May 11th, 2026

The call showed solid top-line growth led by digital and podcasting (double-digit revenue growth and strong programmatic targets), meaningful structural positives (additional cost saves and significant tax-driven cash preservation), and reaffirmed full-year EBITDA and free cash flow guidance. Offsetting these positives were a near-term EBITDA miss, Multiplatform Group EBITDA weakness, compressed DAG Q1 margins, negative Q1 free cash flow, and elevated net leverage. The company presented clear remediation actions (cost reductions, programmatic expansion, tapering of noncash marketing) and drivers for second-half recovery, leaving an overall cautiously optimistic tone.

Company Guidance

The company guided Q2 adjusted EBITDA of $140–$160 million with consolidated revenue up low single digits (DAG revenue ~+10% with podcasting up in the low-20s and Digital X Podcasting up low single digits; Multiplatform roughly flat; Audio & Media Services up low‑teens), and reaffirmed full‑year adjusted EBITDA of $800 million and free cash flow of $200 million. Management expects overall programmatic revenue of about $200 million in 2026 (≈+50% vs. $135 million in 2025), interest expense of roughly $440 million, minimal cash taxes (tax planning to preserve ~$150–$200 million of cash from 2026–2028), capital expenditures of ~ $90 million, and cash restructuring of ~ $50 million. They see net leverage improving to the mid‑5s at year end, with Q1 context including consolidated revenue of $884 million (+9.6% y/y), Q1 adjusted EBITDA of $93 million, Q1 free cash flow of -$114 million, quarter‑end net debt of ~ $4.7 billion, liquidity of $495 million, cash of $135 million (including $50 million ABL borrow), and a net debt/adjusted EBITDA ratio of 6.9x.