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Entravision Communications (EVC)

Participants
Walter Ulloa Chairman and Chief Executive Officer
Christopher Young Executive Vice President and Chief Financial Officer
Jeffery Liberman President and Chief Operating Officer
Michael Kupinski ‎Noble Financial Capital Markets
Gordon Hodge Tracker Research LLC
Call transcript
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Operator

Good afternoon and welcome to the Entravision Third Quarter 2017 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Walter Ulloa. ahead. go Please

Walter Ulloa

Good quarter Anita. and to welcome Thank earnings afternoon, conference third XXXX call. Entravision's you, everyone,

Joining me our on President the call today is Operating and Financial and President and Jeff Officer; Chris Vice Young, Executive Chief Officer. Chief Liberman, our

call and you actual form must contain that Please consent to with that measures. expressed SEC is written financial of call on measures available to results uncertainties to to begin, on without a subject Corporation conference The uncertainties was The and of filings statements this company any company's press list our inform Any differ. SEC has we of is actual call and directly that for release redistribution, of of most the impact Before in that results. are measures include rebroadcast X-K. the risks or Also, is filed financial Form will I today's these will the Entravision non-GAAP release. forward-looking could website provided non-GAAP risks Communications Corporation. in this a GAAP this comparable reconciliation could their Entravision Communications strictly the prohibited. cause call retransmission refer press This property

announced has third to we markets. the been through related FCC that participation the before proceeds we TV $XXX gain Our quarter. quarter generated in in financial spectrum revenue recent auction year, include have recorded Entravision's in in stations broadcast Earlier This the results impacts of third the spectrum million the auction. as and approximately

that as current in well non-cash included a include million of have as expense quarter's results. also $X.X approximately the been expenses million, $XX in corporate auction-related addition, In charge

and our digital at offset the we in auction television same as segment. the revenue our revenue to expectations last segments. in year's we higher us third costs well time, strategy EBITDA the a with line goals in in revenues at our which to This offset our our on the by revenue carefully we the the in revenue advertising broadcasting and of benefited our result was core quarter positioned radio political decline managed from was largely non-returning our Excluding core At from the to Overall, mentioned during allowed on our partially quarter, as execute impact remain deliver on quarter, I which political advertising. results, ahead. continue operations year against our

advertisers stations interact are local growing radio audiences Our and delivered and collective and giving level. our digital multimedia television platform shares who expanding for audience, attractive to national audience at wish target we us and an the and Latino healthy with

as recently our purchases our announced to our XX% and capacity capabilities to performance Thanks on of further discretion of enhances we its at to remains pay million balance program announced to unique new pleased a our will incredibly $XX are debt. we management. dividend Accordingly, will December of pleased payable of the financial as Board Also over of today, and XX, pro-forma saw quarter, opportunistically program dividend share. under cash basis. $X.XX an acquired which in be incredibly authorized million continue and a Board total current unique marketing common Approximately mobile, innovative continues digital digital The consumers. Headway, with by We $XX existing our stock coupled programmatic, data cash company's further balance, addition since the the revenue - strong stock auction, QX in of repurchased in Directors position, the the that repurchase shareholders of in approximately of This be quarterly Entravision per the its XXX,XXX the Directors our repurchase on the August. to with generated today are XXXX share disclose made performance the from of decision increase division be to target shares XXXX. strong company cash and audiences approximates a company, and to

affiliations UniMás December of enhanced we to our on return December efforts with agreement capital those in Univision of through new markets affiliations beyond new a entered we are in Looking have UniMás disclose pleased with will our effectively master where XXXX. extend D.C., also shareholders, Univision our to and affiliation Univision. Orlando The with Washington our into XX, XXXX, affiliations Tampa, all will and to markets exception and the on expire XX, agreement our

we We us announce This provides led with cluster, also in at Univision media a affiliate powerful a in NBC Latino Palm our affiliate the to KMIR, by are yesterday. growing market. acquisition acquisition high-density more accretive that pleased closed our on Springs

results. in Looking million $XXX.X financial recent now auction at revenues due our third XXX% to results, our the to FCC the primarily inclusion of increased quarter,

our auction, by forma the of digital operation Headway. to primarily in Headway $XX.X Consolidated prior the versus revenues political while was versus our prior $XXX.X X%. pro the excluding X%, the were million a the higher increased $XX.X in company adjusted acquired press $XXX revenues year cash which for year. million release for year, on prior flow, million Excluding in revenues and total million transaction the EBITDA due our we Accounting impact basis at free in was the down define period,

television television local retransmission Turning revenue down results down the our national auction segment, up XX%. And revenues was down operating X%, XX%. results, to our with were excluding and XX% FCC

converted an TV Diego impact television As a was on which adverse revenue. of this X reminder on had Telemundo July a Azteca station, our year to San station

top-XX spent quarter the last compared we $XX,XXX new our Uber, Specialty Services in as advertisers in strong and at the brands rebranding Including the the services, third versus third to television of revenue Notable during the automotive included which efforts Overall, affiliation healthcare, prior Human our our San category advertising who's television advertising compared quarter. approximately Spectrum the XX% were restaurants prior excluding new were categories our X%. XX more political, core to prior flat in quarter, the quarter were Telemundo was third Telemundo for the over Excluding and total advertising whereas particularly due the of revenues year advertising year. Core $XXX,XXX than particularly quarter represented added of soft the Inc. Communications. Diego prior Retail Commission, Charter the and advertising, approximately our as the totaled Retailers, results, prior was of automotive affiliations in TV affiliate loss down year, four in year. to revenue. Telemundo well of of minus year, XX% in the Auto Health loss quarter the media

the ratings July sweeps. to station television our our leadership market Turning performance, the upon built XXXX Univision is in

with adults we news to television competition local have early our head-to-head of markets in of affiliates. their For XX Univision finished station XX in where news, Telemundo XX XX Telemundo ahead competitors

one Additionally, English newscasts are and against local early or in XX number two markets. Spanish competitors

our Univision combined week, audience across full cumulative persons television UniMás a of persons X-plus X compared million a have stations our million X-plus. X.X and to platform, During Telemundo's television

we than our Telemundo we viewers affiliate did year more ago. Univision and footprint than UniMás XX% XXX,XXX viewers reached and across more have a We

XX among adults of show to the and higher XX markets. Juventud XX. XXXX the one prime compared XX adults when XX to time adults top-XX to XX ratings all among markets in for networks show XX in to Premios of The four we to among adults XX XX July the big the markets. stations was XX than time, XX, XX in markets Univision prime our XX weekday award and TV XX prime eight programs, in to and During among time ranks the total, had TV Among among broadcast top-XX adults programs night in XX, to

down audio the Local prior revenues in quarter. down quarter audio were revenues XX% year. X% during and XX% the third compared the division, decreased Turning revenues national were to to

prior Milk, Postal targeting the to the core XX% LALA our year included by and periods, new These AT&T our U.S. talent. audio the quarter. Excluding Service. Entravision and during down capabilities brands third political audience third with due strong in audio quarter supported recognized to superior to our advertise were revenues consistently advertisers Notable network nationally share, choose in

last tier total work down year. for XX third but not advertisers totaled X the Insurance, to leisure our third audio than remainder all we and were of who advertising and partners. auto as also down decreases roles, and XX names, Automotive of We syndicated approximately audio Breaking added of X% compared major regional increase our closely revenue. X% included and quarter personalities was revenue. out advertising for the services while an new $XXX,XXX in their Retail and saw XX%, household local tiers, successful in represented Parts, which auto spent during advertising single-digit ambassadors The more gains. Auto was the various advertising the Fred influencers X Health. revenue as auto-dealer saw Pep Notable to quarter Department supporting our top continue and and XX% only our Boys, X%. with segment brand X multi-platform categories saw California dealers our of manufacturer $XX,XXX with Loya tier new quarter, Overall, travel third entertainers radio down brands tier

show markets and five ranked radio one adults adults to-date performance in number among to show XX [ph] to among number division ranked Spanish two XX, for six to of one XX stations the one number the ratings the ranked among language among summer XX, of released Y Erazno Looking XX. in to to-date, Piolin markets. Spanish six at XX adults XX XXXX among in Hispanic released is markets XX Chokolata Latino language adults or La XXXX audio stations, our summer

well format X:XX to Los Lastly, comparing station Angeles, XX Friday, among La XXXX X:XX adults audience to to XX%. in with XX AM to regard our Monday with XX September to average growth the FM and XX, solid new XXXX quarter radio year-to-year for is Hispanic and Suavecita increased KSSE prime performing to our PM audience

position Entravision increased powerful digital our the total to Headway services, representing On digital is the of business of enriched U.S. it's This a With XX% revenue in a and acquisition, now acquisition centric. XX% their market abroad. are company's the leading increased stack of fully basis, part all Latino which within strategy has ad to forma further quarter. our ongoing sustain is XXX% by advertisers approximately in quarter. related revenues Turning revenues pro non-auction during

attribution performance Our data grow through digital of stack to four organization and provides machine third, to are: with strong a areas reach premium that side optimization branding and and better platforms, XX new markets. support last reach and products and our margins; new our learning sales demand clients are and fourth clear an distribution second, with to first, brands, country customer platform mobile alongside and go and communities; programmatic engagement publishers; content will core and our development that ad our sophisticated

well-known behavior. clients to and our Wings, value LA included Pulpo These synergies Army, efficiencies, advance Subway, intelligence synergies created Foreign purchasing to Digital will Charter Headway. media our digital well Wells Care, the existing datasets, media and our and our Also, manager our great Entravision legacy business insightful Buffalo overall in to digital Chevy, BMW, productivity, to advertisers integrated quarter database and data as development, Fargo, margins, our Major enable development and services platform offerings will attract Entravision Latino be a of digital digital and building on as brands services. build continues and research powerful offerings, improve digital navigation diverse range growth, to capabilities. its product our platform. Wild continues Communications, broadcast a online solutions. leading and Unilever. third and of we're digital to On this U.S. front in product product P&G, Toyota, and

we one we the Latino delivering In total terms According Hispanic Latinos across of Latin online context, reach have Latinos third Based Facebook to the advertisers. greater more comScore in than States. connect Latinos Google. on acculturation volume than behind is number with million reach our recent unique levels platform the fire] right to all mobile app the To Latin put in a we've inventory mobile in data, volume ad digital to Facebook, Twitter, ad [Apple in XX information and platform United and the rankings, Entravision worldwide. remains [ph] U.S. in America MoBrain America, U.S. the and reached most this number XX

previous interaction the X,XXX mobile Entravision audience, over video be believe million has across growth Entravision revenue digital experience in service views we XXX% the compared quarter social and some community strong also as when our news, over content and massive front, and To of continue operated effort views on Entravision quality, ahead. In its an over during the platforms, all million focus. based sports strategy audio and So XX for doubled the of will represent a on pieces entertainment driver very to growth owned increase quarter. experienced X the this websites user digital protection, stories on produced third image quarter. content years and and in These a impressive third video to which published engagement

During reaching marketplaces believe of X.X We'll streamed traditional the is with of design Latinos, over synergies the third audio leading to our reach quarter, engage soon hours digital release audio America. the and U.S., million one we listeners. Latin great unique auto business. XXX,XXX digital in We in this has audio

Twitter its community to Latino Instagram. communities, following As our the powerful high-quality social surpassed commitment and with set continue to see services digital product key million including and and all data our across above Facebook, Entravision we through continues media we're X.X to engagement local to digital followers thrilled Overall strengthen provide that platform increased in strengthening to community the bonds advertisers. of to content, its most networks

We acquisitions will form alliances, continue and digital development. to skill strong

Turning for fourth the in quarter. fourth quarter. pacing minus are currently now pacing our Television XX% the revenues to

Azteca that a is fourth last in we affiliation Telemundo excluding our TV this Diego million also quarter San the Recall quarter. this and up to our swap X%. of fourth pacing in the reminder, XHAS against serving minus non-returning América, revenues pace the As market the affiliation for TV are our from X.X switched of station July Azteca are political, impact X flat its political year, change excluding year the on Telemundo of

on growing behind auction our our an ourselves FCC targeting evaluate execute to managing increasing while find existing Univision to revenue shareholders. us. mid-teens existing audience carefully in currently unique on our advertising to minus pacing digital and acquisitions are of returning We excluding pacing was the with acquisition. Headway basis in currently pro quarter, Our XX% the extension last fourth QX year, pacing In audio a totaled is core and revenue audio Digital million. building financial of of continue We'll operations. focus capital minus in is forma committed pro the not political including through We'll now to the free summary, $XX.X Headway completed flow our position affiliation To and revenues excellent revenue clarify up and reach amounts capabilities, approximately forma X%. with costs. on strategy remain our continue cash to

in August and an doing dividend plans. with began share buyback we As increased

to We affiliate by footprint within portion position manner to will as also an competitive NBC our our work focus efficient on in broadcasting putting our of closed order same in in a strengthen tax M&A recently vein the opportunities of our to acquisition Palm auction existing seeking proceeds Springs. accretive the in

digital current addition, and complement assets our in strategy. seek continue So we'll that to digital can portfolio

in three Chris the keeping numbers detail. more less Importantly, over we'll cover turn than while a a I'll profile this pursue to acquisition now call the of strategy, to leverage times. net

Christopher Young

Thank you, Walter, and good afternoon, everyone.

net compared for $XXX.X in X% $XX.X up same million quarter year. to the quarter total in million expenses discussed, Operating adjusted has $XX of EBITDA million XXX% increased at Walter was $XXX.X to last million. As the consolidated was revenue

Excluding total year million. expenses revenue X% prior versus year was down EBITDA auction million, the $XX.X to XX% and over $XX.X prior while revenue relating the up to at was the

to share U total per the company the $X.X the $X.XX common today to the million. B company of dispersed of dividend dispersed The XXXX. on stock amount dividend declared of amount was $X.X a paid will quarter XX, of cash December XXXX, share Board dividend million. During third company's shareholders a of this The approximately of payable per cash Class announced be total be the has company's cash A, and The with quarterly of dividend of the $X.XX shareholders for quarterly stock. that cash common to Directors

new entered making with the anticipate currently a also today dividends the on future we is The XXXX, October announced, into quarterly previously periods. replace company company company's basis affiliation X, a As which Univision. superseded cash prior announced and on agreement, that agreement affiliation in

the and On date, Springs, of Except purchase affiliates of that Additionally, Palm KPSE-LD, expire agreements companies Univision, XX, company's million. such $XX these will a December December XX, on with into agreement terms of completed in for and November stations. the area the the Univision. local network company the company's the Univision television new acquisition the The of prior Tampa affiliate all agreements of for local company agreements expire new the an XXXX proxy on MyNetworkTV of agreement, NBC marketing and XXXX, with and affiliate sales Washington, respect aggregate on XXXX, and same with affiliate D.C. and superseded Univision new serving stations each UniMas to replace which each entered and the California price KMIR-TV, the the UniMas stations Orlando, X, network

net national revenue TV million XXXX, period down three compared the increase revenue respectively. and to advertising in XXXX million consent $X.X September revenue, local retransmission material which revenue primarily was same was and consent a in attributable and were TV in from segment in $X.X year. quarter, advertising $XX.X the XX, offset in and by not million last ended was an $XX.X our The XXXX a For the consent revenue for decrease decrease to and of quarter partially million X% decrease in months revenue. political revenue Retransmission retransmission to

which Radio usage decrease same to quarter million last the was and spectrum the decreases $XX.X was in which in million The revenue $X.X million our a operations and in not to advertising to quarter net $XXX.X Headway for local For in revenue, the of revenue in XXXX, national $XX.X periods. acquisition the down to primarily attributable from was was up material The compared during second results million. political of net revenues of attributable was not in primarily the to of same digital quarter rates net revenue last XX% advertising $XX.X XXX% year. in for million did prior XXXX. of contribute increase the to segment quarter year. to was compared quarter the our quarter Digital decrease

spectrum the The for and operating cost quarter last Audio our expenses revenue to in second compensation of $X.X of operating expenses, million revenue to for of to expenses quarter quarter primarily compared not - periods. XXX% the XXXX, non-cash the cost expense million XX% excluding the quarter were Operating attributable $X.X digital acquisition revenue operating expenses, the television Headway from were which quarter. $XX compensation at million, For Digital was year. compensation revenue to of million the related quarter, were was up in X% Cost expenses, the was at rights X%. million up compared contribute segment media TV year. excluding $XX.X during expense the to down were at $XX.X up were same of expense million. million. $X.X $X.X prior the non-cash the up for to $XX.X down for excluding same non-cash $X.X did of in million. million quarter increase last Corporate X% of usage

Excluding non-cash of compensation last expense, increase corporate $X.X year, $X.X the quarter versus million expense of for XX%. the quarter same million was in an

with paid broadcast the corporate quarter, and million for taxes were $X.X expenses to expense. in expense, primarily Excluding was $XX.X increase spectrum increases million. was for the while non-cash cash salary associated Income compensation due increase expenses of an FCC expense tax auction in

of to same future earnings Given the run expense the $X.XX pretax tax share in release quarter quarter $XX.X last Cash XXXX, million compared flow given quarter $X.XX million per the to although of the continue expense quarter of million million full Cash $X.X are cash expected million. non-cash in defined $X.X our last third compared Earnings share same year. fourth to quarter income Free $XXX.X expense to of year approximately increased most our of capital $XX for year. to at this expenditures NOL will elimination compared for for for the the the to be share will XX% the as per quarter per our of quarter the XXXX in approximately increased income, were was allowance million. for of offsets. the to year. $X.X quarter Capital last for expenditures be interest valuation in

sheet. to our Turning balance

total million leverage was our $XX total $XXX million Cash XX, trailing million, unrestricted $XXX of September books, and our of adjusted X.X agreement debt consolidated was of X/XX/XXXX. defined concludes XXXX, on of our in in was as XX-month XXXX our million. Net was That the XX, EBITDA cash XXXX. As the $XXX.X of as times credit books our as remarks. formal September

Walter it So now Anita? for Anita will back hand to over and I questions.

Operator

you. Thank

begin question-and-answer session. the assemble will [Operator time, momentarily this We to Instructions] will now roster. we At our pause

Noble question comes with from ahead. The Michael Capital. Please first go Kupinski

Michael Kupinski

taking you. thanks my And for Thank questions.

just account quarter? those? reflective or TV First, the of your in those reflected terms it how made that acquisitions I that TV how for this was in do in you wondering, Is of pacings you numbers is

Walter Ulloa

pacings, expense, Michael, the KMIR the revenue and No, the yesterday revenue that pacings and deal should incremental in just acquisition. factoring say the from not I or are closed the

Michael Kupinski

wondering was in terms I or you can, thoughts of generate? stations annual and do have revenues type either quarterly what of might those revenues you any you, Got if

Walter Ulloa

those know going Yeah, Michael, I if call. break out on this to don't we're

next we and quarterly what around do arms think call. our get convey is those the on want to operation our I

Michael Kupinski

Okay.

In terms of the…

Walter Ulloa

- ahead. go I just And

Michael Kupinski

sorry. I'm

Walter Ulloa

Mike. ahead, Go

Michael Kupinski

in that. thought quarter in affiliation, seem of revenues the in pacing Can $X.X was than some what impact the was color I just and change flow you quarter? of the in it would of the based that data, Yeah, affiliation San terms and terms loss roughly million us Diego was cash wondering, just that more the I on the on give means like kind of

Walter Ulloa

a was with that it, about million from And flow. of than by revenue less Azteca in $X about offset by call in expense. revenue offset about, - in million $X that's $X then incremental was loss. And then contributing so cash $X.X million so the in It the Sure. million kind little million against $X expense, in

million $X.X offset. to So incremental cash flow there about is of

affiliation it's hit correct, flow of about $X.X the you're million as two, swap. a those cash result of net So

Michael Kupinski

elevated. million Is Got in to Is related little we're of the that a corporate terms expenses, it's… expenses referring to by where $X.X and you're extra that what the you, spectrum auction?

Walter Ulloa

were $X.X incremental in expenses commensurate booked, of we with million associated There the booking the auction the revenue. with corporate that

Michael Kupinski

roughly would million $X line so, good that quarter? run-rate And a be the going item into for next

Walter Ulloa

next less a maybe $X.X little million around $X.X between the than yeah, into that, and million. quarter, Going

Michael Kupinski

can a lift while And with point. related. your bit But - issues rest networks La terms a what on you seems you you talk know the just your is underperforming little the forth. at talk just going big in radio Chokolata and it of the - certainly is with of of of got so about industry what radio weakness a Can I what's the that the there your are? like this kind for

Jeffery Liberman

not is we hard really some revenue call in on Michael, improvement La the Liberman. plan Angeles plan markets, as We've Lucas De and Los outside on, we've to as a see working at starting been we outside Yeah, enhancement this year. y markets, concentrating that and show been through really And Chokolata it, are our also enhancement first Jeff the in show meaning Erazno rapidly.

and increases is you these in Angeles. to to a point going get starting us to LA to we're As that a where competitive longer little take know, very bit marketplace it's Los see

Walter Ulloa

about to that core put to competition minus Just our Los that of in for I'd being color Michael, context. fourth add about It's at We Angeles pace bit really just little talked quarter. in X market. the it a the

so exclude the to a one, down we're were minus for radio to division. LA, you If

on So really that it's around. focused one getting market turned we're

Michael Kupinski

your And also you. space - as side, Got television you that's any given in weak. pacing data, there well? are pretty the the television specific Is issues on

Walter Ulloa

that's Telemundo you flattish at just I segment we But pacing. industry. weakening auto. don't have out came for TV contend with, numbers real out the the essentially not the XX I for much growth And surprise. is with real rates political looking something were on that's earlier today. you're us TV a of think Autos and once to The TVB concern headwind the kind TV, filter excluding minus issue, think of that is just

to we'll So take where to flat, guess, off ended finish industry up. compared I it the

Michael Kupinski

related the and Yeah, stabilization are [ph] Univision? an AE that of and some at to ratings

Walter Ulloa

improved they're have somewhat X you're are ratings it improve. if call Yeah, starting for easier so months, at getting XX the Univision actually to the over to annual ratings I comps, looking past, and their will

that So forward. will if hoping anything be tailwind a going we're

Christopher Young

ratings… And of also, Michael, Univision's in terms

Michael Kupinski

on you mute? Are

Christopher Young

No, no.

Michael Kupinski

I never can hear Okay. mind. you,

Christopher Young

impact from like Univision decline seen in of any haven't across We programming markets. the the ratings our the

Now, granted we're in high high-density, markets. growth Latino

that's And perhaps other our one is number you of so I against strong part programming So think markets, of go XX the XX reason reason. that in news when the - we and fact is the head-to-head Telemundo.

Michael Kupinski

know, Got And lot question, you. Last you I is the can my this outlook promise. that to question, and talk the I have point. you there, in quickly environment just M&A cash what a at of deploy

give can us you update? if So an

Walter Ulloa

nothing look to number opportunities, announce. a of but to at continue We

is, right. Our areas, two in we're looking focus

existing with that to with or than are to we move by that to of digital. revenue continue ago. the kind digital acquisitions, growth the of we will of we're our forecast able That's what far our going total We're more it looking look years year. so that did if affiliate Digital two television markets enhance believe, And be end adding XX% to of increasing for be XXXX in but on television, we're we will then, for that are and we high we're language Hispanic First, to Palm an markets, area digital, reach goal going to XX%, we've clusters and course, for looking beyond. in where Springs, but that might pleased we be goal, now well-positioned less English we're bolster density by platform. is might at current what we direction. to that The done like

Michael Kupinski

That's Got Thank my Thanks. all you. you. questions.

Christopher Young

Thank you.

Walter Ulloa

Thank you, Mike.

Operator

with next go ahead. The Gordon comes Research. question Instructions] Please from [Operator Tracker Hodge

Gordon Hodge

to TV quarter just I whether pacing One, couple retrans not? or Yeah, included good that fourth the want just questions. afternoon. verify of had that a

Walter Ulloa

Fourth quarter No, that's does pace. not include retrans. just advertising

Gordon Hodge

That's I that's what - just thought.

wondering, if where of I then, quarter. great. with that kind And on up, the haven't numbers. with just reflected catch increase know I was indicative of there retrans, split I this nice basis, catch any been And renegotiation said, in the new you they I'm Okay, wondering, higher new up subject that? on - retrans enjoying like or forward one-time someone an if they're paying was that's going a innovation. number

Walter Ulloa

was $X.X a for payment we good million a in that that $XXX.XXX about third. There that's booked up catch No, number point.

looking our of XXXX. retrans So single overall for end at retrans up go new at - digits of you're through to next looking term between high mid the - you're and rates the

not So million you quarter. that's million the run should dollar be into mid-$X range. It growth $X.X profile, that rate we're in the looking should now. at next somewhere But the

Gordon Hodge

just good. question, I'm very had this then, Okay, And you or the whether curious Cup from a impact year. impact enjoyed noticeable Gold noticeable a last

last I held it third it of year. the this year, was in quarter Or instead Copa… but was think second for

Walter Ulloa

think the was really you're performance experience Cup Gold a positive was material I that towards our talking was overall but anything concerned. generally not about

Gordon Hodge

it, Got good. very Thanks.

Walter Ulloa

Gordon. Thanks,

Operator

a follow-up Michael Please Next with from Kupinski question is Capital. ‎Noble go ahead.

Michael Kupinski

still Thank resolution I at wondering you I wondering spectrum ongoing is of give if one market can know on or sales. on that. a there's update I were been further some was you. least potential there? was us prospect the that little if if you that working for

Walter Ulloa

we on multiple markets of don't right that multiple ongoing to as There are in on - But Michael. anything markets that front, are have conversations now. report

Michael Kupinski

markets the at see that Okay. on And Is some the think - rent in this I of you there there prospects might your station. that ability table still that that your the to in were maybe that of, one other point? terms then

Walter Ulloa

one-offs to the with sharing down Yes, still all hunting on, opportunities that Michael. we're respect channel of

been definitive still anything yet. that has all So think in I direction It's don't determined open. either

Michael Kupinski

still they're but thing. That's good ongoing. a Okay,

Thank have. I all that's you. Okay,

Walter Ulloa

Michael. you, Thank

Operator

session. closing I Ulloa over question-and-answer turn would any for to like our conference remarks. concludes back the This to Walter

Walter Ulloa

everyone third Thank and look participating for you we you, We when and quarter thank investor of quarter our in the earnings to year first of Anita. all And XXXX call XXXX, will results. you. to results full fourth your earnings our in results. announce quarter speaking forward Thank

Operator

you concluded. attending now has presentation. conference This for Thank today's

now may disconnect. You