Ladies and gentlemen, thank you for standing by, and welcome to the iHeartMedia Q4 2021 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require further assistance, please press star zero. I would now like to turn the conference over to Mike McGuinness, Head of Investor Relations. Please go ahead, sir. Good morning, everyone, and thank you for taking the time to join us on our Q4 2021 earnings call. Joining me for today's discussion are Bob Pittman, our Chairman and CEO, and Rich Bressler, our President, COO, and CFO. At the conclusion of our prepared remarks, management will take your questions. Please note that in addition to our press release, we have an investor presentation that you can use to follow along with our remarks. Before we begin, let me quickly cover the safe harbor statements on slide two. During this call, we will make forward-looking statements, including the current and expected impact of COVID-19 on the company's liquidity, financial position, and results of operations. These estimates are based on the current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ from these expectations and assumptions, and these risks and uncertainties are discussed in more detail in our filings with the SEC. During this call, we will refer to certain non-GAAP financial measures. Reconciliations between our GAAP and non-GAAP financial measures can be found in our earnings release or in the investor presentation available on our website. Now, I'll turn the call over to Bob. Thanks, Mike, and good morning, everybody. Thank you for joining our Q4 2021 earnings conference call. We're delighted to report another strong quarter and wrap up a very strong year, which we see as evidence of the progress we've made in the continuing digital transformation of the company. In 2021, we achieved a number of important milestones, both financial and operational, that reflect the success of our company's transformation into a data-led digital business with important new platforms like podcasting, all built upon the flywheel effect of the scale and unparalleled reach of our broadcast radio assets and the only unified ad tech stack in audio advertising. We believe we're poised for continued success in 2022 and beyond, and that our Q4 and full year 2021 performance is strong evidence of that momentum. Before Rich takes you through the detailed results of the Q4, I want to touch on a couple of key points. First, our revenues continued their strong performance in the Q4 while driving margin expansion in both of our two key segments. Our Q4 consolidated revenue grew 14% compared to prior year. You may recall that our guidance was an increase of 10% versus prior year. Excluding political, Q4 revenue increased 25% versus prior year. Importantly, for the first time since the beginning of the pandemic, our quarterly consolidated revenues exceeded their pre-pandemic comps, with Q4 2021 revenues up 3.5% when compared to Q4 2019. We generated adjusted EBITDA of $294 million for the quarter, an increase of 11% versus prior year, while generating $52 million of free cash flow. For our segments, in Q4 2021, our Multiplatform Group adjusted EBITDA margins were 34%, and our Digital Audio Group adjusted EBITDA margins were 36%, both of which represent year-over-year margin expansion. Second, we continue to deliver industry-leading growth in our Digital Audio Group, and the momentum continues. The Digital Audio Group grew Q4 revenues by 59% versus prior year, and within that group, podcast revenue was up 130% versus prior year, and digital ex-podcast revenue was up 36% versus prior year. To put those, we significantly outperformed the podcasting industry growth of 30% and the digital ex-podcasting industry growth of 20%, continuing our trend of outperformance compared to the industry. In Q4 2021, digital revenues represented 26% of total company revenues, compared to Q1 2019, when they represented under 10%. In Q4 2021, podcasting revenues alone represented almost 10% of total company revenues, clear evidence of our digital transformation. In January, according to Podtrac, iHeartMedia was again the number one podcast publisher in the U.S., now with more downloads than the next four largest publishers combined. Finally, the Multiplatform Group, which includes our broadcast radio, networks, and events businesses, continues to demonstrate that it is also a growth engine for the company in both revenue and earnings. Q4 revenues grew by 9% versus prior year, and when excluding the impact of political, Q4 revenues increased 17% versus prior year. We're confident that we will reach our 2019 Multiplatform Group revenue levels and continue our growth past that point, and here's why. We believe certain key advertising categories will continue the recovery to pre-pandemic levels, like auto, entertainment, and retail, and others like pharma continue their strong growth. There are also new ad categories and customers that are continually added to the mix, like cryptocurrency players and sports betting. We'll also continue to take share from competitors in the radio advertising space. According to Miller Kaplan, we continue to outpace our broadcast competitors and expect to continue to take share there. Looking more broadly across the media landscape, we believe the TV TAM represents an important growth opportunity for us as well. Ad-supported TV reach continues to decline, down to 54% reach for the largest broadcast TV network and just 32% reach for the largest cable network. Compared to iHeartRadio's broadcast radio audience, which reaches 90% of Americans every month. Broadcast radio in general, and iHeartMedia specifically, is the most efficient and effective way for an advertiser to provide the missing reach in any TV-centric advertising campaign. We've also developed the capabilities for our broadcast radio assets to participate in the $160 billion digital TAM through the utilization of data-infused solutions, including our SmartAudio product. Finally, within our Multiplatform Group, we expect our events business to not only recover to pre-pandemic levels, but to grow from there, given the pent-up consumer demand for live events and experiences and our results we're reporting today are a reflection of the continued successful execution of our strategy and the momentum of both our Multiplatform and Digital Audio Groups. As recent studies have shown, the advertisers are following that trend with an increased allocation to audio advertising. We believe that our consumer reach is the number one audio company in America, with a leading position in broadcast radio, podcast publishing, and digital radio, supported by an unmatched sales force and ad tech capabilities, set us up to benefit from those trends in a way no other company is capable of. We will continue to build new platforms for our brands and creators to serve consumers and advertisers using our unique assets to build a strong position in Web3, the metaverse, NFTs, and tokens as the market opportunity develops. Now Rich will take you through more details of our earnings and a look ahead into Q1. Thanks, Bob. Good morning, everyone. As I take you through our results, you'll see the consistency and stability of our financial performances, and we believe we have the assets to maintain that predictable growth going forward. Turning to slide 13 of our investor deck, our consolidated revenues were up 10% year-over-year. We are also pleased with our continued sequential revenue improvement against 2019, highlighted by our revenue in Q4, which was up 3.5% compared to 2019. Our direct operating expenses increased 17% for the quarter, driven primarily by the significant increase in revenue, which drives higher content and profit sharing expenses, third-party digital costs, and expenses related to the return of local and national live events. Our SG&A expenses increased 10% for the quarter, driven primarily by higher variable bonus expense based on strong financial performance and higher sales commissions due to high revenue. As a reminder, in 2020, you'll see our corporate expenses increase year-over-year. In addition, increased headcount from the investments in our fast-growing digital businesses contributed to the increases in SG&A, which were partially offset by decreases in employee compensation and other expenses resulting from the modernization initiatives and cost reduction initiatives taken in response to the COVID-19 pandemic. Our Q4 GAAP operating income was $123 million, compared to an operating income of $112.8 million in the prior year quarter, and our Q4 a djusted EBITDA was $294.2 million, compared to $265.5 million in the prior year quarter. If you turn back to slide four, I'll provide additional color, providing the investor presentation on our segment revenue performance. Digital Audio Group revenues were up 59% year-over-year, and Adjusted EBITDA was up 65% year-over-year. Within the Digital Audio Group is our podcasting business, whose revenues grew 130% year-over-year, and our non-podcasting digital revenues, which grew 36% year-over-year. In the Q4, they were 36%, a 140 basis point improvement year-over-year. Multiplatform Group revenues were up 9% year-over-year, continuing our sequential improvement compared to 2019, and adjusted EBITDA was up 20% year-over-year. Multiplatform Group adjusted EBITDA margins also continued their improvement. Q4 2021, 36 points compared to Q4 2020 of 31%. The Audio and Media Services Group revenue was down 35% on a reported basis. Excluding the impact of political, slide 19, there's a summary of our debt. At quarter end, we had approximately $5.4 billion of net debt outstanding, which includes a cash balance of $352 million. We also continued to improve our net debt to adjusted EBITDA leverage. As a reminder, the terms of our debt structure include no material maintenance covenants, and there are no material debt maturities prior to 2026. We are continuing to actively monitor market conditions and will optimize our capital structure as opportunities arise. In the Q4, we generated $52 million of free cash flow. We also successfully executed against our previously announced savings initiatives. As a reminder, our pre-COVID modernization initiatives achieved a $100 million run rate target as of mid-2021, and we successfully replicated the majority of the previously announced $200 million post-COVID savings as well. In 2022, we expect significant revenue, Adjusted EBITDA, and free cash flow growth, and we would like to provide the following specific guidance. Starting with Q1. Our January consolidated revenues were up 18.3% compared to 2021. For the Q1, we expect revenue to be up approximately 17%-19% year-over-year. In addition to being a cash taxpayer in 2022, as previously announced, we will continue to have supplemental capital expenditures in order to complete our previously announced leverage target of approximately 4x. Bob and I would like to thank our employees without whom this journey would not be possible, the communities we serve and our business partners. Again, that's star one to ask an audio question. Your first question comes from the line of Steven Cahall with Wells Fargo. Please state your question. Primary components for us. You know, we've got adjusted EBITDA and free cash flow generation. Would love maybe a little bit of color on how we think about each of those as contributors to de-leveraging this year. You know, it's probably a question I'm going to ask every quarter. Yeah, just thought I would keep on that theme. Thank you. Thanks, Steven. First, let me start on the first one. I feel we've made significant progress, even from Q3 to now and throughout the full year. I think to put that in context, in terms of 2021, what we've always said towards achieving our goal of 4.0 on leverage ratio, and I think that's going to come from really two areas. Again, we haven't given full year guidance, but we expect to get significant EBITDA growth, significant increase in free cash flow. Both of those pieces moving forward. Then finally, you know, I would just add one thing to make sure everybody's very clear. You know, when we get to about 4x as a company, we've been returning value to shareholders and equity shareholders due to pay down of debt at a levered capital structure. Now we're going to take a step back and say, okay, what's the next step? Call in March, I'm sure that may come up, soft call in May, I'm sorry. I'm sure that may come up later as a question. Just be assured, rest assured we're monitoring another lever we have to pull that will create value for all of our shareholders. Yeah. I think going to the SmartAudio question, you know, SmartAudio continues, as you might imagine, although it's a small piece of the total revenue, continues to outpace the revenue growth of the Multiplatform Group, again, indicating the power there. SmartAudio, again, then that suite of services is used not only to generate money directly through, you know, the SmartAudio line, but also we're finding increasingly that the data and analytics associated with SmartAudio are finding their way into a lot more buys and a lot more discussions with advertisers. It remains really an important focal point for us for our future growth, not only in digital, but probably significantly in the Multiplatform Group as we make that inventory much more digital-like. We look forward to your question in Q2 again, Stephen, on SmartAudio. Sounds good. Thank you. Your next question comes from the line of Stephen Laszczyk with Goldman Sachs. Please state your question. Hi. Good morning. If I could, first, thanks for the commentary on January revenue growth. I was wondering if you could maybe talk a little bit more about advertising trends and activity as it trended across digital and multi-platform in Q4 and into Q1. Digital appears to maybe have grown a little bit faster than we expected in Q4. I'm curious if that's a trend that we could extrapolate or if there's anything unique to Q4, maybe COVID, that we should consider. Then, could you talk a little bit more about some of the recent trends you're seeing across your ad verticals? What verticals are over-indexing? What verticals are under-indexing? And which of those do you think are most likely to see improvement over the first half of the year? Thank you. Well, let me hit the second part first, and then I'll let Rich take the first part you had there. I think in terms of what we're seeing with advertisers is, you know, we saw some advertisers pull back some during the pandemic, some doubled down during the pandemic. We've sort of seen, you know, not necessarily an impact from the way you might have expected looking at headlines, and certainly nothing like we saw the first year of the pandemic. We remain optimistic that the country and advertisers are just beginning to take all this in stride, and we're not seeing the kind of disruption we've seen in the past. In terms of across verticals, I think, you know, we haven't broken out verticals, but I would remind you that we have no category that's more than 5% of our revenue, no single advertiser more than 2% of our revenue. So we have a very diversified revenue base, which allows us, I think, you know, anytime you get a shock to the system within reason, we probably see a corresponding benefit somewhere else and tends to mitigate that risk a bit. Yeah. Stephen, just on the revenue trends, looking at, you know, pretty much as we talked about in Q4, I mean, we really haven't seen any slowdowns in, you know, the overall revenue trends. Just, you know, as a reminder, you know, that January tends to be one of our slow months of the year, just, you know, historically, and it's also a little bit the law of small numbers, you know, compared to the rest of our numbers, which again, is nothing new, historically. You see the guidance we gave for Q1 coming out and, you know, quite frankly, I think you tie it into a box without specific categories. You know, part of the reason we really don't talk a lot about categories is because as certain categories go down, you know, it's our job to find other categories, and bring our offerings to them and find the revenue streams there. Not much to add to that. Great. Thanks for that color. Your next question comes from the line of Ben Swinburne with Morgan Stanley. Please state your question. Thank you. Good morning. I wanted to ask about your technology platform following the Triton acquisition and integration. Also, I saw you made an interesting investment in a company called Sounder around brand safety and just how you think about the podcasting business really scaling from here beyond host-read ads to more programmatic and radio-like ads and how the sort of iHeart Audience Network compares to other options in the market. Obviously, companies like SiriusXM and Spotify are building marketplaces as well. I'm wondering if you could sort of talk about how you see your portfolio versus theirs. I just had one question on expenses, either for the Q1 or for the year. Any help in thinking about expense growth on sort of a fixed cost basis or whether the employee base and compensation levels in Q4 are a good run rate? Just trying to think about, you know, all the work you've done on the expense base over the years, is that now largely the structural change is largely done and now we're looking at more normalized expense trends going forward? Thank you. Well, let me hit the podcast question, although Rich hit the expense. You know, I think on podcast, our podcast business is really built at the end of the day on our strength as a publisher. The fact that we publish and control that number of podcasts, and again, it's, you know, sort of interesting trajectory we've had. It was 18 months or so ago, we were neck and neck with NPR. Today, we are in the last Podtrac. We had more downloads than the next four podcast publishers combined. That kind of strength gives us a lot what we think of strength in building marketplaces. When you say what makes ours different from others is our marketplace is not just about the technology, it's about we have the product, and now we can apply the technology to it to improve the monetization of it. Y ou're absolutely right that I think one of the big areas that people have monetized, and certainly we have, are host-read ads. As you know, we developed the technology early on to be able to dynamically insert host-read ads, so they're not permanently associated with any one podcast, which allows us to, again, maximize that kind of revenue. We made the Triton investment and built out our ad tech stack because it became apparent that there's still going to be a portion of the podcast inventory we're not going to be able to get through traditional sales methods, even though we have the largest ad sales group by a lot, I think, in audio. That we've got the long tail of either old episodes, additional episodes, or in many cases, regional or small podcasts. We've been able, using our, again, the data and analytics suite, is to build out audiences and find those across the marketplace, and again, open the marketplace up to other publishers as well, using our footprint of our big published podcasts, as the fulcrum point. Hey, Ben. Just quickly as a quick follow-up before we get to Rich. Just Bob, do you see that third-party publisher business as a big opportunity? Because it would seem like as podcasting scales, obviously, you can monetize your own IP really well, but there might be a big third-party opportunity as well. I was curious if you think that's a good business long term for iHeart. You know, it's an additional business. It doesn't come with the same margins that our published products do. I think when you see the performance of our podcast business versus others, when we're talking about profitability and the way others talk about it, I think you see the financial implication of that. We're very cognizant of that. Yes, I think there's opportunities for us to extend. By the way, also just a big opportunity for us to extend into the podcast inventory that we have not sold. You know, when we got a huge podcast, we tend to sell it out. We got a lot of small podcasts, you know, singles and doubles. We've also got some very big regional podcasts. You know, a podcast from one of our personalities that happens to be big in Detroit, but nowhere else. We've got an opportunity now to tie all those together and find money. Then when we make that sale, we have a much better margin because it's a published podcast versus just a sales rep deal. Sure. Hey, Ben, I just want to hit a couple additional points, and then I'll go right to expenses, and for yourself and obviously the benefit of everybody on the call, because I know people are wildly busy, so we try, you know, continue to put more and more in writing that I think addresses that you could take away. If you look at the investor deck that we put out today, when everybody has a chance, you know, there's a number of slides in the deck that go through and make the points that Bob talked about. So I'd invite you to look at those in terms of, you know, quite frankly, the breadth of our podcasting offering and our significant outperformance, not just recently, but over a consistent period of time and widening our lead there. I would suggest everyone in terms of going through and kind of looking at those numbers because I think it should give you a lot of confidence. There are significant outperformance on the revenue side for podcasting, which again, you know, remember, we were up 130% in this quarter on podcasting revenue. I think the industry was up about 30%, according to Magna out there. The second thing I would say back to your question about Triton, we put in a slide we've had a number of times that we've gotten good feedback on, which highlights the audio tech stack that we've built up over the years. Again, you know, I think what's important also about all this story, it's a story that Bob and I have been telling for a number of quarters now, and even maybe beyond a number of quarters. There's a consistency to the story. There's a consistency to the numbers. There's a consistency to the growth rates and what we're bringing down to the bottom line on margin that we need to continue to share with all of our shareholders. Because, again, I'm not sure if people have fully appreciated this is not just one, two or three or four quarters. There's been a consistent story here, and we feel very comfortable with this story going forward. Finally, I thought Bob mentioned this in his opening remarks. We also put for the first time in a slide, which broadens out your question to kind of all of digital, and Ben, I think of all people, you'll particularly appreciate this, is that in Q4 of this year, we had 26% of our company revenues with digital and in Q1 of 2019, 6% of our company revenues with digital. You know, we have that in there. As you guys think about, you know, doing things and modeling things out, it gives you an anchor to do that. And back to your question on expenses, as we said in the script, yes, we've all the expense numbers we put out there, we have hit. They're baked into the numbers. Achieved everything in Q4 of this year. You did notice our corporate number was a little bit higher because we had full year bonuses this year or bonuses this year. Quite frankly, as Bob articulated earlier, we didn't have any bonuses for, you know, the bulk of our team because of the Omicron and because of COVID in 2020. What I would say on expenses, you saw where our margins wound up. I think, you know, people are always questioning, gee, when are you going to get back to the mid-30s% on margins and we show that in Multiplatform for Q4. The question we always get, are margins sustainable in digital in the mid-30s% where most of the big digital players have no margins? Again, we're in the mid-30s here again. I think we actually had one margin point improvement over Q4 of last year, which I think people are very pleased with. You know, we're going to continue to focus on how to make our operations more efficient and bring the flow-through down to the bottom line that you saw both in Digital and Multiplatform this year. Long-winded answer, but we'll detail expenses. I do think it's a pretty good proxy for run rate going forward. That doesn't take away we're not always looking for more efficiency. At the same time, we're going to continue to invest in our high-growth businesses like the ones Bob and I just spoke about, particularly on the Digital side. Thanks, guys. Your next question comes from the line of Jim Goss with Barrington Research. Please state your question. Okay, thanks. A couple of them. First, I was wondering if you have had any significant variance in ad sales trends by market size since you cover a lot of market sizes, and whether you tend to see a lot of variance in terms of political spending, since we'll be getting into that very soon. Well, you know, it's interesting. We start out by you know, unlike broadcast radio companies, we have a national footprint. We're the only one that does. When you look at our broadcast radio alone, we have a 90% reach of the country of consumers, not overlap, but that's actually consumer reach in a month. What that allows us to do is to be able to talk to advertisers about a national footprint with local execution. As opposed to thinking about each market as independent business units, we think about the markets as local execution for advertisers, and it varies advertiser to advertiser as to which markets they want, whether they want all markets. We're able also to put that together with digital podcast audiences, et cetera. Now with our SmartAudio suite of services, we're able accurately to find audiences that go through all of them. Then we've talked about in our tech stack with the addition of the Triton acquisition, we now have the only unified electronic ad tech platform. As a result, we now can find an audience and seamlessly go across everything from podcasting, digital audio, to broadcast radio. I think that puts us in a unique position. The earlier question, you know, about our platform and how does that help us? I think probably one of the most significant ways this helps us is we've got this huge reach. We've got these big audiences across all of our product lines and all of our platforms. It allows us to stitch it all together. For an advertiser, there's an advantage to someone who is able to seamlessly find those people wherever they are, and I think that's a big advantage for us. Are you saying then that your national platform with a lot of market sizes tends to blur the distinction in trends that others might experience whether in smaller, medium or larger markets because of that platform? Yeah, that's a really good point. I think it is the answer. I think you begin to, you know, in the old days, people in radio would talk about local advertising and national advertising. You know, we've talked about on calls before, that we have a strategy of any seller, anywhere can sell anything. We built out the training for that, and we built out the electronic platforms to enable them to do it and to track it. What that allows us to do is blur the line. We've got a local seller in Jackson, Mississippi, can sell a national ad campaign if they want to. Or they can sell four markets or three markets. It almost doesn't matter where it's coming from. That has been, you know, now so even internally, when we say what's national, what's local, it gets very blurry. I think again, we've taken the focus much more of what's the ad? Who's the advertiser? What are they trying to accomplish? And what's the best way to accomplish that using our assets? We have so many platforms now, as you point out, so many markets, I mean, no one's got a reach like we do, really puts us in a unique position. Finally, when you compare the reach, there are really three, what I would call tier one reach vehicles in America. It's us, Google and Facebook reaching about 90% of America. It's a pretty substantial fall off from there. When you look at other audio players, you know, in broadcast radio, it's sort of half our size. When you get to digital, it's even lower than that when you look at a pure play like a Spotify or Pandora. It really puts us in a unique position, and I think we've built out both the company capabilities and our strategy based on that unique capability. Hey, Jim. It's Rich. I might just add, you know, one more thing to what Bob just said, and I'll mirror back to something I just said before with Ben's question. You know, I think the other important point is, you know, at the end of the day, we're responsible for delivering, Bob, myself, the rest of the management team. You know, number one priority is to create value for our shareholders. You know, we've been building out these capabilities we have, whether it's between the Multiplatform and the reason why Bob mentioned and I pointed out the ad tech stack, which is highlighted. I think the reason we've highlighted in our investor deck. I think the reason why it's important that we mention for context what digital was part of, the overall company's revenue in Q1 and what it is today. Again, all that is context to say, okay, we identified investing in digital. We identified podcasting, you know, following the consumer, following the advertisers. I think we've just consistently put, some pretty significant increases on the board and expect to continue to do that going forward. Again, we didn't give specific guidance, but we did say, if you look back to what we said in the earnings remarks a few minutes ago, substantial growth in revenue, substantial growth in the EBITDA, substantial growth in free cash flow, substantial improvement, you know, to getting to 4x, which by the way, you know, the leverage ratio is a data point for what I said earlier. All the pieces that I talked about, how do you get to the revenue, good expense management generation and free cash flow manifests itself into that, you know, accelerated rate of getting to 4x. Like I said, you know, one of the reasons you'll never hear us talk about different categories or individual advertisers or by the way, big and small markets, you know, because the company is called iHeart, and then there's only one stock that's there, which is the iHeart stock. So, you know, great question out there, but I just want to make sure we kinda bring it all back with the one focus and mission we have, is to create equity value here through all these pieces that we're talking about. Okay. Thanks. One quick one. Networks and broadcast radio tend to track one another pretty well. Networks lagged a little this quarter relative to the radio group. You might, you know, say why that might have been the case. Secondly, you mentioned more time spent with audio than with linear TV, which I think you've said a number of times in the past. When you talk about linear TV, does that partly reflect just the shift to streaming? How would it compare to all TV viewing? The other issue with radio has been time spent listening, which tends to lag by quite a bit. Maybe you talk about the trend there too. Sure. Look, on our broadcast radio, let me start with that. We get about 30 minutes a day of listening. That's more than social. That's more than search. It is, you know, quite significant. I think we're, you know, from a macro picture, this company, we don't really have an audience issue. What we have is a monetization issue, and that's really where we focused our resources. You know, there are many, you know, like the TV business, if I were there, I'd be worried about what am I going to do with this lost audience. You know, TV usage has not probably gone down much, but it's switched to non-ad supported viewership. You know, people are watching the streaming services and subscription. Basically, all drama, comedy, scripted stuff has moved over there, leaving mostly reality and sports on ad-supported TV. I think as we look at our unique position, I think we see opportunities that others don't. Going to your point about networks, you know, we are in the Q4, Premiere Networks was down just a little bit, but our total traffic and network was up. We see, you know, some are up, some are down. I don't think networks tracks exactly our broadcast radio because we sell it a different way, and it's going for a different audience and has different characteristics to it. All right. Well, thanks very much. Thank you. Thanks. Your next question comes from the line of Dan Day with B. Riley Securities. Please state your question. Yeah. Morning, guys. Appreciate you taking my questions. Once again, great job on the podcast side in the quarter. I think all eyes are going to be on sort of the growth rate. You know, it's going to be hard to continue to grow at 100%+ quarter-over-quarter or year-over-year rather. I guess just if you had to isolate maybe one or two factors between CPMs rising, you know, ad fill rates, more creators choosing to join the network, something else maybe, I guess which of those do you think is going to be most important here in driving the incremental podcast growth in 2022 and beyond? If you could just give us anything to try to frame up what that growth rate might look like, I'd appreciate it. Thank you. Sure. I think, look, at the end of the day, we've got a flywheel effect going of being the number one podcast publisher. You know, when you get this kind of lead in terms of the world, if you've got a great podcast idea, you probably come to the leader first to see if they can do a deal. You know, we probably do almost any deal that makes sense based on content or economics. If we don't do the deal, it's probably because the economics don't work, and we're delighted for it to go somewhere else. By the way, if the economics don't work for us as the number one podcast publisher, they're certainly not working for anyone else. We don't want to get in the business ever, that slippery slope of profitless prosperity. We're not willing to do it. Margins are important to us, and profitability is important to us. So, you know, we continue to start there. I think in terms of profitability and how we keep it going, one is we increase the number of podcasts we do. Two, we improve the performance of our biggest podcasts. I mean, when you look at how many of our podcasts have 1 million-plus downloads, you see that growth trend as well. Three, we're experimenting with different kinds of ad products that can go into the podcast. You're exactly right. I think the podcast industry as a whole is adding more inventory. It's very, very low compared to what we see in radio. There's of course, the long tail, which we get at two ways. We get at it through having any seller anywhere selling anything, including podcasts now, which gives us by far the biggest sales force selling podcasting. We also, as we talked earlier, the tech stack and the investments we've made in terms of being able to get at that long tail inventory begin to sell audiences in addition to titles, becomes very important. We have huge titles, whether it's, you know, from the NFL or Will Ferrell or Shonda Rhimes, or, you know, the biggest now, Black network product with The Black Effect with Charlamagne tha God as our partner there, that we've got so much we can do, but we've also got audiences. When we're looking for specific audiences and we can find them now in podcasting, we can also link them to digital audiences, digital audio audiences, and link them to broadcast audience as well, providing a scale on top of the podcasting. I think all of those things contribute to the growth. You know, it's interesting, the podcast usage just continues to increase in America. It has surpassed the reach of the big streaming music services like a Spotify or Pandora, and continues to grow. You know, the question is, will it one day have the same kind of reach as broadcast radio? I don't know, but I certainly think it's got that kind of engagement and got that kind of popularity. You know, we are both fueling it and benefiting from it. You know, what I might just add to that, just a couple points. One, you talked about, you know, in terms of the growth and the numbers. You know, just to remind everybody, yes, you know, we were up 130% in Q4. I think Q4 is a critical indication. I think whether it's our company or anybody else, you should look at Q4 to give you confidence as you go into 2022. It's not even like we just changed the page and it's a different date out there. Just a reminder, you know, we were actually up 148% for the year on podcasting, so it wasn't just the 130% for one quarter. It is, I'm going to keep using this word again and again and again. It is a consistency and predictability to our revenue growth and bringing things down to the bottom line that would be great that, you know, investors continue to focus on. The second thing I would say, you know, Bob highlighted in terms of, you know, yes, you can drive all the podcasting revenue in the world, but if you don't have the sales force and the efficiency to bring it down to the bottom line. Again, if you look at our margins and look at our conversion ratios for both Digital and Multiplatform, I think you'll see that we've said this is a great business in terms of generating value on incremental advertising revenue dollars, and we demonstrated that again. Just the last piece I might mention in terms of the pool of money that's out there. You know, if you look out four or five years and you look at whether it's PricewaterhouseCoopers or Magna or, you know, eMarketer, because there's so many people doing projections, and I'm not saying take any one projection because we don't take any one projection, but they pretty much coalesce around the, you know, $3-$5 billion podcasting pool of revenue, which I think is up from about north of $1 billion, again, U.S. advertising dollar podcasting revenue from 2021. Whichever number you believe or whatever you think that pool of money gets there, it is, I think we can all agree, it's very significant growth going forward. Let me add one more thing, because we didn't highlight it in the call, but I think it's worth noting, is we're increasing our share of the podcast revenue pie. In addition to the pie growing, the second vector for us is increasing our share of it. That outperformance, you know, based on the Magna number, gives you a pretty clear indication of how we're doing that. Although we haven't given guidance for podcast revenue going forward, we have said we intend and we expect to continue to increase our share of it. We do get that flywheel going as well. Finally, in terms of some comfort about the growth of podcast revenue is look at the engagement numbers. Almost anyone you want to look at, whether listening to the whole thing, how long they spend, how many episodes they're now listening to, is clearly that's an engagement that the advertiser is very interested in because messages get heard and the impact is great. Indeed, when people are measuring the impact of advertising through podcasts, it's pretty dramatic too. I think all of those things give us confidence that this is a great growth area for us, both in terms of the marketplace for podcasting growing and also our vector for growth in it, both in terms of product and in terms of monetization. With that. Yeah. We'd like to thank everyone for the support, for taking the time today to listen to the iHeart story. Bob, myself, Mike McGuinness, and the team are available, you know, for follow-up questions, and we're always here. Again, thanks for the time and support. Thank you for participating in today's conference call. You may now disconnect your lines at this time.