Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2024.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “Since the pandemic’s onset, the radio industry has experienced tough economic and secular headwinds. In the face of those, we outperformed our peers through the end of 2023 on key metrics including cost takeouts, EBITDA margin recovery, free cash flow generation, net leverage, and liquidity.”
Berner continued, “2024 brought additional challenges, including accelerated national headwinds as well as an industry-wide slowdown in local radio advertising. In response, we doubled down on investing in growth areas, particularly in our digital marketing services business, which is pacing up 30% in Q1. Additionally, we continued evolving our broadcast go-to-market strategies, including with new offerings that are successfully attracting large new broadcast clients, and we drove additional cost efficiencies with 2024 actions that will result in $43 million of annualized fixed cost savings, of which $15 million benefited 2024 with the balance in 2025. Though the industry environment remains challenging for now, our 2024 refinancing efforts provided us with the time needed to both execute our day-to-day blocking and tackling and, in parallel, continue to reimagine the ways in which we can get the most out of our key assets to create new revenue streams and build additional long-term value.”
2024 Key Highlights:
- Posted total net revenue of $827.1 million, a decline of 2.1% year-over-year
- Generated digital revenue of $154.2 million, an increase of 5.3% year-over-year – representing 19% of total revenue
- Grew digital marketing services 27%
- Invested further in digital marketing services resources, including people and marketing support and capabilities
- Grew streaming impressions by 15%
- Maintained top 10 podcast network positioning
- Recorded net loss of $283.3 million compared to net loss of $117.9 million, reflecting a 2024 pre-tax non-cash impairment charge of $224.5 million compared to a pre-tax non-cash impairment of $65.3 million in 2023, both primarily reflecting FCC-related charges
- Executed actions resulting in $43 million of annualized fixed cost reductions
- Recorded Adjusted EBITDA(1) of $82.7 million compared to $90.7 million in 2023
- Reported total debt(2)(3) of $671.6 million, total debt at maturity(1)(2)(3) of $642.1 million, and net debt less total unamortized discount(1)(2)(3) of $578.3 million at December 31, 2024, including total debt due in 2026(3) of $23.9 million
- Ended year with $63.8 million of cash plus undrawn $125.0 million ABL facility(4)
Operating Summary (dollars in thousands, except percentages and per share data):
For the three months ended December 31, 2024, the Company reported net revenue of $218.6 million, a decrease of 1.2% from the three months ended December 31, 2023, net loss of $231.1 million and Adjusted EBITDA of $25.0 million.
For the year ended December 31, 2024, the Company reported net revenue of $827.1 million, a decrease of 2.1% from the year ended December 31, 2023, net loss of $283.3 million and Adjusted EBITDA of $82.7 million.
As Reported Three Months Ended
December 31, 2024Three Months Ended
December 31, 2023% Change Net revenue $ 218,576 $ 221,301 (1.2 )% Net loss $ (231,080 ) $ (98,066 ) (135.6 )% Adjusted EBITDA $ 25,039 $ 22,798 9.8 % Basic loss per share $ (13.60 ) $ (5.94 ) (129.0 )% Diluted loss per share $ (13.60 ) $ (5.94 ) (129.0 )%
As Reported Year Ended
December 31, 2024Year Ended
December 31, 2023% Change Net revenue $ 827,076 $ 844,548 (2.1 )% Net loss $ (283,254 ) $ (117,879 ) (140.3 )% Adjusted EBITDA $ 82,708 $ 90,728 (8.8 )% Basic loss per share $ (16.79 ) $ (6.83 ) (145.8 )% Diluted loss per share $ (16.79 ) $ (6.83 ) (145.8 )% Revenue Detail Summary (dollars in thousands):
As Reported Three Months Ended
December 31, 2024Three Months Ended
December 31, 2023% Change Broadcast radio revenue: Spot $ 100,054 $ 101,379 (1.3 )% Network 49,253 52,148 (5.6 )% Total broadcast radio revenue 149,307 153,527 (2.7 )% Digital 40,334 39,583 1.9 % Other 28,935 28,191 2.6 % Net revenue $ 218,576 $ 221,301 (1.2 )%
As Reported Year Ended
December 31, 2024Year Ended
December 31, 2023% Change Broadcast radio revenue: Spot $ 388,830 $ 412,047 (5.6 )% Network 175,285 182,503 (4.0 )% Total broadcast radio revenue 564,115 594,550 (5.1 )% Digital 154,198 146,425 5.3 % Other 108,763 103,573 5.0 % Net revenue $ 827,076 $ 844,548 (2.1 )% Balance Sheet Summary (dollars in thousands):
December 31, 2024 December 31, 2023 Cash and cash equivalents $ 63,836 $ 80,660 Term Loan due 2026 (3) $ 1,203 $ 329,510 Senior Notes due 2026 (3) $ 22,697 $ 346,245 Term Loan due 2029 (2) (3) $ 326,514 $ — Senior Notes due 2029 (2) (3) $ 321,181 $ —
Year Ended
December 31, 2024Year Ended
December 31, 2023Capital expenditures $ 19,464 $ 24,814
Three Months Ended
December 31, 2024Three Months Ended
December 31, 2023Capital expenditures $ 3,583 $ 3,788 (1) Adjusted EBITDA, total debt at maturity and net debt less total unamortized discount are not financial measures calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see “Non-GAAP Financial Measures.”
(2) The exchange offer was accounted for as a debt modification resulting in a prospective yield adjustment and the carrying value was not changed. The $33.1 million difference between the principal amounts exchanged and the resulting principal amounts will be amortized to interest expense (thereby reducing interest expense) over the life of the debt. As of December 31, 2024, $14.7 million and $14.8 million of unamortized difference for the Term Loan due 2029 and the Senior Notes due 2029, respectively, remain.
(3) Excludes any debt issuance costs.
(4) Subject to $4.5 million letters of credit as of December 31, 2024.
