded rather common Charlotte, was of Dallas, and income stock repurchase share was $X.X a or amount income performance. impairment Radio of Capital $XXX,XXX taxes D is for that expenditures for of Richmond approximately and non-cash in tax than quarter market, the per repurchased the shares million the $X.X tax of Net D stock -- $XX.X these The of amount for Class the executed Philadelphia, markets approximately XXXX. company service share the licenses. were in in 'XX. specific Class $X.X shares amount compared quarter radio $X.XX performance $XXX,XXX. per And stock in $X.XX of debt semiannual vest million A our third cash overall XXX,XXX approximately or paid $X.X broadcasting by income to the and Houston, for million One Next, of Atlanta, was market provision our Raleigh the

total September XXXX, million. $XXX As gross debt was of XX,

cash million, leverage the Our approximately Indianapolis leverage And to LTM million we million, that, of in compare I'll hand forma total back X.XXx ending reported ratio pro a $XXX.X of resulting of to and acquisition, with for $XXX.X unrestricted was debt X.Xx. was balance net total net adjusted net Alfred. for which EBITDA $XXX.X

Operator, Peter. questions? could up the Thank you, you lines open for

[Operator Instructions].

with comes question Financial first Ben StoneX Our Briggs from Inc.

Yes.

quarter $XX in far looks back great you on quarter. debt bought congrats on you another quarter, fourth so a right, the of want I sure bought said? the to I the you like you make buybacks. So back just guys heard another -- million Congrats

$XX.X Yes, Ben. call million, it,

there any Okay. Thank forward? to you. continue authorization do there that are additional you Are How plans Is Perfect. you thinking this? buybacks? need that to more going about

$XX.X that's is number million that -- -- million odd had authorization. that actually $XX -- an an we We additional

be debt a So down think good opportunistic to I on there's $X is mean, We're balance million a that looking thing. I almost and that. paying

you'll So there? you us see continue so. Are opportunistic be to and proven

just for sorry, I'm out off second. a I for just Yes, cut cut a second,

I So heard...

authorization. like There's ahead. on Go the $X left left million $XX X-ish of million last

get down thing doing, paying through cash. we'll And that debt to Obviously, but feel we'll we'll at we we economy being prudent get utilize continue then to the et So how a good is want look for cetera. sit. and -- what and see where we is our a

so mark. missed, I is I'll XX.XX X was to $XX.X close it Hey, -- Ben, put million, the sorry,

okay. XX.X,

Okay.

of about, got you've authorization So call it million left? $X

Yes.

more process allows there's is look to authorization getting makes an a aftermarket quick of process What buy Is like? back the enough to it sense? you that if be opportunistic that

do our just not We reach debt out down quick. getting communicate that they difficult. super and the Board paying to approve, It's and basically Board with Generally, is respond.

way debt. It history right, your that from right. certainly buying Right, seems back of

Yes.

Okay.

debt for the from on a second. Moving

what like MGM. the theoretically to So -- is you much what look now? right Harbor -- how And that that know look formula where what a worth? it I back now? like back National formula put back And can MGM investment to there's is right does Grand does that What put

what -- of revenue. million threat, but over our there market revenues, which gain on millions their Xx to what it continuing $XXX think nothing year. going it's they and right? been our to There's get year, slight but report But is their mean, paid a dollars on number, this share EBITDAR their is They're equates now Maryland their of EBITDAR. million, the $XXX do like about. of EBITDAR, I to it They crazy we number here to over million Yes, I look, gaming to is worth get it's is EBITDAR. definition Last that to $XXX in would EBITDA several no adjustment they've

EBITDAR year. from that, in to suspect last year's going previous And adjusted got up every is first the whatever we've go at quarter of I ultimate Xx is. interest EBITDAR window our that year reported a put the So to

see like but And make million. it's over looks a it so we'll what and $XXX decision, worth

it. Got Got it. Okay.

quarter nor first you're window time? any a you It's in something not Okay. it's So the at saying? do

not you Yes, it's want. anytime

it. Got Okay.

that and the there'll be this make that obviously, discussions results, Are first you see leaning? will and you be once time So you annual internal -- so a quarter, then their decision? guys

that, haven't sitting now. it's on like thought about mean sitting I we're cash -- We we're --

to there's we we put don't know because no -- we EBITDAR sheet, our more right? going were and what debt? Are So there's But it So balance reason want that are we down question we investment? use have been we pressing into to didn't pay So on with to we it, no it is, today if cash good put pay growing. monetize just has an the we yet. do to to Are debt, to cash? going going to that down

So...

Okay.

few That's pacing it sounds moving if fourth sort at bleed It versus seem subs it And they're stands? the that inclusive said was good up right XX.X%, where think down I fourth like of you to pacings helpful. they're on, XX%. the you're now in quarter, have One though lost then XX%, continue Okay. kind or clarity mid sub of radio a subs does you up, hear Do of said well any to like you network, And you're you TV number political. to it has quarter stabilized? that

give churn of to estimate mean, what think I wouldn't I mean... mid-quarter is want a we Yes, look, be. going to I

out came gained we XXX,XXX subs. and November Nielsen numbers actually over

Yes.

okay. Oh, Great.

for a now biggest it's it so But right? it is our given the I We in gotten don't in space. business reupped that ad still NBCU, about although and a has debate. TV trajectory is softening our media is seeing good service look, feel launched demand earnings what know, the in video ecosystem, the the TV have agreements, big said our probably of Now TV we And advertising, appetite right more before And the same. robust Is Paramount that has definitely for CLEO programming a advertisers the new stabilizing? debate -- thing, it's mean, of Pay subs I think Comcast I TV. increasing? I affiliate are and -- same released we've many We

to we're I going audience of it, inclusion. and experiencing think we're less commitment and So our the affected be demo diversity to because target our

make about a affecting in no So that's good But advertising. we you're that. television macroeconomic national feel mistake, headwind

Operator, next question?

Our with Watts Bank. Deutsche next from question comes Aaron

follow-up on Maybe a last that answer.

of this terms out concerns a on business It headwinds Alfred, curious close within there? or bit you're seeing 'XX. a you're side, advertiser into roll side, year, seeing little to out the sounds what Just like it maybe to or the what hearing reactions the in radio macro radio any of more you're on little related just the feeling TV

definitely Yes, slowdown in radio national. seeing

offsetting own have got we're robust our ad However, that. into and our and for large team that demand We've really sales this they're it's we space. leaning corporate and

of And quarter so our so a than level a competitors, -- what mean going is we're outperforming described you fourth to way other look on any mean does to we're like. for next year? right? just outperforming that on national I what And I

Radio How night okay? budgets be And so now. does that and going I going through year, -- else's right day, in for are everybody to we're our results versus results play next out

going are got And to that to yet. If don't some going to bet, I that so I know are think that had I we've us. continue to bolster -- things

got starting how that out Our are the control going in have be some be I real reduce to cost. we're rolling able things a going like year. a estate to great year already think deal killer us where this We're We're to Indianapolis to over going leases space. we're going acquisition, radio for figure footprint. is We've to to

be do we're year. quite we year? are probably ended year, think but to frankly, we doing this well didn't didn't So is think into that next to I The going going as answer as I going to that match up able not, this

be Joyner on others can't say we really less I be got the in than this it would it's really our have push We going this to handicap Tom up. be XX% already going what is up I announced So we're I it's that, of talent cruise out. about We're any time. didn't can't -- it's really, that's year, announce announce at going to we soon, going to going We've and to us recession impact it for big. But to us think to it year, to is end sold point sure. on have out before next the to about sell talent haven't year. the We're line line --

I it our so wasn't And we've I And to a stress first I've impact level that's do time company. put gotten got as nervous on lot where and a gone the into this the about with going is where -- to was a prospects. or us our leverage too recession

some your additional of in. there a Do of think, that to with time opportunity going Yes, be nice stress that the are as I position. couple you regards in you've in seems like well part of around before platform some and say it be advantage and you you to grow peers sitting you position time better positioned gone investments know further? for that There's must it was M&A could maybe Alfred, their going a for some maybe nervousness to times or through I this sure. take for ups could your downs where that on this aren't that and

disciplined mean problems But you I one multiples And super right come don't in been happen. that in have stuff is I could if good space, bit, We've buying. if great. now a the media a think Yes, we've bringing it's actually basis on have down know is big of that that if company. media a not for quarterly They're diversified you're on quite right? even I it's particularly seller multiples been buyers, the you're that the problem

Radio a in wants of seller low valuation get of in got of reasonable right? kind lot be fives stuff kind environment. to Xx, trading to this you've the multiple that So a was So to

where because justify a any and able -- by now. trading we're acquisition And so term of right, be with that's kind same token, to multiple, the at in to we've that got

bid-ask historical seller. and a that's a of between buyer the conundrum So the

to minds something if right? So at that there's looking a the meeting a to don't probably, I be the just are existing -- of nexus see get looking take advantage keep know, we will going down continuing is to there be but environment. grow going happen, platform, don't if absolutely of can debt, we're where maybe to we happy paying We the can we nexus, and stuff, to but we

that's it. we of think kind about So how

And we Ben do a follow-up Financial have from StoneX with Briggs Inc.

Just follow-up I noticed here. something with one quick any I a by year. strong, first measure, very think just X quarters the of

guidance the for At million Your high the year have right. EBITDA last $XXX I is only obviously sound that in -- $XXX $XX that to XXXX the down imply for end at which written doesn't would here $XXX -- million of fourth the million. quarter, about million,

must minutes year. the updated to call. We the X You for guidance this of first have missed mid-XXXs

did I miss call, of the it the X so Okay. first minutes what that's exactly is.

That gave. the was that introduction in I

it, that sorry but... I haven't read So

for to quite it's look mid-XXXs. you at out, and would you're be you QX you in minutes, fourth going should expect sequentially, various bring but hopefully good fourth of right? year kind quarter look and overall, QX which it modeling So first down the yes, quarter you went that about when to like into in reasons, X out the and think And on last

guidance do update you because did, that figured about. we to what needed the that just is going math to guys you And somebody talked we

question a Bradd Kern have we with from Instructions]. Atalaya. [Operator And

of think is a uplift much would expect we the you to how the would in of much you -- How there What an is? think you can -- And sustainable do year? this updated guidance is, ask that a wanted following think sticky I is political? how expect Or from base? regression sort as about you do

billion $XX about of that million across probably of total political platform, in $XX Radio. probably almost there's Yes, the is

right? to So to not next go going go substantially. to year, going It's X, away. to down But it's that's go going

So that you got headwind.

a a with a looming right? as digital recession, next but was the holding headwind think conversation And revenue You've acquisition. one for category X still We've we've robust, year I they're of advertising, got the top though don't I down got has Chief from growth digital robust got projecting advertising advertising. platform. for having Investment been projecting the they're even a traditional Digital Indianapolis our of companies. Officer pretty

the therefore be go say So throw a baseline a a meaningful be look that Indianapolis you going sticky to to Joyner kind recession, $X another right? year, we've And like you're our backwards, next no, stuff But in just could just additional $X Tom and then I is of dollars off into contributor other EBITDA an cruise coming mid-XXXs mentioned to because that if at got the can political million. the is as I going wouldn't million probably couple take that of something play, you of million, almost EBITDA.

And I we're least every based on political for now. So we're demand. business other look, think swing of it's of kind down and at starting view revenue a in a -- all similar us working through that Well, ad double-digit to internally, because now. TV our up we're companies go fashion year

helpful. real That's

political? of XXXX, we In million do almost $XX

Yes, it was unchanged. XX

year you Yes, surprised real And than next year. next be this -- and number, probably guy don't again, if one is year being right? it I'm mean, look, what But know, ends to But not told right? have yes, to that's -- that we're so not me, EBITDA got going it's don't up looking no, so less I at not me. I yes, our budget it's a going flat,

of so, then And kind mean double-click on I that. to just Digital within Okay.

look what's there? website sustainable does of kind is is [indiscernible] that the what website, app, mean like? I that, growth advertising what of nature So an And that or with

our top category closer real don't just a we growing to I this more probably closer probably demand XX -- and video, to and to now. revenue, revenue look, explosion XX% And sell about business is and was low I category. XX, primarily in XXs our digital XXXX And more of to of seen of right our I business. video against mid-XXs digital we've streaming the think be business off but low digital audio my digital a is high mean was year. probably it's head, Streaming, display the is before going this in that know

Well, taking people are Spotify share I and mean, can do just listening, you -- you from more they and think that's -- between your... here are from you're radio or thinking

first the and doing -- that It's Meta in ecosystem, Google which amount well, revenue pimple I mean, entire to money it's butt Spotify. includes a increased is all, on and the demand we're of and comparison the share of digital elephant's --

you digital, digital tell right, there's and no like we are thing advertisers, what if figure -- into has so share evolved, diverse they interest we the out tell recognizing and I in money -- you our ownership Kaplan we platforms. is. a) wouldn't for right? media diverse national can I And b) so increased is that And But the diverse targeted their digital as started was, contextual probably only Miller putting owned Interactive now value more in there One And XXXX. register, of can't even and audiences digital; sit even where can are and

competitors, the helped audience as -- African-American message long relates pounding said urban the been building the digital Comscore for time. largest well, all I right? to brand And a as plus we've among targeted digital So... earlier it us, in very or the got we've think it urban has So I that

creates next sorry. my That question, I'm

happening. So what's that's

And better? like about, marketing the initiatives. those of what those inclusion Is pop that's economics my front. more commitments And advertisers is you and which the from for how station? like? Can question, initiatives. speak the look diversity thinking just same a segue typical next -- different? to in they economics do advertisers Okay. for visibility I them, the committed a mean inclusion for expense on certain to nature of dollar it terms they the my into great and the -- a have on on -- of questions Are advertisers, second maybe are is able X Have them How are the pretty you equity all, do a amount? what similar quantify it are are diversity year-to-year? you to we that they they much the How -- are of those commitments? kind Are the

their I -- Motors, exact they're they're but next with head, are X increased & to years. they've to spend that look off as have X% their all owned media and going from Gamble going -- over these entities don't grow -- of McDonald's to Procter that black same the the mean, the and said top have X% numbers and I the General my

paying you up in go not they're right? up, rates Urban comparison but comparison, So particular when they've multiple gone working haven't contract They now. made multiyear because ad conversations we're us spend rates at contracts -- demand One. multiple actually you that not with up about in going X target year for for us that. our X market a paid audience that are commitments. on rates what think some were or I There So audiences match to already can to for low, least premium an our years historically and hardwires outsized have audience come we're I advertisers have about general that tell in at Reach given

lot platforms audience I think that a some now that are really don't owned diverse getting have have there some money. are no audience or of

through now. the had there's are but money or there right, getting because rated. even We've been calculable decent they're always some there roof getting that So probably are platforms not -- in, We've I a money always size real the CPMs audience. know

we're when probably than we expensive Warner to just even rate not for at still what advertisers pay more Discovery those get discount if XX% so networks, significant increase, And a networks. -- we're a

Barclays. question with have Instructions]. we [Operator And a George Michaels from

another you want on I to quarter. guys all, great of First congratulate

Just can about to equity talk any quickly, you thought Or is that? additional doing there any buybacks?

We've been discussing it.

our been bonds. know. about it been I We've think has on don't focus talking internally, I

XX we We XXX we have -- used and to outstanding anywhere million like always -- we now like over We yet. shares always haven't landed got million. just

down price we opportunistically big a So I trade was right think like we was last quarter in the time, And after last I good. and we've then million the like like to at do it think to I purchase bought generally ago, the it's back. been low the average proceeded But X.X stock bought that. shares when Xs. -- mean our

going. So those many back of great trade, shares opportunity about company to ultimately well, that was that fell the was, in felt wasn't -- after a one week feeling that where doing buy And was it swoop good the but kind in matter the of fact is be of won't stock the the huge if stock, is buy go ton The can't depressed, able good even when it. a a is we not so opportunity. volume the -- you on you to

we're an would think how So land, about up, see just to want feel came we I at often. it. now. we it a budgets, know sizable our don't doesn't but that I through block that assessing options exactly I of opportunity look we're because If take kind where happen to to going we get think

the feel of Xx. is that business trades Cumulus have guys, space, newspapers historically about trade kind the it The other almost think, we've kind in of which probably increasing, at, that, hanging think because been now about like even coming debt right? this much been think trading is look feel but I stock thing our multiples is down, I radio for the that's Xx, you about watching, low value I company has but Xs, I of cable a at I in, trading our have coming in the what And look the trading When not MGM. been better watermark is I at now which we EBITDA where iHeart at a business. has I has just good kind at at there. than -- low feel been that is have now, about of that been and what Xx feel which AMC, is floor kind at So like should good the of including about

pretty entry I trading think our low that's if safe Xx point. the company in is a EBITDA,

a you and going stock same buy probably budgets So where at down end into What factor through is were and how year now keep given and to that it. pretty that if I does going know time, right it's think next do back to paying we're don't we're again up the debt good I trade.

shareholders, but long-term the there. -- we're So out family is the shareholder largest

So own and the than like of company over to less in more we we're it time. leaders generally the

So we want -- we right. to it to -- but want do

burn happen very to don't we of us. to really like see a of at want the risk the high valuation all. believe where now, they You don't -- takes through who don't bunch and to then buy adjustment and that of believe much there's valuation see that and We at and and a believe in a lot But just people money. want at stores you the like we're I the and don't stock feel

no questions. are there And Instructions]. [Operator further

Thank operator. quarter. We'll if talk you, we'll offline to and additional you, see any Thank you everyone. you have next questions you

your you and using you. Thank for Ladies Service. Event does participation conclude that today. for gentlemen, Conferencing and for your conference Thank AT&T

You may now disconnect.