Jon Niermann: Well, I think for us, I guess, the good news is a couple parts to that. One, last October, November, September, we saw what it could mean to our business, which were our best months ever. So we know that when you’re coming into a presidential election year in other words anticipating some good activity there. We’re also starting out strong here, as I alluded to in my part, and the political avenue kicked in yet. That’s just pure organic. And I think that’s really important to notice as well. So you’ve got a recovery on the organic side, coupled with what we believe will be some good political coming down the road. In terms of percentage of venues, it’s a matter of choice and clearly it’s targeting. And we’ve got the partnerships with the AI where we make sure that ads are showing where they should show, and the venues are comfortable with that.
So it’s never really forced on people, but we do know that a good majority, especially out of home, they aren’t — it really doesn’t bother them that much, and they often opt in on that. So it’s good for us. We think everything is stacked up nicely.
Eric Wolfe: Perfect. And then the final question for me, as you look at all the changes you’ve made in terms of cutting out the cost, starting to see hopefully a pivot back towards stronger trends and placement. Kind of, help us to bridge the gap of where you are balance sheet wise before you think you make that pivot to consistent positive cash flow and if there is a gap that needs to be filled or you think you’re fine with the current balance sheet?
Neil Watanabe: Hi, thank you, Eric, you know, we’ve made a lot of strides since the second-half of this last year in sort of repositioning, you know, our expense structure, gaining efficiencies, fourth quarter, obviously we were a 22% reduction over the prior year and we see that continuing and leveraging as our revenues continue to ramp in 2024. We also have some margin expansion that we clearly believe that we can achieve over 2023 as our revenues allow us to leverage some of those in addition to some of the negotiations we’ve done with some of the advertisers and our business partners. So all said, we believe that we are cutting down the cash burn each quarter. And that’s going to allow us to start getting to breakeven and then needless to say, generating cash flow on a positive, adjusted EBITDA basis.
So we’re very encouraged that things are working in the right directions from a revenue growth, margin expansion, and being able to leverage our expense structure. So I think all of those will help not only improve the profitability, but will help in our cash position as well.
Jon Niermann: And just to add a little more color to that, Eric, I think it’s important to note that we always strive to use cash from operations as much as we can. When Neil talked about a cash balance from a year ago, that was right after uplift and that’s the most we’ve ever had. We’ve never been one of those companies that is sitting on some sort of $50 million type investment. And we’ve managed that to make sure that we’re as careful as we possibly could be without diluting folks and at the same time just making sure that as revenue increases we’re using that for operations as best we can. So we feel comfortable where we are and especially as the business is tracking, we feel good about things.
Eric Wolfe: Perfect. Thank you both. Appreciate it.
Operator: Our final question comes from the line of David Marsh with Singular Research. Please go ahead.
David Marsh: Hey guys, thanks for taking the questions. Just wanted to start on the comment about Q1, kind of, starting out strong. I mean, you guys obviously have a pretty tough comp. I am assuming that when you say it’s starting out strong, it means relative to the rest of this past calendar year, as opposed to looking at a year-over-year comp type figure, is that a fair assessment?
Jon Niermann: Hey, David. Yes, I think it’s fair. What we’re trying to say by that is these past three quarters have been pretty flat as you know. So to kind of grow past that, we certainly want to get back to those kind of eight figure double-digit type of quarters, you know, and that is where we need to be. So we’re not really, kind of, giving a specific number, but I think more to your point of it’s just nice to kind of move off where we’ve been over the past few quarters.
David Marsh: Yes, and just to follow-up to that, national it’s obviously been a big story all year, national advertising has been pretty slow. I mean, are you guys starting to see some uptick there? Just on the old — tube, seeing some of the big advertisers come back a little bit like the auto manufacturers, hopefully with the strike behind them they can get focused back on selling vehicles? But just broadly speaking, are you seeing better momentum on the national stage?
Jon Niermann: We are. We are. You know, it’s certainly not, you know, fully back, as everybody well knows, but we’re definitely seeing momentum on the national stage. And we’re seeing it on the regional stage. And to what Darren was talking about, we’re certainly hoping for it on the local stage too.
