Operator: Good morning, and welcome to Entercom's Fourth Quarter 2020 Earnings Release Conference Call. 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. Sir, you may begin.

Richard Schmaeling: Thank you, Catherine. Welcome to Entercom's fourth quarter earnings conference call. This call is being recorded. A replay will be available on our company website shortly after the conclusion of today's call and available by telephone at the replay number noted in our release.

David Field: Thanks, Rich. Good morning, everybody. And thanks for joining our fourth quarter earnings call. As we near the one-year anniversary of the official declaration of the pandemic, I'd like to start off today's call by sharing some perspective on how Entercom has fared through this historically challenging period. When COVID began, we committed ourselves to first taking care of our team and making sure that everyone was safe, while ensuring we didn't miss a beat in serving our listeners and customers. We also dedicated ourselves to not just navigating the storm effectively, but to accelerating our transformation and emerging from the pandemic as a meaningfully stronger and better positioned company with significantly enhanced growth potential. We believe we are well on track to accomplish that. For the past couple of years, we have been purposefully transforming the organization into a leading multiplatform, audio content and entertainment company with scaled audience reach and a leadership position in virtually every segment of the dynamic and growing audio market, including broadcasting, podcasting, digital, network, events, music, news and sports. Today Entercom is the country’s number one creator of original premium audio content, strategically well-positioned to expand our customer relationships and accelerate growth. We are excited about what lies ahead and how things are coming together across our company. Entercom today is a very different company than before, emerging as an important player in the growing and evolving audio business. We have made a number of strategic acquisitions, and launched the plethora of internal initiatives to move the company forward. While the progress is masked by the enormous challenges of the pandemic, and its impact on a large percentage of our customers, we are making great strides in building rapidly growing digital podcasting, sports betting and network businesses and are optimistic about the recovery of our local advertising and events businesses as the pandemic abates.

Richard Schmaeling: Thanks, David, and good morning, everyone. For the fourth quarter, our total net revenues were up 19% versus the third quarter and were down 23% year-over-year. Our political revenues came in at $19 million for the fourth quarter and $32 million for the full year and benefited from the post election day runoffs in Georgia. Our digital revenues for the fourth quarter were up 23% year-over-year to $58.8 million driven by growth in streaming and podcasting. Our event revenues continue to be significantly disrupted by COVID and were down 98% year-over-year in the fourth quarter.

Operator: We will now begin our formal question-and-answer session. The first question is coming from Craig Huber of Huber Research Partners. Your line is open.

Craig Huber: Great. Thank you. A few things. Can you talk about the potential for permanent damage to the advertising base out there? Just given what the environment we're going through all the pressure and closures and bankruptcies of small businesses out there. And so as you sort of think out here, do you think it's possible for your radio advertising to get back to peak levels for a station basis within a couple of years? This is my first question. Thank you.

Richard Schmaeling: David, I could start then I'll hand it to you. So we've looked at that at length Craig. And there's no doubt that 2020 was a tough year for bad debt and bankruptcies. Our bad debt expense in 2020 was $16.3 million when you add it all up versus only $4.5 million in 2019. Then when we look at bankruptcies, in 2019, we experienced 10. And the LTM revenues associated with those bankruptcies was a $100 million. In 2020, we experienced 69 bankruptcies and the LTM revenue associated with those bankruptcies was about $7 million. So not insignificant, obviously a significant increase versus 2019. But relative to our total revenues, it's immaterial. And we've seen when we look at our advertising base, an influx of new companies all points specifically to the direct to consumer space. So – and as I mentioned in my comments about the outlook for the first quarter and beyond, our teams are continuing to call on and to engage with the local advertisers who are still struggling. And we don't see a lot of evidence that there's another wave of significant bankruptcies that we'll see in 2021. Things are getting better. And so long and short of it, Craig, I don't see a lot of evidence of permanent damage to our vocal or national advertiser base. I do see, and we do hear about the continued disruption particularly as we saw COVID cases hit, all time highs and deaths in late December and early January, that's clearly subsiding rapidly and we're optimistic. What would you add to that David?

David Field: Yes, I mean, Rich I think you've covered Craig’s question well. But I guess I would just add that, this is a unique event in that we have basically shut down large parts of our economy. And as I said before, what we specialize is sort of the go places and do things business. And to your question, you have to ask yourself, are theme parks going to come back or people going to go back to games, or nightclubs going to reopen? Are people going to go to – are people going to travel? And I think while there are individual businesses going through very difficult times, ultimately those businesses come back. And so yes, the live nations of the world come back and spend money with us in a significant way as they ramp up. And I think what we're excited about of course is the pent-up demand. And I think true optimism about returning to normal here before too long. As we're seeing all the evidence including just the latest that we should have 130 million Americans capacity to fully back 130 million Americans by the end of March 31. So we feel very good about that recovery going forward. Sorry for the long-winded answer to your question, but I think we've tackled it pretty thoroughly.

Craig Huber: No, I appreciate that. My next question, if I could, maybe I missed this. What was the podcast revenue in the quarter, please? And what was the percent up year-over-year, please. Thank you.

Richard Schmaeling: We don't break that out separately. To us, it's digital inventory. And then we reported that our digital revenues were up 23% year-over-year.

Craig Huber: Okay. My other bigger picture question here is, as you guys know, love him or hate him, Rush Limbaugh had 15 million weekly listeners on the radio. Given what's happened here, where do you think those listeners are going to go? And more importantly for Entercom, what offerings do you have that could pick up a substantial piece of those listeners out there or those loyal listeners?

David Field: I'm sorry, Craig

Craig Huber: Do you think it's a big opportunity for your company to pick up a significant piece of those 15 million weekly listeners on your digital and radio properties? I know it's not your syndicated program here, but it’s a big opportunity, isn't it for you guys or no.

David Field: I would frame it this way. The Rush was certainly terrific and had an extraordinary following and an extraordinary career on the radio. We did not have Rush on a lot of our radio stations as it turned out because we tend to – our new stations are non-partisan and strictly news. Our news talk stations tend to skew a little bit more local in terms of their orientation. There are plenty of other terrific personalities of course, local and national all across the country. And I think that those listeners that Rush had of course, also listened to lots of other shows. So while it's a sad passing and obviously you passed fairly young. We feel very good about the future of our news and talk and spoken workstations going forward. And I think, it's hard to know exactly where all that listening the ship is going to fall out in terms of the various options that we and our competitors present.

Craig Huber: But let's try if I could ask again, do you not have a lot of conservative leaning opinion folks on your radio operations? They could take off a good chunk. I mean, three hours a day for 15 million folks, obviously you pick up a chunk of loyal listeners, right? I'm just curious. Thanks.

David Field: No, I think we tend to be – I would say, a couple of our – if you look at iHeart and Cumulus, they tend to be a little more weighted into conservative talk radio than we are.

Craig Huber: Okay. Very good. Thanks guys.

Operator: Our next question is coming from Steven Cahall of Wells Fargo. Your line is open.

Steven Cahall: Thank you. A few for me. I'll just kind of rattling them off. They're not in particular order. Maybe first, just that Q1 revenue guidance down upper teens, was that first spot or was that for total company?

David Field: Total company.

Steven Cahall: Okay, great. And then maybe just second, David, could you help us quantify how you anticipate QL Gaming and LockedOn contribute to digital and broadcast revenue growth in the years ahead? I know that's very sort of strategic and synergistic opportunity. So how should we think about that impact?

David Field: Sure. So by the way, just to elaborate a second on your first question the number Rich gave you is a total number. Obviously, we face a political comp and also no events again in the first quarter. So if you look absent those areas that would be a bit better. To your QL and LockedOn question, we're really excited about the growth opportunities across the sports and sports betting space. And they're just a lot of sort of symbiotic opportunities we see there and at its essence we are arguing the home of the most engaged in the country and the opportunity to drive additional revenues from those audiences as we introduce them to the BetQL product line gives us the opportunity to start participating in what over time will be, I think, a rapidly growing set of subscription revenues and affiliate revenues from sports books as well. So starts small, but they've got great technology. They're highly respected and are high performers. And we see that being sort of very rapid growth again from a small base here as we go forward. LockedOn is a great enhancement to our portfolio and we are, and want to continue to be the best place for sports fans to engage and connect with great personalities like the Boomer Esiason and the Craig Carton in New York, and so many of our stars all across the country and expanding that into podcasting. And where we have, Kevin Durant for instance, is one of the folks that we are partnered with and so forth. So there's just a lot of great content out there and we just see tremendous entrepreneurial opportunities for us to grow revenues and profitability in many different ways.

Richard Schmaeling: Can I add this one point to what you said David about the first quarter. I think it's useful to say that no political last year in the first quarter was heavy given all the money that Michael Bloomberg spent. And we also still had a pretty normal slate of live events. And those two combined political and events were about $15 million of revenue. We're about 5% of our total 1Q 2020 revenues. That obviously, when you think about or the opportunities guidance, you need to put that in context.

Steven Cahall: Okay. And then on podcasting. So, I think you were really early in terms of buying Cadence13 and Pineapple Street, which are probably worth considerably more now than what you paid for them. And I'm just thinking about how you kind of think about these within the portfolio. Because when I look at where it seems like a lot of your businesses headed, you've got a great sort of focus on sports with QL gaming and lockdown and the sports betting opportunity. I think we're seeing podcasting, really start to work when it can be paired with whether it's hosting or programmatic. And so I'm just wondering, as you also think about de-leveraging Cadence13 and Pineapple are probably worth a lot, is it – are they the right assets for you to hold onto versus what they might be worth to a third party at this point?

David Field: Great question. So let me just first just to fill in data points for those who may be less familiar with our story. We acquired both of those companies collectively purchased under $50 million and based on comps in the market to your point Steven, there were several times. That said, we viewed it as a core business and would have no interest in exiting the space. We think we are very well positioned to compete and thrive in the business. Our current business we are one of the three largest publishers podcast publishers, and believe that the competitive advantages we have with distribution given the – given RADIO.COM and also the $170 million or so folks who engage with our brands and our stations each month gives us a really powerful distribution platform and also our monetization opportunities with our strong, local and national Salesforce. So we think we're positioned to win in this space. We don't think there's a winner. It's not a winner take all situation, of course. And there'll be – I think multiple winners here one of which will be us. And it's part of our holistic audio offering is we go to customers today and offer them, a leadership position in broadcast, radio podcast radio, digital audio, and so forth. We think it's an essential core component to our offerings and positions us really well for future growth.

Steven Cahall: Great. And then just a couple to finish up for me. Maybe one, could you give us the RADIO.COM MAUs and lastly, Rich, I know cost has been a big focus. Would you be willing to quantify how much fixed cost reduction do you think sticks even as revenue fully recovers?

Richard Schmaeling: Let me answer the cost one first here and David you can hopefully cover the MAU?

David Field: Sure.

Richard Schmaeling: So when we think about our cost base, we did significantly impact our fixed costs, but also impact our variable costs. So we've executed a number of strategies to attack our variable costs and reduce their occurrence relative to revenue. That's why we've refined our model, as we're working to polish up our plan for 2021. We're now looking at our total expenses fixed plus variable being down $100 million, or more, versus 2019 pro forma. And that is a mix of both variable and fixed. And those variable savings are permanent in nature, also, that we've reduced them relative to revenue. And we're working hard on other strategies to go even further. So we're not done, we think there's more to do. And we're very focused on continuing to liberate expense from our historical operating model to fuel growth, then there's a lot of – when you look at the gross savings is substantially greater than $100 million. And we've invested quite a bit in accelerating a number of key areas across our business, from network to digital.

David Field: And as your first question, if you look at total MAUs, and I don't have the number in front of me, but I believe the latest numbers I've seen are approaching $40 million total MAUs. And that would be across sort of all of our – digital – of RADIO.COM platforms and that would include a smaller percentage of those who are regular streaming audio users of our of our platform.

Steven Cahall: Great, thank you.

David Field: Thank you.

Operator: The next question is coming from Steven Emerson, Emerson Investment Group. Your line is open.

Steven Emerson: Thank you for taking my call. Excellent quarter. I'm concerned, or would like to understand your forward philosophy of monetizing the gamblers that are recruited by your radio. And as an observation, true value creation, for media is when you get permanent rights to any gamer that is recruited not selling ads, as exciting as $100 million potential revenues are from Fan Duel. I'm curious as to your future plans.

David Field: Sure, Steven. So let me just first clarify something you just said. You said, future potential $100 million in Fan Duel, that is that not what we have said. What we have said is that the total category we believe grows to $100 million for us in several years. Fan Duel would be a significant part of that. But we work with lots of sports books. To your broader question, we agree that it's not just advertising. And as we touched on a moment ago, there really are sort of three buckets there. Right. One is advertising, the other is a subscription opportunity that we have – we are now participating in and we're excited about going forward. We think, again, it's such a logical fit with what we do. And it's enabled by the QL acquisition. And finally, there's the sportsbook affiliate fees, which we were alluding to, that we are also participating in now through our QL platform. So yes, lots of opportunities in this space.

Steven Emerson: Thank you.

Operator: The next question is coming from John Ellis, Palmer Square Capital Management.

John Ellis: Hey, guys, thanks for taking my question. First, do you think you could put a number to how much of the cost savings you guys have enacted are going to be permanent? I know you kind of talked about the different opportunities, but like, what qualitative typically does that look like?

David Field: Yes, so when we absolutely meant for the guidance of $100 million, or more, versus 2019, to be permanent? Yes, there are, over time as the business we bounce. Obviously, revenues will drive variable costs. But we do think we're comfortable telling you this year that we expect our total costs to be down $100 million or more versus 2019 performance, it has, as you could imagine, have some cushion against that call.

John Ellis: Thinking about that going forward in 2021, 2022, we'll probably we'll see that same a $100 million versus savings versus 2019. What is that?

David Field: Hey look, I think that as we move out into the future, we continue our efforts to transform our cost structure and to fuel growth. So, as we get deeper into 2021, we'll give you more color about what we see in 2022, but no one's planning on going backwards within Entercom. People are very focused on executing then and driving continued productivity gains.

John Ellis: Perfect. That makes sense. Couple more from me. Can you talk about the increase in your revolver draw? What was that used for? It looks…

David Field: Yes, there were two key drivers in the fourth quarter. The acquisition of QL Gaming for $32 million and also just funding the rebounds in revenues. So you saw that our fourth quarter revenues were up 19% versus the third quarter. So sequentially, we did consume cash and working capital as we funded the related added receivables.

John Ellis: Okay. That makes sense. And then can you guys give what your cash flow from operations was for the quarter and year end?

Richard Schmaeling: We did. We said that our adjusted free cash flow was $38 million in the fourth quarter versus $2 million in the third quarter. And you can see that in our earnings tables attached to our earnings release.

John Ellis: Okay. Got it. All right. Thanks for taking my questions.

Richard Schmaeling: Sure.

Operator: The next question is going to be from Matt Dratch of Millennium. Your line is open.

David Field: I think we lost him Catherine.

Operator: We'll go ahead and go onto the next question.

Matt Dratch: Hi guys. Hi. Hi. Hello.

David Field: Hi, go ahead, Matt.

Matt Dratch: Thanks for taking the question. So one of the things I think that could be interesting is just sort of an understanding on the mobile – the active users on RADIO.COM and then sort of the opportunity for a paywall. Could you talk about that a little bit?

David Field: Cam you expand on your first question, I'm not sure what you're asking.

Matt Dratch: Well, from my understanding is you guys have 40 million active users on RADIO.COM, a large chunk of them are probably sticky related to some interesting assets like The Fan. And as you look at things like Spotify and other services that have a paywall to them before for access, maybe is there an opportunity that's on the horizon for you guys in terms of monetizing those – that sticky listener base.

David Field: Got it. So look, here's what I would respond. We've been growing very quickly in terms of RADIO.COM and our digital audio offerings. But we have a lot of head room and a lot of ways to go to get it to where we would like it to be. And obviously it's a competitive marketplace out there, but we believe we have a differentiated, competitive advantage due to the quality of our premium exclusive content, which is second to none. And that means everything from, as you mentioned, the WFAN to our award-winning news stations to local personalities and different music formats and so forth to our award-winning lineup of podcasters. And that the combination of that content exclusive content and our – the bully pulpit or the distribution of our radio stations puts us in a position where we can grow RADIO.COM, into being even more formidable player. And we have lots of plans that Rich mentioned that we will be increasing our CapEx investment in that platform this year. We're excited about opportunities for growth there and value creation for shareholders. And that's about as far as I think we can go at this point in time, as you can imagine, we just want to – we'll announce things as we rolling.

Matt Dratch: Okay. And just a couple more from me. On the BetQL, and it's a really interesting acquisition. It's certainly sort of differentiated from the pure set, given you have affiliate fees on bets that are placed, I think through the BetQL app that take you to the sports books or whatever. Could you talk a little bit about one, the affiliate fees that you receive and how those work? And two, how the sort of the nature of the subscription on BetQL, for example, like looking at the application, it looks a bit like a Bloomberg for sports analytics. How many people subscribe for two sports versus three sports, versus one sport? Can you sort of give some sense there?

David Field: Yes. I don't want to get too granular on that, but let me try to answer the question as best I can. And it should be clear. So on the subscription side, BetQL offers weekly, monthly, annual, one sport, two sport, three sport packages and so forth to help inform betters and make them more successful and enjoy the entertainment aspects of it as well. And of course that's an exploding business and those services and those offerings will keep expanding, but it's all based upon really powerful analytics and insights, which have made the platform very successful in the wording to betters. And to the affiliate fees just to focus on how that works. The sports books will pay a fee for betters – for first time betters who make deposits and start using their platforms. So we see both as robust growth opportunities for us going forward.

Matt Dratch: Okay. And then I guess, lastly, sort of the elephant in the room in terms of media personality, Barstool Radio has been off the map for about a month here. And we see, obviously, March Madness, and the college tournaments are coming quickly, which is a big moment for sports gambling now legalized in large places around the country. They seem to have distanced themselves from series. Have you guys thought about them as a potential partner? And are there any roadblocks we should consider such as you guys already have the fan or something like that?

Richard Schmaeling: Yes, I mean, obviously, we're not going to comment on, strategic relationships and so forth. The only thing I would say is we give a lot of respect for those guys. Dave and Eric have done a wonderful job of building a business. And they are strong player and it's funny, a lot of their folks come on the air with us occasionally, and we have fun with them. And we wish them luck.

Matt Dratch: Okay, awesome. That's it for me. Thank you. Appreciate it.

Richard Schmaeling: Thank you.

Operator: Next question is coming from Jim Devlin Henley & Company, your line is open.

Jim Devlin: Hey, guys, longtime listener, first time caller. Just had a quick question. I mean, I guess the 800-pound gorilla, if you will, in the room, hinges around the live event business, right? I just don't understand the disconnect between Entercom and Live Nation and maybe you can kind of give us a better understanding. Wall Street seems to be giving a pass to Mr. Rapino over at Live Nation and their pitch to the Street is we're through the teeth of COVID. Apple has destroyed the recorded music business for artists to generate income. And we're looking at potentially the greatest lineups of musical acts coming through the pipeline. I'm not saying if we get to a mask list society, but to a society where you can start filling venues with foot traffic again. Their stocks $90 trading at or about all-time highs, Wall Street is willing to give those guys a pass, willing to say, hey, when it does open, the pipeline looks robust. This is clearly a reopening play. Why does Wall Street value detract Entercom’s live entertainment business? And if we do get to a point where things normalize, how big is Entercom’s live event business? That's my first question.

Richard Schmaeling: Yes, I don't think it's on us to comment on valuations on companies like Live Nation, all I can say is that we do look forward to the bench business coming back fully. Over time, we'll have to be thoughtful about that process in terms of density and indoor outdoor, and all the obvious issues, but absolutely feel confident, that that part of our business will be back and will be robust. And, on a personal level, I'm sure many of us can't wait to get back into watching live music and live events again.

Jim Devlin: Okay, but the pipeline when it does come back, that that entertainment schedule does look very robust, right?

Richard Schmaeling: I mean, I think everybody is waiting out there are some bands that have started to schedule tours and so forth. But yes, it will be no doubt there's huge pent-up demand there. So, it will be robust when it comes back and we'll just have to see how that all plays out.

Jim Devlin: Okay. And then if I could just one more question, pre-COVID you guys were facing like really solid EBITDA numbers, probably the best you had right going into the teeth of COVID. At that time you were talking about a rapidly de leveraging the balance sheet and all the things you had hoped for kind of with the CBS transaction, the Reverse Morris Trust transaction, and over time, chipping, and chipping and chipping away at the debt. How do we look as far as debt pay downs and 2021 coming out of the teeth of COVID? And if live events and the sports continue to grow in the podcasting, and all the good things that you are growing, how do we look at several years out down the road, how much debt do you think you can start chipping away out of free cash flow?

David Field: Let me start with this and then Rich will fill in. So basically, to your point, we had a really good year in 2019, with strong topline and bottom-line growth. We then started last year nicely as well before the pandemic started with solid topline and bottom-line growth, as well. Obviously, at this point in time, we're looking forward to the recovery as it goes forward. Obviously, there's been a lot of sequential improvement over the last couple of quarters, we have ways to go and feel really good about the recovery of our local business and our events business. And we feel really good about the work we've been doing to accelerate in our more rapidly growing areas. I mentioned earlier that digital is now growing from 10% to 18% of our business and growing by solid double digits, our network business growing by double digits, et cetera. So, I think as that goes forward, that provides more free cash flow. And we'll look to continue to apply a very significant component of that to lower – reducing our debt. And obviously, as EBTIDA grows, and our debt goes down, we will continue to improve. Rich I don’t if you want to add to that.

Richard Schmaeling: Well look, I think, we are focused on ensuring that we are comfortably compliant with our covenants by the end of this year and we believe we're on track to do just that. And I think you'll see us reduce our debt this year, as we did last year. And then, it's all about recovery, it's all about accelerating cash flow growth, and using those free cash flows to pay down debt. So we understand exactly what you're saying. And that is a top priority for the organization.

Jim Devlin: Wow! So can I get just one quick follow-up? I appreciate the time, you are expecting – the prescription for your covenants was four times leverage, is that correct?

David Field: That's right. That's our covenant.

Jim Devlin: So, at $1.6 billion, I mean, – are you backing into $400 million tight run rate EBITDA guidance?

David Field: No, that math doesn't make sense to me. But we are working to be compliant with our EBITDA, our first lien. So, it’s a first lien covenant, it's not a total.

Jim Devlin: Okay.

David Field: Okay. So on a first lien basis to be compliant with our covenant at the end of this year.

Jim Devlin: Okay. And then do those covenants preclude the company from clearly not only buying back debt? Have you guys…

David Field: We…

Jim Devlin: Would it preclude you guys from being able to buy back stock to equity?

David Field: Yes. So we are precluded from making restricted payments right now.

Jim Devlin: Okay. All right. Very good. Thank you very much, and continue success.

David Field: Thank you so much.

Operator: Next question is coming from Michael Kupinski of Noble Capital. Your line is open.

Michael Kupinski: Thank you. And thanks for taking the questions. I was just trying to get a handle a little bit around the pacing data you provided. Typically, the company would enter the next month with as much as like 65%, maybe even 70% of advertising already booked. Can you kind of give us a sense of how much of the business is booked for March at this point? I know that you indicated that March is pacing better than February. I'm just trying to get an idea of how much businesses has been booked at this point.

David Field: Rich you want to take this up?

Richard Schmaeling: Yes, sure. So when we think about the full quarter, we're like close to 90% booked of the expected final. And look that's based Michael on where we sit today and then we're all curious to see how the next weeks five weeks plays out because clearly, COVID has gotten a lot better over the last four to six weeks. And we're just one month away or less than one month away from spring. So it will be – I think, we're all curious. And there's some chatter in the spaces. I think we spoke yesterday of of perhaps March gets better, but we'll see.

Michael Kupinski: Yes. And in certainly I know, business continues to be booked pretty late. So that's kind of like why I was just trying to get a handle on. I think getting into the sports betting business is brilliant, given your sports platform. I was just curious, how deep does the company plan to get in the sports betting business? Do you see additional acquisitions? Do you think there might be expansion into eSports, eSports programming, maybe, our eSports betting? I just wanted to kind of get a framework of what your thoughts are there long-term.

Richard Schmaeling: I don't see us making any place in eSports. I think we really have a great complimentary set of businesses, now between again, unrivalled sports, radio, emerging strong podcasts. And I mentioned whether it's Locked On or Kevin Durant and JJ Redick and so many other podcasts that we have in the sports space, whether it's stuff, we're doing our radio.com. And of course, QL Gaming Group, I think, gives us the tech and the subscription platform to really bring it all together. So, we'll have to see how it all evolves. But right now, Michael, we feel really good about our offerings. And it's created some really interesting entrepreneurial opportunities. And I'll close by just mentioning, we announced the launch of the QL Audio Network. And I think that's a great manifestation of where we can combine some of the pieces that we're fortunate to have, and create organic growth opportunities that can be pretty exciting.

Michael Kupinski: Great, thank you so much.

Richard Schmaeling: Thank you.

David Field: Thank you.

Operator: The next question is coming from Avi Steiner, JPMorgan. Your line is open.

Avi Steiner: Thank you. Good morning. I appreciate the time. I've got two questions, one for you Rich, and then maybe a bigger picture, one. Just in light of the free cash flow comments made with respect to an earlier question, I'm wondering if there's any updated thoughts on your debt stack, maybe some of the earlier maturities in light of what's still a receptive higher market, especially for Radio Flight? And then I have one more. Thank you.

David Field: Yes, so we are closely monitoring the high yield market and the loan market. We have been thinking about possibilities and we are considering those possibilities. So, as you well know, the markets close to all time tight, so we're really focused on that.

Avi Steiner: Okay, great. And then my bigger picture, one, and again, thank you for the time. David, you've often talked about, audio resurgence, and your business plays into audio strengths, you've got terrestrial business, podcasting, streaming. And I'm curious if you have any thoughts, albeit early on, on some of the audio offerings springing up on, for lack of a better description, social media out there, whether it's clubhouse that folks are talking about, or Twitter spaces offering, and whether you see those as kind of competitors to what you offer, or ultimately complimentary to the entire listening experience. And thank you again.

David Field: Well, thank you Avi. And it is a great question. And I don't know if we have good answers yet, right, because it's all sort of merging. What I would offer is that we're living in a time of sort of unprecedented interest in audio, or at least you have to go back to the FDR era, I guess, to match it. And that's really exciting. And to be a company with our scale, and with our differentiated, exclusive premium content, I think, puts us in a place where we can do lots of interesting things to capitalize on these trends. And what's great is you're seeing lots of consumer – the public's interest in audio, as well as more and more advertiser interest in audio. And given disruption in other spaces in the media ecosystem, we think that's going to also bring more dollars into play. Specifically, as it pertains to some of the social offerings that you mentioned, it's hard to know, over time, what those trajectories look like, right? And whether those end up being fads, whether they end up being powerful trends, that create big businesses, or products, and so forth. What I can tell you is that, to the extent that social audio emerges in a bigger way, I think, we're really well positioned to participate in that given the nature again of our scale, our reach, the engaging nature of our brands, and all of our great personalities across the country. So if there's an opportunity there, I am sure we will be participating robustly over time.

Avi Steiner: Thanks again.

David Field: Sure.

Operator: At this time, we have no further questions in the queue. I'll now turn it back to Richard Schmaeling.

Richard Schmaeling: Yes, thank you very much, Catherine. And thank you all for joining our fourth quarter 2020 earnings call. Bye-bye.

David Field: Thank you all. Bye now.

Operator: This will conclude today's conference. All parties may disconnect at this time.