Q1 exceeds expectations. First quarter results were better than expected on both the top line and cash flow. Total company revenues increased 4.6% to $565.7 million, 1.3% better than our $558.5 million estimate. Adj. EBITDA was $124.5 million, 16% better than our $107.5 million estimate. The variance on the revenue was due to stronger than expected core advertising, beating our estimate by 1.5% and better revenues in its Networks business, beating our estimate by 1.9%. Q2 guidance lower than expected. We are raising our total company revenue estimate from $596.0 million to $603.0 million. Due to the higher than expected costs in its Network segment, we are lowering our adj. EBITDA estimate from $167.4 million to $139.3 million. The Q2 adjustment took away the Q1 upside variance in Adj. EBITDA. Read More >>