Cumulus Media Reports Operating Results for 2024
Cumulus Media (NASDAQ: CMLS) reported its 2024 financial results, showing total net revenue of $827.1 million, a 2.1% year-over-year decline. The company's digital revenue grew 5.3% to $154.2 million, representing 19% of total revenue, with digital marketing services up 27%.
The company recorded a net loss of $283.3 million, compared to $117.9 million loss in 2023, primarily due to a $224.5 million non-cash impairment charge. Adjusted EBITDA was $82.7 million, down from $90.7 million in 2023. The company implemented cost reduction measures expected to result in $43 million in annualized fixed cost savings.
Notable operational highlights include 15% growth in streaming impressions and maintained positioning as a top 10 podcast network. The company ended 2024 with $63.8 million in cash and an undrawn $125.0 million ABL facility.
Cumulus Media (NASDAQ: CMLS) ha riportato i risultati finanziari per il 2024, mostrando un fatturato netto totale di 827,1 milioni di dollari, con un calo del 2,1% rispetto all'anno precedente. I ricavi digitali dell'azienda sono aumentati del 5,3% arrivando a 154,2 milioni di dollari, rappresentando il 19% del fatturato totale, con i servizi di marketing digitale in crescita del 27%.
L'azienda ha registrato una perdita netta di 283,3 milioni di dollari, rispetto a una perdita di 117,9 milioni di dollari nel 2023, principalmente a causa di un addebito di impairment non monetario di 224,5 milioni di dollari. L'EBITDA rettificato è stato di 82,7 milioni di dollari, in calo rispetto ai 90,7 milioni di dollari del 2023. L'azienda ha implementato misure di riduzione dei costi che si prevede porteranno a risparmi annualizzati sui costi fissi di 43 milioni di dollari.
I risultati operativi degni di nota includono una crescita del 15% nelle impressioni in streaming e il mantenimento della posizione di rete di podcast tra le prime 10. L'azienda ha chiuso il 2024 con 63,8 milioni di dollari in contante e una linea di credito ABL non utilizzata di 125,0 milioni di dollari.
Cumulus Media (NASDAQ: CMLS) reportó sus resultados financieros de 2024, mostrando un ingreso neto total de 827.1 millones de dólares, una disminución del 2.1% en comparación con el año anterior. Los ingresos digitales de la compañía crecieron un 5.3% hasta 154.2 millones de dólares, representando el 19% del ingreso total, con servicios de marketing digital en aumento del 27%.
La compañía registró una pérdida neta de 283.3 millones de dólares, en comparación con una pérdida de 117.9 millones de dólares en 2023, principalmente debido a un cargo por deterioro no monetario de 224.5 millones de dólares. El EBITDA ajustado fue de 82.7 millones de dólares, por debajo de los 90.7 millones de dólares en 2023. La compañía implementó medidas de reducción de costos que se espera resulten en ahorros anuales de costos fijos de 43 millones de dólares.
Los aspectos operativos destacados incluyen un crecimiento del 15% en impresiones de streaming y el mantenimiento de la posición como una de las 10 principales redes de pódcast. La compañía terminó 2024 con 63.8 millones de dólares en efectivo y una línea de crédito ABL no utilizada de 125.0 millones de dólares.
큐물루스 미디어 (NASDAQ: CMLS)는 2024년 재무 결과를 발표하며 총 순수익이 8억 2,710만 달러로, 전년 대비 2.1% 감소했다고 보고했습니다. 회사의 디지털 수익은 5.3% 증가하여 1억 5,420만 달러에 달하며, 이는 전체 수익의 19%를 차지하고, 디지털 마케팅 서비스는 27% 증가했습니다.
회사는 2억 8,330만 달러의 순손실을 기록했으며, 이는 2023년의 1억 1,790만 달러 손실에 비해 증가한 수치로, 주로 2억 2,450만 달러의 비현금 손상 차감으로 인한 것입니다. 조정된 EBITDA는 8,270만 달러로, 2023년의 9,070만 달러에서 감소했습니다. 회사는 연간 고정 비용 절감으로 4,300만 달러의 절감 효과를 가져올 것으로 예상되는 비용 절감 조치를 시행했습니다.
주목할 만한 운영 하이라이트로는 스트리밍 인상에서 15% 성장과 상위 10개 팟캐스트 네트워크로서의 위치 유지를 포함합니다. 회사는 2024년을 6,380만 달러의 현금과 사용되지 않은 1억 2,500만 달러의 ABL 시설로 마감했습니다.
Cumulus Media (NASDAQ: CMLS) a annoncé ses résultats financiers pour 2024, affichant un chiffre d'affaires net total de 827,1 millions de dollars, soit une baisse de 2,1 % par rapport à l'année précédente. Les revenus numériques de l'entreprise ont augmenté de 5,3 % pour atteindre 154,2 millions de dollars, représentant 19 % du chiffre d'affaires total, avec des services de marketing numérique en hausse de 27 %.
L'entreprise a enregistré une perte nette de 283,3 millions de dollars, par rapport à une perte de 117,9 millions de dollars en 2023, principalement en raison d'une charge de dépréciation non monétaire de 224,5 millions de dollars. L'EBITDA ajusté s'élevait à 82,7 millions de dollars, en baisse par rapport à 90,7 millions de dollars en 2023. L'entreprise a mis en œuvre des mesures de réduction des coûts qui devraient entraîner des économies annuelles de coûts fixes de 43 millions de dollars.
Les points saillants opérationnels notables comprennent une croissance de 15 % des impressions en streaming et le maintien de la position parmi les 10 plus grands réseaux de podcasts. L'entreprise a terminé 2024 avec 63,8 millions de dollars en liquidités et une ligne de crédit ABL non utilisée de 125,0 millions de dollars.
Cumulus Media (NASDAQ: CMLS) hat seine Finanzzahlen für 2024 veröffentlicht und einen Gesamtumsatz von 827,1 Millionen Dollar gemeldet, was einem Rückgang von 2,1% im Vergleich zum Vorjahr entspricht. Der digitale Umsatz des Unternehmens stieg um 5,3% auf 154,2 Millionen Dollar, was 19% des Gesamtumsatzes ausmacht, während die digitalen Marketingdienstleistungen um 27% zulegten.
Das Unternehmen verzeichnete einen Nettoverlust von 283,3 Millionen Dollar, verglichen mit einem Verlust von 117,9 Millionen Dollar im Jahr 2023, hauptsächlich aufgrund einer nicht zahlungswirksamen Wertminderung von 224,5 Millionen Dollar. Das bereinigte EBITDA betrug 82,7 Millionen Dollar, ein Rückgang von 90,7 Millionen Dollar im Jahr 2023. Das Unternehmen hat Kostensenkungsmaßnahmen umgesetzt, die voraussichtlich zu jährlichen Einsparungen bei den Fixkosten von 43 Millionen Dollar führen werden.
Bemerkenswerte betriebliche Höhepunkte sind ein Wachstum von 15% bei Streaming-Impressionen und die Beibehaltung der Position als eines der 10 größten Podcast-Netzwerke. Das Unternehmen schloss das Jahr 2024 mit 63,8 Millionen Dollar in bar und einer nicht in Anspruch genommenen ABL-Fazilität von 125,0 Millionen Dollar ab.
- Digital revenue grew 5.3% to $154.2M
- Digital marketing services up 27%
- Streaming impressions increased 15%
- $43M annualized cost savings implemented
- Maintained top 10 podcast network position
- Strong liquidity with $63.8M cash plus $125M undrawn facility
- Net revenue declined 2.1% to $827.1M
- Net loss increased to $283.3M from $117.9M
- Adjusted EBITDA decreased to $82.7M from $90.7M
- $224.5M non-cash impairment charge
- Industry-wide slowdown in local radio advertising
- Total debt of $671.6M
Insights
Cumulus Media's 2024 results highlight a company in transition amid persistent radio industry headwinds. The 2.1% revenue decline to
The company's digital transformation shows promise with digital revenue growing 5.3% to
Management's implementation of
The company's strategy of investing in digital growth while managing traditional radio's decline appears prudent but challenging. With only
ATLANTA, Feb. 27, 2025 (GLOBE NEWSWIRE) -- 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
2024 Key Highlights:
- Posted total net revenue of
$827.1 million , a decline of2.1% year-over-year - Generated digital revenue of
$154.2 million , an increase of5.3% year-over-year – representing19% 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
- Grew digital marketing services
- 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
For the year ended December 31, 2024, the Company reported net revenue of
| As Reported | Three Months Ended December 31, 2024 | Three 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, 2024 | Year 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, 2024 | Three 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, 2024 | Year 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, 2024 | Year Ended December 31, 2023 | ||||||
| Capital expenditures | $ | 19,464 | $ | 24,814 | |||
| Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | ||||||
| Capital 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
(3) Excludes any debt issuance costs.
(4) Subject to
Earnings Conference Call Details
The Company will host a conference call today at 8:30 AM ET to discuss its fourth quarter and full year 2024 operating results. NetRoadshow (NRS) is the service provider for this call. They will require email address verification (one-time only) and will provide registration confirmation. To participate in the conference call, please register in advance using the link on the Company's investor relations website at www.cumulusmedia.com/investors. Upon completing registration, a calendar invitation will follow with call access details, including a unique PIN, and replay details.
To join by phone with operator-assisted dial-in, domestic callers should dial 833-470-1428 and international callers should dial 404-975-4839. If prompted, the participant access code is 841974. Please call five to ten minutes in advance to ensure that you are connected prior to the call.
The conference call will also be broadcast live in listen-only mode through a link on the Company’s investor relations website at www.cumulusmedia.com/investors. This link can also be used to access a recording of the call, which will be available shortly following its completion.
Please see an update to the Company’s investor presentation on the Company's investor relations website at www.cumulusmedia.com/investors, which may be referenced on the conference call. Unless otherwise specified, information contained in the investor presentation or on our website is not incorporated into this press release or other documents we file with, or furnish to, the SEC.
Forward-Looking Statements
Certain statements in this release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fact and relate to our intent, belief or current expectations primarily with respect to our future operating, financial, and strategic performance and our plans and objectives. Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to differ from those contained in or implied by the forward-looking statements as a result of various factors. Such factors include, among others, risks and uncertainties related to the implementation of our strategic operating plans, the continued uncertain financial and economic conditions, the rapidly changing and competitive media industry, and the economy in general. We are subject to additional risks and uncertainties described in our quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the "Risk Factors," and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections contained therein. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control, and the unexpected occurrence or failure to occur of any such events or matters could cause our actual results, performance, financial condition or achievements to differ materially from those expressed or implied by such forward-looking statements. Cumulus Media assumes no responsibility to update any forward-looking statements, which are based upon expectations as of the date hereof, as a result of new information, future events or otherwise.
About Cumulus Media
Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 400 owned-and-operated radio stations across 84 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, Infinity Sports Network, AP News, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. For more information visit www.cumulusmedia.com.
Non-GAAP Financial Measures
From time to time, we utilize certain financial measures that are not prepared or calculated in accordance with GAAP to assess our financial performance and profitability. Consolidated adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is a financial metric by which management and the chief operating decision maker allocate resources of the Company and analyze the performance of the Company as a whole. Management also uses this measure to determine the contribution of our core operations to the funding of our corporate resources utilized to manage our operations and the funding of our non-operating expenses including debt service and acquisitions. In addition, consolidated Adjusted EBITDA is a key metric for purposes of calculating and determining our compliance with certain covenants contained in our credit agreements.
In determining Adjusted EBITDA, we exclude the following from net loss: interest, taxes, depreciation, amortization, stock-based compensation expense, gain or loss on the exchange, sale, or disposal of any assets or stations or early extinguishment of debt, restructuring costs, expenses relating to acquisitions and divestitures, non-routine legal expenses incurred in connection with certain litigation matters, and non-cash impairments of assets, if any.
Management believes that Adjusted EBITDA, with and excluding impact of political advertising, although not a measure that is calculated in accordance with GAAP, is commonly employed by the investment community as a measure for determining the market value of a media company and comparing the operational and financial performance among media companies. Management has also observed that Adjusted EBITDA, with and excluding impact of political advertising, is routinely utilized to evaluate and negotiate the potential purchase price for media companies. Given the relevance to our overall value, management believes that investors consider these metrics to be extremely useful.
The Company presents revenue, excluding impact of political revenue. As a result of the cyclical nature of the electoral system and the seasonality of the related political revenue, management believes presenting net revenue, excluding impact of political revenue, provides useful information to investors about the Company’s revenue growth comparable from period to period.
The Company presents the non-GAAP financial measure total debt at maturity which is total debt principal, gross, less total unamortized debt discount. In addition, the Company presents the non-GAAP financial measure net debt less total unamortized discount which is total debt at maturity less cash and cash equivalents. Management believes that total debt at maturity and net debt less total unamortized discount are important measures to monitor leverage and evaluate the balance sheet.
We refer to Adjusted EBITDA, with and excluding the impact of political advertising, net revenue, excluding the impact of political revenue, total debt at maturity, and net debt less total unamortized discount as the "Non-GAAP Financial Measures." Non-GAAP Financial Measures should not be considered in isolation or as a substitute for net income, net revenue, operating income, cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with GAAP. In addition, Non-GAAP Financial Measures may be defined or calculated differently by other companies and, therefore, comparability may be limited.
For further information, please contact:
Cumulus Media Inc.
Investor Relations Department
IR@cumulus.com
404-260-6600
Supplemental Financial Data and Reconciliations
| Cumulus Media Inc. Unaudited Condensed Consolidated Statements of Operations (Dollars in thousands) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||
| Net revenue | $ | 218,576 | $ | 221,301 | $ | 827,076 | $ | 844,548 | ||||||||
| Operating expenses: | ||||||||||||||||
| Content costs | 89,189 | 92,420 | 324,245 | 331,359 | ||||||||||||
| Selling, general & administrative expenses | 93,827 | 96,496 | 376,836 | 377,032 | ||||||||||||
| Depreciation and amortization | 14,853 | 14,396 | 59,123 | 58,176 | ||||||||||||
| Corporate expenses | 10,538 | 10,317 | 45,720 | 47,057 | ||||||||||||
| Stock-based compensation expense | 1,252 | 1,181 | 4,709 | 5,270 | ||||||||||||
| Restructuring costs | 9,414 | 4,465 | 13,889 | 17,684 | ||||||||||||
| Debt exchange costs | — | — | 16,369 | — | ||||||||||||
| Loss (gain) on sale of assets or stations | 1,308 | (169 | ) | 1,368 | (16,064 | ) | ||||||||||
| Impairment of intangible assets | 224,481 | 65,312 | 224,481 | 65,312 | ||||||||||||
| Total operating expenses | 444,862 | 284,418 | 1,066,740 | 885,826 | ||||||||||||
| Operating loss | (226,286 | ) | (63,117 | ) | (239,664 | ) | (41,278 | ) | ||||||||
| Non-operating expense: | ||||||||||||||||
| Interest expense | (16,746 | ) | (17,801 | ) | (68,775 | ) | (71,269 | ) | ||||||||
| Interest income | 5 | 644 | 531 | 2,359 | ||||||||||||
| Gain on early extinguishment of debt | — | — | 170 | 9,849 | ||||||||||||
| Other (expense) income, net | (55 | ) | (45 | ) | 14,719 | (357 | ) | |||||||||
| Total non-operating expense, net | (16,796 | ) | (17,202 | ) | (53,355 | ) | (59,418 | ) | ||||||||
| Loss before income taxes | (243,082 | ) | (80,319 | ) | (293,019 | ) | (100,696 | ) | ||||||||
| Income tax benefit (expense) | 12,002 | (17,747 | ) | 9,765 | (17,183 | ) | ||||||||||
| Net loss | $ | (231,080 | ) | $ | (98,066 | ) | $ | (283,254 | ) | $ | (117,879 | ) | ||||
The following tables reconcile net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA for the periods presented herein (dollars in thousands):
| As Reported | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | ||||||
| GAAP net loss | $ | (231,080 | ) | $ | (98,066 | ) | ||
| Income tax (benefit) expense | (12,002 | ) | 17,747 | |||||
| Non-operating expense, including net interest expense | 16,796 | 17,202 | ||||||
| Depreciation and amortization | 14,853 | 14,396 | ||||||
| Stock-based compensation expense | 1,252 | 1,181 | ||||||
| Loss (gain) on sale or disposal of assets or stations | 1,308 | (169 | ) | |||||
| Impairment of intangible assets | 224,481 | 65,312 | ||||||
| Restructuring costs | 9,414 | 4,465 | ||||||
| Non-routine legal expenses | 3 | 600 | ||||||
| Franchise taxes | 14 | 130 | ||||||
| Adjusted EBITDA | $ | 25,039 | $ | 22,798 | ||||
| As Reported | Year Ended December 31, 2024 | Year Ended December 31, 2023 | ||||||
| GAAP net loss | $ | (283,254 | ) | $ | (117,879 | ) | ||
| Income tax (benefit) expense | (9,765 | ) | 17,183 | |||||
| Non-operating expense, including net interest expense | 53,525 | 69,267 | ||||||
| Depreciation and amortization | 59,123 | 58,176 | ||||||
| Stock-based compensation expense | 4,709 | 5,270 | ||||||
| Loss (gain) on sale or disposal of assets or stations | 1,368 | (16,064 | ) | |||||
| Impairment of intangible assets | 224,481 | 65,312 | ||||||
| Restructuring costs | 13,889 | 17,684 | ||||||
| Debt exchange costs | 16,369 | — | ||||||
| Non-routine legal expenses | 1,851 | 898 | ||||||
| Gain on early extinguishment of debt | (170 | ) | (9,849 | ) | ||||
| Franchise taxes | 582 | 730 | ||||||
| Adjusted EBITDA | $ | 82,708 | $ | 90,728 | ||||
The following tables reconcile the as reported net revenue and as reported Adjusted EBITDA, both including and excluding the impact of political, for the periods presented herein (dollars in thousands):
| Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | |||||||
| As reported net revenue | $ | 218,576 | $ | 221,301 | ||||
| Political revenue | (10,118 | ) | (1,566 | ) | ||||
| As reported net revenue, excluding impact of political revenue | $ | 208,458 | $ | 219,735 | ||||
| Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | |||||||
| As reported Adjusted EBITDA | $ | 25,039 | $ | 22,798 | ||||
| Political EBITDA | (9,107 | ) | (1,409 | ) | ||||
| As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 15,932 | $ | 21,389 | ||||
| Year Ended December 31, 2024 | Year Ended December 31, 2023 | |||||||
| As reported net revenue | $ | 827,076 | $ | 844,548 | ||||
| Political revenue | (18,605 | ) | (3,299 | ) | ||||
| As reported net revenue, excluding impact of political revenue | $ | 808,471 | $ | 841,249 | ||||
| Year Ended December 31, 2024 | Year Ended December 31, 2023 | |||||||
| As reported Adjusted EBITDA | $ | 82,708 | $ | 90,728 | ||||
| Political EBITDA | (16,745 | ) | (2,969 | ) | ||||
| As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 65,963 | $ | 87,759 | ||||
The following table reconciles total debt principal, gross, the most directly comparable financial measure calculated and presented in accordance with GAAP, to total debt at maturity and net debt less total unamortized discount (dollars in thousands):
| As of December 31, | ||||||||
| 2024 | 2023 | |||||||
| Total debt principal, gross | $ | 671,595 | $ | 675,755 | ||||
| Less: Total unamortized discount | (29,478 | ) | — | |||||
| Total debt at maturity | 642,117 | 675,755 | ||||||
| Less: Cash and cash equivalents | (63,836 | ) | (80,660 | ) | ||||
| Net debt less total unamortized discount | $ | 578,281 | $ | 595,095 | ||||
FAQ
What was Cumulus Media's (CMLS) total revenue for 2024?
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