We are focused on improving our margins and growing free cash flow that will allow us to continue to reduce our debt, decrease our leverage and lower our interest expense. So as of today, our fourth quarter revenue is pacing down 9% and breaking that down, October was down approximately 17%. November is pacing down 9% and December is pacing up 6%. Excluding political, fourth quarter is pacing down 1% with October pacing down 4%; November down 2% and December up 6%. Last year, we recorded about $5.1 million net of political revenue with $4.9 million of that booked as of this date last year. We continue to be super focused on developing local direct new business and digital to offset the softness and the political comps. Lastly, before going to Q&A, I’d like to address the fact that in October, we received notice from NASDAQ regarding the status of our listing, this has no immediate effect on our trading of shares.
We have 180 days to rectify this situation and we intend to consider all reasonable available options to regain compliance. Finally, I’d like to acknowledge our team members across the company for everything they’ve done and are doing and thank you very much for participating on the call today. We have received several questions. So Marie, I’m going to hand it back over to you.
Marie Tedesco: Thanks, Caroline. And yes we did receive a handful of questions. And the first one is, do you see the opportunity to do more asset sales?
Caroline Beasley: Yes. I mean we’re always open, and we continue to explore potential opportunities for asset sales. However, we are looking for them to be deleveraging for the company.
Marie Tedesco: Next question. Can you give us an update on esports?
Caroline Beasley: Sure. As I mentioned before, it is likely that OWL will shut down by end of the year. And we will look to receive a payment from Activision Blizzard. And with that payment, we will plan to reduce our debt.
Marie Tedesco: Great. Next question. Can you tell us the multiple and SOI and EBITDA for the sale of your Wilmington radio station?
Caroline Beasley: Yes. So first of all, we sold Wilmington to a non-comm broadcaster. It was a stick value based on top count, and we sold it for $5 million. At the same time, we were able to move the IP format to a stream plus an HD side channel that we have in Philadelphia. So we’ll be able to continue to provide the same type of content to the people of Wilmington and Philadelphia. In terms of EBITDA and SOI, EBITDA on a trailing basis for the full year was about $500,000. Again, we sold the station for $5 million. Revenue, total revenue for the station was $4 million. Digital revenue was $2 million. Most of the EBITDA, the $500,000 related to digital because we sold to a non-comm, we were able to move the digital revenue, most of the digital revenue and EBITDA over to our digital direct agency. So based on that, we’re looking at a 10 times multiple with us being able to keep most of the EBITDA within the company.
Marie Tedesco: Great. Thanks. Next question. Do you expect to be free cash flow positive for full year 2023 and 2024? So with the economic headwinds that we have experienced both in third quarter and now in fourth quarter, it will be a stretch to get to free cash flow positive for 2023 full year. However, we expect to be free cash flow positive in fourth quarter of 2023 and most certainly for the full year of 2024. And the last question we have received is how much political advertising did you have in 2022? And what are you expecting in 2023 and 2024? So a review of that, in 2022, we received $7.5 million of political revenue and $5.1 million of that came in fourth quarter of 2022. In 2023, year-to-date, we have received approximately $164,000 in political advertising and our expectations for 2024 is $11 million. And that concludes the questions.
