Closing the year on target. The company reported full year 2021 revenue of $916.5 million, a 12% YoY increase, which was largely in line with our forecast of $919 million. Adj. EBITDA of $134.9 million outpaced our estimate of $129 million by nearly 5%. Notably, adj. EBITDA was up 66% over the previous year and up 127% year-over-year when excluding political.Balance sheet improvements. For the full year, the company paid down $176.3 million of its long-term debt, including $20 million in Q4. Notably, debt leverage is among the lowest in the industry. Management anticipates that debt leverage will improve to under 3.5 times cash flow by year end, a substantial improvement from previous guidance of 4 times. We are raising our financial assessment from 3.0 to 3.5. Return of capital. Management indicated that it plans to return capital to shareholders in the second half of this year. In spite of that prospect, management indicated that the move will not inhibit the company's financial flexibility.First quarter pacing nicely. Management noted that advertising is pacing up low double digits in the first quarter. The strong demand is being driven by categories such sports betting, government, restaurants, and crypto. In spite of the strong start, management appeared cautiously optimistic about the full year 2022. We have tweaked lower our 2022 expectations to reflect the termination of the WynnBet contract. Attractive stock valuation. Near current levels, the CMLS shares trade at a compelling 4.9 times EV to our 2022 adj. EBITDA estimate, well below industry averages, currently at an average EV to 2022 EBITDA multiple near 6.9 times. We are maintaining our Outperform rating and $27 price target, reflective of a cash flow multiple in line with current industry averages. Read More >>