Hal Steiner

Hal Steiner asked for the pro forma cash balance after the April refinancing and inquired about the expected timeline for paying down the revolver balance that was drawn.

Answer

CFO Jason Combs did not have the pro forma cash number immediately available but noted the company drew on its revolver to fund fees with a plan to pay it down. He clarified the expectation is to pay off the revolver balance by the end of the year, not necessarily by the end of Q2.

Inquired about strategies to improve TV audience delivery, the potential upside from CTV advertising, and the company's financial policy regarding cash reserves and M&A in the current economic environment.

Answer

The company is actively exploring different audience measurement solutions for its TV segment. The CTV ad upside comes from switching to a new ad server that enables programmatic transactions, which is expected to go live in August and provide tangible upside. Regarding financial policy, the company does not need to hoard cash as reducing debt improves free cash flow. Any M&A must be highly accretive and delevering, considering industry-wide downward pressure, and should be financeable on its own.

Hal Steiner asked about plans to improve TV audience delivery, the potential impact of the new CTV ad server, and the company's financial policy regarding cash management, debt buybacks, and M&A in the current weaker operating environment.

Answer

Alfred Liggins (executive) confirmed they are actively exploring new TV audience measurement solutions. He and Jody Drewer (executive) detailed that a new CTV ad server, launching in August, will unlock programmatic monetization and tangible upside. Liggins stated that M&A must be highly accretive and delevering, and the company does not need to hoard cash, preferring to use it for opportunistic debt repurchases to manage leverage.