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    Avi Steiner

    Research Analyst at JPMorgan Chase & Co.

    Avi Steiner is a Managing Director and Senior Analyst in the Research Division of JPMorgan Chase & Co., specializing in fixed income and leveraged finance. He covers sectors including auto credit and high-yield industries, with engagements involving companies such as Clear Channel Outdoor Holdings and Chase Auto Finance, and has developed a track record for market-focused analysis since joining JPMorgan Securities in 2008. Previously, Steiner worked as a Research Analyst at KBC Securities USA and holds an undergraduate degree from McGill University. His credentials include extensive experience in debt capital markets and executive-level research, recognized through his senior leadership role and active participation in high-profile industry conferences.

    Avi Steiner's questions to GRAY MEDIA (GTN) leadership

    Avi Steiner's questions to GRAY MEDIA (GTN) leadership • Q2 2025

    Question

    Avi Steiner of JPMorgan Chase & Co. asked whether the recent acquisitions from Block and Allen Media were the result of competitive auctions or direct approaches to Gray.

    Answer

    Chief Legal & Development Officer Kevin Latek declined to discuss the sellers' processes due to NDAs. He emphasized that it is a small industry and that Gray's long-standing relationships and the trust built with the counterparties were instrumental in successfully completing the transactions.

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    Avi Steiner's questions to GRAY MEDIA (GTN) leadership • Q4 2024

    Question

    Avi Steiner of JPMorgan Chase & Co. requested more context on the potential for rebalancing economics with network partners (reverse comp) and asked how management views the trade-off between repurchasing discounted long-term debt versus addressing nearer-term maturities.

    Answer

    CFO Jeff Gignac stated that major network contracts with CBS, FOX, and NBC are up for renewal and are currently 'out of balance,' but declined to give a full-year guide until they are resolved. Chairman and CEO Hilton Howell added that the new ABC deal was favorable and that they are seeing the first-ever decrease in network-like payments. On debt strategy, Gignac said the market would guide their actions, noting the 2027 maturity is now at a 'manageable' level, allowing them to be opportunistic.

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    Avi Steiner's questions to Clear Channel Outdoor Holdings (CCO) leadership

    Avi Steiner's questions to Clear Channel Outdoor Holdings (CCO) leadership • Q2 2025

    Question

    Avi Steiner from JPMorgan Chase & Co. asked for context on the 90% of Q3 revenue under contract, details on the new 'In-Flight Insights' attribution tool, and an update on the company's balance sheet strategy, including its minimum cash balance.

    Answer

    CEO Scott Wells stated the 90% contracted revenue figure is typical for this point in the quarter and that the ad environment improved in late June and July. He described 'In-Flight Insights' as a proprietary tool offering a timeliness advantage over competitors. CFO David Sailer added that the company's minimum cash comfort level is $50-$75 million and that free cash flow, excess cash, and asset sale proceeds will be used for debt reduction.

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    Avi Steiner's questions to Clear Channel Outdoor Holdings (CCO) leadership • Q2 2025

    Question

    Avi Steiner from JPMorgan Chase & Co. asked for context on the 90% of Q3 revenue under contract, details on the new 'in-flight insights' attribution tool and its competitive standing, and the company's next steps for managing its balance sheet, including its minimum cash balance.

    Answer

    CEO Scott Wells explained that having 90% of revenue under contract is typical for this point in the quarter and is factored into guidance. He described 'in-flight insights' as a proprietary tool providing a competitive edge through timeliness, while noting the industry collaborates on broader measurement standards. CFO David Sailer added that the company will use free cash flow, asset sale proceeds, and excess cash to pay down debt, with a minimum cash comfort level of $50-$75 million.

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    Avi Steiner's questions to Clear Channel Outdoor Holdings (CCO) leadership • Q2 2025

    Question

    Avi Steiner from JPMorgan Chase & Co. questioned how the 90% of Q3 revenue under contract compares to prior years and if it suggests potential upside. He also asked about the new 'In Flight Insights' attribution tool, its competitive differentiation, and the potential for an industry-wide standard. Lastly, he inquired about the next steps for the balance sheet, particularly addressing unsecured notes, and the company's minimum cash balance.

    Answer

    CEO Scott Wells stated the 90% contracted revenue figure is typical for this point in the quarter and does not imply guidance was sandbagged. On 'In Flight Insights,' Wells confirmed it is a CCO-specific tool with a timeliness advantage, and while the industry collaborates on core metrics, CCO will continue to innovate individually. CFO David Saylor added that the company will use free cash flow, asset sale proceeds, and excess cash to pay down debt, noting a minimum cash comfort level of $50-$75 million.

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    Avi Steiner's questions to Clear Channel Outdoor Holdings (CCO) leadership • Q1 2025

    Question

    Avi Steiner of JPMorgan Chase & Co. posed several questions regarding how the company's more digital asset base might perform in a downturn, the expected cadence of site lease expenses and margins, the rationale behind recent debt repurchases, and the nature of interest from potential strategic counterparties.

    Answer

    CEO Scott Wells noted that while untested in a traditional downturn, the digital portfolio saw a faster recovery during COVID and is not currently showing weakness. CFO David Sailer explained that Airport segment margins will normalize around 20% without prior rent abatements, while the MTA contract will temporarily impact America's margins. Sailer also stated that debt agreements provided an 18-month reinvestment window, allowing them to repurchase bonds offering the best yield. Wells confirmed strong interest from potential strategic partners but stated it was too early to provide details.

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    Avi Steiner's questions to Clear Channel Outdoor Holdings (CCO) leadership • Q4 2024

    Question

    Avi Steiner of JPMorgan Chase & Co. asked for the implied corporate expense guidance for 2025 and whether there was potential for further reductions as the company simplifies its structure. He also asked how management plans to tackle the balance sheet while simultaneously investing in the core U.S. business.

    Answer

    CFO David Sailer estimated 2025 corporate expense in the mid-$30 million range, with more significant savings expected in 2026 post-divestitures. CEO Scott Wells addressed the balance sheet strategy, stating that with divestitures nearing completion, the company will focus its energy on innovation, creative partnerships, and using excess proceeds to accelerate AFFO growth and reduce interest expense, aiming to transition to a 'high functioning public LBO' model.

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    Avi Steiner's questions to Clear Channel Outdoor Holdings (CCO) leadership • Q3 2024

    Question

    Avi Steiner from JPMorgan Chase & Co. asked about the company's capital allocation strategy regarding debt reduction, the drivers behind the implied Q4 EBITDA decline in the full-year guidance, and whether the stalled Spain asset sale prompts a strategic pivot for the European business, such as a spin-off.

    Answer

    CFO David Sailer confirmed that as free cash flow generation improves, paying down debt is a top priority, and they would evaluate opportunities based on bond pricing. Sailer and CEO Scott Wells attributed the Q4 outlook to tough comps in Europe-North, some softness in the U.K., and costs from new contract ramps. Regarding Europe, Wells reaffirmed the company's commitment to a sale process, stating he is not yet at a point to consider alternative structures like a spin-off, emphasizing the strong performance of the European teams despite market turmoil.

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    Avi Steiner's questions to E.W. SCRIPPS (SSP) leadership

    Avi Steiner's questions to E.W. SCRIPPS (SSP) leadership • Q1 2025

    Question

    Avi Steiner asked if the cost discipline from Scripps Networks could be applied to the Local Media segment and questioned how potential FCC deregulation could impact the ION network and negotiations with virtual MVPDs (vMVPDs).

    Answer

    CEO Adam Symson explained that significant cost-saving levers have already been pulled in Local Media, with future efficiencies likely coming from technology like AI and potential market consolidation. He stated that regulatory changes could allow Scripps to acquire more ION stations, improving margins by reducing lease expenses. Symson also expressed optimism that regulatory relief, particularly regarding vMVPDs, would provide greater operating leverage for direct negotiations, leading to better compensation and carriage for independent stations.

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    Avi Steiner's questions to TEGNA (TGNA) leadership

    Avi Steiner's questions to TEGNA (TGNA) leadership • Q1 2025

    Question

    Avi Steiner asked about the extent to which TEGNA would increase leverage for an M&A deal and how the company thinks about synergy opportunities. He also asked for their view on how industry ownership might evolve, such as through the creation of 'super groups' versus station swaps.

    Answer

    CEO Mike Steib explained that a key driver of value in consolidation is the reduction of redundant back-office and support costs, which would allow for rapid deleveraging even if a deal required taking on debt. He stated that whether the industry evolves through large deals or swaps will depend on the players, prices, and motivations that emerge post-deregulation, and TEGNA's role will be determined once that landscape is clearer.

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    Avi Steiner's questions to CUMULUS MEDIA (CMLS) leadership

    Avi Steiner's questions to CUMULUS MEDIA (CMLS) leadership • Q4 2024

    Question

    Avi Steiner asked about the company's capital allocation strategy regarding its debt, specifically how it weighs paying down the 2026 maturities versus repurchasing other debt trading at a discount. He also asked for the rationale behind not renewing the shareholder rights plan.

    Answer

    CFO Francisco Lopez-Balboa stated that while the company has sufficient liquidity for the 2026 maturities, it is evaluating the entire debt stack and made no repurchases in Q4 while assessing the market. He noted that a lower EBITDA outlook for the non-political year impacts cash flow and influences these decisions. Regarding the rights plan, Lopez-Balboa explained it was implemented for a specific situation that is no longer a concern, so the Board decided against its renewal.

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