Overachieves cash flow on softer revenue. Q2 total company revenues of $146.0 million, down 46.6% yoy, was lighter than our $151.5 million estimate. Adjusted EBITDA loss of $6.3 million was better than our loss estimate of $12.6 million. The better than expected loss estimate reflected the company's earlier $85 million annualized cost reductions. Not flowing through the upside to full year. Radio advertising trends are improving, but not at the pace we originally expected. We are tweaking lower our Q3 revenue and cash flow estimate in an abundance of caution. We are tweaking lower our Q3 revenue from $196.0 million to $193.0 million and our Q3 cash flow estimate from $13.2 million to $10.2 million. We are lowering our full year cash flow estimate from $61.1 million to $56.6 million and our full year 2021 cash flow estimate to $114.5 million from $128.2 million. Tower sale, more than expected. The company sold substantially all of its towers to Vertical Bridge for $213 million, more than our $150 million to $175 million estimate. The sale is at a compelling 14 times multiple and it will add to the company's liquidity to manage through the pandemic. Debt to be significantly reduced. The company added to its cash position in the quarter by $91 million reflected free cash flow generation and a long awaited real estate sale. Combined with the planned proceeds from recent and planned asset sales, the company's debt is expected to be roughly $700 million by year end, down from $1 billion at the start of the year. Due to the improved financial position, we are raising our fundamental assessment from 2 to 2.5. Raising price target. The planned debt reduction from announced asset sales significantly enhance the investment appeal despite our downward revised 2021 cash flow estimates. Near current levels, the CMLS shares trade at 4.9 times Enterprise Value to our revised 2021 cash flow estimate, which takes into account proceeds to be used for debt reduction. We are raising our target price from $10 to $13, which maintains our target multiple of 6.1 times EV to EBITDA. Read More >>