UONE

Bull points

• optimistic that things will continue to improve in our radio business, but with the downdraft, we've been taking precautions with our cost containment and further debt reduction.
• We have been repurchasing stock. We've got a plan in place. It's a small plan that basically just buys kind of like, the, uh, uh, the, the, the daily limits. Um, you know, I, I, I think we've probably, you know, repurchased in the last year, you know, five, $6 million of stock in comparison to $150 million. You know, what's our total debt repurchases? You would get 140 last year and then another 17 this year, right? Yeah, so almost $160 million of debt repurchase. Yeah, I think you'll continue to see that kind of outsized ratio of how we deploy that capital. So 95% of our money will go to continued debt reduction. I think we're also looking at M&A opportunities as the previous person was questioning about D-reg and having cash available to us if we can find acquisitions that accomplish the same thing that are deleveraging, which is our goal. So we keep that in mind, but we're not going to just have it sitting around in hopes that an acquisition comes along. With that said, we've always been mindful and thoughtful about how we repurchase debt, right? So, you know, we'll, you know, look in, you know, we'll buy it in 10 or 15 or, you know, $20 million, you know, chunks. We... we're not a repurchaser at any cost either, right? Like, you know, we've definitely tried to be opportunistic on the pricing, you know, of it because that benefits the company, you know, long term. And so if we just go into the market and indiscriminately buy debt, you know, then it runs away from us, you know. And so, you know, You never know exactly when we're going to be a buyer and when we're not going to be a buyer because we definitely set out for periods even when we had open windows because we didn't like the price.
• $50 million

Bear points

• However, we did see continued headwinds in our cable TV business due to churn and underdelivery.
• Unfortunately, the radio business continues to see downdrafts in Q1 with pacings currently minus 13.6. However, they are improving going into Q2 with patients down just 1.7.
• Going into 2025, it's going to be all about cost containment and also continued debt reduction. We're standing in a pretty strong liquidity position as of the end of the year with about $137 million of cash on hand. We are prepared to offer a 2025 guide even though it's early in the year, but we are going to guide to $75 million of adjusted EBITDA down from the 103.5 in 2024. It's going to be a combination of the weaker radio, primarily driven by a lack of recurring political advertising.