The business must generate approximately $120 million in cash operating profit JUST TO KEEP THE LIGHTS ON and not burn cash.
But with $7.4 million EBITDA in Q1, they will fall tens of millions of dollars short of that goal as 2021 real EBITDA will likely be closer to $75 million so they’ll continue to burn cash.
One of several hidden gems we discovered buried in the 8K SEC filing after announcing a bone-jarring 24% decline in first quarter advertising revenue with overall revenue down $57 million or 19%.
Here are some tidbits you won’t find David “Killing” Field (for killing off radio for audio) talking about.
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