Q2 results exceed expectations. Total company revenues of $178.4 million was 9% above our $163.1 million estimate, driven by exceptional 1,045% growth in Digital revenues and a solid 108% revenue growth in its Audio (Radio) businesses. Even its TV had a solid revenue performance, up 26%. Adj. EBITDA exceeded expectations $17.8 million versus our $16.1 million estimate.Solidly, a digital media company. Combined with recent acquisitions, Digital represents 73% of total company revenues. The recent acquisition of MediaDonuts is expected to augment the strong growth of its acquired Cisneros Interactive business.Solid Q3 outlook despite tough Political comps. Digital is pacing up 948%, TV minus 4%, with core advertising excluding Political up an attractive 13%, and Audio up a strong 25%, 40% excluding Political. Based on the favorable outlook, we are raising our full year 2021 adj. EBITDA estimate from $71.3 million to $72.6 million and tweaking higher our full year 2022 estimate to $72.6 million from $77.1 million. Strong balance sheet. As of June 30, the company had cash and marketable securities of $181.9 million, or over $2 per share, and debt of $213.8 million. Total leverage is a modest 1.7 times, leaving substantial opportunities for the company to pursue acquisitions and return capital to its shareholders, which appears likely. Raising price target to $10. We are raising our price target from $8.50 to $10 to reflect the favorable rebound in its advertising revenue recovery across its business lines, prospect for positive upside surprises in its adj. EBITDA, and expansion in its multiple due to its strong growth oriented Digital businesses. Read More >>