2021-Q3 appears in line. The upcoming third quarter results are expected to reflect a a continuation of the advertising rebound reflected in the second quarter. Total company revenues are expected to be up roughly 20% to $237.0 million, with adj. EBITDA of $36.0 million, up 15%. The company is expected to report its third quarter end September 30 results on November 3rd. Feeling the pinch. We believe that supply chain issues and labor shortages are beginning to affect the overall health of the U.S. economy, which is more evident in the larger markets than the smaller. In addition, chip shortages continue to plague the important auto category. As such, we are throttling back our fourth quarter revenue and adj. EBITDA estimate. We are lowering our Q4 revenue estimate from $262.5 million to $256.0 million and our adj. EBITDA estimate from $39.9 million to $38.4 million. Maintaining our full year 2022 estimates. Our full year 2022 estimates are at the low end of the company's guidance and appears doable. We are tweaking lowering our revenue expectation to be conservative, but we believe that the company has a number of levers on the expense front that should allow it to meet our previous adj. EBITDA estimate of $179.2 million. Our adjustments are provided later in this report. Investment thesis is in tact. The investment thesis for our favorable recommendation is that the company is generating strong free cash flow and is aggressively reducing debt. Our modest revisions do not change this favorable view.Compelling stock valuation. We are maintaining our Outperform rating and our $27 price target. Near current levels, the shares offer a favorable risk/reward relationship with the shares trading at 5.3 times Enterprise Value to our 2022 Adj. EBITDA estimate. We believe that the multiple should expand as the company delevers, with a target multiple of 7.0 times. Read More >>